Document:

Exhibit 4.1

  

   

    

  

    ASHLAND SERVICES B.V.

    

    

    2.000% SENIOR NOTES DUE 2028

    

    

    INDENTURE

    

    

    Dated as of January 23, 2020

    

    

    U.S. BANK NATIONAL ASSOCIATION,

    as Trustee

     

    

     

    

    
      
        

    

    
    TABLE OF CONTENTS

    

    

    Page

    

    

    	
            ARTICLE 1

          
	
            DEFINITIONS AND INCORPORATION BY REFERENCE

          
	 	 	 
	
            Section 1.01.

          	
            Definitions.

          	
            1

          
	
            Section 1.02.

          	
            Other Definitions.

          	
            11

          
	
            Section 1.03.

          	
            Rules of Construction.

          	
            11

          
	 	 	 
	
            ARTICLE 2

          
	
            THE NOTES

          
	 	 	 
	
            Section 2.01.

          	
            Amount of Notes.

          	
            12

          
	
            Section 2.02.

          	
            Form and Dating.

          	
            12

          
	
            Section 2.03.

          	
            Execution and Authentication.

          	
            13

          
	
            Section 2.04.

          	
            Registrar; Paying Agent; Trustee and Transfer Agent.

          	
            13

          
	
            Section 2.05.

          	
            Paying Agent To Hold Money for the Benefit of the Holders

          	
            14

          
	
            Section 2.06.

          	
            Holder Lists.

          	
            14

          
	
            Section 2.07.

          	
            Transfer and Exchange.

          	
            14

          
	
            Section 2.08.

          	
            Replacement Notes.

          	
            15

          
	
            Section 2.09.

          	
            Outstanding Notes.

          	
            15

          
	
            Section 2.10.

          	
            Treasury Notes.

          	
            15

          
	
            Section 2.11.

          	
            Temporary Notes.

          	
            15

          
	
            Section 2.12.

          	
            Cancellation.

          	
            16

          
	
            Section 2.13.

          	
            Defaulted Interest.

          	
            16

          
	
            Section 2.14.

          	
            Identifying Number.

          	
            16

          
	
            Section 2.15.

          	
            Deposit of Moneys.

          	
            16

          
	
            Section 2.16.

          	
            Book-Entry Provisions for Global Notes.

          	
            17

          
	
            Section 2.17.

          	
            Special Transfer Provisions.

          	
            18

          
	
            Section 2.18.

          	
            Computation of Interest.

          	
            19

          
	 	 	 
	
            ARTICLE 3

          
	
            REDEMPTION AND PREPAYMENT

          
	 	 	 
	
            Section 3.01.

          	
            Election To Redeem; Notices to Trustee.

          	
            19

          
	
            Section 3.02.

          	
            Selection by Trustee of Notes To Be Redeemed.

          	
            19

          
	
            Section 3.03.

          	
            Notice of Redemption.

          	
            20

          
	
            Section 3.04.

          	
            Effect of Notice of Redemption.

          	
            21

          
	
            Section 3.05.

          	
            Deposit of Redemption Price.

          	
            21

          
	
            Section 3.06.

          	
            Notes Redeemed in Part.

          	
            21

          
	
            Section 3.07.

          	
            Optional Redemption.

          	
            21

          
	
            Section 3.08.

          	
            Tax Redemption.

          	
            22

          
	 	 	 
	
            ARTICLE 4

          
	
            COVENANTS

          
	 	 	 
	
            Section 4.01.

          	
            Payment of Principal, Premium and Interest.

          	
            23

          
	
            Section 4.02.

          	
            Maintenance of Office or Agency.

          	
            23

          
	
            Section 4.03.

          	
            Reports.

          	
            23

          
	
            Section 4.04.

          	
            Reserved.

          	
            24

          
	
            Section 4.05.

          	
            Money for Notes Payments To Be Held in Trust.

          	
            24

          
	
            Section 4.06.

          	
            Reserved.

          	
            25

          
	
            Section 4.07.

          	
            Restrictions on Secured Debt.

          	
            25

          

    

    

    

    

    
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    Page

    

    

    	
            Section 4.08.

          	
            Purchase of Notes Upon a Change of Control Repurchase Event.

          	
            27

          
	
            Section 4.09.

          	
            Restrictions on Sale and Lease-Back Transactions.

          	
            28

          
	
            Section 4.10.

          	
            Future Guarantors.

          	
            29

          
	
            Section 4.11.

          	
            Compliance Certificate.

          	
            29

          
	
            Section 4.12.

          	
            Stay, Extension and Usury Laws.

          	
            29

          
	
            Section 4.13.

          	
            Payments of Additional Amounts.

          	
            30

          
	
            Section 4.14.

          	
            Listing.

          	
            31

          
	 	 	 
	
            ARTICLE 5

          
	
            SUCCESSORS

          
	 	 	 
	
            Section 5.01.

          	
            Consolidation, Merger and Sale of Assets.

          	
            32

          
	 	 	 
	
            ARTICLE 6

          
	
            DEFAULTS AND REMEDIES

          
	 	 	 
	
            Section 6.01.

          	
            Events of Default.

          	
            33

          
	
            Section 6.02.

          	
            Acceleration of Maturity; Rescission.

          	
            34

          
	
            Section 6.03.

          	
            Other Remedies.

          	
            34

          
	
            Section 6.04.

          	
            Waiver of Past Defaults and Events of Default.

          	
            35

          
	
            Section 6.05.

          	
            Control by Majority.

          	
            35

          
	
            Section 6.06.

          	
            Limitation on Suits.

          	
            35

          
	
            Section 6.07.

          	
            Rights of Holders To Receive Payment.

          	
            35

          
	
            Section 6.08.

          	
            Reserved.

          	
            35

          
	
            Section 6.09.

          	
            Trustee May File Proofs of Claim.

          	
            35

          
	
            Section 6.10.

          	
            Priorities.

          	
            36

          
	
            Section 6.11.

          	
            Undertaking for Costs.

          	
            36

          
	
            Section 6.12.

          	
            Delay or Omission Not Waiver.

          	
            36

          
	 	 	 
	
            ARTICLE 7

          
	
            TRUSTEE

          
	 	 	 
	
            Section 7.01.

          	
            Duties of Trustee.

          	
            37

          
	
            Section 7.02.

          	
            Rights of Trustee.

          	
            38

          
	
            Section 7.03.

          	
            Individual Rights of Trustee.

          	
            39

          
	
            Section 7.04.

          	
            Trustee’s Disclaimer.

          	
            39

          
	
            Section 7.05.

          	
            Notice of Defaults.

          	
            39

          
	
            Section 7.06.

          	
            Compensation and Indemnity.

          	
            39

          
	
            Section 7.07.

          	
            Replacement of Trustee.

          	
            40

          
	
            Section 7.08.

          	
            Successor Trustee by Consolidation, Merger, etc.

          	
            41

          
	
            Section 7.09.

          	
            Eligibility; Disqualification.

          	
            41

          
	 	 	 
	
            ARTICLE 8

          
	
            AMENDMENT, SUPPLEMENT AND WAIVER

          
	 	 	 
	
            Section 8.01.

          	
            Without Consent of Holders.

          	
            42

          
	
            Section 8.02.

          	
            With Consent of Holders.

          	
            43

          
	
            Section 8.03.

          	
            Revocation and Effect of Consents.

          	
            44

          
	
            Section 8.04.

          	
            Notation on or Exchange of Notes.

          	
            44

          
	
            Section 8.05.

          	
            Trustee To Sign Amendments, etc.

          	
            44

          
	 	 	 
	
            ARTICLE 9

          
	
            SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE

          
	 	 	 
	
            Section 9.01.

          	
            Satisfaction and Discharge of Liability on Notes; Defeasance.

          	
            44

          

    

    

    

    

    
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    Page

    

    

    	
            Section 9.02.

          	
            Conditions to Defeasance.

          	
            46

          
	
            Section 9.03.

          	
            Deposited Money and European Government Obligations To Be Held in Trust; Other Miscellaneous Provisions.

          	
            46

          
	
            Section 9.04.

          	
            Reinstatement.

          	
            47

          
	
            Section 9.05.

          	
            Moneys Held by Paying Agent.

          	
            47

          
	
            Section 9.06.

          	
            Moneys Held by Trustee.

          	
            47

          
	 	 	 
	
            ARTICLE 10

          
	
            GUARANTEES

          
	 	 	 
	
            Section 10.01.

          	
            Guarantee.

          	
            47

          
	
            Section 10.02.

          	
            Severability.

          	
            49

          
	
            Section 10.03.

          	
            Limitation of Liability.

          	
            49

          
	
            Section 10.04.

          	
            Contribution.

          	
            49

          
	
            Section 10.05.

          	
            Subrogation.

          	
            49

          
	
            Section 10.06.

          	
            Reinstatement.

          	
            50

          
	
            Section 10.07.

          	
            Release of a Guarantor.

          	
            50

          
	
            Section 10.08.

          	
            Benefits Acknowledged.

          	
            51

          
	 	 	 
	
            ARTICLE 11

          
	
            MISCELLANEOUS

          
	 	 	 
	
            Section 11.01.

          	
            Notices.

          	
            51

          
	
            Section 11.02.

          	
            Certificate and Opinion as to Conditions Precedent.

          	
            52

          
	
            Section 11.03.

          	
            Statements Required in Certificate and Opinion.

          	
            52

          
	
            Section 11.04.

          	
            Rules by Trustee and Agents.

          	
            53

          
	
            Section 11.05.

          	
            No Personal Liability of Directors, Officers, Employees and Stockholders.

          	
            53

          
	
            Section 11.06.

          	
            Governing Law; Waiver of Jury Trial; Jurisdiction.

          	
            53

          
	
            Section 11.07.

          	
            No Adverse Interpretation of Other Agreements.

          	
            54

          
	
            Section 11.08.

          	
            Successors.

          	
            54

          
	
            Section 11.09.

          	
            Separability.

          	
            54

          
	
            Section 11.10.

          	
            Counterpart Originals.

          	
            54

          
	
            Section 11.11.

          	
            Table of Contents, Headings, etc.

          	
            54

          
	
            Section 11.12.

          	
            Benefits of Indenture.

          	
            54

          
	
            Section 11.13.

          	
            Appointment of Agent for Service.

          	
            54

          
	
            Section 11.14.

          	
            Judgement Currency.

          	
            54

          

    

    

    EXHIBITS

    

    

    
      
        	Exhibit A	
                FORM OF 2.000% SENIOR NOTES DUE 2028

              

      

    

    

    

    
      
        	Exhibit B	
                FORM OF LEGEND AND ASSIGNMENT FOR THE NOTES

              

      

    

    

    

    
      
        	Exhibit C	
                FORM OF LEGEND FOR GLOBAL NOTE

              

      

    

    

    

    
      
        	Exhibit D-1	
                FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S

              

      

    

    

    

    
      
        	Exhibit D-2	
                FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A

              

      

    

    

    

    
      
        	Exhibit E	
                FORM OF NOTATION OF GUARANTEE

              

      

    

    

    

    
      
        	Exhibit F	
                FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

              

      

    

    

    

    

    

    
      -iii-

      
        

    

    

    

    INDENTURE, dated as of January 23, 2020, among Ashland Services B.V., as issuer (the “Issuer”), a private limited liability company (besloten
        vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands and a wholly owned, indirect subsidiary of Ashland Global Holdings Inc. (“Parent”), a Delaware corporation,
      Parent and Ashland LLC, a Kentucky limited liability company and a wholly owned, indirect subsidiary of Parent, each as a guarantor (each, a “Guarantor”, and together, the “Guarantors”),

      and U.S. Bank National Association, as trustee (the “Trustee”).

    

    

    Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Notes.

    

    

    ARTICLE 1

    DEFINITIONS AND INCORPORATION BY REFERENCE

    

    

    Section 1.01.          Definitions.

    

    

     “Agent” means any Registrar, co-registrar or Paying Agent.

    

    

    “amend” means amend, modify, supplement, restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings.

    

    

    “Attributable Debt” means, in the context of a Sale and Lease-Back Transaction, what the Issuer believes in good faith to be the present value, discounted at the interest rate
      implicit in the lease involved in such Sale and Lease-Back Transaction, of the lessee’s obligation under the lease for rental payments during the remaining term of such lease, as it has been extended. In the case of any lease that is terminable by
      the lessee upon the payment of a penalty, the net amount of rent will be the lesser of (x) the net amount determined assuming termination upon the first date the lease may be terminated (in which case the net amount will also include the amount of
      the penalty, but will not include any rent that would be required to be paid under the lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination. For purposes of this
      definition, any amounts lessee must pay, whether or not designated as rent or additional rent, on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges or any amounts lessee must pay under the lease
      contingent upon the amount of sales, maintenance and repairs, insurance, taxes, assessments, water rates or similar charges are not included in the determination of lessee’s obligations under the lease.  For the avoidance of doubt, any amounts in
      respect of a Sale and Lease-Back Transaction that are treated as Indebtedness for purposes of Section 4.07 shall not be treated as Attributable Debt.

    

    

     “Bankruptcy Law” means Title 11, United States Code, or any similar U.S. Federal or state law, the Netherlands Bankruptcy Act (Faillissementswet)
      or law of any other jurisdiction relating to bankruptcy, insolvency, winding-up, liquidation, reorganization or relief of debtors.

    

    

    “Board of Directors” means, as to any Person, the board of directors or supervisory board of such Person, or equivalent governing body (or, if such Person is a partnership or
      limited liability company, the board of directors or other governing body of the general partner or manager of such Person) or any duly authorized committee thereof.

    

    

    “Bund Rate” means, as of any Redemption Date, the rate per annum equal to the equivalent yield to maturity as of such Redemption Date of the Comparable German Bund Issue, assuming
      a price for the Comparable German Bund Issue (expressed as a percentage of its principal amount) equal to the Comparable German Bund Price for such relevant date, where:

    

    

    
      
        	

              	(1)	
                “Comparable German Bund Issue” means the German Bundesanleihe security selected by any Reference German Bund Dealer as having a fixed maturity most
                  nearly equal to the period from such Redemption Date to the remaining term of the Notes (assuming for these purposes that the Notes matured on November 1, 2027 (the date that is 90 days prior to the Maturity Date)), and that would be
                  utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities in a principal amount approximately equal to the then outstanding principal amount
                  of the Notes and of a maturity most nearly equal to the

              

      

    

    

    

    

    

    
      
        

    

    
    

    

    

    

    
      
        
          	

                	

                	
                  remaining term of the Notes (assuming for these purposes that the Notes matured on November 1, 2027 (the date that is 90 days prior to the Maturity Date)); provided, however, that, if the period from such Redemption Date to the remaining term of the Notes (assuming for these purposes that the Notes matured on November 1, 2027 (the date that is 90 days prior to the Maturity Date))
                    is less than one year, a fixed maturity of one year shall be used;

                

        

      

      

      

    

    
      
        	

              	(2)	
                “Comparable German Bund Price” means, with respect to any relevant date, the average of all Reference German Bund Dealer Quotations for such date (which, in any event, must include at least two
                  such quotations), after excluding the highest and lowest such Reference German Bund Dealer Quotations, or if the Issuer obtains fewer than four such Reference German Bund Dealer Quotations, the average of all such quotations;

              

      

    

    

    

    
      
        	

              	(3)	
                “Reference German Bund Dealer” means any dealer of German Bundesanleihe securities appointed by the Issuer in good faith; and

              

      

    

    

    

    
      
        	

              	(4)	
                “Reference German Bund Dealer Quotations” means, with respect to each Reference German Bund Dealer and any relevant date, the average as determined by the Issuer of the bid and offered prices
                  for the Comparable German Bund Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Issuer by such Reference German Bund Dealer at 3:30 p.m., Frankfurt, Germany time, on the third Business Day
                  preceding the relevant date.

              

      

    

    

    

     “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not (a) a day on which banking institutions in the Place of Payment for the Notes are
      authorized or obligated by law or executive order to close; or (b) a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is closed.

    

    

    “Capital Lease” means a lease with respect to which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance
      with GAAP in effect in the United States as of the date of this Indenture; provided that any lease that would be required to be treated as a capital lease as a result of the adoption of Financial Accounting
      Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842) shall not be considered a capital lease if such lease would not have been required to be so treated under GAAP as in effect on December 31, 2015.

    

    

    “Capital Markets Debt” means any debt securities evidenced by notes, bonds or debentures (excluding, for the avoidance of doubt, any term loan, revolving loan or Qualified
      Receivables Financing) issued in the capital markets by Ashland LLC or any Subsidiary, whether issued in a public offering or private placement, including pursuant to Section 4(2) of the Securities Act or Rule 144A, Regulation S or Regulation D under
      the Securities Act.

    

    

    “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however
      designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity.

    

    

    “Cash Equivalents” means (a) readily marketable obligations issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof having
      maturities of not more than 360 days from the date of acquisition thereof; provided that the full faith and credit of the United States is pledged in support thereof; (b) time deposits with, or insured
      certificates of deposit or bankers’ acceptances of, any commercial bank that (i) is organized under the laws of the United States, any state thereof or the District of Columbia or is the principal banking subsidiary of a bank holding company
      organized under the laws of the United States, any state thereof or the District of Columbia, and is a member of the Federal Reserve System, (ii) issues (or the parent of which issues) commercial paper rated as described in clause (c) of this
      definition and (iii) has combined capital and surplus of at least $1.0 billion, in each case with maturities of not more than 180 days from the date of acquisition thereof; (c) commercial paper issued by any Person organized under the laws of any
      state of the United States and rated at least “Prime-1” (or the then equivalent grade) by Moody’s or at least “A-1” (or the then equivalent grade) by S&P, in each case with maturities of not more than 270 days from the date of acquisition
      thereof; (d) investments, classified in accordance with GAAP as current assets of Ashland LLC or any of its Subsidiaries, in money market investment programs registered under the Investment Company Act of 1940 the portfolios of which are limited
      solely to investments of the character, quality and maturity described in clauses (a), (b) and (c) of this definition; (e)

    

    

    

    

    
      -2-

      
        

    

    

    

    

    

    fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (b) above; and (f) in the case
      of any Foreign Subsidiary, investments which are similar to the items specified in subsections (a) through (e) of this definition made in the ordinary course of business.

