Document:

Exhibit 10.2

 

 

Published CUSIP Numbers:

Deal: 12508JAJ9

Revolver: 12508JAK6

 

 

REVOLVING CREDIT AGREEMENT

 

dated as of

 

August 17, 2018,

 

among

 

CDK GLOBAL, INC.,

 

The BORROWING SUBSIDIARIES from Time to
Time Party Hereto,

 

The LENDERS Party Hereto

 

and

 

BANK OF AMERICA, N.A.,

as Administrative Agent,

 

 

 

JPMORGAN CHASE BANK, N.A., 

U.S. BANK NATIONAL ASSOCIATION, 

MUFG BANK, LTD.

and

WELLS FARGO BANK, N.A., 

as Syndication Agents

 

MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED, 

JPMORGAN CHASE BANK, N.A.,

U.S. BANK NATIONAL ASSOCIATION,

MUFG BANK, LTD.

and

WELLS FARGO SECURITIES, LLC,

as Joint Lead Arrangers and Joint Bookrunners

 

    

     

    

TABLE OF CONTENTS

 

 

 

	Article I. Definitions	1
	SECTION 1.01.   Defined Terms	1
	SECTION 1.02.   Classification of Loans and Borrowings	23
	SECTION 1.03.   Terms Generally	24
	SECTION 1.04.   Accounting Terms; GAAP	24
	SECTION 1.05.   Currency Translation	25
	SECTION 1.06.   Additional Alternative Currencies	25
	SECTION 1.07.   Change of Currency	25
	Article II. The Credits	26
	SECTION 2.01.   Commitments	26
	SECTION 2.02.   Loans and Borrowings	26
	SECTION 2.03.   Requests for Borrowings	27
	SECTION 2.04.   Funding of Borrowings	28
	SECTION 2.05.   Interest Elections	28
	SECTION 2.06.   Termination or Reduction of Commitments	30
	SECTION 2.07.   Increase of Commitments; Extension of Maturity Date	30
	SECTION 2.08.   Repayment of Loans; Evidence of Debt	32
	SECTION 2.09.   [Reserved]	33
	SECTION 2.10.   Prepayment of Loans	33
	SECTION 2.11.   Fees	34
	SECTION 2.12.   Interest	34
	SECTION 2.13.   Alternate Rate of Interest; Illegality	35
	SECTION 2.14.   Increased Costs	37
	SECTION 2.15.   Break Funding Payments	38
	SECTION 2.16.   Taxes	38
	SECTION 2.17.   Payments Generally; Pro Rata Treatment; Sharing of Set-offs	42
	SECTION 2.18.   Mitigation Obligations; Replacement of Lenders	44
	SECTION 2.19.   Borrowing Subsidiaries	45
	SECTION 2.20.   Defaulting Lenders	45
	SECTION 2.21.   Successor LIBOR	46
	Article III. Representations and Warranties	47
	SECTION 3.01.   Organization; Powers	47
	SECTION 3.02.   Authorization; Enforceability	47
	SECTION 3.03.   Governmental Approvals; No Conflicts	47
	SECTION 3.04.   Financial Condition; No Material Adverse Change	48
	SECTION 3.05.   Properties	48
	SECTION 3.06.   Litigation and Environmental Matters	48
	SECTION 3.07.   Compliance with Laws and Agreements	48
	SECTION 3.08.   Federal Reserve Regulations	49
	SECTION 3.09.   Investment Company Status	49
	SECTION 3.10.   Taxes	49
	SECTION 3.11.   ERISA	49
	SECTION 3.12.   Disclosure	49
	SECTION 3.13.   Solvency	50
	SECTION 3.14.   Anti-Corruption Laws and Sanction Laws	50
	SECTION 3.15.   EEA Financial Institutions	50

 

    ii

     

    

	Article IV. Conditions	50
	SECTION 4.01.   Closing Date	50
	SECTION 4.02.   Each Credit Event	51
	SECTION 4.03.   Credit Extensions to Borrowing Subsidiaries	52
	Article V. Affirmative Covenants	52
	SECTION 5.01.   Financial Statements and Other Information	52
	SECTION 5.02.   Notices of Material Events	54
	SECTION 5.03.   Existence; Conduct of Business	54
	SECTION 5.04.   Taxes	54
	SECTION 5.05.   Business and Properties	54
	SECTION 5.06.   Books and Records; Inspection Rights	54
	SECTION 5.07.   Compliance with Laws	55
	SECTION 5.08.   Use of Proceeds	55

 

	Article VI. Negative Covenants	55
	SECTION 6.01.   Liens	55
	SECTION 6.02.   Subsidiary Indebtedness	57
	SECTION 6.03.   Sale and Leaseback Transactions	58
	SECTION 6.04.   Fundamental Changes	59
	SECTION 6.05.   Restrictive Agreements	59
	SECTION 6.06.   Leverage Ratio	59
	SECTION 6.07.   Ratio of Consolidated EBITDA to Consolidated Interest Expense	59
	Article VII. Events of Default	60
	Article VIII. The Administrative Agent	62
	Article IX. Guarantee	66
	Article X. Miscellaneous	67
	SECTION 10.01.   Notices	67
	SECTION 10.02.   Waivers; Amendments	68
	SECTION 10.03.   Expenses; Indemnity; Damage Waiver	70
	SECTION 10.04.   Successors and Assigns	71
	SECTION 10.05.   Survival	74
	SECTION 10.06.   Counterparts; Integration; Effectiveness	75
	SECTION 10.07.   Severability	75
	SECTION 10.08.   Right of Setoff	75
	SECTION 10.09.   Governing Law; Jurisdiction; Consent to Service of Process	75
	SECTION 10.10.   WAIVER OF JURY TRIAL	76
	SECTION 10.11.   Headings	76
	SECTION 10.12.   Confidentiality; Non-Public Information	76
	SECTION 10.13.   Conversion of Currencies	77
	SECTION 10.14.   Interest Rate Limitation	78
	SECTION 10.15.   Patriot Act	78
	SECTION 10.16.   No Fiduciary Relationship	78
	SECTION 10.17.   Electronic Execution of Assignments and Certain Other Documents	78
	SECTION 10.18.   Payments Set Aside	79
	SECTION 10.19.   Limitation on Liability of Foreign Borrowing Subsidiaries	79
	SECTION 10.20.   Acknowledgement and Consent to Bail-In of EEA Financial Institutions	79

 

 

    iii

     

    

SCHEDULES:

 

	Schedule 2.01	—	Commitments
	Schedule 6.01	—	Existing Liens
	Schedule 6.02	—	Existing Subsidiary Indebtedness
	Schedule 6.03	—	Existing Sale and Leaseback Transactions
	Schedule 6.05	—	Restrictive Agreements
	 	 	 
	EXHIBITS:		 
	 	 	 
	Exhibit A	—	Form of Assignment and Assumption
	Exhibit B-1	—	Form of Borrowing Subsidiary Agreement
	Exhibit B-2	—	Form of Borrowing Subsidiary Termination
	Exhibit C	—	Form of Note
	Exhibit D-1	—	Form
of US Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-2	—	Form
of US Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-3	—	Form
of US Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit D-4	—	Form
of US Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit E	—	Form of Borrowing
Request
	Exhibit F	—	Form of Interest Election Request

 

    iv

     

    

 

THIS REVOLVING CREDIT
AGREEMENT dated as of August 17, 2018, is by among CDK GLOBAL, INC., a Delaware corporation, the BORROWING SUBSIDIARIES party hereto,
the LENDERS party hereto, and BANK OF AMERICA, N.A., as Administrative Agent.

 

The Company has requested
that the Lenders extend credit in the form of Commitments under which the Borrowers may obtain Loans in an aggregate principal
amount at any time outstanding that will not result in the aggregate Revolving Exposures exceeding US$750,000,000, of which US$100,000,000
may be borrowed in Alternative Currencies. The proceeds of the Loans are to be used for general corporate purposes.

 

The Lenders are willing
to establish the credit facility referred to in the preceding paragraph upon the terms and subject to the conditions set forth
herein. Accordingly, the parties hereto agree as follows:

 

Article
I.

Definitions

 

SECTION 1.01. Defined
Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing
interest at a rate determined by reference to the Alternate Base Rate. ABR Loans shall be denominated in US Dollars.

 

“Accession
Agreement” has the meaning assigned to such term in Section 2.07(a).

 

“Adjusted
LIBO Rate” means, with respect to any LIBOR Borrowing for any Interest Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/100 of 1.00%) equal to the LIBO Rate for such Interest Period multiplied by the Statutory Reserve
Rate.

 

“Administrative
Agent” means Bank of America, in its capacity as administrative agent for the Lenders hereunder and under the other Loan
Documents, or any successor appointed in accordance with Article VIII. Unless the context requires otherwise, the term “Administrative
Agent” shall include any Affiliate of Bank of America through which Bank of America shall determine to perform any of its
obligations in such capacity hereunder in accordance with Article VIII.

 

“Administrative
Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affiliate”
means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls
or is Controlled by or is under common Control with the Person specified.

 

“Agreement”
means this Revolving Credit Agreement, as amended from time to time in accordance with the terms hereof.

 

“Agreement
Currency” has the meaning assigned to such term in Section 10.13(b).

 

    1

     

    

“Alternate
Base Rate” means for any day a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate
plus 1/2 of 1% per annum, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank
of America as its “prime rate,” and (c) the Adjusted LIBO Rate plus 1% per annum; provided, that,
if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. The “prime rate”
is a rate set by Bank of America based upon various factors including Bank of America’s costs and desired return, general
economic conditions and other factors, and is used as a reference point for pricing some loans. Those loans may be priced at, above,
or below such announced prime rate. Any change in such prime rate announced by Bank of America shall take effect at the opening
of business on the day specified in the public announcement of such change. For purposes of clause (c) above, the Adjusted
LIBO Rate on any day shall be based on the rate per annum appearing on the applicable Bloomberg screen page displaying interest
rates for US Dollar deposits in the London interbank market (or, in the event such rate does not appear on a page of the Bloomberg
screen, on the appropriate page of such other information service that publishes such rate as shall be selected by the Administrative
Agent from time to time) at approximately 11:00 a.m., London time, two Business Days prior to such day for deposits in US Dollars
with a maturity of one month (without any rounding). Any change in the Alternate Base Rate due to a change in Bank of America’s
“prime rate”, the Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the
effective date of such change in Bank of America’s “prime rate”, the Federal Funds Effective Rate or the Adjusted
LIBO Rate, as the case may be.

 

“Alternative
Currency” means Euro and Sterling, together with each other currency (other than US Dollars) that is approved in accordance
with Section 1.06; provided, that, for each Alternative Currency, such currency is an Eligible Currency.

 

“Alternative
Currency Exposure” means, at any time, the US Dollar Equivalent of the aggregate principal amount of all Loans then outstanding
and denominated in Alternative Currencies.

 

“Alternative
Currency Sublimit” means an amount equal to the lesser of US$100,000,000 and the aggregate Commitments. The Alternative
Currency Sublimit is part of, and not in addition to, the aggregate Commitments.

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Company or the Subsidiaries from time
to time concerning or relating to bribery, money laundering or corruption.

 

“Applicable
Creditor” has the meaning assigned to such term in Section 10.13(b).

 

“Applicable
Percentage” means, with respect to any Lender at any time, the percentage (carried out to the ninth decimal place) of
the aggregate Commitments represented by such Lender’s Commitment at such time. If the aggregate Commitments have terminated
or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to
any assignments.

 

    2

     

    

“Applicable
Rate” means, for any day, with respect to any LIBOR Loan or any ABR Loan, or with respect to the commitment fees payable
hereunder, as the case may be, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”,
“ABR Spread” or “Commitment Fee Rate”, as applicable, based upon the Ratings of Moody’s, S&P
and Fitch in effect on such day:

 

	 	Commitment Fee Rate	LIBO Rate Spread	ABR Spread
	
        Category 1

         

        ≥ Baa2/BBB/BBB

         
	0.15%	1.250%	0.250%
	
        Category 2

         

        Baa3/BBB-/BBB-

         
	0.20%	1.375%	0.375%
	
        Category 3

         

        Ba1/BB+/BB+

         
	0.25%	1.625%	0.625%
	
        Category 4

         

        Ba2/BB/BB

         
	0.30%	1.875%	0.875%
	
        Category 5

         

        ≤ Ba3/BB-/BB- or unrated

         
	0.35%	2.375%	1.375%

 

For purposes of the foregoing, (a) if the
Ratings assigned by Moody’s, S&P and Fitch shall fall within different categories, then the applicable category shall
be (i) the category in which two of the Ratings shall fall or (ii) if there is no such category, the category in which the intermediate
Rating shall fall, (b)(i) if Moody’s or S&P shall not have a Rating in effect (other than by reason of the circumstances
referred to in the last sentence of this definition), such Rating Agency shall be deemed to have a Rating in Category 5 and (ii)
if Fitch shall not have a Rating in effect (other than by reason of the circumstances referred to in the last sentence of this
definition), the applicable category shall be the category in which the higher of the Ratings of Moody’s and S&P shall
fall unless such Ratings differ by more than one category, in which case the applicable category shall be that immediately below
the category in which the higher of such Ratings falls, and (c) if any Rating shall be changed (other than as a result of a change
in the rating system of the applicable Rating Agency), such change shall be effective as of the date on which it is first publicly
announced by the Rating Agency making such change. Each change in the Applicable Rate shall apply during the period commencing
on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If
the rating system of Moody’s, S&P or Fitch shall change, or if any such Rating Agency shall cease to be in the business
of rating corporate debt obligations, the Company and the Required Lenders shall negotiate in good faith to amend this definition
to reflect such changed rating system or the unavailability of a Rating from such Rating Agency and, pending the effectiveness
of any such amendment, the Applicable Rate shall be determined by reference to the Rating most recently in effect prior to such
change or cessation.

 

“Arrangers”
means, collectively, Merrill Lynch, Pierce, Fenner & Smith Incorporated (or any other registered broker-dealer wholly-owned
by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’
investment banking, commercial lending services or related businesses may be transferred following the Closing Date), JPMorgan
Chase Bank, N.A., U.S. Bank National Association, MUFG Bank, Ltd. and Wells Fargo Securities, LLC, in their capacities as joint
lead arrangers and joint bookrunners for the credit facilities established hereby.

 

“Assignment
and Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any
Person whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit
A or any other form approved by the Administrative Agent and the Company.

 

“Attributable
Debt” means, with respect to any Sale and Leaseback Transaction, the present value (discounted at the rate set forth
or implicit in the terms of the lease included in such Sale and Leaseback Transaction) of the total obligations of the lessee for
rental payments (other than amounts required to be paid on account of taxes, maintenance, repairs, insurance, assessments, utilities,
operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the
lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended). In the case
of any lease which is terminable by the lessee upon payment of a penalty, the Attributable Debt shall be the lesser of the Attributable
Debt determined assuming termination upon the first date such lease may be terminated (in which case the Attributable Debt shall
also include the amount of the penalty, but no rent shall be considered as required to be paid under such lease subsequent to the
first date upon which it may be so terminated) or the Attributable Debt determined assuming no such termination.

 

    3

     

    

“Availability
Period” means the period from and including the Closing Date to but excluding the earlier of the Maturity Date and the
date of termination of the aggregate Commitments.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability
of an EEA Financial Institution.

 

“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule.

 

“Bank of America”
means Bank of America, N.A.

 

“Bankruptcy
Event” means, with respect to any Person, that such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
the reorganization or liquidation of its business or a custodian appointed for it, or, in the good faith determination of the Administrative
Agent, has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding
or appointment, provided, that, a Bankruptcy Event shall not result solely by virtue of any ownership interest, or
the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof. If, however,
such ownership interest results in or provides such Person with immunity from the jurisdiction of courts within the United States
or from the enforcement of judgments or writs of attachment on its assets or permits such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person, such ownership
interest will constitute a Bankruptcy Event. Nothing in this definition or elsewhere in this Agreement shall require any Person
to disclose any information that it would be prohibited from disclosing under applicable law or regulation.

 

“Beneficial
Ownership Certification” means a certification regarding beneficial ownership required by the Beneficial Ownership Regulation.

 

“Beneficial
Ownership Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise
for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.

 

“Board”
means the Board of Governors of the Federal Reserve System of the United States.

 

“Board of
Directors” means the Board of Directors of the Company.

 

“Borrower”
means the Company or any Borrowing Subsidiary, and “Borrowers” means, collectively, the Company and the Borrowing
Subsidiaries.

 

    4

     

    

“Borrower
Materials” has the meaning assigned to such term in Section 5.01.

 

“Borrowing”
means Loans of the same Type and currency, made, converted or continued on the same date and, in the case of LIBOR Loans, as to
which a single Interest Period is in effect.

 

“Borrowing
Minimum” means (a) in the case of a Borrowing denominated in US Dollars, US$5,000,000 and (b) in the case of a Borrowing
denominated in any Alternative Currency, the smallest amount of such Alternative Currency that is a multiple of 1,000,000 units
of such currency that has a US Dollar Equivalent of US$5,000,000 or more.

 

“Borrowing
Multiple” means (a) in the case of a Borrowing denominated in US Dollars, US$1,000,000 and (b) in the case of a Borrowing
denominated in any Alternative Currency, 1,000,000 units of such currency.

 

“Borrowing
Request” means a request by a Borrower for a Borrowing in accordance with Section 2.03, completed and signed by
a Financial Officer of such Borrower, in the form of Exhibit E or any other form approved by the Administrative Agent and
such Borrower (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative
Agent).

 

“Borrowing
Subsidiary” means, at any time, any Subsidiary that has been designated by the Company as a Borrowing Subsidiary pursuant
to Section 2.19, other than any Subsidiary that has ceased to be a Borrowing Subsidiary as provided in Section 2.19.

 

“Borrowing
Subsidiary Agreement” means a Borrowing Subsidiary Agreement substantially in the form of Exhibit B-1.

 

“Borrowing
Subsidiary Termination” means a Borrowing Subsidiary Termination substantially in the form of Exhibit B-2.

 

“Business
Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized
or required by law to remain closed and (a) if such day relates to any interest rate settings as to a LIBOR Loan denominated in
US Dollars, any fundings, disbursements, settlements and payments in US Dollars in respect of any such LIBOR Loan, or any other
dealings in US Dollars to be carried out pursuant to this Agreement in respect of any such LIBOR Loan, means any such day that
is also a day on which dealings in US Dollar deposits are conducted by and between banks in the London interbank eurodollar market;
(b) if such day relates to any interest rate settings as to a LIBOR Loan denominated in Euro, any fundings, disbursements, settlements
and payments in Euro in respect of any such LIBOR Loan, or any other dealings in Euro to be carried out pursuant to this Agreement
in respect of any such LIBOR Loan, means a TARGET Day; (c) if such day relates to any interest rate settings as to a LIBOR Loan
denominated in a currency other than US Dollars or Euro, means any such day on which dealings in deposits in the relevant currency
are conducted by and between banks in the London or other applicable offshore interbank market for such currency; and (d) if such
day relates to any fundings, disbursements, settlements and payments in a currency other than US Dollars or Euro in respect of
a LIBOR Loan denominated in a currency other than US Dollars or Euro, or any other dealings in any currency other than US Dollars
or Euro to be carried out pursuant to this Agreement in respect of any such LIBOR Loan (other than any interest rate settings),
means any such day on which banks are open for foreign exchange business in the principal financial center of the country of such
currency.

 

“Capital Lease
Obligations” of any Person means obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to
be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such obligations
shall be the capitalized amount thereof determined in accordance with GAAP.

 

    5

     

    

“Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or
group (within the meaning of the Exchange Act and the rules of the SEC thereunder as in effect on the Closing Date), of Equity
Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests
of the Company, or (b) occupation of a majority of the seats (other than vacant seats) on the Board of Directors by Persons who
were not (i) directors of the Company on the Closing Date or (ii) nominated or appointed, or approved prior to their election by
the Board of Directors.

 

“Change in
Law” means the occurrence, after the Closing Date, of any of the following: (a) the adoption of any rule, regulation,
treaty or other law, (b) any change in any rule, regulation, treaty or other law or in the administration, interpretation, implementation
or application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive
(whether or not having the force of law) of any Governmental Authority; provided, that, notwithstanding anything
herein to the contrary, no act, event or circumstance referred to in clause (a), (b) or (c) of this definition
shall be deemed to have occurred prior to the Closing Date as a result of the applicable law, rule, regulation, interpretation,
application, request, guideline or directive having been adopted, made or issued under the Dodd-Frank Wall Street Reform and Consumer
Protection Act of 2010 or Basel III as promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision
(or any successor or similar authority) or the United States regulatory authorities.

 

“Charges”
has the meaning assigned to such term in Section 10.14.

 

“Closing Date”
means August 17, 2018.

 

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

 

“Commitment”
means, with respect to each Lender, the commitment, if any, of such Lender to make Loans pursuant to Section 2.01, expressed
as an amount representing the maximum aggregate permitted amount of such Lender’s Revolving Exposure hereunder, as such commitment
may be (a) reduced from time to time pursuant to Section 2.06, (b) increased from time to time pursuant to Section 2.07
or (c) increased or reduced from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The
initial amount of each Lender’s Commitment is set forth on Schedule 2.01 or in the Assignment and Assumption or such
other documentation pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount
of the Commitments on the Closing Date is US$750,000,000.

 

“Commitment
Increase” has the meaning assigned to such term in Section 2.07(a).

 

“Company”
means CDK Global, Inc., a Delaware corporation.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however determined) or that
are franchise Taxes or branch profit Taxes.

 

“Consenting
Lender” has the meaning assigned to such term in Section 2.07(d).

    6

     

    

 

“Consolidated
EBITDA” means, for any period, Consolidated Net Income for such period, plus

 

(a)               
without duplication and to the extent deducted in determining such Consolidated Net Income, the sum of:

 

(i)                
consolidated interest expense for such period (including imputed interest expense in respect of Capital Lease Obligations
and Securitization Transactions),

 

(ii)              
consolidated income tax expense for such period,

 

(iii)          
   all amounts attributable to depreciation for such period and amortization of intangible assets for such
period,

 

(iv)              any
other non-recurring noncash charges for such period (including noncash compensation expense, but excluding any additions to bad
debt reserves or bad debt expense and any noncash charge that results from the write-down or write-off of inventory or accounts
receivable or that is in respect of any item that was included in Consolidated Net Income in a prior period),

 

(v)               
any losses for such period attributable to early extinguishment of Indebtedness or obligations under any Hedging Agreement,

 

(vi)             
any unrealized losses for such period attributable to the application of “mark to market” accounting in respect
of Hedging Agreements,

 

(vii)           
the cumulative effect for such period of a change in accounting principles,

 

(viii)         
any expenses or charges (other than depreciation or amortization expense as described in the preceding clause (iii))
related to the carrying out of any issuance of Equity Interests, acquisition, disposition, recapitalization or the incurrence,
modification or repayment of Indebtedness permitted to be incurred by this Agreement (including a refinancing thereof), including
(x) such fees, expenses or charges related to this Agreement and the Term Loan Credit Agreement, and (y) any amendment or other
modification of the Obligations or other Indebtedness, in an aggregate amount during any period of four consecutive fiscal quarters
not to exceed US$5,000,000,

 

(ix)             
any “restructuring expenses” and “other business transformation expenses” for such period (if incurred
prior to June 30, 2020) attributable to the “Business Transformation Plan” (as each such term is used in the Company’s
annual report on Form 10-K for the fiscal year ended June 30, 2016 and its quarterly report on Form 10-Q for the fiscal quarter
ended September 30, 2016); provided, that, (A) such expenses shall have been determined in a manner consistent with
the Company’s practices prior to the Closing Date and reflected as such in the Company’s annual or quarterly reports
filed with the SEC, (B) the aggregate amount of such expenses incurred during the fiscal quarters of the Company ended on September
30, 2017, December 31, 2017, March 31, 2018 and June 30, 2018 shall be deemed to be US$21,600,000, US$22,000,000, US$12,900,000
and US$14,500,000, respectively, and (C) for any period ending after the Closing Date, the aggregate amount added back to Consolidated
EBITDA during the term of this Agreement pursuant to this clause (a)(ix) (excluding, for the avoidance of doubt, any amounts
added back to Consolidated EBITDA pursuant to subclause (B) of this clause (a)(ix)), plus the aggregate amount
added back to Consolidated EBITDA during the term of this Agreement pursuant to clause (a)(x) below, shall not exceed US$125,000,000,

 

    7

     

    

(x)               
legal and regulatory expenses for such period related to the matters identified under the heading “Competition Matters”
in Note 11 of the Company’s financial statements included with the Company’s quarterly report on Form 10-Q for the
fiscal quarter ended March 31, 2018; provided, that, (A) such expenses shall have been determined in a manner consistent
with the Company’s practices prior to the Closing Date and reflected as such in the Company’s annual or quarterly reports
filed with the SEC, and (B) for any period ending after the Closing Date, the aggregate amount added back to Consolidated EBITDA
during the term of this Agreement pursuant to this clause (a)(x), plus the aggregate amount added back to Consolidated
EBITDA during the term of this Agreement pursuant to clause (a)(ix) above (excluding, for the avoidance of doubt, any amounts
added back to Consolidated EBITDA pursuant to subclause (B) of clause (a)(ix) above), shall not exceed $125,000,000,
and

 

(xi)             
one-time, non-recurring integration, restructuring and litigation costs and expenses in connection with the ELEAD1ONE Acquisition
in an aggregate amount during the term of this Agreement not to exceed US$75,000,000;

 

provided, that,
any cash payment made with respect to any noncash item added back in computing Consolidated EBITDA for any prior period pursuant
to this clause (a) (or that would have been added back had this Agreement been in effect during such prior period) shall
be subtracted in computing Consolidated EBITDA for the period in which such cash payment is made; and minus 

 

(b)               
without duplication and to the extent included in determining such Consolidated Net Income, the sum of:

 

(i)                
any non-recurring noncash items of income for such period (excluding any noncash items of income (A) in respect of which
cash was received in a prior period or will be received in a future period or (B) that represents the reversal of any accrual made
in a prior period for anticipated cash charges, but only to the extent such accrual reduced Consolidated EBITDA for such prior
period),

 

(ii)              
any gains for such period attributable to the early extinguishment of Indebtedness or obligations under any Hedging Agreement,

 

(iii)            
any unrealized gains for such period attributable to the application of “mark to market” accounting in respect
of Hedging Agreements and

 

(iv)             
the cumulative effect for such period of a change in accounting principles;

 

provided, further, that,
Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses
attributable to any sale, transfer or other disposition, or any exclusive license, of assets by the Company or any of its consolidated
Subsidiaries, other than dispositions of inventory and other dispositions and licenses in the ordinary course of business. All
amounts added back in computing Consolidated EBITDA for any period pursuant to clause (a) above, and all amounts subtracted
in computing Consolidated EBITDA pursuant to clause (b) above, to the extent such amounts are, in the reasonable judgment
of a Financial Officer of the Company, attributable to any Subsidiary that is not wholly owned by the Company, shall be reduced
by the portion thereof that is attributable to the non-controlling interest in such Subsidiary. For purposes of calculating Consolidated
EBITDA for any period, if during such period the Company or any Subsidiary shall have consummated a Material Acquisition or a Material
Disposition, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto in accordance with generally
accepted financial practice as if such Material Acquisition or such Material Disposition had occurred on the first day of such
period.

 

    8

     

    

“Consolidated
Interest Expense” means, for any period, the interest expense (including imputed interest expense in respect of Capital
Lease Obligations and Securitization Transactions) of the Company and the Subsidiaries for such period, determined on a consolidated
basis in accordance with GAAP. For purposes of calculating Consolidated Interest Expense for any period, if during such period
the Company or any Subsidiary shall have consummated a Material Acquisition or a Material Disposition, Consolidated Interest Expense
for such period shall be calculated after giving pro forma effect thereto in accordance with generally accepted financial practice
as if such Material Acquisition or such Material Disposition had occurred on the first day of such period.

 

“Consolidated
Net Income” means, for any period, the net income or loss of the Company and its consolidated Subsidiaries for such period,
determined on a consolidated basis in accordance with GAAP; provided, that, there shall be excluded (a) the income
of any Person (other than the Company) that is not a consolidated Subsidiary except to the extent of the amount of cash dividends
or similar cash distributions actually paid by such Person to the Company or, subject to clause (b) below, any other consolidated
Subsidiary during such period and (b) the income or loss of, and any amounts referred to in clause (a) above paid to, any
consolidated Subsidiary that is not wholly owned by the Company to the extent such income or loss or such amounts are attributable
to the non-controlling interest in such consolidated Subsidiary.

 

“Consolidated
Net Tangible Assets” means, at any date, (a) total assets of the Company and the Subsidiaries determined on a consolidated
basis in accordance with GAAP minus (b) the sum of (i) current liabilities of the Company and the Subsidiaries and (ii)
goodwill and other intangible assets of the Company and the Subsidiaries, in each case determined on a consolidated basis in accordance
with GAAP, all as reflected in the consolidated financial statements of the Company most recently delivered to the Administrative
Agent and the Lenders pursuant to Section 5.01(a) or 5.01(b) (or, prior to the first delivery of such financial statements,
the most recent consolidated financial statements of the Company referred to in Section 3.04(a)). For purposes of this definition,
the amount of assets and liabilities of any Subsidiary that is not wholly owned by the Company shall be included or deducted, as
the case may be, only to the extent of the proportional equity interest directly or indirectly owned by the Company in such Subsidiary;
provided, that, in the case of any such liabilities, to the extent such liabilities are recourse to the Company or
any other Subsidiary, the full amount of such liabilities that are so recourse shall be deducted for purposes of this definition.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Declining
Lender” has the meaning assigned to such term in Section 2.07(d).

 

“Default”
means any event or condition that constitutes an Event of Default or that upon notice, lapse of time or both would, unless cured
or waived, become an Event of Default.

 

    9

     

    

“Defaulting
Lender” means any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days
of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Company
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding
(each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has
not been satisfied, or (ii) pay to the Administrative Agent or any Lender any other amount required to be paid by it hereunder
within two (2) Business Days of the date when due, (b) has notified the Company or the Administrative Agent in writing that it
does not intend to comply with its funding obligations hereunder, or has made a public statement to that effect (unless such writing
or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on
such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Company, to confirm in writing to the Administrative
Agent and the Company that it will comply with its prospective funding obligations hereunder (provided, that, such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the
Administrative Agent and the Company), or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a Bankruptcy Event or (ii) become the subject of a Bail-In Action; provided, that, a Lender shall not be a Defaulting
Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity
from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets
or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made
with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses
(a) through (d) above, and the effective date of such status, shall be conclusive and binding absent manifest error,
and such Lender shall be deemed to be a Defaulting Lender as of the date established therefor by the Administrative Agent in a
written notice of such determination, which shall be delivered by the Administrative Agent to the Company and each Lender promptly
following such determination.

 

“EEA Financial
Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an
institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country
which is a subsidiary of an institution described in clause (a) or (b) of this definition and is subject to consolidated
supervision with its parent.

 

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

 

“EEA Resolution
Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effectiveness
Anniversary” has the meaning assigned to such term in Section 2.07(d).

 

“ELEAD1ONE
Acquisition” means the acquisition by CDK Global, LLC, a Delaware limited liability company and subsidiary of the Borrower
(“CDK Global”), of one hundred percent (100%) of the Equity Interests of Data Software Services, LLC (d/b/a
Elead1ONE), a Georgia limited liability company (“DSS”), and certain of its Affiliates, pursuant to that certain
Equity Purchase Agreement, dated as of June 28, 2018, by and among CDK Global, HJH Management Company, LLC, a Georgia limited liability
company, Fresh Beginnings, a Georgia corporation (“Fresh Beginnings”), DSS, DSS Holdco, Inc., a Delaware corporation,
Fresh Beginnings Holdco, Inc., a Delaware corporation, Judith S. Hathcock, an individual, in her capacity as the Representative
(as defined therein) and the sole owner of DSS and Fresh Beginnings, Hugh Hathcock, an individual (solely for the purposes set
forth therein), Hope Hathcock, an individual, Hailee Hathcock, an individual, and Heather Hathcock, an individual.

 

    10

     

    

“Eligible
Assignee” means (a) a Lender, (b) an Affiliate of a Lender, (c) a Related Fund and (d) any other Person approved by the
Administrative Agent and the Company (such approval not to be unreasonably withheld); provided, that, (i) the Company’s
approval shall not be required during the existence and continuation of an Event of Default and (ii) neither any individual (or
a holding company, investment vehicle or trust for, or owned and operated for the primary benefit, of any individual), nor the
Company or any Affiliate of the Company, shall qualify as an Eligible Assignee.

 

“Eligible
Currency” means any lawful currency other than US Dollars that is readily available, freely transferable and convertible
into US Dollars in the international interbank market available to the Lenders in such market and as to which a US Dollar Equivalent
may be readily calculated. If, after the designation by the Lenders of any currency as an Alternative Currency, any change in currency
controls or exchange regulations or any change in the national or international financial, political or economic conditions are
imposed in the country in which such currency is issued, result in, in the reasonable opinion of the Required Lenders, (a) such
currency no longer being readily available, freely transferable and convertible into US Dollars, (b) a US Dollar Equivalent no
longer being readily calculable with respect to such currency, (c) it being impractical for Lenders to provide such currency, or
(d) such currency no longer being a currency in which the Required Lenders are willing to make such Loans (the event in each of
clause (a), (b), (c), and (d) being a “Disqualifying Event”), then the Administrative
Agent shall promptly notify the Lenders and the Company, and such country’s currency shall no longer be an Alternative Currency
until such time as the Disqualifying Event(s) no longer exist with respect to such currency. Within, five (5) Business Days after
receipt of such notice from the Administrative Agent, the Company shall repay all Loans in such currency to which the Disqualifying
Event applies or convert such Loans into the US Dollar Equivalent of Loans in Dollars, subject to the other terms contained herein.

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions, notices or binding
agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation
or reclamation of natural resources, the management, release or threatened release of any Hazardous Material or to health and safety
matters.

 

“Environmental
Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental
remediation, fines, penalties or indemnities), of the Company or any Subsidiary directly or indirectly resulting from or based
upon (a) violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal
of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials
into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed
with respect to any of the foregoing.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof
to purchase or acquire any such equity interest.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with the Company, is treated as a single employer under
Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a
single employer under Section 414 of the Code.

 

    11

     

    

“ERISA Event”
means (a) any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect
to a Plan (other than an event for which the 30 day notice period is waived); (b) any failure by any Plan to satisfy the minimum
funding standard (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, in each case
whether or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a
waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Company or any ERISA Affiliate of any
liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Company or any ERISA Affiliate
from the PBGC or a plan administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee
to administer any Plan; (f) the incurrence by the Company or any ERISA Affiliate of any liability with respect to the withdrawal
or partial withdrawal from any Plan or Multiemployer Plan; (g) the receipt by the Company or any ERISA Affiliate of any notice,
or the receipt by any Multiemployer Plan from the Company or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV of ERISA,
or in endangered or critical status, within the meaning of Section 305 of ERISA; or (h) a determination that any Plan is, or is
expected to be, in “at-risk” status (as defined in Section 303(i)(4) of ERISA or Section 430(i)(4) of the Code).

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
person), as in effect from time to time.”

 

“Euro”
or “€” means the single currency of the Participating Member States.

 

“Event of
Default” has the meaning assigned to such term in Article VII.

 

“Exchange
Act” means the United States Securities Exchange Act of 1934.

 

“Exchange
Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting
in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal
foreign exchange trading office at approximately 11:00 a.m. on the date two (2) Business Days prior to the date as of which the
foreign exchange computation is made; provided, that, the Administrative Agent may obtain such spot rate from another
financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date
of determination a spot buying rate for any such currency.

 

“Excluded
Taxes” means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by
or on account of any Obligation hereunder, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes,
and branch profits Taxes, in each case (i) imposed by the jurisdiction under which such recipient is organized or in which its
principal office or any lending office from which it makes Loans hereunder is located, or (ii) that are Other Connection Taxes,
(b) in the case of a Lender, any U.S. Federal withholding Tax that is imposed on payments by any Borrower to such Lender pursuant
to a law in effect on the date such Lender becomes a party to this Agreement (or designates a new lending office) (other than pursuant
to an assignment request by the Company under Section 2.18(b)), (c) any withholding Taxes imposed by the United States pursuant
to FATCA, and (d) any withholding Tax that is attributable to such Lender’s failure to comply with Section 2.16(f),
except, in the case of clause (b) above, to the extent that (i) such Lender (or its assignor, if any) was entitled, at the
time of designation of a new lending office (or assignment), to receive additional amounts with respect to such withholding Tax
pursuant to Section 2.16 or (ii) such withholding Tax shall have resulted from the making of any payment to a location other
than the office designated by the Administrative Agent or such Lender for the receipt of payments of the applicable type.

 

“Existing
Credit Agreements” means, collectively, (a) that certain credit agreement, dated as of September 16, 2014, among the
Company, certain Subsidiaries from time to time party thereto, as borrowing subsidiaries, the lenders from time to time party thereto
and JPMorgan Chase Bank, N.A., as administrative agent, (b) that certain credit agreement, dated as of December 14, 2015, among
the Company, the lenders from time to time party thereto, and Bank of America, as administrative agent, and (c) that certain credit
agreement, dated as of December 9, 2016, among the Company, the lenders from time to time party thereto, and Bank of America, as
administrative agent.

 

    12

     

    

“Existing
Maturity Date” has the meaning assigned to such term in Section 2.07(d).

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official
interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation,
rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such
Sections of the Code.

 

“Federal Funds
Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1.00%)
of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day,
the average (rounded upwards, if necessary, to the next 1/100 of 1.00%) of the quotations for such day for such transactions received
by the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided, that,
if such rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Financial
Officer” means, with respect to any Person, the chief financial officer, principal accounting officer, treasurer, controller
or equivalent of such Person and, solely for purposes of notices given pursuant to Article II, any other officer or employee
of a Borrower so designated by any of the foregoing officers of such Borrower in a notice to the Administrative Agent or any other
officer or employee of such Borrower designated in or pursuant to an agreement between such Borrower and the Administrative Agent.

 

“Fitch”
means Fitch, Inc., and any successor to its rating agency business.

 

“Foreign Lender”
means any Lender that is not a United States person within the meaning of Section 7701(a)(30) of the Code.

 

“GAAP”
means generally accepted accounting principles in the United States, applied on a consistent basis and subject to Section 1.04.

 

“Governmental
Authority” means any nation or government, any federal, state, local or other political subdivision thereof and any entity
exercising executive, legislative, judicial, taxing, regulatory or administrative functions of or pertaining to government (including,
without limitation, the Bank for International Settlements and the Basel Committee on Banking Supervision or any successor or similar
authority to either of the foregoing).

 

“Guarantee”
of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing
or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”)
in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase
or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to
advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities
or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain
working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable
the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued to support such Indebtedness or obligation; provided, that, the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business.

 

    13

     

    

“Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls,
radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental
Law.

 

“Hedging Agreement”
means any interest rate protection agreement, foreign currency exchange agreement, commodity price protection agreement or other
interest or currency exchange rate or commodity price hedging arrangement.

 

“Increase
Effective Date” has the meaning assigned to such term in Section 2.07(b).

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.07(a).

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or
advances of any kind, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect
of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business),
(f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise,
to be secured by) any Lien on property owned or acquired by such Person (limited to the value of the property securing such Indebtedness
if such Indebtedness has not been assumed), (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease
Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters
of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances
and (k) all Securitization Attributable Indebtedness of such Person. The Indebtedness of any Person shall include the Indebtedness
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms
of such Indebtedness provide that such Person is not liable therefor.

 

“Indemnitee”
has the meaning assigned to such term in Section 10.03(b).

 

“Indemnified
Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of
any obligation of any Borrower under any Loan Document and (b) Other Taxes.

 

“Index Debt”
means senior, unsecured, long-term Indebtedness for borrowed money of the Company that is not guaranteed by any other Person or
subject to any other credit enhancement.

 

“Initial Loans”
has the meaning assigned to such term in Section 2.07(b).

 

“Interest
Election Request” means a request by a Borrower, appropriately completed and signed by a Financial Officer of such Borrower,
to convert or continue a Borrowing in accordance with Section 2.05, in the form of Exhibit F or any other form approved
by the Administrative Agent and such Borrower (including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent).

 

    14

     

    

“Interest
Payment Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the
Maturity Date and (b) with respect to any LIBOR Loan, the last day of the Interest Period applicable to the Borrowing of which
such Loan is a part and the Maturity Date and, in addition, in the case of a LIBOR Borrowing with an Interest Period of more than
three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period. If an Interest Payment Date falls on a date which is not a Business Day,
such Interest Payment Date shall be deemed to be the next succeeding Business Day, or, in the case of LIBOR Loans where the next
succeeding Business Day falls in the next succeeding calendar month, the next preceding Business Day.

 

“Interest
Period” means, with respect to any LIBOR Borrowing, (a) the period commencing on the date of such Borrowing and ending
on the numerically corresponding day in the calendar month that is one, two, three or six months (or, if agreed by all the Lenders,
seven days or 12 months) thereafter (in each case, subject to availability), as the applicable Borrower may elect, or (b) for purposes
of the penultimate sentence of Section 2.05(c) only, a Non-Standard Interest Period; provided, that, (i) if
any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding
Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day and (ii) any Interest Period that commences on the last Business Day of a calendar
month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall
end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation
of such Borrowing.

 

“IRS”
means the United States Internal Revenue Service.

 

“Judgment
Currency” has the meaning assigned to such term in Section 10.13(b).

 

“Lender”
means each of the Persons listed as a “Lender” on the signature pages to this Agreement, each other Person that becomes
a “Lender” in accordance with this Agreement (including any Person that becomes a party hereto pursuant to an Assignment
and Assumption or such other documentation) and their respective successors and assigns. The term “Lender” shall exclude
any Person that shall have ceased to be a party hereto pursuant to an Assignment and Assumption.

 

“Leverage
Ratio” means, at any date, the ratio of (a) Total Indebtedness as of such date to (b) Consolidated EBITDA for the period
of four consecutive fiscal quarters of the Company ended on or most recently prior to such date.

 

“LIBO Rate”
means, with respect to any LIBOR Borrowing for any Interest Period, the applicable Screen Rate as of the Specified Time on the
Quotation Day.

 

“LIBOR”,
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, shall bear
interest at a rate determined by reference to the Adjusted LIBO Rate.

 

“LIBOR Successor
Rate” has the meaning specified in Section 2.21.

 

    15

     

    

“LIBOR Successor
Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the definition
of Alternate Base Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative
matters as may be appropriate, in the discretion of the Administrative Agent, to reflect the adoption of such LIBOR Successor Rate
and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice
(or, if the Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible
or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as
the Administrative Agent determines in consultation with the Company).

 

“Lien”
means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security
interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease
or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating
to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities.

 

“Loan Documents”
means this Agreement, each Accession Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination and,
except for purposes of Section 10.02(b), each promissory note delivered pursuant to this Agreement.

 

“Loan”
means a loan made to a Borrower pursuant to Section 2.01.

 

“Local Time”
means, with respect to any borrowings and payments in any Alternative Currency, the local time in the place of settlement for such
Alternative Currency as may be determined by the Administrative Agent to be necessary for timely settlement on the relevant date
in accordance with normal banking procedures in the place of payment.

 

“Material
Acquisition” means any individual acquisition of (a) Equity Interests in any Person if, after giving effect thereto,
such Person will become a Subsidiary or (b) assets comprising all or substantially all the assets of (or all or substantially all
the assets constituting a business unit, division, product line or line of business of) any Person; provided, that,
the aggregate consideration for such individual acquisition (including Indebtedness assumed in connection therewith, all obligations
in respect of deferred purchase price (including obligations under any purchase price adjustment but excluding earnout or similar
payments) and all other consideration payable in connection therewith (including payment obligations in respect of noncompetition
agreements or other arrangements representing acquisition consideration)) exceeds US$250,000,000.

 

“Material
Adverse Effect” means a material adverse effect on (a) the business, assets, operations or condition (financial or otherwise)
of the Company and the Subsidiaries taken as a whole, (b) the ability of the Borrowers to perform any of their obligations under
this Agreement or (c) the rights of or benefits available to the Lenders under this Agreement.

 

“Material
Disposition” means any individual sale, transfer or other disposition of (a) all or substantially all the issued and
outstanding Equity Interests in any Person that are owned by the Company or any Subsidiary or (b) assets comprising all or substantially
all the assets of (or all or substantially all the assets constituting a business unit, division, product line or line of business
of) of the Company or any Subsidiary; provided, that, the aggregate consideration for such individual sale, transfer
or other disposition (including Indebtedness assumed by the transferee in connection therewith, all obligations in respect of deferred
purchase price (including obligations under any purchase price adjustment but excluding earnout or similar payments) and all other
consideration payable in connection therewith (including payment obligations in respect of noncompetition agreements or other arrangements
representing acquisition consideration)) exceeds US$250,000,000.

 

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“Material
Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Hedging Agreements,
of the Company and the Subsidiaries in an aggregate principal amount exceeding US$75,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Company or any Subsidiary in respect of any Hedging
Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Company or such
Subsidiary would be required to pay if such Hedging Agreement were terminated at such time.

 

“Material
Subsidiary” means (a) each Borrowing Subsidiary, (b) any Subsidiary that directly or indirectly owns any Equity Interest
in or Controls any Material Subsidiary and (c) any other Subsidiary (i) the consolidated revenues of which for the most recent
period of four consecutive fiscal quarters of the Company for which financial statements have been delivered pursuant to Section
5.01 (or, prior to the first delivery of such financial statements, the most recent consolidated financial statements of the
Company referred to in Section 3.04(a)) were greater than 10.0% of the Company’s total consolidated revenues for such
period or (ii) the consolidated assets of which as of the end of such period were greater than 10.0% of the Company’s total
consolidated assets as of such date; provided, that, if at any time the aggregate consolidated revenues or consolidated
assets of all Subsidiaries that are not Material Subsidiaries for or at the end of any period of four fiscal quarters exceeds 10%
of the Company’s consolidated revenues for such period or 10% of the Company’s consolidated assets as of the end of
such period, the Company shall (or, in the event the Company has failed to do so within 10 days, the Administrative Agent may)
designate sufficient Subsidiaries as “Material Subsidiaries” to eliminate such excess, and such designated Subsidiaries
shall for all purposes of this Agreement constitute Material Subsidiaries. For purposes of making the determinations required by
this definition, revenues and assets of foreign Subsidiaries shall be converted into US Dollars at the rates used in preparing
the consolidated balance sheet of the Company included in the applicable financial statements.

 

“Maturity
Date” means August 17, 2023 (or any later date to which the Maturity Date may be extended pursuant to Section 2.07(d));
provided, that, if such date is not a Business Day, the Maturity Date shall be the next preceding Business Day.

 

“Maximum Rate”
has the meaning assigned to such term in Section 10.14.

 

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

 

“Multiemployer
Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

 

“Non-Consenting
Lender” means any Lender that withholds its consent to any proposed amendment, modification or waiver that cannot become
effective without the consent of such Lender under Section 10.02, and that has been consented to by the Required Lenders.

 

“Non-Defaulting
Lender” means, at any time, each Lender that is not a Defaulting Lender at such time.

 

“Non-Standard
Interest Period” means, with respect to any LIBOR Borrowing, a period (other than a seven day Interest Period, and subject
to availability) commencing on the date of such Borrowing and ending less than one month thereafter, as the applicable Borrower
may elect.

 

“Notice of
Objection” has the meaning specified in Section 2.19.

 

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“Obligations”
means the due and punctual payment of (a) the principal of and interest (including interest accruing during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
on the Loans made to any Borrower, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment
or otherwise and (b) all other monetary obligations, including fees, costs, expenses and indemnities, whether primary, secondary,
direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Borrowers under
this Agreement and the other Loan Documents.

 

“Other Connection
Taxes” means, with respect to any recipient of any payment made on account of an Obligation, Taxes imposed as a result
of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than connections arising
from such recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or
assigned an interest in any Loan or Loan Document).

 

“Other Taxes”
means any and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar Taxes, charges
or levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement
of, or otherwise with respect to, this Agreement or any other Loan Document, except any such Taxes that are Other Connection Taxes
imposed with respect to an assignment (other than an assignment made pursuant to Section 2.18).

 

“Participant”
has the meaning assigned to such term in Section 10.04(g).

 

“Participant
Register” has the meaning assigned to such term in Section 10.04(g).

 

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

 

“Patriot Act”
means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)).

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted
Encumbrances” means:

 

(a)       Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)       carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in
the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in good
faith;

 

(c)       pledges
and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and
other social security laws or regulations;

 

    18

     

    

(d)       deposits
to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and
other obligations of a like nature, in each case in the ordinary course of business;

 

(e)       judgment
liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; and

 

(f)       easements,
zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of
business that do not secure any monetary obligations and do not materially detract from the value of the affected property or interfere
with the ordinary conduct of business of any of the Borrowers or any of their Subsidiaries;

 

provided, that, the term
“Permitted Encumbrances” shall not include any Lien securing Indebtedness or any Lien in favor of the PBGC.

 

“Permitted
Securitization Documents” means all documents and agreements evidencing, relating to or otherwise governing a Permitted
Securitization Financing.

 

“Permitted
Securitization Financing” means one or more transactions pursuant to which (a) Receivables Assets or interests therein
are sold or transferred to or financed by one or more Special Purpose Securitization Subsidiaries, and (b) such Special Purpose
Securitization Subsidiaries finance (or refinance) their acquisition of such Receivables Assets or interests therein, or the financing
thereof, by selling or borrowing against Receivables Assets (including conduit and warehouse financings) and any Hedging Agreements
entered into in connection with such Receivables Assets; provided, that, recourse to the Company or any Subsidiary
(other than the Special Purpose Securitization Subsidiaries) in connection with such transactions shall be limited to the extent
customary (as determined by the Company in good faith) for similar transactions in the applicable jurisdictions (including, to
the extent applicable, in a manner consistent with the delivery of a “true sale”/“absolute transfer” opinion
with respect to any transfer by the Company or any Subsidiary (other than a Special Purpose Securitization Subsidiary)).

 

“Person”
means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental
Authority or other entity.

 

“Plan”
means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section
412 of the Code or Section 302 of ERISA that is sponsored, maintained or contributed to by the Company or any ERISA Affiliate.

 

“Platform”
has the meaning assigned to such term in Section 5.01.

 

“PTE”
means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from
time to time.

 

“Public Lender”
has the meaning assigned to such term in Section 5.01.

 

“Quotation
Day” means, for any Interest Period, the day two Business Days prior to the first day of such Interest Period (or such
other day as is generally treated as the rate fixing day by market practice in such interbank market, as determined by the Administrative
Agent; provided, that, to the extent such market practice is not administratively feasible for the Administrative
Agent, then “Quotation Date” means such other day as otherwise reasonably determined by the Administrative Agent).

 

“Rating Agencies”
means Moody’s, S&P and Fitch.

 

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“Ratings”
means the public ratings from time to time established by the Rating Agencies for the Index Debt.

 

“Receivables
Assets” means, with respect to any Person, accounts receivable, indebtedness and other obligations owed to or owned by
such Person (whether now existing or arising or acquired in the future) arising in the ordinary course of business from the sale
of goods or services (including any indebtedness or obligation constituting an account, chattel paper, instrument or general intangible),
together with all related security, collateral, collections, contracts, contract rights, guarantees or other obligations in respect
thereof, all proceeds and supporting obligations and all other related assets which are of the type customarily transferred in
connection with a Securitization Transaction or, solely for purposes of Section 6.01(g) and Section 6.02(l), a transaction
contemplated by such sections.

 

“Refinancing
Indebtedness” means, in respect of any Indebtedness (the “Original Indebtedness”), any Indebtedness
that extends, renews or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided,
that, (a) the principal amount of such Refinancing Indebtedness shall not exceed the principal amount of such Original Indebtedness;
(b) such Refinancing Indebtedness shall not constitute an obligation (including pursuant to a Guarantee) of any Subsidiary that
shall not have been an obligor in respect of such Original Indebtedness; and (c) such Refinancing Indebtedness shall not be secured
by any Lien on any asset other than the assets that secured such Original Indebtedness (or would have been required to secure such
Original Indebtedness pursuant to the terms thereof).

 

“Register”
has the meaning assigned to such term in Section 10.04(e).

 

“Related Fund”
means, with respect to any Lender that is a fund that invests in bank loans, any other fund that invests in bank loans and is managed
by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, trustees, officers, partners,
members, employees, agents and advisors of such Person and such Person’s Affiliates.

 

“Required
Lenders” means, at any time, one or more Lenders having Revolving Exposures and unused Commitments representing more
than 50% of the sum of the total Revolving Exposures of all Lenders and the total unused Commitments of all Lenders at such time.
The Revolving Exposure and unused Commitment of any Defaulting Lender shall be disregarded in determining Required Lenders at any
time.

 

“Revolving
Exposure” means, with respect to any Lender at any time, the US Dollar Equivalent of such Lender’s outstanding
Loans at such time.

 

“S&P”
means Standard & Poor’s Ratings Services, a division of McGraw-Hill Financial Inc., and any successor to the rating agency
business thereof.

 

“Sale and
Leaseback Transaction” means any arrangement whereby the Company or a Subsidiary, directly or indirectly, shall sell
or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter
rent or lease such property or other property which it intends to use for substantially the same purpose or purposes as the property
being sold or transferred.

 

“Sanctioned
Country” means, at any time, a country or territory which is itself the subject or target of any Sanction Laws.

 

    20

     

    

“Sanctioned
Person” means, at any time, (a) any Person that is included on any list of designated Persons maintained by the Office
of Foreign Assets, Her Majesty’s Treasury of the United Kingdom, or on any comparable list maintained under applicable Sanction
Laws, (b) any Person located, organized or resident in a Sanctioned Country, (c) any Person that is currently the subject of Sanction
Laws, or (d) any Person owned or controlled by any such Person or the Persons described in the foregoing clause (a), (b)
or (c).

 

“Sanction
Laws” means laws and executive orders of the United States, the United Nations Security Council, the European Union,
Her Majesty’s Treasury of the United Kingdom or other relevant and applicable sanctions authority imposing economic or financial
sanctions or trade embargoes, and regulations implementing such laws and executive orders.

 

“Scheduled
Unavailability Date” has the meaning specified in Section 2.21.

 

“Screen Rate”
means, in respect of the LIBO Rate for any Interest Period, a rate per annum equal to the London interbank offered rate as administered
by the ICE Benchmark Administration (or any other Person that takes over the administration of such rate) for deposits in the applicable
currency (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period (or, in the case
of a Non-Standard Interest Period, with a term of one month), as displayed on the applicable Bloomberg screen page that displays
such rate (or, in the event such rate does not appear on a page of the Bloomberg screen, on the appropriate page of such other
information service that publishes such rate as shall be selected by the Administrative Agent from time to time); provided,
that, if the Screen Rate, determined as provided above, would be less than zero, the Screen Rate shall for all purposes
of this Agreement be zero.

 

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

 

“Securitization
Attributable Indebtedness” means, as of any date of determination, the amount of obligations outstanding under the legal
documents entered into as part of any Securitization Transaction on such date that corresponds to the outstanding net investment
(including loans) of, or cash purchase price paid by, the unaffiliated third party purchasers or financial institutions participating
in such transaction and, as such, would be characterized as principal if such transaction were structured as a secured lending
transaction rather than as a purchase (or, to the extent structured as a secured lending transaction, is principal).

 

“Securitization
Transaction” means, with respect to any Person, any financing transaction or series of financing transactions pursuant
to which such Person (or any subsidiary of such Person) may, directly or indirectly, sell, convey or otherwise transfer, or grant
a security interest in, any Receivables Assets of such Person (or any subsidiary of such Person), to a special purpose subsidiary
of such Person or an Affiliate of such Person.

 

“Senior Notes
Indentures” means each of (a) the Indenture, dated as of October 14, 2014, between the Company and U.S. Bank National
Association, as trustee, relating to the Company’s 3.30% Senior Notes due 2019, (b) the Indenture, dated as of October 14,
2014, between the Company and U.S. Bank National Association, as trustee, relating to the Company’s 4.50% Senior Notes due
2024, (c) the Indenture, dated May 15, 2017, between the Company and U.S. Bank National Association, as trustee, relating to the
Company’s 4.875% Senior Notes due 2027, and (d) the Indenture, dated June 18, 2018, between the Company and U.S. Bank National
Association, as trustee, relating to the Company’s 5.875% Senior Notes due 2026.

 

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“Special Notice
Currency” means, at any time, an Alternative Currency, other than the currency of a country that is a member of the Organization
for Economic Cooperation and Development at such time located in North America or Europe.

 

“Special Purpose
Securitization Subsidiary” means a direct or indirect wholly-owned Subsidiary of the Company established in connection
with a Permitted Securitization Financing for the acquisition of Receivables Assets or interests therein, and which is organized
in a manner (as determined by the Company in good faith) intended to reduce the likelihood that it would be substantively consolidated
with the Company or any of the Subsidiaries (other than Special Purpose Securitization Subsidiaries) in the event the Company or
any such Subsidiary becomes subject to a proceeding under the U.S. Bankruptcy Code (or other insolvency law).

 

“Specified
Time” means 11:00 a.m., London time.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator
of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Board to which the Administrative Agent is subject for eurocurrency
funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages
shall include those imposed pursuant to Regulation D. LIBOR Loans shall be deemed to constitute eurocurrency funding and to be
subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically
on and as of the effective date of any change in any reserve percentage.

 

“Sterling”
or “£;” means the lawful currency of the United Kingdom.

 

“Subsequent
Borrowings” has the meaning assigned to such term in Section 2.07(b).

 

“subsidiary”
means, with respect to any Person, any corporation or other entity with respect to which such Person alone owns, subsidiaries of
such Person own, or such Person and one or more of its subsidiaries together own, directly or indirectly, capital stock or other
equity interests having ordinary voting power to elect a majority of the members of the board of directors of such corporation
or other entity or having a majority interest in the capital or profits of such corporation or other entity.

 

“Subsidiary”
means any subsidiary of the Company.

 

“Syndication
Agents” means, collectively, JPMorgan Chase Bank, N.A., U.S. Bank National Association, MUFG Bank, Ltd. and Wells Fargo
Bank, N.A., in their capacities as syndication agents with respect to the credit facilities established hereunder.

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined
by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“Taxes”
means any and all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges
imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

    22

     

    

“Term Loan
Credit Agreement” means that certain term loan credit agreement, dated as of the Closing Date, among the Company, the
lenders from time to time party thereto and Bank of America, as administrative agent.

 

“Total Indebtedness”
means, as of any date, the aggregate principal amount of Indebtedness of the Company and the Subsidiaries outstanding as of such
date, computed on a consolidated basis, but excluding contingent obligations of the Company or any Subsidiary as an account party
in respect of any letter of credit or letter of guaranty to the extent such letter of credit or letter of guaranty does not support
Indebtedness. For purposes of this definition, the amount of any Indebtedness shall be determined in accordance with GAAP but without
giving effect to any election permitted under GAAP to value such Indebtedness at “fair value” or to any other accounting
principle that would result in the amount of such Indebtedness (other than zero coupon Indebtedness) being below the stated principal
amount thereof.

 

“Transactions”
means (a) the execution, delivery and performance by the Borrowers of the Loan Documents, (b) the borrowings of Loans hereunder
and the use of the proceeds thereof and (c) the payment of fees and expenses incurred in connection with the foregoing.

 

“Type”,
when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising
such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate.

 

“United States”
means the United States of America.

 

“US Dollar
Equivalent” means, on any date of determination, (a) with respect to any amount in US Dollars, such amount, and (b) with
respect to any amount in any Alternative Currency, the equivalent in US Dollars of such amount, determined by the Administrative
Agent pursuant to Section 1.05 using the Exchange Rate with respect to such Alternative Currency at the time in effect under
the provisions of such Section.

 

“US Dollars”
or “US$” means the lawful currency of the United States.

 

“US Person”
means any Person that is a “United States person” as defined in Section 7701(a)(30) of the Code.

 

“US Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.16(f)(ii)(B)(3).

 

“Withdrawal
Liability” means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer
Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down
and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down
and conversion powers are described in the EU Bail-In Legislation Schedule.

 

SECTION 1.02. Classification
of Loans and Borrowings. For purposes of this Agreement, Loans may be referred to by Type (e.g., a “LIBOR
Loan”). Borrowings also may be referred to by Type (e.g., a “LIBOR Borrowing”).

 

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SECTION 1.03. Terms
Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise
modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any definition of
or reference to any statute, rule or regulation shall be construed as referring thereto as from time to time amended, supplemented
or otherwise modified (including by succession of comparable successor statutes, rules or regulations), (c) any reference herein
to any Person shall be construed to include such Person’s successors and assigns, (d) the words “herein”, “hereof”
and “hereunder” and words of similar import shall be construed to refer to this Agreement in its entirety and not to
any particular provision hereof, (e) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to
refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (f) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties,
including cash, securities, accounts and contract rights. Any and all references to “Borrower” regardless of whether
preceded by the term a, any, each of, all, and/or, or any other similar term shall be deemed to refer, as the context requires,
to each and every (and/or any one or all) parties constituting a Borrower, individually and/or in the aggregate.

 

SECTION 1.04. Accounting
Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature used
herein shall be construed in accordance with GAAP, as in effect from time to time. The Company will provide a written summary of
material changes in GAAP applicable to the Company and in the consistent application thereof with each certificate delivered in
accordance with Section 5.01(c) (which requirement for a written summary of material changes may be satisfied by including
such summary in the Company’s public filings available on the SEC’s website at www.sec.gov). If the Company notifies
the Administrative Agent that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring
after the Closing Date in GAAP or in the application thereof on the operation of such provision, or if the Administrative Agent
notifies the Company that the Required Lenders request an amendment to any provision hereof for such purpose, regardless of whether
any such notice is given before or after such change in GAAP or in the application thereof, then (a) such provision shall be interpreted
on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision shall have been amended in accordance herewith, and (b) the Company shall provide to the
Administrative Agent and the Lenders summary financial statements required under this Agreement or as requested hereunder setting
forth an unaudited reconciliation between GAAP as in effect and applied immediately before such change and GAAP after giving effect
to such change. Notwithstanding any other provision contained herein, (i) all terms of an accounting or financial nature used herein
shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to any election
under Statement of Financial Accounting Standards 159, The Fair Value Option for Financial Assets and Financial Liabilities, or
any successor thereto (including pursuant to the Accounting Standards Codification), to value any Indebtedness of the Company or
any Subsidiary at “fair value”, as defined therein, (ii) leases shall continue to be classified and accounted for on
a basis consistent with that reflected in the audited financial statements of the Company referred to in Section 3.04(a)(i)
for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties hereto shall enter
into a mutually acceptable amendment addressing such changes, as provided for above, and (iii) all financial statements required
to be delivered pursuant to Sections 5.01(a) and 5.01(b) shall be prepared in accordance with GAAP, as in effect
from time to time.