    

    

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

    

    

    
      
        	

              	(1)	
                the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the property and assets of Parent and its Subsidiaries, taken as a whole, to any Person other than Parent or any of its
                  Subsidiaries (other than an Excluded Subsidiary);

              

      

    

    

    

    
      
        	

              	(2)	
                Parent 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) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or
                  14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in a single
                  transaction or in a related series of transactions, by way of acquisition, merger, amalgamation, consolidation, transfer, conveyance or other business combination or purchase of ultimate beneficial ownership (within the meaning of
                  Rule 13d-3 under the Exchange Act, or any successor provision), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Parent, other than by virtue of (a) the imposition of one or more holding companies
                  or (b) the reincorporation of Parent in another jurisdiction, if in the case of either (a) or (b) the beneficial owners of the Voting Stock of Parent immediately prior to such transaction directly or indirectly hold a majority of the
                  voting power of the Voting Stock of such holding company or reincorporation entity immediately thereafter; or

              

      

    

    

    

    
      
        	

              	(3)	
                Parent ceases to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) directly or indirectly, at least 50% of the total voting power of the Voting Stock of Ashland LLC or the Issuer.

              

      

    

    

    

     “Clearstream” means Clearstream Banking S.A.

    

    

    “Consolidated EBITDA” means, in respect of any Person for any Measurement Period, an amount equal to the Consolidated Net Income for such Measurement Period plus (a) proceeds of business interruption insurance received during such period, but only to the extent not included in Consolidated Net Income plus (b) the following to
      the extent deducted in calculating such Consolidated Net Income, but without duplication and in each case for such Measurement Period:  (i) Consolidated Interest Charges (not calculated on a Pro Forma Basis), (ii) the provision for federal, state,
      local and foreign income taxes payable, (iii) depreciation and amortization expense, (iv) asset impairment charges, (v) expenses reimbursed by third parties (including through insurance and indemnity payments), (vi) fees and expenses incurred in
      connection with any Qualified Receivables Financing, any proposed or actual issuance of any Indebtedness or equity interests (including upfront fees and original issue discount), or any proposed or actual acquisitions, investments, asset sales or
      divestitures permitted under this Indenture, in each case that are expensed, (vii) non-cash restructuring and integration charges and cash restructuring and integration charges; provided that the aggregate
      amount of all cash restructuring and integration charges shall not exceed $100,000,000 in any twelve month period, (viii) non-cash stock expense and non-cash equity compensation expense, (ix) other expenses or losses, including purchase accounting
      entries such as the inventory adjustment to fair value, reducing such Consolidated Net Income which do not represent a cash item in such period or any future period, (x) expenses or losses in respect of discontinued operations of Ashland LLC or any
      of its Subsidiaries, (xi) any unrealized losses attributable to the application of “mark to market” accounting in respect of swap contracts , (xii) with respect to any disposition for which pro forma effect is required to be given pursuant to the
      definition of “Pro Forma Basis”, any loss thereon and (xiii) all fees, expenses and other costs incurred in connection with (1) the internal reorganization consisting of a series of intercompany transactions by and among Parent and its Subsidiaries
      on and after May 17, 2017, (2) the series of dispositions and/or other transactions, after which (a) Valvoline US LLC owns, directly or indirectly, substantially all of the assets constituting the Valvoline Business (as defined below) and (b) Ashland
      LLC no longer owns, directly or indirectly, any material portion of Ashland’s automotive, commercial and industrial lubricant and automotive chemical business substantially as described in the Valvoline Inc. S-1 Registration Statement (#333-211720),
      as filed on May 31, 2016 (the “Valvoline Business”) or (3) the separation of

    

    

    

    

    
      -3-

      
        

    

    

    

    

    

    the Valvoline Business from Parent and its Subsidiaries, and minus (c) the following to the extent included in calculating such Consolidated Net Income, but without duplication and in each case for such
      Measurement Period:  (i) Federal, State, local and foreign income tax credits, (ii) all non-cash gains or other items increasing Consolidated Net Income, (iii) gains in respect of discontinued operations of Ashland LLC or any of its Subsidiaries,
      (iv) any unrealized gains for such period attributable to the application of “mark to market” accounting in respect of swap contracts and (v) with respect to any disposition for which pro forma effect is required to be given pursuant to the
      definition of “Pro Forma Basis,” any gain thereon.  For all purposes under this Indenture, Consolidated EBITDA shall be calculated on a Pro Forma Basis unless otherwise specified.

    

    

    “Consolidated Interest Charges” means, for any Measurement Period, the excess of (a) the sum, without duplication, of (i) all interest, premium payments, debt discount, fees,
      charges and related expenses in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets, in each case to the extent treated as interest in accordance with GAAP, (ii) cash payments
      made in respect of obligations referred to in clause (b)(ii) below, (iii) the portion of rent expense under Capital Leases that is treated as interest in accordance with GAAP, in each case, of or by Ashland LLC and its Subsidiaries on a consolidated
      basis for such Measurement Period and (iv) all interest, premium payments, debt discount, fees, charges and related expenses in connection with Qualified Receivables Financings, minus (b) to the extent
      included in such consolidated interest expense for such Measurement Period, the sum, without duplication, of (i) extinguishment charges relating to the early extinguishment of Indebtedness or obligations under swap contracts, (ii) noncash amounts
      attributable to the amortization of debt discounts or accrued interest payable in kind, (iii) noncash amounts attributable to amortization or write-off of capitalized interest or other financing costs paid in a previous period, (iv) interest income
      treated as such in accordance with GAAP and (v) fees and expenses, original issue discount and upfront fees, in each case of or by Ashland LLC and its Subsidiaries on a consolidated basis for such Measurement Period.  For all purposes under this
      Indenture, Consolidated Interest Charges shall be calculated on a Pro Forma Basis unless otherwise specified.

    

    

    “Consolidated Net Income” means, at any date of determination, the net income (or loss) of Ashland LLC and its Subsidiaries on a consolidated basis for the most recently completed
      Measurement Period; provided that Consolidated Net Income shall exclude (a) the net income of any Subsidiary during such Measurement Period to the extent that the declaration or payment of dividends or
      similar distributions by such Subsidiary of such income is not permitted by operation of the terms of its organizational documents or any agreement, instrument or law applicable to such Subsidiary during such Measurement Period (unless such
      restrictions on dividends or similar distributions have been legally and effectively waived), except that Ashland LLC’s equity in any net loss of any such Subsidiary for such Measurement Period shall be included in determining Consolidated Net
      Income, (b) any after-tax income (or after-tax loss) for such Measurement Period of any Person if such Person is not a Subsidiary, except that Ashland LLC’s equity in such income of any such Person for such Measurement Period shall be included in
      Consolidated Net Income up to the aggregate amount of cash actually distributed by such Person during such Measurement Period to Ashland LLC or a Subsidiary as a dividend or other distribution (and in the case of a dividend or other distribution to a
      Subsidiary, such Subsidiary is not precluded from further distributing such amount to Ashland LLC as described in clause (a) of this proviso), (c) any after-tax gain or after-tax loss realized as a result of the cumulative effect of a change in
      accounting principles or the implementation of new accounting standards related to revenue and lease accounting, (d) any after-tax gain or after-tax loss attributable to any foreign currency hedging arrangements or currency fluctuations, (e)
      after-tax extinguishment charges relating to the early extinguishment of Indebtedness and obligations under swap contracts and after-tax extinguishment charges relating to upfront fees and original issue discount on Indebtedness, (f) any pension or
      other post-retirement after-tax gain or after-tax expense for such Measurement Period and (g) fees, expenses and non-recurring charges related to the offering of the Notes; provided, further, that Consolidated Net Income shall be reduced by the amount of any cash payments made during such Measurement Period relating to pension and other post-retirement costs (except for any payments made in respect of the
      funding of pension plans in excess of the amount of required regulatory contributions for such Measurement Period (as reasonably determined by Ashland LLC)).

    

    

    “Consolidated Net Secured Leverage Ratio” means the ratio of the aggregate of all consolidated Secured Indebtedness of such Person and its Subsidiaries (less any unrestricted cash
      and Cash Equivalents) at the end of the most recent fiscal period for which financial information in respect thereof is available immediately preceding the date of the transaction giving rise to the need to calculate such amount to the aggregate
      Consolidated EBITDA of

    

    

    

    

    
      -4-

      
        

    

    

    

    

    

    such Person for the prior four fiscal quarters (treated as one period) for which financial information in respect thereof is available immediately preceding such date, and in each case, calculated on a Pro Forma Basis.

    

    

    “Consolidated Net Tangible Assets” means, with respect to any Person, the Total Assets of such Person and its Subsidiaries less goodwill and intangibles (other than intangibles
      arising from, or relating to, intellectual property, licenses or permits (including, but not limited to, emissions rights) of such Person), in each case calculated in accordance with GAAP, provided that in
      the event that such Person or any of its Subsidiaries assumes or acquires any assets in connection with the acquisition by such Person and its Subsidiaries of another Person subsequent to the commencement of the period for which the Consolidated Net
      Tangible Assets is being calculated but prior to the event for which the calculation of the Consolidated Net Tangible Assets is made, then the Consolidated Net Tangible Assets shall be calculated giving pro forma effect to such assumption or
      acquisition of assets, as if the same had occurred at the beginning of the applicable period.

    

    

     “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business in London shall be principally administered, which office as
      of the date of this Indenture is located at 425 Walnut Street, 6th Floor, Cincinnati, Ohio 45202, or, in the case of any of such offices or agency, such other address as the Trustee may designate from time to time by notice to the Holders and the
      Issuer.

    

    

    “corporation” includes corporations, associations, companies (including any limited liability company), business trusts and limited partnerships.

    

    

    “Credit Agreement” means (x) the credit agreement, dated as of January 10, 2020, among Parent, Ashland Chemco Inc., a Delaware corporation, Ashland LLC, the Issuer, the lenders
      party thereto, The Bank of Nova Scotia, as administrative agent, swing line lender and L/C issuer and the other agents, arrangers, lenders and L/C issuers party thereto, together with any related documents (including any guarantee agreements), as the
      same may be amended, modified, supplemented, extended, renewed, refinanced, replaced or substituted from time to time and (y) any other Indebtedness of Ashland LLC or the Issuer, in an aggregate amount outstanding at any time under clauses (x) and
      (y) not to exceed the greater of (A) $4,150.0 million and (B) an amount such that the Consolidated Net Secured Leverage Ratio of Ashland LLC shall not exceed 2.50:1.00.  Notwithstanding the foregoing, the maximum amount of secured Indebtedness that
      may be incurred pursuant to Section 4.07(b)(vii) as a result of clause (B) above shall not be deemed to be exceeded with respect to any Indebtedness incurred to refinance any outstanding Indebtedness if such outstanding Indebtedness was permitted to
      be incurred under clause (B) at the time of original incurrence.

    

    

     “Custodian” means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, custodian, curator or similar
      official under any Bankruptcy Law.

    

    

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

    

    

    “Definitive Registered Notes” means Notes represented by definitive registered notes in registered form.

    

    

    “Distribution Compliance Period” with respect to any Note, means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Note is first
      offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the date of issuance with respect to such Note or any predecessor of such Note.

    

    

    “Domestic Subsidiary” means a Subsidiary that is not a Foreign Subsidiary.

    

    

    “Euroclear” means Euroclear Bank SA/NV.

    

    

    “European Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of a member state of the European Union
      (including any agent or instrumentality thereof) for the payment of which the full faith and credit of such government is given.

    

    

    

    

    
      -5-

      
        

    

    

    

    

    

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

    

    

    “Excluded Subsidiary” means (i) any Receivables Subsidiary, (ii) any Qualified Non-Recourse Subsidiary, (iii) any Special Purpose Subsidiary and (iv) any Foreign Subsidiary.

    

    

     “Fitch” means Fitch Ratings Inc. or any successor to the rating agency business thereof.

    

    

    “Foreign Subsidiary” means a Subsidiary not organized or existing under the laws of the United States of America or any state or territory thereof or the District of Columbia and
      any direct or indirect Subsidiary of such Subsidiary.

    

    

    “GAAP” means generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting Principles Board of the American
      Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the
      United States, as in effect from time to time. At any time after the Issue Date, Parent may irrevocably elect to apply International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board in lieu of GAAP and,
      upon any such election, references in this Indenture to GAAP shall thereafter be construed to mean IFRS as in effect from time to time. Parent shall give notice of any such election to the Trustee.

    

    

    “Holder” means the Person in whose name a Note is registered on the Note register.

    

    

    “Indebtedness” means indebtedness for borrowed money.

    

    

    “Indenture” means this Indenture, as amended or supplemented from time to time in accordance with its terms.

    

    

     “Initial Notes” means the €500,000,000 aggregate principal amount of the 2.000% Senior Notes due 2028 of the Issuer issued under this Indenture on the Issue Date.

    

    

    “Interest Payment Date” means January 30 and July 30 of each year.

    

    

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

    

    

    “Issue Date” means the date on which the Notes are initially issued.

    

    

    “Issuer Order” means a written request or order signed in the name of the Issuer by an Officer and delivered to the Trustee.

    

    

    “Joint Venture” means any joint venture entity, whether a company, unincorporated firm, association, partnership or any other entity which, in each case, is not a Subsidiary or
      any of its Subsidiaries but in which Ashland LLC or a Subsidiary has a direct or indirect equity or similar interest.

    

    

    “Long-Term Indebtedness” means any Indebtedness maturing by its terms more than one year from its date of issuance (notwithstanding that any portion of such Indebtedness is
      included in current liabilities).

    

    

    “Maturity Date,” when used with respect to any Note, means the date on which the principal amount of such Note becomes due and payable as therein or herein provided.

    

    

    “Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters of Ashland LLC.

    

    

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

    

    

    

    

    
      -6-

      
        

    

    

    

    

    

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

    

    

    “Notation of Guarantee” means a notation of guarantee substantially in the form attached as Exhibit E hereto.

    

    

    “Notes” means the Initial Notes and the Additional Notes, if any, issued by the Issuer pursuant to this Indenture.

    

    

    “Officer” means the Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, President, any Executive Vice President, Senior Vice President or Vice
      President, the Treasurer, any Assistant Treasurer, any Financial Director or the Secretary or Assistant Secretary of any Person (or, with respect to a Person that is a limited partnership, the general partner of such Person), or any other officer
      designated by the Board of Directors serving in a similar capacity.

    

    

    “Officer’s Certificate” means a certificate signed on behalf of any Person by an Officer of such Person, who must fulfill the function of the principal executive officer, the
      principal financial officer, the treasurer or the principal accounting officer of such Person, which meets the requirements set forth in this Indenture.

    

    

     “Offering Memorandum” means the offering memorandum of the Issuer, dated January 9, 2020, related to the offering of the Notes and related Guarantees.

    

    

    “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to Parent, Ashland LLC,
      the Issuer or the Trustee.

    

    

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

    

    

    “Place of Payment,” when used with respect to the Notes, means the place or places where the principal of (and premium, if any) and interest on the Notes are payable as specified
      as contemplated by Section 4.02.

    

    

     “Pro Forma Basis” means, with respect to any calculation or determination for Ashland LLC for any Measurement Period, that in making such calculation or determination on the
      specified date of determination (the “Determination Date”):

    

    

    (a)          pro forma effect will be given to any Indebtedness incurred by Ashland LLC or any of its Subsidiaries (including by assumption of then outstanding Indebtedness or by a Person becoming a
      Subsidiary) (“Incurred”) after the beginning of the Measurement Period and on or before the Determination Date to the extent the Indebtedness is outstanding or is to be Incurred on the Determination Date, as
      if such Indebtedness had been Incurred on the first day of the Measurement Period;

    

    

    (b)          pro forma calculations of interest on Indebtedness bearing a floating interest rate will be made as if the rate in effect on the Determination Date (taking into account any swap contract
      applicable to the Indebtedness) had been the applicable rate for the entire reference period;

    

    

    (c)          Consolidated Interest Charges related to any Indebtedness no longer outstanding or to be repaid or redeemed on the Determination Date (only to the extent that the obligations giving rise
      to Consolidated Interest Charges will not be obligations of Ashland LLC or any Subsidiary following the Determination Date), except for Consolidated Interest Charges accrued during the reference period under a revolving credit to the extent of the
      commitment thereunder (or under any successor revolving credit) in effect on the Determination Date (including, for the avoidance of doubt, Qualified Receivables Financing), will be excluded as if such Indebtedness was no longer outstanding or was
      repaid or redeemed on the first day of the Measurement Period; and

    

    

    (d)          pro forma effect will be given to any investment, acquisition or disposition by Ashland LLC and its Subsidiaries of companies, divisions or lines of businesses that qualify as reportable
      segments or discontinued operations, as those two terms are defined by GAAP, or that exceed 15% of

    

    

    

    

    
      -7-

      
        

    

    

    

    

    

    Consolidated EBITDA for the Measurement Period, including any investment or acquisition or disposition of a company, division or line of business since the beginning of the reference period by a Person that became or
      ceased to be a Subsidiary after the beginning of the Measurement Period, that have occurred since the beginning of the Measurement Period and before the Determination Date as if such events had occurred, and, in the case of any disposition, the
      proceeds thereof applied, on the first day of the Measurement Period (including expected cost savings (without duplication of actual cost savings) to the extent (i) such cost savings would be permitted to be reflected in pro forma financial
      information complying with the requirements of GAAP and Article 11 of Regulation S‐X under the Securities Act as interpreted by the SEC, and as certified by an Officer of Parent or (ii) in the case of an acquisition or a disposition, such cost
      savings are reasonably identifiable and factually supportable and have been realized or are reasonably expected to be realized within 365 days following such acquisition or such disposition; provided that (A)
      the Issuer shall have delivered to the Trustee a certificate of the chief financial officer of Parent, in form and substance reasonably satisfactory to the Trustee, certifying that such cost savings meet the requirements set forth in this clause
      (ii), together with reasonably detailed evidence in support thereof, and (B) if any cost savings included in any pro forma calculations based on the expectation that such cost savings will be realized within 365 days following such acquisition or
      such disposition shall at any time cease to be reasonably expected to be so realized within such period, then on and after such time pro forma calculations required to be made hereunder shall not reflect such cost savings).  To the extent that pro
      forma effect is to be given to an acquisition or disposition of a company, division or line of business, the pro forma calculation will be based upon the most recent four full fiscal quarters for which the relevant financial information is available.