 

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SECTION 1.05. Currency
Translation. The Administrative Agent shall determine the US Dollar Equivalent of any Borrowing denominated in
an Alternative Currency on or about the date of the commencement of the initial Interest Period and each subsequent Interest Period
therefor (and, in the case of any Interest Period longer than three months, as of each Interest Payment Date applicable to such
Borrowing), in each case using the applicable Exchange Rate in effect on the date of determination, and each such amount shall
be the US Dollar Equivalent of such Borrowing until the next required calculation thereof pursuant to this Section. For purposes
of Article VI and the definitions employed therein, amounts in currencies other than US Dollars shall be translated into
US Dollars at the currency exchange rates used in preparing the Company’s most recent annual or quarterly financial statements.

 

SECTION 1.06. Additional
Alternative Currencies.

 

(a)       The
Company may from time to time request that LIBOR Loans be made in a currency other than Euro or Sterling; provided, that,
such requested currency is an Eligible Currency. In the case of any such request, such request shall be subject to the approval
of the Administrative Agent and each Lender.

 

(b)       Any
such request shall be made to the Administrative Agent not later than 11:00 a.m., New York City time, twenty (20) Business Days
prior to the date of the desired Borrowing (or such other time or date as may be agreed by the Administrative Agent in its sole
discretion). The Administrative Agent shall promptly notify each Lender of any such request. Each Lender shall notify the Administrative
Agent, not later than 11:00 a.m., New York City time, ten (10) Business Days after receipt of such request whether it consents,
in its sole discretion, to the making of LIBOR Loans in such requested currency.

 

(c)       Any
failure by a Lender to respond to such request within the time period specified in Section 1.06(b) shall be deemed to be
a refusal by such Lender to permit LIBOR Loans to be made in such requested currency. If the Administrative Agent and all of the
Lenders consent to making LIBOR Loans in such requested currency and the Administrative Agent and the Lenders reasonably determine
that an appropriate interest rate is available to be used for such requested currency, the Administrative Agent shall so notify
the Company and, to the extent necessary, the Administrative Agent and the Lenders may amend (in consultation with the Company)
the definition of “Screen Rate” (or any other provisions of this Agreement relating to the timing and frequency of
determining the rate applicable to such currency or any other administrative matters as may be appropriate, in the reasonable discretion
of the Administrative Agent, to reflect the adoption of such additional currency and to permit the administration thereof by the
Administrative Agent in a manner substantially consistent with market practice) to the extent necessary to add the applicable screen
rate for such currency. If the Administrative Agent shall fail to obtain consent to any request for an additional currency under
this Section 1.06, the Administrative Agent shall promptly so notify the Company.

 

SECTION 1.07. Change
of Currency.

 

(a)       Each
obligation of the Borrowers to make a payment denominated in the national currency unit of any member state of the European Union
that adopts the Euro as its lawful currency after the Closing Date shall be redenominated into Euro at the time of such adoption.
If, in relation to the currency of any such member state, the basis of accrual of interest expressed in this Agreement in respect
of that currency shall be inconsistent with any convention or practice in the London interbank market for the basis of accrual
of interest in respect of the Euro, such expressed basis shall be replaced by such convention or practice with effect from the
date on which such member state adopts the Euro as its lawful currency; provided, that, if any Borrowing in the currency
of such member state is outstanding immediately prior to such date, such replacement shall take effect, with respect to such Borrowing,
at the end of the then current Interest Period.

 

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(b)       Each
provision of this Agreement shall be subject to such reasonable changes of construction as the Administrative Agent may from time
to time specify (in consultation with the Company) to be appropriate to reflect the adoption of the Euro by any member state of
the European Union and any relevant market conventions or practices relating to the Euro.

 

(c)       Each
provision of this Agreement relating to the funding or maintenance of, or the performance by any Lender of any obligations with
respect to, any Loan denominated in an Alternative Currency also shall be subject, in each case, to such reasonable changes of
construction as the Administrative Agent may from time to time specify to be appropriate to reflect a change in currency of any
other country and any relevant market conventions or practices relating to the change in currency.

 

Article
II.

The Credits

 

SECTION 2.01. Commitments.
Subject to the terms and conditions set forth herein, each Lender agrees to make to the Borrowers, from time to time on any Business
Day during the Availability Period, Loans denominated in US Dollars or in Alternative Currencies in amounts that will not at any
time result in (a) such Lender’s Revolving Exposure exceeding its Commitment, (b) the sum of the total Revolving Exposures
exceeding the aggregate Commitments or (c) the Alternative Currency Exposure exceeding the Alternative Currency Sublimit. Within
the foregoing limits and subject to the terms and conditions set forth herein, the Borrowers may borrow, prepay and reborrow Loans.

 

SECTION 2.02. Loans
and Borrowings.

 

(a)       Each
Loan shall be made as part of a Borrowing consisting of Loans of the same Type and currency made by the Lenders ratably in accordance
with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other
Lender of its obligations hereunder; provided, that, the Commitments of the Lenders are several and no Lender shall
be responsible for any other Lender’s failure to make Loans as required.

 

(b)       Subject
to Section 2.13, (i) each Borrowing denominated in US Dollars shall be comprised entirely of ABR Loans or LIBOR Loans as
the applicable Borrower may request in accordance herewith, and (ii) each Borrowing denominated in an Alternative Currency shall
be comprised entirely of LIBOR Loans. Each Lender at its option may make any Loan by causing any domestic or foreign branch or
Affiliate of such Lender to make such Loan; provided, that, any exercise of such option shall not affect the obligation
of the Borrowers to repay such Loan in accordance with the terms of this Agreement.

 

(c)       At
the commencement of each Interest Period for any LIBOR Borrowing, and at the time that each ABR Borrowing is made, such Borrowing
shall be in an aggregate amount that is an integral multiple of the Borrowing Multiple and not less than the Borrowing Minimum;
provided, that, (i) a LIBOR Borrowing that results from a continuation of an outstanding LIBOR Borrowing may be in
an aggregate amount that is equal to such outstanding Borrowing and (ii) an ABR Borrowing may be in an aggregate amount that is
equal to the entire unused balance of the Commitments. Borrowings of more than one Type may be outstanding at the same time; provided,
that, there shall not be more than a total of 15 LIBOR Borrowings in the aggregate at any time outstanding.

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(d)       Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any LIBOR
Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 

SECTION 2.03. Requests
for Borrowings. To request a Borrowing, the applicable Borrower shall notify the Administrative Agent of such
request by telephone (a) in the case of a LIBOR Borrowing denominated in US Dollars, not later than 11:00 a.m., New York City time,
three Business Days before the date of the proposed Borrowing (or, in the case of any LIBOR Borrowing denominated in US Dollars
to be made on the Closing Date, such shorter period of time as may be agreed to by the Administrative Agent), (b) in the case of
a LIBOR Borrowing denominated in an Alternative Currency, not later than 11:00 a.m., New York City time, four Business Days (or
five Business Days in the case of a Special Notice Currency) before the date of the proposed Borrowing, or (c) in the case of an
ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of the proposed Borrowing; provided, that,
if such Borrower wishes to request LIBOR Loans having an Interest Period other than 1, 2, 3 or 6 months in duration as provided
in the definition of “Interest Period” (other than in the case of the Non-Standard Interest Period), the applicable
notice must be received by the Administrative Agent not later than 11:00 a.m., New York City time, (w) four Business Days prior
to the requested date of such LIBOR Borrowing denominated in US Dollars, or (x) five Business Days (or six (6) Business Days in
the case of a Special Notice Currency) prior to the requested date of such LIBOR Borrowing denominated in an Alternative Currency,
whereupon the Administrative Agent shall give prompt notice to the Lenders of such request and determine whether the requested
Interest Period is acceptable to all of them and, not later than 11:00 a.m., New York City time, (y) three Business Days before
the requested date of such LIBOR Borrowing denominated in US Dollars, or (z) four Business Days (or five Business Days in the case
of a Special Notice Currency) prior to the requested date of such LIBOR Borrowing denominated in an Alternative Currency, the Administrative
Agent shall notify such Borrower (which notice may be by telephone) whether or not the requested Interest Period has been consented
to by all the Lenders. Each such telephonic request shall be irrevocable and shall be confirmed promptly by hand delivery or fax
to the Administrative Agent of a written Borrowing Request. Each such telephonic request and written Borrowing Request shall specify
the following information in compliance with Section 2.02:

 

(i)                
the applicable Borrower requesting such Borrowing;

 

(ii)              
the aggregate amount of the requested Borrowing and the currency of such Borrowing (which shall be US Dollars or an Alternative
Currency);

 

(iii)            
the date of such Borrowing, which shall be a Business Day;

 

(iv)             
in the case of a requested Borrowing denominated in US Dollars, whether such Borrowing is to be an ABR Borrowing or a LIBOR
Borrowing;

 

(v)               
in the case of a LIBOR Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated
by the definition of the term “Interest Period”; and

 

(vi)             
the location and number of the applicable Borrower’s account to which funds are to be disbursed.

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If no currency is specified with respect
to any requested LIBOR Borrowing, then the applicable Borrower shall be deemed to have selected US Dollars. If no election as to
the Type of Borrowing is specified, then the requested Borrowing shall be (A) in the case of a Borrowing denominated in US Dollars,
an ABR Borrowing, and (B) in the case of a Borrowing denominated in an Alternative Currency, a LIBOR Borrowing. If no Interest
Period is specified with respect to any requested LIBOR Borrowing, then the applicable Borrower shall be deemed to have selected
an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section,
the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made
as part of the requested Borrowing.

 

SECTION 2.04. Funding
of Borrowings.

 

(a)       Each
Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds
in the applicable currency (a) in the case of any Loan denominated in US Dollars, by 1:00 p.m., New York City time and (b) in the
case of any Loan denominated in an Alternative Currency, by the Local Time specified by the Administrative Agent, to the account
of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders. The Administrative Agent
will make such Loans available to the applicable Borrower by promptly remitting the amounts so received, in like funds, to such
account as shall be designated in the applicable Borrowing Request.

 

(b)       Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing that such Lender
will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in
reliance upon such assumption, make available to the applicable Borrower a corresponding amount. In such event, if a Lender has
not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and such
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to
the Administrative Agent, at (i) in the case of a payment to be made by such Lender, the greater of (A) the Federal Funds Effective
Rate, in the case of Loans denominated in US Dollars, and the rate reasonably determined by the Administrative Agent to be the
cost to it of funding such amount, in the case of Loans denominated in an Alternative Currency, and (B) a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of a payment to be
made by such Borrower, the interest rate applicable to such Loans.

 

SECTION 2.05. Interest
Elections.

 

(a)       Each
Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a LIBOR Borrowing, shall
have an initial Interest Period as specified in such Borrowing Request or as otherwise provided in Section 2.03. Thereafter,
the applicable Borrower may elect to convert such Borrowing to a different Type (provided, that, a Borrowing denominated
in an Alternative Currency may not be converted into an ABR Borrowing) or to continue such Borrowing and, in the case of a LIBOR
Borrowing, may elect Interest Periods therefor, all as provided in this Section. A Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding
the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing.

 

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(b)       To
make an election pursuant to this Section, the applicable Borrower shall notify the Administrative Agent of such election by telephone
by the time and date that a Borrowing Request would be required under Section 2.03 if such Borrower were requesting a Borrowing
of the Type resulting from such election to be made on the effective date of such election. Each such telephonic notice shall be
irrevocable and shall be confirmed promptly by hand delivery or fax to the Administrative Agent of an executed written Interest
Election Request signed by the applicable Borrower. Notwithstanding any other provision of this Section, no Borrower shall be permitted
to (i) change the currency of any Borrowing or (ii) elect an Interest Period for LIBOR Loans that does not comply with Section
2.02(d).

 

(c)       Each
telephonic notice referred to in the preceding paragraph (b) and each written Interest Election Request shall specify the
following information in compliance with Section 2.02 and paragraph (e) of this Section:

 

(i)                
the Borrowing to which such notice and Interest Election Request applies and, if different options are being elected with
respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

 

(ii)              
the effective date of the election made pursuant to such notice and Interest Election Request, which shall be a Business
Day;

 

(iii)            
whether the resulting Borrowing is to be an ABR Borrowing or a LIBOR Borrowing; and

 

(iv)             
if the resulting Borrowing is to be a LIBOR Borrowing, the Interest Period to be applicable thereto after giving effect
to such election, which shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such notice and Interest
Election Request requests a LIBOR Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed
to have selected an Interest Period of one month’s duration. Notwithstanding any other provision of this Agreement, a Borrower
may elect a Non-Standard Interest Period on only a single occasion, and only for the purpose of causing the subsequent Interest
Periods under this Agreement to end on the same dates as each “Interest Period” under and as defined in the Existing
Credit Agreements. Each Lender waives any “breakage” costs that it would otherwise be entitled to pursuant to Section
2.15 of any of the Existing Credit Agreements in connection with the repayment of the Existing Credit Agreements on the Closing
Date.

 

(d)       Promptly
following receipt of an Interest Election Request in accordance with this Section, the Administrative Agent shall advise each Lender
of the details thereof and of such Lender’s portion of each resulting Borrowing.

 

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(e)       If
the applicable Borrower fails to deliver a timely Interest Election Request with respect to a LIBOR Borrowing prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest
Period such Borrowing shall (i) in the case of a Borrowing denominated in US Dollars, be converted to an ABR Borrowing and (ii)
in the case of a Borrowing denominated in an Alternative Currency, become due and payable on the last day of such Interest Period.
Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent,
at the request of the Required Lenders, so notifies the Company (provided, that, no such notice shall be required
in the case of any Event of Default under clause (h) or (i) of Article VII with respect to any Borrower),
then, so long as an Event of Default is continuing (A) no outstanding Borrowing denominated in US Dollars may be converted to or
continued as a LIBOR Borrowing and (B) unless repaid, (1) each LIBOR Borrowing denominated in US Dollars shall, at the end of the
Interest Period applicable thereto, be converted to an ABR Borrowing and (2) each LIBOR Borrowing denominated in an Alternative
Currency shall, at the end of the Interest Period applicable thereto, be continued as a LIBOR Borrowing with an Interest Period
of one month.

 

(f)       To
the extent that any calculation of interest required to be paid under this Agreement shall be based on (or result in) a calculation
that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

SECTION 2.06. Termination
or Reduction of Commitments.

 

(a)       Unless
previously terminated, the aggregate Commitments shall terminate on the Maturity Date.

 

(b)       The
Company may at any time terminate, or from time to time reduce, the aggregate Commitments; provided, that, (i) each
reduction of the aggregate Commitments shall be in an amount that is an integral multiple of the Borrowing Multiple and not less
than the Borrowing Minimum and (ii) the Company shall not terminate or reduce the aggregate Commitments if, after giving effect
to any concurrent prepayment of the Loans in accordance with Section 2.10, the aggregate Revolving Exposures would exceed
the aggregate Commitments.

 

(c)       The
Company shall notify the Administrative Agent of any election to terminate or reduce the aggregate Commitments under paragraph
(b) of this Section at least three Business Days prior to the effective date of such termination or reduction (or such shorter
period of time acceptable to the Administrative Agent in its sole discretion), specifying such election and the effective date
thereof. Promptly following receipt of such a notice, the Administrative Agent shall advise the Lenders of the contents thereof.
Each notice delivered by the Company pursuant to this Section shall be irrevocable; provided, that, a notice of termination
or reduction of the aggregate Commitments delivered by the Company may state that such notice is conditioned upon the occurrence
of subsequent events (including the effectiveness of other credit facilities), in which case such notice may be revoked by the
Company (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied.
Any termination or reduction of the aggregate Commitments shall be permanent. Each reduction of the aggregate Commitments shall
be made ratably among the Lenders in accordance with their respective Commitment.

 

SECTION 2.07. Increase
of Commitments; Extension of Maturity Date.

 

(a)       The
Company may on one or more occasions, by written notice to the Administrative Agent, executed by the Company and one or more financial
institutions (any such financial institution referred to in this Section being called an “Increasing Lender”),
which may include any Lender, cause new Commitments to be extended by the Increasing Lenders or cause the existing Commitments
of the Increasing Lenders to be increased, as the case may be (any such extension or increase, a “Commitment Increase”),
in an amount for each Increasing Lender set forth in such notice; provided, that, (i) the aggregate amount of all
Commitment Increases effected pursuant to this paragraph shall not exceed US$100,000,000, (ii) each Increasing Lender, if not already
a Lender hereunder, shall be subject to the approval of the Administrative Agent and the Company (in each case, which approval
shall not be unreasonably withheld or delayed) and (iii) each Increasing Lender, if not already a Lender hereunder, shall become
a party to this Agreement by completing and delivering to the Administrative Agent a duly executed accession agreement in a form
reasonably satisfactory to the Administrative Agent and the Company (an “Accession Agreement”). New Commitments
and increases in existing Commitments shall, subject to the terms and conditions of this Section, become effective on the date
specified in the applicable notice delivered pursuant to this paragraph. Upon the effectiveness of any Accession Agreement to which
any Increasing Lender is a party, such Increasing Lender shall thereafter be deemed to be a party to this Agreement and shall be
entitled to all rights, benefits and privileges accorded a Lender hereunder, and subject to all obligations of a Lender hereunder.
For the avoidance of doubt, upon the effectiveness of any Commitment Increase, the Applicable Percentages of all the Lenders shall
automatically be adjusted to give effect thereto.

 

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(b)       On
the effective date of any Commitment Increase pursuant to this Section (the “Increase Effective Date”), (i)
the aggregate principal amount of the Loans outstanding (the “Initial Loans”) immediately prior to giving effect
to such Commitment Increase on the Increase Effective Date shall be deemed to be repaid, (ii) after the effectiveness of the Commitment
Increase, the applicable Borrower shall be deemed to have requested new Borrowings (the “Subsequent Borrowings”)
in an aggregate principal amount equal to the aggregate principal amount of the Initial Loans, in the same currency as the Initial
Loans, and of the Types and for the Interest Periods specified in a Borrowing Request delivered to the Administrative Agent in
accordance with Section 2.03 (but without regard for the requirement that such Borrowings comply with the Borrowing Minimum
and Borrowing Multiple), (iii) each Lender shall pay to the Administrative Agent in same day funds (in the applicable currencies)
an amount equal to the difference, if positive, between (A) such Lender’s Applicable Percentage of the aggregate Commitments
(calculated after giving effect to the Commitment Increase) of each Subsequent Borrowing and (B) such Lender’s Applicable
Percentage of the aggregate Commitments (calculated without giving effect to the Commitment Increase) of each Borrowing comprised
of Initial Loans, (iv) after the Administrative Agent receives the funds specified in clause (iii) above, the Administrative
Agent shall pay to each Lender the portion of such funds (in the applicable currencies) that is equal to the difference, if positive,
between (A) such Lender’s Applicable Percentage of the aggregate Commitments (calculated without giving effect to the Commitment
Increase) of each Borrowing comprised of Initial Loans and (B) such Lender’s Applicable Percentage of the aggregate Commitments
(calculated after giving effect to the Commitment Increase) of the amount of each Subsequent Borrowing, (v) each Increasing Lender
and each other Lender shall be deemed to hold its Applicable Percentage of each Subsequent Borrowing (calculated after giving effect
to the Commitment Increase) and (vi) the Company shall pay to each Lender any and all accrued but unpaid interest on the Initial
Loans. The deemed payments made pursuant to clause (i) above in respect of each LIBOR Loan shall be subject to indemnification
by the Company pursuant to the provisions of Section 2.15 if the Increase Effective Date occurs other than on the last day
of the Interest Period relating thereto and breakage costs result.

 

(c)       Notwithstanding
the foregoing, no increase in the aggregate Commitments (or in the Commitment of any Lender) shall become effective under this
Section unless, on the applicable Increase Effective Date, (i) the conditions set forth in Sections 4.02(a) (but without
giving effect to the parenthetical therein) and 4.02(b) shall be satisfied (with all references in such paragraphs to a
Borrowing being deemed to be references to such increase) and the Administrative Agent shall have received a certificate to that
effect dated such date and executed by a Financial Officer of the Company, and (ii) the Administrative Agent shall have received
an opinion of counsel for the Company (which may be internal counsel) as to the power and authority of each Borrower to borrow
and perform its obligations hereunder after giving effect to such increase.

 

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(d)       The
Company may, by written notice to the Administrative Agent (which shall promptly deliver a copy to each of the Lenders) not less
than 30 days and not more than 120 days prior to any anniversary of the Closing Date (each, an “Effectiveness Anniversary”),
request that the Lenders extend the Maturity Date and the aggregate Commitments for an additional period of one year. The Company
may deliver such a notice to the Administrative Agent no more than twice during the Availability Period. Each Lender shall, by
notice to the Company and the Administrative Agent given not later than the 20th day after the date of the Administrative
Agent’s receipt of the Company’s extension request, advise the Administrative Agent and the Company whether or not
it agrees to the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender”
and each Lender declining to agree to a requested extension being called a “Declining Lender”). Any Lender that
has not so advised the Company and the Administrative Agent by such day shall be deemed to have declined to agree to such extension
and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed to an extension request, then the
Maturity Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Maturity Date theretofore in effect.
The decision to agree or withhold agreement to any Maturity Date extension shall be at the sole discretion of each Lender. The
Commitment of any Declining Lender shall terminate on the Maturity Date in effect as to such Lender prior to giving effect to any
such extension (such Maturity Date being called the “Existing Maturity Date”). The principal amount of any outstanding
Loans made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or
for the accounts of such Declining Lenders hereunder, shall be due and payable on the applicable Existing Maturity Date, and on
such Existing Maturity Date the Company shall also make such other prepayments of Loans as shall be required in order that, after
giving effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, (i) the
total Revolving Exposures shall not exceed the aggregate Commitments then in effect and (ii) the amount of the total Alternative
Currency Exposures shall not exceed the Alternative Currency Sublimit then in effect. Notwithstanding the foregoing provisions
of this paragraph, the Company shall have the right, pursuant to and in accordance with Section 2.18(b), at any time prior
to any Existing Maturity Date, to replace a Declining Lender with a Lender or other financial institution that is an Eligible Assignee
that will agree to a request for the extension of the Maturity Date, and any such replacement Lender shall for all purposes constitute
a Consenting Lender. Notwithstanding the foregoing, no extension of the Maturity Date pursuant to this paragraph shall become effective
unless (A) the conditions set forth in Sections 4.02(a) (but without giving effect to the parenthetical therein) and 4.02(b)
shall be satisfied (with all references in such paragraphs to a Borrowing being deemed to be references to such extension) on and
as of the Effectiveness Anniversary next following the Company’s delivery of the applicable request for extension of the
Maturity Date and the Administrative Agent shall have received a certificate to that effect dated such Effectiveness Anniversary
and executed by a Financial Officer of the Company, and (B) the Administrative Agent shall have received an opinion of counsel
for the Company (which may be internal counsel) as to the power and authority of each Borrower to borrow and perform its obligations
hereunder after giving effect to such extension.

 

SECTION 2.08. Repayment
of Loans; Evidence of Debt.

 

(a)       Each
Borrower hereby unconditionally promises to pay to the Administrative Agent for the account of each Lender the then unpaid principal
amount of each Loan made by such Lender to such Borrower on the Maturity Date.

 

(b)       Each
Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness of the Borrowers
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to
such Lender from time to time hereunder.

 

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(c)       The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof
and, if applicable, the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to
become due and payable from the Borrowers to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)       The
entries made in the accounts maintained pursuant to paragraphs (b) or (c) of this Section shall be prima facie
evidence of the existence and amounts of the obligations recorded therein; provided, that, the failure of any Lender
or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the
Borrowers to repay the Loans or pay any other amounts due hereunder in accordance with the terms of this Agreement.

 

(e)       Any
Lender may request that the Loans made by it be evidenced by a promissory note. In such event, the applicable Borrower shall prepare,
execute and deliver to such Lender such a promissory note payable to such Lender (or, if requested by such Lender, to such Lender
and its registered assigns) and in substantially the form attached hereto as Exhibit C. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 10.04) be
represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered
note, to such payee and its registered assigns).

 

SECTION 2.09. [Reserved].

 

SECTION 2.10. Prepayment
of Loans.

 

(a)       Each
Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to the requirements
of this Section.

 

(b)       If
the total Revolving Exposures shall at any time exceed the aggregate Commitments, then the Borrowers shall immediately prepay Loans
in an amount equal to the amount necessary to eliminate such excess (after giving effect to any other prepayment of Loans on such
day). If, on any date, the total Revolving Exposures denominated in Alternative Currencies shall exceed an amount equal to 102%
of the Alternative Currency Sublimit, then the Borrowers shall, not later than the third Business Day following the date notice
of such excess is received from the Administrative Agent, prepay one or more Borrowings in an aggregate principal amount sufficient
to eliminate such excess.

 

(c)       Prior
to any optional prepayment of Borrowings hereunder, the applicable Borrower shall select the Borrowing or Borrowings to be prepaid
and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section.

 

(d)       The
applicable Borrower shall notify the Administrative Agent by telephone (confirmed by hand delivery or fax or any other form approved
by the Administrative Agent and such Borrower, including any form on an electronic platform or electronic transmission system as
shall be approved by the Administrative Agent) of any optional prepayment hereunder (i) in the case of a LIBOR Borrowing, not later
than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an
ABR Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment, or, in each case, such shorter period
of time as is acceptable to the Administrative Agent in its sole discretion. Each such notice shall be irrevocable and shall specify
the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided, that,
if a notice of optional prepayment is given in connection with a conditional notice of termination or reduction of the aggregate
Commitments as contemplated by Section 2.06, then such notice of prepayment may be revoked if such notice of termination
or reduction is revoked in accordance with Section 2.06. Promptly following receipt of any such notice, the Administrative
Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would
be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a
Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued
interest to the extent required by Section 2.12.

 

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SECTION 2.11. Fees.

 

(a)       The
Company agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the Applicable
Rate set forth under the caption “Commitment Fee Rate” in the definition of such term on the daily unused amount of
the Commitment of such Lender during the period from and including the Closing Date to but excluding the Maturity Date. Accrued
commitment fees shall be payable in arrears on the last day of March, June, September and December of each year, commencing September
30, 2018 (or, if any such day shall not be a Business Day, on the first Business Day thereafter), on any date prior to the Maturity
Date on which the aggregate Commitments shall have terminated, and on the Maturity Date. All commitment fees shall be computed
on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day).

 

(b)       The
Company agrees to pay to the Administrative Agent, for the account of each Lender, on the Closing Date, an upfront fee in the amount
separately agreed upon between the Company and the Arrangers.

 

(c)       The
Company agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately
agreed upon between the Company and the Administrative Agent.

 

(d)       All
fees payable hereunder shall be paid in US Dollars on the dates due, in immediately available funds, to the Administrative Agent
for distribution, in the case of commitment fees or the upfront fees, to the Lenders. Fees paid shall not be refundable under any
circumstances.

 

(e)       To
the extent that any calculation of any fee required to be paid under this Agreement shall be based on (or result in) a calculation
that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

SECTION 2.12. Interest.

 

(a)       The
Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Rate set forth under
the caption “ABR Spread” in the definition of such term.

 

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(b)       The
Loans comprising each LIBOR Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate set forth under the caption “LIBO Rate Spread” in the definition of such
term.

 

(c)       [Reserved].

 

(d)       Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder shall not
be paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as
well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2.00% per annum plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other
amount, 2.00% per annum plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(e)       Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon the termination of the aggregate
Commitments; provided, that, (i) interest accrued pursuant to paragraph (d) of this Section shall be payable
on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid
shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any LIBOR Loan prior to
the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.
All interest shall be payable in the currency in which the applicable Loan is denominated.

 

(f)       All
interest hereunder shall be computed on the basis of a year of 360 days, except that (i) in the case of interest in respect of
LIBOR Loans denominated in an Alternative Currency as to which market practice differs from the foregoing day count convention,
interest with respect to such LIBOR Loans shall be computed in accordance with such market practice, and (ii) interest computed
by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on Bank of America’s “prime
rate” shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable
for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate
or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest
error.

 

(g)       To
the extent that any calculation of interest or any fee required to be paid under this Agreement shall be based on (or result in)
a calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement.

 

SECTION 2.13. Alternate
Rate of Interest; Illegality.

 

(a)       If
prior to the commencement of any Interest Period for a LIBOR Borrowing denominated in any currency:

 

(i)       the
Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or

 

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(ii)       the
Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately
and fairly reflect the cost to the Lenders of making or maintaining the Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent
shall give notice (which may be telephonic) thereof to the applicable Borrower and the Lenders as promptly as practicable and,
until the Administrative Agent notifies the applicable Borrower and the Lenders that the circumstances giving rise to such notice
no longer exist, (A) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing
as, a LIBOR Borrowing in such currency shall be ineffective, and, unless repaid, such Borrowing shall be converted to, or continued
as, on the last day of the Interest Period applicable thereto (1) if such Borrowing is denominated in US Dollars, an ABR Borrowing,
or (2) if such Borrowing is denominated in any Alternative Currency, a Borrowing bearing interest at an alternative rate of interest
determined by the Administrative Agent in consultation with the Company and the Lenders, (B) if any Borrowing Request requests
a LIBOR Borrowing in such currency, such Borrowing shall be made (1) if such Borrowing is denominated in US Dollars, as an ABR
Borrowing, or (2) if such Borrowing is denominated in any Alternative Currency, as a Borrowing bearing interest at an alternative
rate of interest determined by the Administrative Agent in consultation with the Company and the Lenders, and (C) the utilization
of the Adjusted LIBO Rate component in determining the Alternate Base Rate shall be suspended.

 

(b)       If
any Lender determines that any law has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for
any Lender or its applicable lending office to perform any of its obligations hereunder or to make, maintain or fund or charge
interest with respect to any Loan or to determine or charge interest rates based upon the Adjusted LIBO Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, US Dollars
or any Alternative Currency in the applicable interbank market, then, on notice thereof by such Lender to the applicable Borrower
through the Administrative Agent, (i) any obligation of such Lender to issue, make, maintain, fund or charge interest with respect
to any such Loan in the affected currency or currencies, to continue LIBOR Loans in the affected currency or currencies, or, in
the case of LIBOR Loans denominated in US Dollars, to convert ABR Loans to LIBOR Loans shall be suspended, and (ii) if such notice
asserts the illegality of such Lender making or maintaining ABR Loans the interest rate on which is determined by reference to
the Adjusted LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary
to avoid such illegality, be determined by the Administrative Agent without reference to the Adjusted LIBO Rate component of the
Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and such Borrower that the circumstances
giving rise to such determination no longer exist. Upon receipt of such notice, (A) the applicable Borrower shall, upon demand
from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all LIBOR Loans of such Lender that
are denominated in US Dollars to ABR Loans (the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the Adjusted LIBO Rate component of the Alternate Base
Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such LIBOR Loans
to such day, or immediately, if such Lender may not lawfully continue to maintain such LIBOR Loans and (B) if such notice asserts
the illegality of such Lender determining or charging interest rates based upon the Adjusted LIBO Rate, the Administrative Agent
shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the Adjusted
LIBO Rate component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for
such Lender to determine or charge interest rates based upon the Adjusted LIBO Rate. Upon any such prepayment or conversion, the
applicable Borrower shall also pay accrued interest on the amount so prepaid or converted.

 

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If, in connection
with any Borrowing Subsidiary organized under the laws of a jurisdiction other than the United States, a state thereof or the District
of Columbia, the Administrative Agent or any Lender determines that any law has made it unlawful, or that any Governmental Authority
has asserted that it is unlawful, for the Administrative Agent or any Lender to (1) perform any of its obligations hereunder or
under any other Loan Document with respect to such Borrowing Subsidiary, (2) fund or maintain its participation in any Loan to
such Borrowing Subsidiary or (3) issue, make, maintain, fund or charge interest or fees with respect to any Loan to such Borrowing
Subsidiary, such Person shall promptly notify the Administrative Agent. Thereafter, upon the Administrative Agent notifying the
Company, and until such notice by such Person is revoked, any obligation of such Person to issue, make, maintain, fund or charge
interest or fees with respect to any such Loan shall be suspended, and to the extent required by applicable law, cancelled. Upon
receipt of such notice, the Borrowers shall (x) repay that Person’s participation in the Loans or other applicable Obligations
on the last day of the Interest Period for each Loan or other Obligation occurring after the Administrative Agent has notified
the Company or, if earlier, the date specified by such Person in the notice delivered to the Administrative Agent (being no earlier
than the last day of any applicable grace period permitted by applicable law), and (y) take all reasonable actions requested by
such Person to mitigate or avoid such illegality.

 

SECTION 2.14. Increased
Costs.

 

(a)       If
any Change in Law shall:

 

(i)                
impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar requirement
against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement
reflected in the Adjusted LIBO Rate);

 

(ii)              
impose on any Lender or any applicable interbank market any other condition (other than with respect to Taxes) affecting
this Agreement or LIBOR Loans made by any Lender; or

 

(iii)            
(iii)subject any Lender to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes, and (C) Connection Income Taxes) on its loans, loan principal, letters of credit,
commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the
foregoing shall be to increase the cost to such Lender of making, continuing, converting into or maintaining any Loan (or of maintaining
its obligation to make any such Loan) or to reduce the amount of any sum received or receivable by such Lender hereunder (whether
of principal, interest or otherwise), then, upon request of such Lender, the applicable Borrower will pay to such Lender such additional
amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered.

 

(b)               
If any Lender reasonably determines that any Change in Law regarding capital or liquidity requirements has had or would
have the effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding
company, if any, as a consequence of this Agreement or the Loans made by such Lender to a level below that which such Lender or
such Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s
policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time
to time the applicable Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender or such
Lender’s holding company for any such reduction suffered.

 

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(c)               
Each Lender shall determine the amount or amounts necessary to compensate such Lender or such Lender’s holding company,
as the case may be, as specified in paragraph (a) or (b) of this Section using the methods customarily used by it
for such purpose (and if such Lender uses more than one such method, the method used hereunder shall be that which most accurately
determines such amount or amounts). A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or such Lender’s holding company, as the case may be, as specified in paragraph (a) or (b) of this Section,
and an explanation in reasonable detail of the method by which such amount shall have been determined, shall be delivered to the
applicable Borrower and shall be conclusive absent manifest error. Such Borrower shall pay such Lender the amount shown as due
on any such certificate within 15 Business Days after receipt thereof. Notwithstanding the foregoing, no Lender shall be entitled
to seek compensation for additional amounts or costs pursuant to this Section unless it is the general policy of such Lender at
such time to seek compensation under similar circumstances from other similarly situated borrowers with credit agreements containing
yield protection provisions that provide for such compensation.

 

(d)               
Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s right to demand such compensation; provided, that, the applicable Borrower shall not be required
to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 180 days prior to the
date that such Lender notifies the applicable Borrower of the Change in Law giving rise to such increased costs or reductions and
delivers a certificate with respect thereto as provided in paragraph (c) above; provided, further, that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof.

 

SECTION 2.15. Break
Funding Payments. In the event of (a) the payment of any principal of any LIBOR Loan other than on the last day
of an Interest Period applicable thereto (including as a result of an Event of Default or an optional prepayment of Loans), (b)
the conversion of any LIBOR Loan to a Loan of a different Type or Interest Period other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any LIBOR Loan on the date specified in any notice delivered
pursuant hereto (regardless of whether such notice is revoked under Section 2.06(c)) or (d) the assignment or deemed assignment
of any LIBOR Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Company
pursuant to Section 2.18, the applicable Borrower shall compensate each Lender for the loss, cost and expense attributable
to such event. Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the
excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to
the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the
period that would have been the Interest Period for such Loan), over (ii) the amount of interest that would accrue on such
principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period,
for deposits in the applicable currency of a comparable amount and period from other banks in the London interbank market. A certificate
of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section, and setting
forth in reasonable detail the calculations used by such Lender to determine such amount or amounts, shall be delivered to the
applicable Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown
as due on any such certificate within 30 days after receipt thereof.

 

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SECTION 2.16. Taxes.

 

(a)       Any
and all payments by or on account of any Borrower in respect of any Obligation hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any Taxes, except as required by applicable law. If any applicable law (as
determined in the good faith discretion of an applicable withholding agent) requires the deduction of any Tax from any such payment,
then the withholding agent shall make such deduction and timely pay the full amount deducted to the relevant Governmental Authority
in accordance with applicable law. If any applicable withholding agent shall be required to deduct any Indemnified Taxes from such
payments, then the sum payable by the applicable Borrower shall be increased as necessary so that after making all required deductions
for Indemnified Taxes (including deductions applicable to additional sums payable under this Section) the Administrative Agent
or the applicable Lender, as the case may be, receives an amount equal to the sum it would have received had no such deductions
for Indemnified Taxes been made.

 

(b)       In
addition, the Borrowers shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 

(c)       The
Borrowers shall indemnify the Administrative Agent and each Lender, within 15 Business Days after written demand therefor, for
the full amount of any Indemnified Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect
to any payment by or on account of any obligation of any Borrower hereunder or under any other Loan Document (including Indemnified
Taxes imposed or asserted on or attributable to amounts payable under this Section) and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or
asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability setting forth in reasonable
detail the circumstances giving rise thereto and the calculations used by such Lender to determine the amount thereof delivered
to the Company by a Lender, or by the Administrative Agent, on its own behalf or on behalf of a Lender, shall be conclusive absent
manifest error.

 

(d)       As
soon as practicable after any payment of Indemnified Taxes by any Borrower to a Governmental Authority, such Borrower shall deliver
to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative
Agent.

 

(e)       Each
Lender shall severally indemnify the Administrative Agent for (i) any Taxes (but, in the case of any Indemnified Taxes, only to
the extent that the relevant Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without
limiting the obligation of the relevant Borrower to do so) attributable to such Lender and (ii) any Taxes attributable to such
Lender’s failure to comply with the provisions of Section 10.04(g) relating to the maintenance of a Participant Register,
in each case that are paid or payable by the Administrative Agent in connection with any Loan Document and any penalties, interest
and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed
or asserted by the relevant Governmental Authority. The indemnity under this paragraph (e) shall be paid within 15 Business
Days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable
by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent manifest error.

 

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(f)             (i)Any
Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document
shall deliver to the Company and the Administrative Agent, at the time or times reasonably requested by the Company or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Company or the Administrative Agent as will
permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably
requested by the Company or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Company or the Administrative Agent as will enable the Company or the Administrative Agent to determine whether
or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary
in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set
forth in Sections 2.16(f)(ii)(A), (ii)(B) and (ii)(D)) shall not be required if in the Lender’s reasonable
judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender.

 

(ii)       Without
limiting the generality of the foregoing,

 

(A)             
any Lender that is a US Person shall deliver to the Company and the Administrative Agent on or prior to the date on which
such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company
or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. Federal backup
withholding tax;

 

(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), whichever of the following is applicable:

 

(1)               
in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x)
with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or W-8BEN-E establishing an
exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty
and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E establishing an exemption
from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income”
article of such tax treaty;

 

(2)               
executed originals of IRS Form W-8ECI;

 

(3)               
in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Code, (x) a certificate substantially in the form of Exhibit D-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Company within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the
Code (a “US Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or W-8BEN-E; or

 

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(4)               
to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form
W-8ECI, IRS Form W-8BEN or W-8BEN-E, a US Tax Compliance Certificate substantially in the form of Exhibit D-2 or Exhibit
D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided, that,
if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio
interest exemption, such Foreign Lender may provide a US Tax Compliance Certificate substantially in the form of Exhibit D-4
on behalf of each such direct and indirect partner;

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Company and the Administrative Agent
(in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes
a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Company or the Administrative
Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable
law to permit the Company or the Administrative Agent to determine the withholding or deduction required to be made; and

 

(D)             
if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA
if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section
1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Company and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Company or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Company or the Administrative Agent as may be necessary for the Borrowers and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D),
“FATCA” shall include any amendments made to FATCA after the Closing Date.

 

Each Lender
agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Company and the Administrative Agent in writing of its legal inability
to do so.

 

(g)       Each
party’s obligations under this Section 2.16 shall survive the resignation or replacement of the Administrative Agent
or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations under any Loan Document.

 

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(h)       If
any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it
has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall
pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section
with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified
party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such
indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant
to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that
such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph, in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
paragraph the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified
party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or
otherwise imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph
shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to
its Taxes that it deems confidential) to the indemnifying party or any other Person.

 

SECTION 2.17. Payments
Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)       Each
Borrower shall make each payment required to be made by it hereunder or under any other Loan Document (whether of principal, interest
or fees, or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) at or prior to the time expressly
required hereunder or under such other Loan Document for such payment (or, if no such time is expressly required, at or prior to
2:00 p.m., New York City time (or, in the case of any payment with respect to the principal and interest on Loans denominated in
an Alternative Currency, not later than the Local Time specified by the Administrative Agent)), on the date when due, in immediately
available funds, without any defense, set–off, recoupment, deduction or counterclaim. Any amounts received after such time
on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent to the applicable
account specified by it for the account of the Lenders or, in any such case, to such other account as the Administrative Agent
shall from time to time specify in a notice delivered to the Company; provided, that, payments pursuant to Sections
2.14, 2.15, 2.16 and 10.03 shall be made directly to the Persons entitled thereto and payments pursuant
to other Loan Documents shall be made to the Persons specified therein (it being agreed that the Borrowers will be deemed to have
satisfied their obligations with respect to payments referred to in this proviso if they shall make such payments to the persons
entitled thereto in accordance with instructions provided by the Administrative Agent; the Administrative Agent agrees to provide
such instructions upon request, and no Borrower will be deemed to have failed to make such a payment if it shall transfer such
payment to an improper account or address as a result of the failure of the Administrative Agent to provide proper instructions).
The Administrative Agent shall distribute any such payments received by it for the account of any Lender or other Person promptly,
in accordance with customary banking practices, following receipt thereof at the appropriate lending office or other address specified
by such Lender or other Person. Except as otherwise provided in this Agreement, if any payment hereunder shall be due on a day
that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any
payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder, including
of principal or interest in respect of any Loan, shall, except as otherwise expressly provided herein, be made in the currency
of such Loan; all other payments hereunder and under each other Loan Document shall be made in US Dollars. Any payment required
to be made by the Administrative Agent hereunder shall be deemed to have been made by the time required if the Administrative Agent
shall, at or before such time, have taken the necessary steps to make such payment in accordance with the regulations or operating
procedures of the clearing or settlement system used by the Administrative Agent to make such payment.

 

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(b)       If
any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of
or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its
Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion
shall purchase (for cash at face value) participations in the Loans of the other Lenders to the extent necessary so that the amount
of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amounts of principal of and accrued
interest on their respective Loans; provided, that, (i) if any such participations are purchased and all or any portion
of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the
extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment
made by any Borrower pursuant to and in accordance with the express terms of this Agreement (for the avoidance of doubt, as in
effect from time to time) or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans to any assignee or participant, other than to the Company or any Subsidiary or Affiliate thereof (as to which
the provisions of this paragraph shall apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively
do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against
such Borrower rights of set–off and counterclaim with respect to such participation as fully as if such Lender were a direct
creditor of such Borrower in the amount of such participation. Any purchaser of a participation under this paragraph shall have
the benefit of Sections 2.14, 2.15 and 2.16 with respect to the participation purchased, but shall not be
deemed by virtue of such purchase to have extended any Commitment that it had not extended prior to such purchase.

 

(c)       Unless
the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders hereunder that such Borrower will not make such payment, the Administrative Agent may assume
that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute
to the Lenders the amount due. In such event, if such Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon,
for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative
Agent, at (i) the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with
banking industry rules on interbank compensation (in the case of an amount denominated in US Dollars) and (ii) the rate reasonably
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (in the case of an amount
denominated in any Alternative Currency).

 

(d)       If
any Lender shall fail to make any payment required to be made by it hereunder to or for the account of the Administrative Agent,
then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations in respect of such
payment until all such unsatisfied obligations have been discharged or (ii) hold any such amounts in a segregated account as cash
collateral for, and application to, any future funding obligations of such Lender pursuant to this Agreement (including pursuant
to Sections 2.04(b), 2.17(c) and 10.03(c)), in each case in such order as shall be determined by the Administrative
Agent in its discretion.

 

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SECTION 2.18. Mitigation
Obligations; Replacement of Lenders.

 

(a)       If
any Lender requests compensation under Section 2.14, or if any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall consult
with the Company regarding any actions that could be taken to reduce amounts payable under such Sections and the costs of taking
such actions and shall, at the request of the Company following such consultations, use reasonable efforts to designate a different
lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices,
branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts
payable pursuant to Section 2.14 or Section 2.16, as the case may be, in the future and (ii) would not subject such
Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Company hereby agrees
to pay all reasonable, direct, out-of-pocket costs and expenses incurred by any Lender in connection with any such designation
or assignment.

 

(b)       If
(i) any Lender requests compensation under Section 2.14, (ii) any Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, (iii) any Lender becomes a
Defaulting Lender, (iv) any Lender delivers a Notice of Objection pursuant to Section 2.19, (v) any Lender is a Declining
Lender or (vi) any Lender is a Non-Consenting Lender, then the Company may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject
to the restrictions contained in Section 10.04), all its interests, rights and obligations under the Loan Documents to an
assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided,
that, (A) the Company shall have received the prior written consent of the Administrative Agent, which consent shall not
be unreasonably withheld, (B) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such
outstanding principal, funded participations and accrued interest and fees) or the Company (in the case of all other amounts),
(C) in the case of any such assignment and delegation resulting from the delivery of a Notice of Objection under Section 2.19,
it shall not be unlawful under Federal or applicable state or foreign law for the assignee to make Loans or otherwise extend credit
to or do business with the Subsidiary in respect of which such Notice of Objection was delivered, (D) in the case of any such assignment
and delegation resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section
2.16, such assignment will result (or is reasonably expected to result) in a reduction in such compensation or payments, (E)
in the case of any such assignment and delegation resulting from the status of such Lender as a Declining Lender, the assignee
shall have agreed to the applicable request for the extension of the Maturity Date and (F) in the case of any such assignment and
delegation resulting from the status of such Lender as a Non-Consenting Lender, such assignment, together with any assignments
by other Non-Consenting Lenders, will enable the applicable Borrower to obtain sufficient consents to cause the applicable amendment,
modification or waiver to become effective. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such assignment
and delegation cease to apply. Each party hereto agrees that an assignment and delegation required pursuant to this paragraph may
be effected pursuant to an Assignment and Assumption executed by the Company, the Administrative Agent and the assignee and that
the Lender required to make such assignment and delegation need not be a party thereto.

 

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SECTION 2.19. Borrowing
Subsidiaries. The Company may at any time and from time to time designate any Subsidiary as a Borrowing Subsidiary by
delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such Subsidiary and the Company; provided,
that, no Subsidiary may be designated as a Borrowing Subsidiary or borrow hereunder if it shall be unlawful for such Subsidiary
so to borrow or for any Lender to lend to such Subsidiary. As soon as practicable upon receipt thereof, the Administrative Agent
will post a copy of such Borrowing Subsidiary Agreement to the Lenders. Each Borrowing Subsidiary Agreement shall become effective
on the date five Business Days after it has been posted by the Administrative Agent to the Lenders (subject to the receipt by any
Lender of any information reasonably requested by it after the posting date of such Borrowing Subsidiary Agreement under the Patriot
Act, other “know-your-customer” laws or the Beneficial Ownership Regulation), unless prior thereto the Administrative
Agent shall have received written notice from any Lender (a) that it is unlawful under Federal or applicable state or foreign law
for such Lender to make Loans or otherwise extend credit to or do business with such Subsidiary as provided herein or (b) that
such Lender is restricted by operational or administrative procedures or other applicable internal policies from extending credit
under this Agreement to Persons in the jurisdiction in which such Subsidiary is located (a “Notice of Objection”),
in which case such Borrowing Subsidiary Agreement shall not become effective until such time as such Lender withdraws such Notice
of Objection or ceases to be a Lender hereunder pursuant to Section 2.18(b). Upon the effectiveness of a Borrowing Subsidiary
Agreement as provided in the preceding sentence, the applicable Subsidiary shall for all purposes of this Agreement be a Borrowing
Subsidiary and a party to this Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing
Subsidiary Termination with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Borrowing Subsidiary and
a party to this Agreement. Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as
to any Borrowing Subsidiary at a time when any principal of or interest on any Loan to such Borrowing Subsidiary shall be outstanding
hereunder; provided, that, such Borrowing Subsidiary Termination shall be effective to terminate the right of such
Borrowing Subsidiary to make further Borrowings under this Agreement.

 

SECTION 2.20. Defaulting
Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting
Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)               
commitment fees shall cease to accrue on the unused amount of the Commitment of such Defaulting Lender pursuant to Section
2.11;

 

(b)               
the Commitment and Revolving Exposure of such Defaulting Lender shall not be included in determining whether the Required
Lenders or any other requisite Lenders have taken or may take any action hereunder or under any other Loan Document (including
any consent to any amendment, waiver or other modification pursuant to Section 10.02); provided, that, any
amendment, waiver or other modification requiring the consent of all Lenders or all Lenders affected thereby shall, except as otherwise
provided in Section 10.02, require the consent of such Defaulting Lender in accordance with the terms hereof; and

 

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(c)               
any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting
Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative
Agent from a Defaulting Lender shall be applied at such time or times as may be determined by the Administrative Agent as follows:
first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second,
as the Company may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;
third, if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata
in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement;
fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction
obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under
this Agreement; fifth, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers
as a result of any judgment of a court of competent jurisdiction obtained by any Borrower against such Defaulting Lender as a result
of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or
as otherwise as may be required under the Loan Documents or directed by a court of competent jurisdiction; provided, that,
(i) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded
its appropriate share, and (ii) such Loans were made at a time when the conditions set forth in Section 4.02 were satisfied
or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro rata in
accordance with the Commitments hereunder. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that
are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.20(c) shall be deemed paid to
and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.

 

In the event that the
Administrative Agent and the Company shall agree that a Defaulting Lender has adequately remedied all matters that caused such
Lender to be a Defaulting Lender, then on such date such Lender shall fund its Loans to each Borrower or purchase at par Revolving
Exposures of the other Lenders, in each case as the Administrative Agent shall determine may be necessary in order for such Lender
to hold such Revolving Exposures ratably in accordance with its applicable Commitment. Such Lender shall cease to be a Defaulting
Lender upon remedying all matters to the satisfaction of the Administrative Agent and the Company that caused such Lender to be
a Defaulting Lender, including the funding of any Revolving Exposure necessary in order for such Lender to hold such Revolving
Exposures ratably in accordance with its applicable Commitment.

 

SECTION 2.21. Successor
LIBOR. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents, if the Administrative
Agent determines (which determination shall be conclusive absent manifest error), or the Company or Required Lenders notify the
Administrative Agent (with, in the case of the Required Lenders, a copy to the Company) that the Company or Required Lenders (as
applicable) have determined, that: (a) adequate and reasonable means do not exist for ascertaining the London interbank offered
rate for any requested Interest Period, including because the Screen Rate is not available or published on a current basis and
such circumstances are unlikely to be temporary; or (b) the administrator of the Screen Rate or a Governmental Authority having
jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the London interbank
offered rate or the Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific
date, the “Scheduled Unavailability Date”); or (c) syndicated loans currently being executed, or that include
language similar to that contained in this Section 2.21, are being executed or amended (as applicable) to incorporate or
adopt a new benchmark interest rate to replace the London interbank offered rate; then, reasonably promptly after such determination
by the Administrative Agent or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and
the Company may amend this Agreement to replace the London interbank offered rate with an alternate benchmark rate (including any
mathematical or other adjustments to the benchmark (if any) incorporated therein), giving due consideration to any evolving or
then existing convention for similar syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR
Successor Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become
effective at 5:00 p.m., New York City time, on the fifth Business Day after the Administrative Agent shall have posted such proposed
amendment to all Lenders and the Company unless, prior to such time, Lenders comprising the Required Lenders have delivered to
the Administrative Agent written notice that such Required Lenders do not accept such amendment.

 

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If no LIBOR Successor
Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability Date has occurred
(as applicable), the Administrative Agent will promptly so notify the Company and each Lender. Thereafter, (x) the obligation of
the Lenders to make or maintain LIBOR Loans shall be suspended (to the extent of the affected LIBOR Loans or Interest Periods),
and (y) the Adjusted LIBO Rate component shall no longer be utilized in determining the Alternate Base Rate. Upon receipt of such
notice, the Company may revoke any pending request for a Borrowing of, conversion to or continuation of, LIBOR Loans (to the extent
of the affected LIBOR Loans or Interest Periods) or, failing that, with respect to any request for US Dollar-denominated Loans,
will be deemed to have converted such request into a request for an ABR Borrowing (subject to the foregoing clause (y))
in the amount specified therein.

 

Notwithstanding anything
else herein, any definition of LIBOR Successor Rate shall provide that in no event shall such LIBOR Successor Rate be less than
zero for purposes of this Agreement.

 

Article
III.

Representations and Warranties

 

Each of the Company
and each Borrowing Subsidiary represents and warrants to the Lenders that:

 

SECTION 3.01. Organization;
Powers. The Company and each of the Material Subsidiaries is duly organized, validly existing and in good standing
under the laws of the jurisdiction of its incorporation, has all requisite power and authority to carry on its business as now
conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result
in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification
is required.

 

SECTION 3.02. Authorization;
Enforceability. The Transactions are within the Company’s and each other Borrower’s powers and have
been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and
delivered by the Company and each other Borrower and constitutes a legal, valid and binding obligation of each of them, enforceable
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting
creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding
in equity or at law.

 

SECTION 3.03. Governmental
Approvals; No Conflicts. The Transactions (a) do not require any consent or approval of, registration or filing
with, or any other action by, any Governmental Authority, except such as have been obtained or made and are in full force and effect
and except as may be required under applicable securities laws and regulations, (b) will not violate any applicable law or regulation
or the charter, by-laws or other organizational documents of the Company or any other Borrower or any order of any Governmental
Authority, (c) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Company
or any Subsidiary or their assets, or give rise to a right thereunder to require any payment to be made by the Company or any Subsidiary,
and (d) will not result in the creation or imposition of any Lien on any asset of the Company or any Subsidiary.

 

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SECTION 3.04. Financial
Condition; No Material Adverse Change.

 

(a)       The
Company has heretofore furnished to the Lenders its consolidated balance sheet and consolidated statements of income, stockholders’
equity and cash flows (i) as of and for its fiscal year ended June 30, 2018, audited by and accompanied by the opinion of Deloitte
& Touche LLP, independent registered public accounting firm, and (ii) as of and for its fiscal quarter ended March 31, 2018,
certified by a Financial Officer of the Company. Such financial statements present fairly, in all material respects, the financial
position and results of operations and cash flows of the Company and the consolidated Subsidiaries as of such dates and for such
periods in accordance with GAAP.

 

(b)       Since
June 30, 2018, there has been no material adverse change in the business, assets, operations or condition, financial or otherwise,
of the Company and the Subsidiaries, taken as a whole.

 

SECTION 3.05. Properties.

 

(a)       The
Company and each Subsidiary has good title to, or valid leasehold interests in, all its real and personal property material to
its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted
or to utilize such properties for their intended purposes and except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect.

 

(b)       Each
of the Company and the Subsidiaries owns or is licensed to use all trademarks, tradenames, copyrights, patents and other intellectual
property material to its business, and the use thereof by the Company and the Subsidiaries does not infringe upon the rights of
any other Person, except for any such infringements that, individually or in the aggregate, could not reasonably be expected to
result in a Material Adverse Effect.

 

SECTION 3.06. Litigation
and Environmental Matters.

 

(a)       There
are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge
of the Company, threatened against or affecting the Company and the Subsidiaries (i) as to which there is a reasonable possibility
of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate,
to result in a Material Adverse Effect, (ii) that involve this Agreement or (iii) that involve the Transactions.

 

(b)       Except
with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material
Adverse Effect, none of the Company and the Subsidiaries (i) has failed to comply with any Environmental Law or to obtain, maintain
or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any Environmental
Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any
Environmental Liability.

 

SECTION 3.07. Compliance
with Laws and Agreements. The Company and each Subsidiary is in compliance with all laws, regulations and orders of
any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it
or its property, except where the failure to be in compliance, individually or in the aggregate, could not reasonably be expected
to result in a Material Adverse Effect.

 

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SECTION 3.08. Federal
Reserve Regulations.

 

(a)       Neither
the Company nor any Subsidiary is engaged principally, or as a substantial part of its activities, in the business of extending
credit for the purpose of purchasing or carrying Margin Stock (within the meaning of Regulation U of the Board).

 

(b)       No
part of the proceeds of any Loan has been or will be used, whether directly or indirectly, and whether immediately, incidentally
or ultimately, in any manner or for any purpose that has resulted or will result in a violation of Regulation T, U or X of the
Board.

 

SECTION 3.09. Investment
Company Status. Neither the Company nor any of the Subsidiaries is an “investment company” as defined
in, or subject to regulation under, the Investment Company Act of 1940.

 

SECTION 3.10. Taxes.
The Company and the Subsidiaries have timely filed or caused to be filed all Tax returns and reports required to have been filed
and have paid or caused to be paid all Taxes required to have been paid by them, except (a) any Taxes that are being contested
in good faith by appropriate proceedings and for which the Company or such Subsidiary has set aside on its books adequate reserves
or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

SECTION 3.11. ERISA.
No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which
liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse Effect. The present value
of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of Accounting Standards Codification
Topic 715) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than US$75,000,000
the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all Plans in
the aggregate (based on the assumptions used for purposes of Accounting Standards Codification Topic 715) did not, as of the date
of the most recent financial statements reflecting such amounts, exceed by more than US$75,000,000 the fair market value of the
assets of all such Plans. As of the Closing Date, no Borrower is, nor will any Borrower be, using its own “plan assets”
(within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more of its Benefit Plans in
connection with the Loans or the Commitments.

 

SECTION 3.12. Disclosure.
None of the reports, financial statements, certificates or other information (excluding any projections or forward-looking information
and information of a general economic or industry nature) furnished by or on behalf of the Company to the Arrangers, the Administrative
Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder, taken as a whole and including
any supplements thereto, contained or will contain, at the time furnished, any material misstatement of fact or omitted or will
omit, at the time furnished, to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading. All projections and other forward-looking information contained in the reports, financial
statements, certificates or other information furnished by or on behalf of the Company to the Arrangers, the Administrative Agent
or any Lender in connection with the negotiation of this Agreement or delivered hereunder have been or will be prepared by the
Company in good faith based upon assumptions that were reasonable at the time made and at the time such projections and other information
were or will be furnished (it being understood that such projections are not to be viewed as fact and that actual results may vary
therefrom and that such variations may be material and the Company does not make any representation that such projections will
be realized). As of the Closing Date, the information included in any Beneficial Ownership Certification, if applicable, is true
and correct in all respects.

 

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SECTION 3.13. Solvency.
Immediately after the consummation of the Transactions on the Closing Date, (a) the fair value of the assets of the Company and
the Subsidiaries on a consolidated basis, at a fair valuation, will exceed their debts and liabilities, subordinated, contingent
or otherwise, (b) the present fair saleable value of the property of the Company and the Subsidiaries on a consolidated basis will
be greater than the amount that will be required to pay the probable liability of their debts and other liabilities, subordinated,
contingent or otherwise, as such debts and other liabilities become absolute and matured, (c) the Company and the Subsidiaries
on a consolidated basis will be able to pay their debts and liabilities, subordinated, contingent or otherwise, as such debts and
liabilities become absolute and matured and (d) the Company and the Subsidiaries on a consolidated basis will not have unreasonably
small capital with which to conduct the business in which they are engaged as such business is now conducted and is proposed to
be conducted following the Closing Date.

 

SECTION 3.14. Anti-Corruption
Laws and Sanction Laws. The Company has implemented and will maintain and enforce policies and procedures that
are in the Company’s judgment appropriate to ensure compliance by the Company, its Subsidiaries, and their directors, officers,
employees and agents with applicable Anti-Corruption Laws and applicable Sanction Laws, and the Company, its Subsidiaries and their
respective officers and employees and, to the knowledge of the Company, its directors and agents, are in compliance with Anti-Corruption
Laws and applicable Sanction Laws in all material respects. None of (a) the Company, any Subsidiary or, to the knowledge of the
Company, any of their respective directors, officers or employees, or (b) to the knowledge of the Company, any agent of the Company
or any Subsidiary that will act in any capacity in connection with or benefit from the credit facility established hereby, is a
Sanctioned Person. No Loan, use of the proceeds of any Loan or other transaction contemplated by this Agreement will result in
a violation by any party hereto of Anti-Corruption Laws or applicable Sanction Laws.

 

SECTION 3.15. EEA
Financial Institutions. No Borrower is an EEA Financial Institution.

 

Article
IV.

Conditions

 

SECTION 4.01. Closing
Date. This Agreement shall not become effective until, and the obligations of the Lenders to make Loans hereunder shall
not become effective until, in each case, the date on which each of the following conditions shall be satisfied (or waived in accordance
with Section 10.02):

 

(a)               
(i) The Administrative Agent (or its counsel) shall have received from each party hereto either (A) a counterpart of this
Agreement signed on behalf of such party or (B) written evidence satisfactory to the Administrative Agent (which may include fax
or other electronic image scan transmission of a signed signature page of this Agreement) that such party has signed a counterpart
of this Agreement, and (ii) each Lender requesting a promissory note shall have received an executed copy of such promissory note.