    

    

     “Qualified Non-Recourse Debt” means Indebtedness that (1) is (a) incurred by a Qualified Non-Recourse Subsidiary to finance (whether prior to or within one year after) the
      acquisition, lease, construction, repair, replacement or improvement of any Property (real or personal) or equipment (whether through the direct purchase of Property or the Capital Stock of any Person owning such Property and whether in a single
      acquisition or a series of related acquisitions) or (b) assumed by a Qualified Non-Recourse Subsidiary, (2) is non-recourse to Ashland LLC and (3) is non-recourse to any Subsidiary that is not a Qualified Non-Recourse Subsidiary.

    

    

    “Qualified Non-Recourse Subsidiary” means (1) a Subsidiary that is formed or created after the Issue Date in order to finance an acquisition, lease, construction, repair,
      replacement or improvement of any Property or equipment (directly or through one of its Subsidiaries) that secures Qualified Non-Recourse Debt and (2) any Subsidiary of a Qualified Non-Recourse Subsidiary.

    

    

    “Qualified Receivables Financing” means the securitization of accounts receivables and related assets of Ashland LLC and its Subsidiaries on customary market terms (including,
      without limitation, Standard Securitization Undertakings and a Receivables Repurchase Obligation) as determined in good faith by Ashland LLC to be in the aggregate commercially fair and reasonable to Ashland LLC and its Subsidiaries taken as a whole.

    

    

    “Rating Agency” means (1) S&P, (2) Moody’s, (3) Fitch, or (4) if any of S&P, Moody’s or Fitch shall not then exist, a nationally recognized securities rating agency or
      agencies, as the case may be, selected by the Issuer, which shall be substituted for S&P, Moody’s or Fitch, as the case may be.

    

    

    “Ratings Event” means with respect to the Notes at any time from or after the occurrence of a Change of Control and until the earlier to occur of (x) 60 days after the later of
      (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of
      the Rating Agencies) and (y) at least one of the three of the Rating Agencies publicly issuing or reaffirming an Investment Grade Rating on the Notes following such Change of Control, the Notes have a below Investment Grade Rating by all three of the
      Rating Agencies.

    

    

    “Receivables Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase receivables 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, off-set 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.

    

    

    

    

    
      -8-

      
        

    

    

    

    

    

    “Receivables Subsidiary” means a Subsidiary of Parent (or another Person formed for the purposes of engaging in Qualified Receivables Financing with Parent or Ashland LLC in which
      Parent or any Subsidiary makes an investment and to which Parent or any Subsidiary transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing of accounts receivable of Parent and its
      Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any business or activities incidental or related to such business, and which is designated by Parent or Ashland LLC, as
      applicable (as provided below), as a Receivables Subsidiary and:

    

    

    
      
        	

              	(a)	
                no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by Parent or any other Subsidiary of Parent (excluding Guarantees of obligations (other than the principal of and interest on,
                  Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates Parent or any other Subsidiary of Parent in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any
                  property or asset of Parent or any other Subsidiary of Parent, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings;

              

      

    

    

    

    
      
        	

              	(b)	
                with which neither Parent nor any other Subsidiary of Parent has any material contract, agreement, arrangement or understanding other than on terms which Parent or Ashland LLC, as applicable, reasonably believes to be no less favorable
                  to Parent or such Subsidiary than those that might be obtained at the time from Persons that are not affiliates of Parent; and

              

      

    

    

    

    
      
        	

              	(c)	
                to which neither Parent nor any other Subsidiary of Parent has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results.

              

      

    

    

    

    The foregoing conditions shall not be violated by reason of any contractual obligation on the part of Parent to maintain the solvency of any Receivables Subsidiary on terms that Parent has determined in good faith to be
      reasonably necessary to facilitate a Qualified Receivables Financing. Any such designation by Parent shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of Parent giving effect to
      such designation and an Officer’s Certificate certifying that such designation complied with the foregoing conditions.

    

    

    “Record Date” means, (x) in the case of Notes represented by a Global Note, the close of business on
        the record date which is the “Clearing System Business Day” immediately prior to the date of payment, where Clearing System Business Day means
        Monday to Friday inclusive except December 25 and January 1, and (y) in the case of Definitive Registered Notes, the close of business on the January 15 and July 15, as the case may be, immediately
        preceding each applicable Interest Payment Date (whether or not a Business Day).

    

    

    “Redemption Date,” when used with respect to any Note to be redeemed pursuant to Article 3 of this Indenture, means the date fixed for such redemption pursuant to the terms of
      such Article 3.

    

    

    “Redemption Price,” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

    

    

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

    

    

    “Responsible Officer” means, when used with respect to the Trustee, any officer of the Trustee within the Corporate Trust Division Corporate Finance Unit (or any successor unit)
      of the Trustee located at the Corporate Trust Office who has direct responsibility for the administration of this Indenture and, for the purposes of Section 7.01(c)(2) and the second sentence of Section 7.05 shall also mean any other officer of the
      Trustee to whom any corporate trust matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

    

    

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

    

    

     “Rule 903” means Rule 903 promulgated under the Securities Act.

    

    

    “Rule 904” means Rule 904 promulgated under the Securities Act.

    

    

    

    

    
      -9-

      
        

    

    

    

    

    

    “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 Lease-Back Transaction” means the leasing by Ashland LLC or any Domestic Subsidiary of Ashland LLC of any Property, whether owned at the date of this Indenture or
      acquired after the date of this Indenture (except for temporary leases for a term, including any renewal term, of up to three years and except for leases between Ashland LLC and any Domestic Subsidiary of Ashland LLC or between Domestic Subsidiaries
      of Ashland LLC), which Property has been or is to be sold or transferred by Ashland LLC or such Subsidiary to any party with the intention of taking back a lease of such Property.

    

    

     “SEC” means the U.S. Securities and Exchange Commission.

    

    

    “Secured Indebtedness” means any Indebtedness secured by a Mortgage.

    

    

    “Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder.

    

    

     “Special Purpose Subsidiary” means any Subsidiary whose material assets are comprised solely of the Capital Stock of a Joint Venture, where the pledge of such Capital Stock would
      be prohibited by any contractual requirement pertaining to such Joint Venture.

    

    

    “Standard Securitization Undertakings” means representations, warranties, undertakings, covenants, indemnities and guarantees of performance entered into by Parent or any
      Subsidiary of Parent which Parent has determined in good faith to be customary in a Qualified Receivables Financing.

    

    

    “Subsidiary” means, with respect to any Person, (1) any corporation, association or other business entity (other than a partnership, joint venture or limited liability company) of
      which more than 50% of the total voting power of shares of Voting Stock thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
      thereof; or (2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general and limited partnership interests, as applicable, are
      owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether in the form of membership, general, special or limited partnership interests or otherwise, and (y)
      such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity.

    

    

    “Total Assets” means, with respect to any Person, the total consolidated assets of such Person and its Subsidiaries, without giving effect to any amortization of the amount of
      intangible assets since the Issue Date, (x) as shown on the most recent balance sheet of such Person, or (y) in regards to Ashland LLC only, as shown on the most recent balance sheet of Ashland LLC and its Subsidiaries.

    

    

     “Transfer Restricted Note” means any Global Note and any Definitive Registered Note that bear or are required to bear the Transfer Restriction Legend.

    

    

    “Transfer Restriction Legend” means the legend set forth in Exhibit B.

    

    

     “Trustee” means U.S. Bank National Association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor
      serving hereunder.

    

    

    “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

    

    

    “Voting Stock” of any Person means the Capital Stock of such person that is at the time entitled to vote generally in the election of the Board of Directors of such Person.

    

    

    “Wholly Owned Domestic Subsidiary” means any Wholly Owned Subsidiary that is a Domestic Subsidiary.

    

    

    

    

    
      -10-

      
        

    

    

    

    

    

    “Wholly Owned Subsidiary” of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock of which (other than directors’ qualifying shares or shares
      required to be held by others in Foreign Subsidiaries) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of such Person.

    

    

    Section 1.02.          Other Definitions.

    

    

    	
            
               

              Term

            

          	 	
            
              Defined in

              Section

            

          
	
            “144A Notes”          

          	 	
            2.02

          
	
            “144A Global Notes”          

          	 	
            2.16

          
	
            “Additional Amounts”          

          	 	
            4.13

          
	
            “Additional Notes”          

          	 	
            2.01

          
	
            “Agent Members”          

          	 	
            2.16

          
	
            “Authority”          

          	 	
            2.04

          
	
            “Change of Control Offer”          

          	 	
            4.08

          
	
            “Change of Control Repurchase Event”          

          	 	
            4.08

          
	
            “Code”          

          	 	
            4.13

          
	
            “Common Depositary”          

          	 	
            2.04

          
	
            “Covenant Defeasance”          

          	 	
            9.01

          
	
            “Event of Default”          

          	 	
            6.01

          
	
            “Guarantees”          

          	 	
            4.10

          
	
            “Global Notes”          

          	 	
            2.16

          
	
            “Judgment Currency”          

          	 	
            11.14

          
	
            “Legal Defeasance”          

          	 	
            9.01

          
	
            “Mortgage”          

          	 	
            4.07

          
	
            “Official List of the Exchange”          

          	 	
            2.04

          
	
            “Paying Agent”          

          	 	
            2.04

          
	
            “Payor”          

          	 	
            4.13

          
	
            “Property”          

          	 	
            4.07

          
	
            “Registrar”          

          	 	
            2.04

          
	
            “Regulation S Global Notes”          

          	 	
            2.16

          
	
            “Regulation S Notes”          

          	 	
            2.02

          
	
            “Relevant Jurisdiction”          

          	 	
            4.13

          
	
            “Subsidiary Guarantee”          

          	 	
            4.10

          
	
            “Taxes”          

          	 	
            4.13

          
	
            “Transfer Agent”          

          	 	
            2.04

          

    

    

    Section 1.03.          Rules of Construction.

    

    

    Unless the context otherwise requires:

    

    

    (1)          a term has the meaning assigned to it herein, whether defined expressly or by reference;

    

    

    (2)          unless otherwise specified herein, all accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be
      delivered hereunder shall be prepared in accordance with GAAP;

    

    

    (3)          “or” is not exclusive;

    

    

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

    

    

    (5)          “will” shall be interpreted to express a command;

    

    

    (6)          words used herein implying any gender shall apply to both genders;

    

    

    
      -11-

      
        

    

    
     

    

     

    

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

    

    

    (8)          “$,” “U.S. Dollars” and “United States Dollars” each refer to United States dollars or such other money of the United States that at the time of payment is legal tender for payment of
      public and private debts, and “euro” and “€” each refer to the currency of the European Economic and Monetary Union or such other money of the European Economic and Monetary Union that at the time of payment is legal tender for payment of public and
      private debts;

    

    

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

    

    

    (10)          references to Sections, Articles or Exhibits are references to Sections, Articles or Exhibits of or to this Indenture unless context otherwise requires.

    

    

    ARTICLE 2

    THE NOTES

    

    

    Section 2.01.          Amount of Notes.

    

    

    The Trustee shall initially authenticate the Initial Notes for original issue on the Issue Date upon a written order of the Issuer. The Trustee shall authenticate additional Notes (“Additional

        Notes”) thereafter in unlimited aggregate principal amount (so long as permitted by the terms of this Indenture) for original issue upon a written order of the Issuer in the form of a Issuer Order in aggregate principal amount as specified
      in such order (other than as provided in Section 2.08).  Each such written order shall specify the amount of Additional Notes to be authenticated and the date on which the Additional Notes are to be authenticated. The Notes initially will be issued
      in the form of Global Notes.

    

    

    Notwithstanding anything else in this Indenture to the contrary, at the Issuer’s option, Additional Notes may be issued with the same Common Code, ISIN or other identifying number as the Initial Notes and without the
      Transfer Restriction Legend; provided that the Issuer has furnished an Opinion of Counsel to the Trustee confirming such issuance would not conflict with federal and state securities laws and the rules and
      regulations of the SEC.  The Additional Notes will have substantially the same terms as the Initial Notes in all respects and will be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, amendments,
      redemptions and offers to purchase; provided that any Additional Notes that have the same Common Code, ISIN or other identifying number as the outstanding Notes must be fungible with the outstanding Notes
      for U.S. federal income tax purposes.

    

    

    Section 2.02.          Form and Dating.

    

    

    The Notes and the Trustee’s certificate of authentication with respect thereto shall be substantially in the form set forth in Exhibit A, which is incorporated in and forms a part of this Indenture.  The Notes
      may have notations, legends or endorsements required by law, rule or usage to which the Issuer is subject.  Without limiting the generality of the foregoing, except as permitted by Section 2.17(b), the Notes offered and sold (x) in offshore
      transactions in reliance on Regulation S (“Regulation S Notes”) or (y) to qualified institutional buyers (as defined in Rule 144A) in reliance on Rule 144A (“144A Notes”)

      shall bear the Transfer Restriction Legend and include the form of assignment set forth in Exhibit B.  Each Note shall be dated the date of its authentication.

    

    

    The terms and provisions contained in the Notes shall constitute, and are expressly made, a part of this Indenture and, to the extent applicable, the Issuer, the Guarantors and the Trustee, by their execution and
      delivery of this Indenture, expressly agree to such terms and provisions and agree to be bound thereby.  However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall
      control and be binding.

    

    

    The Notes may be presented for registration of transfer and exchange at the offices of the Registrar.

    

    

    

    

    
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    Section 2.03.          Execution and Authentication.

    

    

    The Notes shall be executed on behalf of the Issuer by its Chairman of the Board of Directors, Chief Executive Officer, Chief Financial Officer, President or any Vice President.  The signature of any of these officers on
      the Notes may be manual or facsimile.

    

    

    If an Officer whose signature is on a Note was an Officer at the time of such execution but no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

    

    

    No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein
      executed by the Trustee by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.  Notwithstanding the foregoing, if any Note shall
      have been authenticated and delivered hereunder but never issued and sold by the Issuer, and the Issuer shall deliver such Note to the Trustee for cancellation as provided in Section 2.12, for all purposes of this Indenture such Note shall be deemed
      never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture.

    

    

    The Notes shall be issuable only in fully registered form without coupons in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.

    

    

    Section 2.04.          Registrar; Paying Agent; Trustee and Transfer Agent.

    

    

    U.S. Bank National Association will initially act as trustee for the Notes under this Indenture.  The Trustee’s address is 425 Walnut Street, 6th Floor, Cincinnati, Ohio 45202.

    

    

    Except during the continuance of an Event of Default, the Trustee will perform only such duties as are specifically set forth in this Indenture.  During the continuance of an Event of Default actually known to a
      Responsible Officer of the Trustee, the Trustee will exercise such of the rights and powers vested in it under 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.

    

    

    Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank National Association, will initially act as registrar (“Registrar”) and transfer agent (“Transfer Agent”) for the Notes. The Notes may be presented for registration of transfer and exchange at the offices of the Registrar. The Registrar and Transfer Agent will maintain a register reflecting ownership
      of Notes represented by Definitive Registered Notes outstanding from time to time and will effect payments on and facilitate transfer of Definitive Registered Notes on its behalf. Elavon Financial Services DAC’s address is Building 8, Cherrywood
      Business Park, Loughlinstown, Dublin 18, Ireland D18 W319.

    

    

    The Issuer will maintain one or more paying agents (each, a “Paying Agent”) for the Notes. Elavon Financial Services DAC, a wholly owned subsidiary of U.S. Bank National
      Association, will initially act as Paying Agent.

    

    

    Payments on the Notes will be made at the office or agency of the Paying Agent and Registrar unless the Issuer elects to make interest payments by check mailed to the Holders at their respective addresses set forth in
      the register of Holders; provided that all payments of principal, premium, if any, and interest with respect to Notes represented by a Global Note registered in the name of a nominee of the common depositary
      (the “Common Depositary”) will be made in immediately available funds to Euroclear or Clearstream or to the nominee of the Common Depositary, as the case may be, as the registered Holder of such Global Note.

    

    

    The Issuer may change any Paying Agent, Registrar or Transfer Agent without prior notice to the Holders of the Notes. The Issuer may act as a Paying Agent or Registrar. For so long as the Notes are listed on the Official
      List of the International Stock Exchange (“Official List of the Exchange”) and permission to deal in the Notes is granted and the rules of the International Stock Exchange Authority Limited (the “Authority”) so require, the Issuer

    

    

    

    

    
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    will publish a notice of any change of Paying Agent, Registrar or Transfer Agent to the extent and in the manner permitted by such rules, posted on the official website of the Official List of the Exchange (www.tisegroup.com).

    

    

    The Issuer shall maintain an office or agency where notices and demands to or upon the Issuer, if any, in respect of the Notes and this Indenture may be served. The Issuer initially appoints the
      Corporate Trust Office of the Trustee as the office or agency of the Issuer for such purposes.