 

(b)               
The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel
may reasonably request relating to the organization, existence and good standing of each Borrower party to this Agreement on the
Closing Date, the authorization of the Transactions and any other legal matters relating to each such Borrower, this Agreement
or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel.

 

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(c)               
Each Lender shall have received (i) all documentation and other information required by bank regulatory authorities under
applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, that has
been requested by the Administrative Agent or such Lender, and (ii) with respect to each Borrower party to this Agreement on the
Closing Date, to the extent such Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation,
a Beneficial Ownership Certification in relation to such Borrower to the extent requested by such Lender.

 

(d)               
The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the
Lenders and dated the Closing Date) of Paul, Weiss, Rifkind, Wharton & Garrison LLP, counsel for the Company, and, with respect
to any Borrowing Subsidiary party to this Agreement on the Closing Date, such local counsel for any such Borrowing Subsidiary as
shall be reasonably requested by the Administrative Agent, in each case in form and substance reasonably satisfactory to the Administrative
Agent. Each Borrower hereby requests such counsel to deliver such opinions.

 

(e)               
The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the President, a Vice President
or a Financial Officer of the Company, confirming compliance with the conditions set forth in paragraphs (a) and (b)
of Section 4.02 after giving effect to the Transactions to occur on the Closing Date.

 

(f)                
All Indebtedness under the Existing Credit Agreements shall be repaid in full and any commitments, guarantees or security
interests relating thereto shall be terminated, in each case on or prior to the Closing Date.

 

(g)               
The Administrative Agent (for itself or for the benefit of the Lenders) and the Arrangers shall have received all fees and
other amounts due and payable on or prior to the Closing Date pursuant to this Agreement or any engagement letter or fee letter
entered into by the Company in connection herewith and not theretofore paid, including, to the extent invoiced not later than the
second Business Day prior to the Closing Date (or such later date as the Company may agree), reimbursement or payment of all reasonable
and documented out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed
or paid by the Company in connection with this Agreement and the Transactions.

 

The Administrative Agent shall notify the
Company and the Lenders of the Closing Date, and such notice shall be conclusive and binding.

 

SECTION 4.02. Each
Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing (including any Borrowing
made on the Closing Date) is subject to the satisfaction of the following conditions:

 

(a)               
The representations and warranties of each Borrower set forth in this Agreement (other than, with respect to any Borrowing
occurring after the Closing Date, the representations set forth in Sections 3.04(b) and 3.06(a)) shall be true and
correct (i) in the case of representations and warranties qualified as to materiality, in all respects, and (ii) otherwise, in
all material respects, in each case on and as of the date of such Borrowing, except to the extent such representations and warranties
expressly relate to an earlier date, in which case such representations and warranties shall be true and correct (i) in the case
of representations and warranties qualified as to materiality, in all respects, and (ii) otherwise, in all material respects, as
of such earlier date, and, except that for purposes of this Section 4.02(a), the representations and warranties contained
in Section 3.04(a) shall be deemed to refer to the most recent financial statements delivered pursuant to Section 5.01(a)
or (b).

 

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(b)               
At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred
and be continuing.

 

Each Borrowing shall be deemed to constitute
a representation and warranty by the Company and each Borrowing Subsidiary on the date thereof as to the matters specified in paragraphs
(a) and (b) of this Section.

 

SECTION 4.03. Credit
Extensions to Borrowing Subsidiaries. The obligations of the Lenders to make the initial Loans to each Borrowing Subsidiary
shall be subject to the satisfaction of the following additional conditions:

 

(a)               
The Administrative Agent (or its counsel) shall have received a Borrowing Subsidiary Agreement of such Borrowing Subsidiary
duly executed by all parties thereto.

 

(b)               
The Administrative Agent shall have received such documents, legal opinions and certificates as the Administrative Agent
or its counsel may reasonably request relating to the formation, existence and good standing of such Borrowing Subsidiary, the
authorization of the Transactions insofar as they relate to such Borrowing Subsidiary and any other legal matters relating to such
Borrowing Subsidiary, its Borrowing Subsidiary Agreement or such Transactions, all in form and substance reasonably satisfactory
to the Administrative Agent and its counsel.

 

(c)               
Each Lender shall have received and be satisfied with all documentation and other information with respect to such Borrowing
Subsidiary requested by such Lender in order to comply with applicable “know your customer” and anti-money laundering
rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

Article
V.

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees and other amounts payable hereunder
shall have been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

 

SECTION 5.01. Financial
Statements and Other Information. The Company will furnish to the Administrative Agent:

 

(a)               
within 90 days after the end of each fiscal year of the Company, its audited consolidated balance sheet and related consolidated
statements of income and cash flows as of the end of and for such year, setting forth in each case in comparative form the figures
for the previous fiscal year, all reported on by Deloitte & Touche LLP or other independent registered public accountants of
recognized national standing (without a “going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit (other than solely as a result of an upcoming maturity date with respect to the Obligations
or to the “Obligations” under and as defined in the Term Loan Credit Agreement, in each case to occur within 12 months
from the time such report and opinion are delivered)) to the effect that such consolidated financial statements present fairly,
in all material respects, the financial condition and results of operations and cash flows of the Company and its consolidated
Subsidiaries on a consolidated basis in accordance with GAAP consistently applied;

 

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(b)               
within 45 days after the end of each of the first three fiscal quarters of each fiscal year of the Company, its consolidated
balance sheet and related consolidated statements of income and cash flows as of the end of and for such fiscal quarter and the
then elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the corresponding period
or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of its Financial
Officers as presenting fairly, in all material respects, the financial condition and results of operations and cash flows of the
Company and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal
year-end audit adjustments and the absence of footnotes;

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial
Officer of the Company (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto and (ii) setting forth reasonably detailed calculations
demonstrating compliance with Sections 6.06 and 6.07;

 

(d)               
promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other
materials filed by the Company or any of the Subsidiaries with the SEC, or any Governmental Authority succeeding to any or all
of the functions of the SEC, or with any national securities exchange, or distributed by the Company or any Subsidiary to its shareholders
generally, as the case may be (other than (i) registration statements on Form S-8, (ii) filings under Sections 16(a) or 13(d) of
the Exchange Act and (iii) routine filings related to employee benefit plans);

 

(e)               
promptly, but not later than five Business Days after the publication of any change by Moody’s, S&P or Fitch in
its Rating, notice of such change; and

 

(f)                
promptly following any request therefor, such other information regarding the operations, business affairs and financial
condition of the Company or any of the Subsidiaries, or compliance with the terms of this Agreement, as the Administrative Agent
or any Lender may reasonably request.

 

Information required to be delivered pursuant
to clauses (a), (b) and (d) of this Section shall be deemed to have been delivered on the date on which the
Company posts such information on the Company’s website on the Internet at cdkglobal.com or when such information
is posted on the SEC’s website at www.sec.gov. Notices required to be delivered pursuant to clause (e) of this
Section shall be deemed to have been delivered on the date on which the Company posts such information on the Internet at the website
cdkglobal.com or when the publication is first made available by means of Moody’s, S&P’s or Fitch (as the
case may be) Internet subscription service. The Administrative Agent shall promptly make available to each Lender a copy of the
certificate to be delivered pursuant to clause (c) of this Section by posting such certificate on the Platform or by other
similar means.

 

The Borrowers hereby
acknowledge that (a) the Administrative Agent and/or any Arranger may, but shall not be obligated to, make available to the Lenders
materials and/or information provided by or on behalf of any Borrower hereunder (collectively, “Borrower Materials”)
by posting the Borrower Materials on IntraLinks, Syndtrak, ClearPar or a substantially similar electronic transmission system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) may have personnel who
do not wish to receive material non-public information with respect to the Borrowers or their Affiliates, or the respective securities
of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
securities. The Borrowers hereby agree that (i) all Borrower Materials that are to be made available to Public Lenders shall be
clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall
appear prominently on the first page thereof; (ii) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed
to have authorized the Administrative Agent, the Arrangers and the Lenders to treat such Borrower Materials as not containing any
material non-public information with respect to the Borrowers or their securities for purposes of United States Federal and state
securities laws (provided, however, that, to the extent such Borrower Materials constitute Information (as
defined in Section 10.12), they shall be treated as set forth in Section 10.12); (iii) all Borrower Materials marked
“PUBLIC” are permitted to be made available through a portion of the Platform designated “Public Side Information;”
and (iv) the Administrative Agent and the Arrangers shall be entitled to treat any Borrower Materials that are not marked “PUBLIC”
as being suitable only for posting on a portion of the Platform not designated “Public Side Information.”

 

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SECTION 5.02. Notices
of Material Events. The Company will furnish to the Administrative Agent and each Lender prompt written notice
(in any case within five Business Days) of the following:

 

(a)               
the occurrence of any Default;

 

(b)               
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against
or affecting the Company or any Subsidiary as to which there is a reasonable possibility of an adverse determination and that,
if adversely determined, could reasonably be expected to result in a Material Adverse Effect;

 

(c)               
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect; and

 

(d)               
any other development that has resulted in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this Section
shall be accompanied by a statement of a Financial Officer or other executive officer of the Company setting forth the details
of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

SECTION 5.03. Existence;
Conduct of Business. The Company will, and will cause each Material Subsidiary to, do or cause to be done all
things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges
and franchises material to the conduct of its business; provided, that, the foregoing shall not prohibit any merger,
consolidation, liquidation or dissolution permitted under Section 6.04.

 

SECTION 5.04. Taxes.
The Company will, and will cause each Subsidiary to, pay its Tax liabilities, that, if not paid, could result in a Material Adverse
Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested
in good faith by appropriate proceedings, (b) the Company or such Subsidiary has set aside on its books adequate reserves with
respect thereto in accordance with GAAP and (c) the failure to make payment pending resolution of such contest could not reasonably
be expected to result in a Material Adverse Effect.

 

SECTION 5.05. Business
and Properties. The Company will, and will cause each Material Subsidiary to, at all times, keep and maintain
all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted.

 

SECTION 5.06. Books
and Records; Inspection Rights. The Company will keep, and will cause each of its Subsidiaries to keep, proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its
business and activities. The Company will, and will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent, or by any Lender through the Administrative Agent, at reasonable times and upon reasonable prior notice,
to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances
and condition with its officers and, so long as a representative of the Company is present, independent accountants.

 

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SECTION 5.07. Compliance
with Laws. The Company will, and will cause each Subsidiary to, comply with all laws, rules, regulations and
orders of any Governmental Authority applicable to it or its property (including ERISA and Environmental Laws), except where the
failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. The
Company will maintain in effect and enforce policies and procedures designed to ensure compliance by the Company, the Subsidiaries
and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanction Laws.

 

SECTION 5.08. Use
of Proceeds.

 

(a)       The
Borrowers will use the proceeds of the Loans made hereunder for general corporate purposes. The Company will ensure that at the
time each Loan is made and after giving effect to the use of the proceeds thereof, no more than 25% of the value of the assets
of either the Company or the Company and the Subsidiaries taken as a whole subject to the restrictions of Section 6.01 or
6.04 shall be represented by Margin Stock (within the meaning of Regulation U of the Board).

 

(b)               
Notwithstanding the foregoing, no Borrower will request any Loans and no part of the proceeds of any Loan will be used,
whether directly or indirectly, by the Company, any Subsidiary or any of their respective directors, officers, employees and agents
(i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of
value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person or in any Sanctioned Country or (iii) in any manner that would result
in the violation of any Sanction Laws applicable to any party hereto.

 

Article
VI.

Negative Covenants

 

Until the Commitments
have expired or terminated and the principal of and interest on each Loan and all fees and other amounts payable hereunder have
been paid in full, the Company and each other Borrower covenants and agrees with the Lenders that:

 

SECTION 6.01. Liens.
The Company will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist any Lien on any property
or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights
in respect thereof, except:

 

(a)               
Permitted Encumbrances;

 

(b)               
any Lien on any property or asset of the Company or any Subsidiary existing on the Closing Date and set forth in Schedule
6.01; provided, that, (i) such Lien shall not apply to any other property or asset of the Company or any Subsidiary
and (ii) such Lien shall secure only those obligations that it secures on the Closing Date and extensions, renewals and replacements
thereof that do not increase the outstanding principal amount thereof plus the aggregate amount of fees, underwriting discounts,
premiums and other costs and expenses incurred in connection with such extensions, renewals or replacements;

 

    55

     

    

(c)               
any Lien existing on any property or asset prior to the acquisition thereof by the Company or any Subsidiary or existing
on any property or asset of any Person that becomes a Subsidiary after the Closing Date prior to the time such Person becomes a
Subsidiary; provided, that, (i) such Lien is not created in contemplation of or in connection with such acquisition
or such Person becoming a Subsidiary, as the case may be, (ii) such Lien shall not apply to any other property or assets of the
Company or any Subsidiary and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition
or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not
increase the outstanding principal amount thereof plus the aggregate amount of fees, underwriting discounts, premiums and
other costs and expenses incurred in connection with such extensions, renewals or replacements;

 

(d)               
Liens on fixed or capital assets acquired, constructed or improved by the Company or any Subsidiary; provided, that,
(i) such Liens and the Indebtedness secured thereby are incurred prior to or within 180 days after such acquisition or the completion
of such construction or improvement, (ii) the Indebtedness secured thereby does not exceed the cost of acquiring, constructing
or improving such fixed or capital assets and (iii) such security interests shall not apply to any other property or assets of
the Company or any Subsidiary;

 

(e)               
Liens on securities deemed to exist under repurchase agreements and reverse repurchase agreements entered into by the Company
and the Subsidiaries; and

 

(f)                
Liens in connection with any Permitted Securitization Financing; provided, that, (i) such Liens extend only
to the assets subject thereto and Equity Interests of Special Purpose Securitization Subsidiaries, and (ii) such Permitted Securitization
Financing is permitted pursuant to Section 6.02(k);

 

(g)       (i)
Liens solely on Receivables Assets securing Indebtedness permitted pursuant to Section 6.02(l); provided, that,
such Liens extend only to the assets securing such Indebtedness; and (ii) Liens solely on Receivables Assets securing Indebtedness
incurred by the Borrower in connection with (x) a sale or factoring of Receivables Assets or (y) a loan or line of credit secured
solely by Receivables Assets; provided, that, (A) such Liens extend only to the assets securing such Indebtedness,
and (B) the sum of (1) the aggregate outstanding balance of accounts receivable sold by the Borrower and/or subject to a loan or
line of credit in all transactions permitted pursuant to this Section 6.01(g)(ii), plus (2) the aggregate outstanding
balance of accounts receivable sold by the Borrower and the Subsidiaries and/or subject to a loan or line of credit in all transactions
permitted pursuant to Section 6.02(l), plus (3) the aggregate outstanding balance of accounts receivable sold by
the Borrower and the Subsidiaries in connection with Permitted Securitization Financings permitted pursuant to Section 6.02(k),
shall not at any time exceed the greater of (x) $150,000,000 during the term of this Agreement, and (y) 35% of the aggregate outstanding
balance of accounts receivable of the Borrower and the Subsidiaries at such time; and

 

(h)       other
Liens not expressly permitted by clauses (a) through (g) above; provided, that, the sum of (i) the
aggregate principal amount of the outstanding obligations secured by Liens permitted under this clause (h), plus
(ii) the aggregate outstanding principal amount of Indebtedness of Subsidiaries permitted by Section 6.02(m), plus
(iii) the aggregate outstanding amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section
6.03(b) shall not at any time exceed the greater of US$125,000,000 and 15% of Consolidated Net Tangible Assets.

 

    56

     

    

SECTION 6.02. Subsidiary
Indebtedness. The Company will not permit any Subsidiary to incur any Indebtedness or to issue any preferred
stock or other preferred Equity Interests except:

 

(a)               
Indebtedness, preferred stock or other preferred Equity Interests existing on the Closing Date and set forth on Schedule
6.02, and any extensions, renewals or replacements of any such Indebtedness that do not increase the outstanding principal
amount thereof plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses incurred
in connection with such extension, renewal or replacement;

 

(b)               
Indebtedness of any Subsidiary owing to the Company or any other Subsidiary; provided, that, no such Indebtedness
shall have been assigned to, or subjected to any Lien in favor of, a Person other than the Company or a Subsidiary;

 

(c)               
Indebtedness, preferred stock or preferred Equity Interests of any Person existing at the time it becomes a Subsidiary and
any Refinancing Indebtedness in respect of any such Indebtedness; provided, that, such Indebtedness, preferred stock
or preferred Equity Interests shall not have been incurred or issued, as applicable, in contemplation of or in connection with
such Person becoming a Subsidiary;

 

(d)               
Indebtedness of any Subsidiary (i) incurred to finance the acquisition, construction or improvement of any fixed or capital
assets, including Capital Lease Obligations; provided, that, such Indebtedness is incurred prior to or within 180
days after such acquisition or the completion of such construction or improvement and the principal amount of such Indebtedness
does not exceed the cost of acquiring, constructing or improving such fixed or capital assets; or (ii) assumed in connection with
the acquisition of any fixed or capital assets; and, in each case, Refinancing Indebtedness in respect of any of the foregoing;

 

(e)               
Indebtedness of any Person that becomes a Subsidiary (or of any Person not previously a Subsidiary that is merged or consolidated
with or into a Subsidiary in a transaction permitted hereunder) after the Closing Date, or Indebtedness of any Person that is assumed
by any Subsidiary in connection with an acquisition of assets by such Subsidiary; provided, that, (i) such Indebtedness
exists at the time such Person becomes a Subsidiary (or is so merged or consolidated) or such assets are acquired and is not created
in contemplation of or in connection with such Person becoming a Subsidiary (or such merger or consolidation) or such assets being
acquired and (ii) no Subsidiary (other than such Person or any special purpose merger Subsidiary with which such Person is merged
or consolidated) shall Guarantee or otherwise become liable for the payment of such Indebtedness, and Refinancing Indebtedness
in respect of any of the foregoing;

 

(f)                
Guarantees by any Subsidiary of Indebtedness of the Company or any other Subsidiary; provided, that, (i) the
Indebtedness of any other Subsidiary so guaranteed is permitted under this Section and (ii) any Subsidiary that shall guarantee
Indebtedness of the Company shall also have guaranteed the Obligations under an agreement satisfactory in form and substance to
the Administrative Agent;

 

(g)               
Indebtedness incurred in connection with Hedging Agreements entered into for non-speculative purposes;

 

(h)               
Indebtedness owed in respect of any overdrafts and related liabilities arising from treasury, depository and cash management
services or in connection with any automated clearing-house transfers of funds, in each case incurred in the ordinary course of
business;

 

    57

     

    

(i)                
Indebtedness in respect of workers’ compensation claims and bid, performance or surety bonds, and Indebtedness in
respect of letters of credit, bank guarantees and similar instruments issued for the account of any Subsidiary in the ordinary
course of business supporting such obligations;

 

(j)                
Indebtedness arising in connection with the endorsement of instruments for collection or deposit in the ordinary course;

 

(k)               
Indebtedness arising in connection with Permitted Securitization Financings; provided, that, the sum of (x)
the aggregate outstanding balance of accounts receivable sold by the Company and the Subsidiaries in connection with Permitted
Securitization Financings permitted pursuant to this Section 6.02(k), plus (y) the aggregate outstanding balance
of accounts receivable sold by the Company and the Subsidiaries and/or subject to a loan or line of credit in all transactions
permitted pursuant to Section 6.02(l), plus (z) the aggregate outstanding balance of accounts receivable sold by
the Borrower and/or subject to a loan or line of credit in all transactions permitted pursuant to Section 6.01(g)(ii), shall
not at any time exceed the greater of (i) US$150,000,000 during the term of this Agreement, and (ii) 35% of the aggregate outstanding
balance of accounts receivable of the Company and the Subsidiaries at such time; and

 

(l)                
Indebtedness arising in connection with (i) a sale or factoring of Receivables Assets or (ii) a loan or line of credit secured
solely by Receivables Assets; provided, that, the sum of (x) the aggregate outstanding balance of accounts receivable
sold by the Company and the Subsidiaries and/or subject to a loan or line of credit in all transactions permitted pursuant to this
Section 6.02(l), plus (y) the aggregate outstanding balance of accounts receivable sold by the Company and the Subsidiaries
in connection with Permitted Securitization Financings permitted pursuant to Section 6.02(k), plus (z) the aggregate
outstanding balance of accounts receivable sold by the Borrower and/or subject to a loan or line of credit in all transactions
permitted pursuant to Section 6.01(g)(ii), shall not at any time exceed the greater of (A) US$150,000,000 during the term
of this Agreement, and (B) 35% of the aggregate outstanding balance of accounts receivable of the Company and the Subsidiaries
at such time;

 

(m)             
other Indebtedness not expressly permitted by clauses (a) through (l) above; provided, that,
the sum of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under Section 6.01(h),
plus (ii) the aggregate outstanding principal amount of Indebtedness permitted under this clause (m), plus
(iii) the aggregate outstanding amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted by Section
6.03(b) shall not at any time exceed the greater of US$125,000,000 and 15% of Consolidated Net Tangible Assets; and

 

(n)               
Indebtedness of Borrowing Subsidiaries under this Agreement.

 

SECTION 6.03. Sale
and Leaseback Transactions. The Company will not, and will not permit any of the Subsidiaries to, enter into
or be a party to any Sale and Leaseback Transaction except:

 

(a)               
Sale and Leaseback Transactions to which the Company or any Subsidiary is a party as of the Closing Date that are set forth
on Schedule 6.03; and

 

(b)               
other Sale and Leaseback Transactions not expressly permitted by clause (a) above; provided, that,
the sum of (i) the aggregate principal amount of outstanding obligations secured by Liens permitted under Section 6.01(h),
plus (ii) the aggregate outstanding principal amount of Indebtedness of Subsidiaries permitted by Section 6.02(m),
plus (iii) the aggregate outstanding amount of Attributable Debt in respect of Sale and Leaseback Transactions permitted
by this paragraph (b) shall not at any time exceed the greater of US$125,000,000 and 15% of Consolidated Net Tangible Assets.

 

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SECTION 6.04. Fundamental
Changes.

 

(a)       The
Company will not, and will not permit any Borrowing Subsidiary to, (i) merge into or consolidate with any other Person, (ii) permit
any other Person to merge into or consolidate with it, or (iii) liquidate or dissolve, except that, if at the time thereof and
immediately after giving effect thereto no Default shall have occurred and be continuing (A) the Company or any Borrowing Subsidiary
may merge or consolidate with any Subsidiary or other Person (or permit any such Person to merge or consolidate with it) if the
Company or such Borrowing Subsidiary, as the case may be, is the surviving Person and, in the case of a Borrowing Subsidiary, remains
a Subsidiary, and (B) any Borrowing Subsidiary may liquidate or dissolve into the Company or another Borrowing Subsidiary.

 

(b)       The
Company will not, and will not permit its Subsidiaries to, sell, transfer, lease or otherwise dispose of, directly or through any
merger or consolidation and whether in one transaction or in a series of transactions, assets (including Equity Interests in Subsidiaries)
representing all or substantially all the assets of the Company and the Subsidiaries (whether now owned or hereafter acquired),
taken as a whole.

 

(c)       The
Company will not, and will not permit any Subsidiary to, engage to any material extent in any business other than businesses of
the type conducted by the Company and the Subsidiaries on the Closing Date and businesses reasonably related, ancillary or complementary
thereto or constituting a reasonable extension thereof (including, for the avoidance of doubt, in the case of any Special Purpose
Securitization Subsidiary, Permitted Securitization Financings).

 

SECTION 6.05. Restrictive
Agreements. The Company will not, and will not permit any Subsidiary to, enter into any agreement that restricts
the ability of any Subsidiary to pay dividends or other distributions to the Company or other Subsidiaries or to make or repay
loans or advances to the Company or other Subsidiaries; provided, that, the foregoing shall not apply to (a) restrictions
imposed by law or by this Agreement; (b) restrictions imposed by the Senior Notes Indentures and the Term Loan Credit Agreement;
(c) restrictions existing on the Closing Date identified on Schedule 6.05 (or to any extension, amendment, modification,
renewal or replacement thereof not expanding the scope of any such restriction or condition); (d) in the case of any Subsidiary
that is not a wholly-owned Subsidiary, restrictions imposed by its organizational documents or any related joint venture or similar
agreement; provided, that, such restrictions and conditions apply only to such Subsidiary; (e) restrictions imposed
by agreements relating to Indebtedness of any Subsidiary in existence at the time such Subsidiary became a Subsidiary and permitted
by Section 6.02(e) (but shall apply to any amendment or modification expanding the scope of any such restriction); provided,
that, such restrictions and conditions apply only to such Subsidiary; (f) customary restrictions contained in agreements
relating to the sale of a Subsidiary or any assets pending such sale to the extent that such restrictions apply only to the Subsidiary
or assets to be sold and such sale is permitted hereunder; or (g) restrictions contained in any Permitted Securitization Documents
with respect to any Special Purpose Securitization Subsidiary.

 

SECTION 6.06. Leverage
Ratio. The Company will not permit the Leverage Ratio at any time after the Closing Date to exceed 3.75 to 1.00.

 

SECTION 6.07. Ratio
of Consolidated EBITDA to Consolidated Interest Expense. The Company will not permit the ratio of (a) Consolidated
EBITDA to (b) Consolidated Interest Expense for any period of four consecutive fiscal quarters of the Company ending after the
Closing Date, commencing with the period of four consecutive fiscal quarters ending on September 30, 2018, to be less than 3.00
to 1.00.

 

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Article
VII.

Events of Default

 

If any of the following
events (each, an “Event of Default”) shall occur:

 

(a)               
the Company or any other Borrower shall fail to pay any principal of any Loan when and as the same shall become due and
payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;

 

(b)               
the Company or any other Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than
an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due
and payable, and such failure shall continue unremedied for a period of five Business Days;

 

(c)               
any representation or warranty made or deemed made by or on behalf of the Company or any other Borrower in or in connection
with this Agreement or any amendment or modification hereof or waiver hereunder, or in any report, certificate, financial statement
or other document furnished pursuant to or in connection with this Agreement or any amendment or modification hereof or waiver
hereunder, shall prove to have been incorrect in any material respect (without duplication of any materiality qualifier contained
therein) when made or deemed made;

 

(d)               
the Company or any other Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section
5.02, Section 5.03 (with respect to the Company’s or other any Borrower’s existence) or Section 5.08
or in Article VI;

 

(e)               
the Company or any other Borrower shall fail to observe or perform any covenant, condition or agreement contained in this
Agreement (other than those specified in clause (a), (b) or (d) of this Article), and such failure shall continue
unremedied for a period of 30 days after notice thereof from the Administrative Agent or any Lender to the Company;

 

(f)                
the Company or any Subsidiary shall default in the payment (whether of principal or interest and regardless of amount) of
any Material Indebtedness when due and payable after giving effect to any applicable grace periods;

 

(g)               
any event or condition shall occur that results in any Material Indebtedness becoming due prior to its scheduled maturity
or that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material
Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided, that, this clause
(g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property
or assets securing such Indebtedness;

 

(h)               
an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization
or other relief in respect of the Company or any Material Subsidiary or its debts, or of a substantial part of its assets, under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment
of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or any Material Subsidiary or
for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days
or an order or decree approving or ordering any of the foregoing shall be entered;

 

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(i)                
the Company or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition seeking liquidation,
reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter
in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition
described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian,
sequestrator, conservator or similar official for the Company or any Material Subsidiary or for a substantial part of its assets,
(iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general
assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)                
the Company or any Material Subsidiary shall become unable, admit in writing its inability, or fail generally, to pay its
debts as they become due;

 

(k)               
 one or more judgments for the payment of money in an aggregate amount in excess of US$50,000,000 shall be rendered against
the Company, any Subsidiary or any combination thereof and the same shall remain undischarged and not vacated or paid in full for
a period of 45 consecutive days during which execution shall not be effectively stayed (which stay shall include the posting of
a bond pending appeal that has the effect of staying execution of such judgment), or any action shall be legally taken by a judgment
creditor to attach or levy upon assets of the Company or any Subsidiary to enforce any such judgment;

 

(l)                
an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect; or

 

(m)             
a Change in Control shall occur;

 

then, and in every such event (other than
an event with respect to any Borrower described in clause (h) or (i) of this Article), and at any time thereafter
during the continuance of such event, the Administrative Agent may and, at the request of the Required Lenders, shall, by notice
to the Company, take either or both of the following actions at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole
(or in part, in which case any principal or other amount not so declared to be due and payable may thereafter be declared to be
due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon
and all fees and other obligations of the Borrowers accrued hereunder, shall become due and payable immediately, without presentment,
demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers; and in case of any event with respect
to any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrowers
accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrowers.

 

After the exercise
of remedies provided for in this Article VII (or after the Loans have automatically become immediately due and payable as
set forth in this Article VII), any amounts received on account of the Obligations shall be applied by the Administrative
Agent in the following order: (a) first, to payment of that portion of the Obligations constituting fees, indemnities, expenses
and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Sections
2.14, 2.15, 2.16 and 2.18) payable to the Administrative Agent in its capacity as such; (b) second,
to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal and interest)
payable to the Lenders (including fees, charges and disbursements of counsel to the respective Lenders and amounts payable under
Sections 2.14, 2.15, 2.16 and 2.18), ratably among them in proportion to the respective amounts described
in this clause (b) payable to them; (c) third, to payment of that portion of the Obligations constituting interest
on the Loans, ratably among the Lenders in proportion to the respective amounts described in this clause (c) held by them;
(d) fourth, to payment of that portion of the Obligations constituting unpaid principal of the Loans, ratably among the
Lenders in proportion to the respective amounts described in this clause (d) held by them; and (e) last, the balance,
if any, after all of the Obligations owing have been indefeasibly paid in full, to the Company or as otherwise required by any
law.

 

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Article
VIII.

The Administrative Agent

 

In order to expedite
the transactions contemplated by this Agreement, Bank of America is hereby appointed to act as Administrative Agent on behalf of
the Lenders. Each of the Lenders and each assignee of any Lender hereby irrevocably authorizes the Administrative Agent to take
such actions on behalf of such Lender or assignee and to exercise such powers as are delegated to the Administrative Agent by the
terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. The Administrative Agent
is hereby expressly authorized by the Lenders, without hereby limiting any implied authority, and by the Borrowers with respect
to clause (c) below, (a) to receive on behalf of the Lenders all payments of principal of and interest on the Loans and
all other amounts due to the Lenders hereunder, and promptly to distribute to each Lender its proper share of each payment so received;
(b) to give notice on behalf of each of the Lenders to the Company of any Default or Event of Default specified in this Agreement
of which the Administrative Agent has actual knowledge acquired in connection with its agency hereunder; and (c) to distribute
to each Lender copies of all notices, financial statements and other materials delivered by the Company or any other Borrower pursuant
to this Agreement or the other Loan Documents as received by the Administrative Agent.

 

With respect to the
Loans made by it hereunder, the Administrative Agent in its individual capacity and not as Administrative Agent shall have the
same rights and powers as any other Lender and may exercise the same as though it were not the Administrative Agent, and the Administrative
Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with any of the Borrowers
or any of their Subsidiaries or other Affiliates thereof as if it were not the Administrative Agent.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality
of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing; (b) the Administrative Agent shall not have any duty to take any discretionary action
or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan Documents that
the Administrative Agent is required to exercise upon receipt of notice in writing by the Required Lenders (or such other number
or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02); provided,
that, the Administrative Agent shall not be required to take any action that, in its reasonable opinion or the reasonable
opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Loan Document or applicable
law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any debtor relief law;
and (c) except as expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, or be
liable for the failure to disclose, any information relating to any of the Borrowers or any of their Subsidiaries that is communicated
to or obtained by the institution serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative
Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 10.02)
or in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall not be deemed to have knowledge
of any Default unless and until written notice thereof is given to it by a Borrower (in which case the Administrative Agent shall
give written notice to each Lender), and the Administrative Agent shall not be responsible for or have any duty to ascertain or
inquire into (i) any statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of
any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance
or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein, (iv) the validity,
enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction
of any condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent.

 

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The Administrative
Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person.
The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the
proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who
may be counsel for any Borrower), independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

 

The Administrative
Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed
by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its
rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply
to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative
Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agents except to the extent
that a court of competent jurisdiction determines in a final and non-appealable judgment that the Administrative Agent acted with
gross negligence or willful misconduct in the selection of such sub-agents.

 

Subject to the conditions
set forth herein, the Administrative Agent may resign at any time by notifying the Lenders and the Company. Upon any such resignation,
the Required Lenders shall have the right, with the consent of the Company (not to be unreasonably withheld and except during the
continuance of an Event of Default hereunder, when no consent shall be required), to appoint a successor. In addition, if the Administrative
Agent is a Defaulting Lender due to it having had a receiver, conservator, trustee, administrator, assignee for the benefit of
creditors or similar Person charged with the reorganization or liquidation of its business or custodian appointed for it, the Required
Lenders shall have the right, by notice in writing to the Company and the Administrative Agent, to remove the Administrative Agent
in its capacity as such and, with the consent of the Company (not to be unreasonably withheld and except during the continuance
of an Event of Default, when no consent shall be required), to appoint a successor. If no successor to a retiring Administrative
Agent shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation (for purposes of this paragraph, the “Resignation Effective Date”),
then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a
bank with an office in New York, New York, or an Affiliate of any such bank; provided, that, whether or not a successor
shall have been appointed, the retiring Administrative Agent’s resignation shall become effective in accordance with such
notice on the Resignation Effective Date. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed
Administrative Agent, as the case may be, and such retiring or removed Administrative Agent, as the case may be, shall be discharged
from its duties and obligations hereunder. After the Administrative Agent’s resignation hereunder, the provisions of this
Article and Section 10.03 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it
was acting as Administrative Agent.

 

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Each Lender agrees
(a) to reimburse the Administrative Agent, on demand, in the amount of its pro rata share (based on the amount of its Loans and
available Commitments hereunder) of any expenses incurred for the benefit of the Lenders by the Administrative Agent, including
counsel fees and compensation of agents and employees paid for services rendered on behalf of the Lenders, that shall not have
been reimbursed by the Company or any other Borrower and (b) to indemnify and hold harmless the Administrative Agent and any of
its Related Parties, on demand, in the amount of such pro rata share, from and against any and all liabilities, Taxes, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may
be imposed on, incurred by or asserted against it in its capacity as Administrative Agent or any of them in any way relating to
or arising out of this Agreement or any other Loan Document or action taken or omitted by it or any of them under this Agreement
or any other Loan Document, to the extent the same shall not have been reimbursed by the Company or any other Borrower; provided,
that, no Lender shall be liable to the Administrative Agent or any such other indemnified Person for any portion of such
liabilities, Taxes, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are
determined to have resulted from the gross negligence or willful misconduct of the Administrative Agent, any of its Related Parties
or any of their respective directors, officers, employees or agents.

 

Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent, the Arrangers or any other Lender and based on such
documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement.
Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, the Arrangers or
any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its
own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or
any document furnished hereunder or thereunder.

 

None of the Lenders
identified on the facing page or signature pages of this Agreement or elsewhere herein as a “lead arranger”, “bookrunner”
or “syndication agent” shall have any right, power, obligation, liability, responsibility or duty under this Agreement
other than those applicable to all Lenders as such.

 

In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial
proceeding relative to any Borrower, the Administrative Agent (irrespective of whether the principal of any Loan shall then be
due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have
made any demand on any Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise: (a) to file
and prove a claim for the whole amount of the principal and interest owing and unpaid by the Borrowers in respect of the Loans
and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order
to have the claims of the Lenders and the Administrative Agent (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Lenders and the Administrative Agent and its agents and counsel and all other amounts due the
Lenders and the Administrative Agent) against the Borrowers allowed in such judicial proceeding; and (b) to collect and receive
any monies or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver,
assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making
of such payments directly to the Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses,
disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative
Agent hereunder. Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept
or adopt on behalf of any Lender any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or
the rights of any Lender or to authorize the Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

 

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Each Lender (a) represents
and warrants, as of the date such Person became a Lender party hereto, and (b) covenants, from the date such Person became a Lender
party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers,
and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one
of the following is and will be true: (i) such Lender is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments,
(ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined
by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance
company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts),
PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption
for certain transactions determined by in-house asset managers), is applicable with respect to such Lender’s entrance into,
participation in, administration of and performance of the Loans, the Commitments and this Agreement, (iii)(A) such Lender is an
investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B)
such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in,
administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration of
and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of
Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are
satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans,
the Commitments and this Agreement, or (iv) such other representation, warranty and covenant as may be agreed in writing between
the Administrative Agent, in its sole discretion, and such Lender. In addition, unless clause (i) in the immediately preceding
sentence is true with respect to a Lender or such Lender has not provided another representation, warranty and covenant as provided
in clause (iv) in the immediately preceding sentence, such Lender further (x) represents and warrants, as of the date such
Person became a Lender party hereto, and (y) covenants, from the date such Person became a Lender party hereto to the date such
Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent, the Arrangers, and their respective Affiliates,
and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that: (A) none of the Administrative Agent, any of
the Arrangers, or any of their respective Affiliates is a fiduciary with respect to the assets of such Lender (including in connection
with the reservation or exercise of any rights by the Administrative Agent under this Agreement, any other Loan Document or any
documents related to hereto or thereto), (B) the Person making the investment decision on behalf of such Lender with respect to
the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is independent
(within the meaning of 29 CFR § 2510.3-21) and is a bank, an insurance carrier, an investment adviser, a broker-dealer or
other person that holds, or has under management or control, total assets of at least US$50,000,000, in each case as described
in 29 CFR § 2510.3-21(c)(1)(i)(A)-(E), (C) the Person making the investment decision on behalf of such Lender with respect
to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is capable
of evaluating investment risks independently, both in general and with regard to particular transactions and investment strategies
(including in respect of the Obligations), (D) the Person making the investment decision on behalf of such Lender with respect
to the entrance into, participation in, administration of and performance of the Loans, the Commitments and this Agreement is a
fiduciary under ERISA or the Code, or both, with respect to the Loans, the Commitments and this Agreement and is responsible for
exercising independent judgment in evaluating the transactions hereunder, and (E) no fee or other compensation is being paid directly
to the Administrative Agent, any of the Arrangers or any their respective Affiliates for investment advice (as opposed to other
services) in connection with the Loans, the Commitments or this Agreement. The Administrative Agent and each of the Arrangers hereby
informs the Lenders that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary
capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions
contemplated hereby in that such Person or an Affiliate thereof (1) may receive interest or other payments with respect to the
Loans, the Commitments and this Agreement, (2) may recognize a gain if it extended the Loans or the Commitments for an amount less
than the amount being paid for an interest in the Loans or the Commitments by such Lender or (3) may receive fees or other payments
in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment
fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral
agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees,
amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or
fees similar to the foregoing.

 

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Article
IX.

Guarantee

 

In order to induce
the Lenders to extend credit to the other Borrowers hereunder, the Company hereby irrevocably and unconditionally guarantees, as
a primary obligor and not merely as a surety, the payment when and as due of the Obligations of such other Borrowers. The Company
further agrees that the due and punctual payment of such Obligations may be extended or renewed, in whole or in part, without notice
to or further assent from it, and that it will remain bound upon its guarantee hereunder notwithstanding any such extension or
renewal of any such Obligation.

 

The Company waives
presentment to, demand of payment from and protest to any Borrower of any of the Obligations, and also waives notice of acceptance
of its obligations and notice of protest for nonpayment. The obligations of the Company hereunder shall not be affected by (a)
the failure of the Administrative Agent or any Lender to assert any claim or demand or to enforce any right or remedy against any
Borrower under the provisions of this Agreement, any other Loan Document or otherwise; (b) any extension or renewal of any of the
Obligations; (c) any rescission, waiver, amendment or modification of, or release from, any of the terms or provisions of this
Agreement or any other Loan Document or agreement; (d) any default, failure or delay, willful or otherwise, in the performance
of any of the Obligations; or (e) any other act, omission or delay to do any other act which may or might in any manner or to any
extent vary the risk of the Company or otherwise operate as a discharge of a guarantor as a matter of law or equity or which would
impair or eliminate any right of the Company to subrogation.

 

The Company further
agrees that its agreement hereunder constitutes a guarantee of payment when due (whether or not any bankruptcy or similar proceeding
shall have stayed the accrual or collection of any of the Obligations or operated as a discharge thereof) and not merely of collection,
and waives any right to require that any resort be had by the Administrative Agent or any Lender to any balance of any deposit
account or credit on the books of the Administrative Agent or any Lender in favor of any Borrower or any other Person.

 

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The obligations of
the Company hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, and shall not
be subject to any defense or set-off, counterclaim, recoupment or termination whatsoever, by reason of the invalidity, illegality
or unenforceability of any of the Obligations, any impossibility in the performance of any of the Obligations or otherwise.

 

The Company further
agrees that its obligations hereunder shall continue to be effective or be reinstated, as the case may be, if at any time payment,
or any part thereof, of any Obligation is rescinded or must otherwise be restored by the Administrative Agent or any Lender upon
the bankruptcy or reorganization of any Borrower or otherwise.

 

In furtherance of the
foregoing and not in limitation of any other right which the Administrative Agent or any Lender may have at law or in equity against
the Company by virtue hereof, upon the failure of any other Borrower to pay any Obligation when and as the same shall become due,
whether at maturity, by acceleration, after notice of prepayment or otherwise, the Company hereby promises to and will, upon receipt
of written demand by the Administrative Agent or any Lender, forthwith pay, or cause to be paid, to the Administrative Agent or
such Lender in cash an amount equal to the unpaid principal amount of such Obligations then due, together with accrued and unpaid
interest thereon. The Company further agrees that if payment in respect of any Obligation shall be due in a currency other than
US Dollars and/or at a place of payment other than New York and if, by reason of any Change in Law, disruption of currency or foreign
exchange markets, war or civil disturbance or other event, payment of such Obligation in such currency or at such place of payment
shall be impossible or, in the reasonable judgment of the Administrative Agent or such Lender, not consistent with the protection
of its rights or interests, then, at the election of the Administrative Agent, the Company shall make payment of such Obligation
in US Dollars (based upon the applicable Exchange Rate in effect on the date of payment) and/or in New York, and shall indemnify
the Administrative Agent and each Lender against any losses or reasonable out-of-pocket expenses that it shall sustain as a result
of such alternative payment.

 

Upon payment by the
Company of any sums as provided above, all rights of the Company against any Borrower arising as a result thereof by way of right
of subrogation or otherwise shall in all respects be subordinated and junior in right of payment to the prior indefeasible payment
in full of all the Obligations owed by such Borrower to the Administrative Agent and the Lenders.

 

Nothing shall discharge
or satisfy the liability of the Company hereunder except the full performance and payment of the Obligations.

 

Article
X.

Miscellaneous

 

SECTION 10.01.                    
Notices.

 

(a)       Except
in the case of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b)
below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows:

 

(i)                
if to the Company or any other Borrower, c/o the Company at 1950 Hassell Road, Hoffman Estates, IL 60169, Attention of General
Counsel (Fax No. 847-839-2604), with a copy to Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New
York, NY 10019-6064, Attention of Monica K. Thurmond (Fax No. 212-492-0055);

 

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(ii)              
if to the Administrative Agent, as follows: (A) if such notice relates to financial/loan activity (including billing, payments
and interest rate elections) to Bank of America, Building C, TX2-984-03-23, 2380 Performance Drive, Richardson, TX 75082, Attention:
Arlene Minor (Telephone: 469-201-8837; Facsimile: 214-290-9412; Email: Arlene.l.minor@baml.com), and (B) if such notice relates
to any other notices (including financial statements, compliance certificates, amendments, consents, voting, etc.), to Bank of
America, 900 W. Trade St., 6th Floor, NC1-026-06-03, Charlotte, NC 28255, Attention: Melissa Mullis (Telephone: 980-386-9372; Facsimile:
704-409-0617; Email: melissa.mullis@baml.com); and

 

(iii)            
if to any other Lender, to it at its address (or fax number) set forth in its Administrative Questionnaire.

 

(b)               
Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant
to procedures approved by the Administrative Agent; provided, that, the foregoing shall not apply to notices under
Article II to any Lender if such Lender has notified the Administrative Agent that it is incapable of receiving notices
under such Article by electronic communication. The Administrative Agent or any Borrower may, in its discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; provided,
that, approval of such procedures and may be limited to particular notices or communications.

 

(c)               
Any party hereto may change its address or fax number for notices and other communications hereunder by notice to the other
parties hereto, or in the case of a Lender, to the Administrative Agent and the Company. All notices and other communications given
to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

 

(d)               
THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED BELOW) DO NOT
WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY
FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY
OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE
DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative
Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrowers,
any Lender or any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise)
arising out of such Borrower’s or the Administrative Agent’s transmission of Borrower Materials or notices through
the Platform, any other electronic platform or electronic messaging service, or through the Internet; provided, that,
the foregoing shall not apply to the extent such losses, claims, damages, liabilities or expenses result from the gross negligence,
bad faith or willful misconduct of the Administrative Agent or any of its Related Parties.

 

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SECTION 10.02.                    
Waivers; Amendments.

 

(a)       No
failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or under any other Loan Document
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance
of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Loan Documents are cumulative
and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document
or consent to any departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the specific
purpose for which given. Without limiting the generality of the foregoing, the execution and delivery of this Agreement or the
making of a Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender
may have had notice or knowledge of such Default at the time.

 

(b)       None
of this Agreement, any other Loan Document or any provision hereof or thereof may be waived, amended or modified except, in the
case of this Agreement, pursuant to an agreement or agreements in writing entered into by the Company and the Required Lenders
and acknowledged by the Administrative Agent or by the Company and the Administrative Agent with the consent of the Required Lenders
or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the parties thereto,
in each case with the consent of the Required Lenders; provided, that, no such agreement shall (i) increase any Commitment
of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest
thereon (other than as a result of any waiver of any increase in the interest rate applicable to any Loan pursuant to Section
2.12(d)), or reduce any fees payable hereunder, without the written consent of each Lender adversely affected thereby, (iii)
postpone the date of any scheduled payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder,
or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, in each
case, without the written consent of each Lender affected thereby (provided, that, nothing shall limit the right
of each Borrower to extend the Maturity Date pursuant to Section 2.07(d)), (iv) change Section 2.17(b), Section
2.17(c) or the last paragraph of Article VII in a manner that would alter the pro rata sharing of payments required
thereby, without the written consent of each Lender (it being understood that the addition of additional commitments under this
Agreement pursuant to Section 2.07 shall not be deemed to alter such pro rata sharing of payments for purposes of this clause
(iv)), (v) change any of the provisions of this Section or the percentage set forth in the definition of the term “Required
Lenders” or any other provision of this Agreement specifying the number or percentage of Lenders required to waive, amend
or modify any rights thereunder or make any determination or grant any consent thereunder, without the written consent of each
Lender (it being understood that the addition of additional commitments under this Agreement pursuant to Section 2.07 shall
not be deemed to be a change to the provisions of this Agreement specifying the number or percentage of Lenders required to waive,
amend or modify any rights hereunder for purposes of this clause (v)), (vi) release the Company’s Guarantee hereunder
without the written consent of each Lender, (vii) subordinate the Obligations of the Company or any other Borrower to any other
Indebtedness without the consent of each affected Lender, or (viii) except as contemplated by clause (C) of the immediately
following sentence, amend the definition of “Alternative Currency” or Section 1.06 without the consent of each
Lender; provided, further, that, no such agreement shall amend, modify or otherwise affect the rights or duties
of the Administrative Agent hereunder or under any other Loan Document without the prior written consent of the Administrative
Agent. Notwithstanding anything else in this Section to the contrary, (A) any amendment of the definition of the term “Applicable
Rate” pursuant to the last sentence of such definition shall require only the written consent of the Company and the Required
Lenders, (B) no consent with respect to any waiver, amendment or modification of this Agreement or any other Loan Document shall
be required of (1) any Defaulting Lender, except with respect to any waiver, amendment or modification referred to in clause
(i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall
be adversely affected by such amendment, waiver or other modification or (2) any Lender that receives payment in full of the principal
of and interest accrued on each Loan made by, and all other amounts owing to, such Lender or accrued for the account of such Lender
under this Agreement and the other Loan Documents at the time such amendment, waiver or other modification becomes effective and
whose Commitments terminate by the terms and upon the effectiveness of such waiver, amendment or other modification, (C) this Agreement
may be amended to amend the definition of “Alternative Currency” and make such other changes as are contemplated by
Section 1.06 in connection with the approval of any additional currency pursuant to Section 1.06 with the consent
of the Company and the Administrative Agent, (D) in order to implement additional commitments in accordance with Section 2.07,
this Agreement may be amended for such purpose solely to the extent necessary to implement additional commitments in accordance
with Section 2.07 with the consent of the Company, the Administrative Agent and each Increasing Lender providing an additional
commitment, (E) this Agreement may be amended by the Company and the Administrative Agent to add such provisions as are deemed
necessary, in the sole discretion of the Administrative Agent, to facilitate the addition of any Borrowing Subsidiary designated
pursuant to Section 2.19, and (F) any provision of this Agreement or any other Loan Document may be amended by an agreement
in writing entered into by the Company and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency so
long as, in each case, the Lenders shall have received at least three Business Days prior written notice thereof and the Administrative
Agent shall not have received, within three Business Days of the date of such notice to the Lenders, a written notice from the
Required Lenders, stating that the Required Lenders object to such amendment. Any amendment, waiver or modification effected in
accordance with this Section will be binding on each Borrowing Subsidiary whether or not such Borrowing Subsidiary shall have consented
thereto.

 

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SECTION 10.03.                    
Expenses; Indemnity; Damage Waiver.

 

(a)       The
Company shall pay (i) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent, the Arrangers
and their respective Affiliates, including the reasonable and documented fees, charges and disbursements of one counsel for the
Administrative Agent and the Arrangers, taken as a whole, in connection with the arrangement and syndication of the credit facilities
provided for herein, the preparation and administration of this Agreement and the other Loan Documents and any amendments, modifications
or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall be consummated)
and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the
reasonable and documented fees, charges and disbursements of any counsel for the Administrative Agent or any Lender, incurred during
any workout, restructuring or negotiations in respect of the Loans or in connection with the enforcement or protection of its rights
under any Loan Document, including its rights under this Section or in connection with the Loans made hereunder.

 

(b)       The
Company shall indemnify the Administrative Agent, each Arranger, each Syndication Agent, each Lender and each Related Party of
any of the foregoing Persons (each of the foregoing being called an “Indemnitee”), against, and hold each Indemnitee
harmless from, any and all losses, liabilities and out-of-pocket costs or expenses, including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee (whether by a third party or by
any Borrower or any of its Affiliates, and whether based on contract, tort or any other theory) arising out of, in connection with,
or as a result of (i) the arrangement and syndication of the credit facilities provided for herein, (ii) the consummation of the
Transactions or any other transactions contemplated hereby, (iii) any Loan or the use of the proceeds therefrom, (iv) the execution,
delivery or performance by the Company and the Subsidiaries of the Loan Documents, or any actions or omissions of the Company or
any of the Subsidiaries in connection therewith or (v) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, IN ALL CASES, WHETHER OR NOT CAUSED BY OR ARISING, IN WHOLE OR IN PART, OUT OF THE COMPARATIVE,
CONTRIBUTORY OR SOLE NEGLIGENCE OF THE INDEMNITEE; provided, that, such indemnity shall not, as to any Indemnitee,
be available to the extent that such losses, liabilities, costs or expenses shall have (A) been found by a final, non-appealable
judgment of a court of competent jurisdiction to have resulted from the gross negligence, bad faith or willful misconduct of such
Indemnitee, (B) resulted from a claim brought by a Borrower against an Indemnitee or any of its Related Parties for a material
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Company has obtained
a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction to the effect
that such a material breach in bad faith has occurred or (C) arisen from any claim, action, suit, inquiry, litigation, investigation
or proceeding that does not involve an act or omission of the Company or any of its Affiliates and is brought by an Indemnitee
against another Indemnitee (other than any claim, action, suit, inquiry, litigation, investigation or proceeding against the Administrative
Agent or an Arranger in its capacity as such).

 

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(c)       To
the extent that the Company fails to pay any amount required to be paid by it under paragraph (a) or (b) of this
Section, each Lender severally agrees to pay to the Administrative Agent such Lender’s pro rata share (determined as of the
time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided, that,
the unreimbursed loss, liability, cost or expense, as the case may be, was incurred by or asserted against the Administrative Agent
or against any Related Party acting for the Administrative Agent (or any sub-agent) in connection with such capacity. For purposes
hereof, a Lender’s “pro rata share” shall be determined based upon its share of the sum of the total Revolving
Exposures and unused Commitments at the time (or most recently) in effect.

 

(d)       To
the extent permitted by applicable law, no Borrower shall assert, and each Borrower hereby waives, any claim against any Indemnitee,
on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising
out of, in connection with or as a result of this Agreement or any agreement or instrument contemplated hereby, the Transactions,
any Loan or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above shall be liable for any damages
arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the Transactions
contemplated hereby or thereby, other than for damages resulting from the gross negligence, bad faith or willful misconduct of
such Indemnitee as determined by a final nonappealable judgment of a court of competent jurisdiction.

 

(e)       All
amounts due under this Section shall be payable within 15 Business Days after receipt by the Company of a reasonably detailed invoice
therefor.

 

SECTION 10.04.                    
Successors and Assigns.

 

(a)       The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns permitted hereby, except that (i) neither the Company nor any other Borrower may assign or otherwise transfer any of
its rights or obligations hereunder or under any other Loan Document without the prior written consent of the Administrative Agent
and each Lender (and any attempted assignment or transfer without such consent shall be null and void) and (ii) no Lender may assign
or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants (to the extent provided in this Section), the Arrangers, the Syndication Agents and, to the extent
expressly contemplated hereby, the sub-agents of the Administrative Agent and the Related Parties of each of the Administrative
Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

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(b)       Subject
to the conditions set forth in paragraph (c) below, any Lender may assign to one or more assignees all or a portion of its
rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it)
to an Eligible Assignee with the prior written consent (such consent not to be unreasonably withheld, delayed or conditioned) of:

 

(i)                
the Company; provided, that, no consent of the Company shall be required for an assignment to a Lender, an
Affiliate of a Lender or a Related Fund, or, if an Event of Default has occurred and is continuing, to any other assignee; provided,
further, that, the Company shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within 10 Business Days after having received notice thereof; and

 

(ii)              
the Administrative Agent; provided, that, no consent of the Administrative Agent shall be required for an
assignment of any Loan to a Lender or an Affiliate of a Lender.

 

(c)       Assignments
shall be subject to the following additional conditions:

 

(i)                
except in the case of an assignment to a Lender, an Affiliate of a Lender or a Related Fund or an assignment of the entire
remaining amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender
subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered
to the Administrative Agent) shall not be less than US$5,000,000 unless each of the Company and the Administrative Agent otherwise
consents; provided, that, no such consent of the Company shall be required if an Event of Default has occurred and
is continuing;

 

(ii)              
each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights
and obligations under this Agreement;

 

(iii)            
unless waived by the Administrative Agent in its sole discretion, the parties to each assignment shall execute and deliver
to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of US$3,500; and

 

(iv)             
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire.

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(d)       Subject
to acceptance and recording thereof pursuant to paragraph (e) of this Section, from and after the effective date specified
in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by
such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
shall, to the extent of the interest assigned by such Assignment and Assumption, and except as provided by Section 2.16(g),
be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to
be entitled to the benefits of Sections 2.14, 2.15, 2.16 and 10.03). Any assignment or transfer by
a Lender of rights or obligations under this Agreement that does not comply with this Section shall be treated for purposes of
this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (g)
of this Section. In connection with any assignment by a Lender to an Affiliate of such Lender, unless such Lender is legally required
to make such assignment, the Borrowers shall not be responsible under Section 2.14 or Section 2.16 for any increased
costs in effect at the time of and resulting from such assignment, but shall be responsible for any such increased costs that would
have been incurred by the assigning Lender absent such assignment.

 

(e)       The
Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrowers, shall maintain at one of its offices a
copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders,
and the Commitment of, and principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time (the
“Register”). The entries in the Register shall be conclusive, and the Borrowers, the Administrative Agent and
the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Company
and any Lender, at any reasonable time and from time to time upon reasonable prior notice.

 

(f)       Upon
its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an assignee, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (c) of this Section (unless otherwise waived by the Administrative Agent) and any consent to
such assignment required by paragraph (b) or (c) of this Section, the Administrative Agent shall record the information
contained in such Assignment and Assumption in the Register. No assignment shall be effective for purposes of this Agreement unless
it has been recorded in the Register as provided in this paragraph.

 

(g)       Any
Lender may, without the consent of, or notice to, the Company or the Administrative Agent, sell participations to one or more banks
or other entities (other than (x) any individual (or a holding company, investment vehicle or trust for, or owned and operated
for the primary benefit, of any individual), or (y) the Company or any Affiliate of the Company) (each a “Participant”)
in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitments
and the Loans owing to it); provided, that, (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations
and (iii) the Company, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender
in connection with such Lender’s rights and obligations under the Loan Documents. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce the Loan Documents
and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided, that, such
agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment,
modification or waiver described in clauses (i), (ii) or (iii) of the first proviso to Section 10.02(b)
that affects such Participant. Subject to paragraph (h) of this Section, the Borrowers agree that each Participant shall
be entitled to the benefits of Sections 2.14, 2.15, and 2.16 to the same extent as if it were a Lender and
had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; provided, that,
such Participant agrees to be subject to Section 2.17(b) as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, maintain a register on which it enters the name
and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans
or other obligations under this Agreement or any other Loan Document (the “Participant Register”); provided,
that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity
of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other obligations
under any Loan Document) to any Person other than a Governmental Authority except to the extent that such disclosure is necessary
to establish that such Commitment, Loan or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall
treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as
Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

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(h)       A
Participant shall not be entitled to receive any greater payment under Section 2.14 or Section 2.16 than the applicable
Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with the Company’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 2.16 unless such Participant agrees, for the benefit of the
applicable Borrower, to comply with Section 2.16(f) as though it were a Lender.

 

(i)       Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any foreign central
bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided, that, no
such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any
such pledgee or assignee for such Lender as a party hereto.

 

SECTION 10.05.                    
Survival. All covenants, agreements, representations
and warranties made by the Borrowers herein, in the other Loan Documents and in the certificates or other instruments delivered
in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the
other parties hereto or thereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans,
regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent,
any Arranger, any Syndication Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or
warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of
or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so
long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16, 10.03,
clause (b) of Section 10.18 and Article VIII shall survive and remain in full force and effect regardless
of the consummation of the Transactions or the other transactions contemplated hereby, the repayment of the Loans, the expiration
or termination of the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

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SECTION 10.06.                    
Counterparts; Integration; Effectiveness.
This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Loan
Documents, any separate letter agreements with respect to fees payable to the Administrative Agent, the Lenders or the Arrangers,
and any provisions in any engagement or commitment letter executed and delivered by the Company in connection with the transactions
contemplated hereby that by the express terms of such engagement or commitment letter survive the execution or effectiveness of
this Agreement, constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all
previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section
4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative
Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto,
and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by fax or other electronic image scan transmission shall
be effective as delivery of a manually executed counterpart of this Agreement.

 

SECTION 10.07.                    
Severability. Any provision of this Agreement
held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other
jurisdiction.

 

SECTION 10.08.                    
Right of Setoff. If an Event of Default shall
have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time,
to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional
or final and in whatever currency denominated) at any time held and other obligations at any time owing by such Lender or Affiliate
to or for the credit or the account of any Borrower against any of and all the obligations of such Borrower now or hereafter existing
under this Agreement held by such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement
and although such obligations may be unmatured. Each Lender agrees promptly to notify the Administrative Agent after any such set-off
and application made by such Lender; provided, that, the failure to give such notice shall not affect the validity
of such set-off and application. The rights of each Lender under this Section are in addition to other rights and remedies (including
other rights of setoff) which such Lender may have.

 

SECTION 10.09.                    
Governing Law; Jurisdiction; Consent to Service of Process.

 

(a)       This
Agreement shall be construed in accordance with and governed by the law of the State of New York.

 

(b)       Each
party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District
of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document,
or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees
that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent
permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law.
Nothing in this Agreement or any other Loan Document shall affect any right that the Administrative Agent or any Lender may otherwise
have to bring any action or proceeding relating to this Agreement against any Borrower or its properties in the courts of any jurisdiction.

 

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(c)       Each
party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or any other Loan Document or the Transactions in any court referred to in paragraph (b) of this Section. Each
of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to
the maintenance of such action or proceeding in any such court.

 

(d)       Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01.
Nothing in this Agreement or any other Loan Document will affect the right of any party hereto or thereto to serve process in any
other manner permitted by law.

 

SECTION 10.10.                    
WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY
OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR
ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION 10.11.                    
Headings. Article and Section headings and
the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Agreement.

 

SECTION 10.12.                    
Confidentiality; Non-Public Information.

 

(a)       The
Administrative Agent and each Lender agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants,
legal counsel and other advisors, to Related Funds’ directors and officers and to any direct or indirect contractual counterparty
in swap agreements (it being understood that each Person to whom such disclosure is made will be informed of the confidential nature
of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any regulatory authority
(including any self-regulatory authority) having jurisdiction over such Lender, (iii) to the extent required by applicable laws
or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) to the extent required
or advisable in the judgment of counsel in connection with any suit, action or proceeding relating to the enforcement of rights
of the Administrative Agent or the Lenders against the Borrowers under this Agreement or any other Loan Document, (vi) subject
to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in,
or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction or any credit insurance provider relating to the Borrowers
and their obligations, (vii) with the consent of the Company or (viii) to the extent such Information (A) becomes publicly available
other than as a result of a breach of this Section of which the Administrative Agent or such Lender is aware or (B) becomes available
to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Company other than as a result
of a breach of this Section of which the Administrative Agent or Lender is aware. For the purposes of this Section, “Information”
means all information received from the Company relating to the Company or its business, other than any such information that is
available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Company other than as
a result of a breach of this Section of which the Administrative Agent or such Lender is aware. Any Person required to maintain
the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so
if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord
to its own confidential information.