    

    

    Section 2.05.          Paying Agent To Hold Money for the Benefit of the Holders

    

    

    The Paying Agent shall hold for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such money has been paid to
      it by the Issuer or any other obligor on the Notes), and the Issuer and the Paying Agent shall notify the Trustee of any default by the Issuer (or any other obligor on the Notes) in making any such payment.  Money held

        for the benefit of the Holders by the Paying Agent need not be segregated except as required by law and in no event shall the Paying Agent be liable for any interest on any money received by it hereunder; provided that if the Issuer or an affiliate thereof acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold such money in a separate fund for the
        benefit of the Holders.  The Issuer at any time may require the Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any Event of Default specified in
        Section 6.01(1) or (2), upon written request to the Paying Agent, require the Paying Agent to pay forthwith all money so held by it to the Trustee and to account for any funds disbursed.  Upon making such payment, the Paying Agent shall have no
        further liability for the money delivered to the Trustee.

    

    

    Section 2.06.          Holder Lists.

    

    

    The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of the Holders of Notes.  If the Trustee is not the Registrar, the Issuer shall
      furnish to the Trustee 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 the Holders; provided that, as long as the Trustee is the Registrar, no such list need be furnished.

    

    

    Section 2.07.          Transfer and Exchange.

    

    

    Subject to Sections 2.16 and 2.17, when Notes are presented to the Registrar with a request from the Holder of such Notes to register a transfer or to exchange them for an equal principal amount of Notes of other
      authorized denominations, the Registrar shall register the transfer as requested.  Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed or be accompanied by a written instrument of transfer in form
      satisfactory to the Issuer and the Registrar, duly executed by the Holder thereof or its attorney duly authorized in writing.  To permit registrations of transfers and exchanges, the Issuer shall issue and execute, and the Trustee shall authenticate,
      new Notes evidencing such transfer or exchange at the Registrar’s request.  No service charge shall be made to the Holder for any registration of transfer or exchange.  The Issuer may require from the Holder payment of a sum sufficient to cover any
      transfer taxes or other governmental charge that may be imposed in relation to a transfer or exchange, but this provision shall not apply to any exchange pursuant to Section 2.11, 3.06 or 8.04 (in which events the Issuer shall be responsible for the
      payment of such taxes).  The Registrar shall not be required to exchange or register a transfer of any Note for a period of 10 days immediately preceding the redemption of Notes, except the unredeemed portion of any Note being redeemed in part.

    

    

    Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of the beneficial interests in such Global Note may be effected only through a book entry system maintained by the Holder of such
      Global Note (or its agent), and that ownership of a beneficial interest in the Global Note shall be required to be reflected in a book entry system.

    

    

    

    

    
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    Section 2.08.          Replacement Notes.

    

    

    If a mutilated Note is surrendered to the Registrar or the Trustee, or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate
      a replacement Note if the Holder of such Note furnishes to the Issuer and the Trustee evidence reasonably acceptable to them of the ownership and the destruction, loss or theft of such Note and if the requirements of Section 8-405 of the New York
      Uniform Commercial Code as in effect on the date of this Indenture are met.  If required by the Trustee or the Issuer, an indemnity bond shall be posted, sufficient in the judgment of all to protect the Issuer, the Trustee or any Paying Agent from
      any loss that any of them may suffer if such Note is replaced.  The Issuer may charge such Holder for the Issuer’s reasonable out-of-pocket expenses in replacing such Note and the Trustee may charge the Issuer for
        the Trustee’s expenses (including, without limitation, attorneys’ fees and disbursements) in replacing such Note.  Every replacement Note shall constitute a contractual obligation of the Issuer.

    

    

    Section 2.09.          Outstanding Notes.

    

    

    The Notes outstanding at any time are all Notes that have been authenticated by the Trustee, except for (a) those canceled by it, (b) those delivered to it for cancellation, (c) to the extent set forth in Sections 9.01
      and 9.02, on or after the date on which the conditions set forth in Section 9.01 or 9.02 have been satisfied, those Notes theretofore authenticated and delivered by the Trustee hereunder and (d) those described in this Section 2.09 as not
      outstanding.  Subject to Section 2.10, a Note does not cease to be outstanding because the Issuer or one of its affiliates holds the Note.

    

    

    If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser in whose hands such Note is a
      legal, valid and binding obligation of the Issuer.

    

    

    If the Paying Agent holds, in its capacity as such, on the Maturity Date, money sufficient to pay all accrued interest and principal with respect to the Notes payable on that date and is not prohibited from paying such
      money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue.

    

    

    Section 2.10.          Treasury Notes.

    

    

    In determining whether the Holders of the required principal amount of Notes have concurred in any declaration of acceleration or notice of default or direction, waiver or consent or any amendment, modification or other
      change to this Indenture, Notes owned by the Issuer or any other affiliate of the Issuer shall be disregarded as though they were not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any
      such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes as to which a Responsible Officer of the Trustee has actually received an Officer’s Certificate stating that such Notes are so owned shall
      be so disregarded.  Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee established to the satisfaction of the Trustee the pledgee’s right so to act with respect to the Notes and that the pledgee is not the
      Issuer, any other obligor on the Notes or any of their respective affiliates.

    

    

    Section 2.11.          Temporary Notes.

    

    

    Until definitive Notes are prepared and ready for delivery, the Issuer 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 Issuer considers appropriate for temporary Notes.  Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.  Until such exchange, temporary Notes
      shall be entitled to the same rights, benefits and privileges as definitive Notes.

    

    

    

    

    
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    Section 2.12.          Cancellation.

    

    

    The Issuer 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 shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall deliver such canceled Notes to the Issuer.  The Issuer may not reissue or
        resell, or issue new Notes to replace Notes that the Issuer has redeemed or paid, or that have been delivered to the Trustee for cancellation (other than in accordance with this Indenture).

    

    

    Section 2.13.          Defaulted Interest.

    

    

    If the Issuer defaults on a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the extent permitted by law) any interest payable on the defaulted
      interest, in accordance with the terms hereof, to the Persons who are Holders on a subsequent special Record Date, which date shall be at least five Business Days prior to the payment date.  The Issuer shall fix such special Record Date and payment
      date in a manner satisfactory to the Trustee.  At least 10 days before such special Record Date, the Issuer shall deliver in accordance with the procedures of the relevant depositary to each Holder a notice that states the special Record Date, the
      payment date and the amount of defaulted interest, and interest payable on defaulted interest, if any, to be paid.  The Issuer may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if
      applicable) of any securities exchange on which the Notes may be listed and, upon such notice as may be required by such exchange, if, after written notice given by the Issuer to the Trustee of the proposed payment pursuant to this sentence, such
      manner of payment shall be deemed practicable by the Trustee.

    

    

    Section 2.14.          Identifying Number.

    

    

    The Issuer in issuing the Notes may use a “Common Code,” “ISIN” or other similar number, and if so, such Common Code, ISIN or other similar number shall be included in notices of redemption or exchange as a convenience
      to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the Common Code, ISIN or other similar number printed in the notice or on the Notes,
      and that reliance may be placed only on the other identification numbers printed on the Notes.  The Issuer shall promptly notify the Trustee of any such Common Code, ISIN or other similar number used by the Issuer in connection with the issuance of
      the Notes and of any change in the Common Code, ISIN or other similar number.

    

    

    Section 2.15.          Deposit of Moneys.

    

    

    (a)          Prior to 10:00 a.m., London time, one Business Date prior to each Interest Payment Date and the Maturity Date, the Issuer shall have deposited to an account specified by the Paying Agent such amount of Euros
      sufficient (together with any funds then held by the Paying Agent and available for the purpose) to pay all principal and interest due in respect of the Notes on such date in immediately available funds; provided that if any such date is not a
      Business Day such payment shall be made on the next succeeding date which is a Business Day. The principal and interest on a Global Note shall be payable to Euroclear or Clearstream, as applicable, or its nominee, as the case may be, as the sole
      registered owner and the sole Holder of the Notes represented thereby.  The principal and interest on Definitive Registered Notes shall be payable, either in person or by mail, at the office of the Paying Agent.

    

    

    (b)          All payments of principal of, the Redemption Price (if any), and interest and Additional Amounts (if any), on the Notes, will be payable in euros; provided, that if,
      upon and following the date of the Offering Memorandum, the euro is unavailable to the Issuer due to the imposition of exchange controls or other circumstances beyond the Issuer’s control or if the euro is
      no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all
      payments in respect of the Notes will be made in U.S. Dollars until the euro is again available to the Issuer or so used.  If the euro is unavailable to the Issuer, the amount payable on any date in euros will be converted into U.S. Dollars at the
      rate mandated by the Board of Governors of the Federal Reserve System as of the close of business on the second Business Day prior to the relevant payment date or, in the event the Board of Governors of the Federal Reserve System has not mandated a
      rate of conversion, on the basis of the most recent U.S. Dollar/euro exchange rate published in The Wall Street

    

    

    

    

    
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    Journal on or prior to the second Business Day prior to the relevant payment date or, in the event The Wall Street Journal has not published such exchange rate, at
      such rate as will be determined in the Issuer’s sole discretion on the basis of the most recently available market exchange rate for the euro.  Any payment in respect of the Notes so made in U.S. Dollars will not constitute an Event of Default under
      the Notes or this Indenture.  Neither the Trustee nor the Paying Agent shall have any responsibility for any calculation or conversion in connection with the foregoing.

    

    

    Section 2.16.          Book-Entry Provisions for Global Notes.

    

    

    (a)          The Regulation S Notes initially shall be represented by one or more Notes in registered, global form without interest coupons (collectively, the “Regulation S Global Notes”). 

      The 144A Notes initially shall be represented by one or more Notes in registered, global form without interest coupons (collectively, the “144A Global Notes”).  The Regulation S Global Notes, the 144A Global
      Notes and any other global notes representing the Notes (collectively, the “Global Notes”) shall bear legends as set forth in Exhibit C.  The Global Notes initially shall (i) be registered in the name
      of the Common Depositary or the nominee of such Common Depositary, in each case for credit to an account of an Agent Member, (ii) be delivered to the Common Depositary and (iii) except as permitted by Section 2.17(b), bear the Transfer Restriction
      Legend with respect to a Regulation S Global Note or a 144A Global Note.

    

    

    Members of, or direct or indirect participants in, Euroclear or Clearstream, as applicable, (“Agent Members”) shall have no rights under this Indenture with respect to any Global
      Note held on their behalf by Euroclear, Clearstream, the Common Depositary or the Trustee, or under the Global Notes, and Euroclear, Clearstream or the Common Depositary, as applicable, may be treated by the Issuer, the Trustee and any agent of the
      Issuer or the Trustee as the absolute owner of the Global Note for all purposes whatsoever.  Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any
      written certification, proxy or other authorization (which may be in electronic form) furnished by Euroclear, Clearstream or the Common Depositary or impair, as between Euroclear or Clearstream, as applicable, and their Agent Members, the operation
      of customary practices governing the exercise of the rights of a Holder of any Note.

    

    

    None of the Issuer, any Guarantor, the Trustee, the Registrar, any Paying Agent or any agent of any of them shall have any responsibility or liability for any aspect of the records relating to or payments made on account
      of beneficial ownership interests in the Notes, for maintaining, supervising or reviewing any records relating to such beneficial owner interests, or for any acts or omissions of any of Euroclear, Clearstream or the Common Depositary or for any
      transactions between any of Euroclear, Clearstream or the Common Depositary and any beneficial owner or between or among beneficial owners.  No owner of a beneficial interest in the Notes shall have any rights under this Indenture, and Euroclear,
      Clearstream or any Common Depositary shall be deemed and treated by the Issuer, any Guarantor, the Trustee, the Registrar, any Paying Agent or any agent of any of them as the absolute owner and Holder of such Notes for all purposes whatsoever. 
      Notwithstanding the foregoing, nothing herein shall prevent the Issuer, any Guarantor, the Trustee, the Registrar, any Paying Agent or any agent of any of them from giving effect to any written certification, proxy or other authorization furnished by
      Euroclear, Clearstream or the Common Depositary, or any of its members and any other Person on whose behalf such member may act, the operation of customary practices of such Persons governing the exercise of the rights of a beneficial owner of any
      Notes.

    

    

    (b)          Transfers of Global Notes shall be limited to transfers in whole, but not in part, to Euroclear,  Clearstream or any Common Depositary, their respective successors or respective nominees.  Interests of
      beneficial owners in the Global Notes may be transferred or exchanged for Definitive Registered Notes in accordance with the rules and procedures of Euroclear or Clearstream, as applicable, and the provisions of Section 2.17.  In addition, a Global
      Note shall be exchangeable for Definitive Registered Notes if (i) each of Euroclear or Clearstream, as applicable, notifies the Issuer that it is unwilling or unable to continue to act as depositary for the Global Notes and a successor depositary is
      not appointed by the Issuer within 90 days; (ii) the Issuer, at its option, notifies the Trustee in writing that it elects to exchange in whole, but not in part, the Global Notes for Definitive Registered Notes; or (iii) the owner of an interest in a
      Global Note requests such exchange in writing to Euroclear or Clearstream, as applicable, following an Event of Default.  In all cases, Definitive Registered Notes delivered in exchange for any Global Note or beneficial interests therein shall be
      registered in the names, and issued in any approved denominations, requested by or on behalf of Euroclear or Clearstream, as applicable, (in accordance with their customary procedures).

    

    

    

    

    
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    (c)          In connection with any transfer or exchange of a portion of the beneficial interest in any Global Note to beneficial owners pursuant to Section 2.16(b), the Registrar shall (if one or more Definitive
      Registered Notes are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Note in an amount equal to the principal amount of the beneficial interest in the Global Note to be transferred, and the
      Issuer shall execute, and the Trustee shall upon receipt of a written order from the Issuer authenticate and make available for delivery, one or more Definitive Registered Notes of like tenor and amount.

    

    

    (d)          In connection with the transfer of Global Notes as an entirety to beneficial owners pursuant to Section 2.16(b), the Global Notes shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by Euroclear, Clearstream or the Common Depositary in writing in
        exchange for its beneficial interest in the Global Notes, an equal aggregate principal amount of Definitive Registered Notes of authorized denominations.

    

    

    (e)          Any Definitive Registered Note constituting a Transfer Restricted Note delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.17(b), bear the Transfer
      Restriction Legend.

    

    

    (f)          Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery in the form of an interest in another Global Note shall, upon transfer, cease to be an interest in such
      Global Note and become an interest in such other Global Note and, accordingly, shall thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such
      an interest.

    

    

    (g)          The Holder of any Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is
      entitled to take under this Indenture or the Notes.

    

    

    Section 2.17.          Special Transfer Provisions.

    

    

    (a)          The following provisions shall apply with respect to the registration of any proposed transfer of a Transfer Restricted Note:

    

    

    (1)          the Registrar shall register the transfer of any Transfer Restricted Note if the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit
        D-1 or Exhibit D-2 hereto, as applicable; and

    

    

    (2)          if the proposed transferor is an Agent Member holding a beneficial interest in the Global Note, which after transfer are to be evidenced by one or more Definitive Registered Notes upon
      receipt by the Registrar of (x) the certificate required by Section 2.17(a)(1) and (y) written instructions given in accordance with Euroclear’s, Clearstream’s and the Registrar’s procedures; whereupon (a) the Registrar shall reflect on its books and
      records the date and (if the transfer does not involve a transfer of outstanding Definitive Registered Notes) a decrease in the principal amount of such Global Note in an amount equal to the principal amount of the beneficial interest in the Global
      Note to be transferred and (b) the Issuer shall execute and the Trustee shall authenticate and deliver, one or more Definitive Registered Notes of like tenor and amount; and

    

    

    (3)          if the proposed transferee is an Agent Member, and the Notes to be transferred consist of Definitive Registered Notes, which after transfer are to be evidenced by an interest in a
      Regulation S Global Note or a 144A Global Note, upon receipt by the Registrar of written instructions given in accordance with Euroclear’ s, Clearstream’s and the Registrar’s procedures, the Registrar shall reflect on its books and records the date
      and an increase in the principal amount of such Regulation S Global Note or a 144A Global Note, as applicable, in an amount equal to the principal amount of Definitive Registered Notes to be transferred, and the Trustee shall cancel the Definitive
      Registered Notes so transferred.

    

    

    

    

    
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    (b)          Transfer Restriction Legend.  Upon the registration of transfer, exchange or replacement of Notes not bearing the Transfer Restriction Legend, the Registrar shall
      deliver Notes that do not bear the Transfer Restriction Legend.  Upon the registration of transfer, exchange or replacement of Notes bearing the Transfer Restriction Legend, the Registrar shall deliver only Notes that bear the Transfer Restriction
      Legend unless (i) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Issuer and the Trustee to the effect that neither such legend nor the related restrictions on transfer are required in order to maintain
      compliance with the provisions of the Securities Act, (ii) such Note has been sold pursuant to an effective registration statement under the Securities Act and the Registrar has received an Officer’s Certificate from the Issuer to such effect or
      (iii) the requested transfer is after the expiration of the Distribution Compliance Period and the proposed transferor has delivered to the Registrar a certificate substantially in the form of Exhibit D-1 or Exhibit D-2 hereto, as
      applicable.

    

    

    (c)          General.  By its acceptance of any Note bearing the Transfer Restriction Legend, each Holder of such Note acknowledges the restrictions on transfer of such Note set
      forth in this Indenture and in the Transfer Restriction Legend and agrees that it will transfer such Note only as provided in this Indenture.

    

    

    Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of the applicable Global Notes bearing the Transfer Restriction Legend to be reduced accordingly, and the Issuer will execute, and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Registered Notes so accepted, Definitive Registered Notes not bearing the Transfer Restriction Legend in the appropriate principal amount.

    

    

    Section 2.18.          Computation of Interest.

    

    

    Interest on the Notes shall be computed in accordance with the terms of the Notes.

    

    

    ARTICLE 3

    REDEMPTION AND PREPAYMENT

    

    

    Section 3.01.          Election To Redeem; Notices to Trustee.

    

    

    If the Issuer elects to redeem any Notes pursuant to this Article 3 (other than pursuant to Section 3.08), at least 10 days prior to the Redemption Date (unless a shorter notice shall be agreed to in writing by the
      Trustee) but not more than 60 days before the Redemption Date, the Issuer shall notify the Trustee in writing of the Redemption Date, the principal amount of such Notes to be redeemed and the Redemption Price (or, if not then ascertainable, the
      manner of calculation thereof), and deliver to the Trustee, no later than two Business Days prior to the Redemption Date, an Officer’s Certificate stating that such redemption will comply with the conditions contained this Article 3.  Notice of
      redemption given to the Trustee pursuant to this Section 3.01 may be given prior to the completion of any event or transaction related to such redemption, and any such redemption or notice may, at the Issuer’s discretion, be subject to the
      satisfaction or waiver of one or more conditions precedent, in accordance with Section 3.03.

    

    

    Section 3.02.          Selection by Trustee of Notes To Be Redeemed.

    

    

    If the Issuer elects to redeem less than all of the Notes at any time, in the case of Notes represented by Definitive Registered Notes, the Trustee will select Notes by lot or on a pro
        rata basis and, in the case of Notes represented by Global Notes, the Notes will be selected in accordance with the applicable procedures of the relevant depositary unless in either case an alternative method of selection is otherwise
      required by law or applicable stock exchange or depositary requirements.

    

    

    The Trustee shall promptly notify the Issuer of the Notes selected for redemption and, in the case of any partial redemption, the principal amount thereof to be redeemed.

    

    

    The Issuer will redeem Notes of €100,000 or less in whole and not in part.  For all purposes of this Indenture, unless the context otherwise requires, provisions of this Indenture that apply to Notes called for
      redemption also apply to portions of Notes called for redemption.

    

    

    

    

    
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    Section 3.03.          Notice of Redemption.

    

    

    The Issuer will cause notices of redemption to be delivered in accordance with the procedures of the relevant depositary at least 10 but not more than 60 days before the Redemption Date to each Holder of Notes to be
      redeemed at its registered address.  The Issuer may provide in the notice that payment of the Redemption Price and performance of the Issuer’s obligations with respect to the redemption or purchase may be performed by another Person.  Any notice of
      redemption may be given prior to the completion of any event or transaction related to such redemption, and any such redemption or notice may, at the Issuer’s discretion, be subject to the satisfaction or waiver of one or more conditions precedent.
      In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall
      be satisfied, 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 by the Redemption Date, or by the Redemption Date so delayed.

    

    

    The notice shall identify the Notes to be redeemed (including the Common Code, ISIN or other identifying numbers thereof) and shall state:

    

    

    (1)          the Redemption Date;

    

    

    (2)          the Redemption Price (or, if not then ascertainable, the manner of calculation thereof);

    

    

    (3)          if fewer than all outstanding Notes are to be redeemed, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note,
      a new Note or Notes in principal amount equal to the unredeemed portion will be issued;

    

    

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

    

    

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

    

    

    (6)          that unless the Issuer defaults in making the redemption payment, interest on Notes called for redemption ceases to accrue on and after the Redemption Date;

    

    

    (7)          if such notice is conditioned upon the occurrence of one or more conditions precedent, the nature of such conditions precedent;

    

    

    (8)          the aggregate principal amount of Notes that are being redeemed;

    

    

    (9)          the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

    

    

    (10)          that no representation is made as to the correctness or accuracy of the Common Code, ISIN or other identifying number, if any, listed in such notice or printed on the Notes.

    

    

    At the Issuer’s written request made at least five Business Days prior to the date on which notice is to be given, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s sole expense.

    

    

    If the Redemption Price is not ascertainable on the date in which the notice of redemption is delivered, the Issuer shall send to the Trustee, at least one Business Day prior to the Redemption Date, the Redemption Price.

    

    

    For Notes which are represented by Global Notes held on behalf of Euroclear and/or Clearstream, notices may be given by delivery of the relevant notices to Euroclear and/or Clearstream for communication to entitled
      account Holders in substitution for the notification method set out above.  So long as any Notes are listed on the Official List of the Exchange and permission to deal in the Notes is granted and the rules of the Authority so require, any such notice
      to the Holders of the relevant Notes shall also be published to the extent and in the manner permitted

    

    

    

    

    
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    by such rules, posted on the official website of the Official List of the Exchange (www.tisegroup.com) and, in connection with any redemption, the Issuer will notify the Authority of any change in the principal amount of Notes outstanding.

    

    

    Section 3.04.          Effect of Notice of Redemption.

    

    

    Once the notice of redemption described in Section 3.03 is delivered, except as provided in the last sentence of the first paragraph of Section 3.03, Notes called for redemption become irrevocably due and payable on the
      Redemption Date and at the Redemption Price, including any premium, plus interest accrued to, but excluding, the Redemption Date.  Upon surrender to the Paying Agent, such Notes shall be paid at the
      Redemption Price, including any premium, plus interest accrued to, but excluding, the Redemption Date; provided that (a) if the Redemption Date is after a Record
      Date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant Record Date; and (b) if a Redemption Date is not a Business Day, payment shall be made on the next
      succeeding Business Day and no interest shall accrue for the period from such Redemption Date to such succeeding Business Day.  Such notice, if delivered in the manner provided in Section 3.03, shall be conclusively presumed to have been given
      whether or not the Holder receives such notice.

    

    

    Section 3.05.          Deposit of Redemption Price.

    

    

    On or prior to 10:00 a.m., London time, one Business Date prior to each Redemption Date, the Issuer shall have deposited to an account specified by the Paying Agent such amounts in Euros sufficient (together with any
      funds then held by the Paying Agent and available for the purpose) to pay the Redemption Price of, including premium, if any, and accrued interest on all Notes to be redeemed on that Redemption Date other than Notes or portions thereof called for
      redemption on that Redemption Date which have been delivered by the Issuer to the Trustee for cancellation.

    

    

    Subject to the satisfaction or waiver of any condition to such redemption, the Notes called for redemption become due on the Redemption Date. On and after any Redemption Date, if money sufficient to pay the Redemption
      Price of, including premium, if any, and accrued interest on Notes called for redemption shall have been made available in accordance with the immediately preceding paragraph, the Notes called for redemption will cease to accrue interest and the only
      right of the Holders of such Notes will be to receive payment of the Redemption Price of and, subject to Section 3.04, accrued and unpaid interest on such Notes to, but excluding, the Redemption Date.  If any Note surrendered for redemption shall not
      be so paid, interest will be paid, from the Redemption Date until such redemption payment is made, on the unpaid principal of the Note and any interest not paid on such unpaid principal, in each case at the rate and in the manner provided in the
      Notes.

    

    

    Section 3.06.          Notes Redeemed in Part.

    

    

    If any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount thereof that is to be redeemed.  The Issuer will issue a new Note in a
      principal amount equal to the unredeemed portion of the original Note in the name of the Holder upon cancellation of the original Note.

    

    

    Section 3.07.          Optional Redemption.

    

    

    (a)          At any time and from time to time prior to November 1, 2027 (the date that is 90 days prior to the Maturity Date of the Notes), the Issuer may redeem the Notes, in whole or in part, upon not less than 10 nor
      more than 60 days’ prior notice, at a Redemption Price equal to the greater of:

    

    

    (1)          100% of the aggregate principal amount of any Notes being redeemed, and

    

    

    (2)          the sum of the present values, as calculated by the Issuer, of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due to the maturity date
      of the Notes (assuming for these purposes that the Notes matured on November 1, 2027 (the date that is 90

    

    

    

    

    
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    days prior to the Maturity Date)), not including unpaid interest accrued to, but excluding, the Redemption Date, discounted to the Redemption Date, at a rate equal to the applicable Bund Rate plus 50 basis points,

    

    

    plus, in each case, accrued and unpaid interest and Additional Amounts, if any, on the Notes being redeemed to, but excluding, the Redemption Date.

    

    

    On or after November 1, 2027 (the date that is 90 days prior to the Maturity Date), the Notes will be redeemable in whole at any time or in part, from time to time, at the option of the Issuer, upon at least 10 days’ but
      no more than 60 days’ prior written notice sent to the registered Holders, at a price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest thereon and Additional
      Amounts, if any, to, but excluding, the Redemption Date.

    

    

    The Issuer will, however, pay the interest installment due on any Interest Payment Date that occurs on or before a Redemption Date to the Holders of the affected Notes as of the close of business on the applicable Record
      Date.

    

    

    In addition, the Issuer may acquire the Notes by means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with
        the applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture.

    

    

    Notwithstanding the foregoing, in connection with any tender for the Notes, if Holders of not less than 90% in the aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such
      tender offer and the Issuer, or any other Person making such tender offer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or any third party in lieu of the Issuer, will have the right, upon not less than 10
      nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to such tender offer, to redeem all of the Notes that remain outstanding following such purchase at a price in cash equal to the price offered to each
      Holder of the Notes in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest and Additional Amounts, if any, 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 relevant interest payment date falling prior to or on the Redemption Date).

    

    

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

    

    

    Section 3.08.          Tax Redemption.

    

    

    If (a) the Issuer becomes or will become obligated to pay Additional Amounts with respect to any Notes pursuant to Section 4.13, as a result of any change in, or amendment to, the laws, treaties, regulations or rulings
      of a Relevant Jurisdiction, or any change in the official interpretation or application of the laws, treaties, regulations or rulings of a Relevant Jurisdiction, which change or amendment is first publicly announced and becomes effective after the
      date of the Offering Memorandum (or, if the Relevant Jurisdiction did not become a Relevant Jurisdiction until a later date, after such later date), and (b) such
      obligation cannot be avoided by the Issuer taking reasonable measures available to the Issuer, the Issuer may at its option, having given not less than 30 days’ notice to the Holders of such Notes (which notice shall be irrevocable), redeem all, but
      not a portion of, the Notes at any time at their principal amount together with interest accrued to, but excluding, the date of redemption, provided that no such notice of redemption shall be given earlier
      than 30 days prior to the earliest date on which the Issuer would be obliged to pay such Additional Amounts were a payment in respect of the Notes then due.  Prior to the publication of any notice of redemption pursuant to this Section 3.08, the
      Issuer shall deliver to the Trustee (i) a certificate stating that the requirements referred to in (a) and (b) above are satisfied, and (ii) an Opinion of Counsel to the effect that the Issuer has or will become obliged to pay such Additional Amounts
      as a result of the change or amendment, in each case to be held by the Trustee and made available for viewing at the offices of the Trustee on written request by any Holder of the Notes. For the avoidance of doubt,
        the entry into effect of the Dutch Withholding Tax Act (Wet brondbelasting 2021), in the form enacted as of the date of this Indenture, is not
        considered to be a change in law for these purposes.

    

    

    

    

    
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    Unless the Issuer defaults in the payment of the Redemption Price, interest will cease to accrue on the Notes called for redemption on the applicable Redemption Date. Notes called for redemption
      pursuant to this Section 3.08 become due on the date fixed for redemption.

    

    

    For Notes which are represented by Global Notes held on behalf of Euroclear and/or Clearstream, notices may be given by delivery of the relevant notices to Euroclear and/or Clearstream for
      communication to entitled account holders in substitution for the notification method set out above. So long as any Notes are listed on the Official List of the Exchange and permission to deal in the Notes is granted and the rules of the Authority so
      require, any such notice to the holders of the relevant notes shall also be published to the extent and in the manner permitted by such rules, posted on the official website of the Official List of the Exchange (www.tisegroup.com) and, in connection
      with any redemption, the Issuer will notify the Authority of any change in the principal amount of Notes outstanding.

    

    

    ARTICLE 4

    COVENANTS

    

    

    Section 4.01.          Payment of Principal, Premium and Interest.

    

    

    The Issuer covenants and agrees that it will duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of the Notes and this Indenture.

    

    

    Section 4.02.          Maintenance of Office or Agency.

    

    

    The Issuer will maintain in each Place of Payment for Notes an office or agency where Notes may be presented or surrendered for payment, where Notes may be surrendered for registration of transfer or exchange and where
      notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency.  If at any time
      the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
      Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

    

    

    The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency in each Place of Payment
      for Notes for such purposes.  The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.

    

    

    Section 4.03.          Reports.

    

    

    Notwithstanding that Parent may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an annual and quarterly basis on forms provided for such annual and quarterly
      reporting pursuant to rules and regulations promulgated by the SEC, Parent shall file with the SEC (and provide the Trustee and Holders with copies thereof, without cost to each Holder, within 15 days after Parent files them with the SEC),

    

    

    (i)          within the time period specified in the SEC’s rules and regulations for non-accelerated filers, annual reports on Form 10-K (or any successor or comparable form) containing the
      information required to be contained therein (or required in such successor or comparable form);

    

    

    (ii)          within the time period specified in the SEC’s rules and regulations for non-accelerated filers, reports on Form 10-Q (or any successor or comparable form) containing the

    

    

    

    

    
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    information required to be contained therein (or required in such successor or comparable form); and

    

    

    (iii)          promptly from time to time after the occurrence of an event required to be therein reported (and in any event within the time period specified in the SEC’s rules and regulations), such
      other reports on Form 8-K (or any successor or comparable form);

    

    

    provided, however, that (1) if Parent is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, Parent may complete any such reports
      as though its only registered securities are non-convertible debt securities and (2) Parent shall not be so obligated to file such reports with the SEC if the SEC does not permit such filing, in which event, Parent will make available such
      information to prospective purchasers of Notes in addition to providing such information to the Trustee and the Holders, in each case within 15 days after the time Parent would be required to file such information with the SEC if Parent were subject
      to Section 13 or 15(d) of the Exchange Act.

    

    

    Parent will make such reports referred to in the preceding paragraph above available to prospective investors upon request. In addition, for so long as any Notes remain outstanding during any period when it is not
      subject to Section 13 or 15(d) of the Exchange Act, Parent will furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

    

    

    Notwithstanding the foregoing, (a) Parent will be deemed to have furnished such reports referred to above to the Trustee and Holders if Parent has filed such reports with the SEC via the EDGAR filing system (or any
      successor system) or, if Parent is not subject to reporting under Section 13 or 15(d) of the Exchange Act and is not permitted to file such reports with the SEC, if Parent posts such reports on Parent’s publicly available website and (b) at any time
      when Parent is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, Parent will not be deemed to have failed to comply with any of its obligations under this section until 30 days after the date any report hereunder
      is due.

    

    

    Reports by Parent delivered to the Trustee should be considered for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or
      determinable from information contained therein, including Parent’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

    

    

    Notwithstanding the foregoing, reports that are filed or made available by any direct or indirect parent of Parent that Guarantees the Notes shall be deemed to satisfy the requirements of this Section 4.03.

    

    

    Section 4.04.          Reserved.

    

    

    Section 4.05.          Money for Notes Payments To Be Held in Trust.

    

    

    If the Issuer shall at any time act as its own Paying Agent with respect to the Notes, it will, on or before each due date of the principal of (and premium, if any) or interest on any of the Notes, segregate and hold in
      trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly
      notify the Trustee of its action or failure so to act.

    

    

    Whenever the Issuer shall have a Paying Agent for the Notes, it will, prior to 10:00 a.m., London time, on the Business Date prior to each Interest Payment Date and the Maturity Date, have deposited to an account
      specified by the Paying Agent such amount of Euros sufficient (together with any funds then held by the Paying Agent and available for the purpose), such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or
      interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of its action or failure so to act.

    

    

    The Issuer will cause each Paying Agent, other than the Trustee, to execute and deliver to the Trustee an instrument in which the Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that
      the Paying Agent will:

    

    

    

    

    
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    (a)          hold all sums held by it for the payment of the principal of (and premium, if any) or interest on the Notes for the benefit of the Persons entitled thereto until such sums shall be paid to
      such Persons or otherwise disposed of as herein provided;

    

    

    (b)          give the Trustee notice of any default by the Issuer (or any other obligor upon the Notes) in the making of any payment of principal (and premium, if any) or interest on the Notes; and

    

    

    (c)          at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by the Paying Agent.

    

    

    The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Issuer Order direct the Paying Agent to pay, to the Trustee all sums held by
      the Issuer or the Paying Agent, such sums to be held by the Trustee for the benefit of the Holders; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such money.

    

    

    Any money deposited with the Trustee or the Paying Agent, or then held by the Issuer, for the benefit of the Holders for the payment of the principal of (and premium, if any) or interest on the Notes and remaining
      unclaimed for two years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Issuer on Issuer Order, or (if then held by the Issuer) shall be discharged from any obligation to hold such amounts for
      the benefit of the Holders; and the Holder of such Notes shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or the Paying Agent with respect to such money held for the
      benefit of the Holders, and all liability of the Issuer with respect thereto, shall thereupon cease; provided, however, that the Trustee or the Paying Agent, before
      being required to make any such repayment, may at the expense of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York,
      notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.

    

    

    Section 4.06.          Reserved.

    

    

    Section 4.07.          Restrictions on Secured Debt.

    

    

    (a)          After the Issue Date, neither Ashland LLC nor any Subsidiary (other than an Excluded Subsidiary) shall create, incur, issue, assume or guarantee any Indebtedness secured by a mortgage, security interest,
      pledge or lien (hereinafter, collectively called a “Mortgage”) on or upon any of their property or assets (hereinafter called “Property”), whether owned at the date of
      this Indenture or acquired after the date of this Indenture, without ensuring that the Notes or the Ashland LLC Guarantee (together with, if Ashland LLC shall so determine, any other Indebtedness created, issued, assumed or guaranteed by Ashland LLC
      or any Subsidiary then existing or thereafter created) shall be secured by such Mortgage equally and ratably with (or, at the option of Ashland LLC, prior to) such Indebtedness.