 

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(b)       Each
Lender acknowledges that Information furnished to it pursuant to this Agreement may include material non-public information concerning
the Company and its Related Parties or the Company’s securities, and confirms that it has developed compliance procedures
regarding the use of material non-public information and that it will handle such material non-public information in accordance
with those procedures and applicable law, including Federal and state securities laws.

 

(c)       All
information, including requests for waivers and amendments, furnished by the Company, the Subsidiaries or the Administrative Agent
pursuant to, or in the course of administering, this Agreement will be syndicate-level information, which may contain material
non-public information about the Company, the Subsidiaries and their Related Parties or the Company’s securities. Accordingly,
each Lender represents to the Borrowers and the Administrative Agent that it has identified in its Administrative Questionnaire
a credit contact who may receive information that may contain material non-public information in accordance with its compliance
procedures and applicable law, including Federal and state securities laws.

 

SECTION 10.13.                    
Conversion of Currencies.

 

(a)       If,
for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another
currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be
that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased with
such other currency on the Business Day immediately preceding the day on which final judgment is given.

 

(b)       The
obligations of each Borrower in respect of any sum due to any party hereto or any holder of the obligations owing hereunder (the
“Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than the currency in which such sum is stated to be due hereunder (the “Agreement Currency”), be discharged
only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the
Judgment Currency, the Applicable Creditor may, in accordance with normal banking procedures in the relevant jurisdiction, purchase
the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally
due to the Applicable Creditor in the Agreement Currency, such Borrower agrees, as a separate obligation and notwithstanding any
such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrowers contained in this Section
10.13 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

 

    77

     

    

SECTION 10.14.                    
Interest Rate Limitation. Notwithstanding
anything herein to the contrary, if at any time the interest rate applicable to any Loan, together with all fees, charges and other
amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall
exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or
reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan
hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful,
the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation
of this Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall
be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal
Funds Effective Rate to the date of repayment, shall have been received by such Lender.

 

SECTION 10.15.                    
Patriot Act. Each Lender and the Administrative
Agent hereby notifies each Borrower that pursuant to the Patriot Act, it is required to obtain, verify and record information that
identifies such Borrower, which information includes the name and address of such Borrower and other information that will allow
such Lender and the Administrative Agent to identify such Borrower in accordance with the Patriot Act. Each Borrower agrees to
provide to each Lender and the Administrative Agent, upon request, with all documentation and other information reasonably requested
by such Lender or the Administrative Agent for purposes of compliance with applicable “know your customer” and anti-money
laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

SECTION 10.16.                    
No Fiduciary Relationship. Each Borrower,
on behalf of itself and the Subsidiaries, agrees that in connection with all aspects of the transactions contemplated hereby and
any communications in connection therewith, each Borrower, the Subsidiaries and their Affiliates, on the one hand, and the Administrative
Agent, the Lenders and their Affiliates, on the other hand, will have a business relationship that does not create, by implication
or otherwise, any fiduciary duty on the part of the Administrative Agent, the Lenders or their Affiliates, and no such duty will
be deemed to have arisen in connection with any such transactions or communications. Each Borrower, on behalf of itself, the Subsidiaries
and its and their respective Affiliates, waives and releases, to the fullest extent permitted by law, any claims that such Borrower,
the Subsidiaries or such Affiliates may have against the Administrative Agent, any Person identified on the facing page or signature
pages of this Agreement or elsewhere herein as a “syndication agent”, any Lender or any Affiliate of any of the foregoing
in respect of any breach or alleged breach of agency or fiduciary duty.

 

SECTION 10.17.                    
Electronic Execution of Assignments and Certain Other Documents.
The words “execute,” “execution,” “signed,” “signature,” and words of like import
in or related to any document to be signed in connection with this Agreement and the transactions contemplated hereby (including
without limitation Assignment and Assumptions, amendments or other modifications, Borrowing Requests, Interest Election Requests,
waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract
formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of
which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic
Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided, that, notwithstanding anything contained herein
to the contrary, the Administrative Agent is under no obligation to agree to accept electronic signatures in any form or in any
format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it.

 

    78

     

    

SECTION 10.18.                    
Payments Set Aside. To the extent that any
payment by or on behalf of any Borrower is made to the Administrative Agent or any Lender, or the Administrative Agent or any Lender
exercises any right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative
Agent or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding
under any debtor relief law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended
to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had
not occurred, and (b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable share (without
duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date
of such demand to the date such payment is made at a rate per annum equal to the greater (i) the Federal Funds Effective Rate from
time to time in effect and (ii) an overnight rate from time to time in effect and determined by the Administrative Agent in accordance
with banking industry rules on interbank compensation.

 

SECTION 10.19.                    
Limitation on Liability of Foreign Borrowing Subsidiaries.
It is the intent of the parties to this Agreement, and the parties hereby agree that, notwithstanding any provision of this Agreement
or any other Loan Document to the contrary, no Borrowing Subsidiary organized under the laws of a jurisdiction other than the United
States, a state thereof or the District of Columbia shall be liable for any Obligations of the Company or any Borrowing Subsidiary
organized under the laws of the United States, a state thereof or the District of Columbia.

 

SECTION 10.20.                    
Acknowledgement and Consent to Bail-In of EEA Financial Institutions.
.. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among the
parties hereto, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Loan Document,
to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)               
the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an EEA Financial Institution; and

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)                
a reduction in full or in part or cancellation of any such liability;

 

(ii)              
a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such
shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other Loan Document; or

 

(iii)            
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of
any EEA Resolution Authority.

 

[remainder of page intentionally blank]

    79

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year
first above written.

 

CDK GLOBAL, INC.

 

By: /s/ Joseph A. Tautges______________

Name: Joseph A. Tautges

Title: Executive Vice President and Chief Financial
Officer

 

 

    

     

    

 

BANK OF AMERICA, N.A.,

as Administrative Agent

 

By:/s/ Melissa Mullis                                       

Name: Melissa Mullis

Title: Assistant Vice President

 

 

    

     

    

 

BANK OF AMERICA, N.A.,

as a Lender

 

By:/s/ Arti Dighe                                       

Name: Arti Dighe

Title: Vice President

 

 

    

     

    

 

JPMORGAN CHASE BANK, N.A.,

as a Lender

 

By:/s/ Peter B. Thauer                                       

Name: Peter B. Thauer

Title: Managing Director

 

 

 

    

     

    

MUFG BANK, LTD.,

as a Lender

 

By:/s/ Lillian Kim                                       

Name: Lillian Kim

Title: Director

 

 

    

     

    

 

U.S. BANK NATIONAL ASSOCIATION,

as a Lender

 

By:/s/ Lukas Coleman                                       

Name: Lukas Coleman

Title: Vice President

 

 

    

     

    

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as a Lender

 

By: /s/ Daniel Kurtz                                      

Name: Daniel Kurtz

Title: Director

 

 

    

     

    

 

BANK OF MONTREAL, CHICAGO BRANCH

as a Lender

 

By: /s/ Randon Gardley                                         

Name: Randon Gardley

Title: Vice President

 

 

    

     

    

 

 

BNP PARIBAS,

 as a Lender

 

By: /s/ Todd Rodgers                                   

 Name: Todd Rodgers

 Title: Director

 

 

By: /s/ Liz Cheng                                           

 Name: Liz Cheng

 Title: Vice President

 

    

     

    

 

CITIBANK, N.A.,

as a Lender

 

By: /s/ Ahu Gures                                             

Name: Ahu Gures

Title: Director and Vice President

 

    

     

    

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH

as a Lender

 

By: /s/ John D. Toronto                                     

Name: John D. Toronto

Title: Authorized Signatory

 

 

By: /s/ Whitney Gaston                                      

 Name: Whitney Gaston

 Title: Authorized Signatory

 

 

    

     

    

 

CITIZENS BANK, N.A.,

as a Lender

By: /s/ Patricia F. Grieve                              

Name: Patricia F. Grieve

Title: Vice President

 

 

    

     

    

 

THE HUNTINGTON NATIONAL BANK,

as a Lender

 

By: /s/ Mark Zobel                                           

Name: Mark Zobel

Title: Vice President

 

 

    

     

    

 

ASSOCIATED BANK, N.A.,

as a Lender

 

By: /s/ Mark Buechler                                      

Name: Mark Buechler

Title: Vice President

 

    

     

    

 

BRANCH BANKING AND TRUST COMPANY,

as a Lender

 

By: /s/ Jeff Skalka                                                  

Name: Jeff Skalka

Title: Vice President

 

 

    

     

    

 

LLOYDS BANK PLC,

as a Lender

 

By: /s/ Tina Wong                                         

Name: Tina Wong

Title: Assistant Manager – Transaction Execution,
Category A, W011

 

 

By: /s/ Erin Walsh                                            

 

Name: Erin Walsh

Title: Assistant Vice President – Transaction

Execution, Category A, W004

 

    

     

    

 

MORGAN STANLEY BANK, N.A.,

as a Lender

 

By: /s/ Michael King                                    

Name: Michael King

Title: Authorized Signatory

 

 

    

     

    

EXHIBIT A

 

[FORM OF] ASSIGNMENT AND ASSUMPTION

 

This Assignment and
Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is entered
into by and between [NAME OF ASSIGNOR] (the “Assignor”) and [NAME OF ASSIGNEE] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, restated, amended and restated, supplemented, extended and/or otherwise modified from time to time, the “Credit
Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set
forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment
and Assumption as if set forth herein in full.

 

For an agreed consideration,
the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective
Date inserted by the Administrative Agent as contemplated below: (i) all of the Assignor’s rights and obligations in its
capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor
under the respective facilities identified below (including guarantees included in such facilities) and (ii) to the extent permitted
to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as
a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents
or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of
the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity
related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned
pursuant to clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such
sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without
representation or warranty by the Assignor.

 

	 	 	 	 	 	 	 
	1.	 	Assignor:	 	
	 	 
	 	 	 	 	[Assignor [is] [is not] a Defaulting Lender]
	 	 	 	 
	2.	 	Assignee:	 	
	 	 
	 	 	 	 	[and is [an Affiliate] [a Related Fund] of [identify Lender]]
	 	 	 
	3.	 	Company:	 	CDK Global, Inc.
	 	 	 
	4.	 	Borrowers:	 	CDK Global, Inc., [Borrowing Subsidiaries]
	 	 	 	 	 	 	 
	5.	 	Administrative Agent:	 	Bank of America, N.A., as administrative agent under the Credit Agreement
	 	 	 
	6.	 	Credit Agreement:	 	The Revolving Credit Agreement, dated as of August [ ], 2018, among CDK Global, Inc., a Delaware corporation, the Borrowing Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A., as Administrative Agent
	 	 	 	 
	7.	 	Assigned Interest:	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

 

    A-1

     

    

 

 

 

 

	 	Aggregate Amount of

Commitments / Loans

for all Lenders	 	 	Amount of

Commitments / Loans

Assigned	 	 	Percentage Assigned

of

Commitment/ Loans[1]	 
	 	[$]/[£]/[€]	 	 	 	[$]/[£]/[€]	 	 	 	 	 	%
	 	 	 	 	 	 	 	 	 	 	 	 

 

 

Effective Date: [___], 20[__] [TO BE INSERTED
BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

 

The Assignee agrees to deliver to the Administrative
Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Company and its Related Parties or securities) will be
made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable
laws, including Federal and state securities laws.

 

 

 

 

[1]
Set forth, to at least 9 decimals, as a percentage of the Commitments/Loans of all Lenders thereunder.

    A-2

     

    

 

 

The terms set forth
in this Assignment and Assumption are hereby agreed to:

 

 

 

	 	 	 	 	 	 
	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 	 	 
	 	 	 	by	 	

	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

 

	 	 	 	 	 	 
	ASSIGNEE	 
	 	 
	[NAME OF ASSIGNEE]	 
	 	 	 	 
	 	 	by	 	

	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

[Consented to and][2]
Accepted:

 

 

 

	 	 	 	 	 	 
	BANK OF AMERICA, N.A., as Administrative Agent	 
	 	 	 	 
	 	 	by	 	
	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

[Consented to:

 

 

 

	 	 	 	 	 	 
	CDK GLOBAL, INC.	 
	 	 	 	 
	 	 	by	 	
	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:][3]	 

 

 

 

[2]
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

[3]
To be added only if the consent of the Company is required by the terms of the Credit Agreement.

    A-3

     

    

 

Annex 1

 

Standard Terms and Conditions for

 

Assignment and Assumption

 

1.       Representations
and Warranties.

 

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the Assigned
Interest is free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby
and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Company,
any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by the Company, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under
any Loan Document.

 

1.2       Assignee.
The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to execute
and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under
the Credit Agreement, (ii) it satisfies all of the requirements of an Eligible Assignee and any other requirements specified in
the Credit Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii)
from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the
extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions
to acquire assets of the type represented by the Assigned Interest and either it, or the Person exercising discretion in making
its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received and/or had
the opportunity to review a copy of the Credit Agreement to the extent it has in its sole discretion deemed necessary, together
with copies of the most recent financial statements delivered pursuant to Section 5.01(a) and Section 5.01(b) thereof (or, prior
to the first such delivery, the financial statements referred to in Section 3.04(a) thereof), as applicable, and such other documents
and information as it has in its sole discretion deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision
independently and without reliance on the Administrative Agent or any other Lender, and (vi) attached to the Assignment and Assumption
is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed
by the Assignee; (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any
other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Loan Documents, (ii) it appoints and authorizes the Administrative Agent to
take such action as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as
are delegated to or otherwise conferred upon the Administrative Agent by the terms thereof, together with such powers as are reasonably
incidental thereto and (iii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan
Documents are required to be performed by it as a Lender; (c) acknowledges and agrees that, as a Lender, it may receive confidential
information concerning the Borrowers and their Affiliates and agrees to use such information in accordance with Section 10.12 of
the Credit Agreement; (d) specifies as its applicable lending offices (and addresses for notices) the offices at the addresses
set forth beneath its name on the signature pages hereof; and (e) shall pay to the Administrative Agent an assignment fee to the
extent required to be paid by the Assignee or Assignor under Section 10.04(c)(iii) of the Credit Agreement.

 

2.       Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the Administrative
Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the
Assignee.

 

    A-4

     

    

3.       Effect
of Assignment. Upon the delivery of a fully executed original hereof to the Administrative Agent, as of the Effective Date,
(i) the Assignee shall be a party to the Credit Agreement and, to the extent of the Assigned Interest and as provided in this Assignment
and Assumption, have the rights and obligations of a Lender thereunder and under the other Loan Documents and (ii) the Assignor
shall, to the extent provided in this Assignment and Assumption, the Credit Agreement and the other Loan Documents, relinquish
its rights and be released from its obligations under the Credit Agreement and the other Loan Documents to the extent of the Assigned
Interest.

 

4.       General
Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their
respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together
shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy
or other electronic transmission (including via “pdf”) shall be effective as delivery of a manually executed counterpart
of this Assignment and Assumption. THIS ASSIGNMENT AND ASSUMPTION SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

 

[Remainder of page left intentionally blank.]

    A-5

     

    

 

EXHIBIT B-1

 

[FORM OF] BORROWING SUBSIDIARY AGREEMENT

 

THIS BORROWING SUBSIDIARY
AGREEMENT, dated as of [ ] (this “Agreement”), is by and among CDK GLOBAL, INC., a Delaware corporation (the
“Company”), [Name of Borrowing Subsidiary], a [jurisdiction of entity] [type of entity] (the “New Borrowing
Subsidiary”), and Bank of America, N.A., as Administrative Agent (the “Administrative Agent”).

 

Reference is hereby
made to the Revolving Credit Agreement dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among the Company, the Borrowing Subsidiaries from time to time
party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative Agent. Capitalized terms
used but not otherwise defined herein have the meanings assigned to them in the Credit Agreement.

 

The Company and the
New Borrowing Subsidiary desire that the New Borrowing Subsidiary become a Borrowing Subsidiary under the Credit Agreement. The
Company represents that the New Borrowing Subsidiary is a Subsidiary organized under the laws of [jurisdiction of entity], and
that the representations and warranties of the Company in the Credit Agreement are true and correct (a) in the case of representations
and warranties qualified as to materiality, in all respects, and (b) otherwise, in all material respects, in each case on and as
of the date hereof after giving effect to this Agreement, except to the extent such representations and warranties expressly relate
to an earlier date, in which case such representations and warranties shall be true and correct (i) in the case of representations
and warranties qualified as to materiality, in all respects, and (ii) otherwise, in all material respects, as of such earlier date.
The Company agrees that the Guarantee of the Company contained in Article IX of the Credit Agreement will apply to the Obligations
of the New Borrowing Subsidiary. Upon execution of this Agreement by each of the Company, the New Borrowing Subsidiary and the
Administrative Agent, and the effectiveness thereof as provided in Section 2.19 of the Credit Agreement, the New Borrowing Subsidiary
shall be a party to the Credit Agreement and shall constitute a “Borrowing Subsidiary” for all purposes thereof, and
the New Borrowing Subsidiary hereby agrees to be bound by all provisions of the Credit Agreement applicable to it as a Borrowing
Subsidiary thereunder.

 

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

 

[Signature pages follow.]

    B-1-1

     

    

 

 

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed by their authorized officers as of the date first appearing above.

 

	 	 	 	 	 	 
	 	CDK GLOBAL, INC.
	 	 	 
	 	 	by	 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 
	 	[NAME OF NEW BORROWING SUBSIDIARY]
	 	 	 
	 	 	by	 	

	 	 	 	 	Name:	 
	 	 	 	 	Title:	 

 

 

Accepted and agreed:

 

	 	 	 	 	 	 
	
        BANK OF AMERICA, N.A.,

        

        as Administrative Agent

        
	 
	 	 	 	 
	 	 	by	 	
	 
	 	 	 	 	Name:	 
	 	 	 	 	Title:	 
	 	 

    B-1-2

     

    

 

EXHIBIT B-2

 

[FORM OF] BORROWING SUBSIDIARY TERMINATION

 

Bank of America, N.A.,

as Administrative Agent

 

[Date]

 

Ladies and Gentlemen:

 

The undersigned, CDK
Global, Inc., (the “Company”), refers to the Revolving Credit Agreement, dated as of August [__], 2018 (as amended,
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among the Company,
the Borrowing Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A.,
as Administrative Agent. Capitalized terms used and not otherwise defined herein have the meanings assigned to them in the Credit
Agreement.

 

The Company hereby
terminates the status of [ ] (the “Terminated Borrowing Subsidiary”) as a Borrowing Subsidiary under the Credit
Agreement. The Company represents and warrants that no Loans made to the
Terminated Borrowing Subsidiary are outstanding as of the date hereof and that all amounts payable by the Terminated Borrowing
Subsidiary in respect of interest and/or fees (and, to the extent notified by the Administrative Agent or any Lender, any other
amounts payable by such Terminated Borrowing Subsidiary under the Credit Agreement) pursuant to the Credit Agreement have been
paid in full on or prior to the date hereof.

 

	 	 	 	 	 	 
	 	Very truly yours,
	 	 
	 	CDK GLOBAL, INC.,
	 	 	 	 
	 	 	 	by	 	

	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

 

    B-2-1

     

    

EXHIBIT C

 

[FORM OF] PROMISSORY NOTE

 

 

 

For value received,
[NAME OF BORROWER], a [jurisdiction of entity] [type of entity] (the “Borrower”), promises to pay to [name of
Lender] or its registered assigns (the “Lender”), (i) the principal amount of each Loan from time to time made
by the Lender to the Borrower under the Credit Agreement (as defined below), when and as due and payable under the terms of the
Credit Agreement, and (ii) interest on the unpaid principal amount of each such Loan on the dates and at the rate or rates provided
for in the Credit Agreement. All such payments of principal and interest shall be made in the currencies and to the accounts specified
in the Credit Agreement, in immediately available funds.

 

All Loans made by the
Lender, and all repayments of the principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, appropriate
notations to evidence the foregoing information with respect to each such Loan then outstanding shall be endorsed by the Lender
on the schedule attached hereto, or on a continuation of such schedule attached hereto and made a part hereof; provided,
that, the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Credit Agreement.

 

This note is one of
the promissory notes issued pursuant to the Revolving Credit Agreement, dated as of August [__], 2018 (as amended, restated, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among [CDK Global, Inc.,] [the Borrower,]
[the Borrower and the other Borrowing Subsidiaries] [the Borrowing Subsidiaries] from time to time party thereto, the Lenders from
time to time party thereto and Bank of America, N.A., as Administrative Agent. Capitalized terms not defined herein shall have
the meanings assigned to such terms in the Credit Agreement. Reference is made to the Credit Agreement for provisions governing
the mandatory and optional prepayment hereof and the acceleration of the maturity hereof.

 

This note is subject
to the provisions of Section 10.09(b), Section 10.09(c), Section 10.09(d) and Section 10.10 of the Credit Agreement.

 

The
Borrower, for itself, its successors and assigns, hereby waives diligence, presentment, protest and demand and notice of protest,
demand, dishonor and non-payment of this note.

 

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

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

    C-1

     

    

 

IN WITNESS WHEREOF, the
undersigned has caused this note to be duly executed and delivered by its officer thereunto duly authorized.

 

	 	
        [NAME OF BORROWER]

         

         

         

	 	 	 	 
	 	 	 	by	 	

	 	 	 	 	 	Name:
	 	 	 	 	 	Title:

 

 

    C-2

     

    

 

 

SCHEDULE OF LOANS AND PAYMENTS OF PRINCIPAL

 

 

 

	 	 	 	 	 	 	 	 	 
	
        Date
	 	Amount of Loan	 	Amount of

Principal Repaid	 	Unpaid Principal

Balance	 	Notations

Made By
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

 

    C-3

     

    

EXHIBIT D-1

 

[FORM OF] US TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That
Are Not Partnerships For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Revolving Credit Agreement, dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among CDK Global, Inc. (the “Company”), the Borrowing
Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative
Agent.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the Loan(s) (as well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii)
it is not a bank within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”),
(iii) it is not a ten percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (iv) it is not
a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (v) the interest
payments on the Loan(s) are not effectively connected with the undersigned’s conduct of a U.S. trade or business or are effectively
connected but are not includible in the undersigned’s gross income for U.S. federal income tax purposes under an income tax
treaty.

 

The undersigned has
furnished the Administrative Agent and the Company with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned
shall promptly so inform the Company and the Administrative Agent, and (2) the undersigned shall have at all times furnished the
Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year
in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

	 	 	 	 	 
	 	[NAME OF LENDER]
	 	 	 	 	 
	 	 	By	 	

	 	 	 	 	Name:
	 	 	 	 	Title:
	 	 	 	 	 
	 	 	 	 	 
	 	 	Date:	  	[ ], 20[ ]
	 	 	 	 	 

 

 

    D-1-1

     

    

EXHIBIT D-2

 

[FORM OF] US TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Not Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Revolving Credit Agreement dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among CDK Global, Inc. (the “Company”), the Borrowing
Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative
Agent.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of
the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A)
of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) it is not a ten percent shareholder of
the Company within the meaning of Section 881(c)(3)(B) of the Code, (iv) it is not a controlled foreign corporation related to
the Company as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments with respect to such participation
are not effectively connected with the undersigned’s conduct of a U.S. trade or business or are effectively connected but
are not includible in the undersigned’s gross income for U.S. federal income tax purposes under an income tax treaty.

 

The undersigned has
furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN or W-8BEN-E. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such Lender with a properly
completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned,
or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

 

 

	 	 	 	 
	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	
	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: [ ], 20[ ]

 

    D-2-1

     

    

EXHIBIT D-3

 

[FORM OF] US TAX COMPLIANCE CERTIFICATE

 

(For Foreign Participants That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Revolving Credit Agreement dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among CDK Global, Inc. (the “Company”), the Borrowing
Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative
Agent.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation
in respect of which it is providing this certificate, (ii) its partners/members are the sole beneficial owners of such participation,
(iii) with respect such participation, neither the undersigned nor any of its partners/members is a bank extending credit pursuant
to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of
the Internal Revenue Code of 1986, as amended (the “Code”), (iv) none of its partners/members is a ten percent
shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code, (v) none of its partners/members is a controlled
foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments with
respect to such participation are not effectively connected with the undersigned’s or its partners/members’ conduct
of a U.S. trade or business or are effectively connected but are not includible in the partners/members’ gross income for
U.S. federal income tax purposes under an income tax treaty.

 

The undersigned has
furnished its participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members
that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by
an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is claiming the portfolio
interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender
with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to
the undersigned, or in either of the two calendar years preceding such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

 

 

	 	 	 	 
	[NAME OF PARTICIPANT]	 
	 	 	 
	By:	 	
	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: [ ] , 20[ ]

 

    D-3-1

     

    

EXHIBIT D-4

 

[FORM OF] US TAX COMPLIANCE CERTIFICATE

 

(For Foreign Lenders That Are Partnerships
For U.S. Federal Income Tax Purposes)

 

Reference is hereby
made to the Revolving Credit Agreement dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified
from time to time, the “Credit Agreement”), among CDK Global, Inc. (the “Company”), the Borrowing
Subsidiaries from time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative
Agent.

 

Pursuant to the provisions
of Section 2.16 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as
well as any promissory note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its partners/members
are the sole beneficial owners of such Loan(s) (as well as any promissory note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as amended (the “Code”), (iv)
none of its partners/members is a ten percent shareholder of the Company within the meaning of Section 881(c)(3)(B) of the Code,
(v) none of its partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C)
of the Code, and (vi) the interest payments on the Loan(s) are not effectively connected with the undersigned’s or its partners/members’
conduct of a U.S. trade or business or are effectively connected but are not includible in the partners/members’ gross income
for U.S. federal income tax purposes under an income tax treaty.

 

The undersigned has
furnished the Administrative Agent and the Company with IRS Form W-8IMY accompanied by one of the following forms from each of
its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or W-8BEN-E or (ii) an IRS Form
W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of such partner’s/member’s beneficial owners that is
claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided
on this certificate changes, the undersigned shall promptly so inform the Company and the Administrative Agent, and (2) the undersigned
shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate
in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding
such payments.

 

Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

 

 

 

	 	 	 	 
	[NAME OF LENDER]	 
	 	 	 
	By:	 	
	 
	 	 	Name:	 
	 	 	Title:	 

 

Date: [ ], 20[ ]

 

    D-4-1

     

    

EXHIBIT E

 

[FORM OF] BORROWING REQUEST

  

Date: ___________, _____

  

		To:	Bank of America, N.A., as Administrative Agent

 

Ladies
and Gentlemen:

 

Reference is hereby made to the Revolving
Credit Agreement dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among CDK Global, Inc., the Borrowing Subsidiaries from time to time party thereto, the
Lenders from time to time party thereto and Bank of America, N.A, as Administrative Agent.

 

The undersigned Borrower hereby requests a Borrowing:

 

 

	 	1.	On  (a Business Day).
	 	 	 
	 	2.	In the amount of [$]/[£]/[€]/[_][4]
.
	 	 	 
	 	3.	In
the following Alternative Currency:_________________.
	 	 	 
	 	4.	Comprised of .

        
[Type of Borrowing requested]
	 	 	 
	 	5.	For
LIBOR Borrowings: with an Interest Period of ___ months.
	 	 	 
	 	6.	Location and account number of account to which funds are to be disbursed:

        _______________________________.

 

The undersigned Borrower hereby represents
and warrants that (i) this request complies with the requirements of Section 2.01 of the Credit Agreement and (ii) each of
the conditions set forth in Section 4.02 of the Credit Agreement have been satisfied on and as of the date of the requested Borrowing.

 

[signature
page follows]

 

 

 

 

[4]
Indicate amount of Alternative Currency if other than Sterling or Euro

    E-1

     

    

 

IN
WITNESS WHEREOF, the undersigned Borrower has caused this Borrowing Request to be executed by a duly authorized officer as of the
date first written above.

 

 

	 	 	 	 
	 	[NAME OF BORROWER]
	 	 	 
	 	By:	 	

	 	 	 	Name:
	 	 	 	Title:

 

    E-2

     

    

EXHIBIT F

 

[FORM OF] INTEREST ELECTION REQUEST

  

[Date]

  

To:Bank of America, N.A., as Administrative
Agent

 

Ladies and Gentlemen:

 

Reference is hereby made to the Revolving
Credit Agreement, dated as of August [__], 2018 (as amended, restated, supplemented or otherwise modified from time to time, the
“Credit Agreement”), among CDK Global, Inc. (the “Company”), the Borrowing Subsidiaries from
time to time party thereto, the Lenders from time to time party thereto and Bank of America, N.A, as Administrative Agent.

 

The undersigned Borrower hereby requests
a [conversion] [continuation] of:

 

 

	 	1.	Borrowing
to which this request applies: [ ]
	 	 	 
	 		a.	Principal
Amount: [ ]
	 	 	 
	 		b.	Type: [ ]
	 	 	 
	 		c.	If a LIBOR
Borrowing, Interest Period: [ ] [month](s)

        

	 	 	 
	 	2.	On
________________________ (a Business Day).
	 	 	 
	 	3.	Resulting Borrowing[s]:[[5]]

	 	 	 
	 	 	a.	Principal
Amount: [ ]
	 	 	 
	 	 	b.	Type: [ ]
	 	 	 
	 	 	c.	For a LIBOR
Borrowing, Interest Period: [ ] month(s)

 

 

[signature
page follows]

 

 

 

[5]
If different options are being elected with respect to different portions of the Borrowing to which this Interest Election Request
applies, provide the information required by this item 3 for each resulting Borrowing.

    F-1

     

    

 

IN
WITNESS WHEREOF, the undersigned Borrower has caused this Interest Election Request to be executed by a duly authorized officer
as of the date first written above. 

 

	 	 	 	 
	 	[NAME OF BORROWER]
	 	 	 
	 	By:	 	

	 	 	 	Name:
	 	 	 	Title:

 

F-2EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

MARRIOTT OWNERSHIP RESORTS, INC., 

as Issuer, 
 The GUARANTORS party
hereto 
 and 
 THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., 
 as Trustee 

INDENTURE 
 Dated as of
August 23, 2018 
 6.500% Senior Notes due 2026 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		 	ARTICLE 1	  			
			
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	Section 1.01	 	Definitions	  	 	1	 
	Section 1.02	 	Other Definitions	  	 	44	 
	Section 1.03	 	Incorporation by Reference of Trust Indenture Act	  	 	45	 
	Section 1.04	 	Rules of Construction	  	 	45	 
	Section 1.05	 	Limited Condition Transactions; Measuring Compliance	  	 	46	 
			
		 	ARTICLE 2	  			
			
		 	THE NOTES	  			
			
	Section 2.01	 	Amount of Notes	  	 	47	 
	Section 2.02	 	Form and Dating	  	 	47	 
	Section 2.03	 	Execution and Authentication	  	 	47	 
	Section 2.04	 	Registrar and Paying Agent	  	 	48	 
	Section 2.05	 	Paying Agent to Hold Money in Trust	  	 	49	 
	Section 2.06	 	Noteholder Lists	  	 	49	 
	Section 2.07	 	Replacement Notes	  	 	49	 
	Section 2.08	 	Outstanding Notes	  	 	49	 
	Section 2.09	 	Treasury Notes	  	 	50	 
	Section 2.10	 	Temporary Notes	  	 	50	 
	Section 2.11	 	Cancellation	  	 	50	 
	Section 2.12	 	Defaulted Interest	  	 	50	 
	Section 2.13	 	CUSIP, ISIN or Common Code Numbers	  	 	50	 
	Section 2.14	 	Authentication Agent	  	 	50	 
			
		 	ARTICLE 3	  			
			
		 	REDEMPTION	  			
			
	Section 3.01	 	Notices to Trustee	  	 	51	 
	Section 3.02	 	Selection of Notes to be Redeemed	  	 	52	 
	Section 3.03	 	Notice of Redemption	  	 	52	 
	Section 3.04	 	Effect of Notice of Redemption	  	 	53	 
	Section 3.05	 	Deposit of Redemption Price	  	 	53	 
	Section 3.06	 	Notes Redeemed in Part	  	 	53	 
	Section 3.07	 	Special Mandatory Redemption	  	 	54	 
	Section 3.08	 	Optional Redemption	  	 	54	 
	Section 3.09	 	Mandatory Redemption; Sinking Fund; Open Market Purchases	  	 	55	 

  
 i 

							
		 	ARTICLE 4	  			
			
		 	COVENANTS	  			
			
	Section 4.01	 	Covenant Suspension	  	 	55	 
	Section 4.02	 	Payment of Notes	  	 	56	 
	Section 4.03	 	Reports	  	 	57	 
	Section 4.04	 	Limitation on Debt	  	 	58	 
	Section 4.05	 	Limitation on Restricted Payments	  	 	63	 
	Section 4.06	 	Limitation on Liens	  	 	68	 
	Section 4.07	 	Limitation on Asset Sales	  	 	68	 
	Section 4.08	 	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	 	71	 
	Section 4.09	 	Limitation on Transactions with Affiliates	  	 	73	 
	Section 4.10	 	Designation of Restricted and Unrestricted Subsidiaries	  	 	75	 
	Section 4.11	 	Change of Control	  	 	76	 
	Section 4.12	 	Additional Note Guarantees	  	 	78	 
	Section 4.13	 	Maintenance of Office or Agency	  	 	78	 
	Section 4.14	 	Existence	  	 	78	 
	Section 4.15	 	Annual Officer’s Certificate as to Compliance	  	 	78	 
			
		 	ARTICLE 5	  			
			
		 	SUCCESSORS	  			
			
	 Section 5.01
	 	When Issuer May Merge or Transfer Assets	  	 	79	 
	Section 5.02	 	When Parent Guarantor May Merge or Transfer Assets	  	 	80	 
	Section 5.03	 	When Subsidiary Guarantors May Merge or Transfer Assets	  	 	80	 
			
		 	ARTICLE 6	  			
			
		 	DEFAULTS AND REMEDIES	  			
			
	Section 6.01	 	Events of Default	  	 	81	 
	Section 6.02	 	Acceleration	  	 	83	 
	Section 6.03	 	Other Remedies	  	 	83	 
	Section 6.04	 	Waiver of Past Defaults	  	 	83	 
	Section 6.05	 	Control by Majority	  	 	84	 
	Section 6.06	 	Limitation on Suits	  	 	84	 
	Section 6.07	 	Rights of Holders to Receive Payment	  	 	84	 
	Section 6.08	 	Collection Suit by Trustee	  	 	85	 
	Section 6.09	 	Trustee May File Proofs of Claim	  	 	85	 
	Section 6.10	 	Priorities	  	 	85	 
	Section 6.11	 	Undertaking for Costs	  	 	85	 
	Section 6.12	 	Restoration of Rights and Remedies	  	 	85	 
	Section 6.13	 	Rights and Remedies Cumulative	  	 	85	 
	Section 6.14	 	Delay or Omission Not Waiver	  	 	86	 
			
		 	ARTICLE 7	  			
			
		 	TRUSTEE	  			
			
	Section 7.01	 	Duties of Trustee	  	 	86	 
	Section 7.02	 	Rights of Trustee	  	 	87	 
	Section 7.03	 	Individual Rights of Trustee	  	 	88	 
	Section 7.04	 	Trustee’s Disclaimer	  	 	88	 

  
 ii 

							
	 Section 7.05
	 	 Notice of Defaults
	  	 	88	 
	 Section 7.06
	 	 Reports by Trustee to Holders
	  	 	88	 
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	89	 
	 Section 7.08
	 	 Replacement of Trustee
	  	 	89	 
	 Section 7.09
	 	 Successor Trustee by Merger
	  	 	90	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	90	 
	 Section 7.11
	 	 Preferential Collection of Claims Against Issuer
	  	 	91	 
			
		 	ARTICLE 8	  			
			
		 	DISCHARGE OF INDENTURE; DEFEASANCE	  			
			
	 Section 8.01
	 	 Discharge of Liability on Notes; Defeasance
	  	 	91	 
	 Section 8.02
	 	 Conditions to Defeasance
	  	 	92	 
	 Section 8.03
	 	 Application of Trust Money
	  	 	93	 
	 Section 8.04
	 	 Repayment to Issuer
	  	 	93	 
	 Section 8.05
	 	 Indemnity for Government Obligations
	  	 	93	 
	 Section 8.06
	 	 Reinstatement
	  	 	93	 
			
		 	ARTICLE 9	  			
			
		 	AMENDMENTS	  			
			
	 Section 9.01
	 	 Without Consent of Holders
	  	 	93	 
	 Section 9.02
	 	 With Consent of Holders
	  	 	95	 
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	 	96	 
	 Section 9.04
	 	 Revocation and Effect of Consents and Waivers
	  	 	96	 
	 Section 9.05
	 	 Notation on or Exchange of Notes
	  	 	96	 
	 Section 9.06
	 	 Trustee to Sign Amendments
	  	 	96	 
			
		 	ARTICLE 10	  			
			
		 	GUARANTEES	  			
			
	 Section 10.01
	 	 The Guarantees
	  	 	97	 
	 Section 10.02
	 	 Guarantee Unconditional
	  	 	97	 
	 Section 10.03
	 	 Discharge; Reinstatement
	  	 	97	 
	 Section 10.04
	 	 Waiver by the Guarantors
	  	 	97	 
	 Section 10.05
	 	 Subrogation and Contribution
	  	 	98	 
	 Section 10.06
	 	 Stay of Acceleration
	  	 	98	 
	 Section 10.07
	 	 Limitation on Amount of Guarantee
	  	 	98	 
	 Section 10.08
	 	 Execution and Delivery of Guarantee
	  	 	98	 
	 Section 10.09
	 	 Benefits Acknowledged
	  	 	98	 
	 Section 10.10
	 	 Release of Guarantee
	  	 	98	 
			
		 	ARTICLE 11	  			
			
		 	[RESERVED]	  			

  
 iii 

							
		 	ARTICLE 12	  			
			
		 	MISCELLANEOUS	  			
			
	 Section 12.01
	 	 Trust Indenture Act Controls
	  	 	99	 
	 Section 12.02
	 	 Notices
	  	 	99	 
	 Section 12.03
	 	 Communication by Holders with Other Holders
	  	 	100	 
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	100	 
	 Section 12.05
	 	 Statements Required in Certificate or Opinion
	  	 	100	 
	 Section 12.06
	 	 Rules by Trustee, Paying Agents and Registrar
	  	 	101	 
	 Section 12.07
	 	 Business Days
	  	 	101	 
	 Section 12.08
	 	 Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction
	  	 	101	 
	 Section 12.09
	 	 No Recourse Against Others
	  	 	101	 
	 Section 12.10
	 	 Successors
	  	 	101	 
	 Section 12.11
	 	 Severability
	  	 	102	 
	 Section 12.12
	 	 Multiple Originals
	  	 	102	 
	 Section 12.13
	 	 Table of Contents; Headings
	  	 	102	 
	 Section 12.14
	 	 Force Majeure
	  	 	102	 
	 Section 12.15
	 	 U.S.A. Patriot Act
	  	 	102	 
	 Section 12.16
	 	 FATCA
	  	 	102	 

 Appendix A - Provisions Relating to Initial Notes and Exchange Notes 

 

					
	 EXHIBIT INDEX
	 		  	
			
	 Exhibit A
	 	-	  	 Form of Initial Note

	 Exhibit B
	 	-	  	 Form of Supplemental Indenture

	 Exhibit C
	 	-	  	 Form of Supplemental Indenture

	 Exhibit D
	 	-	  	 Form of Transferee Letter of Representation

  
 iv 

 CROSS-REFERENCE TABLE 

 

					
	TIA Section	  	Indenture Section
			
	310	  	(a)(1)	  	7.10
		  	(a)(2)	  	7.10
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(b)	  	7.08; 7.10
		  	(c)	  	N.A.
	311	  	(a)	  	7.11
		  	(b)	  	7.11
		  	(c)	  	N.A.
	312	  	(a)	  	2.06
		  	(b)	  	12.03
		  	(c)	  	12.03
	313	  	(a)	  	7.06
		  	(b)(1)	  	N.A.
		  	(b)(2)	  	7.06
		  	(c)	  	7.06; 12.02
		  	(d)	  	7.06
	314	  	(a)(1)	  	4.03
		  	(a)(2)	  	4.03
		  	(a)(3)	  	4.03; 12.02
		  	(a)(4)	  	4.15
		  	(b)	  	N.A.
		  	(c)(1)	  	12.04
		  	(c)(2)	  	12.04
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	12.05
	315	  	(a)	  	7.01
		  	(b)	  	7.05
		  	(c)	  	7.01
		  	(d)	  	7.01
		  	(e)	  	6.11
	316	  	(a) (last sentence)	  	2.09
		  	(a)(1)(A)	  	6.05
		  	(a)(1)(B)	  	6.04
		  	(a)(2)	  	N.A.
		  	(b)	  	6.07
	317	  	(a)(1)	  	6.08
		  	(a)(2)	  	6.09
		  	(b)	  	2.05
	318	  	(a)	  	12.01

 N.A. means not applicable. 

Note: This Cross-Reference Table shall not, for any purposes, be deemed to be part of this Indenture. 

  
 v 

 INDENTURE, dated as of August 23, 2018, among MARRIOTT OWNERSHIP RESORTS, INC., a
Delaware corporation (the “Issuer”), MARRIOTT VACATIONS WORLDWIDE CORPORATION, a Delaware corporation (the “Parent Guarantor”), the other GUARANTORS party hereto from time to time and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., as Trustee (the “Trustee”). 
 RECITALS 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the date hereof of $750,000,000
aggregate principal amount of the Issuers’ 6.500% Senior Notes due 2026 (the “Original Notes”), together with any Exchange Notes (as defined in Appendix A hereto) issued therefor as provided herein (the Original Notes, any
Additional Notes (as defined below) and the Exchange Notes, together referred to herein as the “Notes”). All things necessary to make this Indenture a valid agreement of the Issuers, in accordance with its terms, have been done, and
the Issuer has done all things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee and duly issued by the Issuer, the valid obligations of the Issuer as hereinafter provided. 

In addition, the Guarantors party hereto have duly authorized the execution and delivery of this Indenture as guarantors of the Notes. All
things necessary to make this Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has done all things necessary to make the Guarantees, when the Notes are executed by the Issuers and
authenticated and delivered by the Trustee and duly issued by the Issuers, the valid obligations of such Guarantor as hereinafter provided. 

The Notes are being issued in connection with the ILG Acquisition (as defined below). In connection with the ILG Acquisition, following the
consummation of the ILG Acquisition, ILG or one of its Wholly Owned Subsidiaries (each as defined below) may, at the option of the Issuer, become a Co-Issuer (as defined below) of the Notes. 

This Indenture is subject to, and shall be governed by, the provisions of the TIA (as defined below) that are required to be a part of and
govern indentures qualified under the TIA. 
 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the
equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01    Definitions. 

“Acquired Debt” means Debt (1) of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person or (3) of a Person at the time such Person merges or amalgamates with or into or consolidates or otherwise combines with the Parent Guarantor
or any Restricted Subsidiary, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Parent Guarantor or such acquisition. Acquired Debt shall be deemed to have been Incurred, with
respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, 

 
with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets and, with respect to clause (3) of the preceding sentence, on the date of
the relevant merger, amalgamation, consolidation or other combination. 
 “Acquired EBITDA” means, with respect to any
Acquired Entity or Business or any Converted Restricted Subsidiary (each as defined in the definition of Consolidated EBITDA) for any period, the amount for such period of Consolidated EBITDA of such Acquired Entity or Business or Converted
Restricted Subsidiary, as applicable, all as determined on a consolidated basis for such Acquired Entity or Business or Converted Restricted Subsidiary, as applicable. 

“Acquired Entity or Business” shall have the meaning assigned to such term in the definition of “Consolidated
EBITDA” in this Section 1.01. 
 “Additional Assets” means: 

(a)    any property or asset (other than cash, Cash Equivalents, securities and inventory), including any
improvements thereto through capital expenditures or otherwise, to be used, or that is useful, in a Permitted Business; 

(b)    Capital Stock of (i) a Person that becomes a Restricted Subsidiary as a result of the
acquisition of such Capital Stock by the Parent Guarantor or another Restricted Subsidiary or (ii) any Person that at such time is a Restricted Subsidiary; provided, however, that, in the case of this clause (b), the Restricted
Subsidiary is primarily engaged in a Permitted Business; or 
 (c)    all or substantially all of the
assets of a Permitted Business. 
 “Additional Interest” means the interest payable as a consequence of the failure to
effectuate in a timely manner the exchange offer and/or shelf registration procedures set forth in the Registration Rights Agreement. 

“Additional Notes” means any Notes issued under this Indenture in addition to the Original Notes, including any Exchange
Notes issued in exchange for such Additional Notes, but excluding (i) any Exchange Notes in respect of the Original Notes and (ii) any Notes issued pursuant to Section 2.07, 2.08, 2.10 or 3.06 or Appendix A in respect of the Original
Notes. 
 “Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by
or under direct or indirect common control with that 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 that 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 any Note on any redemption date, as determined by the Issuer, the greater of: 

(a)    1.0% of the principal amount of such Note; and 

(b)    the excess, if any, of (i) the present value on such redemption date of (A) the redemption
price of such Note on September 15, 2021 (such redemption price being that set forth in Section 3.08(b)), plus (B) all required remaining scheduled interest payments due on such Note through September 15, 2021 computed
using a discount rate equal to the Treasury Rate plus 50 basis points over (ii) the principal amount of such Note. 

  
 2 

 “Asset Sale” means any direct or indirect sale, lease, transfer, issuance
or other disposition (or series of related sales, leases, transfers, issuances or dispositions that are part of a common plan) by the Parent Guarantor or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or
similar transaction (each referred to for the purposes of this definition as a “disposition”), of: 

(a)    any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying
shares), 
 (b)    all or substantially all the assets of any division or line of business of the Parent
Guarantor or any Restricted Subsidiary, or 
 (c)    any other property or asset of the Parent Guarantor
or any Restricted Subsidiary, other than, in the case of clause (a), (b) or (c) above, 
 (i)    any
disposition by a Restricted Subsidiary to the Parent Guarantor or by the Parent Guarantor or a Restricted Subsidiary to a Restricted Subsidiary; 

(ii)    any disposition that constitutes a Permitted Investment or Restricted Payment permitted by
Section 4.05; 
 (iii)    any disposition effected in compliance with Section 5.01 or 5.02 or
any disposition that constitutes a Change of Control; 
 (iv)    any disposition that does not (together
with all related dispositions) involve assets having a Fair Market Value or consideration in excess of the greater of (i) $45.0 million and (ii) 5.0% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to
the date of such disposition for which financial statements are required to be filed pursuant to Section 4.03; 

(v)    any disposition of Cash Equivalents; 

(vi)    the creation or Incurrence of a Permitted Lien or any other Lien created or Incurred in compliance
with Section 4.06 and dispositions in connection therewith; 
 (vii)    the issuance by a Restricted
Subsidiary of Preferred Stock or Disqualified Stock that is permitted by Section 4.04; 

(viii)    a surrender or waiver of contractual rights and leases or a settlement, waiver, release or
surrender of contractual or litigation claims in the ordinary course of business; 
 (ix)    dispositions
of obsolete, worn out or surplus property, whether now owned or hereafter acquired, in the ordinary course of business and dispositions of property no longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted
Subsidiaries; 

  
 3 

 (x)    dispositions of inventory (including Time Share
Inventory) and immaterial assets in the ordinary course of business (including allowing any registrations or any applications for registration of any immaterial IP rights to lapse or be abandoned in the ordinary course of business); 

(xi)    dispositions of property to the extent that (i) such property is exchanged for credit against
the purchase price of similar replacement property that is promptly purchased or (ii) the proceeds of such disposition are promptly applied to the purchase price of such replacement property (which replacement property is actually promptly
purchased); 
 (xii)    leases (including any Capitalized Lease or operating lease), subleases, licenses
or sublicenses, in each case in the ordinary course of business; 
 (xiii)    transfers of property
subject to Casualty Events or via eminent domain; 
 (xiv)    dispositions of Investments in JV Entities
or non-Wholly Owned Restricted Subsidiaries to the extent required by, or made pursuant to, customary buy/sell arrangements between the parties to such JV Entity or shareholders of such non-Wholly Owned Restricted Subsidiaries set forth in the shareholder agreements, joint venture agreements, organizational documents or similar binding agreements relating to such JV Entity or non-Wholly Owned Restricted Subsidiary; 
 (xv)    dispositions of
accounts receivable in the ordinary course of business in connection with the collection or compromise thereof; 

(xvi)    the unwinding of any Swap Contract pursuant to its terms; 

(xvii)    Permitted Sale and Leaseback Transactions; 

(xviii)    dispositions of assets (including Capital Stock) acquired in connection with Investments
permitted by Section 4.05 or Permitted Investments, which assets are obsolete or not used or useful to the core or principal business of the Parent Guarantor and the Restricted Subsidiaries or which dispositions are made to obtain the approval
of any applicable antitrust authority in connection with such Investment or Permitted Investment; 

(xix)    any swap of assets in exchange for services or other assets of comparable or greater Fair Market
Value useful to the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, as determined in good faith by the Parent Guarantor; 

(xx)    any disposition of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary;

 (xxi)    (i) dispositions of Securitization Assets (including the disposition of disputed or written
down Time Share Receivables in a manner determined to be prudent by the Parent Guarantor), or participations therein, in connection with any Qualified Securitization Transaction and (ii) the disposition of Time Share Receivables by Foreign
Subsidiaries for Fair Market Value; 

  
 4 

 (xxii)    any “fee in lieu” or other
disposition of assets to any Governmental Authority that continue in use by the Parent Guarantor or any Restricted Subsidiary, so long as the Parent Guarantor or any Restricted Subsidiary may obtain title to such assets upon reasonable notice by
paying a nominal fee; 
 (xxiii)    dispositions made in connection with the Transactions; 

(xxiv)    dispositions of Deferred Compensation Plan Assets, the proceeds of which are used (i) to
acquire other Deferred Compensation Plan Assets, (ii) to make payments to current and former employees and non-employee directors of the Parent Guarantor and its Subsidiaries pursuant to any deferred
compensation plan or (iii) as otherwise permitted by the Deferred Compensation Plan Trust in which such Deferred Compensation Plan Assets are held; 

(xxv)    the disposition in the ordinary course of business of interests in any resort operating as part of
the European business of the Parent Guarantor or its Restricted Subsidiaries to an independent trustee after all or substantially all of the Time Share Inventory attributable to such resort have been sold to third parties; and 

(xxvi)    the disposition in the ordinary course of business of interests in the entities which hold the
interests in inventory used in the operation of the Marriott Vacation Club, Asia Pacific business to an independent trustee or administrative third parties subject to regulatory provisions of the laws of the jurisdictions governing such entities.

 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at any date of determination, 

(a)    if the Sale and Leaseback Transaction is a Capital Lease Obligation, the amount of Debt represented
thereby according to the definition of “Capital Lease Obligation” and 
 (b)    in all other
instances, the greater of: 
 (1)    the Fair Market Value of the property or asset subject to the Sale
and Leaseback Transaction, and 
 (2)    the present value (discounted at the interest rate implicit in
the transaction, as reasonably determined by the Parent Guarantor) of the total obligations of the lessee for rental payments during the remaining term of the lease included in the Sale and Leaseback Transaction (including any period for which the
lease has been extended). 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Beneficial Owner” means a beneficial owner as defined in Rule 13d-3
under the Exchange Act, except that: 
 (a)    a Person shall be deemed to be the Beneficial Owner of all
shares that the Person has the right to acquire, whether that right is exercisable immediately or only after the passage of time, and 

  
 5 

 (b)    for purposes of clause (a) of the definition
of “Change of Control,” any “person” or “group” (as those terms are defined in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any group acting for the
purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, shall be deemed to be the Beneficial Owners of any Voting Stock of a corporation
or other legal entity held by any other corporation or legal entity (the “parent corporation”), so long as that person or group Beneficially Owns, directly or indirectly, in the aggregate a majority of the total voting power of the
Voting Stock of that parent corporation. 
 The term “Beneficially Own” shall have a corresponding meaning. 

“Board of Directors” means: (1) with respect to a corporation, the board of directors of the corporation or a duly
authorized committee of the board of directors; (2) with respect to a partnership, the board of directors of the general partner of the partnership; (3) with respect to a limited liability company, the managing member or members or any
controlling committee or board of managers of such company or the Board of Directors of the sole member or the managing member thereof; and (4) with respect to any other Person, the board or committee of such Person serving a similar function.

 “Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York or the city in which the Corporate Trust Office of the Trustee is located are authorized or required by law to close. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect
of a Capitalized Lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) prepared in accordance with GAAP. 

“Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class of
corporate stock or partnership interests or any other participation, rights, warrants, options or other interests in the nature of an equity interest in that Person, including Preferred Stock, but excluding any debt security convertible or
exchangeable into that equity interest. 
 “Capital Stock Sale Proceeds” means the aggregate proceeds (including the Fair
Market Value of property other than cash) received by the Parent Guarantor from the issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established by the Parent Guarantor or
any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary unless such loans have
been repaid with cash on or prior to the date of determination) by the Parent Guarantor of its Capital Stock (other than Disqualified Stock) or contributions to the equity capital of the Parent Guarantor (other than contributions utilized to make
Investments pursuant to clause (aa) of the definition of “Permitted Investment”) after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial purchasers’ or placement agents’ fees,
discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance, sale or contribution and net of taxes paid or payable as a result thereof (after taking into account any available tax credit or
deductions and any tax sharing arrangements). 
 “Capitalized Leases” means all leases that are required to be, in
accordance with GAAP, recorded as capitalized or financing leases; provided that for all purposes hereunder the amount of obligations under any Capitalized Lease shall be the amount thereof accounted for as a liability in accordance with
GAAP; provided that all obligations of the Parent Guarantor and its Restricted Subsidiaries that are or would be characterized as an operating lease as determined in accordance with 

  
 6 

 
GAAP as in effect on the Issue Date (whether or not such operating lease was in effect on such date) shall continue to be accounted for as an operating lease (and not as a Capitalized Lease) for
purposes of this Indenture regardless of any change in GAAP following the Issue Date (or any change in the implementation in GAAP for future periods that are contemplated as of the Issue Date) that would otherwise require such obligation to be
recharacterized as a Capitalized Lease. 
 “Cash Equivalents” means any of the following: 

(a)    (i) U.S. Dollars, Canadian dollars, euro or any national currency of any member state of the
European Union or (ii) any other foreign currency held by the Parent Guarantor or any of its Restricted Subsidiaries from time to time in the ordinary course of business; 

(b)    securities issued or directly and fully guaranteed or insured by the United States or Canadian
governments, a member state of the European Union or, in each case, any agency or instrumentality thereof (provided that the full faith and credit of such country or member state is pledged in support thereof) having maturities of not more
than 24 months from the date of acquisition; 
 (c)    certificates of deposit, time deposits, eurodollar
time deposits, overnight bank deposits or bankers’ acceptances with maturities of one year or less from the date of acquisition, with any domestic or foreign commercial bank having capital and surplus of not less than $500.0 million in the
case of U.S. banks and $100.0 million (or the Dollar Equivalent as of the date of determination) in the case of non-U.S. banks; 

(d)    repurchase obligations for underlying securities of the types described in clauses (b), (c) and
(g) of this definition entered into with any financial institution meeting the qualifications specified in clause (c) above; 

(e)    commercial paper rated at least “P-2” by
Moody’s or at least “A-2” by S&P, and in each case maturing within 24 months after the date of creation thereof and Debt or Preferred Stock issued by Persons with an Investment Grade Rating
from S&P or Moody’s, with maturities of 24 months or less from the date of acquisition; 

(f)    marketable short-term money market and similar securities having a rating of at least “P-2” or “A-2” from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an
equivalent rating from another nationally recognized statistical rating agency) and in each case maturing within 24 months after the date of creation or acquisition thereof; 

(g)    readily marketable direct obligations issued by any state, commonwealth or territory of the United
States or any political subdivision or taxing authority thereof having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(h)    readily marketable direct obligations issued by any foreign government or any political subdivision
or public instrumentality thereof, in each case having an Investment Grade Rating from Moody’s or S&P with maturities of 24 months or less from the date of acquisition; 

(i)    Investments with average maturities of 12 months or less from the date of acquisition in money
market funds rated within the top three ratings category by S&P or Moody’s; 

  
 7 

 (j)    with respect to any Foreign Subsidiary:
(i) obligations of the national government of the country in which such Foreign Subsidiary maintains its chief executive office and principal place of business provided such country is a member of the Organization for Economic Cooperation and
Development, in each case maturing within one year after the date of investment therein, (ii) certificates of deposit of, bankers acceptances of, or time deposits with, any commercial bank which is organized and existing under the laws of the
country in which such Foreign Subsidiary maintains its chief executive office and principal place of business, provided such country is a member of the Organization for Economic Cooperation and Development, and whose short-term commercial
paper rating from S&P is at least “A-1” or the equivalent thereof or from Moody’s is at least “P-1” or the equivalent thereof (any such bank
being an “Approved Foreign Bank”), and in each case with maturities of not more than 270 days from the date of acquisition and (iii) the equivalent of demand deposit accounts which are maintained with an Approved Foreign Bank;

 (k)    bills of exchange issued in the United States, Canada, a member state of the European Union or
Japan eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 

(l)    Cash Equivalents of the types described in clauses (a) through (k) above denominated in U.S.
Dollars; and 
 (m)    investment funds investing at least 90% of their assets in Cash Equivalents of the
types described in clauses (a) through (l) above. 
 “Cash Management Agreement” means any agreement to provide cash
management services, including treasury, depository, overdraft, netting services, cash pooling arrangements, credit or debit card, purchasing card, electronic funds transfer, foreign exchange facilities and other cash management arrangements. 

“Cash Management Obligations” means the obligations owed by the Parent Guarantor or any of its Restricted Subsidiaries under
any Cash Management Agreement. 
 “Casualty Event” means any event that gives rise to the receipt by the Parent Guarantor
or any Restricted Subsidiary of any insurance proceeds or condemnation awards in respect of any equipment, fixed assets or real property (including any improvements thereon) to replace or repair such equipment, fixed assets or real property. 

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

(a)    the Issuer becomes aware of (by way of a report or any other filing pursuant to Section 13(d)
of the Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including any
group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under the Exchange Act, becomes the Beneficial Owner, directly or indirectly, of 50%
or more of the total voting power of the Voting Stock of the Parent Guarantor (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); 

  
 8 

 (b)    the sale, transfer, assignment, lease, conveyance
or other disposition, directly or indirectly, of all or substantially all the properties and assets of the Parent Guarantor (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), the Issuers and the Restricted Subsidiaries, considered as a whole (other than a disposition of assets as an entirety or virtually as an entirety to a Wholly Owned Restricted Subsidiary), shall have occurred; 

(c)    except where the Parent Guarantor has become the Surviving Issuer or the Issuer or the Co-Issuer has become the Surviving Parent, in each case in compliance with Article 5, the Parent Guarantor ceases to own, directly or indirectly, 100% of the voting power of the Voting Stock of the Issuer or
the Co-Issuer; or 
 (d)    the shareholders of Parent Guarantor
shall have approved any plan of liquidation or dissolution of Parent Guarantor (except in a transaction that complies with Article 5). 

Notwithstanding the foregoing, a transaction shall not be deemed to involve a Change of Control solely as a result of the Parent Guarantor becoming a direct
or indirect Wholly Owned Subsidiary of a holding company if (A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Voting Stock of
the Parent Guarantor immediately prior to that transaction or (B) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the Beneficial Owner, directly or indirectly, of
50% or more of the total voting power of the Voting Stock of such holding company. 
 “Code” means the Internal Revenue
Code of 1986, as amended. 
 “Co-Issuer” means ILG or any Wholly Owned Subsidiary of ILG that shall have been selected by
the Issuer to act as co-issuer of the Notes and, in each case, that is a party to this Indenture in such capacity pursuant to a supplemental indenture in the form of Exhibit C. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of deferred financing fees or costs, capitalized expenditures, customer acquisition costs and incentive payments, conversion costs and contract acquisition costs, the amortization of
original issue discount resulting from the issuance of Debt at less than par and amortization of favorable or unfavorable lease assets or liabilities, of such Person, its Restricted Subsidiaries and Consolidated Joint Ventures for such period on a
consolidated basis and otherwise determined in accordance with GAAP. 
 “Consolidated EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person for such period: 
 (a)    increased
(without duplication) by the following: 
 (i)     provision for taxes based on income or profits or
capital, including state franchise, excise and similar taxes, property taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to any tax examinations, deducted (and not
added back) in computing Consolidated Net Income; plus 
 (ii)     (w) Consolidated Interest
Expense of such Person for such period, (x) net losses or any obligations under any Swap Contracts or other derivative instruments entered into for the purpose of hedging interest rate, currency or commodities risk, (y) bank fees and
(z) costs of surety bonds in connection with financing activities, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus 

  
 9 

 (iii)    Consolidated Depreciation and Amortization
Expense of such Person for such period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus 

(iv)    any expenses or charges (other than depreciation or amortization expense) related to any equity
offering, Investment, acquisition, disposition or recapitalization or the Incurrence of Debt (including a refinancing thereof) (in each case, whether or not successful), including (A) such fees, expenses or charges (including rating agency fees
and related expenses) related to the offering or Incurrence of the loans under the Credit Agreement and any other credit facilities or the Incurrence of the Notes and any other debt securities and any Securitization Fees and (B) any amendment
or other modification of the Credit Agreement, this Indenture, any Securitization Facility and any other credit facilities or any other debt securities, in each case, deducted (and not added back) in computing Consolidated Net Income; plus

 (v)     (i) the amount of any restructuring charge, accrual or reserve (and adjustments to existing
reserves), integration cost or other business optimization expense or cost (including charges directly related to the implementation of cost-savings initiatives) that is deducted (and not added back) in such period in computing Consolidated Net
Income, including any one-time costs incurred in connection with acquisitions or divestitures after the Issue Date, including those related to any severance, retention, signing bonuses, relocation, recruiting
and other employee-related costs, internal costs in respect of strategic initiatives and curtailments or modifications to pension and post-retirement employment benefit plans (including any settlement of pension liabilities), systems development and
establishment costs, future lease commitments and costs related to the opening and closure and/or consolidation of facilities and to exiting lines of business and consulting fees incurred with any of the foregoing and (ii) fees, costs and
expenses associated with acquisition-related litigation and settlements thereof; plus 

(vi)    any other non-cash charges, write-downs, expenses, losses
or items reducing Consolidated Net Income for such period, including any impairment charges or the impact of purchase accounting, (provided that if any such non-cash charges represent an accrual or
reserve for potential cash items in any future period, (A) the Parent Guarantor may elect not to add back such non-cash charge in the current period and (B) to the extent the Parent Guarantor elects
to add back such non-cash charge, the cash payment in respect thereof in such future period shall be deducted from Consolidated EBITDA to such extent) or other items classified by the Parent Guarantor as
special items less other non-cash items increasing Consolidated Net Income (excluding any such non-cash item to the extent it represents a receipt of cash in any
future period); plus 
 (vii)    without duplication of any amounts added back pursuant to clause
(xiii) below, the amount of any minority interest expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly-Owned Subsidiary; plus 

  
 10 

 (viii)    the amount of (A) pro forma “run
rate” cost savings, operating expense reductions and other synergies (in each case, net of amounts actually realized) related to the Transactions that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in
good faith to result from actions (x) that have been taken, (y) with respect to which substantial steps have been taken or that are expected to be taken (in the good faith determination of the Parent Guarantor) within 24 months after the
Issue Date or (B) pro forma adjustments, including pro forma “run rate” cost savings, operating expense reductions, and other synergies (in each case net of amounts actually realized) related to acquisitions, dispositions and other
Specified Transactions, or related to restructuring initiatives, cost savings initiatives and other initiatives that are reasonably identifiable, factually supportable and projected by the Parent Guarantor in good faith to result from actions that
have either been taken, with respect to which substantial steps have been taken or are that are expected to be taken (in the good faith determination of the Parent Guarantor) within 24 months after the date of consummation of such acquisition,
disposition or other Specified Transaction or the initiation of such restructuring initiative, cost savings initiative or other initiatives; provided that the aggregate amount added back in the calculation of Consolidated EBITDA for any such
period pursuant to this clause (viii)(B) shall not exceed 15% of Consolidated EBITDA (calculated prior to giving effect to any add-backs pursuant to this clause (viii)(B)); plus 

(ix)    (x) any costs or expense incurred by the Parent Guarantor or any Restricted Subsidiary pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are
non-cash costs or expenses and/or otherwise funded with cash proceeds contributed to the capital of the Parent Guarantor or Capital Stock Sale Proceeds of an issuance of Capital Stock (other than Disqualified
Stock) of the Parent Guarantor and (y) the amount of expenses relating to payments made to option holders of the Parent Guarantor in connection with, or as a result of, any distribution being made to equityholders of the Parent Guarantor, which
payments are being made to compensate such option holders as though they were equityholders at the time of, and entitled to share in, such distribution, to the extent permitted under this Indenture; plus 

(x)     with respect to any JV Entity, an amount equal to the proportion of those items described in
clauses (i) and (iii) above relating to such JV Entity’s corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as if such JV
Entity were a Restricted Subsidiary) to the extent the same was deducted (and not added back) in calculating Consolidated Net Income; plus 

(xi)    earnout and contingent consideration obligations (including to the extent accounted for as bonuses
or otherwise) and adjustments thereof and purchase price adjustments; plus 
 (xii)    cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income
were deducted in the calculation of Consolidated EBITDA pursuant to paragraph (b) below for any previous period and not added back; plus 

(xiii)    any net loss included in Consolidated Net Income attributable to
non-controlling interests pursuant to the application of FASB Accounting Standards Codification (“ASC”) Topic
810-10-45; plus 

  
 11 

 (xiv)    realized foreign exchange losses resulting from
the impact of foreign currency changes on the valuation of assets or liabilities on the balance sheets of the Parent Guarantor and its Restricted Subsidiaries; plus 

(xvi)    net realized losses from Swap Contracts or embedded derivatives that require similar accounting
treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus 

(xvii)    the amount of loss or discount on sales of Securitization Assets and related assets in connection
with a Qualified Securitization Transaction; plus 
 (xvii)    the amount of any charges,
expenses, costs or other payments in respect of (x) facilities no longer used or useful in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, (y) abandoned, closed, disposed or discontinued operations and
(z) any losses on disposal of abandoned, closed or discontinued operations; plus 

(xviii)    any non-cash losses realized in such period in
connection with adjustments to any employee benefit plan due to changes in actuarial assumptions, valuation or studies; plus 

(xix)    any net pension or other post-employment benefit costs representing amortization of unrecognized
prior service costs, actuarial losses, including amortization of such amounts arising in prior periods, amortization of the unrecognized net obligation (and loss or cost) existing at the date of the initial application of ASC 715, and any other
items of a similar nature; plus 
 (xx)    adjustments and addbacks set forth in any quality of
earnings analysis prepared by independent registered public accountants of recognized national standing in connection with any Permitted Acquisition or Investment that is permitted under this Indenture; plus 

(xxi)    (A) any costs or expenses associated with the Transactions or (B) any costs or expenses
associated with any equity offering, Investment or Incurrence of Debt permitted hereunder (whether or not consummated or incurred, as applicable); plus 

(xxii)    losses from dispositions of real estate that are not to traditional consumer purchasers; and 

(b)    decreased (without duplication) by the following: 

(i)    non-cash gains increasing Consolidated Net Income of such
Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or cash reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and
any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus 

(ii)    realized foreign exchange income or gains resulting from the impact of foreign currency changes on
the valuation of assets or liabilities on the balance sheet of the Parent Guarantor and its Restricted Subsidiaries; plus 

  
 12 

 (iii)    any net realized income or gains from any
obligations under any Swap Contracts or embedded derivatives that require similar accounting treatment and the application of Accounting Standard Codification Topic 815 and related pronouncements; plus 

(iv)    any net gain included in Consolidated Net Income of such Person for such period attributable to non-controlling interests (other than a Consolidated Joint Venture) pursuant to the application of ASC Topic 810-10-45; plus

 (v)    gains from dispositions of real estate that are not to traditional consumer purchasers;
plus 
 (vi)    any gains on disposal of abandoned, closed or discontinued operations; plus

 (vii)    any gains with respect to any JV Entity, in an amount equal to the proportion of those items
described in clauses (a)(i) and (a)(iii) above relating to such JV Entity’s corresponding to the Parent Guarantor’s and its Restricted Subsidiaries’ proportionate share of such JV Entity’s Consolidated Net Income (determined as
if such JV Entity were a Restricted Subsidiary) to the extent the same was added (and not deducted) in calculating Consolidated Net Income; plus 

(viii)    the amount of gains on sales of Securitization Assets and related assets in connection with a
Qualified Securitization Transaction; 
 (c)    increased or decreased (without duplication) by, as
applicable, any adjustments resulting from the application of ASC Topic 460 or any comparable regulation; and 

(d)    increased or decreased (to the extent not already included in determining Consolidated EBITDA) by
any Pro Forma Adjustment. 
 There shall be included in determining Consolidated EBITDA for any period, without duplication, (A) the
Acquired EBITDA of any Person, property, business or asset acquired by the Parent Guarantor or any Restricted Subsidiary during such period (but not the Acquired EBITDA of any related Person, property, business or assets to the extent not so
acquired), to the extent not subsequently sold, transferred or otherwise disposed of by the Parent Guarantor or such Restricted Subsidiary during such period (each such Person, property, business or asset acquired and not subsequently so disposed
of, an “Acquired Entity or Business”), and the Acquired EBITDA of any Unrestricted Subsidiary that is converted into a Restricted Subsidiary during such period (each, a “Converted Restricted Subsidiary”), based on
the actual Acquired EBITDA of such Acquired Entity or Business or Converted Restricted Subsidiary for such period (including the portion thereof occurring prior to such acquisition) and (B) an adjustment in respect of each Acquired Entity or
Business equal to the amount of the Pro Forma Adjustment with respect to such Acquired Entity or Business for such period (including the portion thereof occurring prior to such acquisition) as specified in a certificate executed by an Officer of the
Parent Guarantor and delivered to the Trustee (upon which the Trustee may conclusively rely). For purposes of determining Consolidated EBITDA for any period, there shall be excluded the Disposed EBITDA of any Person, property, business or asset
(other than an Unrestricted Subsidiary) sold, transferred or otherwise disposed of, closed or classified as discontinued operations by the Parent Guarantor or any Restricted Subsidiary during such period (each such Person, property, business or
asset so sold or disposed of, a “Sold Entity or Business”) and the Disposed EBITDA of any Restricted Subsidiary that is converted into an Unrestricted Subsidiary during such period (each a “Converted 

  
 13 

 
Unrestricted Subsidiary”), based on the actual Disposed EBITDA of such Sold Entity or Business or Converted Unrestricted Subsidiary for such period (including the portion thereof
occurring prior to such sale, transfer or disposition). Any adjustments in the calculation of Consolidated Net Income shall be without duplication of any adjustment to Consolidated EBITDA, and any adjustments to Consolidated EBITDA shall be without
duplication of any adjustments to Consolidated Net Income. 
 Unless otherwise specified, all references herein to a “Consolidated
EBITDA” shall refer to the Consolidated EBITDA of the Parent Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Fixed Charges” means, for any period, with respect to any Person and its Restricted Subsidiaries on a
consolidated basis, the sum, without duplication, of: 
 (a)    Consolidated Interest Expense for such
period; plus 
 (b)    Disqualified Stock Dividends paid, accrued or scheduled to be paid or
accrued during such period, excluding dividends paid in Qualified Capital Stock; plus 

(c)    Preferred Stock Dividends paid, accrued or scheduled to be paid or accrued during such period,
excluding dividends paid in Qualified Capital Stock. 
 “Consolidated Fixed Charges Coverage Ratio” means, with respect to
any Test Period, the ratio of (a) Consolidated EBITDA for such Test Period to (b) Consolidated Fixed Charges for such Test Period; provided, however, that if: 

(1)    since the beginning of that period the Parent Guarantor or any Restricted Subsidiary has Incurred
any Debt that remains outstanding or repaid any Debt, or 
 (2)    the transaction giving rise to the
need to calculate the Consolidated Fixed Charges Coverage Ratio involves an Incurrence or repayment of Debt, 
 Consolidated Fixed Charges
for that period shall be calculated after giving effect on a Pro Forma Basis to that Incurrence or repayment as if the Debt was Incurred or repaid on the first day of that period, provided that, in the event of any repayment of Debt,
Consolidated EBITDA for that period shall be calculated as if the Parent Guarantor or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used to repay such Debt. 

If any Debt bears a floating rate of interest and is being given Pro Forma Effect, the interest expense on that Debt shall be calculated as if
the base interest rate in effect for the floating rate of interest on the date of determination had been the applicable base interest rate for the entire period (taking into account any Swap Contract applicable to that Debt if the applicable Swap
Contract has a remaining term in excess of 12 months). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Parent Guarantor shall be deemed, for purposes of the proviso in the first paragraph of this
definition, to have repaid during such period the Debt of that Restricted Subsidiary to the extent the Parent Guarantor and its continuing Restricted Subsidiaries are no longer liable for that Debt after the sale. 

“Consolidated Interest Expense” means, for any period, with respect to any Person and its Restricted Subsidiaries on a
consolidated basis, the amount of interest expense (including that attributable to capital leases, but excluding that attributable to indebtedness in respect of any Qualified Securitization 

  
 14 

 
Transaction), net of cash interest income of such Person and its Restricted Subsidiaries, with respect to all outstanding Debt of such Person and its Restricted Subsidiaries, including all
commissions, discounts and other cash fees and charges owed with respect to letter of credit and bankers’ acceptance financing and net cash costs (less net cash payments) under Swap Contracts, but excluding (a) the amortization of original
issue discount resulting from the issuance of indebtedness at less than par, (b) amortization of deferred financing costs, debt issuance costs, commissions, fees and expenses, (c) any expenses resulting from discounting of indebtedness in
connection with the application of recapitalization accounting or purchase accounting, (d) penalties or interest related to taxes and any other amounts of non-cash interest resulting from the effects of
acquisition method accounting or pushdown accounting, (e) the accretion or accrual of, or accrued interest on, discounted liabilities (other than Debt) during such period, (f) non-cash interest
expense attributable to the movement of the mark-to-market valuation of obligations under Swap Contracts or other derivative instruments pursuant to ASC Topic 815,
Derivatives and Hedging, (g) any one-time cash costs associated with breakage in respect of hedging agreements for interest rates, (h) any payments with respect to make whole premiums or other
breakage costs of any Debt, (i) all non-recurring interest expense consisting of liquidated damages for failure to timely comply with registration rights obligations, and (j) expensing of bridge,
arrangement, structuring, commitment, consent or other financing fees, all as calculated on a consolidated basis in accordance with GAAP. 

For purposes of this definition, interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by
such Person to be the rate of interest implicit in such Capital Lease Obligation in accordance with GAAP. Unless otherwise specified, all references herein to a “Consolidated Interest Expense” shall refer to the Consolidated Interest
Expense of the Parent Guarantor, its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Joint Venture” means a corporation, partnership, limited liability company or other business entity selected by
the Parent Guarantor in its discretion (x) of which 50% or less of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such
power only by reason of the happening of a contingency) are at the time beneficially owned, directly, or indirectly through one or more intermediaries, or both, by the Parent Guarantor and (y) that is consolidated with the Parent Guarantor and
its Subsidiaries in accordance with GAAP in an amount not to exceed the greater of (x) $45.0 million and (y) 5.0% of Consolidated EBITDA. 

“Consolidated Net Income” means, with respect to any Person for any period, the net income (loss) of such Person and its
Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP and including the net income (loss) of Consolidated Joint Ventures; provided, however, that there shall not be included in such
Consolidated Net Income: 
 (1)    any net income (loss) of any Person if such Person is not a Restricted Subsidiary
other than the net income (loss) of Consolidated Joint Ventures, except that the Parent Guarantor’s equity in the net income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash
or Cash Equivalents actually distributed (or, so long as such Person is not (x) a joint venture with outstanding third-party Debt for borrowed money or (y) an Unrestricted Subsidiary, that (as reasonably determined by the Parent Guarantor)
could have been distributed by such Person during such period to the Parent Guarantor a Restricted Subsidiary) as a dividend or other distribution or return on investment, subject, in the case of a dividend or other distribution or return on
investment to a Restricted Subsidiary, to the limitations contained in clause (2) below; 
 (2)    solely for the
purpose of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of Section 4.05, any net income (loss) of any Restricted Subsidiary (other than any Guarantor) if such Subsidiary is subject to
restrictions, directly or indirectly, on the 

  
 15 

 
payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to an Issuer or a Guarantor by operation of the terms of such Restricted
Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or
otherwise released and (b) restrictions pursuant to the Credit Agreement or this Indenture), except that the Parent Guarantor’s equity in the net income of any such Restricted Subsidiary for such period shall be included in such
Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary during such period to the Parent Guarantor or another Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend to another Restricted Subsidiary, to the limitations contained in this clause (2)); 

(3)    any net gain (or loss) from disposed, abandoned or discontinued operations and any net gain (or loss) on disposal
of disposed, discontinued or abandoned operations; 
 (4)    any net gain (or loss) realized upon the sale or other
disposition of any asset or disposed operations of the Parent Guarantor or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined
in good faith by an Officer or the Board of Directors of the Parent Guarantor); 
 (5)    any extraordinary,
exceptional, unusual or nonrecurring gain, loss, charge or expense (including relating to the Transaction Expenses), or any charges, expenses or reserves in respect of any restructuring, relocation, redundancy or severance expense, new product
introductions or one-time compensation charges; 
 (6)    the cumulative effect
of a change in accounting principles; 
 (7)    any (i) non-cash
compensation charge or expense arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and
(ii) income (loss) attributable to deferred compensation plans or trusts; 
 (8)    all deferred financing costs
written off and premiums paid or other expenses incurred directly in connection with any early extinguishment of Debt and any net gain (loss) from any write-off or forgiveness of Debt; 

(9)    any unrealized gains or losses in respect of any obligations under any Swap Contracts or any ineffectiveness
recognized in earnings related to hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify for hedge accounting, in each case, in respect of any obligations under any Swap Contracts; 

(10)    any unrealized foreign currency translation gains or losses in respect of Debt of any Person denominated in a
currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in foreign currencies; 

(11)    any unrealized foreign currency translation or transaction gains or losses in respect of Debt or other obligations
of the Parent Guarantor or any Restricted Subsidiary owing to the Parent Guarantor or any Restricted Subsidiary; 

(12)    any recapitalization accounting or purchase accounting effects, including adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including 

  
 16 

 
the effects of such adjustments pushed down to the Parent Guarantor and the Restricted Subsidiaries), as a result of any consummated acquisition, or the amortization or write-off of any amounts thereof (including any write-off of in process research and development); 

(13)    any impairment charge, write-down or write-off, including impairment
charges, writedowns or write-offs relating to goodwill, intangible assets, long-lived assets, investments in debt and equity securities or as a result of a change in law or regulation; 

(14)    any effect of income (loss) from the early extinguishment or cancellation of Debt or any obligations under any
Swap Contracts or other derivative instruments; 
 (15)    accruals and reserves that are established within twelve
months after the Issue Date that are so required to be established as a result of the Transactions in accordance with GAAP; 

(16)    any net unrealized gains and losses resulting from Swap Contracts or embedded derivatives that require similar
accounting treatment and the application of ASC Topic 815 and related pronouncements; 
 (17)    any non-cash expenses, accruals or reserves related to adjustments to historical tax exposures and any deferred tax expense associated with tax deductions or net operating losses arising as a result of the Transactions,
or the release of any valuation allowances related to such item; 
 (18)    any unrealized or realized gain or loss due
solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP; 

(19)    the net interest income, if any, generated during any Specified Turbo Period by the Time Share Receivables subject
to any Qualified Securitization Transaction, as the case may be, giving rise to such Specified Turbo Period; and 
 (20) effects of
adjustments to accruals and reserves during a period relating to any change in the methodology of calculating reserves for returns, rebates and other chargebacks. 

In addition, to the extent not already excluded (or included, as applicable) from the Consolidated Net Income of such Person and its
Restricted Subsidiaries, notwithstanding anything to the contrary in the foregoing, and without duplication, Consolidated Net Income shall (1) be increased by business interruption insurance in an amount representing the earnings for the
applicable period that such proceeds are intended to replace (whether or not received so long as such Person in good faith expects to receive the same within the next four fiscal quarters (it being understood that to the extent not actually received
within such fiscal quarters, such proceeds shall be deducted in calculating Consolidated Net Income for such fiscal quarters)) and (2) not include (i) any expenses and charges that are reimbursed by indemnification or other reimbursement
provisions in connection with any investment or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture or other contractual reimbursement obligations of a third party, (ii) to the extent covered by
insurance (including business interruption insurance) and actually reimbursed, or, so long as the Parent Guarantor has made a determination that there exists reasonable evidence that such amount shall in fact be reimbursed by the insurer and only to
the extent that such amount is (A) not denied by the applicable carrier in writing within 180 days and (B) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so
reimbursed within such 365 days), expenses with respect to liability or Casualty Events or business interruption, (iii) any net after-tax income or loss (less all fees and expenses or charges relating
thereto) attributable to the early extinguishment of Debt, (iv) any non-cash charges resulting from mark-to-market
accounting relating to Capital Stock, (v) any unrealized 

  
 17 

 
net gain or loss resulting from currency translation or unrealized transaction gains or losses impacting net income (including currency re-measurements of
Debt) and any unrealized foreign currency translation or transaction gains or losses shall be excluded, including those resulting from intercompany Debt and any unrealized net gains and losses resulting from obligations in respect of any Swap
Contracts in accordance with GAAP or any other derivative instrument pursuant the application of ASC Topic 815, Derivatives and Hedging and (vi) any non-cash impairment charges resulting from the
application of ASC Topic 350, Intangibles—Goodwill and Other and the amortization of intangibles including those arising pursuant to ASC Topic 805, Business Combinations, and, provided, further, that solely
for purposes of determining the amount available for Restricted Payments under clause (c)(i) of the first paragraph of Section 4.05, the income or loss of any Person accrued prior to the date on which such Person becomes a Restricted Subsidiary
of such Person or is merged into or consolidated with such Person or any Restricted Subsidiary of such Person or the date that such other Person’s assets are acquired by such Person or any Restricted Subsidiary of such Person, in each case,
shall be excluded in calculating Consolidated Net Income. 
 Unless otherwise specified, all references herein to a “Consolidated Net
Income” shall refer to the Consolidated Net Income of the Parent Guarantor and its Restricted Subsidiaries and Consolidated Joint Ventures on a consolidated basis. 

“Consolidated Secured Debt” means, as to the Parent Guarantor and its Restricted Subsidiaries on a consolidated basis at any
date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on property or assets of the Parent Guarantor or any Restricted Subsidiary minus Debt in respect of any
Qualified Securitization Transaction. 
 “Consolidated Total Assets” means, as to the Parent Guarantor and its Restricted
Subsidiaries on a consolidated basis at any date of determination, all amounts that would, in conformity with GAAP, be set forth opposite the caption “total assets” (or any like caption) on a consolidated balance sheet of the applicable
Person as of the last day of the most recently ended Test Period. 
 “Consolidated Total Debt” means, as to the Parent
Guarantor and its Restricted Subsidiaries on a consolidated basis at any date of determination, the aggregate principal amount of all third-party Debt for borrowed money, Capitalized Leases and purchase money Debt (but excluding, for the avoidance
of doubt, undrawn letters of credit, banker’s acceptances, surety bonds and/or bank guarantees); provided that “Consolidated Total Debt” shall be calculated (i) net of the Unrestricted Cash Amount, (ii) excluding any
obligation, liability or indebtedness of any such Person if, upon or prior to the maturity thereof, such Person has irrevocably deposited with the proper Person in trust or escrow the necessary funds (or evidences of indebtedness) for the payment,
redemption or satisfaction of such obligation, liability or indebtedness, and thereafter such funds and evidences of such obligation, liability or indebtedness or other security so deposited are not included in the calculation of Unrestricted Cash
Amount and (iii) based on the initial stated principal amount of any Debt that is issued at a discount to its initial stated principal amount without giving effect to any such discounts; provided further that “Consolidated Total
Debt” shall not include (x) letters of credit, bankers’ acceptances, surety bonds and bank guarantees, except to the extent of unreimbursed amounts thereunder, (y) obligations under Swap Contracts entered into and (z) Debt
in respect of any Qualified Securitization Transaction. 
 “Converted Restricted Subsidiary” shall have the meaning
assigned to such term in the definition of “Consolidated EBITDA” in this Section 1.01. 
 “Converted Unrestricted
Subsidiary” shall have the meaning assigned to such term in the definition of “Consolidated EBITDA” in this Section 1.01. 

  
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 “Corporate Trust Office” means the designated office of the Trustee at
which its corporate trust business shall be administered at any time, and such office at the date hereof is located at 10161 Centurion Parkway North, 2nd Floor, Jacksonville, Florida 32256, Attention: Corporate Trust. The Trustee may designate a
different office address from time to time by notice to the Holders and the Issuers. Upon any succession by a successor Trustee, the address shall be the designated corporate trust office of any successor Trustee (or such other address as such
successor Trustee may designate from time to time by notice to the Holders and the Issuers). 
 “Credit Agreement” means
that certain Credit Agreement, dated on or about the date the ILG Acquisition is completed, by and among the Issuers, as the borrowers, the Parent Guarantor, certain subsidiaries of the Parent Guarantor party thereto, the lenders and agents party
thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, as amended, restated, supplemented, modified, renewed, refunded, replaced (whether at maturity or thereafter) or refinanced in whole or in part from time to time in
one or more agreements (in each case, with the same or new agents, lenders or institutional investors). 
 “Credit
Facilities” means, with respect to the Parent Guarantor or any Restricted Subsidiary, one or more debt facilities (including the Credit Agreement) or commercial paper facilities with banks or other lenders providing for revolving credit
loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit or bankers’ acceptances or
issuances of debt securities evidenced by notes, debentures, bonds or similar instruments, in each case, as amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced (including by means of sales of debt securities to
institutional investors) in whole or in part from time to time (and whether or not with the original trustee, administrative agent, holders and lenders or another trustee, administrative agent or agents or other holders or lenders and whether
provided under the Credit Agreement or any other credit agreement or other agreement or indenture). 
 “Custodian” means
the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Debt” means, with
respect to any Person on any date of determination (without duplication), whether or not included as indebtedness or liabilities in accordance with GAAP: 

(a)    all obligations of such Person for borrowed money and all obligations of such Person evidenced by
bonds, debentures, notes, loan agreements or other similar instruments to the extent the same would appear as a liability on a balance sheet (excluding footnotes thereto) of such Person in accordance with GAAP; 

(b)    the maximum amount (after giving effect to any prior drawings or reductions which may have been
reimbursed) of all letters of credit (including standby and commercial), banker’s acceptances, bank guaranties, surety bonds, performance bonds and similar instruments issued or created by or for the account of such Person; 

(c)    net obligations of such Person under any Swap Contracts (with the amount of such net obligations
being deemed to be the aggregate Swap Termination Value thereof as of such date); 
 (d)    all
obligations of such Person to pay the deferred purchase price of property or services (other than (i) trade accounts payable in the ordinary course of business, (ii) any earn-out obligation until
such obligation becomes a liability on the balance sheet of such Person in 

  
 19 

 
accordance with GAAP and if not paid within thirty (30) days after becoming due and payable, (iii) any other obligation that appears in the liabilities section of the balance sheet of
such Person, to the extent (A) such Person is indemnified for the payment thereof by a solvent Person (as reasonably determined by the Parent Guarantor) or (B) amounts to be applied to the payment therefor are in escrow and
(iv) liabilities associated with customer prepayments and deposits); 
 (e)    indebtedness
(excluding prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under conditional sales or other title retention agreements and mortgage, industrial revenue bond, industrial
development bond and similar financings), whether or not such indebtedness shall have been assumed by such Person or is limited in recourse; 

(f)    all Capital Lease Obligations of the Person and all Attributable Debt in respect of Sale and
Leaseback Transactions entered into by the Person; 
 (g)     all obligations of such Person in respect
of Disqualified Stock; 
 (h)     all obligations of the type referred to in clauses (a) through (g)
of other Persons and all dividends of other Persons for the payment of which, in either case, the Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any Guarantee; 

provided that (i) in no event shall any obligations under any Swap Contracts be deemed “Debt” for any calculation of any financial ratio
under this Indenture, (ii) the amount of Debt of any Person for purposes of clause (e) above shall be deemed to be equal to the lesser of (A) the aggregate unpaid amount of such Debt and (B) the Fair Market Value of the property
or asset encumbered thereby as determined by such Person in good faith and (iii) the Debt of any Person shall, except for purposes of calculating the Consolidated Fixed Charges Coverage Ratio to the extent the interest expense in respect
thereof is not covered by proceeds held in escrow or in connection with any test date of any Limited Condition Transaction or any test related to a subsequent transaction, exclude Debt incurred in advance of, and the proceeds of which are to be
applied in connection with, the consummation of a transaction solely to the extent the proceeds thereof are and continue to be held in an escrow and are not otherwise made available to such person. 

For all purposes hereof, the Debt of any Person shall (A) include the Debt of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, except to the extent such Person’s liability for such Debt is otherwise limited and only to the extent such Debt would be included in the
calculation of Consolidated Total Debt, (B) in the case of the Parent Guarantor and its Restricted Subsidiaries, exclude intercompany liabilities arising from their cash management, tax, and accounting operations and intercompany loans,
advances or Debt having a term not exceeding 364 days (inclusive of any roll-over or extensions of terms) and made in the ordinary course of business consistent with past practice, (C) exclude (i) deferred or prepaid revenue, (ii) purchase
price holdbacks in respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the seller and (iii) Debt of any direct or indirect parent company appearing on the balance sheet of the Parent
Guarantor and/or an Issuer solely by reason of push down accounting under GAAP and (D) exclude obligations under or in respect of a Qualified Securitization Transaction. Notwithstanding anything herein to the contrary, Debt shall not include
any payment obligation or other liability of such Person under any deferred compensation plan. 
 “Default” means any event
which is, or after notice or passage of time or both would be, an Event of Default. 

  
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 “Deferred Compensation Plan Assets” means assets acquired by the Parent
Guarantor or its Subsidiaries specifically for the purpose of satisfying the obligations of the Parent Guarantor and its Subsidiaries under any deferred compensation plan, together with earnings or gains on such assets, all of which shall be held in
a Deferred Compensation Plan Trust. 
 “Deferred Compensation Plan Trust” means any trust established by the Parent
Guarantor, as grantor, to support the Parent Guarantor’s ability to make payments to participants in accordance with the terms of a deferred compensation plan. 

“Designated Non-Cash Consideration” means the Fair Market Value of non-cash consideration received by the Parent Guarantor or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-Cash
Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of such Designated
Non-Cash Consideration. 
 “Disposed EBITDA” means, with respect to any Sold Entity
or Business or any Converted Unrestricted Subsidiary for any period, the amount for such period of Consolidated EBITDA of such Sold Entity or Business or such Converted Unrestricted Subsidiary, all as determined on a consolidated basis for such Sold
Entity or Business or such Converted Unrestricted Subsidiary. 
 “Disqualified Stock” means any Capital Stock that, by its
terms (or by the terms of any security or other Capital Stock into which it is convertible or for which it is exchangeable), or upon the happening of any event or condition (a) matures or is mandatorily redeemable (other than solely for
Qualified Capital Stock), pursuant to a sinking fund obligation or otherwise, (b) is redeemable at the option of the holder thereof (other than solely for Qualified Capital Stock and/or cash in lieu of fractional shares of such Capital Stock),
in whole or in part, (c) provides for the scheduled payments of dividends in cash, or (d) is or becomes convertible into or exchangeable for Debt or any other Capital Stock that would constitute Disqualified Stock, in each case, prior to
the date that is 91 days after the maturity date of the Notes; provided that (x) Capital Stock of any Person that would constitute Disqualified Stock but for terms thereof giving holders thereof the right to require such Person to redeem
or purchase such Capital Stock upon the occurrence of an “asset sale,” a “change of control” or similar event shall not constitute Disqualified Stock if any such requirement becomes operative only after compliance by the Issuers
with Section 4.07 and Section 4.11 of this Indenture and (y) if Capital Stock of any Person is issued pursuant to any plan for the benefit of employees of the Parent Guarantor (or any direct or indirect parent thereof) or any of its
Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute a Disqualified Stock solely because it may be required to be repurchased by the Parent Guarantor (or any direct or indirect parent company thereof) or any of
its Subsidiaries in order to satisfy applicable statutory or regulatory obligations of such Person. 
 “Disqualified Stock
Dividends” means all dividends with respect to Disqualified Stock of the Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of
this kind shall be equal to the quotient of the dividend divided by the difference between one and the maximum statutory consolidated federal, state and local income tax rate (expressed as a decimal number between 1 and 0) then applicable to the
issuer of the Disqualified Stock. 
 “Dollar Equivalent” means, with respect to any monetary amount in a currency other
than U.S. Dollars, at any time for the determination thereof, the amount of U.S. Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the spot rate for the purchase of U.S. Dollars with the
applicable foreign currency as published by the Federal Reserve Board on the date of such determination. 

  
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 “Domestic Subsidiary” means any Restricted Subsidiary that is organized
under the laws of the United States, any State thereof or the District of Columbia. 
 “Equity Offering” means any offering
for cash of Qualified Capital Stock of the Parent Guarantor or any direct or indirect parent company of the Parent Guarantor (but only to the extent such cash proceeds are contributed to the Parent Guarantor), other than (i) any public offering
registered on Form S-4 or S-8, (ii) any issuance to any Subsidiary of the Parent Guarantor or (iii) any offering of Capital Stock issued in connection with a
transaction that constitutes a Change of Control. 
 “Event of Default” has the meaning set forth in Section 6.01.

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and
regulations promulgated by the SEC thereunder. 
 “Exchange Notes” means Notes issued in a Registered Exchange Offer
pursuant to the Registration Rights Agreement. 
 “Fair Market Value” means, with respect to any asset or liability, the
fair market value of such asset or liability, as determined by the Issuer in good faith. 
 “Foreign Subsidiary” means any
Restricted Subsidiary of the Parent Guarantor that is not a Domestic Subsidiary. 
 “Foreign Time Share Receivable” means a
note receivable held by a Foreign Subsidiary arising from the financing of the sale of timeshare intervals and fractional products to a retail customer outside of the United States. 

“GAAP” means generally accepted accounting principles in the United States as in effect on the Issue Date, except with
respect to any reports or financial information required to be delivered pursuant to Section 4.03, which shall be prepared in accordance with GAAP as in effect from time to time. At any time after the Issue Date, the Parent Guarantor may elect,
upon notice to the Trustee, to apply International Financial Reporting Standards, as adopted in the European Union (“IFRS”), accounting principles in lieu of GAAP and, upon any such election, references in this Indenture to GAAP
shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture); provided that (i) any such election, once made, shall be irrevocable, (ii) any calculation or determination under this Indenture that
requires the application of GAAP for periods that include fiscal quarters ended prior to such election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP and (iii) the Parent Guarantor shall only make such
an election if it also reports any subsequent financial reports required to be made pursuant to Section 4.03 in accordance with IFRS. 

“Global Note” means a Note in registered global form without interest coupons. 

“Governmental Authority” means any nation or government, any state, provincial, country, territorial or other political
subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Government Obligations” means securities that are (1) direct obligations of the United States for the timely payment of
which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the timely 

  
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payment of which is unconditionally Guaranteed as a full faith and credit obligation of the United States, which, in either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such Government Obligations or a specific payment of principal of or interest on any
such 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 Government Obligations or the specific payment of principal of or interest on the Government Obligations evidenced by such depositary receipt. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt of any
other Person and any obligation, direct or indirect, contingent or otherwise, of that Person: 

(a)    to purchase or pay (or advance or supply funds for the purchase or payment of) the Debt of such
other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or
to maintain financial statement conditions or otherwise), or 
 (b)    entered into for the purpose of
assuring in any other manner the obligee of the payment thereof or to protect such obligee against loss in respect of such Debt (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means the Parent
Guarantor and the Subsidiary Guarantors. 
 “Holder” or “Noteholder” means the Person in whose name the
Note is registered on the Note register described in Section 2.04. 
 “ILG” means ILG, Inc., a Delaware corporation,
and any of its successors. 
 “ILG Acquisition” means the acquisition by the Parent Guarantor of all of the Capital Stock
of ILG pursuant to the Merger Agreement. 
 “Incur” means, with respect to any Debt or other obligation of any Person, to
create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume, Guarantee or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any Debt or obligation on the
balance sheet of that Person (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing). 

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

“Independent Financial Advisor” means an accounting or investment banking firm of national standing or any third-party
appraiser of national standing; provided that the firm or appraiser is not an Affiliate of the Issuers. 
 “Intercompany
Agreements” means collectively, the Marriott License Agreement, the Ritz-Carlton License Agreement, the Noncompetition Agreement, the Marriott Rewards Affiliation Agreement, the Marriott Comfort Letter and the Ritz-Carlton Comfort Letter.

  
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 “interest” with respect to the Notes means interest with respect thereto
and Additional Interest, if any. 
 “Interest Payment Date” means March 15 and September 15 of each year to the
Stated Maturity of the Notes. 
 “Investment” means, as to any Person, any direct or indirect acquisition or investment by
such Person, whether by means of (a) the purchase or other acquisition of Capital Stock or debt or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee with respect to any obligation of, or purchase
or other acquisition of any other debt or equity participation or interest in, another Person, including any partnership or joint venture interest in such other Person (excluding, in the case of the Parent Guarantor and its Restricted Subsidiaries,
intercompany loans, advances, or Debt having a term not exceeding 364 days (inclusive of any rollover or extensions of terms) and made in the ordinary course of business) or (c) the purchase or other acquisition (in one transaction or a series
of transactions) of all or substantially all of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any
Investment shall be the amount actually invested, without adjustment for subsequent increases or decreases in the value of such Investment, but in each case, without duplication of any adjustments to the amount of such Investment permitted under
Section 4.05, including the definition of “Permitted Investment” (other than clause (m) of the second paragraph of Section 4.05 or clause (w) of the definition of “Permitted Investment”), net of any return in
respect thereof, including dividends, interest, distributions, returns of principal, profits on sale, repayments, income and similar amounts. 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P. 
 “Issue Date” means August 23, 2018. 

“Issuer” shall have the meaning assigned to such term in the preamble hereto until a successor Person or successor Persons
shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Issuer” shall mean such successor Person or successor Persons. 

“Issuers” shall mean the Issuer and the Co-Issuer (if applicable) together;
provided that if no Co-Issuer is a party to this Indenture, all references to Issuers herein shall refer to the Issuer. 

“JV Entity” means any joint venture of a the Parent Guarantor or any of its Restricted Subsidiaries that is not a Subsidiary.

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or
other), charge, assignment (by way of security or otherwise), deemed trust, or preference, priority or other security interest or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other title retention
agreement, any easement, right of way or other encumbrance on title to real property, and any Capital Lease Obligation or Sale and Leaseback Transaction having substantially the same economic effect as any of the foregoing). 

“Limited Condition Acquisition” means any acquisition, including by way of merger, amalgamation or consolidation, by one or
more of the Parent Guarantor and its Restricted Subsidiaries of any assets, business or Person, the consummation of which is not conditioned on the availability of, or on obtaining, third-party acquisition financing. 

  
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 “Limited Condition Transaction” means (i) a Limited Condition
Acquisition, (ii) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment and/or
(iii) any dividends or distributions on, or redemptions of the Parent Guarantor’s Capital Stock requiring irrevocable notice in advance thereof. 

“Market Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of common stock
or common equity interests of the Parent Guarantor or its direct or indirect parent on the date of the declaration of a Restricted Payment multiplied by (ii) the arithmetic mean of the closing prices per share of such common stock or common
equity interests on the principal securities exchange on which such common stock or common equity interests are traded for the 30 consecutive trading days immediately preceding the date of declaration of such Restricted Payment. 

“Marriott Comfort Letter” means the letter agreement, dated November 21, 2011, executed and delivered by Marriott
International Inc., and Marriott Worldwide Corporation, as licensors, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement. 

“Marriott License Agreement” means the License, Services and Development Agreement by Marriott International Inc. and
Marriott Worldwide Corporation, as licensors, and the Parent Guarantor, as licensee, effective as of November 19, 2011. 

“Marriott Rewards Affiliation Agreement” means the Marriott Rewards Affiliation Agreement, effective as of November 21,
2011, by and among Marriott International Inc., Marriott Rewards, LLC, the Parent Guarantor and the Issuer. 
 “Material Adverse
Effect” means a material adverse effect on the (a) business, results of operations or financial condition of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, (b) ability of the Issuers and the Guarantors to
perform their payment obligations under this Indenture, the Notes or the Note Guarantees or (c) rights and remedies of the Trustee or the Holders under this Indenture, the Notes or the Note Guarantees. 

“Merger Agreement” means the Agreement and Plan of Merger, dated as of April 30, 2018, among the Parent Guarantor, ILG,
Ignite Holdco, Inc., Ignite Holdco Subsidiary, Inc., Volt Merger Sub, Inc. and Volt Merger Sub, LLC, as described, in all material respects, in the Offering Memorandum. 

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

“Net Available Cash” from any Asset Sale means cash payments received therefrom (including any cash payments received upon
the sale or other disposition of any Designated Non-Cash Consideration received in any Asset Sale, any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Debt or other obligations relating to the properties or assets that are the subject of that
Asset Sale or received in any other non-cash form), in each case net of: 

(a)    all legal, title and recording tax expenses, commissions and other fees (including, without
limitation, brokers’ or investment bankers’ commissions or fees) and expenses incurred, and all federal, state, provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of the Asset Sale, 

  
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 (b)    all payments made on any Debt that is secured by
any property or asset subject to the Asset Sale, in accordance with the terms of any Lien upon or other security agreement of any kind with respect to that property or asset, or which must by its terms, or in order to obtain a necessary consent to
the Asset Sale, or by applicable law, be repaid out of the proceeds from the Asset Sale, 
 (c)    all
distributions and other payments required to be made to noncontrolling interest holders in Subsidiaries or joint ventures as a result of the Asset Sale, and 

(d)    the deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP,
against any liabilities associated with the properties or assets disposed in the Asset Sale and retained by any Issuer or any Restricted Subsidiary after the Asset Sale; 

provided that, to the extent that any portion of the consideration for an Asset Sale is required by contract to be held in a separate escrow or deposit
account to support indemnification, adjustment of purchase price or similar obligations, such portion of the consideration shall become Net Available Cash only at such time as it is released to the Parent Guarantor or a Restricted Subsidiary from
the escrow or deposit account. 
 “Net Cash Proceeds” means the aggregate proceeds (including the Fair Market Value of
property other than cash) received by the Parent Guarantor or any Restricted Subsidiary in connection with such issuance or sale (other than to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership plan or trust established
by the Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or any Restricted Subsidiary
unless such loans have been repaid with cash on or prior to the date of determination) by the Parent Guarantor or any Restricted Subsidiary after the Issue Date, net of attorneys’ fees, accountants’ fees, underwriters’, initial
purchasers’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with the issuance or sale and net of taxes paid or payable as a result thereof (after taking into
account any available tax credit or deductions and any tax sharing arrangements). 
 “Noncompetition Agreement” means the
Noncompetition Agreement, effective as of November 21, 2011, between Marriott International Inc. and the Parent Guarantor. 
 “Non-Recourse Debt” means Debt of a Person: (a) as to which none of the Issuers or any Guarantor provides any Guarantee or credit support of any kind or is directly or indirectly liable and
(b) which does not provide any recourse against any of the assets of any Issuer or any Guarantor. Notwithstanding the foregoing, (i) the provision of Standard Securitization Undertakings in connection with a Qualified Securitization
Transaction shall not invalidate the status of the Debt of such Time Share SPV that is otherwise classified as Non-Recourse Debt pursuant to the terms of this definition and (ii) Debt shall not be
considered to be recourse to a Person if recourse is contingent upon the occurrence of specified events that have not yet occurred in circumstances in which the occurrence of such events is within the control of such Person (e.g., provisions
commonly known as “bad boy” provisions). 
 “Note Guarantee” means, individually, any Guarantee of payment of the
Notes and the Issuers’ other obligations under this Indenture by a Guarantor pursuant to the terms of this Indenture and any supplemental indenture thereto, and, collectively, all such Guarantees. 

“Offering Memorandum” means the offering memorandum, dated August 9, 2018, related to the offer and sale of the Notes.

  
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 “Officer” means, with respect to any Person, (1) the Chief Executive
Officer, the Chief Financial Officer, Vice Chairman, any President, the Chief Accounting Officer, any Executive Vice President, any Senior Vice President or Vice President, the Treasurer or the Secretary of (a) such Person or (b) if such
Person is owned or managed by a single entity, of such entity, or (2) any other individual designated as an “officer” by the Board of Directors of such Person or any other body or Person authorized by the organizational documents or
by the members of such Person to act for it. 
 “Officers’ Certificate” means a certificate signed by two Officers of
the Issuer, at least one of whom shall be the principal executive officer, principal financial officer or the principal accounting officer of the Issuer, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from legal counsel which is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Issuer. 
 “Parent Guarantor” shall have the meaning assigned to such term in the preamble
hereto until a successor Person shall have become such in compliance with the applicable provisions of this Indenture, and thereafter “Parent Guarantor” shall mean such successor Person. 

“Permitted Acquisition” means the purchase or other acquisition of property and assets or businesses of any Person or of
assets by the Parent Guarantor or any Restricted Subsidiary, or Capital Stock in a Person that, upon the consummation thereof, shall be a Restricted Subsidiary of the Parent Guarantor (including as a result of a merger or consolidation); provided
that such purchase or acquisition is permitted under this Indenture. 
 “Permitted Bond Hedge Transaction” means any
call or capped call option (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change of the common stock of the Parent
Guarantor) purchased by the Parent Guarantor in connection with the issuance of any convertible Debt; provided that the purchase price for such Permitted Bond Hedge Transaction, less the proceeds received by the Parent Guarantor from the sale
of any related Permitted Warrant Transaction, does not exceed the net proceeds received by the Parent Guarantor from the sale of such convertible Debt issued in connection with such Permitted Bond Hedge Transaction. 

“Permitted Business” means (a) any businesses, services or activities engaged in by the Parent Guarantor or its
Subsidiaries on the Issue Date, (b) any businesses, services or activities engaged in by the Parent Guarantor or its Subsidiaries immediately following the closing of the ILG Acquisition and (c) any businesses, services and activities
engaged in by the Parent Guarantor or any of its Subsidiaries that are related, complementary, incidental, ancillary or similar to any of the foregoing or are extensions or developments of any thereof. 

“Permitted Investment” means any Investment by the Parent Guarantor or a Restricted Subsidiary in: 

(a)    any Restricted Subsidiary or any Person that will, upon the making of such Investment, become a Restricted
Subsidiary; provided that the primary business of the Restricted Subsidiary is a Permitted Business; 

(b)    any Person if as a result of the Investment that Person is merged or consolidated with or into, or transfers or
conveys all or substantially all its properties and assets to, the Parent Guarantor or a Restricted Subsidiary; provided that such Person’s primary business is a Permitted Business; 

  
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 (c)    cash and Cash Equivalents; 

(d)    loans or advances to officers, directors, managers, partners and employees of the Parent Guarantor (or any direct
or indirect parent thereof) and its Restricted Subsidiaries (i) for reasonable and customary business-related travel, entertainment, relocation and analogous ordinary business purposes, (ii) in connection with such Person’s purchase
of Capital Stock of the Parent Guarantor (provided that the proceeds of any such loans and advances shall be contributed to the Parent Guarantor in cash as common equity and provided, further, that such contribution shall not
constitute an equity contribution that may be utilized for other baskets (including for the purpose of determining the amount available for Restricted Payments under clause (c)(ii) of the first paragraph of Section 4.05) and (iii) for
purposes not described in the foregoing clauses (i) and (ii), in an aggregate principal amount outstanding not to exceed $45.0 million; 

(e)    asset purchases, acquisitions, licenses or leases (in each case including inventory (including Time Share
Inventory), supplies, materials and equipment) and the licensing or contribution of intellectual property or other rights, in each case in the ordinary course of business; 

(f)    Investments consisting of extensions of credit in the nature of accounts receivable or notes receivable arising
from the grant of trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors and other credits to suppliers in the ordinary course of business;

 (g)    Investments consisting of Liens permitted under Section 4.06 and Debt (including Guarantees) permitted
under Section 4.04; 
 (h)    Investments consisting of any modification, replacement, renewal, reinvestment or
extension of any Investment existing on the Issue Date hereof; provided that the amount of any Investment permitted pursuant to this clause (h) is not increased from the amount of such Investment on the Issue Date except pursuant to the
terms of such Investment as of the Issue Date or as otherwise permitted by Section 4.05 or under any clause of this definition of “Permitted Investment”; 

(i)    Investments in Swap Contracts permitted under clause (xvi) of the second paragraph of Section 4.04; 

(j)    promissory notes and other non-cash consideration received in connection
with dispositions permitted under Section 4.07; 
 (k)    the Transactions; 

(l)    Investments in the ordinary course of business consisting of prepayment of expenses, endorsements for collection or
deposit and customary trade arrangements with customers consistent with past practice; 
 (m)    Investments (including
debt obligations and Capital Stock) received in connection with the bankruptcy or reorganization of suppliers and customers or in settlement of delinquent obligations of, or other disputes with, customers and suppliers from financially troubled
account debtors or upon the foreclosure with respect to any secured Investment or other transfer of title with respect to any secured Investment; 

(n)    advances of payroll payments to employees in the ordinary course of business; 

  
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 (o)    Investments held by the Parent Guarantor or a Restricted
Subsidiary acquired after the Issue Date or of a corporation or company merged into the Parent Guarantor or merged or consolidated with a Restricted Subsidiary in accordance with Article 5 after the Issue Date to the extent that such
Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger or consolidation; 

(p)    Guarantees by the Parent Guarantor or any of its Restricted Subsidiaries in respect of leases (other than Capital
Lease Obligations) or of other obligations that do not constitute Debt, in each case entered into in the ordinary course of business; 

(q)    Investments to the extent that payment for such Investments is made with Qualified Capital Stock of the Parent
Guarantor; provided that, any amounts used for such an Investment or other acquisition that are not Qualified Capital Stock shall otherwise be permitted under Section 4.05 or pursuant to any clause of this definition of “Permitted
Investment”; 
 (r)    other Investments in an aggregate amount, as valued at cost at the time each such Investment
is made and including all related commitments for future Investments, not exceeding the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period; 

(s)    Investments (i) in connection with a Qualified Securitization Transaction (including Investments in
(x) Time Share SPVs and (y) Time Share Receivables in the ordinary course of business) and (ii) distributions or payments of Securitization Fees and purchases of Securitization Assets in connection with a Qualified Securitization
Transaction; 
 (t)    Investments in JV Entities and Unrestricted Subsidiaries in an aggregate amount, as valued at
cost at the time each such Investment is made and including all related commitments for future Investments, not exceeding (i) the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test Period; 

(u)    Investments made by the Parent Guarantor and its Subsidiaries in Deferred Compensation Plan Assets (including
contributions to a “rabbi” trust for the benefit of employees or non-employee directors or other grantor trust subject to claims of creditors in the case of a bankruptcy of the Parent Guarantor);

 (v)    Investments by an Unrestricted Subsidiary entered into prior to the day such Unrestricted Subsidiary is
redesignated as a Restricted Subsidiary pursuant to Section 4.10; provided that such Investments were not entered into in contemplation of such redesignation; 

(w)    other Investments; provided that, at the time of such Investment, the Total Leverage Ratio as of the end of
the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00; 
 (x)    Investments
existing or contemplated on the Issue Date and any modification, replacement, renewal, reinvestment or extension thereof; provided that the amount of any Investment permitted by Section 4.05 or pursuant to any clause of this definition
of “Permitted Investment” is not increased from the amount of such Investment on the Issue Date except pursuant to the terms of such Investment as of the Issue Date or as otherwise permitted by any clause of this definition of
“Permitted Investment”; 

  
 29 

 (y)    Investments in connection with tax planning and reorganization
activities; provided that, after giving effect to, any such activities, the value of the Note Guarantees in favor of the Holders, taken as a whole, would not (and shall not) be materially impaired; 

(z)    Investments in a Permitted Business in an aggregate amount for all such Investments not to exceed, at the time such
Investment is made and after giving effect to such Investment, the sum of (i) an amount equal to the greater of (x) $175.0 million and (y) 25.0% of Consolidated EBITDA for the Test Period plus (ii) the aggregate amount of any
cash repayment of or return on such Investments theretofore received by the Parent Guarantor or any Restricted Subsidiary after the Issue Date; 

(aa)    the forgiveness or conversion to equity of any intercompany Debt owed to the Parent Guarantor or any of its
Restricted Subsidiaries or the cancellation or forgiveness of any Debt owed to the Parent Guarantor (or any direct or indirect parent of the Parent Guarantor) or a Subsidiary from any members of management of the Parent Guarantor (or any direct or
indirect parent of the Parent Guarantor) or any Subsidiary, in each case permitted by Section 4.04; 

(bb)    loans or advances or other similar transactions with customers, distributors, clients, developers, suppliers or
purchasers or sellers of goods or services, in each case, in the ordinary course of business; 
 (cc)    advances in the
ordinary course of business to secure developer contracts of the Parent Guarantor and its Restricted Subsidiaries; 

(dd)    Investments in any captive insurance companies that are Restricted Subsidiaries in an aggregate amount not to
exceed 150% of the minimum amount of capital required under the laws of the jurisdiction in which such captive insurance companies is formed (plus any excess capital generated as a result of any such prior investment that would result in a
materially unfavorable tax or reimbursement impact if distributed), and other Investments in any captive insurance companies that are Restricted Subsidiaries to cover reasonable general corporate and overhead expenses of such captive insurance
companies; 
 (ee)    Investments by any captive insurance companies that are Restricted Subsidiaries; 

(ff)    Investments in any captive insurance companies that are Restricted Subsidiaries in connection with a push down by
the Parent Guarantor or the Issuers of insurance reserves; 
 (gg)    Investments in Time Share Development Property in
the ordinary course of business; provided that at the time of making such Investment, no Default or Event of Default shall have occurred and be continuing; and 

(hh)    Investments by any Foreign Subsidiary in debt securities issued by any nation in which such Foreign Subsidiary has
cash which is the subject of restrictions on export, or any agency or instrumentality of such nation or any bank or other organization organized in such nation, in an aggregate amount not to exceed $75.0 million at any time outstanding. 

For purposes of determining compliance with this definition of “Permitted Investment,” in the event that a Permitted Investment
meets the criteria of more than one of the categories described above in clauses (a) through (hh) of “Permitted Investments,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to classify such Permitted
Investment on the date of such Permitted Investment and may later reclassify such Permitted Investment in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of such
Permitted Investment among more than one of such clauses and (z) shall only be required to include such Permitted Investment in one of any such clauses. 

  
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 “Permitted Liens” means: 

(a)    Liens to secure Debt in an aggregate principal amount not to exceed the amount permitted to be Incurred under
clause (ii) of the second paragraph of Section 4.04, regardless of whether the Parent Guarantor and the Restricted Subsidiaries are actually subject to Section 4.04 at the time the Lien is Incurred; 

(b)    Liens existing on the Issue Date and any modifications, replacements, refinancings, renewals or extensions thereof;
provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products thereof and
(ii) the modification, replacement, renewal, extension or refinancing of the obligations secured or benefited by such Liens (if such obligations constitute Debt) is permitted by Section 4.04; 

(c)    Liens for taxes, assessments or governmental charges (i) which are not overdue for a period of more than 30
days, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person to the extent required in accordance with
GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(d)    statutory or common law Liens of landlords, carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors or other like Liens arising in the ordinary course of business (i) which secure amounts not overdue for a period of more than 60 days or if more than 60 days overdue, are unfiled (or if filed have been discharged or stayed) and no
other action has been taken to enforce such Lien, (ii) which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person
to the extent required in accordance with GAAP or (iii) with respect to which the failure to make payment could not reasonably be expected to have a Material Adverse Effect; 

(e)(i) pledges, deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation,
payroll taxes, unemployment insurance, general liability or property insurance and/or other social security legislation; (ii) pledges and deposits in the ordinary course of business securing liability for reimbursement or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance to the Parent Guarantor or any of its Restricted Subsidiaries; and
(iii) over bank accounts pursuant to the general terms and conditions of banks; 
 (f)    Liens to secure the
performance of bids, trade contracts, governmental contracts and leases (other than Debt for borrowed money), statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to
secure health, safety and environmental obligations), in each case incurred in the ordinary course of business, and obligations in respect of letters of credit, bank guarantee or similar instruments that have been posted to support the same; 

(g)    easements, rights-of-way,
restrictions, covenants, conditions, encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business
of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole; 

  
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 (h)    Liens securing judgments or awards for the payment of money not
constituting an Event of Default; 
 (i)    Liens securing Debt Incurred permitted under clause (xiii) of the
second paragraph of Section 4.04; provided that (i) such Liens attach within 270 days after the acquisition, construction, repair, replacement or improvement (as applicable) of the property subject to such Liens, (ii) such
Liens do not at any time encumber any property other than the property financed by such Debt, replacements thereof and additions and accessions to such property and the proceeds and the products thereof and customary security deposits, and
(iii) with respect to Capital Lease Obligations, such Liens do not at any time extend to or cover any assets (except for additions and accessions to such assets, replacements and products thereof and customary security deposits) other than the
assets subject to such Capitalized Leases; provided that individual financings of equipment provided by one lender may be cross-collateralized to other financings of equipment provided by such lender; 

(j)    leases, licenses, subleases or sublicenses and Liens on the property covered thereby which do not
(i) interfere in any material respect with the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, or (ii) secure any Debt; 

(k)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods in the ordinary course of business; 
 (l)    Liens (i) of a collection
bank (including those arising under Section 4-210 of the Uniform Commercial Code) on the items in the course of collection, (ii) in favor of a banking or other financial institution or entities
and/or credit card processors or other electronic payment service providers arising as a matter of law encumbering deposits or other funds maintained with a financial institution (including the right of
set-off) and which are within the general parameters customary in the banking industry and (iii) arising by the terms of documents of banks or other financial institutions in relation to the maintenance
or administration of deposit accounts, securities accounts, commodity accounts or cash management arrangements; 

(m)    Liens (i) on cash advances or escrow deposits in favor of the seller of any property to be acquired in an
Investment permitted by Section 4.05 to be applied against the purchase price for such Investment or otherwise in connection with any letter of intent, purchase agreement or escrow arrangements with respect to any such Investment or an Asset
Sale permitted by Section 4.07 and (ii) consisting of an agreement to dispose of any property in an Asset Sale permitted under Section 4.07, in each case, solely to the extent such Investment or Asset Sale, as the case may be, would
have been permitted on the date of the creation of such Lien; 
 (n)    Liens with respect to property or assets of the
Parent Guarantor and its Restricted Subsidiaries (including accounts receivable or other revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of
timeshare collection accounts, operating accounts and reserve accounts; 
 (o)    Liens existing on property at the time
of its acquisition or existing on the property of any Person at the time such Person becomes a Restricted Subsidiary (other than by designation as a Restricted Subsidiary pursuant to Section 4.10), in each case after the Issue Date; provided
that (i) such Lien was not created in contemplation of such acquisition or such Person becoming a Restricted Subsidiary and (ii) such Lien does not extend to or cover any other assets or property (other than the proceeds or products
thereof and other than after-acquired property subjected to a Lien securing Debt and other obligations incurred prior to such time and which Debt and other obligations are permitted under this Indenture that require, pursuant to their terms at such
time, a pledge of after-acquired property, it being understood that such requirement shall not be permitted to apply to any property to which such requirement would not have applied but for such acquisition); 

  
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 (p)    any interest or title of a lessor or sublessor under leases or
subleases entered into by the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(q)    Liens arising out of conditional sale, title retention, consignment or similar arrangements for sale of goods
entered into by the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(r)    Liens that are contractual rights of set-off (i) relating to the
establishment of depository relations with banks or other financial institutions not given in connection with the Incurrence of Debt, (ii) relating to pooled deposit or sweep accounts of the Parent Guarantor or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Parent Guarantor or its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into
with customers of the Parent Guarantor or any of its Restricted Subsidiaries in the ordinary course of business; 

(s)    Liens arising from precautionary Uniform Commercial Code financing statement filings or any equivalent filings in
respect of any leases; 
 (t)    Liens securing insurance policies and the proceeds thereof securing financing of the
premiums with respect thereto; 
 (u)(i) zoning, building, entitlement and other land use regulations by Governmental Authorities with which
the normal operation of the business complies and (ii) any zoning or similar law or right reserved to or vested in any Governmental Authority to control or regulate the use of any real property; 

(v)    Liens on specific items of inventory or other goods and the proceeds thereof securing such Person’s
obligations in respect of documentary letters of credit issued for the account of such Person to facilitate the purchase, shipment or storage of such inventory or goods; 

(w)    the modification, replacement, renewal or extension of any Lien permitted by clauses (b), (i) and (o) of this
definition; provided that (i) the Lien does not extend to any additional property other than (A) after-acquired property that is affixed or incorporated into the property covered by such Lien and (B) proceeds and products
thereof and (ii) the renewal, extension or refinancing of the obligations secured or benefited by such Liens is permitted by Section 4.04; 

(x)    ground leases in respect of real property on which facilities owned or leased by the Parent Guarantor or any of its
Restricted Subsidiaries are located; 
 (y)    Liens on property of a
non-Guarantor Restricted Subsidiary securing Debt that is permitted by Section 4.04 or other obligations of such non-Guarantor Restricted Subsidiary; 

(z)    Liens solely on any cash earnest money deposits made by the Parent Guarantor or any Restricted Subsidiary in
connection with any letter of intent or purchase agreement in respect of any Investment permitted under this Indenture; 
 (aa) Liens
granted in the ordinary course of business securing obligations that do not constitute Debt; 

  
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 (bb) Liens securing Debt permitted under clause (vi) of the second paragraph of
Section 4.04; 
 (cc) other Liens; provided that at the time of Incurrence of the obligations secured thereby, the aggregate
outstanding principal amount of obligations secured by Liens existing in reliance on this clause shall not exceed the greater of (x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test Period; 

(dd) Liens to secure Debt or other obligations, so long as, on a Pro Forma Basis, after giving effect to such Liens, the Secured Leverage
Ratio does not exceed 3.00 to 1.00; 
 (ee) Liens on property of a non-Guarantor Restricted
Subsidiary securing Debt permitted under clause (viii) of the second paragraph of Section 4.04; 
 (ff) with respect to property
of any Foreign Subsidiary, other Liens and privileges arising mandatorily by law; 
 (gg) Liens on receivables (including Time Share
Receivables) and related assets arising in connection with a Qualified Securitization Transaction; 
 (hh) Liens on (i) Foreign Time
Share Receivables securing Debt permitted under clause (xxii) of the second paragraph of Section 4.04 and (ii) the monetized notes underlying hypothecations of, or Qualified Securitization Transactions with respect to, Time Share
Receivables permitted under clause (xxii) of the second paragraph of Section 4.04; 
 (ii) Liens created or deemed to exist by the
establishment of trusts for the purpose of satisfying government reimbursement program costs and other actions or claims pertaining to the same or related matters or other medical reimbursement programs; 

(jj) Liens on cash and Cash Equivalents (or specific property securing such Debt) used to satisfy or discharge Debt; provided that such
satisfaction or discharge is permitted under this Indenture; 
 (kk) receipt of progress payments and advances from customers in the
ordinary course of business to the extent the same creates a Lien on the related inventory and proceeds thereof; 
 (ll) Liens on cash or
Investments permitted by Section 4.05 securing Swap Contracts in the ordinary course of business submitted for clearing in accordance with requirements of law; 

(mm) the prior rights of consignees and their lenders under consignment arrangements entered into in the ordinary course of business; 

(nn) Liens on Capital Stock of Unrestricted Subsidiaries; 

(oo) Liens arising as a result of a Permitted Sale and Leaseback Transaction or any other Sale and Leaseback Transaction permitted by
Section 4.04; 
 (pp) Liens deposits of cash with the owner or lessor of premises leased and operated by the Parent Guarantor or any of
its Restricted Subsidiaries to secure the performance of the Parent Guarantor’s or such Restricted Subsidiary’s obligations under the terms of the lease for such premises; 

(qq) Liens with respect to property or assets of the Parent Guarantor and its Restricted Subsidiaries (including accounts receivable or other
revenue streams and other rights to payment and any other assets related thereto) in connection with a property manager’s obligations in respect of timeshare collection accounts, operating accounts and reserve accounts; and 

  
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 (rr) Liens in favor of the Parent Guarantor, any Issuer or any Restricted Subsidiary. 