    

    

    (b)          The provisions of Section 4.07(a) shall not, however, apply to Indebtedness secured by any of the following:

    

    

    (i)          Mortgages on any Property acquired, leased, constructed or improved by, or on any shares of Capital Stock or Indebtedness acquired by, Ashland LLC or any Subsidiary after the date of
      this Indenture to secure Indebtedness incurred for the purpose of financing or refinancing all or any part of the purchase price of such Property, shares of Capital Stock or Indebtedness or of the cost of any construction or improvements on such
      Property, including Mortgages created as a result of an acquisition by way of Capital Lease, in each case, to the extent that the Indebtedness is incurred prior to or within one year after the applicable acquisition, lease, completion of construction
      or improvement or beginning of commercial operation of such Property, as the case may be, provided, however, for the avoidance of doubt, that any improvements that
      become subject to any pre-existing Mortgage on the Property to which such

    

    

    

    

    
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    improvements are made need not be completed within one year after the incurrence of the Indebtedness giving rise to such Mortgage;

    

    

    (ii)          Mortgages on any Property, shares of Capital Stock or Indebtedness existing at the time Ashland LLC or any Subsidiary acquires any of the same and on any subsequent improvements to such
      Property, provided, however, that any such Mortgage in respect of Indebtedness existing at the time of acquisition of any such Property may apply to any subsequent
      improvements to such Property;

    

    

    (iii)          Mortgages on Property of a Person existing at the time Ashland LLC or any Subsidiary merges or consolidates with such Person or at the time Ashland LLC or any Subsidiary acquires all
      or substantially all of the Properties or Capital Stock of such Person;

    

    

    (iv)          Mortgages on (a) any Property of, or shares of Capital Stock or Indebtedness of, a Person existing at the time such Person becomes a Subsidiary or (b) any shares of Capital Stock or
      Indebtedness of a Joint Venture;

    

    

    (v)          Mortgages in favor of  Parent, Ashland LLC or any Subsidiary;

    

    

    (vi)          Mortgages in favor of the United States or any state thereof, or political subdivision of the United States or any state thereof, or any department, agency or instrumentality of the
      United States or any state thereof or any such political subdivision, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure Indebtedness incurred or guaranteed to finance or refinance all or any part
      of the purchase price of the Property, shares of Capital Stock or Indebtedness subject to any such Mortgage, or the cost of constructing or improving the Property subject to such Mortgage;

    

    

    (vii)          Mortgages to secure the Credit Agreement;

    

    

    (viii)          Mortgages on accounts receivables and related assets of Ashland LLC and its Subsidiaries pursuant to Qualified Receivables Financing;

    

    

    (ix)          Mortgages securing industrial revenue, pollution control or similar bonds issued or guaranteed by the United States or any state thereof, or political subdivision of the United States
      or any state thereof, or any department, agency or instrumentality of the United States or any state thereof or any such political subdivision;

    

    

    (x)          Mortgages securing obligations owed in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearinghouse
      transfers of funds; and

    

    

    (xi)          extensions, renewals or replacements of any Mortgage existing on the date of this Indenture (excluding Indebtedness under the Credit Agreement) or any Mortgage referred to above; provided, however, that the principal amount of Indebtedness secured thereby may not exceed the principal amount of Indebtedness so
      secured at the time of such extension, renewal or replacement (other than any increases attributable to (a) any premium required to be paid in connection with such refinancing pursuant to the terms of the Indebtedness so refinanced, (b) the amount of
      any premium reasonably determined by the Board of Directors of Parent as necessary to accomplish such refinancing by means of a tender offer or privately negotiated repurchase and (c) any expenses incurred in connection with such refinancing), and
      such extension, renewal or replacement will be limited to all or a part of the Property (plus improvements and construction on such Property), shares of Capital Stock or Indebtedness which was subject to the Mortgage so extended, renewed or replaced.

    

    

    (c)          Notwithstanding other provisions of this Section 4.07, Ashland LLC or any of its Subsidiaries may, without having to equally and ratably secure the Notes or the Ashland LLC Guarantee, issue, assume or
      guarantee Indebtedness secured by a Mortgage not excepted by clauses (i) through (xi) of Section 4.07(b), if at the time of such issuance, assumption or guarantee, after giving effect thereto and to the retirement of any Indebtedness

    

    

    

    

    
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    which is concurrently being retired, the aggregate principal amount of all such Indebtedness secured by Mortgages which would otherwise be subject to such restriction (other than any Indebtedness secured by Mortgages permitted as described in
      clauses (i) through (xi) of Section 4.07(b)) plus the aggregate amount (without duplication) of all Attributable Debt of Ashland LLC and any of its Subsidiaries (other than Excluded Subsidiaries) in respect of Sale and Lease-Back Transactions (with
      the exception of such transactions which are permitted under clauses (i) and (ii) of Section 4.09) does not exceed 15% of Consolidated Net Tangible Assets of Ashland LLC.

    

    

    Section 4.08.          Purchase of Notes Upon a Change of Control Repurchase Event.

    

    

    (a)          Upon the occurrence of both a Change of Control and a Ratings Event (a “Change of Control Repurchase Event”) with respect to the Notes, each Holder of the Notes will
      have the right to require the Issuer to repurchase all or any part  (in denominations of €100,000 and integral multiples of €1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash in an amount equal to 101% of the principal
      amount thereof plus accrued and unpaid interest and Additional Amounts, if any, to, but excluding, the date of repurchase (subject to the right of Holders of record on the relevant Record Date to receive
      interest due on the relevant Interest Payment Date), except to the extent the Issuer has previously or concurrently elected to redeem the Notes pursuant to Article 3.

    

    

    (b)          Within 30 days following any Change of Control Repurchase Event, except to the extent that the Issuer has exercised its right to redeem the Notes by delivery of a notice of redemption pursuant to Article 3,
      the Issuer shall:

    

    

    (i)          mail a notice (a “Change of Control Offer”) to each Holder of Notes with a copy to the Trustee stating:

    

    

    (A)          that a Change of Control Repurchase Event has occurred with respect to the Notes and that such Holder has the right to require the Issuer to repurchase such Holder’s Notes at a repurchase
      price in cash in an amount equal to 101% of the principal amount thereof plus accrued and unpaid interest and Additional Amounts, if any, to the date of repurchase (subject to the right of Holders of record
      on a Record Date to receive interest on the relevant Interest Payment Date);

    

    

    (B)          the repurchase date (which shall be no earlier than 10 days nor later than 60 days from the date such notice is mailed); and

    

    

    (C)          the instructions determined by the Issuer, consistent with this Section 4.08, that a Holder must follow in order to have its Notes purchased; and

    

    

    (ii)          cause a notice of the Change of Control Offer to be, if at the time of such notice the Notes are listed on the Official List of the Exchange and the rules of Authority so require, to
      the extent and in the manner permitted by the rules of the Authority, posted on the official website of the Official List of the Exchange (www.tisegroup.com).

    

    

    (c)          Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuer at the address specified in the notice at least three Business Days
      prior to the repurchase date.  The Holders shall be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the repurchase date a telegram, telex, facsimile transmission or letter setting
      forth the name of the Holder, the principal amount of the Note which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Note purchased.  For Holders whose Notes are purchased only in
      part, the Issuer shall issue, and the Trustee shall authenticate new Notes equal in principal amount to the unpurchased portion of the Notes surrendered.

    

    

    (d)          On the repurchase date, all Notes purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation, and the Issuer shall pay the purchase price plus accrued and unpaid interest and Additional Amounts, if any, to the Holders entitled thereto.

    

    

    

    

    
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    (e)          A Change of Control Offer may be made in advance of a Change of Control Repurchase Event, and conditioned upon such Change of Control Repurchase Event, if a definitive agreement is in place for the Change of
      Control at the time of making of the Change of Control Offer.

    

    

    (f)          Notwithstanding the foregoing provisions of this Section 4.08, the Issuer shall not be required to make a Change of Control Offer with respect to the Notes upon the consummation of a Change of Control
      Repurchase Event if a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by the Issuer and purchases
      all Notes properly tendered and not withdrawn under such Change of Control Offer.

    

    

    (g)          Notes repurchased by the Issuer pursuant to a Change of Control Offer will have the status of Notes issued but not outstanding or will be retired and canceled at the option of the Issuer and Parent.  Notes
      purchased by a third party pursuant to the preceding clause (f) will have the status of Notes issued and outstanding.

    

    

    (h)          At the time the Issuer delivers Notes to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an Officer’s Certificate stating that such Notes
        are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section 4.08. A Note shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment therefor
        to the surrendering Holder.

    

    

    (i)          Prior to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent
        contained herein to the right of the Issuer to make such offer have been complied with.

    

    

    (j)          The Issuer 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 4.08.  To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply with the applicable securities laws and regulations and shall not be deemed to have
      breached its obligations under this Section 4.08 by virtue thereof.

    

    

    (k)          For Notes which are represented by Global Notes held on behalf of Euroclear and/or Clearstream, notices may be given by delivery of the relevant notices to each of Euroclear and/or Clearstream for
      communication to entitled account holders. If and for so long as the Notes are listed on the Official List of the Exchange and permission to deal in the Notes is granted and the rules of the Authority so require, the Issuer will publish notices
      relating to the Change of Control Offer to the extent and in the manner permitted by such rules, posted on the official website of the Official List of the Exchange (www.tisegroup.com). For the avoidance of doubt, the provisions of this
      Indenture relating to the Issuer’s obligation to make an offer to repurchase the Notes as a result of a Change of Control Repurchase Event may be waived or modified with the written consent of the Holders of a majority in aggregate principal amount
      of the Notes.

    

    

    (l)          If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a
      Change of Control Offer in lieu of the Issuer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice, given not
      more than 30 days following such purchase pursuant to such Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest
      and Additional Amounts, if any, to, but excluding, the date of such redemption (subject to the right of Holders of record on the relevant Record Date to receive interest due on the relevant interest payment date falling prior to or on the Redemption
      Date).

    

    

    Section 4.09.          Restrictions on Sale and Lease-Back Transactions.

    

    

    Ashland LLC will not, and will not permit any of its Subsidiaries (other than Excluded Subsidiaries) to, enter into any Sale and Lease-Back Transaction with respect to any of its or their Property unless:

    

    

    (i)          Ashland LLC or such Subsidiary would (at the time of entering into such arrangement) be entitled pursuant to clause (i) or (vi) of Section 4.07(b) to create, issue, assume or guarantee
      Indebtedness

    

    

    

    

    
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    secured by a Mortgage on the Property to be leased without having to equally and ratably secure the Notes; or

    

    

    (ii)          Ashland LLC or such Subsidiary applies an amount (equaling at least the greater of the net proceeds of the sale of Property or the Attributable Debt in respect of such Sale and
      Lease-Back Transaction) within a period commencing one year prior to the consummation of such Sale and Lease-Back Transaction and ending one year after the consummation thereof, to make non-mandatory prepayments on Long-Term Indebtedness, retire
      Long-Term Indebtedness or acquire, construct or improve long-term assets; or

    

    

    (iii)          the Attributable Debt of Ashland LLC or such Subsidiary in respect of such Sale and Lease-Back Transaction and all other Sale and Lease-Back Transactions entered into after the Issue
      Date (other than any such Sale and Lease-Back Transaction as would be permitted as described in clauses (i) and (ii) of this Section 4.09), plus the aggregate principal amount (without duplication) of
      Indebtedness secured by Mortgages then outstanding (not including any such Indebtedness secured by Mortgages described in clauses (i) through (xi) of Section 4.07(b)) which do not equally and ratably secure the Notes or the Ashland LLC Guarantee (or
      secure the Notes or the Ashland LLC Guarantee on a basis that is prior to other Indebtedness secured thereby), would not exceed 15% of Consolidated Net Tangible Assets of Ashland LLC.

    

    

    Section 4.10.          Future Guarantors.

    

    

    The Notes initially will be guaranteed by each of Parent and Ashland LLC (the “Guarantees”). Ashland LLC will cause each Wholly Owned Domestic Subsidiary of Ashland LLC, other
      than, at the election of Ashland LLC, an Excluded Subsidiary, that incurs, as an issuer, co-issuer or guarantor of, any Capital Markets Debt after the Issue Date, in an amount that, together with any other such Indebtedness (excluding any
      Indebtedness incurred as permitted pursuant to the definition of “Credit Agreement”) issued, co-issued or guaranteed by such Wholly Owned Domestic Subsidiary and then outstanding, exceeds at the time of such incurrence, 15% of Consolidated Net
      Tangible Assets of Ashland LLC, to execute and deliver to the Trustee a supplemental indenture joining such Subsidiary to this Indenture substantially in the form of Exhibit F hereto, pursuant to which such Subsidiary will guarantee payment
      of the Notes (each such guarantee of the Notes, a “Subsidiary Guarantee”) for so long as such Indebtedness giving rise to such guarantee obligation remains an obligation of such Subsidiary.  In addition,
      Ashland LLC may cause other Subsidiaries to guarantee the Notes at its option.  Notwithstanding the foregoing, any Guarantee by any Guarantor shall be released in accordance with Section 10.07.

    

    

    Section 4.11.          Compliance Certificate.

    

    

    (a)          The Issuer and each Guarantor shall deliver to the Trustee within 120 days after the end of each fiscal year of Parent, an Officer's Certificate stating that in the course of the performance by the signer of
      his or her duties as an Officer of the Issuer or such Guarantor, as applicable, he or she would normally have knowledge of any Default and whether or not the signer knows of any Default that occurred during such period. If he or she does, the
      certificate shall describe the Default, its status and what action the Issuer is taking or proposes to take with respect thereto. Except with respect to receipt of payments of principal and interest on the Notes and any Default or Event of Default
      information contained in the Officer’s Certificate delivered to it pursuant to this Section 4.07, the Trustee shall have no duty to review, ascertain or confirm the Issuer’s compliance with or the breach of any representation, warranty or covenant
      made in this Indenture.

    

    

    (b)          So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officer’s Certificate specifying such
      Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto.

    

    

    Section 4.12.          Stay, Extension and Usury Laws.

    

    

    The Issuer and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
      extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the

    

    

    

    

    
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    performance of this Indenture; and the Issuer and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law,
      hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted.

    

    

    Section 4.13.          Payments of Additional Amounts.

    

    

    All payments in respect of the Notes by the Issuer, any Guarantor or any other Person on behalf of the Issuer or any Guarantor, or any successor thereto (each, a “Payor”) shall be
      made free and clear of, and without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature, including any interest, additions to tax and penalties related thereto
      (collectively, “Taxes”) unless such withholding or deduction is required by applicable law.

    

    

    If any Payor, or any other applicable withholding agent, is required to withhold or deduct any amount with respect to Taxes imposed by or on behalf of any jurisdiction in which any
        Payor is organized, resident or doing business for tax purposes (or the jurisdiction through which the paying agent makes the payments on the Notes), or any governmental authority or political subdivision thereof or therein having the power to tax
        (each, a “Relevant Jurisdiction”) the Payor will, subject to the exceptions and limitations set forth below, pay such additional amounts (“Additional Amounts”) as are necessary so that the net payment received by a beneficial owner of the Notes (including any Additional Amounts), after
        withholding or deduction for any Taxes of a Relevant Jurisdiction (including in respect of any Additional Amounts) will not be less than the amount such beneficial owner would have received in respect of such Notes had no such withholding or
        deduction been required. A Payor’s obligation to pay Additional Amounts shall not apply:

    

    

    (1)          to the extent any Taxes are imposed by reason of the Holder (or the beneficial owner for whose benefit such Holder holds such Note), or a fiduciary,
        settlor, beneficiary, member or shareholder of the Holder if the Holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as:

    

    

    (i)          being or having been engaged in a trade or business in the Relevant Jurisdiction or having or having had a permanent establishment in the Relevant Jurisdiction; or

    

    

    (ii)          having any other current or former connection with the Relevant Jurisdiction (other than a connection arising solely as a result
        of the acquisition, ownership or disposition of the Notes or a beneficial interest therein, the receipt of any payment in respect of a Note or a Guarantee or the enforcement of any rights hereunder), including being or having been a citizen or
        resident of the Relevant Jurisdiction;

    

    

    (2)          to any Holder that is not the sole beneficial owner of the Notes, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a
      beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment of an Additional Amount had such beneficial owner, beneficiary, settlor or member received directly its beneficial or
      distributive share of the payment;

    

    

    (3)          to any Taxes that are imposed or withheld because the Holder or beneficial owner failed to accurately comply with a request from a Payor to meet certification, identification or
      information reporting requirements concerning the nationality, residence or identity of the Holder or beneficial owner of Notes (if such Holder or beneficial owner is legally eligible to meet such requirements), or to present the relevant Note (where
      presentation is required), if compliance with such action is required as a precondition to exemption from, or reduction in, such tax, assessment or other governmental charge by a Relevant Jurisdiction;

    

    

    (4)          to any Taxes that are imposed other than by withholding or deduction by a Payor or other applicable withholding agent from the payment under, or with respect to, the Note;

    

    

    

    

    
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    (5)          to any estate, inheritance, gift, sales, transfer, wealth, personal property or similar Taxes;

    

    

    (6)          to any Taxes to the extent such Taxes were imposed as a result of the presentation of a Note for payment (where presentation is required) more than 30 days after the relevant amount is
      first made available for payment to the Holder (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period);

    

    

    (7)          to any Tax imposed or required pursuant to current Sections 1471 through 1474 of the United States Internal Revenue Code of 1986, as amended (the
      “Code”), (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official
        interpretations thereof, any agreement entered into pursuant to current Section 1471(b) of the Code (or any amended or successor version described above), or any fiscal or regulatory legislation, rules or official administrative practices adopted
        pursuant to any intergovernmental agreement implementing such Sections of the Code;

    

    

    (8)          as of 1 January 2021, to any Dutch Taxes withheld or deducted in respect of interest payments made (or deemed to be made) by the Issuer to “affiliated
        entities” (within the meaning of the Dutch Withholding Tax Act 2021 (Wet bronbelasting 2021), as amended from time to time); or

    

    

    (9)          in the case of any combination of the above items (the foregoing Taxes described in clauses (1)-(8), “Excluded Taxes”).