For purposes of determining compliance with Section 4.06 and this definition of “Permitted Liens,” in the event that a Lien
meets the criteria of more than one of the categories described above in clauses (a) through (rr) of “Permitted Liens,” the Parent Guarantor shall be permitted, in its sole discretion, (x) to classify such Lien on the date of
Incurrence and may later reclassify such Lien in any manner (based on the circumstances existing at the time of any such reclassification), (y) may divide and later redivide the amount of such Lien among more than one of such clauses and
(z) shall only be required to include such Lien in one of any such clauses; provided that all Liens of the category described above in clause (a) of Permitted Liens shall be deemed to be Incurred pursuant to clause (a) of
Permitted Liens and shall not later be reclassified, and the amount of such Liens shall not be divided or later redivided among any other clause of Permitted Liens. 

“Permitted Refinancing Debt” means any Debt that Refinances any other Debt, including any successive Refinancings, so long
as: 
 (a)    the new Debt is in an aggregate principal amount not in excess of the sum of: 

(1)    the aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted
value) then outstanding of the Debt being Refinanced, and 
 (2)    an amount necessary to pay any fees
and expenses, premiums (including tender premiums) and defeasance costs, underwriting discounts, accrued and unpaid interest, upfront fees and original issue discount related to the Refinancing, 

(b)    the Weighted Average Life to Maturity of the new Debt is equal to or greater than the Weighted
Average Life to Maturity of the Debt being Refinanced, 
 (c)    the Stated Maturity of the new Debt is
no earlier than the Stated Maturity of the Debt being Refinanced, and 
 (d)    the new Debt shall not be
senior in right of payment to the Debt that is being Refinanced; 
 provided, however, that Permitted Refinancing Debt shall not include
(x) Debt of a Restricted Subsidiary that is not a Subsidiary Guarantor that Refinances Debt of the Parent Guarantor, any Issuer or any Subsidiary Guarantor, or (y) Debt of the Parent Guarantor or a Restricted Subsidiary that Refinances
Debt of an Unrestricted Subsidiary. 
 “Permitted Sale and Leaseback Transaction” means any Sale and Leaseback Transaction
consummated by the Parent Guarantor or any of its Restricted Subsidiaries after the Issue Date for Fair Market Value as determined at the time of consummation in good faith by (i) the Parent Guarantor or a Restricted Subsidiary and (ii) in
the case of any Sale and Leaseback Transaction (or series of related Sale and Leaseback Transactions) the aggregate proceeds of which exceed the greater of (x) $90.0 million and (y) 12.5% of Consolidated EBITDA for the Test Period, the Board of
Directors of the Parent Guarantor or such Restricted Subsidiary. 

  
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 “Permitted Warrant Transaction” means any call option, warrant or right to
purchase (or substantively equivalent derivative transaction) relating to the Parent Guarantor’s common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) and/or cash (in
an amount determined by reference to the price of such common stock) sold by the Parent Guarantor substantially concurrently with any purchase by the Parent Guarantor of a Permitted Bond Hedge Transaction. 

“Person” means any individual, corporation, company (including any limited liability company), association, partnership,
joint venture, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Post-Acquisition Period” means, with respect to any Permitted Acquisition or the conversion of any Unrestricted Subsidiary
into a Restricted Subsidiary, the period beginning on the date such Permitted Acquisition or conversion is consummated and ending on the last day of the fourth full consecutive fiscal quarter immediately following the date on which such Permitted
Acquisition or conversion is consummated. 
 “Preferred Stock” means any Capital Stock of a Person, however designated,
which entitles the holder thereof to a preference with respect to the payment of dividends, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other class of Capital
Stock issued by that Person. 
 “Preferred Stock Dividends” means all dividends with respect to Preferred Stock of the
Parent Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided by the difference
between one and the maximum statutory consolidated federal, state and local income rate (expressed as a decimal number between 1 and 0) then applicable to the issuer of the Preferred Stock. 

“Productive Assets” means assets (other than cash, Cash Equivalents, securities and inventory) that are used or usable by the
Parent Guarantor and its Restricted Subsidiaries in Permitted Businesses. 
 “Pro Forma Adjustment” means, for any Test
Period that includes all or any part of a fiscal quarter included in any Post-Acquisition Period, with respect to the Acquired EBITDA of the applicable Acquired Entity or Business or Converted Restricted Subsidiary or the Consolidated EBITDA,
(a) the pro forma increase or decrease in such Acquired EBITDA or such Consolidated EBITDA, as the case may be, that is expected to have a continuing impact and (b) additional good faith pro forma adjustments arising out of cost savings
initiatives attributable to such transaction and additional costs associated with the combination of the operations of such Acquired Entity or Business or Converted Restricted Subsidiary with the operations of the Parent Guarantor and its Restricted
Subsidiaries, in each case being given pro forma effect, which actions (i) have been taken or (ii) shall be taken or implemented within the succeeding 24 months following such transaction and, in each case, including, but not limited to,
(w) reduction in personnel expenses, (x) reduction of costs related to administrative functions, (y) reductions of costs related to leased or owned properties and (z) reductions from the consolidation of operations and
streamlining of corporate overhead, taking into account, for purposes of determining such compliance, the historical financial statements of the Acquired Entity or Business or Converted Restricted Subsidiary and the consolidated financial statements
of the Parent Guarantor and its Restricted Subsidiaries, assuming such Permitted Acquisition or conversion, and all other Permitted Acquisitions or conversions that have been consummated during the period, and any Debt or other liabilities repaid in
connection therewith had been consummated and Incurred or repaid at the beginning of such period (and assuming that such Debt to be Incurred bears interest during any portion of the applicable measurement period prior to the relevant

  
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acquisition or conversion at the interest rate which is or would be in effect with respect to such Debt as at the relevant date of determination); provided that, so long as such actions
are initiated during such Post-Acquisition Period or such costs are incurred during such Post-Acquisition Period, as applicable, for purposes of projecting such pro forma increase or decrease to such Acquired EBITDA or such Consolidated EBITDA, as
the case may be, it may be assumed that such cost savings shall be realizable during the entirety of such Test Period, or such additional costs, as applicable, shall be incurred during the entirety of such Test Period; provided,
further, that at the election of the Parent Guarantor, such Pro Forma Adjustment shall not be required to be determined for any Acquired Entity or Business or Converted Restricted Subsidiary to the extent the aggregate consideration paid in
connection with such acquisition was less than $25.0 million. 
 “Pro Forma Basis” and “Pro Forma
Effect” mean, with respect to compliance with any covenant under this Indenture as of an applicable date or period of measurement, that (A) to the extent applicable, the Pro Forma Adjustment shall have been made and (B) all
Specified Transactions and the following transactions in connection therewith that have been made during the applicable period of measurement or subsequent to such period and prior to or simultaneously with the event for which the calculation is
made shall be deemed to have occurred as of the first day of the applicable period of measurement (or as of the last date of such period in the case of a balance sheet item): (a) income statement items (whether positive or negative) attributable to
the property or Person subject to such Specified Transaction, (i) in the case of a disposition of all or substantially all Capital Stock in any Restricted Subsidiary of the Parent Guarantor or any division, product line or facility used for the
operations of the Parent Guarantor or any of its Restricted Subsidiaries, shall be excluded, and (ii) in the case of a Permitted Acquisition or other Investment described in the definition of “Specified Transaction,” shall be
included, (b) any retirement of Debt and (c) any Debt Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in connection therewith and, if such Debt has a floating or formula rate, such Debt shall have an implied rate of
interest for the applicable period for purposes of this definition determined by utilizing the rate which is or would be in effect with respect to such Debt as at the relevant date of determination; provided that, (1) without limiting
the application of the Pro Forma Adjustment pursuant to clause (A) above, the foregoing pro forma adjustments may be applied to any such test solely to the extent that such adjustments are consistent with the definition of “Consolidated
EBITDA” and give effect to events (including cost savings, synergies and operating expense reductions) that are (as determined by the Parent Guarantor in good faith) (i) (x) directly attributable to such transaction, (y) expected to
have a continuing impact on the Parent Guarantor and its Restricted Subsidiaries and (z) factually supportable or (ii) otherwise consistent with the definition of “Pro Forma Adjustment” and (2) in connection with any
Specified Transaction that is the Incurrence of Debt in respect of which compliance with any specified leverage ratio test is by the terms of this Indenture to be calculated on a Pro Forma Basis, the proceeds of such Debt shall not be netted from
Debt in the calculation of the applicable leverage ratio test. 
 “Qualified Capital Stock” means any Capital Stock that is
not Disqualified Stock. 
 “Qualified Securitization Transaction” means any Securitization Facility that meets the
following conditions: (i) the Parent Guarantor shall have determined in good faith that such Securitization Facility is in the aggregate economically fair and reasonable to the Parent Guarantor and its Restricted Subsidiaries, (ii) all
sales of Securitization Assets and related assets by the Parent Guarantor or any of its Restricted Subsidiaries to the Securitization Subsidiary or any other Person are made for fair consideration (as determined in good faith by the Parent
Guarantor) and (iii) the financing terms, covenants, termination events and other provisions thereof shall be fair and reasonable terms (as determined in good faith by the Parent Guarantor) and may include Standard Securitization Undertakings,
it being understood that the revolving warehouse credit facility evidenced by that certain Third Amended and Restated Indenture and Servicing Agreement, dated as of September 1, 2014, by and among Marriott

  
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Vacations Worldwide Owner Trust 2011-1, as issuer, the Issuer, as servicer, and Wells Fargo Bank, National Association, as indenture trustee and as back-up servicer, and the other Facility Documents (as defined therein) shall constitute a Qualified Securitization Transaction for all purposes hereunder. 

“Rating Agencies” means Moody’s and S&P. 

“Record Date” for the interest or Additional Interest, if any, payable on any applicable Interest Payment Date means the
March 1 or September 1 (whether or not a Business Day) immediately preceding such Interest Payment Date. 

“Refinance” means, in respect of any Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or
retire, or to issue other Debt, in exchange or replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Registration Rights Agreement” means that certain registration rights agreement dated as of the Issue Date by and among the
Issuers, the Guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the initial purchasers named therein. 

“Reorganization” means any reorganization of any of the Parent Guarantor, the Issuers and/or their respective Subsidiaries
implemented in order to optimize the tax position of such entities or any parent thereof (as reasonably determined by the Issuer in good faith) so long as such reorganization does not materially impair any Note Guarantee and is otherwise not
materially adverse to the Holders in their capacity as such, taken as a whole. 
 “Restricted Investment” means an
Investment other than a Permitted Investment. 
 “Restricted Payment” means: 

(a)    any dividend or distribution (whether made in cash, securities or other property or assets) declared
or paid on or with respect to any shares of Capital Stock of the Parent Guarantor or any Restricted Subsidiary (including any payment in connection with any merger or consolidation with or into the Parent Guarantor or any Restricted Subsidiary),
except for (i) any dividend or distribution that is made by a Restricted Subsidiary, so long as, in the case of any dividend or distribution payable on or in respect of any Capital Stock issued by a Restricted Subsidiary that is not a Wholly
Owned Restricted Subsidiary, the Parent Guarantor or the Restricted Subsidiary holding such Capital Stock received at least its pro rata share of such dividend or distribution or (ii) any dividend or distribution payable solely in shares of
Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 
 (b)    the purchase,
repurchase, redemption, acquisition or retirement for value, including in connection with any merger or consolidation, of any Capital Stock of the Parent Guarantor or any direct or indirect parent of the Parent Guarantor (other than from the Parent
Guarantor or a Restricted Subsidiary); 
 (c)    any principal payment on, or the purchase, repurchase,
redemption, acquisition or retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization or other installment payment, of any Subordinated Obligation (other than (i) any Subordinated Obligation Incurred under
clause (iii) of the second paragraph of Section 4.04 and (ii) the purchase, repurchase, redemption, acquisition or retirement for value of any Subordinated Obligation purchased in anticipation of satisfying a scheduled maturity,
sinking fund or amortization or other installment obligation, in each case under this clause (ii) due within one year of the date of purchase, repurchase, redemption, acquisition or retirement); or 

  
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 (d)    any Investment (other than Permitted Investments)
in any Person. 
 “Restricted Subsidiary” means any Subsidiary of the Parent Guarantor (including the Issuers) other than
an Unrestricted Subsidiary. 
 “Ritz-Carlton Comfort Letter” means the letter agreement, dated November 21, 2011,
executed and delivered by The Ritz-Carlton Hotel Company, L.L.C., as licensor, the Parent Guarantor, as licensee, and the administrative agent under the Credit Agreement. 

“Ritz-Carlton License Agreement” means the License, Services and Development Agreement by The Ritz-Carlton Hotel Company,
L.L.C., as licensor and the Parent Guarantor, as licensee, effective as of November 19, 2011. 
 “S&P” means
S&P Global Ratings, a division of S&P Global Inc., or any successor to the rating agency business thereof. 
 “Sale and
Leaseback Transaction” means any direct or indirect arrangement relating to property or an asset now owned or hereafter acquired whereby the Parent Guarantor or a Restricted Subsidiary transfers that property or asset to another Person and
the Parent Guarantor or a Restricted Subsidiary leases it from that other Person, together with any Refinancings thereof. 

“SEC” means the U.S. Securities and Exchange Commission. 

“Secured Leverage Ratio” means, with respect to any Test Period, the ratio of (a) Consolidated Secured Debt as of the
last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 
 “Securities Act” means the U.S.
Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder. 

“Securitization Asset” means (a) any Time Share Receivables, (b) any accounts receivable, mortgage receivables,
loan receivables, receivables or loans relating to the financing of insurance premiums, royalty, patent or other revenue streams and other rights to payment or related assets and the proceeds thereof and (c) all collateral securing such
receivable or asset (including Time Share Receivables), all contracts and contract rights, purchase orders, guarantees or other obligations in respect of such receivable or asset, lockbox accounts and records with respect to such account or asset
and any other assets customarily transferred (or in respect of which security interests are customarily granted) together with accounts or assets in connection with a securitization, factoring or receivable sale transaction. 

“Securitization Facility” means any of one or more securitization, bank conduit receivables or warehouse financing, factoring
or sales transactions, hypothecation facility and/or receivables purchase agreements, pursuant to which the Parent Guarantor or any of its Restricted Subsidiaries sells, assigns, transfers, pledges, participates, contributes to capital or otherwise
conveys any Securitization Assets (including Time Share Receivables) (whether now existing or arising in the future) to a Securitization Subsidiary or any other Person. 

“Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any
Securitization Asset or participation interest therein issued or sold in connection with, and other fees and expenses (including reasonable fees and expenses of legal counsel) paid in connection with, any Qualified Securitization Transaction. 

  
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 “Securitization Repurchase Obligation” means any obligation of a seller of
Securitization Assets in a Qualified Securitization Transaction to repurchase or otherwise make payments with respect to Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a
result of a receivable or portion thereof becoming subject to any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Securitization Subsidiary” means any Time Share SPV and any other Subsidiary of the Parent Guarantor formed for the purpose
of and that solely engages in one or more Qualified Securitization Transactions and other activities reasonably related thereto or another Person formed for such purpose. 

“Separation and Distribution Agreement” means the Separation and Distribution Agreement, effective as of November 21,
2011, between Marriott International, Inc., the Parent Guarantor, the Issuer, Marriott Resorts Hospitality Corporation, MVCI Asia Pacific Pte. Ltd. and MVCO Series LLC. 

“Significant Subsidiary” means any Subsidiary (other than any Securitization Subsidiary) that would be a “Significant
Subsidiary” of the Parent Guarantor within the meaning of Rule 1-02(w) under Regulation S-X promulgated by the SEC. 

“Sold Entity or Business” shall have the meaning assigned to such term in the definition of “Consolidated EBITDA”
in this Section 1.01. 
 “Specified Transaction” means any Investment, disposition (including any disposition that
results in a Restricted Subsidiary ceasing to be a Subsidiary of the Parent Guarantor or any asset sale of a business unit, line of business or division), Incurrence or repayment of Debt, Restricted Payment or Restricted Subsidiary redesignation
that by the terms of this Indenture requires any test to be calculated on a “Pro Forma Basis” or after giving “Pro Forma Effect.” 

“Specified Turbo Period” means, with respect to any Debt Incurred in respect of any Qualified Securitization Transaction,
such period of time (as determined in accordance with the definitive documentation governing such Debt (the “Indebtedness Documentation”)) for which the collected receivables and other payments generated by the Time Share
Receivables subject to such Qualified Securitization Transaction are not available for distribution to the obligor of such Debt (or to an affiliate of such obligor to which such distributions are to be made) pursuant to the terms of the relevant
Indebtedness Documentation, including as the result of (i) the occurrence of an event analogous to a “Trigger Event,” as defined in the Indenture and Servicing Agreement, dated as of July 27, 2016, by and among MVW Owner Trust 2016-1, as issuer, the Issuer, as servicer, Wells Fargo Bank, National Association, as trustee and back-up servicer (as in effect on the Issue Date), or (ii) an Event of
Default (under and as defined in the relevant Indebtedness Documentation); provided that with respect to such an Event of Default, a Specified Turbo Period shall not commence until such time as payment of such Debt has been accelerated. 

“Standard Securitization Undertakings” means representations, warranties, covenants, guarantees and indemnities entered into
by the Parent Guarantor or any Subsidiary of the Parent Guarantor which the Parent Guarantor has determined in good faith to be customary in a Securitization Facility, including those relating to the servicing of the assets of a Securitization
Subsidiary and the provision of cash or Cash Equivalents to pay fees and expenses reasonably related thereto, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking or, in the
case of a factoring facility, a non-credit related recourse account receivable factoring arrangement. 

  
 40 

 “Stated Maturity” means, with respect to any security, the date specified
in the security as the fixed date on which the payment of principal of the security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the redemption or repurchase of the security
at the option of the holder thereof upon the happening of any contingency beyond the control of the issuer unless that contingency has occurred). 

“Subordinated Obligation” means any Debt of the Issuers or the Guarantors (whether outstanding on the Issue Date or
thereafter Incurred) that is subordinate or junior in right of payment to the Notes or the Note Guarantees pursuant to a written agreement to that effect. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the Capital Stock or other interests (including partnership interests) having ordinary voting power for the election of directors, managers or other governing body (other than securities or interests having such power only by
reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. 

“Subsidiary Guarantor” means all existing Subsidiaries of the Parent Guarantor that Guarantee the Notes and any future
Subsidiaries that Guarantee the Notes, until such Note Guarantees are released in accordance with the terms of this Indenture. 

“Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate
transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions,
interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts or any other similar
transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, (b) any and all transactions of any kind,
and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement
or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or liabilities under any Master Agreement, (c) any Permitted Bond Hedge
Transaction and (d) any Permitted Warrant Transaction. 
 “Swap Termination Value” means, in respect of any one or
more Swap Contracts, after taking into account the effect of any legally enforceable netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s) determined as the
mark-to-market value(s) for such Swap Contracts, as determined by the Parent Guarantor, in accordance with the terms thereof and in accordance with customary methods for
calculating mark-to-market values under similar arrangements. 

“Test Period” means, at any date of determination, the most recently completed four consecutive fiscal quarters of the Parent
Guarantor ending on or prior to such date for which financial statements have been or are required to be delivered pursuant to Section 4.03. 

  
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 “TIA” or “Trust Indenture Act” means the U.S. Trust
Indenture Act of 1939, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder. 

“Time Share Development Property” means any portion of any existing hotel or resort property acquired by the Parent Guarantor
or any of its Restricted Subsidiaries, which has not been dedicated to any time share arrangement, plan, scheme or similar device and which the Parent Guarantor or such Restricted Subsidiary intends primarily to convert into Time Share Inventory.
For the avoidance of doubt, any real property interest that qualifies as Time Share Development Property shall be deemed not to qualify as Time Share Inventory. 

“Time Share Inventory” means (i) inventory available to occupy as a dwelling or accommodation and which may be coupled
with an estate in real estate or limited to a right to use real estate without an estate or ownership interest, pursuant to any time share arrangement, plan, scheme or similar device, in any legal form or structure (including trusts or associations)
(including units physically located within a project that are currently used for sales and/or administrative purposes and that have received certificates of occupancy for such use) or (ii) any real property interest completed and available to
occupy as a dwelling or accommodation and intended by the Parent Guarantor or a Restricted Subsidiary to be dedicated to any such time share arrangement (including units physically located within a project that are currently used for sales and/or
administrative purposes and that have received certificates of occupancy for such use). 
 “Time Share Receivables” means
notes receivable arising from the financing of the sale of timeshare intervals and fractional products to a retail customer, together with any assets related thereto, including, without limitation, all contracts and contract rights, purchase orders,
security interests, financing statements or other documentation in respect of such notes receivable. 
 “Time Share SPV”
means an entity intended to be bankruptcy-remote and which is formed for the purpose of engaging in the financing transactions under a Securitization Facility with respect to Time Share Receivables and the Debt of which is Non-Recourse Debt. 
 “Total Leverage Ratio” means, with respect to any Test Period, the
ratio of (a) Consolidated Total Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period. 

“Transaction Expenses” means any fees and expenses incurred or paid by the Parent Guarantor or any Restricted Subsidiary in
connection with the Transactions. 
 “Transactions” means, collectively, (a) the borrowing of funds under the Credit
Agreement on the closing date of the ILG Acquisition, (b) the issuance of the Notes on the Issue Date, (c) the refinancing of Debt of the Parent Guarantor and its subsidiaries and ILG and its subsidiaries, respectively, under existing
credit facilities on the closing date of the ILG Acquisition, (d) the ILG Acquisition, (e) the consummation of any other transaction in connection with the foregoing and (f) the payment of Transaction Expenses. 

“Treasury Rate” means, as obtained by the Issuer, as of any Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 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 such Redemption Date to September 15, 2021; provided,
however, that if the period from such Redemption Date to September 15, 2021 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used.

  
 42 

 “Trust Officer” means, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice president, senior associate, 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. 
 “Trustee” means the party named as such in this Indenture until a successor replaces
it and, thereafter, means the successor. 
 “Uniform Commercial Code” means the New York Uniform Commercial Code as in
effect from time to time. 
 “United States” means the United States of America (including the states and the District of
Columbia) and its territories, possessions and other areas subject to its jurisdiction. 
 “Unrestricted Cash Amount”
means, as to any Person on any date of determination, the amount of (a) unrestricted cash and Cash Equivalents of such Person in excess of $50.0 million and (b) cash and Cash Equivalents of such Person restricted in favor of the
Credit Agreement (which may also include cash and Cash Equivalents securing other Debt secured by a Lien on any collateral along with the Credit Agreement), in each case as determined in accordance with GAAP, it being understood and agreed that
proceeds subject to an escrow, trust, collateral or similar account or arrangement holding proceeds of Debt solely for the benefit of an unaffiliated third party shall be deemed to constitute “restricted cash” for purposes of the
Unrestricted Cash Amount. 
 “Unrestricted Subsidiary” means: 

(a)    any Subsidiary of the Parent Guarantor (other than the Issuers) that is designated after the Issue
Date as an Unrestricted Subsidiary pursuant to Section 4.10 and is not thereafter redesignated as a Restricted Subsidiary pursuant to Section 4.10; and 

(b)    any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Dollar” or “$” means the lawful currency of the United States. 

“Voting Stock” of any Person means all classes of Capital Stock or other interests (including partnership interests) of that
Person then outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or other governing body thereof. 

“Weighted Average Life to Maturity” means, when applied to any Debt at any date, the number of years obtained by dividing:

 (1)    the sum of the products obtained by multiplying (a) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that
shall elapse between such date and the making of such payment, by 
 (2)    the then outstanding principal amount of
such Debt. 

  
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 “Wholly Owned” means a Subsidiary all the Voting Stock of which (except
directors’ qualifying shares) is at that time owned, directly or indirectly, by the Parent Guarantor and its other Wholly Owned Restricted Subsidiaries. 

Section 1.02    Other Definitions. 
  

			
	Term	  	Defined in Section
		
	“Affiliate Transaction”	  	4.09
	“Agent”	  	2.04
	“Allocable Excess Proceeds”	  	4.07
	“Applicable Law”	  	12.16
	“Applicable Premium Deficit”	  	8.02(a)
	“Authentication Agent”	  	2.14
	“Change of Control Offer”	  	4.11(a)
	“Change of Control Purchase Date”	  	4.11(b)
	“Change of Control Purchase Price”	  	4.11(a)
	“covenant defeasance option”	  	8.01
	“Deadline Date”	  	3.07
	“Definitive Note”	  	Appendix A
	“Depositary”	  	Appendix A
	“DTC”	  	2.04
	“Determination Date”	  	3.07
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.07
	“Exchange Notes”	  	Appendix A
	“Increased Amount”	  	4.06
	“Initial Default”	  	6.04
	“LCT Election”	  	1.05
	“LCT Test Date”	  	1.05
	“legal defeasance option”	  	8.01
	“Notes Custodian”	  	Appendix A
	“Notice of Default”	  	6.01
	“Offer Amount”	  	4.07(d)(2)
	“Offer Period”	  	4.07(d)(2)
	“Original Notes”	  	Recitals hereto
	“Paying Agent”	  	2.04
	“Permitted Debt”	  	4.04
	“Public Offer”	  	1.05(a)
	“Prepayment Offer”	  	4.07
	“Redemption Date”	  	3.03
	“Registered Exchange Offer”	  	Appendix A
	“Registrar”	  	2.04
	“Reversion Date”	  	4.01
	“Special Mandatory Redemption”	  	3.07
	“Special Mandatory Redemption Date”	  	3.07
	“Surviving Issuer”	  	5.01(a)
	“Surviving Parent”	  	5.02(a)
	“Suspended Covenants”	  	4.01
	“Suspension Date”	  	4.01
	“Suspension Period”	  	4.01

  
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 Section 1.03    Incorporation by Reference of Trust
Indenture Act. Whenever this Indenture refers to a provision of the TIA as applicable to this Indenture, the provision is incorporated by reference in and made a part of this Indenture upon and after, but not before, the qualification of this
Indenture under the TIA. The following TIA terms have the following meanings: 
 “indenture securities”
means the Notes and the Guarantees. 
 “obligor” on the indenture securities means the Issuers and any other
obligor on the indenture securities. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rules have the meanings assigned to them by such definitions. 

Section 1.04    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 Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of
its nature as unsecured Debt; 
 (g)    the principal amount of any
non-interest bearing or other discount security at any date shall be the principal amount thereof that would be shown on a balance sheet of the Parent Guarantor dated such date prepared in accordance with
GAAP; 
 (h)    the principal amount of any Preferred Stock shall be the greater of (i) the maximum
liquidation value of such Preferred Stock or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock; 

(i)    references to any contract, agreement or instrument shall mean the same as amended, modified,
supplemented or amended and restated from time to time, in each case, in accordance with any applicable restrictions contained in this Indenture; 

(j)    the terms “property,” “properties,” “asset” and “assets”
shall have the same meaning; and 
 (k)    for the avoidance of doubt, the terms “dissolution and
“liquidation” do not include a merger, amalgamation or similar transaction. 

  
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 Section 1.05    Limited Condition Transactions; Measuring
Compliance. 
 (a)    In connection with any action being taken in connection with a Limited Condition Transaction,
for purposes of (i) determining compliance with any provision of this Indenture that requires the calculation of any other financial ratio or (ii) testing availability under baskets set forth in this Indenture (including baskets measured
as a percentage of Consolidated Total Assets or Consolidated EBITDA), in each case, at the option of the Issuer (the Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT
Election”), the date of determination of whether any such transaction is permitted hereunder shall be deemed to be the date (the “LCT Test Date”) (x) the definitive agreement for such Limited Condition Transaction is
entered into (or, in respect of any transaction described in clauses (ii) and (iii) of the definition of “Limited Condition Transaction,” delivery of irrevocable notice, declaration of dividend or similar event), and not at the time
of consummation of such Limited Condition Transaction or (y) solely in connection with an acquisition to which the United Kingdom City Code on Takeovers and Mergers applies (or similar law in another jurisdiction), the date on which a
“Rule 2.7 announcement” of a firm intention to make an offer (or equivalent announcement in another jurisdiction) (a “Public Offer”) is issued in respect of a target of such acquisition, and if, after giving pro forma
effect to the Limited Condition Transaction and the other transactions to be entered into in connection therewith (including any Incurrence of Debt and the use of proceeds thereof) as if they had occurred at the beginning of the most recent Test
Period ending prior to the LCT Test Date, the Parent Guarantor and the Restricted Subsidiaries could have taken such action on the relevant LCT Test Date in compliance with such ratio or basket, such ratio or basket shall be deemed to have been
complied with. 
 (b)    For the avoidance of doubt, if the Issuer has made an LCT Election and any of the ratios or
baskets for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in Consolidated Total Assets or Consolidated EBITDA on a consolidated
basis or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction or action, such baskets or ratios shall not be deemed to have been exceeded as a result of such fluctuations solely for
purposes of determining whether the relevant transaction or action is permitted to be consummated or taken; provided that if such ratios or baskets improve as a result of such fluctuations, such improved ratios and/or baskets may be utilized.
If the Issuer has made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or basket availability with respect to the Incurrence of Debt or Liens, or the making of Restricted
Payments or Permitted Investments, mergers, the conveyance, lease or other transfer of all or substantially all of the assets of a Person, the prepayment, redemption, purchase, defeasance or other satisfaction of Debt, or the designation of an
Unrestricted Subsidiary on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the definitive agreement for such Limited Condition Transaction is terminated or
expires (or, if applicable, the irrevocable notice, declaration of dividend or similar event is terminated or expires or, as applicable, the offer in respect of a Public Offer for, such acquisition is terminated) without consummation of such Limited
Condition Transaction, any such ratio or basket shall be tested by calculating the availability under such ratio or basket on a Pro Forma Basis assuming such Limited Condition Transaction and other transactions in connection therewith have been
consummated (including any Incurrence of Debt and any associated Lien and the use of proceeds thereof; provided that Consolidated Interest Expense for purposes of the Consolidated Fixed Charges Coverage Ratio shall be calculated using an
assumed interest rate based on the indicative interest margin contained in any financing commitment documentation with respect to such Debt or, if no such indicative interest margin exists, as reasonably determined by the Issuer in good faith). 

(c)    In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of
determining compliance with any provision of this Indenture which requires that no Default or Event of Default has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option of the Issuer, be
deemed satisfied, so long as no Default or 

  
 46 

 
Event of Default exists on the date the definitive agreements for such Limited Condition Transaction are entered into. For the avoidance of doubt, if the Issuer has exercised its option to make
an LCT Election and any Default or Event of Default occurs following the date the definitive agreements for the applicable Limited Condition Transaction were entered into and prior to the consummation of such Limited Condition Transaction, any such
Default or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with such Limited Condition Transaction is permitted under this Indenture. 

ARTICLE 2 
 THE NOTES 

Section 2.01    Amount of Notes. The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited, subject to compliance with Sections 2.03 and 4.04. All Notes shall be identical in all respects other than issue prices, issuance dates, first Interest Payment Dates and first dates from which interest
shall accrue. 
 Subject to Section 2.03, the Trustee shall authenticate the Original Notes for original issue on the Issue Date. With
respect to any Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, Original Notes pursuant to Sections 2.07, 2.08, 2.10 or 3.06 or Appendix A), the
Issuers may issue such Notes but only in compliance with Section 2.03. 
 Section 2.02    Form and
Dating. Provisions relating to the Initial Notes and the Exchange Notes are set forth in Appendix A, which is hereby incorporated in and expressly made part of this Indenture. The Notes and the certificate of authentication included therein
shall be substantially in the form of Exhibit A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which the
Issuers are subject, if any, or usage, provided that any such notation, legend or endorsement is in a form reasonably acceptable to the Issuers. 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. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

Section 2.03    Execution and Authentication. One Officer shall sign the Notes for each of the Issuer and any Co-Issuer (if applicable) 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. 
 At any time and from
time to time after the execution and delivery of this Indenture, the Issuers may deliver Notes executed by the Issuers to the Trustee for authentication. The Trustee shall authenticate and deliver: 

(i)    Original Notes for original issue in the aggregate principal amount not to exceed
$750.0 million; 
 (ii)    Additional Notes from time to time for original issue in aggregate
principal amounts specified by the Issuer, the terms of which Additional Notes shall be set forth in either (1) a resolution of the Board of Directors of the Issuer, (2) an Officers’ Certificate or (3) one or more indentures
supplemental hereto; provided that the Issuers’ ability to issue Additional Notes shall be subject to the Company’s compliance with Section 4.04; and 

  
 47 

 (iii)    Exchange Notes from time to time for issue in
exchange for a like principal amount of Initial Notes (including any Additional Notes issued as Initial Notes), 
 in each case, after the following
conditions have been met: 
 (1)    Receipt by the Trustee of an Officers’ Certificate specifying:

 (A)    the amount of Notes to be authenticated pursuant to this Indenture and the date on which the
Notes are to be authenticated, 
 (B)    whether the Notes are to be Initial Notes, Additional Notes or
Exchange Notes, and 
 (C)    whether the Notes are to be issued as one or more Global Notes or
Definitive Notes. 
 (2)    In the case of Additional Notes that are not fungible with the Original Notes
for federal income tax purposes, such Additional Notes shall bear a different CUSIP number and ISIN. 

(3)    In the case of Exchange Notes, effectiveness of a Registration Statement and consummation of a
Registered Exchange Offer thereunder, Initial Notes exchanged for Exchange Notes shall be cancelled by the Trustee. 
 A Note shall not be
valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of this
Indenture. Holders of the Initial Notes, the Additional Notes and the Exchange Notes shall vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes, the
Additional Notes or the Exchange 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. 

Section 2.04    Registrar and Paying Agent. The Issuers 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 Registrar shall keep a register of the Notes and of
their transfer and exchange. The Issuers may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 

The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. The
Issuers have entered into a letter of representations with DTC in the form provided by DTC and the Trustee and each Registrar, co-registrar, Paying Agent, additional paying agent or custodian
(“Agent”) is hereby authorized to act in accordance with such letter and applicable procedures of DTC. Neither the Trustee nor any Agent shall have responsibility for any actions taken or not taken by the Depositary. 

  
 48 

 The Issuers shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers shall notify the Trustee of the name and address of
any such agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. Any Issuer, the Parent Guarantor or any of its
domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar, co-registrar or transfer agent. 

Initially, the Trustee shall act as Registrar and Paying Agent with regard to the Notes. 

Section 2.05    Paying Agent to Hold Money in Trust. No later than 11:00 a.m. (Eastern time) on each due date
of the principal and interest on any Note, the Issuers shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in
writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee in writing of any default by the
Issuers in making any such payment. If any Issuer, the Parent Guarantor or a Wholly Owned Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. Upon any bankruptcy or
reorganization proceedings relating to the Parent Guarantor or any of its Subsidiaries, the Trustee shall serve as the Paying Agent. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any
funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

Section 2.06    Noteholder Lists. The Registrar shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Issuers 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 Noteholders. 

Section 2.07    Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a
Note claims that such Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate a replacement Note; provided the Holder satisfies the reasonable requirements of the Trustee and/or the
Authentication Agent, as applicable. If required by the Trustee or the Issuers, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuers and the Trustee (and the Paying Agent, Registrar and Authentication Agent, if not
the Trustee) to protect the Issuers, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Note is replaced. The Issuers and the Trustee may charge
the Holder for their expenses in replacing a Note. 
 Every replacement Note is an additional obligation of the Issuers. The provisions of
this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 

Section 2.08    Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee
(or an Authentication Agent), except for those canceled by it, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding
because an Issuer or an Affiliate of the Issuers holds the Note. 
 If a Note is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee and the Issuers receive proof satisfactory to them that the replaced Note is held by a protected purchaser. 

  
 49 

 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 and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date, such Notes (or
portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 Section 2.09    Treasury
Notes. In determining whether the Holders of the requisite principal amount of Notes have concurred in any direction, waiver or consent, Notes beneficially owned by an Issuer, or by any Affiliate of the Issuers, shall be considered as
though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in actually relying on any such direction, waiver or consent, only Notes that a Trust Officer of the Trustee knows are so owned shall be so
disregarded. Notes so owned that have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the
Notes and that the pledgee is not an Issuer or any obligor upon the Notes or any Affiliate of the Issuers or of such other obligor. 

Section 2.10    Temporary Notes. Until definitive Notes are ready for delivery, the Issuers 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 Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall
prepare and the Trustee shall authenticate Definitive Notes and deliver them in exchange for temporary Notes. 

Section 2.11    Cancellation. The Issuers 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 dispose of all Notes surrendered for registration of transfer,
exchange, payment or cancellation in its customary manner. The Issuers may not issue new Notes to replace Notes that have been redeemed, paid or delivered to the Trustee for cancellation, except pursuant to the terms of this Indenture. 

Section 2.12    Defaulted Interest. If the Issuers default in a payment of interest on the Notes, the Issuers
shall pay the defaulted interest (plus interest on such defaulted interest to the extent lawful) at the rate borne by the Notes in any lawful manner. The Issuers may pay the defaulted interest to the persons who are Noteholders on a subsequent
special record date. The Issuers shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver to each Noteholder a notice that states the special record date,
the payment date and the amount of defaulted interest to be paid. 
 Section 2.13    CUSIP, ISIN or Common Code
Numbers. The Issuers in issuing the Notes may use “CUSIP,” “ISIN” or “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “ISIN” or “Common Code”
numbers in notices of redemption as a convenience to Holders; provided, however, that neither the Issuers nor the Trustee shall have any responsibility for any defect in the “CUSIP,” “ISIN” or “Common
Code” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any
notice of redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers shall promptly notify the
Trustee in writing of any change in such numbers. 
 Section 2.14    Authentication Agent. The Trustee may
appoint an authentication agent (the “Authentication Agent”) reasonably acceptable to the Issuers that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection
with the original 

  
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issuance thereof and transfers and exchanges of Notes hereunder, including under Sections 2.03, 2.07 and 2.10 and Appendix A as fully to all intents and purposes as though the Authentication
Agent had been expressly authorized by this Indenture and those Sections to authenticate and deliver Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuers. For
all purposes of this Indenture, the authentication and delivery of Notes by the Authentication Agent shall be deemed to be authentication and delivery of such Notes “by the Trustee,” and a certificate of authentication executed on behalf
of the Trustee by an Authentication Agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such Authentication Agent shall at all times be a Person eligible to serve as
trustee hereunder pursuant to Section 7.10. 
 Any corporation or other entity into which any Authentication Agent may be merged or
converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, consolidation or conversion to which any Authentication Agent shall be a party, or any corporation or other entity succeeding to the
corporate trust business of any Authentication Agent, shall be the successor of the Authentication Agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 2.14, without the execution or filing of
any paper or any further act on the part of the parties hereto or the Authentication Agent or such successor corporation or other entity. 

Any Authentication Agent may at any time resign by giving written notice of resignation to the Trustee and to the Issuers. The Trustee may at
any time terminate the agency of any Authentication Agent by giving written notice of termination to such Authentication Agent and to the Issuers. Upon receiving such a notice of resignation or upon such a termination, or in case at any time any
Authentication Agent shall cease to be eligible under this Section, the Trustee may appoint a successor Authentication Agent (which may be the Trustee), shall give written notice of such appointment to the Issuers and shall deliver notice of such
appointment to all Holders. 
 The Issuers agree to pay to the Authentication Agent from time to time reasonable compensation for its
services as agreed upon in writing. 
 The provisions of Sections 7.02, 7.03, 7.04 and this Section 2.14 shall be applicable to any
Authentication Agent. 
 If an Authentication Agent is appointed pursuant to this Section 2.14, the Notes may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

			
		 	
                          
              ,
 as Authentication Agent, certifies that this is one of the Notes
described

		 	in the within-named Indenture.

  

					
		 	By:	 	  

		 		 	Authorized Officer

 ARTICLE 3 

REDEMPTION 

Section 3.01    Notices to Trustee. If the Issuers elect to redeem Notes pursuant to Section 3.08, the
Issuers shall furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: (1) the redemption date, (2) the principal amount of Notes to be redeemed, (3) the
redemption price, if then ascertainable, and (4) that such redemption is being made pursuant to Section 3.08. 

  
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 Any optional redemption referenced in such Officers’ Certificate may be cancelled by
the Issuers at any time prior to notice of redemption being sent to any Holder and thereafter shall be null and void. 

Section 3.02    Selection of Notes to be Redeemed. In the case of any partial redemption, the Notes shall be
selected for redemption, with respect to Global Notes, in accordance with the applicable procedures of DTC and, with respect to certificated Notes, by lot, pro rata or by such method as the Trustee shall deem fair and appropriate; provided
that 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. Upon
the request of the Issuer, 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. Provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption. The Trustee shall notify the Issuers in writing promptly of the Notes or portions of Notes to be redeemed. 

Section 3.03    Notice of Redemption. At least 30 days but not more than 60 days before a date for redemption
of Notes (such date, a “Redemption Date”), the Issuers shall mail, or cause to be mailed, a notice of redemption by first-class mail, and in the case of Notes held in book-entry form, by electronic transmission or otherwise in
accordance with the applicable procedures of DTC, to each Holder of Notes to be redeemed. 
 The notice shall identify the Notes to be
redeemed (including any CUSIP, ISIN or Common Code numbers) and shall state: 
 (a)    the redemption
date; 
 (b)    the redemption price or the information specified in Section 3.08(d); 

(c)    the name and address of the applicable Paying Agent; 

(d)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (e)    if fewer than all the outstanding Notes are to be redeemed, the portion of the principal
amounts of the particular Notes to be redeemed; 
 (f)    that, unless the Issuers default in making such
redemption payment, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(g)    if such redemption or notice is subject to satisfaction of one or more conditions precedent, such
notice shall state that, in the Issuers’ discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuers in their sole discretion), or such redemption may not occur and
such notice may be rescinded in the event that any or all such conditions shall not have been satisfied (or waived by the Issuers in their sole discretion) by the redemption date, or by the redemption date so delayed; and 

(h)    that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code
number, if any, listed in such notice or printed on the Notes. 

  
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 At the Issuer’s written request, the Trustee shall give the notice of redemption in the
Issuer’s name and at the Issuer’s expense. In such event, the Issuers shall provide the Trustee with the information required by this Section at least two Business Days before notice of redemption is required to be sent or caused to be
sent to Holders pursuant to this Section 3.03, unless the Trustee consents to a shorter period. 
 Any notice to Holders of such a
redemption pursuant to Section 3.08(d) shall include the appropriate calculation of the redemption price, but does not need to include the redemption price itself. 

Section 3.04    Effect of Notice of Redemption. Once notice of redemption is sent, Notes called for redemption
become due and payable on the redemption date and at the redemption price stated in the notice (except as provided for pursuant to Section 3.08(f)). Upon surrender to the applicable Paying Agent, such Notes shall be paid at the redemption price
stated in the notice, plus accrued and unpaid interest to, but excluding, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to
the date of redemption). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

Section 3.05    Deposit of Redemption Price. At or prior to 11:00 a.m. New York City time on the redemption
date, the Issuers shall deposit with the applicable Paying Agent (or, if the Issuer, the Parent Guarantor or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, shall segregate and hold in trust) money in U.S. Dollars sufficient to
pay the redemption price of and accrued interest (subject to the right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to the date of redemption) on all Notes to be
redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuers to the Trustee for cancellation. The Paying Agent shall promptly distribute to each Holder whose Notes are to be redeemed the
applicable redemption price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts
necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 
 If the Issuers comply with the
provisions of this Section 3.05, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption whether or not such Notes are presented for payment, and the Holders of such Notes
shall have no further rights with respect to such Notes except the right to receive such payment of the redemption price and accrued and unpaid interest, if any, on such Notes upon surrender of such Notes. If a Note is redeemed on or after a Record
Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the redemption date in respect of such Note shall be paid on such redemption date to the Person in whose name such 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 Issuer. 

Section 3.06    Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuers shall
execute and the Trustee shall authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note surrendered; provided that each new Note shall be in a principal amount $2,000
or an integral multiple of $1,000 in excess thereof. Notwithstanding the foregoing, in the case of a Global Note, upon surrender of a Note that is redeemed in part, an appropriate notation shall be made on such Note to decrease the principal amount
thereof to an amount equal to the unredeemed portion thereof. 

  
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 Section 3.07    Special Mandatory Redemption. The Notes
shall be subject to a special mandatory redemption (the “Special Mandatory Redemption”) if (i) the ILG Acquisition shall not have been completed on or prior to April 30, 2019 (the “Deadline Date”) or
(ii) on any date prior to the Deadline Date (any such date, the “Determination Date”), (A) the Merger Agreement shall have been amended, modified or waived in a manner that would be materially adverse to the Holders, as
determined in good faith by the Parent Guarantor, (B) the Merger Agreement shall have been terminated other than as a result of consummating the ILG Acquisition or (C) the Parent Guarantor shall have determined in good faith that the ILG
Acquisition shall not be completed by the Deadline Date for any other reason and delivers an Officers’ Certificate stating the grounds for such determination to the Trustee. The Issuer or, upon the receipt of written instructions from the
Issuer accompanied by an Officers’ Certificate, the Trustee, shall send a notice of Special Mandatory Redemption, by electronic transmission or by first class mail, postage prepaid, or otherwise in accordance with the procedures of DTC, to
Holders no later than three Business Days after the Deadline Date or the Determination Date, as applicable. The Notes shall be redeemed three Business Days following the date of the notice of Special Mandatory Redemption (the “Special
Mandatory Redemption Date”). In the event of a Special Mandatory Redemption, the Notes shall be redeemed at a redemption price equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the
Special Mandatory Redemption Date. 
 Section 3.08    Optional Redemption. 

(a)    Except as set forth in clauses (c) and (d) of this Section 3.08 and Section 4.11(g), the Notes shall
not be redeemable at the option of the Issuers prior to September 15, 2021. 
 (b)    On or after
September 15, 2021, the Issuers may, at their option, redeem all or any portion of the Notes, on any one or more occasions, upon not less than 30 days nor more than 60 days prior notice. The Notes may be redeemed at the redemption prices set
forth below, plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). The following
prices are for Notes redeemed during the 12-month period commencing on September 15 of the years set forth below, and are expressed as percentages of principal amount: 

 

					
	 Redemption Year
	  	Price	 
	 2021
	  	 	103.250	% 
	 2022
	  	 	101.625	% 
	 2023 and thereafter
	  	 	100.000	% 

 (c)    At any time and from time to time, prior to September 15, 2021, the Issuers
may, on any one or more occasions, redeem up to a maximum of 40% of the original aggregate principal amount of the Notes (including Additional Notes, if any) with the Net Cash Proceeds of one or more Equity Offerings, at a redemption price equal to
106.500% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the redemption date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the
relevant Interest Payment Date); provided, however, that immediately after giving effect to any such redemption, at least 50% of the original aggregate principal amount of Notes (including Additional Notes, if any) remains outstanding.
Any such redemption shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days’ prior notice. 

(d)    In addition, the Issuers may choose to redeem all or any portion of the Notes, on any one or more occasions, prior
to September 15, 2021, upon not less than 30 days nor more than 60 days prior notice, at a redemption price equal to the sum of: 

(i)    100% of the principal amount of the Notes to be redeemed, plus 

(ii)    the Applicable Premium, 

  
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 plus accrued and unpaid interest, if any, to, but not including, the redemption date (subject to the
right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date). Any notice to Holders of such a redemption shall set forth the manner of the calculation of the redemption price, but need not set forth the
redemption price itself. The actual redemption price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to the redemption date. 

(e)    If the optional redemption date is on or after a 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; provided that if the Notes are in global form, such accrued and unpaid interest shall be
paid in accordance with the applicable procedures of DTC. 
 (f)    Any redemption notice may, at the Issuer’s
discretion, be subject to one or more conditions precedent, including the completion of an Equity Offering, an Incurrence of Debt or other corporate transaction. 

Section 3.09    Mandatory Redemption; Sinking Fund; Open Market Purchases. Except as set forth in
Section 3.07, the Issuers shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Issuers may be required to offer to purchase the Notes pursuant to
Section 4.07 and Section 4.11 of this Indenture. The Issuers and their Affiliates may acquire Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with
applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture. 
 ARTICLE 4 

COVENANTS 

Section 4.01    Covenant Suspension. On and after the first day (such date, the “Suspension
Date”) that: 
 (a)    the Notes have Investment Grade Ratings from both Rating Agencies, and 

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

the Parent Guarantor and the Restricted Subsidiaries shall not be subject to the following Sections of this Indenture: Section 4.04, Section 4.05,
Section 4.07, Section 4.08, Section 4.09, Section 4.12 (but only with respect to any Person that would be required to become a Guarantor after the date of the commencement of the applicable Suspension Period) and clause
(d) of Section 5.02 (collectively, the “Suspended Covenants”). In the event that the Parent Guarantor and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the
preceding sentence and, subsequently, one or both of the Rating Agencies withdraws its ratings or downgrades the ratings assigned to the Notes below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing (the
date of such ratings withdrawal or downgrade or the occurrence of such Default or Event of Default, the “Reversion Date”), then the Parent Guarantor and the Restricted Subsidiaries shall thereafter again be subject to the Suspended
Covenants for all periods after that withdrawal, downgrade, Default or Event of Default; provided, however, that no Default, Event of Default or breach of any kind shall be deemed to exist under this Indenture, the Notes or the Note

  
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Guarantees with respect to the Suspended Covenants based on, and none of the Parent Guarantor or any of its Subsidiaries shall bear any liability for, any actions taken or events occurring during
the Suspension Period (as defined below), 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 Suspension Date and the
Reversion Date is referred to as the “Suspension Period.” 
 The Issuers shall give the Trustee written notice of any such
suspension of covenants and in any event not later than five Business Days after such suspension has occurred. In the absence of such notice, the Trustee shall assume that the Suspended Covenants are in full force and effect. 

Compliance with the provisions of Section 4.05 with respect to Restricted Payments made after the Reversion Date shall be calculated in
accordance with the terms of Section 4.05 as though such section had been in effect during the entire Suspension Period. Accordingly, Restricted Payments made during the Suspension Period shall reduce the amount available to be made as
Restricted Payments under the first paragraph of Section 4.05. 
 Solely for the purpose of determining the amount of Permitted Liens
under Section 4.06 during any Suspension Period and without limiting the Parent Guarantor’s or any Restricted Subsidiary’s ability to Incur Debt during any Suspension Period, to the extent that calculations in Section 4.06 refer
to Section 4.04, such calculations shall be made as though Section 4.04 remains in effect during the Suspension Period. On the Reversion Date, all Debt Incurred during the Suspension Period shall be classified to have been Incurred
pursuant to clause (a) of the first paragraph of Section 4.04 or one of the clauses of the second paragraph of Section 4.04 (to the extent such Debt would be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Debt Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Debt would not be permitted to be Incurred pursuant to clause (a) of the first paragraph of Section 4.04 or one of the
clauses of the second paragraph of Section 4.04, such Debt shall be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under clause (x) of the second paragraph of Section 4.04. For purposes of
determining compliance with Section 4.07, on the Reversion Date, the Net Available Cash from all Asset Sales not applied in accordance with Section 4.07 shall be deemed to be reset to zero. No Subsidiaries may be designated as Unrestricted
Subsidiaries during any Suspension Period. The Issuers shall give the Trustee written notice of any occurrence of a Reversion Date not later than five Business Days after such Reversion Date. After any such notice of the occurrence of a Reversion
Date, the Trustee shall assume that the Suspended Covenants apply and are in full force and effect. 

Section 4.02    Payment of Notes. The Issuers shall promptly pay, or cause to be paid, the principal of,
premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if, as of 11:00 a.m. New York City time on such
date, the Trustee or the applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest then due. 

The Issuers shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights
Agreement. In the event the Issuers are required to pay Additional Interest, the Issuers shall provide written notice to the Trustee of the Issuers’ obligation to pay Additional Interest no later than three Business Days prior to the next
Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Issuers. 

  
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 The Issuers shall pay interest on overdue principal at the rate specified therefor in the
Notes, and they shall pay interest on overdue installments of interest at the rate borne by the Notes to the extent lawful. 

Section 4.03    Reports. Whether or not required by the rules and regulations of the SEC, so long as any Notes
are outstanding, the Issuers shall furnish to the Holders or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations that are then applicable to the Parent Guarantor (or, if the Parent
Guarantor is then not subject to the reporting requirements of the Exchange Act, within the time periods specified in the SEC’s rules and regulations for non-accelerated filers): 

(1)    all quarterly and annual reports that would be required to be filed by the Parent Guarantor with the
SEC on Forms 10-Q and 10-K if the Parent Guarantor were required to file such reports; and 

(2)    all current reports required to be filed by the Parent Guarantor with the SEC on Form 8-K if the Parent Guarantor were required to file such reports; 
 provided that the electronic filing of the
foregoing reports by the Parent Guarantor on the SEC’s EDGAR system (or any successor system) shall be deemed to satisfy the Issuers’ delivery obligations to the Trustee and any Holder, it being understood that the Trustee shall have no
responsibility to determine whether any reports have been filed on the SEC’s EDGAR system (or any successor system). 
 All such
reports shall be prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K shall include a report on the Parent
Guarantor’s consolidated financial statements by the Parent Guarantor’s certified independent accountants. In addition, unless the SEC shall not accept such a filing, the Parent Guarantor shall file a copy of each of the reports referred
to in clauses (1) and (2) of this Section 4.03 on the SEC’s EDGAR system (or any successor system) within the time periods specified above, and the Issuers or the Parent Guarantor shall post the reports on its website within those
time periods. 
 If, at any time, the Parent Guarantor is no longer subject to the periodic reporting requirements of the Exchange Act for
any reason, the Parent Guarantor shall nevertheless continue filing the reports specified in the preceding paragraphs of this Section 4.03 with the SEC within the time periods specified above, unless the SEC shall not accept such a filing.
Neither the Issuers nor the Parent Guarantor shall take any action reasonably expected to cause the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC shall not accept the Parent Guarantor’s filings for any reason,
the Issuers or the Parent Guarantor shall post the reports referred to in the preceding paragraphs on a website within the time periods specified above (which may be nonpublic and may be maintained by the Issuers, the Parent Guarantor or a third
party) to which access shall be given to Holders, prospective purchasers of the Notes (which prospective purchasers shall be limited to “qualified institutional buyers” within the meaning of Rule 144A of the Securities Act) or non-U.S. persons (as defined in Regulation S under the Securities Act), securities analysts and market making institutions that certify their status as such to the reasonable satisfaction of the Issuers or the
Parent Guarantor. 
 If the Parent Guarantor 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 paragraphs shall include a presentation, either on the face of the
financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of the Parent Guarantor and its
Restricted 

  
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Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Parent Guarantor. In addition, each Issuer agrees that, if at any time it is
not required to file with the SEC the reports required by the preceding paragraphs, it shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule
144A(d)(4) under the Securities Act. 
 To the extent any information is not provided within the time periods specified in this
Section 4.03 and such information is subsequently provided, the Issuers shall be deemed to have satisfied their obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured. 

The Issuers shall be deemed to have furnished such reports to the Trustee and the Holders of the Notes if any direct or indirect parent of the
Parent Guarantor has filed such reports (including, in the case of any annual report on Form 10-K, reports by the certified independent accountants of such direct or indirect parent on such direct or indirect
parent’s consolidated financial statements) with the SEC using the EDGAR filing system (or any successor thereto) within the time periods specified above; provided that (i) such direct or indirect parent has become a Guarantor and
(ii) such reports provide selected financial information that show any material differences between the financial condition and results of operations of the Parent Guarantor and its consolidated subsidiaries, on the one hand, and such direct or
indirect parent and its consolidated subsidiaries, on the other hand. 
 The Trustee shall not be obligated to monitor or confirm, on a
continuing basis or otherwise, the Issuers’, any Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports or other documents filed under this Indenture. 

Section 4.04    Limitation on Debt. The Parent Guarantor shall not, and shall not permit any Restricted
Subsidiary to, Incur, directly or indirectly, any Debt (including Acquired Debt) unless, after giving effect to the application of the proceeds thereof and either: 

(a)    the Debt is Debt (in each case, including Acquired Debt) of the Parent Guarantor or a Restricted Subsidiary and
after giving Pro Forma Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Consolidated Fixed Charges Coverage Ratio would be at least 2.00 to 1.00; provided that the aggregate principal amount of Debt
permitted to be Incurred pursuant to this clause (a) by non-Guarantor Restricted Subsidiaries may not exceed, at the time of the Incurrence thereof, the greater of (i) $75.0 million and (ii) 10% of
Consolidated EBITDA for the Test Period, or 
 (b)    the Debt is Permitted Debt. 

“Permitted Debt” means: 

(i)    Debt of the Issuers or any Guarantor evidenced by the Notes and the Note Guarantees (including
Exchange Notes issued pursuant to the Registration Rights Agreement and the Guarantees thereof, but excluding any Additional Notes); 

(ii)    Debt of the Parent Guarantor or a Restricted Subsidiary Incurred under Credit Facilities up to an
aggregate principal amount (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof) outstanding at any one time not to exceed (i) $1,500.0 million plus (ii) the greater
of (x) $750.0 million and (y) 100.0% of Consolidated EBITDA for the Test Period plus (iii) an additional amount of Debt such that, on a Pro Forma Basis, after giving effect to such Debt the Secured Leverage Ratio does not exceed 3.00 to
1.00 (and for purposes of this clause (iii), any amount Incurred pursuant to this clause (iii) shall be treated as if such amount is Consolidated Secured Debt, regardless of whether such amount is actually secured); 

  
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 (iii)    Debt of the Parent Guarantor owing to and held
by any Restricted Subsidiary and Debt of a Restricted Subsidiary owing to and held by the Parent Guarantor or any Restricted Subsidiary; provided, however, that (1) any subsequent issue or transfer of Capital Stock or other event that results
in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of that Debt (except to the Parent Guarantor or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of that Debt by the
issuer thereof, and (2) if an Issuer or a Guarantor is the obligor on that Debt and the Debt is owed to a Restricted Subsidiary that is not an Issuer or a Subsidiary Guarantor, the Debt is expressly subordinated to the prior payment in full in
cash of all obligations with respect to the Notes or the applicable Note Guarantee; 
 (iv)    Debt
Incurred by the Parent Guarantor or any of its Restricted Subsidiaries in a Permitted Acquisition, any other Investment permitted under this Indenture or any disposition, in each case to the extent constituting indemnification obligations or
obligations in respect of purchase price (including earn-outs) or other similar adjustments; 

(v)    Debt consisting of obligations of the Parent Guarantor (or any direct or indirect parent of the
Parent Guarantor) or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions and Permitted Acquisitions or any other Investment permitted under this
Indenture; 
 (vi)    Cash Management Obligations and other Debt in respect of netting services,
automatic clearinghouse arrangements, overdraft protections, cash pooling arrangements, purchase card and similar arrangements in each case incurred in the ordinary course; 

(vii)    Debt supported by a letter of credit under the Credit Agreement in a principal amount not to
exceed the face amount of such letter of credit; 
 (viii)    Debt Incurred by a non-Guarantor Restricted Subsidiary, and Guarantees thereof by any non-Guarantor Restricted Subsidiary, (x) in an aggregate principal amount not to exceed, at the time of
the Incurrence thereof, the greater of (i) $175.0 million and (ii) 22.5% of Consolidated EBITDA for the Test Period and (y) under working capital lines, lines of credit or overdraft facilities (to the extent such Debt is non-recourse to the Issuers and the Guarantors); 
 (ix)    obligations
in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Parent Guarantor or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank
guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice; 

(x)    Debt of the Parent Guarantor and its Restricted Subsidiaries outstanding on the Issue Date (other
than Debt described in clauses (i) and (ii) above); 
 (xi)    Debt of the Parent Guarantor or any
Restricted Subsidiary (a) Incurred and outstanding on the date of any acquisition of any assets (including through the acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or secured
by a Lien on any assets (including the assets of the Parent Guarantor or any such Restricted Subsidiary) on or prior to the acquisition thereof and (b) Incurred to provide all or any 

  
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portion of the funds utilized to consummate the transaction or series of related transactions in connection with, or in contemplation of, any acquisition of any assets (including through the
acquisition of a Person that becomes or is merged with and into the Parent Guarantor or a Restricted Subsidiary) or secured by a Lien on any assets (including the assets of the Parent Guarantor or any such Restricted Subsidiary) prior to the
acquisition thereof; provided, however, that at the time of any such transaction in clauses (a) and (b) above, either (A) the Parent Guarantor would have been able to Incur $1.00 of additional Debt pursuant to clause (a) of the
first paragraph of this Section 4.04 after giving Pro Forma Effect to the Incurrence of such Debt pursuant to this clause (xi) or (B) on a Pro Forma Basis, either (x) the Consolidated Fixed Charges Coverage Ratio for the Parent
Guarantor and its Restricted Subsidiaries would be greater than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries or (y) the Total Leverage Ratio for the Parent Guarantor and its Restricted Subsidiaries would be
less than or equal to such ratio for the Parent Guarantor and its Restricted Subsidiaries, in each case, immediately prior to such transaction; 

(xii)    (A) additional Debt in an aggregate principal amount not to exceed, at the time of the Incurrence
thereof, the greater of (x) $275.0 million and (y) 35.0% of Consolidated EBITDA for the Test Period or (B) after giving Pro Forma Effect to the Incurrence of the Debt and the application of the proceeds thereof, the Total Leverage Ratio
would not exceed 4.25 to 1.00; 
 (xiii)    (1) Attributable Debt and other Debt (including Capital Lease
Obligations) financing the acquisition, construction, repair, replacement or improvement of fixed or capital assets (provided that such Debt is Incurred within 270 days after the applicable acquisition, construction, repair, replacement or
improvement), (2) Attributable Debt arising out of Permitted Sale and Leaseback Transactions and (3) any Permitted Refinancing Debt with respect to any Debt set forth in the clauses (1) and (2); provided that the aggregate principal
amount of Debt (including Attributable Debt, but excluding Attributable Debt Incurred pursuant to clause (2)) does not exceed, at the time of the Incurrence thereof, the greater of (x) $175.0 million and (y) 3.0% of Consolidated Total Assets as
of the last day of the most recently ended Test Period; 
 (xiv)    Debt of the Parent Guarantor or any
Restricted Subsidiary consisting of Guarantees of Debt of the Parent Guarantor or any Restricted Subsidiary permitted to be Incurred under any other clause of this Section 4.04; provided that in the event such Debt being Guaranteed is a
Subordinated Obligation, then the related Guarantee shall be subordinated in right of payment to the Notes or the Note Guarantee, as the case may be, to the same extent as the Debt being Guaranteed; 

(xv)    obligations of non-Wholly Owned Foreign Subsidiaries in
respect of Disqualified Stock in an aggregate principal amount outstanding at any one time not to exceed $12.5 million; 

(xvi)    Debt (i) in respect of Swap Contracts that are Incurred in the ordinary course of business
(and not for speculative purposes) or (ii) consisting of any Permitted Bond Hedge Transaction or any Permitted Warrant Transaction; 

(xvii)    Non-Recourse Debt with respect to any Qualified
Securitization Transaction and Guarantees constituting Standard Securitization Undertakings in respect of Qualified Securitization Transactions; 

(xviii)    Debt incurred by the Parent Guarantor or any of its Restricted Subsidiaries in respect of
letters of credit, bank guarantees, bankers’ acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers 

  
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compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Debt with respect to reimbursement-type obligations
regarding workers compensation claims; 
 (xix)    Debt consisting of (i) the financing of insurance
premiums or (ii) take or pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xx)    Debt representing deferred compensation to employees of the Parent Guarantor (or any direct or
indirect parent of the Parent Guarantor) and its Restricted Subsidiaries incurred in the ordinary course of business; 

(xxi)    Debt to future, present or former directors, officers, members of management, employees or
consultants of the Parent Guarantor or any of its Subsidiaries or their respective estates, heirs, family members, spouses or former spouses to finance the purchase or redemption of Capital Stock of the Parent Guarantor (or any direct or indirect
parent of the Parent Guarantor) permitted by clause (h) of the second paragraph of Section 4.05; 

(xxii)    Debt of the Parent Guarantor and its Restricted Subsidiaries relating to the Parent
Guarantor’s European or Asia Pacific businesses Incurred under, and Guarantees of the Parent Guarantor or a Restricted Subsidiary Incurred in connection with, hypothecations of or Qualified Securitization Transactions with respect to Time Share
Receivables relating to resorts within the Parent Guarantor’s European or Asia Pacific businesses; 

(xxiii)    Guarantees under the Separation and Distribution Agreement or the Intercompany Agreements; 

(xxiv)    Permitted Refinancing Debt of Debt Incurred pursuant to clause (a) of the first paragraph of
this Section 4.04 or clauses (i), (x), (xi) or this clause (xxiv) of this second paragraph of Section 4.04; and 

(xxv)    all premiums (if any), interest (including post-petition interest, capitalized interest or
interest otherwise payable in kind), fees, expenses, charges and additional or contingent interest on obligations described in the foregoing clauses of this second paragraph of Section 4.04. 

For purposes of determining compliance with any restriction on the Incurrence of Debt in U.S. Dollars where Debt is denominated in a different
currency, the amount of such Debt shall be the Dollar Equivalent determined on the date of such determination. 
 For
purposes of determining compliance with this Section 4.04: 
 (A)    in the event that an item of
Debt meets the criteria of more than one of the types of Debt described in the first and second paragraphs of this Section 4.04, the Parent Guarantor, in its sole discretion, shall classify such item of Debt at the time of Incurrence and only
be required to include the amount and type of such Debt in one of the above clauses of the first or second paragraphs of this Section 4.04; 

(B)    the Parent Guarantor shall be entitled to divide and classify and reclassify an item of Debt in more
than one of the types of Debt described in this Section 4.04; provided that Debt outstanding under the Credit Agreement on the Issue Date shall at all times be treated as Incurred under clause (ii) of the second paragraph of
Section 4.04 and may not be reclassified; 

  
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 (C)    Guarantees of, or obligations in respect of
letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens securing, Debt that is otherwise included in the determination of a particular amount of Debt shall not be included; 

(D)    if obligations in respect of letters of credit, bankers’ acceptances or other similar
instruments are Incurred pursuant to any Credit Facility and are being treated as Incurred pursuant to any clause of the second paragraph of this Section 4.04 or the first paragraph of this Section 4.04 and the letters of credit,
bankers’ acceptances or other similar instruments relate to other Debt, then such other Debt shall not be included; 

(E)    the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or
Preferred Stock of a Restricted Subsidiary, 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; 

(F)    in the event that the Parent Guarantor or a Restricted Subsidiary enters into or increases
commitments under a revolving credit facility, the Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, for borrowings and reborrowings thereunder (and including issuance and creation of letters of credit and
bankers’ acceptances thereunder) will, at the Issuer’s option as elected on the date the Parent Guarantor or a Restricted Subsidiary, as the case may be, enters into or increases such commitments, either (a) be determined on the date
of such revolving credit facility or such increase in commitments (assuming that the full amount thereof has been borrowed as of such date), and, if such Consolidated Fixed Charges Coverage Ratio or Total Leverage Ratio, as applicable, test is
satisfied with respect thereto at such time, any borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’ acceptances thereunder) shall be permitted under this covenant irrespective of the
Consolidated Fixed Charges Coverage Ratio or the Total Leverage Ratio, as applicable, at the time of any borrowing or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) or (b) be determined on the
date such amount is borrowed pursuant to any such facility or increased commitment; and 
 (G)    the
amount of Debt 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 on the basis of GAAP. 

Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the
payment of interest in the form of additional Debt, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Debt due to a change in GAAP
shall not be deemed to be an Incurrence of Debt for purposes of this Section 4.04. 
 If at any time an Unrestricted Subsidiary becomes
a Restricted Subsidiary, any Debt of such Subsidiary shall be deemed to be Incurred by such Subsidiary as of such date (and, if such Debt is not permitted to be Incurred as of such date under this Section 4.04, the Issuers shall be in default
of this Section 4.04). 
 For purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of
Debt, the Dollar Equivalent principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Debt was Incurred, in the case of term debt, or first committed, in
the case of revolving credit debt; provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such refinancing would cause the applicable Dollar-denominated restriction to be exceeded if calculated
at the relevant 

  
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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 Debt does not exceed (a) the principal amount of such Debt being refinanced plus (b) the aggregate amount of fees, underwriting discounts, accrued and unpaid interest, premiums (including, without limitation, tender premiums)
and other costs and expenses (including, without limitation, original issue discount, upfront fees or similar fees) Incurred in connection with such refinancing. 

Notwithstanding any other provision of this Section 4.04, the maximum amount of Debt that the Parent Guarantor or a Restricted Subsidiary
may Incur pursuant to this Section 4.04 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Debt Incurred to refinance other Debt, if Incurred in a different
currency from the Debt being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Debt is denominated that is in effect on the date of such refinancing. 

The Parent Guarantor shall not, and shall not permit any Issuer or any Subsidiary Guarantor to, directly or indirectly, Incur any Debt that is
subordinated or junior in right of payment to any Debt of the Parent Guarantor, such Issuer or such Subsidiary Guarantor, as the case may be, unless such Debt is expressly subordinated in right of payment to the Notes or such Guarantor’s
Guarantee to the extent and in the same manner as such Debt is subordinated to other Debt of such Issuer or such Guarantor, as the case may be. 

This Indenture shall not treat (1) unsecured Debt as subordinated or junior to secured Debt merely because it is unsecured or
(2) senior Debt as subordinated or junior to any other senior Debt merely because it has a junior priority with respect to the same collateral or is secured by different collateral or because it is guaranteed by different obligors. 

Section 4.05    Limitation on Restricted Payments. The Parent Guarantor shall not make, and shall not permit
any Restricted Subsidiary to make, directly or indirectly, any Restricted Payment unless at the time of, and after giving effect to, the proposed Restricted Payment, 

(a)    no Default or Event of Default shall have occurred and be continuing (or would result therefrom),

 (b)    the Parent Guarantor could Incur at least $1.00 of additional Debt pursuant to clause
(a) of the first paragraph of Section 4.04, or 
 (c)    the aggregate amount of such
Restricted Payment and all other Restricted Payments (including Restricted Payments made pursuant to clause (d) (without duplication) and clause (l) of the next succeeding paragraph of this Section 4.05, but excluding all other Restricted
Payments made pursuant to other clauses of the next succeeding paragraph of this Section 4.05) declared or made after the Issue Date (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would
not exceed an amount equal to the sum of (without duplication): 
 (i)    50% of the aggregate amount of
Consolidated Net Income accrued during the period (treated as one accounting period) from the first day of the fiscal quarter in which the Issue Date occurs to the end of the most recent fiscal quarter of the Parent Guarantor ending prior to the
date of such Restricted Payment (or if the aggregate amount of Consolidated Net Income for such period shall be a deficit, minus 100% of such deficit); provided that such amount shall not be less than zero, plus 

  
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 (ii)    100% of the aggregate Capital Stock Sale
Proceeds received after the Issue Date, plus 
 (iii)    the sum of: 

(A)    the aggregate Net Cash Proceeds received by the Parent Guarantor or any Restricted Subsidiary from
the issuance or sale after the Issue Date of convertible or exchangeable Debt that has been converted into or exchanged for Capital Stock (other than Disqualified Stock) of the Parent Guarantor, and 

(B)    the aggregate amount by which Debt of the Parent Guarantor or any Restricted Subsidiary is reduced
on the Parent Guarantor’s consolidated balance sheet on or after the Issue Date upon the conversion or exchange of any Debt issued or sold on or prior to the Issue Date that is convertible or exchangeable for Capital Stock (other than
Disqualified Stock) of the Parent Guarantor, excluding, in the case of clause (A) or (B): 

(x)    any Debt issued or sold to the Parent Guarantor or a Subsidiary of the Parent Guarantor or an
employee stock ownership plan or trust established by the Parent Guarantor or any such Subsidiary for the benefit of their employees, and 

(y)    the aggregate amount of any cash or other property distributed by the Parent Guarantor or any
Restricted Subsidiary upon any such conversion or exchange, plus 
 (iv)    100% of the aggregate
amount (including the Fair Market Value of property other than cash) received by the Parent Guarantor or any Restricted Subsidiary by means of: 

(A)    the sale or other disposition (other than to the Parent Guarantor or a Restricted Subsidiary) of,
or other returns on Investments from, Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries and repurchases and redemptions of such Restricted Investments from the Parent Guarantor or its Restricted Subsidiaries and
repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments made by the Parent Guarantor or its Restricted Subsidiaries, in each case after the Issue Date, less the cost associated with any such sale,
disposition or other return, and 
 (B)    the sale or other disposition (other than to the Parent
Guarantor or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary or a dividend or distribution from an Unrestricted Subsidiary (other than, in each case, to the extent the Investment in such Unrestricted Subsidiary
constituted a Permitted Investment), in each case, after the Issue Date, less the cost associated with any such sale or disposition, plus 

(v)    in the case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the
merger, amalgamation or consolidation of an Unrestricted Subsidiary into the Parent Guarantor or a Restricted Subsidiary or the transfer of all or substantially all of the assets of an Unrestricted Subsidiary to the Parent Guarantor or a

  
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Restricted Subsidiary after the Issue Date, the Fair Market Value of the Investment in such Unrestricted Subsidiary (or the assets transferred) at the time of the redesignation of such
Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger, amalgamation, consolidation or transfer of assets, other than to the extent the Investment constituted a Permitted Investment, plus 

(vi)    the greater of (x) $350.0 million and (y) 45.0% of Consolidated EBITDA for the Test Period.

 Notwithstanding the foregoing, the limitations in the preceding paragraph shall not prohibit: 

(a)    any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital
Stock, Disqualified Stock or Subordinated Obligations of the Parent Guarantor, any Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent contribution to the Capital Stock of the Parent
Guarantor or the substantially concurrent sale of, Capital Stock of the Parent Guarantor (other than Disqualified Stock and other than Capital Stock issued or sold to a Restricted Subsidiary of the Parent Guarantor or an employee stock ownership
plan or trust established by the Parent Guarantor or any of its Subsidiaries for the benefit of their employees to the extent such sale to such employee stock ownership plan or trust is financed by loans from or Guaranteed by the Parent Guarantor or
any Restricted Subsidiary unless such loans have been repaid with cash on or prior to the date of determination); provided, however, that the Capital Stock Sale Proceeds from such sale of Capital Stock shall be excluded from clause
(c)(ii) of the preceding paragraph; 
 (b)    any purchase, repurchase, redemption, defeasance or other
acquisition or retirement of Subordinated Obligations of an Issuer or a Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, Subordinated Obligations of the Parent Guarantor or any purchase, repurchase,
redemption, defeasance or other acquisition or retirement of Subordinated Obligations of any Issuer of any Subsidiary Guarantor made by exchange for or out of the proceeds of the substantially concurrent sale of Subordinated Obligations of an Issuer
or a Subsidiary Guarantor, so long as such refinancing Subordinated Obligations are permitted to be Incurred pursuant to Section 4.04 and constitute Permitted Refinancing Debt; 

(c)    any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified
Stock of the Parent Guarantor or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Disqualified Stock of the Parent Guarantor or such Restricted Subsidiary, as the case may be, so long as
such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section 4.04 and constitutes Permitted Refinancing Debt; 

(d)    the payment of any dividend or distribution on its Capital Stock or the consummation of any
irrevocable redemption, repurchase or defeasance payment within 60 days after the date of declaration of such dividend, distribution or payment or the giving of irrevocable notice if, on the date of declaration or the giving of the irrevocable
notice, such dividend, distribution, payment or redemption could have been made in compliance with this Indenture; 

(e)    the payment of any dividend or distribution on Disqualified Stock issued pursuant to and in
compliance with clause (xv) of the second paragraph of Section 4.04; 

  
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 (f)    (i) the payment of cash in lieu of fractional
shares of Capital Stock in connection with any dividend, split or combination thereof or any Permitted Acquisition and (ii) the honoring of any conversion request by a holder of convertible Debt and any cash payments in lieu of fractional
shares in connection with any such conversion and any payments on convertible Debt in accordance with its terms; 

(g)    repurchases of Capital Stock in the ordinary course of business of the Parent Guarantor or any
Restricted Subsidiary deemed to occur upon exercise of stock options or warrants if such Capital Stock represents a portion of the exercise price of such options or warrants; 

(h)    the repurchase, retirement or other acquisition or retirement for value, in good faith, of Capital
Stock of the Parent Guarantor held by any future, present or former employee, director, manager, officer or consultant (or any Affiliates, spouses, former spouses, other immediate family members, successors, executors, administrators, heirs,
legatees or distributees of any of the foregoing) of the Parent Guarantor or any of its Subsidiaries or holding companies pursuant to any employee, management, director or manager equity plan, employee, management, director or manager stock option
plan or any other employee, management, director or manager benefit plan or any agreement (including any stock subscription or shareholder agreement) with any employee, director, manager, officer or consultant of the Parent Guarantor or any
Subsidiary or holding company; provided that such payments do not exceed the greater of (x) $37.5 million and (y) 5.0% of Consolidated EBITDA for the Test Period in any calendar year; provided that any unused amounts for any
calendar year may be carried forward to the next succeeding calendar year, so long as the aggregate amount of all Restricted Payments made pursuant to this clause (h) in any calendar year (after giving effect to such carry-forwards) shall not
exceed the greater of (x) $75.0 million and (y) 10.0% of Consolidated EBITDA for the Test Period; provided, further, that cancellation of Debt owing to the Parent Guarantor or any of its Subsidiaries from members of management of
the Parent Guarantor or any of its Restricted Subsidiaries or holding companies in connection with a repurchase of Capital Stock of the Parent Guarantor shall not be deemed to constitute a Restricted Payment for purposes of this Section 4.05 or
any other provision of this Indenture; 
 (i)    payments made or expected to be made in respect of
withholding or similar taxes payable by any future, present or former employee, director, manager or consultant and any repurchases of Capital Stock in consideration of such payments, including deemed repurchases in connection with the exercise of
stock options or warrants and the vesting of restricted stock and restricted stock units; 

(j)    purchase, defease or otherwise acquire or retire for value any Subordinated Obligations upon a
Change of Control or following an Asset Sale, to the extent required by any agreement pursuant to which such Subordinated Obligations were issued, but only if the Issuers have previously made the offer to purchase Notes required under
Section 4.07 or Section 4.11, as applicable, and have repurchased all Notes validly tendered and not withdrawn in connection with such offer to purchase Notes pursuant to the applicable provisions of Section 4.07 or Section 4.11;

 (k)    the Parent Guarantor or any of its Restricted Subsidiaries may make additional Restricted
Payments in an amount not to exceed an amount equal to the greater of (x) $300.0 million and (y) 40.0% of Consolidated EBITDA for the Test Period; provided that no Default or Event of Default has occurred and is continuing or would
result therefrom; 
 (l)    Restricted Payments not to exceed 6.0% per annum of the Market Capitalization
of the Parent Guarantor; 

  
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 (m)    additional Restricted Payments; provided
that, at the time of such Restricted Payment, the Total Leverage Ratio as of the end of the most recently ended Test Period, on a Pro Forma Basis, would be no greater than 3.25 to 1.00 and no Default or Event of Default shall have occurred and be
continuing or would result therefrom; 
 (n)    the distribution, by dividend or otherwise, of Capital
Stock of an Unrestricted Subsidiary or Debt owed to the Parent Guarantor or a Restricted Subsidiary by an Unrestricted Subsidiary (or a Restricted Subsidiary that owns an Unrestricted Subsidiary; provided that such Restricted Subsidiary has
no independent operations or business and owns no assets other than Capital Stock of such Unrestricted Subsidiary); 

(o)    Restricted Payment made in connection with Transactions; 

(p)    distributions or payments of Securitization Fees, sales contributions and other transfers of
Securitization Assets and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation, in each case in connection with a Qualified Securitization Transaction; 

(q)    payments of the premium in respect of, and other performance by the Parent Guarantor of its
obligations under, any Permitted Bond Hedge Transaction; 
 (r)    any Restricted Payments and/or
payments or deliveries required by the terms of, and other performance by the Parent Guarantor of its obligations under, any Permitted Warrant Transaction (including making payments and/or deliveries due upon exercise and settlement or termination
thereof); 
 (s)    distributions or payments by dividend or otherwise, among the Parent Guarantor and
its Restricted Subsidiaries in connection with a Reorganization; and 
 (t)    any Restricted Payments
and/or payments or deliveries in shares of common stock (or other securities or property following a merger event or other change of the common stock of the Parent Guarantor) (and cash in lieu of fractional shares) and/or cash required by the terms
of, and other performance by the Parent Guarantor of its obligations under, any convertible Debt (including payments of interest and principal thereon, payments due upon required repurchase thereof and/or payments and deliveries due upon conversion
thereof). 
 For purposes of determining compliance with this Section 4.05, in the event that a Restricted Payment meets the criteria
of more than one of the exceptions described in clauses (a) through (t) of the preceding paragraph, meets any of the criteria of any of the clauses of the definition of “Permitted Investment,” or is permitted pursuant to the first
paragraph of this Section 4.05, the Parent Guarantor, in its sole discretion, (x) shall classify such Restricted Payment on the date of such Restricted Payment and may later reclassify such Restricted Payment in any manner that complies
with this Section 4.05 (based on circumstances existing at the time of reclassification), (y) may divide and later redivide the amount of a Restricted Payment among more than one of such clauses or the first paragraph of this Section 4.05
and (z) shall only be required to include such Restricted Payment or any portion thereof in one of such clauses or the first paragraph of this Section 4.05. 

The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of such Restricted Payment of the asset(s)
or securities proposed to be paid, transferred or issued by the Parent Guarantor 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 the Fair Market Value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the Issuer acting in good faith. 

  
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 Section 4.06    Limitation on Liens. The Parent Guarantor
shall not, and shall not permit any Issuer or any Subsidiary Guarantor to, directly or indirectly, Incur or permit to exist, any Lien (other than Permitted Liens), upon any of its properties or assets (including Capital Stock of a Restricted
Subsidiary), whether owned on the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom unless either (i) it has made or shall make effective provision whereby the Notes and the Note Guarantees shall be
secured by that Lien equally and ratably with (or prior to) all other Debt of any Issuer or any Guarantor secured by that Lien or (ii) in the case of Liens securing Subordinated Obligations of any Issuer or any Guarantor, the Notes and the Note
Guarantees are secured by a Lien on such property, assets or proceeds that is senior to such Liens. 
 Any Lien created for the benefit of
the Holders of the Notes pursuant to this Section 4.06 shall be automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described in clauses (i) and (ii) of the first paragraph of this
Section 4.06. 
 With respect to any Lien securing Debt that was permitted to secure such Debt at the time of the Incurrence of such
Debt, such Lien shall also be permitted to secure any Increased Amount of such Debt. The “Increased Amount” of any Debt shall mean any increase in the amount of such Debt due to any accrual of interest, the accretion of accreted
value, the accretion of original issue discount or liquidation preference, the payment of interest in the form of additional Debt with the same terms and increases in the amount of Debt outstanding solely as a result of fluctuations in the exchange
rate of currencies or increases in the value of property securing Debt. 
 Section 4.07    Limitation on Asset
Sales. 
 (a)    The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, directly or
indirectly, consummate any Asset Sale unless: 
 (i)    such Restricted Subsidiary receives consideration
(including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at the time of the Asset Sale at least equal to the Fair Market Value of the properties and assets subject to that Asset
Sale (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale); and 

(ii)    at least 75% of the consideration paid to the Parent Guarantor or the Restricted Subsidiary in
connection with the Asset Sale is in the form of cash or Cash Equivalents. 
 For the purposes of this Section 4.07, the following
shall be considered to be cash: 
 (1)    the assumption by the purchaser of Debt or other liabilities of
the Parent Guarantor or any Restricted Subsidiary (other than Debt or other liabilities that are by their terms subordinated in right of payment to the Notes or the Note Guarantees) and from which the Parent Guarantor and the Restricted Subsidiaries
have been unconditionally released; 
 (2)    securities or other assets received by any Issuer or any
Restricted Subsidiary from the transferee that are converted by such Issuer or such Restricted Subsidiary into cash within 180 days after the closing of such Asset Sale shall be considered to be cash to the extent of the cash received in that
conversion; 

  
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 (3)    the assumption by the purchaser of Debt of any
Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that the Parent Guarantor and each other Restricted Subsidiary are unconditionally released from any Guarantee of payment of such Debt in
connection with such Asset Sale; 
 (4)    Productive Assets received by the Parent Guarantor or any
Restricted Subsidiary in connection with such Asset Sale; and 
 (5)    any Designated Non-Cash Consideration received by any Issuer or any Restricted Subsidiary in connection with the Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-Cash Consideration received in respect of Asset Sales that is at that time outstanding, not to exceed the greater of (i) $75.0 million and (ii) 10.0% of Consolidated EBITDA for the Test Period. 

(b)    The Net Available Cash (or any portion thereof) from Asset Sales may be applied by the Parent Guarantor or a
Restricted Subsidiary, to the extent the Parent Guarantor or the Restricted Subsidiary elects (or is required by the terms of any Debt): 

(i)    to repay secured Debt of the Parent Guarantor, an Issuer or a Subsidiary Guarantor (and if the
secured Debt being repaid is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto), or any Debt of a non-Guarantor Restricted Subsidiary (excluding, in any such case,
any Debt owed to the Parent Guarantor or any Restricted Subsidiary); 
 (ii)    to repay other Debt (and
if the Debt being repaid is revolving credit Debt, to correspondingly permanently reduce commitments with respect thereto) of the Parent Guarantor or a Restricted Subsidiary (excluding (A) Subordinated Obligations and (B) Debt owed to the
Parent Guarantor or any Restricted Subsidiary) so long as the Issuers shall equally and ratably reduce obligations under the Notes (I) on a pro rata basis as provided under Section 3.08, (II) through open-market purchases (to the extent
such purchases are at or above 100% of the principal amount thereof) or (III) by making an offer (in accordance with the procedures set forth below for a Prepayment Offer) to all Holders to purchase their Notes at or above 100% of the principal
amount thereof, plus accrued and unpaid interest, if any, to, but not including the date of repurchase; 

(iii)    to reinvest in Additional Assets (including by means of an Investment in Additional Assets by a
Restricted Subsidiary with Net Available Cash received by the Parent Guarantor or another Restricted Subsidiary); or 

(iv)    any combination of the foregoing; 

provided, however, that pending the final application of any such Net Available Cash in accordance with clauses (i), (ii), (iii) or
(iv) above, the Parent Guarantor and its Restricted Subsidiaries may temporarily reduce Debt or otherwise invest such Net Available Cash in any manner not prohibited by this Indenture. 

(c)    Any Net Available Cash from an Asset Sale not applied in accordance with Section 4.07(b) within 365 days from
the date of the receipt of that Net Available Cash constitutes “Excess Proceeds”; provided, however, that a binding commitment to reinvest in Additional Assets pursuant to Section 4.07(b)(iii) shall be treated as
a permitted application of the Net Available Cash from the date of such commitment; provided that (i) such reinvestment is consummated within 180 days of the end of the 365-day period referred to
in this sentence, and (ii) if such reinvestment is not consummated within the period set forth in subclause (i) of this clause (c) or such binding commitment is terminated, the Net Available Cash not so applied shall be deemed to be
Excess Proceeds. 

  
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 When the aggregate amount of Excess Proceeds not previously subject to a Prepayment Offer
(as defined below) exceeds $50.0 million, the Issuers shall be required to make an offer to purchase the Notes (the “Prepayment Offer”), which offer shall be in the amount of the Allocable Excess Proceeds (as defined below), on
a pro rata basis according to principal amount, at a purchase price of at least 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date (subject to the right of Holders 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; provided that if the Notes are in global form, interests in
such Global Notes shall be selected for redemption in accordance with the applicable procedures of DTC, although no Note of $2,000 in principal amount or less shall be purchased in part. To the extent that any portion of the amount of Net Available
Cash remains after compliance with the preceding sentence and provided that all Holders have been given the opportunity to tender their Notes for purchase in accordance with this Indenture, the Parent Guarantor or such Restricted Subsidiary
may use the remaining amount for any purpose permitted by this Indenture and the amount of Excess Proceeds shall be reset to zero. 
 The
term “Allocable Excess Proceeds” shall mean the product of: 
 (1) the Excess Proceeds, and 

(2) a fraction, 
  

	 	(i)	 the numerator of which is the aggregate principal amount of the Notes outstanding on the date of the Prepayment
Offer, and 

  

	 	(ii)	 the denominator of which is the sum of the aggregate principal amount of the Notes outstanding on the date of
the Prepayment Offer and the aggregate principal amount of other Debt of the Issuers and the Guarantors outstanding on the date of the Prepayment Offer that is pari passu in right of payment with the Notes and the Note Guarantees and subject
to terms and conditions in respect of Asset Sales similar in all material respects to the covenant described hereunder and requiring any Issuer or any Guarantor to make an offer to purchase that Debt at substantially the same time as the Prepayment
Offer. 

 (d)    (1) Not later than ten Business Days after the Issuers are obligated to make a
Prepayment Offer pursuant to Section 4.07(c), the Issuers shall send, or cause to be sent, a written notice, by first-class mail (or electronic transmission in the case of Notes held in book-entry form), to the Holders (with a copy to the
Trustee) with respect to that Prepayment Offer. The notice shall state, among other things, the purchase price and the purchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no earlier than 30 days and
no later than 60 days from the date the notice is delivered. 
 (2)    At or before 11:00 a.m. New York
City time on the purchase date with respect to any Prepayment Offer, the Issuers shall irrevocably deposit with the Trustee or with the Paying Agent (or, if the Parent Guarantor, an Issuer or a Wholly Owned Subsidiary is the Paying Agent, shall
segregate and hold in trust) an amount equal to the amount of the Prepayment Offer (the “Offer Amount”) to be held for payment in accordance with the provisions of this Section 4.07. Upon the expiration of the period for which
the Prepayment Offer remains open (the “Offer Period”), the Issuers shall deliver to the Trustee for cancellation the Notes or portions thereof that 

  
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have been properly tendered and are to be accepted by the Issuers. The Trustee or the Paying Agent shall, on the purchase date, mail or, in the case of Global Notes, deliver in accordance with
the applicable procedures of DTC payment to each tendering Holder in the amount of its pro rata share of the Offer Amount. In the event that the aggregate purchase price of the Notes delivered by the Issuers to the Trustee is less than the Offer
Amount, the Trustee or the Paying Agent shall deliver the excess to the Issuers immediately after the expiration of the Offer Period for application in accordance with this Section 4.07. 

(3)    Unless otherwise provided by the policies and procedures of DTC, Holders electing to have a Note
purchased shall be required to surrender the Note, with an appropriate form duly completed and attached to the Note, or transfer by book-entry transfer, to the Issuers or their agent at the address specified in the notice at least three Business
Days prior to the purchase date. Unless otherwise provided by the policies and procedures of DTC, Holders shall be entitled to withdraw their election if the Trustee or the Issuers receive not later than two Business Days prior to the purchase date,
a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. If at
the expiration of the Offer Period the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuers shall select the Notes to be purchased on a pro rata basis for all Notes (with such adjustments as may be
deemed appropriate by the Issuers so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess thereof, shall be purchased). Holders whose Notes are purchased only in part shall be issued new Notes equal in principal
amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry). 
 (4)    A
Note shall be deemed to have been accepted for purchase at the time the Trustee or the applicable Paying Agent mails or, in the case of Global Notes, delivers payment therefor to the surrendering Holder. 

(e)    Subject to Section 9.02(i), the Issuers’ obligation to make a Prepayment Offer may be waived or modified
with the written consent of the Holders of a majority in principal amount of the outstanding Notes. 
 (f)    The
Issuers 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 4.07. To the extent
that the provisions of any securities laws or regulations conflict with provisions of this Section 4.07, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
this Section 4.07 by virtue thereof. 
 Section 4.08    Limitation on Restrictions on Distributions from
Restricted Subsidiaries. The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary that is not an Issuer or a Subsidiary Guarantor to, directly or indirectly, create or otherwise cause or suffer to exist any consensual
restriction on the right of any Restricted Subsidiary to: 
 (a)    pay dividends, in cash or otherwise,
or make any other distributions on or in respect of its Capital Stock, or pay any Debt or other obligation owed, to the Parent Guarantor or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to the dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock), 

  
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 (b)    make any loans or advances to the Parent
Guarantor or any other Restricted Subsidiary (it being understood that the subordination of loans or advances made to any Issuer or any Restricted Subsidiary to other Debt Incurred by the Parent Guarantor or any Restricted Subsidiary shall not be
deemed a restriction on the ability to make loans or advances), or 
 (c)    sell, lease or transfer any
of its properties or assets to the Parent Guarantor or any other Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (a) or (b) above). 

The foregoing limitations shall not apply to restrictions: 

(A)    in effect on the Issue Date, including pursuant to the Credit Agreement; 

(B)    relating to Debt of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary
if such restriction was not created in connection with or in anticipation of the transaction or series of transactions pursuant to which that Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Parent Guarantor; 

(C)    that result from any amendment, restatement, modification, renewal, supplement, extension or
replacement of an agreement referred to in clauses (A), (B), (F), (G), (J) or this clause (C) in this second paragraph of Section 4.08 (including, in each case, in connection with the Refinancing of Debt Incurred thereunder);
provided that the restriction contained in such amendment, restatement, modification, renewal, supplement, extension, replacement or Refinancing is not materially more restrictive (as determined in good faith by the Parent Guarantor), taken as a
whole, than the restrictions of the same type contained in the agreements or instruments referred to in clauses (A), (B), (F), (G) or (J) or this clause (C) in this second paragraph of Section 4.08, as applicable; 

(D)    resulting from the Incurrence of any Permitted Debt as defined in the second paragraph of
Section 4.04; provided that if the obligor of such Debt is an Issuer or a Subsidiary Guarantor, the restriction is no less favorable to the Holders in any material respect (as determined in good faith by the Parent Guarantor) than the
restrictions of the same type contained in this Indenture; 
 (E)    existing by reason of applicable
law, rule, regulation or order; 
 (F)    with respect to clause (c) set forth in the first
paragraph of this Section 4.08 only, relating to Debt that is permitted to be Incurred and secured without also securing the Notes pursuant to Section 4.04 and Section 4.06 that limit the right of the debtor to dispose of the
properties or assets securing that Debt; 
 (G)    encumbering properties or assets at the time the
properties and assets were acquired by the Parent Guarantor or any Restricted Subsidiary, so long as the restriction relates solely to the properties and assets so acquired and was not created in connection with or in anticipation of the
acquisition; 
 (H)    resulting from customary provisions restricting subletting or assignment of leases
or customary provisions in other agreements (including, without limitation, intellectual property licenses entered into in the ordinary course of business) that restrict assignment of the agreements or rights thereunder; 

  
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 (I)    which are customary restrictions contained in
asset sale agreements limiting the transfer of property or assets pending the closing of the sale; 

(J)    existing by reason of this Indenture, the Notes, the Note Guarantees, the Exchange Notes and the
related Note Guarantees; 
 (K)    any Debt or contractual requirements Incurred with respect to a
Qualified Securitization Transaction relating exclusively to a Securitization Subsidiary that, as determined in good faith by the Parent Guarantor or the relevant Restricted Subsidiary, as applicable, are necessary to effect such Qualified
Securitization Transaction; and 
 (L)    which are customary provisions limiting the disposition or
distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval of the Parent Guarantor’s Board of Directors and
otherwise permitted under this Indenture, which limitation is applicable only to the assets that are the subject of such agreements. 

Section 4.09    Limitation on Transactions with Affiliates. The Parent Guarantor shall not, and shall not
permit any Restricted Subsidiary to, directly or indirectly, conduct any business or enter into or suffer to exist any transaction or series of transactions (including the purchase, sale, transfer, assignment, lease, conveyance or exchange of any
property or asset or the rendering of any service) with, or for the benefit of, any Affiliate of the Parent Guarantor (an “Affiliate Transaction”) involving aggregate consideration in excess of the greater of (i) $50.0 million
and (ii) 7.5% of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to the date of such disposition for which financial statements are required to be filed pursuant to Section 4.03, unless: 

(a)    the terms of such Affiliate Transaction are materially no less favorable to the Parent Guarantor or
that Restricted Subsidiary, as the case may be, taken as a whole, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate of the Parent Guarantor,
and 
 (b)    if the Affiliate Transaction involves aggregate consideration in excess of the greater of
(i) $100.0 million and (ii) 15.0% of Consolidated EBITDA for the Test Period, the Board of Directors (including a majority of the disinterested members of the Board of Directors) approves the Affiliate Transaction and, in its good faith
judgment, determines that the Affiliate Transaction complies with clause (a) of this paragraph as evidenced by a resolution of the Board of Directors promptly delivered to the Trustee. 

Notwithstanding the foregoing limitation, the Parent Guarantor or any Restricted Subsidiary may enter into or suffer to exist the following:

 (a)    any transaction or series of transactions between the Parent Guarantor and one or more
Restricted Subsidiaries or between two or more Restricted Subsidiaries; 
 (b)    any Restricted Payment
permitted to be made pursuant to Section 4.05 or any Permitted Investment; 
 (c)    employment and
severance arrangements between the Parent Guarantor or any of its Subsidiaries and their respective officers and employees in the ordinary course of business and transactions pursuant to stock option plans and employee benefit plans and
arrangements; 

  
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 (d)    any issuance, sale or grant of securities or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of employment arrangements, stock options and stock ownership plans approved by the Board of Directors of the Parent Guarantor or any parent company of the
Parent Guarantor or any Restricted Subsidiary; 
 (e)    the payment of customary fees and reasonable out
of pocket costs to, and indemnities provided on behalf of, directors, managers, officers, employees and consultants of the Parent Guarantor and its Restricted Subsidiaries or any direct or indirect parent of the Parent Guarantor in the ordinary
course of business to the extent attributable to the ownership or operation of the Parent Guarantor and its Restricted Subsidiaries; 

(f)    any issuance, repurchase, redemption, retirement or other acquisition or retirement of shares of
Capital Stock (other than Disqualified Stock) of the Parent Guarantor; 
 (g)    any agreement as in
effect on the Issue Date or any amendment, modification, supplement, extension or renewal thereto (so long as such amendment, modification, supplement, extension or renewal is not materially adverse to the interests of the Holders of the Notes) or
any transaction contemplated thereby; 
 (h)    any agreement between any Person and an Affiliate of such
Person existing at the time such Person is acquired by or merged or consolidated with or into the Parent Guarantor or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented, extended or renewed from time to time;
provided that such agreement was not entered into contemplation of such acquisition, merger or consolidation, and so long as any such amendment, modification, supplement, extension or renewal, when taken as a whole, is not materially more
disadvantageous to the Holders, as determined in good faith by the Parent Guarantor, than the applicable agreement as in effect on the date of such acquisition, merger or consolidation; 

(i)    transactions with customers, clients, suppliers, joint ventures, purchasers or sellers of goods or
services or providers of employees or other labor entered into in the ordinary course of business, which are fair to the Parent Guarantor and/or the applicable Restricted Subsidiary in the good faith determination of the Board of Directors of the
Parent Guarantor or the senior management of the Parent Guarantor, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party; 

(j)    transactions in which the Parent Guarantor or any Restricted Subsidiary delivers to the Trustee a
letter or opinion from an Independent Financial Advisor stating that such transaction is fair to the Parent Guarantor or such Restricted Subsidiary from a financial point of view or stating that the terms are not materially less favorable, when
taken as a whole, than those that might reasonably have been obtained by the Parent Guarantor or such Restricted Subsidiary in a comparable transaction at such time on an arms-length basis from a Person that is not an Affiliate; 

(k)    the Transactions and the payment of fees and expenses related to the Transactions; 

(l)    transactions entered into by an Unrestricted Subsidiary with an Affiliate prior to the redesignation
of such Unrestricted Subsidiary as a Restricted Subsidiary pursuant to Section 4.10; provided that such transactions were not entered into in contemplation of such redesignation; 

  
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 (m)    the payment of reasonable out-of-pocket costs and expenses related to registration rights and customary indemnities provided to shareholders under any shareholder agreement; 

(n)    (i) any collective bargaining, employment or severance agreement or compensatory (including profit
sharing) arrangement entered into by the Parent Guarantor or any of its Restricted Subsidiaries with their respective current or former officers, directors, members of management, managers, employees, consultants or independent contractors or those
of any parent company of the Parent Guarantor, (ii) any subscription agreement or similar agreement pertaining to the repurchase of Capital Stock pursuant to put/call rights or similar rights with current or former officers, directors, members
of management, managers, employees, consultants or independent contractors and (iii) transactions pursuant to any employee compensation, benefit plan, stock option plan or arrangement, any health, disability or similar insurance plan which
covers current or former officers, directors, members of management, managers, employees, consultants or independent contractors or any employment contract or arrangement; 

(o)    any transaction pursuant to the Separation and Distribution Agreement and the Intercompany
Agreements; 
 (p)    timeshare and fractional sales commissioned services provided through operations in
Mexico, Latin America or the Caribbean; 
 (q)    owner services activities provided through Promociones
Marriott, S.A. de C.V.; and 
 (r)    (i) any transaction with a Securitization Subsidiary effected as
part of a Qualified Securitization Transaction, any disposition or repurchase of Securitization Assets or related assets in connection with any Qualified Securitization Transaction and (ii) any sale or other transfer of Time Share Receivables
and other related assets or other transactions customarily effected as part of a Qualified Securitization Transaction (including servicing agreements and other similar arrangements customary in Qualified Securitization Transactions). 

Section 4.10    Designation of Restricted and Unrestricted Subsidiaries. The Issuer may designate any
Restricted Subsidiary (other than an Issuer) or other Subsidiary (including any newly acquired or newly formed Subsidiary) of the Parent Guarantor to be an Unrestricted Subsidiary if: 

(a)    the Subsidiary to be so designated does not own any Capital Stock or Debt of, or own or hold any
Lien on any property or asset of, any Issuer or any other Restricted Subsidiary; 
 (b)    such
designation would not cause a Default; 
 (c)    all of the Debt of such Subsidiary and its Subsidiaries
shall, at the date of designation and at all times thereafter, consist of Non-Recourse Debt; and 

(d)    either (1) the Subsidiary to be so designated has total assets of $10,000 or less or
(2) if the Subsidiary has consolidated assets greater than $10,000, then the designation would be permitted under Section 4.05. 

The Issuer may redesignate any Unrestricted Subsidiary of the Parent Guarantor to be a Restricted Subsidiary if, immediately after giving pro
forma effect to the designation, 

  
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 (x)    (i) the Parent Guarantor would be able to Incur
at least $1.00 of additional Debt under clause (a) of the first paragraph of Section 4.04 or (ii) the Consolidated Fixed Charges Coverage Ratio of the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to
such ratio immediately prior to such redesignation; 
 (y)    all Liens of such Unrestricted Subsidiary
outstanding immediately following such redesignation would, if Incurred at such time, have been permitted to be Incurred for all purposes of this Indenture; and 

(z)    no Default or Event of Default shall have occurred and be continuing or would result therefrom. 

Any designation of a Subsidiary of the Parent Guarantor as an Unrestricted Subsidiary or redesignation as a Restricted Subsidiary shall be
evidenced to the Trustee by filing with the Trustee an Officers’ Certificate certifying that such designation or redesignation complies with the foregoing provisions and gives the effective date of the designation or redesignation. 

Section 4.11    Change of Control. 

(a)    Upon the occurrence of a Change of Control, each Holder shall have the right to require the Issuers to repurchase
all or any part of such Holder’s Notes pursuant to the offer described in this Section 4.11 (the “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the
principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the purchase date (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b)    Within 30 days following any Change of Control, the Issuers shall send or cause to be sent by first-class mail (or
electronic transmission in the case of Notes held in book-entry form), with a copy to the Trustee, to each Holder, at such Holder’s address appearing in the Note register, a notice stating (as applicable): (A) that a Change of Control has
occurred and a Change of Control Offer is being made pursuant to this Section 4.11 and that all Notes properly tendered shall be accepted for purchase; (B) the Change of Control Purchase Price and the purchase date, which shall be, subject
to any contrary requirements of applicable law, a Business Day no earlier than 30 days nor later than 60 days from the date such notice is delivered (the “Change of Control Purchase Date”); (C) if such notice is delivered prior to
the occurrence of a Change of Control, that the Change of Control Offer is conditioned upon the occurrence of such Change of Control and setting forth a brief description of the definitive agreement for the Change of Control; and (D) the
procedures that Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 

(c)    Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly
completed and attached to the Note, or transfer by book-entry transfer, to the Issuers or their agent at the address specified in the notice at least three Business Days prior to the Change of Control Purchase Date. Holders shall be entitled to
withdraw their election if the Trustee or the Issuers receive not later than the second Business Day prior to the Change of Control Purchase Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the
Note that was delivered for purchase by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. 

  
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 (d)    Prior to 11:00 a.m. New York City time on the Change of Control
Purchase Date, the Issuers shall irrevocably deposit with either the Trustee or with the Paying Agent (or, if an Issuer, the Parent Guarantor or any of its Wholly Owned Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash
an amount equal to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions of this Section 4.11. On the Change of Control Purchase Date, the Issuers shall deliver to
the Trustee the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuers for payment. The Trustee or the Paying Agent shall, on the Change of Control Purchase Date, mail or, in the case of Global Notes,
deliver in accordance with the applicable procedures of DTC payment to each tendering Holder of the Change of Control Purchase Price. In the event that the aggregate Change of Control Purchase Price is less than the amount delivered by the Issuers
to the Trustee or the Paying Agent, the Trustee or the Paying Agent, as the case may be, shall deliver the excess to the Issuers immediately after the Change of Control Purchase Date. 

(e)    The Issuers shall not be required to make a Change of Control Offer 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 Issuers and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer or (ii) notice of redemption has been given pursuant to Section 3.08 to redeem all of the Notes, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the
contrary contained herein, a Change of Control Offer may be made in advance of a Change of Control, conditioned upon the occurrence of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of
Control Offer is made. 
 (f)    The Issuers 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 purchase of Notes pursuant to this Section 4.11. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of this Section 4.11, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their respective obligations under this Section 4.11 by virtue thereof. 

(g)    If Holders of not less than 90% in aggregate principal amount of the then outstanding Notes validly tender and do
not withdraw such Notes in a Change of Control Offer and the Issuers, or any third party making a Change of Control Offer in lieu of the Issuers, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuers shall have
the right, upon not less than 30 nor more than 60 days’ prior written notice, given not more than 30 days following the Change of Control Purchase Date, to redeem all Notes that remain outstanding following such purchase at a redemption price
equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including the date of redemption (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest
Payment Date). 
 (h)    Subject to Section 9.02(g) and (h), the obligation of the Issuers to make a Change of
Control Offer pursuant to this Section 4.11 may be waived or modified at any time prior to the occurrence of a Change of Control with the written consent of the holders of a majority in principal amount of the Notes. 

  
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 Section 4.12    Additional Note Guarantees. The Parent
Guarantor shall not permit any of its Restricted Subsidiaries (other than any Securitization Subsidiary or Foreign Subsidiary) that is a Wholly Owned Subsidiary (and any Domestic Subsidiary that is a
non-Wholly Owned Subsidiary if such non-Wholly Owned Subsidiary guarantees other capital markets debt securities of an Issuer or a Guarantor), other than the Issuers or
the Subsidiary Guarantors, to guarantee the payment of any Debt of any Issuer or any other Guarantor incurred under any Credit Facility or other capital markets debt securities unless: 

(1)    such Restricted Subsidiary within 30 days executes and delivers a supplemental indenture to this
Indenture providing for a Note Guarantee by such Restricted Subsidiary, except that with respect to a guarantee of Debt of any Issuer or any Guarantor, if such Debt is by its express terms subordinated in right of payment to the Notes or such
Guarantor’s Note Guarantee, any such Note Guarantee by such Restricted Subsidiary with respect to such Debt shall be subordinated in right of payment to such Note Guarantee substantially to the same extent as such Debt is subordinated to the
Notes; and 
 (2)    such Restricted Subsidiary waives and shall not in any manner whatsoever claim or
take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee; 

provided that this Section 4.12 shall not be applicable to any Note Guarantee of any Restricted Subsidiary that existed at the time such Person
became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary. Each Guarantee shall be released in accordance with the provisions of Section 10.10. 

Section 4.13    Maintenance of Office or Agency. The Issuers shall maintain an office or agency (which may be
an office of the Trustee or an Affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the
Issuers and the Guarantors in respect of the Notes and this Indenture may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

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

The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Issuers in accordance with
Section 2.04. 
 Section 4.14    Existence. Except as otherwise provided in this Article 4, Article 5
and Section 10.10 and subject to the ability of the Parent Guarantor or any Restricted Subsidiary to convert (or similar action) to another form of legal entity under the laws of the jurisdiction under which the Parent Guarantor or such
Restricted Subsidiary then exists, the Parent Guarantor shall do or cause to be done all things necessary to preserve and keep in full force and effect its existence and the existence of each of its Restricted Subsidiaries, and the material rights,
licenses and franchises of the Parent Guarantor and each Restricted Subsidiary; provided that the Parent Guarantor is not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the
maintenance or preservation thereof is no longer desirable in the conduct of the business of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole. 

Section 4.15    Annual Officer’s Certificate as to Compliance. Not later than one hundred and twenty
(120) days after the end of each fiscal year of Parent Guarantor, beginning with respect to the fiscal year ended December 31, 2018, the Issuer shall deliver to the Trustee a certificate (which need not comply with Section 12.05 of
this Indenture) indicating whether the Officer signing such certificate knows of any Default that occurred during the previous year. 

  
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 ARTICLE 5 

SUCCESSORS 

Section 5.01    When Issuer May Merge or Transfer Assets. Neither Issuer nor the Co-Issuer (if applicable) shall merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in
any one transaction or series of transactions unless: 
 (a)    the Issuer or the Co-Issuer, as applicable, shall be the surviving Person (the “Surviving Issuer”) or the Surviving Issuer (if other than the Issuer or the Co-Issuer) formed by
that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity organized and existing under the laws of the United States of America, any State thereof or the
District of Columbia, and if such entity is not a corporation, a co-obligor of the Notes is a corporation organized and existing under such laws; 

(b)    the Surviving Issuer (if other than the Issuer or the
Co-Issuer, as applicable) expressly assumes, by supplemental indenture executed and delivered to the Trustee by that Surviving Issuer, the due and punctual payment of the principal of, and premium, if any, and
interest on, the Notes, and the due and punctual performance and observance of all the covenants and conditions of this Indenture and the Registration Rights Agreement to be performed by the Issuer or the
Co-Issuer; 
 (c)    immediately after giving effect to that
transaction or series of transactions on a pro forma basis, no Default or Event of Default shall have occurred and be continuing; and 

(d)    the Surviving Issuer shall deliver, or cause to be delivered, to the Trustee, in form and substance
reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this Section 5.01 and that all conditions
precedent herein provided for relating to the transaction have been satisfied. 
 The Surviving Issuer shall succeed to, and be substituted
for, and may exercise every right and power of the Issuer or the Co-Issuer, as applicable, under this Indenture, but the predecessor Issuer or Co-Issuer in the case of:

 (a)    a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer,
assignment, conveyance or other disposition is of all or substantially all the assets of the Issuer or the Co-Issuer), or 

(b)    a lease, 

shall not be released from any obligation to pay the principal of, premium, if any, and interest on, the Notes. 

  
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 Section 5.02    When Parent Guarantor May Merge or Transfer
Assets. The Parent Guarantor shall not merge, consolidate or amalgamate with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or
series of transactions unless: 
 (a)    the surviving Person (the “Surviving Parent”)
formed by that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition is made shall be an entity organized and existing under the laws of the United States of America, any State thereof or
the District of Columbia; 
 (b)    the Surviving Parent (if other than Parent Guarantor) expressly
assumes, by supplemental indenture executed and delivered to the Trustee by that Surviving Parent, all of the obligations of the Parent Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and
conditions of this Indenture and the Registration Rights Agreement to be performed by Parent Guarantor; 

(c)    immediately after giving effect to that transaction or series of transactions on a pro forma basis,
no Default or Event of Default shall have occurred and be continuing; 
 (d)    immediately after giving
effect to that transaction or series of transactions on a pro forma basis, the Surviving Parent (i) would be able to Incur at least $1.00 of additional Debt under clause (a) of the first paragraph of Section 4.04 or (ii) the
Consolidated Fixed Charges Coverage Ratio of the Surviving Parent would be greater than or equal to such ratio immediately prior to such transaction; provided, however, that this clause (d) shall not be applicable to the Parent
Guarantor (or any Surviving Parent) merging, consolidating or amalgamating with or into an Affiliate incorporated solely for the purpose of reincorporating the Parent Guarantor (or any Surviving Parent) in another State of the United States or the
District of Columbia so long as the amount of Debt of the Parent Guarantor and the Restricted Subsidiaries is not increased thereby; and 

(e)    the Surviving Parent shall deliver, or cause to be delivered, to the Trustee, in form and substance
reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect thereto comply with this Section 5.02 and that all conditions
precedent herein provided for relating to the transaction have been satisfied. 
 The Surviving Parent shall succeed to, and be substituted
for, and may exercise every right and power of the Parent Guarantor under this Indenture, but the predecessor Parent Guarantor in the case of (i) a sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer,
assignment, conveyance or other disposition is of all or substantially all the assets of the Parent Guarantor), or (ii) a lease, shall not be released from any obligation under its Note Guarantee. 

Section 5.03    When Subsidiary Guarantors May Merge or Transfer Assets. No Subsidiary Guarantor may merge,
consolidate or amalgamate with or into any other Person, or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets in any one transaction or series of transactions unless: 

(a)    (i) either (x) such Subsidiary Guarantor is the continuing Person or (y) the resulting,
surviving or transferee Person expressly assumes by supplemental indenture all of the obligations of such Subsidiary Guarantor under its Note Guarantee and the due and punctual performance and observance of all the covenants and conditions of this
Indenture and the Registration Rights Agreement to be performed by such Subsidiary Guarantor; (ii) immediately after giving effect to the transaction, no Default has occurred and is continuing; and (iii) the surviving Person shall deliver,
or cause to be delivered, to the Trustee, in form and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and the supplemental indenture, if any, in respect
thereto comply with this Section 5.03 and that all conditions precedent herein provided for relating to the transaction have been satisfied; or 

  
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 (b)    the transaction constitutes a sale or other
disposition (including by way of consolidation or merger) of the Subsidiary Guarantor or the sale or disposition of all or substantially all the properties and assets of the Subsidiary Guarantor (in each case other than to the Parent Guarantor or a
Restricted Subsidiary) in compliance with Section 4.07 and otherwise permitted by this Indenture. 
 Notwithstanding the foregoing, any
Subsidiary Guarantor may merge, consolidate or amalgamate with or into or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its properties and assets to any Issuer, the Parent Guarantor or another Subsidiary
Guarantor or merge with a Restricted Subsidiary of the Parent Guarantor, so long as the resulting entity remains or becomes a Subsidiary Guarantor. 

ARTICLE 6 
 DEFAULTS AND
REMEDIES 
 Section 6.01    Events of Default. Each of the following is an “Event of
Default”: 
 (a)    failure to make the payment of any interest or Additional Interest (as
required by the Registration Rights Agreement) on the Notes when the same becomes due and payable, and that failure continues for a period of 30 days; 

(b)    failure to make the payment of any principal of, or premium, if any, on, any Note when the same
becomes due and payable at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise; 

(c)    failure to comply with Article 5; 

(d)    failure to comply with any other covenant or agreement in the Notes or in this Indenture (other than
a failure that is the subject of the foregoing clauses (a), (b) or (c)) and such failure continues for 60 days after written notice is given to the Issuers as specified in this Section 6.01; 

(e)    (i) a default under any Debt by the Parent Guarantor or any Restricted Subsidiary (other than Debt
owed to the Parent Guarantor or a Restricted Subsidiary or Debt in respect of any Qualified Securitization Transaction) that results in the acceleration of the maturity of that Debt, or (ii) failure to pay principal, premium, if any, or
interest on any Debt prior to the expiration of the grace period provided in such Debt and, in each case, the principal amount of such Debt, together with the principal amount of any other such Debt the maturity of which has been accelerated or
under which there has been a payment default, is in an aggregate amount in excess of $75.0 million (or its Dollar Equivalent at the time); provided that clause (e)(i) shall not apply to secured Debt that becomes due (or requires an offer
to purchase) as a result of the voluntary sale or transfer of the property or assets securing such Debt, if such sale or transfer is permitted under this Indenture and under the documents governing such Debt; and provided, further,
that clause (e)(i) shall not apply to any convertible Debt to the extent such default occurs as a result of (x) the satisfaction of a conversion contingency, (y) the exercise by a holder of such convertible Debt of a conversion right
resulting from the satisfaction of a conversion contingency or (z) a required repurchase under such convertible Debt; 

  
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 (f)    any judgment or judgments for the payment of
money in an aggregate amount in excess of $75.0 million (or its Dollar Equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Parent Guarantor or any Restricted Subsidiary and that shall not
be waived, satisfied, annulled, discharged or rescinded for any period of 60 days or more after such judgment becomes final; 

(g)    any Issuer, the Parent Guarantor, any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 

(i)    commences a voluntary case; 

(ii)    consents to the entry of an order for relief against it in an involuntary case; 

(iii)    consents to the appointment of a Custodian of it or for any material part of its property; or 

(iv)    makes a general assignment for the benefit of its creditors; or 

(v)    takes any comparable action under any foreign laws relating to insolvency; 

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

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

(ii)    appoints a Custodian of any of any Issuer, the Parent Guarantor, any Significant Subsidiary or any
group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, or for any material part of its property; 

(iii)    orders the winding up or liquidation of any Issuer, the Parent Guarantor, any Significant
Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary; or 

(iv)    grants any similar relief under any foreign laws, 

and in each such case the order or decree remains unstayed and in effect for 60 days; and 

(i)    the Note Guarantee of the Parent Guarantor or any Significant Subsidiary or any group of Subsidiary
Guarantors that, taken together, would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the terms of this Indenture), or the Parent Guarantor or any Significant Subsidiary or any group of
Subsidiary Guarantors that, taken together, would constitute a Significant Subsidiary denies or disaffirms its obligations under this Indenture or its Note Guarantee. 

  
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 A Default under clause (d) is not an Event of Default until the Trustee or the Holders
of not less than 25% in aggregate principal amount of the Notes then outstanding notify the Issuers of the Default and the Issuers do not cure that Default within the time specified in clause (d) after receipt of such notice (the
“Notice of Default”). The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” 

The Issuer shall deliver to the Trustee, within 10 Business Days of the date on which the Issuer has become aware of the occurrence or
received notice thereof, written notice in the form of an Officers’ Certificate of any Default, its status and what action the Issuers are taking or propose to take with respect thereto. 

The Trustee shall be under no obligation to determine whether any Event of Default or potential Event of Default has occurred. 

Following an Event of Default or potential Event of Default, the Trustee shall have the right to notify the Issuers to make all payments
following an Event of Default or potential Event of Default to or to the order of the Trustee. 

Section 6.02    Acceleration. If an Event of Default with respect to the Notes (other than an Event of Default
specified in Sections 6.01(g) or 6.01(h)) shall have occurred and be continuing, the Trustee (at the written direction of, and as indemnified by, the registered Holders of not less than 25% in aggregate principal amount of Notes) or the Holders of
not less than 25% in aggregate principal amount of the Notes then outstanding may, by notice to the Issuers and the Trustee, declare the principal, premium, if any, and accrued and unpaid interest on all the Notes to be immediately due and payable.
If an Event of Default specified in Sections 6.01(g) or 6.01(h) shall occur, the principal, premium, if any, and accrued and unpaid interest on all the Notes shall be due and payable immediately without any declaration or other act by the Trustee or
the Holder of the Notes. 
 In the event of a declaration of acceleration of the Notes because an Event of Default described in
Section 6.01(e) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the default triggering such Event of Default pursuant to Section 6.01(e) shall be remedied or cured by the
Parent Guarantor or a Restricted Subsidiary or waived by the Holders of the relevant Debt within 30 days after the declaration of acceleration with respect to the Notes and its consequences if (1) such annulment 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, premium, if any, or interest on the Notes that became due solely because of the acceleration of the
Notes, have been cured or waived. 
 Section 6.03    Other Remedies. If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04    Waiver of Past Defaults. The Holders of a
majority in principal amount of the outstanding Notes may waive all past defaults (except with respect to nonpayment of principal, premium or interest) and rescind any such acceleration with respect to the Notes and its consequences if (1) such
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, premium, if any, and interest on

  
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the Notes that became due solely by such declaration of acceleration, have been cured or waived. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or
other Default or impair any consequent right. If a Default is deemed to occur solely as a consequence of the existence of another Default (the “Initial Default”), then, at the time such Initial Default is cured (including the
payment of default interest, if any), the Default that resulted solely because of that Initial Default shall also be cured without any further action. 

Section 6.05    Control by Majority. The Holders of a majority in aggregate principal amount of the Notes then
outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes. However, the Trustee may refuse to follow
any direction that conflicts with law or this Indenture or that the Trustee determines is unduly prejudicial to the rights of other Noteholders or would involve the Trustee in personal liability; provided, however, that the Trustee may
take any other action deemed proper by the Trustee that is not inconsistent with such direction. Subject to Section 7.01, in case an Event of Default shall occur and be continuing, the Trustee shall be under no obligation to exercise any of its
rights or powers hereunder at the request or direction of any of the Holders, unless the Holders shall have offered to the Trustee reasonable security and/or indemnity satisfactory to it. 

Section 6.06    Limitation on Suits. A Noteholder shall not have any right to institute any proceeding with
respect to this Indenture or the Notes, or for the appointment of a receiver or Trustee, or for any remedy thereunder, unless: 

(a)    such Holder shall have previously given to the Trustee written notice of a continuing Event of
Default; 
 (b)    the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding shall have made a written request, and offered indemnity reasonably satisfactory to the Trustee to institute such proceeding as trustee; and 

(c)    the Trustee shall not have received from the Holders of a majority in aggregate principal amount of
the Notes then outstanding a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days after such notice. 

The foregoing limitations shall not apply to a suit instituted by a Holder for the enforcement of payment of the principal of, and premium, if
any, or interest on such Note on or after the applicable due date specified in such Note. A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain a preference or priority over another Noteholder (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

Section 6.07    Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture,
the right of any Holder to institute suit for the enforcement of payment of principal of, or interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes, shall not be impaired or affected without the
consent of such Holder; provided that for the avoidance of doubt, the amendment, supplement or modification in accordance with the terms of this Indenture of Articles 4 and 5 and Sections 6.01(c), (d), (e) and (i) and the related
definitions shall be deemed not to impair the right of any Holder to institute suit for the enforcement of payment of principal of or interest on the Notes held by such Holder. 

  
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 Section 6.08    Collection Suit by Trustee. If an Event of
Default specified in Section 6.01(a) or 6.01(b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers 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 this Indenture. 

Section 6.09    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 Noteholders allowed in any judicial proceedings relative to the Issuers, their creditors or their property 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 such compensation as agreed upon in writing by the parties hereto, expenses, disbursements
and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under this Indenture, or in connection with the transactions contemplated hereunder. 

Section 6.10    Priorities. If the Trustee collects any money or property pursuant to this Article 6, it
shall pay out the money or property in the following order: 
 FIRST: to the Trustee, its agents and counsel for amounts due
under this Indenture; 
 SECOND: to the other agents as may be appointed under this Indenture; 

THIRD: to Noteholders for amounts due and unpaid on the Notes for principal and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

FOURTH: to the Issuers. 