    

    

    The applicable Payor, if it is the applicable withholding agent, will make any required withholding or deduction and remit the full amount deducted or withheld to the Relevant
        Jurisdiction in accordance with applicable law. The Issuer will provide the Trustee (and, upon request, any Holders or beneficial owners of the Notes) with official receipts or other documentation evidencing the payment of the Taxes with respect to
        which Additional Amounts are paid.

    

    

    The Issuer will pay any present or future stamp, court, issue, registration or documentary Taxes or any other excise, property or similar Taxes that arise in any Relevant Jurisdiction from the execution, delivery,
      enforcement or registration of the Notes, the Guarantees, this Indenture or any other document or instrument in relation thereof, or the receipt of any payments with respect to the Notes or any Guarantees.

    

    

    Whenever in this Indenture there is mentioned in any context: the payment of principal, Redemption Prices or purchase prices in connection with a redemption or purchase of Notes, interest, or any other amount payable on
      or with respect to any of the Notes or any Guarantee, such reference shall be deemed to include payment of Additional Amounts as described under this Section 4.13 to the extent that, in such context, Additional
        Amounts are, were or would be payable in respect thereof.

    

    

    The obligations of this Section 4.13 will survive any termination, defeasance or discharge of this Indenture, and any transfer by a Holder or beneficial owner of its Notes.

    

    

    Section 4.14.          Listing.

    

    

    The Issuer shall use its commercially reasonable efforts to obtain and, for so long as the Notes are outstanding, maintain a listing of the Notes on the Official List of the Exchange and receive permission to deal in the
      Notes on the Official List of the Exchange; provided that if the Issuer is unable to obtain admission to listing of the Notes on the Official List of the Exchange or if at any time the Issuer determines that
      it will not maintain such listing, it will use its commercially reasonable efforts to obtain and maintain a listing of such Notes on another recognized exchange. In no event will this covenant require the Issuer to obtain or maintain the listing of
      the Notes on any exchange that requires financial or other periodic reporting for any fiscal period in addition to the fiscal periods required under Section 4.03 or as required by the SEC.

    

    

    

    

    
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    ARTICLE 5

    SUCCESSORS

    

    

    Section 5.01.          Consolidation, Merger and Sale of Assets.

    

    

    (a)          Parent and Ashland LLC. Parent or Ashland LLC may consolidate or merge with or into any other corporation, limited liability company, partnership or other entity, or
      lease, sell or transfer all or substantially all of its property and assets if:

    

    

    (1)          the corporation, limited liability company, partnership or other entity formed by such consolidation, or into which Parent or Ashland LLC is merged, or the party which acquires by lease,
      sale or transfer all or substantially all of its property and assets, is organized and existing under the laws of the United States, any state in the United States or the District of Columbia or any EU state which is a member of the EU on the Issue
      Date;

    

    

    (2)          the corporation, limited liability company, partnership or other entity formed by such consolidation, or into which Parent or Ashland LLC is
      merged, or the party which acquires by lease, sale or transfer all or substantially all of its property and assets, agrees to Guarantee the Notes by executing and delivering to the Trustee a supplemental indenture; and

    

    

    (3)          immediately after giving effect to such transaction and treating Indebtedness which becomes Ashland LLC’s obligation or an obligation of a Subsidiary (other than an Excluded Subsidiary) as
      a result of such transaction as having been incurred by Ashland LLC or such Subsidiary at the time of such transaction, no Default or Event of Default has happened and is continuing.

    

    

    This Section 5.01(a) will not prevent any consolidation, merger, lease, sale, transfer or other disposition of property solely between or among Parent, Ashland LLC, the Issuer and their respective Subsidiaries (other
      than an Excluded Subsidiary).

    

    

    In the event that Parent or Ashland LLC consolidates with or merges with or into another corporation, limited liability company, partnership or other entity or sells substantially all of its assets to any other
      corporation, limited liability company, partnership or other entity in compliance with the foregoing limitations, the surviving entity (if other than Parent or Ashland LLC) will be substituted for Parent or Ashland LLC, as applicable, under this
      Indenture, and Parent or Ashland LLC, as applicable, will be discharged from all of its obligations under this Indenture.

    

    

    (b)          The Issuer. The Issuer may consolidate or merge with or into any other corporation, limited liability company, partnership or
      other entity, or lease, sell or transfer all or substantially all of its property and assets if:

    

    

    1)          the corporation, limited liability company, partnership or other entity formed by such consolidation, or into which the Issuer is merged, or the party which acquires by lease, sale or
      transfer all or substantially all of its property and assets is organized and existing under the laws of the United States, any state in the United States, the District of Columbia or any EU state which is a member of the EU on the Issue Date;

    

    

    2)          the corporation, limited liability company, partnership or other entity formed by such consolidation, or into which the Issuer is merged, or the party which acquires by lease, sale or
      transfer all or substantially all of its property and assets, agrees to pay the principal of, and any premium and interest on, the Notes, perform and observe all covenants and conditions of this Indenture by executing and delivering to the Trustee a
      supplemental indenture; and

    

    

    3)          immediately after giving effect to such transaction and treating Indebtedness which becomes Ashland LLC’s obligation or an obligation of a Subsidiary (other than an Excluded Subsidiary) as
      a result of such transaction as having been incurred by Ashland LLC or such Subsidiary at the time of such transaction, no Default or Event of Default has happened and is continuing.

    

    

    

    

    
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    In the event that the Issuer consolidates with or merges with or into another Person or sells substantially all of its assets to any other Person in compliance with the foregoing limitations, the surviving entity (if
      other than the Issuer) will be substituted for the Issuer under this Indenture, and the Issuer will be discharged from all of its obligations under this Indenture.

    

    

    This Section 5.01(b) will not prevent any consolidation, merger, lease, sale, transfer or other disposition of property solely between or among Parent, Ashland LLC, the Issuer and their respective Subsidiaries (other
      than an Excluded Subsidiary).

    

    

    (c)          The Issuer will publish a notice of any consolidation, merger or sale of assets described above in accordance with the provisions of Section 11.01, and so long as the rules of the Authority so require,
      notify the Authority of any such consolidation, merger or sale.

    

    

    (d)          For all purposes under this Indenture and the Notes, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset,
      right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes
      into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its equity interests at such time.

    

    

    ARTICLE 6

    DEFAULTS AND REMEDIES

    

    

    Section 6.01.          Events of Default.

    

    

    Each of the following events shall be an “Event of Default” with respect to the Notes:

    

    

    (1)          a failure to pay interest on the Notes that continues for a period of 30 days after payment is due;

    

    

    (2)          a failure to pay the principal or premium, if any, on the Notes when due upon maturity, redemption, acceleration or otherwise;

    

    

    (3)          a failure by Ashland LLC or any Subsidiary (including, without limitation, the Issuer) to comply with any agreements contained in this Indenture for a period of 90 days after written
      notice to the Issuer of such failure from the Trustee (or to the Issuer and the Trustee from the Holders of at least 30% of the principal amount of the Notes);

    

    

    (4)          the failure by Ashland LLC or any Subsidiary to pay any Indebtedness (other than Indebtedness owing to Parent or a Subsidiary) within any applicable grace period after final maturity or
      the acceleration of any such Indebtedness by the Holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds $100.0 million or its foreign currency equivalent;

    

    

    (5)          the Issuer or Ashland LLC pursuant to or within the meaning of any Bankruptcy Law:

    

    

    (i)          commences a voluntary insolvency proceeding;

    

    

    (ii)          consents to the entry of an order for relief against it in an involuntary insolvency proceeding or consents to its dissolution or winding-up;

    

    

    (iii)          consents to the appointment of a Custodian of it or for any substantial part of its property;

    

    

    (iv)          makes a general assignment for the benefit of its creditors; or

    

    

    (v)          takes any comparable action under any foreign laws relating to insolvency; and

    

    

    

    

    
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    (6)          a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

    

    

    (i)          is for relief against the Issuer or Ashland LLC in an involuntary insolvency proceeding;

    

    

    (ii)          appoints a Custodian of the Issuer or Ashland LLC or for any substantial part of its property;

    

    

    (iii)          orders the winding-up, liquidation or dissolution of the Issuer or Ashland LLC;

    

    

    (iv)          orders the presentation of any plan or arrangement, compromise or reorganization of the Issuer or Ashland LLC; or

    

    

    (v)          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.

    

    

    The foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order
      of any court or any order, rule or regulation of any administrative or governmental body.

    

    

    Section 6.02.          Acceleration of Maturity; Rescission.

    

    

    If an Event of Default with respect to the Notes shall have occurred and be continuing, the Trustee or the Holders of at least 30% of the outstanding principal amount of the Notes, may declare to be immediately due and
      payable the principal amount of all of the Notes then outstanding, plus accrued but unpaid interest to the date of acceleration.  After any such acceleration, but before a judgment or decree based on
      acceleration is obtained by the applicable person, the registered Holders of a majority in principal amount of the then outstanding Notes may cancel such acceleration if (i) the rescission would not conflict with any judgment or decree and (ii) if
      all existing Events of Default have been cured or waived except nonpayment of principal, that has become due solely because of the acceleration.  No such rescission shall affect any subsequent Default or impair any right consequent thereto.

    

    

    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 under this Indenture at the request or direction of any
      of the Holders of Notes, unless such Holders have offered to the Trustee security or indemnity reasonably satisfactory to it.  Subject to Section 7.06, the Holders of a majority in aggregate principal amount of the Notes then outstanding will have
      the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power the Trustee holds with respect to the Notes.

    

    

    Section 6.03.          Other Remedies.

    

    

    If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if
      any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture and may take any necessary action requested of it as Trustee to settle, compromise, adjust or otherwise conclude any proceedings to which it
      is a party.

    

    

    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.  Any such proceeding instituted by the Trustee may be brought in its own name and as
      trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements of the Trustee and its counsel, be for the ratable benefit of the Holders of the Notes in respect
      of which such judgment has been recovered.  A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
      Event of Default.  No remedy is exclusive of any other remedy.  All available remedies are cumulative, to the extent permitted by law.  Any costs associated with actions taken by the Trustee under this Section 6.03 shall be reimbursed to the Trustee
      by the Issuer.

    

    

    

    

    
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    Section 6.04.          Waiver of Past Defaults and Events of Default.

    

    

    Provided the Notes are not then due and payable by reason of a declaration of acceleration, the Holders of a majority in principal amount of the then outstanding Notes may on behalf of the Holders of all the affected
      Notes waive any past Default with respect to the Notes and its consequences by providing written notice thereof to the Issuer and the Trustee, except a Default (1) in the payment of interest on or the principal of any Note or (2) in respect of a
      covenant or provision hereof which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected.  In the case of any such waiver, the Issuer, the Trustee and the Holders of the Notes will be
      restored to their former positions and rights under this Indenture, respectively; provided that no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

    

    

    Section 6.05.          Control by Majority.

    

    

    The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or 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, that may involve the Trustee in personal liability, or that the Trustee determines in
      good faith may be unduly prejudicial to the rights of Holders of the affected Notes not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of
      the Notes.

    

    

    Section 6.06.          Limitation on Suits.

    

    

    No Holder of the Notes will have any right to institute any proceeding with respect to this Indenture, or for any remedy hereunder, unless:

    

    

    (1)          the Trustee has failed to institute such proceeding for 60 days after the Holder has previously given to the Trustee written notice of a continuing Event of Default with respect to the
      Notes;

    

    

    (2)          the Holders of at least 30% in aggregate principal amount of outstanding Notes have made a written request, and offered security or indemnity reasonably satisfactory to it, to the Trustee
      to institute such proceeding as Trustee; and

    

    

    (3)          the Trustee has not received from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction that is inconsistent with such request.

    

    

    However, the Holder of any Note will have an absolute and unconditional contractual right to receive payment of the principal of, and premium, if any, or interest on, such Note on or after the date or dates they are to
      be paid as expressed in such Note and to institute suit for the enforcement of any such payment.

    

    

    Section 6.07.          Rights of Holders To Receive Payment.

    

    

    Notwithstanding any other provision of this Indenture, the contractual right of any Holder of a Note to receive payment of the principal of or premium, if any, or interest, if any, on such Note (including in connection
      with an offer to purchase) or to bring suit for the enforcement of any such payment, on or after the due date expressed in the Notes shall not be impaired or affected without the consent of such Holder.

    

    

    Section 6.08.          Reserved.

    

    

    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 (including any claim for the reasonable compensation, expenses,
      disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06) and the Holders allowed in any judicial proceedings relative to the Issuer (or any other obligor upon

    

    

    

    

    
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    the Notes), its creditors or its property and, unless prohibited by law, shall be entitled and empowered to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same after deduction of
      its charges and expenses to the extent that any such charges and expenses are not paid out of the estate in any such proceedings and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
      Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
      agents and counsel, and any other amounts due the Trustee under Section 7.06.

    

    

    Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan or reorganization, arrangement, adjustment or composition affecting the
      Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceedings.

    

    

    Section 6.10.          Priorities.

    

    

    Any money or property collected by the Trustee pursuant to this Article 6, and any money or other property distributable in respect of the Issuer’s obligations under this Indenture after an Event of Default shall be
      applied in the following order:

    

    

    FIRST:  to the Trustee, its agents, professionals and counsel and the Agents (including any predecessor Trustee) for amounts due under Section 7.06;

    

    

    SECOND:  to Holders for amounts due and unpaid on the affected Notes for principal, premium, if any, and interest as to each, ratably, without preference or priority of any kind, according to the
      amounts due and payable on the affected Notes; and

    

    

    THIRD:  to the Issuer.

    

    

    The Trustee may fix a Record Date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date, the Trustee shall mail to each
        Holder affected thereby and the Issuer a notice that states the record date, the payment date and amount to be paid.

    

    

    Section 6.11.          Undertaking for Costs.

    

    

    In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any
      party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to
      the merits and good faith of the claims or defenses made by the party litigant.  This Section 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 principal amount of the
      Notes then outstanding.

    

    

    Section 6.12.          Delay or Omission Not Waiver.

    

    

    No delay or omission of the Trustee or of any Holder of any Notes to exercise any right or remedy occurring upon an 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.

    

    

    

    

    
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    ARTICLE 7

    TRUSTEE

    

    

    Section 7.01.          Duties of Trustee.

    

    

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

    

    

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

    

    

    (1)          the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this
      Indenture against the Trustee; and

    

    

    (2)          in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or
      opinions furnished to the Trustee and conforming to the requirements of this Indenture but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be
      under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated
      therein).

    

    

    (c)          No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:

    

    

    (1)          this paragraph does not limit the effect of clause (b) or (d) of this Section 7.01;

    

    

    (2)          the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it is proved that the Trustee was
      negligent in ascertaining the pertinent facts; and

    

    

    (3)          the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction of the Holders of a majority in aggregate principal amount
      of the outstanding Notes, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture
      with respect to the Notes.

    

    

    (d)          No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of
      any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity satisfactory to it against such risk or liability is not reasonably assured to it.

    

    

    (e)          Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the
      provisions of this Section 7.01.

    

    

    (f)          The Trustee shall not be liable for interest or earnings on any money received by it except as the Trustee may agree in writing with the Issuer.  Money held by the Trustee for the benefit of the Holders need
      not be segregated from other funds except to the extent required by the law.

    

    

    (g)          The Trustee shall not be responsible for the application of any money by any Paying Agent other than the Trustee.

    

    

    

    

    
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    Section 7.02.          Rights of Trustee.

    

    

    Subject to Section 7.01:

    

    

    (a)          The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
      consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed in good faith 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.

    

    

    (b)          Any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by a Issuer Order and any resolution of the Board of Directors may be sufficiently evidenced by a board resolution.

    

    

    (c)          Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee (unless
      other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officer’s Certificate.

    

    

    (d)          The Trustee may execute any of the trusts or power hereunder or perform any duties hereunder either directly or by or through attorneys or agents and the Trustee shall not be responsible for any misconduct
      or negligence on the part of any agent appointed with due care by it hereunder.

    

    

    (e)          The Trustee shall not be liable for any action taken, suffered, or omitted to be taken in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this
      Indenture.

    

    

    (f)          The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action
      taken, omitted or suffered by it hereunder in good faith and in reliance thereon.

    

    

    (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 or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction.

    

    

    (h)          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.  No Agent shall be under any fiduciary duty or other obligation towards, or have any relationship of agency or trust for or with any person other
      than the Issuer.

    

    

    (i)          The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
      bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to
      make such further inquiry or investigation, it shall be entitled to examine the books records, and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any
      kind by reason of such inquiry or investigation.

    

    

    (j)          The Trustee shall not be deemed to have notice or be charged with knowledge of any Default or Event of Default unless written notice of such Default or Event of Default from the Issuer or any Holder is
      received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

    

    

    (k)          The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this
      Indenture, which

    

    

    

    

    
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    Officer’s Certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded.

    

    

    (l)          Anything in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
      of profit), even if the Trustee has been advised as to the likelihood of such loss or damage and regardless of the form of action.

    

    

    (m)          The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond
      its control, including, without limitation, any provision of any law or regulation or any act of any Governmental Authority, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots;
      interruptions; loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action.

    

    

    (n)          The permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty.

    

    

    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 make loans to, accept deposits from, perform services for or otherwise deal with the Issuer or any affiliate thereof
      with the same rights it would have if it were not Trustee.

    

    

    Any Agent may do the same with like rights.  The Trustee is also subject to Section 7.09.

    

    

    Section 7.04.          Trustee’s Disclaimer.