The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section 6.10. At least 15 days before
such record date, the Issuers shall send to each Noteholder 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 (other than the Trustee), having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes. 

Section 6.12    Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding
to enforce any right or remedy under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to the Holder, then, subject to any determination in the proceeding, the
Issuers, the Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Issuers, the Guarantors, the Trustee and the Holders shall continue
as though no such proceeding had been instituted. 
 Section 6.13    Rights and Remedies Cumulative. Except
as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture is intended to be

  
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exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative and in addition to every other right and remedy hereunder or now or
hereafter existing at law or in equity or otherwise. The assertion or exercise of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or exercise of any other right or remedy. 

Section 6.14    Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise
any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or
to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

ARTICLE 7 
 TRUSTEE 

Section 7.01    Duties of Trustee. 

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

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

(i)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth in
this Indenture, and no implied duties, covenants or obligations shall be read into this Indenture against the Trustee, where duties and obligations shall be determined solely by the express provisions of this Indenture; and 

(ii)    in the absence of willful misconduct on its part, the Trustee may conclusively rely, as to the
truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and
opinions to determine whether or not they conform to the requirements of this Indenture but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein; provided, the Trustee shall not be
responsible for the content of legal opinion letters, whether delivered to it or on its behalf. 
 (c)    The Trustee
may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(i)    this paragraph (c) does not limit the effect of paragraph (b) of this Section 7.01;

 (ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Trust
Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 

(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05; and 

  
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 (iv)    no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d)    Every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and
(c) of this Section 7.01. 
 (e)    The Trustee shall not be liable for interest or payment of interest on any
money received by it except as the Trustee may agree in writing with the Issuers, and the Trustee disclaims any obligation to otherwise manage such money. 

(f)    Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 (g)    The Trustee shall not be deemed to have notice of a Default or an Event of Default unless a Trust Officer of
the Trustee has received written notice thereof (in accordance with the notice provisions of this Indenture) from the Issuers or any Holder and such notice references the Notes and this Indenture. 

(h)    The Trustee shall not be precluded from entering into transactions with any other party hereto that are separate
from those contemplated under this Indenture. 
 Section 7.02    Rights of Trustee. 

(a)    The Trustee may conclusively rely on any document (whether in its original or facsimile form) believed by it to be
genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts or
matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and premises of the Issuers,
personally or by agent or attorney at the expense of the Issuers, and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it shall be entitled to receive an Officers’ Certificate
and/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 such Officers’ Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and/or attorneys and shall not be responsible for the misconduct or negligence
of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within its rights or powers. 
 (e)    The Trustee may
consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f)    The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty
unless so specified herein. 

  
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 (g)    The Trustee shall be under no obligation to exercise any of the
rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and/or indemnity satisfactory to it against the costs,
expenses and liabilities which might be incurred by the Trustee in compliance with such request or direction. 

(h)    In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or
damage of any kind whatsoever (including, but not limited to, loss of profit), irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation,
its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (k)    The Trustee may request that the Issuers 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. 

(l)    Delivery of any reports, information and documents to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuers’ compliance with any of their
covenants hereunder (as to which the Trustee may conclusively rely on an Officers’ Certificate). 

Section 7.03    Individual Rights of Trustee. The Trustee in its individual or any other capacity may become
the owner or pledgee of Notes and may otherwise deal with the Issuers or their Affiliates or any other party hereto with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar or
co-registrar may do the same with like rights. Notwithstanding the foregoing, the Trustee must comply with Sections 7.10 and 7.11. 

Section 7.04    Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no
representation as to the validity, priority or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuers in this
Indenture or in any other document other than the certificate of authentication executed by the Trustee. 

Section 7.05    Notice of Defaults. If a Default or Event of Default occurs and is continuing and if a written
notice of a Default or Event of Default is received by a Trust Officer, the Trustee shall send to each Noteholder notice of the Default or Event of Default within 90 days after written notice of it is received by a Trust Officer of the Trustee.
Except in the case of a Default or Event of Default in payment of principal of or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is
in the interests of Noteholders. 
 Section 7.06    Reports by Trustee to Holders. As promptly as
practicable after each December 31 beginning with December 31, 2018, and in any event prior to February 28 in each year, the Trustee shall send to each Noteholder a brief report dated as of December 31 each year that complies
with TIA § 313(a), if and to the extent required by such subsection. The Trustee shall also comply with TIA § 313(b). 

  
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 A copy of each report at the time it is sent to Noteholders shall be filed with the SEC and
each stock exchange (if any) on which the Notes are listed. The Issuers agree to notify promptly the Trustee whenever the Notes become listed on any stock exchange and of any delisting thereof. 

Section 7.07    Compensation and Indemnity. The Issuers and the Guarantors shall pay to the Trustee from time
to time such reasonable compensation for its services as agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers and Guarantors,
jointly and severally, shall reimburse the Trustee upon request for all reasonable, documented out-of-pocket expenses incurred or made by it, including costs of
collection, in addition to the compensation for its services. Such expenses shall include the reasonable compensation and reasonable, documented out-of-pocket expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuers and Guarantors, jointly and severally, shall indemnify the Trustee and every receiver, attorney, manager, agent or other person appointed by the
Trustee hereunder against any and all loss, liability, claim, damage, penalty, action, suit, cost and expense (including reasonable attorneys’ fees and
out-of-pocket expenses and taxes (other than taxes based upon, measured by or determined by the income of the Trustee)) incurred by it in connection with the acceptance
or administration of the trust hereunder and/or the transactions contemplated under this Indenture, and the Trustee shall have no liability or responsibility for any action or inaction on the part of any Paying Agent, Registrar, Authentication Agent
or any successor trustee. The Trustee shall notify the Issuers and the Guarantors promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers and the Guarantors shall not relieve the Issuers or any of the
Guarantors of their respective obligations hereunder except to the extent that the Issuers or any of the Guarantors shall have been actually prejudiced as a result of such failure. The Issuers and the Guarantors shall defend the claim and the
Trustee may participate in the defense and have separate counsel, and the Issuers and the Guarantors shall pay the fees and expenses of such counsel. None of the Issuers or any of the Guarantors shall be required to reimburse any expense or
indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct or negligence. None of the Issuers or any of the Guarantors shall be required to pay for any settlement made by the Trustee
without the Issuers’ consent, such consent not to be unreasonably withheld. All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents, successors and assigns.

 To secure the Issuers’ and Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a lien prior to
the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Issuers’ and Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the resignation or removal of the
Trustee and the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Sections 6.01(g) or 6.01(h) with respect to the Issuers, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law. 
 The provisions of this Section 7.07 shall survive the satisfaction and discharge or termination, for any
reason, of this Indenture and the resignation or removal of the Trustee. 
 Section 7.08    Replacement of
Trustee. The Trustee may resign at any time by so notifying the Issuers in writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in aggregate principal amount of the Notes then outstanding may
remove the Trustee by so notifying the Trustee in writing not less than 30 days prior to the effective date of such removal and may appoint a successor Trustee with the Issuers’ written consent. The Issuers shall remove the Trustee if: 

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

  
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 (b)    the Trustee is adjudged bankrupt or insolvent or
an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (c)    a receiver
or other public officer takes charge of the Trustee or its property; or 
 (d)    the Trustee otherwise
becomes incapable of acting. 
 If the Trustee resigns, is removed by the Issuers or by the Holders of a majority in aggregate principal
amount of the Notes then outstanding 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 Issuers shall promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Issuers. 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 Issuers shall send a notice of any proposed succession to Noteholders. 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 7.07. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the
reasonable expense of the Issuers, or the Holders of 10% in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in TIA
Section 310(b), any Noteholder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement or resignation of the Trustee pursuant to this Section 7.08, the Issuers’ obligations under
Section 7.07 shall continue for the benefit of the Trustee and survive the termination of this Indenture. 

Section 7.09    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 or banking association without any further act shall be the successor
Trustee. 
 Section 7.10    Eligibility; Disqualification. The Trustee shall at all times satisfy the
requirements of TIA § 310(a). The Trustee shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least $25.0 million as set
forth in its (or its related bank holding company’s) most recent published annual report of condition. The Trustee shall comply with TIA § 310(b), subject to the penultimate paragraph thereof; provided, however, that there
shall be excluded from the operation of TIA § 310(b)(i) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuers are outstanding if the requirements for such
exclusion set forth in TIA § 310(b)(1) are met. 

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

ARTICLE 8 
 DISCHARGE OF
INDENTURE; DEFEASANCE 
 Section 8.01    Discharge of Liability on Notes; Defeasance. 

(a)    When (i) all outstanding Notes (other than Notes replaced pursuant to Section 2.07) have
been delivered to the Trustee for cancellation and the Issuers have paid or caused to be paid all sums payable by them hereunder, or (ii) (A) all outstanding Notes not theretofore delivered to the Trustee for cancellation (1) have become
due and payable by reason of the making of a notice of redemption or otherwise or (2) mature within one year or (3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of
redemption, (B) the Issuers irrevocably deposit with the Trustee cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without consideration
of any reinvestment of interest, to pay at maturity or upon redemption principal of, premium, if any, and interest on all outstanding Notes, including interest thereon to maturity or such redemption date (other than Notes replaced pursuant to
Section 2.07), (C) no Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder has occurred and is
continuing on the date of the deposit, (D) the deposit shall not result in a breach or violation of, or constitute default under any other material agreement or instrument (other than this Indenture) to which any Issuer is a party or by which
any Issuer is bound, and (E) the Issuers pay or cause to be paid all other sums payable hereunder by the Issuers, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge
satisfaction and discharge of this Indenture on written demand of the Issuers accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of the Issuers. 

(b)    Subject to Sections 8.01(c) and 8.02, the Issuers at any time may terminate (i) all of their
obligations and the obligations of the Guarantors under the Notes, the Note Guarantees and this Indenture, as applicable (“legal defeasance option”) or (ii) the obligations under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08,
4.09, 4.10, 4.11 and 4.12 and the limitations contained in Section 5.02(d) (“covenant defeasance option”). If the Issuers exercise their legal defeasance option, the Note Guarantees in effect at such time shall be automatically
released. If the Issuers exercise their covenant defeasance option, the Note Guarantees (other than the Note Guarantee of the Parent Guarantor) in effect at such time shall be automatically released. The Issuers may exercise their legal defeasance
option notwithstanding its prior exercise of their covenant defeasance option. 
 If the Issuers exercise their legal
defeasance option, payment of the Notes may not be accelerated because of an Event of Default. If the Issuers exercise their covenant defeasance option, payment of the Notes may not be accelerated because of an Event of Default specified in Sections
6.01(d) (only with respect to the covenants of Article 4 identified in the immediately preceding paragraph), 6.01(e), 6.01(f), 6.01(g) (with respect only to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary), 6.01(h) (with respect only to Significant Subsidiaries or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) or 6.01(i) (other than with respect to the
Note Guarantee of the Parent Guarantor) or because of the failure of the Parent Guarantor to comply with the limitations contained in Section 5.02(d). 
  

  
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 Upon satisfaction of the conditions set forth herein and upon request of the
Issuer, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the defeasance contemplated have been complied with, the Trustee shall acknowledge in writing the
discharge of those obligations that the Issuer terminates. 
 (c)    Notwithstanding clauses (a) and
(b) in this Section 8.01, the Issuers’ obligations in Sections 2.04, 2.05, 2.06, 2.07, 7.07, 7.08, 8.05 and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.07 and 8.05
shall survive such satisfaction or discharge. 
 Section 8.02    Conditions to Defeasance. The Issuers may
exercise their legal defeasance option or their covenant defeasance option only if: 
 (a)    the Issuers
irrevocably deposit in trust with the Trustee, for the benefit of the Holders, cash in U.S. Dollars, Government Obligations or a combination thereof, sufficient, as confirmed, certified or attested by an Independent Financial Advisor, without
consideration of any reinvestment of interest, for the payment of principal of and premium, if any, and interest on the Notes to maturity or redemption; provided that upon any redemption that requires the payment of the Applicable Premium,
the amount deposited shall be sufficient for purposes of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice of redemption, with any deficit as of the date
of redemption (any such amount, the “Applicable Premium Deficit”) only required to be irrevocably deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set forth in an
Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption; 

(b)    no Default or Event of Default has occurred and is continuing on the date of the deposit and after
giving effect thereto (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Debt and, in each case, the granting of Liens in
connection therewith), and the deposit shall not result in a breach or violation of, or constitute a default under, the Credit Agreement or any other material agreement or material instrument (other than this Indenture) to which any Issuer or any
Guarantor is a party or by which any Issuer or any Guarantor is bound; 
 (c)    in the case of the legal
defeasance option, the Issuer delivers to the Trustee an Opinion of Counsel stating that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the Issue Date there has been
a change in the applicable federal income tax law, to the effect, in either case, that, and based thereon the Opinion of Counsel shall confirm that, the Holders of the Notes 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 the defeasance had not occurred; 

(d)    in the case of the covenant defeasance option, the Issuer delivers to the Trustee an Opinion of
Counsel to the effect that the Holders of the 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 that covenant defeasance had not occurred; 

  
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 (e)    the Issuer delivers to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the legal defeasance or covenant defeasance, as applicable, as contemplated by this Article 8, have been complied with; and 

(f)    the Issuer delivers irrevocable instructions to the Trustee to apply the deposited money toward the
payment of the Notes at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (e) above). 

Simultaneous with a deposit, the Issuers may make arrangements satisfactory to the Trustee for the redemption of Notes at a future date in
accordance with Article 3. 
 Section 8.03    Application of Trust Money. The Trustee shall hold in
trust money or Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from Government Obligations through the Paying Agent and in accordance with this Indenture to the payment of
principal of, premium, if any, and interest on the Notes. 
 Section 8.04    Repayment to Issuer. The
Trustee and the Paying Agent shall promptly turn over to the Issuers upon written request any excess money or securities held by them upon satisfaction of the conditions and occurrence of the events set forth in this Article 8. 

Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Issuers upon request any money held by
them for the payment of principal, premium, if any, or interest that remains unclaimed for two years after such principal, premium, if any, or interest has become due and payable, and, thereafter, Noteholders entitled to the money must look to the
Issuers for payment as general creditors. 
 Section 8.05    Indemnity for Government Obligations. The
Issuers shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited Government Obligations or the principal and interest received on such Government Obligations pursuant to
Section 8.02, which by law is for the account of the Holders. 
 Section 8.06    Reinstatement. If the
Trustee or Paying Agent is unable to apply any money or Government Obligations in accordance with this Article 8 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 Issuers’ and the Guarantors’ obligations under this Indenture, the Notes and the Note Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to this
Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such money or Government Obligations in accordance with this Article 8; provided, however, that, if the Issuers have made any payment of
interest on or principal of any Notes because of the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Obligations held by the Trustee or
Paying Agent. 
 ARTICLE 9 

AMENDMENTS 

Section 9.01    Without Consent of Holders. Notwithstanding Section 9.02, the Issuers, the Trustee and
(with respect to any amendment or supplement to the Note Guarantees) the Guarantors may amend or supplement this Indenture, the Notes or the Note Guarantees without notice to or consent of any Noteholder: 

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

  
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 (b)    to provide for the assumption by a successor of
the obligations of any Issuer or any Guarantor under this Indenture; 
 (c)    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; 
 (d)    to comply with the rules of any applicable
depositary; 
 (e)    to add Guarantors with respect to the Notes or release Guarantors from their Note
Guarantees in accordance with the applicable terms of this Indenture; 
 (f)    to secure the Notes and
the Note Guarantees (and, thereafter, provide for releases of collateral in accordance with the security documents entered into in connection therewith), to add to the covenants of the Issuers and the Guarantors for the benefit of the Holders or to
surrender any right or power conferred upon the Issuers or the Guarantors; 
 (g)    to make any change
that does not adversely affect the rights of any Noteholder in any material respect; 
 (h)    to comply
with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture under the TIA; 

(i)    to make such provisions as necessary (as determined in good faith by the Issuer) to provide for the
issuance of Additional Notes in accordance with this Indenture; 
 (j)    to provide for the issuance of
Exchange Notes or other exchange securities that shall have terms substantially identical in all respects to the Notes (except that the transfer restrictions contained in the Notes shall be modified or eliminated, as appropriate) and which shall be
treated, together with any outstanding Notes, as a single class of securities; 
 (k)    to 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; 

(l)    to make any amendment to the provisions of this Indenture relating to the transfer and legending of
Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes being
transferred in violation of the Securities Act or any other applicable securities laws and (ii) such amendment does not adversely affect the rights of Holders to transfer Notes in any material respect; or 

(m)    to conform any provision of this Indenture, the Notes or the Note Guarantees to the
“Description of Notes” contained in the Offering Memorandum, to the extent that such provision in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note
Guarantees. 

  
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 Section 9.02    With Consent of Holders. Except as provided
in Section 9.01, the Issuers, the Trustee and (with respect to any amendment or supplement to the Note Guarantees) the Guarantors may amend or supplement this Indenture, the Notes or the Note Guarantees without notice to any Noteholder but with
the written consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for the Notes) and any past Default or compliance with any
provisions may also be waived with the consent of the Holders of a majority in aggregate principal amount of the Notes then outstanding (including waivers obtained in connection with a tender offer or exchange offer for the Notes), except a Default
in the payment of principal, premium, if any, or interest and particular covenants and provisions of this Indenture which cannot be amended without the consent of each Holder of an outstanding Note, as specified in this Section 9.02. However,
without the consent of each Noteholder affected thereby, an amendment, supplement or waiver (with respect to any Notes held by a non-consenting Holder) may not: 

(a)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (b)    reduce the stated rate of or extend the stated time for payment of interest on any such
Note; 
 (c)    reduce the principal of or extend the Stated Maturity of any Note; 

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

(e)    impair the right of any Holder to institute suit for the enforcement of any payment of principal of
and interest on such Holder’s Notes on or after the due dates therefor; 
 (f)    subordinate the
Notes or the Note Guarantees to any other obligation of any Issuer or any Guarantor, as applicable; 

(g)    reduce the premium payable upon the redemption of any Note or change the time at which any Note may
be redeemed, as set forth in Section 3.08 or (at any time after a Change of Control has occurred) under Section 4.11(g); 

(h)    (i) other than as provided in Section 4.11(h), reduce the premium payable upon a Change of
Control or, (ii) at any time after a Change of Control has occurred, change the time at which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased pursuant to that Change of Control Offer; 

(i)    at any time after the Issuers are obligated to make a Prepayment Offer with the Excess Proceeds from
Asset Sales, change the time at which the Prepayment Offer must be made or at which the Notes must be repurchased pursuant thereto; 

(j)    make any change in this Section 9.02; or 

(k)    release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except
in accordance with the terms of this Indenture. 
 The consent of the Holders is not necessary to approve the particular form of any
proposed amendment, supplement or waiver. It is sufficient if such consent approves the substance of the proposed amendment, supplement or waiver. A consent to any amendment, supplement or waiver under this Indenture by any Holder given in
connection with a tender or exchange of such Holder’s Notes shall not 

  
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be rendered invalid by such tender or exchange. After an amendment, supplement or waiver becomes effective, the Issuers are required to deliver to each Holder at the Holder’s address
appearing in the Note register a notice briefly describing the amendment. However, the failure to give this notice to Holders, or any defect therein, shall not impair or affect the validity of the amendment. 

Section 9.03    Compliance with Trust Indenture Act. Upon and after, but not before, the qualification of this
Indenture under the TIA, every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 

Section 9.04    Revocation and 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.
However, any such Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes
effective. After an amendment or waiver becomes effective, it shall bind every Noteholder. An amendment, supplement or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 

The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Noteholders entitled to give their
consent or take any other action described in this Section 9.04 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
Noteholders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be
Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.05    Notation on or Exchange of Notes. If an amendment or supplement changes the terms of a Note,
the Trustee may require the Holder of the Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return such Note to the Holder. Alternatively, if the Issuers or the
Trustee so determine, the Issuers 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 or supplement. 
 Section 9.06    Trustee to Sign Amendments. The Trustee shall sign any
amendment or supplement authorized pursuant to this Article 9 if such amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing
such amendment or supplement the Trustee shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an
Opinion of Counsel each stating that the execution of such amendment or supplement is authorized or permitted by this Indenture and is the legal, valid and binding obligation of each of the Issuers, enforceable in accordance with its terms. 

  
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 ARTICLE 10 

GUARANTEES 

Section 10.01    The Guarantees. Subject to the provisions of this Article 10, each Guarantor hereby
irrevocably and unconditionally guarantees, jointly and severally, on a senior unsecured basis, the full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an offer to purchase required under Section 4.07 or
Section 4.11 or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable under, each Note, and the full and punctual payment of all other amounts payable by the Issuers under this
Indenture. Upon failure by the Issuers to pay punctually any such amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the manner specified in this Indenture. 

Section 10.02    Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and
absolute and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 

(1)    any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of
any Issuer under this Indenture or any Note, by operation of law or otherwise; 
 (2)    any modification
or amendment of or supplement to this Indenture or any Note; 
 (3)    any change in the corporate
existence, structure or ownership of any Issuer, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting any Issuer or its assets or any resulting release or discharge of any obligation of any Issuer contained in this
Indenture or any Note; 
 (4)    the existence of any claim,
set-off or other rights which the Guarantor may have at any time against any Issuer, the Trustee or any other Person, whether in connection with this Indenture or any unrelated transactions; provided
that nothing herein prevents the assertion of any such claim by separate suit or compulsory counterclaim; 

(5)    any invalidity or unenforceability relating to or against the Issuer for any reason of this
Indenture or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by any Issuer of the principal of or interest on any Note or any other amount payable by any Issuer under this Indenture; or 

(6)    any other act or omission to act or delay of any kind by any Issuer, the Trustee or any other Person
or any other circumstance whatsoever which might, but for the provisions of this Section 10.02, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations hereunder. 

Section 10.03    Discharge; Reinstatement. Subject to Section 10.10, each Guarantor’s obligations
hereunder shall remain in full force and effect until the principal of, premium, if any, and interest on the Notes and all other amounts payable by the Issuers under this Indenture have been paid in full. If at any time any payment of the principal
of, premium, if any, or interest on any Note or any other amount payable by the Issuers under this Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of any Issuer or otherwise, each
Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such time. 

Section 10.04    Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment,
demand, protest and any notice not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Issuers or any other Person. 

  
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 Section 10.05    Subrogation and Contribution. Upon making
any payment with respect to any obligation of the Issuers under this Article 10, the Guarantor making such payment shall be subrogated to the rights of the payee against the Issuers with respect to such obligation; provided that the Guarantor
may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuers hereunder or under the
Notes remains unpaid. 
 Section 10.06    Stay of Acceleration. If acceleration of the time for payment of
any amount payable by the Issuers under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of any Issuer, all such amounts otherwise subject to acceleration under the terms of this Indenture are nonetheless
payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders. 

Section 10.07    Limitation on Amount of Guarantee. Notwithstanding anything to the contrary in this Article
10, each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent conveyance under applicable fraudulent conveyance
provisions of the Bankruptcy Law or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Note Guarantee are limited
to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law. 

Section 10.08    Execution and Delivery of Guarantee. The execution by each Guarantor of this Indenture (or a
supplemental indenture in the form of Exhibit B or, in the case of the ILG Acquisition, Exhibit C) evidences the Note Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office
at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of each Guarantor. 

Section 10.09    Benefits Acknowledged. Each Guarantor acknowledges that it shall receive direct and indirect
benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Note Guarantee are knowingly made in contemplation of such benefits. 

Section 10.10    Release of Guarantee. The Note Guarantee of a Subsidiary Guarantor shall terminate, and the
Note Guarantee shall be automatically and unconditionally released and discharged, upon: 
 (1)    a sale
or other disposition (including by way of consolidation or merger) of Capital Stock of the Subsidiary Guarantor following which such Subsidiary Guarantor ceases to be a Subsidiary or the sale or disposition of all or substantially all the properties
and assets of the Subsidiary Guarantor (in each case other than to an Issuer or a Guarantor) otherwise permitted by this Indenture, 

(2)    the release or discharge of such Subsidiary Guarantor’s obligations under the Credit Agreement
and any other Credit Facility and such Subsidiary Guarantor’s guarantee in respect of other capital markets debt securities of any Issuer or any Guarantor, as applicable, that resulted in the creation of such Note Guarantee other than, in each
case, a release or discharge through payment thereon, 
 (3)    the designation in accordance with this
Indenture of the Subsidiary Guarantor as an Unrestricted Subsidiary, or 

  
 98 

 (4)    defeasance or discharge of the Notes, as provided
in Article 8. 
 The Note Guarantee of the Parent Guarantor shall terminate, and the Note Guarantee shall be automatically and
unconditionally released and discharged, upon legal defeasance or discharge of the Notes, as provided in Article 8. 
 Upon delivery by
the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee shall execute any documents reasonably required in order to evidence the release of the Guarantor from its obligations under
its Note Guarantee. 
 ARTICLE 11 

[RESERVED] 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01    Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by TIA Section 318(c) in respect of Sections of the TIA that are incorporated by reference in this Indenture pursuant to Section 1.03, the imposed duties shall control upon and after, but not before, the
qualification of this Indenture under the TIA. 
 Section 12.02    Notices. Any notice or communication
shall be in writing in English and delivered in person, mailed by first-class mail or sent by facsimile or electronic transmission and addressed as follows: 

if to the Issuers: 
 c/o
Marriott Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Fax:
(407) 513-6680 
 Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

with a copy to: 

Kirkland & Ellis LLP 

601 Lexington Avenue 
 New York,
NY 10022 
 Fax: (212) 446-4900 

Attention: Richard Aftanas, P.C. 

David A. Curtiss 
 E-mail: richard.aftanas@kirkland.com 
 david.curtiss@kirkland.com 

if to the Trustee: 
 The Bank of
New York Mellon Trust Company, N.A. 
 10161 Centurion Parkway North, 2nd Floor 

Jacksonville, Florida 32256 

Attention: Corporate Trust 

Facsimile: (904) 645-1921 

Telephone: (904) 998-4747 

  
 99 

 The Issuers or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 Any notice or communication sent to a Noteholder shall be sent or delivered to the
Noteholder at the Noteholder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so sent within the time prescribed. 

Failure to send or deliver a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to
other Noteholders. If a notice or communication is sent or delivered in the manner provided in this Section 12.02, it is duly given, whether or not the addressee receives it. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by
e-mail, pdf, facsimile transmission or other similar unsecured electronic methods. If the Issuers elect to give the Trustee e-mail or facsimile instructions (or
instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses,
costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The Issuers agree to
assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and
misuse by third parties 
 Section 12.03    Communication by Holders with Other Holders. Noteholders may
communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 12.04    Certificate and Opinion as to Conditions Precedent. Upon any request or application by the
Issuers to the Trustee to take or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee: 

(a)    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 

(b)    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 12.05    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: 
 (a)    a
statement that the individual making such certificate or opinion has read such covenant or condition; 

(b)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 

  
 100 

 (c)    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 

(d)    a statement as to whether or not, in the opinion of such individual, such covenant or condition has
been fully 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 12.06    Rules by Trustee, Paying Agents and Registrar. The
Trustee may make reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions. 

Section 12.07    Business Days. If a payment date, a redemption date or a repurchase date is not a Business
Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening period. If a regular record date is not a Business Day, the record date shall not be affected. 

Section 12.08    Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction. THIS INDENTURE, THE NOTES
AND THE NOTE GUARANTEES AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF 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. 

The parties hereto irrevocably submit to the non-exclusive jurisdiction of any New York State or
federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the parties irrevocably waive and agree not to
assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

Section 12.09    No Recourse Against Others. No past, present or future director, officer, employee,
incorporator, member, partner or stockholder of any Issuer or any Guarantor, as such, shall have any liability for any obligations of any Issuer or any Guarantor (other than an Issuer in respect of the Notes and each Guarantor in respect of its Note
Guarantee) under the Notes, the Note Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. This waiver and
release are part of the consideration for issuance of the Notes. This waiver may not be effective to waive liabilities under the federal securities law. 

Section 12.10    Successors. All agreements of the Issuers and the Guarantors in this Indenture and the Notes
shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

  
 101 

 Section 12.11    Severability. In the event that any one or
more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 Section 12.12    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. Delivery of an executed
signature page by facsimile or electronic transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. 

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    Force Majeure. In no event shall the Trustee be responsible or liable for any failure or
delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which
are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 12.15    U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326
of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that
establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the Trustee with such information as may be available that the Trustee may request in order for the Trustee to satisfy the
requirements of the U.S.A. Patriot Act. 
 Section 12.16    FATCA. In order to assist the Trustee with its
compliance with Sections 1471 through 1474 of the U.S. Internal Revenue Code and the rules and regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”) each Issuer agrees (i) to provide to the
Trustee reasonably available information regarding such Issuer or the Holders of Notes (solely in their capacity as such) and which is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and
(ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary to comply with Applicable Law and shall have not liability in connection therewith other than as a result of
its negligence or willful misconduct. Nothing in the immediately preceding sentence shall be construed as obligating the Issuers or the Trustee to make any “gross up” payment or similar reimbursement in connection with a payment in respect
of which amounts are so withheld or deducted. 
 [Remainder of Page Intentionally Left Blank] 

  
 102 

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

			
	MARRIOTT OWNERSHIP RESORTS, INC.
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	 MARRIOTT VACATIONS WORLDWIDE

              CORPORATION, as Guarantor

		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
			
	 VOLT MERGER SUB, LLC

MVW US HOLDINGS, INC.

	MH KAPALUA VENTURE, LLC
	MORI MEMBER (KAUAI), LLC
	MORI GOLF (KAUAI), LLC
	KAUAI LAGOONS HOLDINGS LLC
	MARRIOTT RESORTS HOSPITALITY
	   CORPORATION

	MVW SSC, INC.
	MARRIOTT OWNERSHIP RESORTS
	   PROCUREMENT, LLC

	E-CRM CENTRAL, LLC
	MARRIOTT RESORTS SALES COMPANY,
	   INC.

	MARRIOTT KAUAI OWNERSHIP RESORTS,
	   INC.

	THE RITZ-CARLTON DEVELOPMENT
	   COMPANY, INC.

	THE LION & CROWN TRAVEL CO., LLC
	RBF, LLC
	THE RITZ-CARLTON TITLE COMPANY, INC.
	THE RITZ-CARLTON SALES COMPANY, INC.
	RCDC CHRONICLE LLC
	RCDC 942, L.L.C.
	RCC (GP) HOLDINGS LLC
	MORI RESIDENCES, INC.
	MTSC, INC.,
		 	as Guarantors
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
			
	MVW OF HAWAII, INC., as Guarantor
		
	By:	 	 /s/ Marcus O’Leary

	Name:	 	Marcus O’Leary
	Title:	 	President
	
	MVW US SERVICES, LLC, as Guarantor
		
	By:	 	MVW SSC, Inc., a Delaware corporation,
		 	 its sole member

		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	MORI WAIKOLOA HOLDING COMPANY, LLC,
		 	as Guarantor
		
	By:	 	Marriott Ownership Resorts, Inc.,
		 	a Delaware corporation, its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	THE COBALT TRAVEL COMPANY, LLC,
		 	as Guarantor
		
	By:	 	The Ritz-Carlton Development
		 	Company, Inc., a Delaware corporation,
		 	Its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
			
	THE RITZ-CARLTON MANAGEMENT COMPANY, L.L.C.
		 	as Guarantor
		
	By:	 	The Ritz-Carlton Development
		 	Company, Inc., a Delaware corporation,
		 	Its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	RCC (LP) HOLDINGS L.P., a Guarantor
		
	By:	 	RCDC Chronicle LLC, a Delaware limited
		 	liability company, its general partner
		
	By:	 	The Ritz-Carlton Development
		 	Company, Inc., a Delaware corporation,
		 	Its sole member
		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President
	
	R.C. CHRONICLE BUILDING, L.P., as Guarantor
		
	By:	 	RCC (GP) HOLDINGS LLC,
		 	 a Delaware limited liability company,
 its
general partner

		
	By:	 	RCC (LP) HOLDINGS L.P.,
		 	 a Delaware limited partnership, its
 sole
member

		
	By:	 	RCDC CHRONICLE LLC,
		 	 a Delaware limited liability company,
 its
general partner

		
	By:	 	 THE RITZ-CARLTON DEVELOPMENT COMPANY, INC., a Delaware corporation,

its sole member

		
	By:	 	 /s/ Joseph J. Bramuchi

	Name:	 	Joseph J. Bramuchi
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Karen Yu

	Name:	 	Karen Yu
	Title:	 	Vice President

  
 [Signature Page to the
Indenture] 

 Appendix A 

PROVISIONS RELATING TO INITIAL NOTES 

AND EXCHANGE NOTES 

1.    Definitions 

1.1    Definitions 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

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

“Definitive Note” means a certificated Initial Note or Exchange Note bearing, if required, the restricted securities legend
set forth in Section 2.3(d) of this Appendix A. 
 “Depositary” means with respect to the Notes, The Depository Trust
Company, its nominees and their respective successors. 
 “Distribution Compliance Period” means, with respect to any
Notes, the period of 40 consecutive days beginning on the later of (i) the day on which such Notes are first offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the issue date with
respect to such Notes. 
 “Euroclear” means Euroclear Bank S.A./N.Y., as operator of Euroclear Clearance System or any
successor securities clearing agency. 
 “Exchange Notes” means the 6.500% Senior Notes due 2026 to be issued pursuant to
the Indenture in connection with a Registered Exchange Offer pursuant to the Registration Rights Agreement. 
 “IAI” means
an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Initial Notes” means the 6.500% Senior Notes due 2026, to be issued from time to time, as provided for in the Indenture in
transactions exempt from registration under the Securities Act pursuant to resales under Rule 144A or Regulation S. 
 “Initial
Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, SunTrust Robinson Humphrey, Inc., Deutsche Bank Securities Inc., Wells Fargo Securities, LLC, Credit Suisse Securities (USA) LLC,
HSBC Securities (USA) Inc., MUFG Securities Americas Inc., Samuel A. Ramirez & Company, Inc., U.S. Bancorp Investments, Inc., BNY Mellon Capital Markets, LLC and Synovus Securities, Inc. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depositary) or any successor person
thereto, who shall initially be the Trustee. 
 “Original Notes” has the meaning assigned to such term in the recitals to
the Indenture. 
 “Purchase Agreement” means the Purchase Agreement, dated August 9, 2018, among the Issuers, the
Guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers, relating to the Original Notes, or any similar agreement relating to any future sale of Initial Notes by the
Issuers. 

 “QIB” means a “qualified institutional buyer” as defined in Rule
144A. 
 “Registered Exchange Offer” means an offer by the Issuers, pursuant to the Registration Rights Agreement, to
certain Holders of Initial Notes, to issue and deliver to such Holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

“Shelf Registration Statement” means a registration statement issued by the Issuers in connection with the offer and sale of
Initial Notes pursuant to the Registration Rights Agreement. 
 “Transfer Restricted Notes” means Definitive Notes and any
other Notes that bear or are required to bear the legend set forth in Section 2.3(d) hereto. 
 1.2    Other
Definitions 
  

			
	Term	  	Defined in Section:
	“Agent Members”	  	2.1(b)
	“Global Note”	  	2.1(a)
	“IAI Global Note”	  	2.1(a)
	“Regulation S”	  	2.1
	“Regulation S Global Note”	  	2.1(a)
	“Rule 144A”	  	2.1
	“Rule 144A Global Note”	  	2.1(a)

 Terms otherwise used herein and not otherwise defined herein shall have the meaning ascribed thereto in the Indenture. 

2.    The Notes 

2.1    Form and Dating 

The Initial Notes shall be offered and sold by the Issuers, from time to time, pursuant to one or more Purchase Agreements. The Initial Notes
shall be resold initially only to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and other purchasers in reliance on Regulation S under the Securities Act (“Regulation S”). Initial Notes may
thereafter be transferred to, among others, QIBs and other purchasers in reliance on Regulation S and IAIs under Rule 501(a)(1), (2), (3) or (7) under the Securities Act, subject to the restrictions on transfer set forth herein. 

(a)    Global Notes. Initial Notes initially resold pursuant to Rule 144A shall be issued initially in the form of
one or more permanent Global Notes in registered form (collectively, the “Rule 144A Global Note”) with the global securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, and
Initial Notes initially resold pursuant to Regulation S shall be issued initially in the form of one or more permanent Global Notes in registered form with the global securities legend and the applicable restricted securities legend set forth in
Exhibit A to the Indenture (collectively, the “Regulation S Global Note”) or with such other legends as may be appropriate. Except as set forth in this Section 2.1(a) and Section 2.3(c) hereof, beneficial ownership
interest in a Regulation S Global Note shall be exchangeable for interests in a Rule 144A Global Note or a Definitive Note in registered certificated form only after the expiration of the Distribution Compliance Period and then only (i) upon

 
certification that beneficial ownership interests in such Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such
interests in a transaction that did not require registration under the Securities Act and (ii) in the case of an exchange for a Definitive Note, in compliance with the requirements described in Section 2.4 and, subject to Section 2.4
hereof, Initial Notes transferred subsequent to the initial resale thereof to IAIs shall be issued initially in the form of one or more permanent global securities in registered form (collectively, the “IAI Global Note”), in each
case without interest coupons and with the global securities legend and the applicable restricted securities legend set forth in Exhibit A to the Indenture, which shall be deposited on behalf of the purchasers of the Initial Notes represented
thereby with the Notes Custodian, and registered in the name of the applicable Depositary or a nominee of the applicable Depositary, duly executed by the Issuers and authenticated by the Trustee or the Authentication Agent as provided in the
Indenture. The Rule 144A Global Note, IAI Global Note and Regulation S Global Note are collectively referred to herein as “Global Notes.” The aggregate principal amount of the Global Notes may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the applicable Depositary or its nominee as hereinafter provided. 

(b)    Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on
behalf of the applicable Depositary. 
 The Issuers shall execute and the Trustee shall, in accordance with this Section 2.1(b) and
pursuant to an order of the Issuer, authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the applicable Depositary for such Global Note or Global Notes or the nominee of such Depositary and
(b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Notes Custodian. 

Members of, or participants, in the Depositary (“Agent Members”) shall have no rights under the Indenture with respect to any
Global Note held on their behalf by the Depositary or by the Trustee as Notes Custodian or under such Global Note, and the Depositary may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of
such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global
Note. 
 (c)    Definitive Notes. Except as provided in Section 2.3 or 2.4 hereof, owners of beneficial
interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
 2.2    
Authentication. The Trustee or Authentication Agent shall authenticate and deliver Notes in accordance with Section 2.03 and, if applicable, Section 2.14 of the Indenture. 

2.3    Transfer and Exchange. 

(a)    Transfer and Exchange of Definitive Notes for Definitive Notes. When Definitive Notes are presented to the
Registrar or a co-registrar with a request: 
 (i)    to register the transfer
of such Definitive Notes; or 
 (ii)    to exchange such Definitive Notes for an equal principal amount of Definitive
Notes of other authorized denominations, 

 the Registrar or co-registrar shall register the transfer or make the exchange as requested if its
reasonable requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for transfer or exchange: 

(1)    shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably
satisfactory to the Issuers and the Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(2)    if such Definitive Notes bear a restricted securities legend, they are being transferred or
exchanged pursuant to an effective registration statement under the Securities Act or pursuant to clause (A), (B), (C) or (D) below, and are accompanied by the following additional information and documents, as applicable: 

(A)    if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the
name of such Holder, without transfer, a certification from such Holder to that effect; or 
 (B)    if
such Definitive Notes are being transferred to any Issuer, a certification to that effect; 
 (C)    if
such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act, (i) a certification to that effect (such certification to be in the form set forth on the reverse of
the Initial Note) and (ii) an opinion of counsel or other evidence reasonably satisfactory to the Issuers and the Trustee as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(d)(i); or 

(D)    if such Definitive Notes are being transferred pursuant to another available exemption from the
registration requirements of the Securities Act, (i) the appropriate certification in the form set forth on the reverse of the Initial Note) and (ii) as applicable, delivery of such legal opinions, certifications and other information as
may be requested pursuant thereto (including, in the case of a transfer to an IAI, a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to the Indenture). 

(b)    Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A
Definitive Note may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written instrument of
transfer in form reasonably satisfactory to the Issuers and the Registrar or co-registrar, together with: 

(i) a certification from the transferor in the form provided on the reverse of the Initial Notes for exchange or
registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto; and 

(ii) written instructions directing the Trustee to make, or to direct the Custodian to make, an adjustment on its books
and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain information regarding the Depositary account to be credited with such
increase, 

 the Trustee shall cancel such Definitive Note and cause, or direct the Custodian to cause,
in accordance with the standing instructions and procedures existing between the Depositary and the Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate principal amount of the Definitive
Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive Note so canceled. If the applicable
Global Note is not then outstanding, the Issuers shall issue and the Trustee shall authenticate a new applicable Global Note in the appropriate principal amount at the Registrar’s or co-registrar’s
request. 
 (c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the applicable
Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver a written order
given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in the Global Note and such account shall be credited in accordance with
such instructions with a beneficial interest in the Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global Note being transferred. In the case of a transfer of a
beneficial interest in a Global Note to an IAI, the transferee must furnish a signed letter to the Trustee containing certain representations and agreements in the form of Exhibit D to the Indenture. 

(ii)    If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in
another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to the principal amount of the interest to
be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii)    Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in
Section 2.4), a Global Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. 
 (iv)    In the event that a Global Note
is exchanged for Definitive Notes pursuant to Section 2.4 prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf Registration Statement with respect to such Notes, such Notes may be exchanged only in accordance
with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A,
Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other procedures as may from time to time be adopted by the Issuers. 

(v)    Restrictions on Transfer of Regulation S Global Notes. 

(A)    During the Distribution Compliance Period, beneficial ownership interests in Regulation S Global
Notes may only be sold, pledged or transferred directly or indirectly through Euroclear or Clearstream in accordance with the applicable procedures of Euroclear, Clearstream or the Depositary (i) to any Issuer, (ii) in an offshore
transaction in accordance with Rule 904 of 

 
Regulation S, (iii) to QIBs pursuant to Rule 144A who take delivery in the form of a beneficial interest in the Rule 144A Global Note or (iv) pursuant to an effective registration
statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States; and 

(B)    Beneficial interests in a Rule 144A Global Note may be transferred to a Person who takes delivery in
the form of an interest in a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate to the effect that such transfer is being
made in accordance with Rule 903 or 904 of Regulation S or Rule 144 (if applicable). 
 (c)    Legends. 

(i)    Except as permitted by the following paragraphs (ii), (iii) and (iv), each certificate evidencing the Global Notes
and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form: 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY,
MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF
ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH ANY ISSUER OR ANY AFFILIATE OF ANY ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO AN 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) INSIDE THE UNITED STATES TO AN
ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS
SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM
REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUEST), OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN

 
CONNECTION WITH ANY TRANSFER OF THIS SECURITY WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH
TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUERS SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES
ACT.” 
 Each Definitive Note shall also bear the following additional legend: 

“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.” 

(ii)    Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a
Global Note) pursuant to Rule 144 under the Securities Act: 
 (A)    in the case of any Transfer
Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer
Restricted Note; and 
 (B)    in the case of any Transfer Restricted Note that is represented by a
Global Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Note, 

in either case, if the Holder certifies in writing to the Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to
be in the form set forth on the reverse of the Initial Note). 
 (iii)    After a transfer of any Initial Notes during
the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Notes, all requirements pertaining to restricted legends on such Initial Note shall cease to apply and an Initial Note in global form without restricted
legends shall be available to the transferee of the beneficial interests of such Initial Notes. Upon the occurrence of any of the circumstances described in this paragraph (iii), the Issuer shall deliver an Officers’ Certificate to the Trustee
instructing the Trustee to issue Notes without restricted legends. 
 (iv)    Upon the consummation of a Registered
Exchange Offer with respect to the Initial Notes pursuant to which certain Holders of such Initial Notes are offered Exchange Notes in exchange for their Initial Notes, Exchange Notes in global form without the restricted legends shall be available
to Holders or beneficial owners that exchange such Initial Notes (or beneficial interests therein) in such Registered Exchange Offer. Upon the occurrence of any of the circumstances described in this paragraph (iv), the Issuer shall deliver the
Exchange Notes accompanied by an Officers’ Certificate to the Trustee instructing the Trustee to authenticate the Exchange Notes without restricted legends. 

 (d)    Cancellation or Adjustment of Global Note. At such time as
all beneficial interests in a Global Note have either been exchanged for Definitive Notes, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation pursuant to its customary practice.

 At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, redeemed,
repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the 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. 
 (e)    Obligations with
Respect to Transfers and Exchanges of Notes. 
 (i)    To permit registrations of transfers and exchanges, the
Issuers shall execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Registrar’s or co-registrar’s request. 

(ii)    No service charge shall be made for any registration of transfer or exchange, but the Issuers may require payment
of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to
Sections 3.06 and 9.05 of the Indenture). 
 (iii)    The Registrar or
co-registrar shall not be required to register the transfer of or exchange of any Note selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed)
or to transfer or exchange any Note for a period beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 

(iv)    Prior to the due presentation for registration of transfer of any Note, the Issuers, the Trustee, the Paying
Agent, the Registrar or any co-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 and interest on
such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuers, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to
the contrary. 
 (v)    All Notes issued upon any transfer or exchange pursuant to the terms of the Indenture shall
evidence the same debt and shall be entitled to the same benefits under the Indenture as the Notes surrendered upon such transfer or exchange. 

(f)    No Obligation of the Trustee. 

(i)    The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a
participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the
delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its members, participants and any beneficial owners. 

 (ii)    The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under the 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 the Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements hereof. 

2.4    Definitive Notes 

(a)    A Global Note deposited with the Depositary or with the Trustee as Notes Custodian pursuant to Section 2.1
shall be transferred (or, in the case of clause (ii) below, shall be transferrable) to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange
for such Global Note, only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Issuers that it is unwilling or unable to continue as a Depositary for such Global Note or if at any time the Depositary ceases to be
a “clearing agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Issuers within 90 days of such notice, (ii) a Default or an Event of Default has occurred and is continuing or (iii) the
Issuers, in their sole discretion, notify the Trustee in writing that they elect to cause the issuance of Definitive Notes under the Indenture. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be
surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations. Definitive Notes issued in exchange for any portion of a Global Note transferred pursuant to this Section 2.4 shall be executed, authenticated and delivered only in denominations
of $2,000 and any integral multiples of $1,000 in excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in the Global Note shall, except as otherwise provided by
Section 2.3(e), bear the restricted securities legend set forth in Section 2.3(d)(i). 
 (c)    The registered
Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action that a Holder is entitled to take under the Indenture or the Notes.

 (d)    In the event of the occurrence of any of the events specified in Section 2.4(a)(i), (ii) or (iii), the
Issuers shall promptly make available to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons. 

 EXHIBIT A 

[FORM OF FACE OF INITIAL NOTE] 

[Global Notes Legend] 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER[S] OR [ITS][THEIR] AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO 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. 

[Restricted Notes Legend] 
 THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET
FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE THAT IS [IN THE CASE OF
RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH ANY ISSUER OR ANY AFFILIATE OF ANY ISSUER WAS THE OWNER OF THIS SECURITY
(OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY
PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO AN 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) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR THAT, PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY A U.S. BROKER-DEALER) TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS SECURITY (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS SECURITY), (D) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT 

 
(IF AVAILABLE), (F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER[S] SO REQUEST[S]), OR
(G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. IN CONNECTION WITH ANY
TRANSFER OF THIS SECURITY WITHIN SIX MONTHS AFTER THE ORIGINAL ISSUANCE OF THIS SECURITY, IF THE PROPOSED TRANSFEREE IS AN ACCREDITED INVESTOR, THE HOLDER MUST, PRIOR TO SUCH TRANSFER, FURNISH TO THE TRUSTEE AND THE ISSUER[S] SUCH CERTIFICATIONS,
LEGAL OPINIONS OR OTHER INFORMATION AS ANY OF THEM MAY REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. AS USED
HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT. 

[Definitive Notes Legend] 
 IN
CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 [ERISA Legend] 
 BY ITS
ACQUISITION OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS
SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986,
AS AMENDED (THE “CODE”), OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” (WITHIN THE MEANING OF 29 C.F.R. SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA) OF
ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE PURCHASE AND HOLDING OF THIS NOTE AND ANY INTEREST HEREIN DOES NOT AND WILL NOT RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 

 [FORM OF FACE OF INITIAL NOTE] 

6.500% Senior Notes due 2026 
 No. [RA-[    ]] [RS-[    ]]] 

[CUSIP: [    ]] 

MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation, promises to pay to [Cede &
Co.]1 [                    ], or its registered assigns, the principal sum [of
[            ] Dollars ($)]2 [as revised by the Schedule of Increases and Decreases annexed hereto]3 on September 15, 2026. 
 Interest Payment Dates: March 15 and September 15.

 Record Dates: March 1 and September 1. 

 

	1 	 Insert for Global Securities 

	2 	 Insert for Definitive Securities 

	3 	 Insert for Global Securities 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	MARRIOTT OWNERSHIP RESORTS, INC.

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

			
	 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

	
	 Dated:

	
	
THE BANK OF NEW YORK MELLON TRUST COMPANY,

	N.A., as Trustee, certifies that this is one of the Notes referred to in the Indenture.

			
		
	 By:
	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF NOTE] 

6.500% Senior Notes due 2026 
  

	1.	 Interest 

(a)    MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (such corporation, and its successors and assigns under the
Indenture (as defined below) hereinafter referred to, being herein called the “Issuer”) [and [______________], a [___________] (such Person, and its successors and assigns under the Indenture (as defined below) hereinafter referred
to, being herein called the “Co-Issuer” and, together with the Issuer, the “Issuers”)], promise[s] to pay interest on the principal amount of this 6.500% Senior Note due 2026
(this “Note “and, together with any other 6.500% Senior Notes due 2026, the “Notes”) at the rate per annum shown above. The Issuers shall pay interest semiannually in arrears on March 15 and September 15
of each year. Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of original issuance; provided that the first Interest Payment Date shall
be [March 15, 2019][___________]. 
 Interest shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The
Issuers shall pay interest on overdue principal at the rate specified herein. 
 (b)    Special Interest. The
holder of this Note is entitled to the benefits under the terms of the Registration Rights Agreement, dated as of August 23, 2018, among the Issuers, the Guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated,
as representative of the Initial Purchasers (the “Registration Rights Agreement”). 
  

	2.	 Method of Payment 

The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the March 1 or September 1 immediately preceding the Interest Payment Date even if Notes are canceled 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 Issuers shall pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global
Note (including principal, premium and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company. The Issuers shall make all payments in respect of a Definitive Note (including
principal, premium and interest), by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal
amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating
such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 
  

	3.	 Paying Agent and Registrar 

Initially, The Bank of New York Mellon Trust Company, N.A. (the “Trustee”) shall act as Paying Agent and Registrar. The
Issuers may appoint and change any Paying Agent, Registrar or co-registrar without notice. Any Issuer, the Parent Guarantor or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying
Agent, Registrar or co-registrar. 

	4.	 Indenture; Note Guarantee 

The Issuers issued the Notes under an Indenture, dated as of August 23, 2018 (as it may be amended or supplemented from time to time in
accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”); provided, however, that, in the event the TIA is amended after such date, “TIA”
means, to the extent required by any such amendments, the Trust Indenture Act of 1939 as so amended. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms,
and Noteholders are referred to the Indenture and the TIA for a statement of those terms. This Note is guaranteed, as set forth in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. 
 The Indenture imposes certain limitations on the ability of the Parent
Guarantor and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends and other distributions, incur Debt, enter into consensual restrictions upon the payment of certain dividends and
distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter into or permit certain transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes
limitations on the ability of the Issuers and the Guarantors to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of the property and assets of the Issuers or
the Guarantors. 
  

	5.	 Redemption and Repurchase  

The Notes are subject to optional redemption, and may be the subject of an offer to purchase upon a Change of Control or an Asset Sale, as
further described in the Indenture. [Except as described in Section 3.07 of the Indenture, the][The] Issuers shall not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. 

 

	6.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may
transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes
required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to
transfer or exchange any Notes beginning 15 days before the notice of redemption or an offer to repurchase Notes is sent or 15 days before an Interest Payment Date. 
  

	7.	 Persons Deemed Owners 

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

 

	8.	 Unclaimed Money 

If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the
Issuers at their written request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuers and not to the Trustee for payment. 

	9.	 Discharge and Defeasance 

Subject to certain conditions, the Issuers at any time may terminate some of or all their obligations under the Notes and the Indenture if the
Issuers deposit or cause to be deposited with the Trustee money in U.S. dollars or Government Obligations for the payment of principal of and interest (including premium, if any) on the Notes, in each case to redemption or maturity. 

 

	10.	 Amendment, Waiver 

The Indenture, the Note Guarantees and the Notes may be amended and supplemented as provided in the Indenture. 

 

	11.	 Defaults and Remedies 

The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the
rights and obligations of the Issuers, the Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture. 
  

	12.	 Trustee Dealings with the Issuer 

Subject to certain limitations imposed by the TIA, 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 Issuers or their Affiliates and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. 

 

	13.	 No Recourse Against Others 

No past, present or future director, officer, employee, incorporator, member, partner or stockholder of any Issuer or any Guarantor, as such,
shall have any liability for any obligations of any Issuer or any Guarantor (other than an Issuer in respect of the Notes and each Guarantor in respect of its Note Guarantee) under the Notes, the Note Guarantees or this Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. This waiver and release are part of the consideration for issuance of the Notes. This waiver may
not be effective to waive liabilities under the federal securities law. 
  

	14.	 Authentication 

This Note shall not be valid until an authorized signatory of the Trustee (or an Authentication Agent) manually signs the certificate of
authentication on the other side of this Note. 
  

	15.	 Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), 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). 
  

	16.	 Governing Law/Waiver of Trial by Jury 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE 

 
APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AND EACH HOLDER BY ITS ACCEPTANCE THEREOF 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 NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
  

	17.	 CUSIP Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers
to be printed on the Notes and have directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. To the extent such numbers have been issued, the Issuers have caused ISIN and Common Code numbers to be similarly
printed on the Notes and has similarly instructed the Trustee. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Issuers 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. 
 All capitalized terms used but not defined in this Note shall have
the meanings assigned to them in the Indenture. 

 MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

6.500% Senior Notes due 2026 

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 Issuers. The agent may substitute another to act for
him. 
  

							
	Date:	 	                                     
           	  	Your Signature:	  	  

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

 In connection with any transfer of any of the Notes evidenced by this certificate occurring while this Note is a Transfer
Restricted Note, the undersigned confirms that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

 

					
	(1)	  	☐	  	To an Issuer; or
			
	(2)	  	☐	  	Pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(3)	  	☐	  	Inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is
given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act; or
			
	(4)	  	☐	  	Outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act (and if the transfer is being made prior to the expiration of the
Distribution Compliance Period, the Notes shall be held immediately thereafter directly or indirectly through Euroclear or Clearstream);

					
			
	(5)	  	☐	  	In a principal amount of not less than $250,000 to an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) and (7) under the Securities Act) that has furnished to the Trustee a signed
letter containing certain representations and agreements (the form of which letter can be obtained from the Trustee or the Issuers); or
			
	(6)	  	☐	  	Pursuant to another available exemption from registration provided by Rule 144 under the Securities Act or any other available exemption from the registration requirements of the Securities Act.

 Unless one of the above boxes is checked, the Trustee shall 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 may require, prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Issuers have reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. 

 

			
		  	  

		  	Your Signature:

  

					
	Signature Guarantee:	  	  
	  	
		  	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee	  	

  

					
	Date:	 	                                      
              	 	  

		 		 	Signature of Signature Guarantor

 TO BE COMPLETED BY PURCHASER IF (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, 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 Issuers 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. 
  

					
	Date:	 	                                      
              	 	  

		 		 	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 this Global Note is $[            ]. 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

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

 MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

6.500% Senior Notes due 2026 

OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.07 (Limitation on Asset Sales) or Section 4.11
(Change of Control) of the Indenture, check this box:  ☐ 
 If you want to elect to have only part of this Note purchased by
the Issuers pursuant to Section 4.07 or Section 4.11 of the Indenture, state the amount: 
 $
                     
  

					
	Date:	 	                                     
               	  	  

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

  

			
	Signature Guarantee:	  	  

		  	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee

  

					
	Date:	 	                                     
               	  	  

		 		  	Signature of Signature Guarantor

 EXHIBIT B 

SUPPLEMENTAL INDENTURE 
 dated as
of             , 
 among 

MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

THE GUARANTORS PARTY HERETO 
 and

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 6.500% Senior Notes
due 2026 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of [            , 20    ], among MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (the “Issuer”),
[                    ], a [                    ]
(the “Co-Issuer” and, together with the Issuer, the “Issuers”), [insert each Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”) and
THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Issuers, the Guarantors party thereto and the Trustee entered into an Indenture, dated as of August 23, 2018 (the
“Indenture”), relating to the Issuers’ 6.500% Senior Notes due 2026 (the “Notes”); 
 WHEREAS, as a
condition to the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Restricted Subsidiary (with certain exceptions) that guarantees certain indebtedness of any Issuer or any Guarantor following the Issue
Date to provide a Note Guarantee. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this
Supplemental Indenture hereby agree as follows: 
 Section 1.    Capitalized terms used herein and not otherwise
defined herein are used as defined in the Indenture. 
 Section 2.    Each Undersigned, by its execution of this
Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 3.    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State
of New York. 
 Section 4.    This Supplemental Indenture may be signed in various counterparts which together
shall constitute one and the same instrument. 
 Section 5.    This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read together. 

Section 6.    The recitals and statements herein are deemed to be those of the Issuers and the Undersigned and not
the Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the Guarantors party to this Supplemental Indenture. 

  
 B-2 

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

			
	MARRIOTT OWNERSHIP RESORTS, INC., as Issuer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[                    ], as
Co-Issuer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[GUARANTOR(S)]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-3 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-4 

 EXHIBIT C 

SUPPLEMENTAL INDENTURE 
 dated as
of             , 
 among 

MARRIOTT OWNERSHIP RESORTS, INC. 

[                    ] 

THE GUARANTORS PARTY HERETO 
 and

 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

as Trustee 
 6.500% Senior Notes
due 2026 

 THIS SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into
as of [            , 20    ], among MARRIOTT OWNERSHIP RESORTS, INC., a Delaware corporation (the “Issuer”),
[                    ], a [                    ]
(the “Co-Issuer” and, together with the Issuer, the “Issuers”), the Guarantors listed on the signature pages hereto (each an “Acquired Guarantor”) and THE BANK OF NEW YORK MELLON TRUST COMPANY,
N.A., as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, in contemplation of the ILG Acquisition, the Issuer, the Guarantors party thereto and the Trustee entered into an Indenture, dated as
of August 23, 2018 (the “Indenture”), relating to the Issuer’s 6.500% Senior Notes due 2026 (the “Notes”); 

WHEREAS, Marriott Vacations Worldwide Corporation may, subject to certain conditions, cause ILG or one of its Wholly Owned Subsidiaries to
become Co-Issuer of the Notes in connection with the consummation of the ILG Acquisition. 

WHEREAS, as a condition to the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Restricted
Subsidiary (with certain exceptions) that guarantees certain indebtedness of any Issuer or any Guarantor following the Issue Date to provide a Note Guarantee. 

AGREEMENT 
 NOW, THEREFORE, in
consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby agree as follows: 

Section 1.    Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 Section 2.    The Co-Issuer, by its execution of this Supplemental
Indenture, agrees to be a Co-Issuer under the Indenture and to be bound by the terms of the Indenture applicable to Co-Issuers or the Issuers. 

Section 3.    Each Acquired Guarantor, by its execution of this Supplemental Indenture, agrees to be a Guarantor
under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof. 

Section 4.    This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State
of New York. 
 Section 5.    This Supplemental Indenture may be signed in various counterparts which together
shall constitute one and the same instrument. 
 Section 6.    This Supplemental Indenture is an amendment
supplemental to the Indenture, and the Indenture and this Supplemental Indenture shall henceforth be read together. 

Section 7.    The recitals and statements herein are deemed to be those of the Issuers and the Acquired Guarantors
and not the Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Guarantees provided by the Guarantors party to this Supplemental Indenture.

  
 C-1 

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

			
	MARRIOTT OWNERSHIP RESORTS, INC., as Issuer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[                    ], as
Co-Issuer

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 
			
	
	[ACQUIRED GUARANTORS]

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-2 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 C-3 

 EXHIBIT D 

Form of 
 Transferee Letter of
Representation 
 Marriott Ownership Resorts, Inc. 
 c/o
Marriott Vacations Worldwide Corporation 
 6649 Westwood Boulevard 

Orlando, Florida 32821 
 Fax: (407)
513-6680 
 Attention: James H Hunter, IV, General Counsel 

E-mail: james.hunter@mvwc.com 

In care of: 
 The Bank of New York Mellon Trust Company, N.A.

 10161 Centurion Parkway North, 2nd Floor 
 Jacksonville,
Florida 32256 
 Attention: Corporate Trust 
 Facsimile: (904) 645-1921 
 Telephone: (904) 998-4747 

Ladies and Gentlemen: 
 This certificate is
delivered to request a transfer of $[            ] principal amount of the 6.500% Senior Notes due 2026 [CUSIP Number] (the “Notes”) of Marriott Ownership Resorts,
Inc. (the “Issuer”) and [                    ] (the “Co-Issuer” and,
together with the Issuer, the “Issuers”). 
 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” (within the meaning of 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,” 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 and risks of our investment in
the Notes, and we invest in or purchase notes 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 

  
 D-1 

 
transfer such Notes prior to the date that is six months after the later of the date of original issue and the last date on which any Issuer or any affiliate of the Issuers was the owner of such
Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to an Issuer, (b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a
transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing 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,” 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 Issuers 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 Issuers and the Trustee reserve the right prior to the offer, sale or other transfer prior
to the Resale Restriction Termination Date of the Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuers and the Trustee. 

 

			
	TRANSFEREE:

 
			
		
	By:	 	  

  
 D-2

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