    

    

    The preamble contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.  The
      Trustee makes no representations as to the validity, sufficiency or adequacy of this Indenture or of the Notes.  The Trustee shall not be accountable for the use or application by the Issuer of the Notes or the proceeds thereof.  The Trustee shall
      not be responsible to make any calculation with respect to any matter under this Indenture.  The Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Notes and perform its obligations hereunder.  The
      Trustee shall have no duty to monitor or investigate the Issuer’s compliance with or the breach of, or cause to be performed or observed, any representation, warranty or covenant made in this Indenture.

    

    

    Section 7.05.          Notice of Defaults.

    

    

    Within 90 days after the occurrence thereof, and if known to the Trustee, the Trustee shall give to the Holders of the Notes notice of each Default or Event of Default with respect to the Notes known to the Trustee, by
      transmitting such notice to Holders at their addresses as the same shall then appear on the register of the Notes kept by the Registrar, unless such Default shall have been cured or waived before the giving of such notice.  Except in the case of a
      Default or Event of Default in payment of the principal of, premium, if any, or interest on any of the Notes when and as the same shall become payable, or to make any sinking fund payment as to the Notes (including payments pursuant to a redemption
      or repurchase of the Notes pursuant to the provisions of this Indenture), the Trustee shall be protected in withholding such notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in
      the interests of Holders.

    

    

    Section 7.06.          Compensation and Indemnity.

    

    

    (a)          The Issuer shall pay to the Trustee and Agents from time to time such reasonable compensation for their services hereunder (which compensation shall not be limited by any provision of law in regard to the
      compensation of a trustee of an express trust) as shall be agreed upon in writing.  The Issuer shall reimburse the Trustee and Agents upon request for all reasonable disbursements, expenses and advances incurred or made by them

    

    

    

    

    
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    in connection with the Trustee’s duties under this Indenture, including the reasonable compensation, disbursements and expenses of the Trustee’s agents and external counsel, except any such expense, disbursement or advance as may be attributable
      to its willful misconduct, bad faith or negligence.

    

    

    (b)          The Issuer shall fully indemnify each of the Trustee and their officers, agents and employees and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim,
      liability or expense, including, without limitation, reasonable and documented attorneys’ fees and expenses, incurred by each of them in connection with the acceptance or performance of its duties under this Indenture including the reasonable and
      documented costs and expenses of defending itself against any claim (whether asserted by the Issuer, or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder (including,
      without limitation, settlement costs).  The Trustee or Agent shall notify the Issuer in writing promptly of any claim of which a Responsible Officer of the Trustee has received written notice at its Corporate Trust Office asserted against the Trustee
      or Agent for which it may seek indemnity; provided that the failure by the Trustee or Agent to so notify the Issuer shall not relieve the Issuer of its obligations hereunder, except to the extent that the
      Issuer has been materially prejudiced thereby.  The Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld.  In the event that a conflict of interest exists or potential harm to the Trustee’s
      business exists, the Trustee may have separate counsel, which counsel must be reasonably acceptable to the Issuer, and the Issuer shall pay the reasonable and documented fees and expenses of such counsel.

    

    

    (c)          Notwithstanding the foregoing, the Issuer need not reimburse the Trustee for any expense or indemnify it against any loss or liability to have been incurred by the Trustee through its own willful misconduct,
      bad faith or negligence.

    

    

    (d)          To secure the payment obligations of the Issuer in this Section 7.06, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee and such money or property
      held in trust to pay principal of and interest on particular Notes.

    

    

    (e)          The obligations of the Issuer under this Section 7.06 to compensate and indemnify the Trustee, Agents and each predecessor Trustee and to pay or reimburse the Trustee, Agents and each predecessor Trustee for
      expenses, disbursements and advances shall be the liability of the Issuer and the lien provided for under this Section 7.06 and shall survive the resignation or removal of the Trustee and the satisfaction, discharge or other termination of this
      Indenture for any reason, including any termination or rejection hereof under any Bankruptcy Law.

    

    

    (f)          In addition to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(5) or Section 6.01(6)
      occurs, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law.

    

    

    (g)          For purposes of this Section 7.06, the term “Trustee” shall include any predecessor Trustee; provided, however, that the
      negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights or any other Trustee hereunder.

    

    

    Section 7.07.          Replacement of Trustee.

    

    

    (a)          A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.07.

    

    

    (b)          The Trustee may resign at any time by so notifying the Issuer in writing no later than 30 calendar days prior to the date of the proposed resignation.  The Holders of a majority in principal amount of the
      outstanding Notes may remove the Trustee by notifying the Issuer and the removed Trustee in writing no later than 30 calendar days prior to the date of the proposed removal and may appoint a successor Trustee with the Issuer’s written consent, which
      consent shall not be unreasonably withheld.  The Issuer may remove the Trustee at its election if:

    

    

    (1)          the Trustee fails to comply with Section 7.09;

    

    

    

    

    
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    (2)          the Trustee is adjudged bankrupt or insolvent or an order for relief entered with respect to the Trustee under Bankruptcy Law;

    

    

    (3)          a receiver or other public officer takes charge of the Trustee or its property; or

    

    

    (4)          the Trustee otherwise becomes incapable of acting.

    

    

    (c)          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee.

    

    

    (d)          If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of at least 10% in principal amount of the
      outstanding Notes may petition at the expense of the Issuer any court of competent jurisdiction, in the case of the Trustee, for the appointment of a successor Trustee.

    

    

    (e)          If the Trustee fails to comply with Section 7.09, any Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

    

    

    (f)          A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer.  Immediately following such delivery, the retiring Trustee shall, subject to the lien and
      its rights under Section 7.06, transfer all property held by it as Trustee to the successor Trustee, 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.  A successor Trustee shall transmit notice of its succession to each Holder.  Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the lien and Issuer’s obligations under Section 7.06 shall
      continue for the benefit of the retiring Trustee.

    

    

    Section 7.08.          Successor Trustee by Consolidation, Merger, etc.

    

    

    Any Person into which the Trustee or any successor to it in the trusts created by this Indenture shall be merged or converted, or any Person with which it or any successor to it shall be consolidated, or any Person
      resulting from any merger, conversion or consolidation to which the Trustee or any such successor to it shall be a party, or any Person to which the Trustee or any successor to it shall sell or otherwise transfer all or substantially all of the
      corporate trust business of the Trustee, shall be the successor Trustee under this Indenture without the execution or filing of any paper or any further act on the part of any of the parties hereto; provided that

      such Person shall be otherwise qualified and eligible under this Article 7.  In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture with respect to the Notes and any of such Notes shall have been
      authenticated but not delivered by the Trustee then in office, any successor to such Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes
      shall not have been authenticated, any successor to the Trustee may authenticate such Notes, either in the name of any predecessor hereunder or in the name of the successor Trustee; provided, however, that the right to adopt the certificate of
        authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation.

    

    

    Section 7.09.          Eligibility; Disqualification.

    

    

    There will at all times be a Trustee hereunder that is a Person organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate
      trustee power and that is subject to supervision or examination by federal or state authorities.  The Trustee (together with its corporate parent) shall have a combined capital and surplus of at least $100.0 million as set forth in the most recent
      applicable published annual report of condition.  The Trustee shall not be deemed to have a conflict of interest under or in respect of its duties under this Indenture.

    

    

    

    

    
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    ARTICLE 8

    AMENDMENT, SUPPLEMENT AND WAIVER

    

    

    Section 8.01.          Without Consent of Holders.

    

    

    (a)          The Issuer, the Guarantors and the Trustee may modify or amend this Indenture or the Notes without notice to or consent of any Holder:

    

    

    (1)          to cure any ambiguity, omission, defect or inconsistency to correct or supplement any provision herein which may be inconsistent with any other
        provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture, or to make any other provisions as may be necessary or
        desirable, including the making of any modifications in the applicable form of the Note; provided that such actions shall not adversely affect
        the interests of the holders of the Notes in any material respect;

    

    

    (2)           to provide for the assumption by a successor of the obligations of the Issuer under this Indenture and the Notes;

    

    

    (3)          to evidence or release any Subsidiary Guarantee in accordance with the terms of this Indenture;

    

    

    (4)          to provide for uncertificated Notes in addition to or in place of certificated Notes; provided,

        however, 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;

    

    

    (5)          to conform the text of this Indenture or the Notes to any provision of the “Description of Notes” 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 or the Notes;

    

    

    (6)          to evidence and provide acceptance of the appointment of a successor Trustee, Registrar or Paying Agent under this Indenture;

    

    

    (7)          to comply with the rules of any applicable securities depository;

    

    

    (8)          to add collateral or security to secure the Notes;

    

    

    (9)          to add to the covenants of the Issuer, Parent or Ashland LLC for the benefit of the Holders or to surrender any right or power herein conferred upon the
        Issuer, Parent or Ashland LLC;

    

    

    (10)          to make any change that would provide any additional benefits or rights to the Holders or that does not adversely affect in any material respect the
        legal rights under this Indenture of any such Holder; or

    

    

    (11)          to provide for the issuance of Additional Notes under this Indenture in accordance with the limitations set forth in this Indenture.

    

    

    (b)          The Trustee may require an Officer’s Certificate or Opinion of Counsel that such amendment under this Section 8.01 is permitted under this Indenture and that all
        conditions have been complied with. Notwithstanding the foregoing, no Opinion of Counsel shall be required in connection with the addition of a Subsidiary guarantor under this Indenture upon execution and delivery by such Subsidiary guarantor and
        the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit F hereto, and delivery of an Officer’s Certificate.

    

    

    

    

    
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    (c)          After an amendment under this Section 8.01 becomes effective, the Issuer shall mail to the holders a notice briefly describing such amendment; provided that in the case of an amendment pursuant to Section 8.01(a)(11), no such notice shall be required. The failure to give such notice to all Holders,
        or any defect therein, shall not impair or affect the validity of an amendment under this Section 8.01.

    

    

    Section 8.02.          With Consent of Holders.

    

    

    (a)          The Issuer, the Guarantors and the Trustee may modify or amend this Indenture with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes affected by the
      modification or amendment (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and any past default or compliance with any provisions of this Indenture
        relating to the Notes may also be waived (except a default in the payment of principal, premium or interest and a default under clause (b) of this Section 8.02) with the consent of the Holders of a majority in aggregate principal amount of the then
        outstanding Notes.

    

    

    (b)          However, no such modification or amendment may, without the consent of each Holder of Notes affected thereby:

    

    

    (1)          change the due date of the principal of, or any installment of principal of or interest on, the Notes;

    

    

    (2)          reduce the principal amount of, or any premium or interest rate on, the Notes;

    

    

    (3)          change the currency of payment of principal of, or any premium or interest on, the Notes;

    

    

    (4)          impair the right to institute suit for the enforcement of any payment on or with respect to the Notes after the due date thereof; or

    

    

    (5)          reduce the percentage in principal amount of the Notes then outstanding, the consent of whose Holders is required for modification or amendment of this Indenture or make any change in
      Sections 6.04 or 6.07.

    

    

    (c)          The Holders of a majority of the principal amount of the Notes then outstanding may waive future compliance by Parent, Ashland LLC, the Issuer and their respective Subsidiaries with certain restrictive
      covenants of this Indenture.  The Holders of at least a majority in principal amount of the Notes then outstanding may waive any past Default under this Indenture with respect to the Notes, except a failure by the Issuer to pay the principal of, or
      any premium or interest on, any Notes or a provision that cannot be modified or amended without the consent of the Holders of all outstanding Notes. Any such waiver may be obtained in connection with a purchase of, or tender offer or exchange offer
      for, Notes.

    

    

    (d)          It is not necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment, supplement or waiver, but it is sufficient if such consent approves the
      substance thereof.

    

    

    After an amendment that requires the consent of the Holders of the affected Notes becomes effective, the Issuer shall transmit to each registered Holder of the affected Notes at such Holder’s address appearing in the
      security register a notice briefly describing such amendment.  However, the failure to give such notice to all Holders of such Notes, or any defect therein, shall not impair or affect the validity of the amendment.

    

    

    Upon the written request of the Issuer accompanied by a board resolution of the Issuer authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory
      to the Trustee of the consent of the Holders as aforesaid and upon receipt by the Trustee of the documents described in Section 8.05, the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such supplemental
      indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture.

    

    

    

    

    
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    Section 8.03.          Revocation and Effect of Consents.

    

    

    After an amendment, supplement, waiver or other action becomes effective, a consent to it by a Holder of a Note is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Note
      or portion thereof, and of any Note issued upon the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Note.  However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective.  An amendment, supplement or waiver becomes effective
        in accordance with its terms and thereafter binds every Holder.

    

    

    The Issuer may, but shall not be obligated to, fix a Record Date for the purpose of determining the Holders entitled to consent to any amendment, supplement, or waiver.  If a Record Date is fixed, then, notwithstanding
      the preceding paragraph, those Persons who were Holders at such Record Date (or their duly designated proxies), and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given,
      whether or not such Persons continue to be Holders after such record date.  No such consent shall be valid or effective for more than 120 days after such Record Date unless the consent of the requisite number of Holders has been obtained.

    

    

    Section 8.04.          Notation on or Exchange of Notes.

    

    

    If an amendment, supplement, or waiver changes the terms of a Note, the Trustee (in accordance with the specific written direction of the Issuer) shall request the Holder of the Note (in accordance with the specific
      written direction of the Issuer) to deliver it to the Trustee.  In such case, the Trustee shall place an appropriate notation on the Note about the changed terms and return it to the Holder.  Alternatively, if the Issuer or the Trustee so determines,
      the Issuer, 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 issue a new Note shall not affect the validity and effect of such amendment,
      supplement or waiver.

    

    

    Section 8.05.          Trustee To Sign Amendments, etc.

    

    

    The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not affect the rights, duties, liabilities or immunities of the Trustee.  If it
      does affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but need not, sign such amendment, supplement or waiver.  In signing or refusing to sign such amendment, supplement or
        waiver the Trustee shall be entitled to receive and, subject to Section 7.01, shall be fully protected in relying upon an Officer’s Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 11.02, that such
        amendment, supplement or waiver is authorized or permitted by this Indenture.

    

    

    ARTICLE 9

    SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE

    

    

    Section 9.01.          Satisfaction and Discharge of Liability on Notes; Defeasance.

    

    

    (a)          This Indenture shall be discharged and shall cease to be of further effect as to all outstanding Notes when:

    

    

    (i)          either (A) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore
      been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation or (B) all of the Notes not previously delivered for
      cancelation (1) have become due and payable, (2) have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and
      at the expense, of the Issuer, and the Issuer has irrevocably deposited or caused to be deposited with the Trustee funds in an amount sufficient, in the written opinion of a nationally recognized firm of independent accountants, to pay and discharge
      the entire

    

    

    

    

    
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    indebtedness on the Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Notes to the date of deposit together with irrevocable instructions from the
      Issuer directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

    

    

    (ii)          no Default or Event of Default with respect to the Notes has occurred and is continuing on the date of the deposit;

    

    

    (iii)          the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture with respect to the Notes; and

    

    

    (iv)          the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at
        maturity or the Redemption Date.

    

    

    In addition, the Issuer shall deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied and at the cost and expense
      of the Issuer.

    

    

    (b)          Subject to Section 9.02, the Issuer may at any time elect to terminate all of its obligations and the obligations of the Guarantors under the outstanding Notes and this Indenture in respect of Notes
      (hereinafter, “Legal Defeasance”). Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and discharged the entire indebtedness represented by the Notes and the related
      Guarantees, and this Indenture shall cease to be of further effect as to all outstanding Notes and the related Guarantees, except as to:

    

    

    (1)          the rights of registration of transfer, substitution and exchange of the Notes and the Issuer’s right of optional redemption;

    

    

    (2)          the rights of Holders to receive payment of principal of, premium, if any, and interest on such Notes (but not the purchase price referred to under Section 4.08 and any rights of the
      Holders with respect to such amount);

    

    

    (3)          the rights, obligations and immunities of the Trustee under this Indenture and the Issuer’s obligation in connection therewith;

    

    

    (4)          the Issuer’s obligations with respect to the Notes concerning issuing temporary Notes under Section 2.11, registration of Notes under Section 2.04, mutilated, destroyed, lost or stolen
      Notes under Section 2.08, and the maintenance of an office or agency for payment under Section 2.04 and money for security payments held in trust under Section 2.05; and

    

    

    (5)          the applicable provisions of this Article 9.

    

    

    (c)          In addition, the Issuer may omit to comply with Sections 4.07, 4.08, 4.09 and 4.10 and the Events of Default specified in Section 6.01(3) and (4) will no longer apply (all
        other obligations and Events of Default under the Notes will remain in full force and effect), and any omission to comply with those covenants will not constitute an Event of Default with respect to the
        Notes (“Covenant Defeasance”) on and after the conditions in Section 9.02 with respect to Covenant Defeasance are satisfied, and thereafter any omission to comply with such obligations shall not
      constitute a Default or an Event of Default with respect to such Notes. The Issuer may exercise its Legal Defeasance option regardless of whether it previously exercised Covenant Defeasance

    

    

    (d)          If the Issuer exercises its Legal Defeasance option with respect to the Notes, payment of the Notes may not be accelerated because of an Event of Default with respect thereto.

    

    

    (e)          Upon satisfaction of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those obligations that the Issuer terminates.

    

    

    

    

    
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    (f)          Notwithstanding clauses (a) and (b) of this Section 9.01, the Issuer’s obligations in Sections 2.04, 2.06, 2.07, 2.08, 7.06, 9.05 and 9.06 and this Article 9 shall survive until such time as the Notes have
      been paid in full. Thereafter, the Issuer’s obligations in Sections 7.06, 9.05 and 9.06 shall survive.

    

    

    Section 9.02.          Conditions to Defeasance.

    

    

    (a)          The Issuer may exercise its Legal Defeasance option or its Covenant Defeasance option with respect to the Notes only if:

    

    

    (i)          the Issuer irrevocably deposits in trust with the Trustee cash in euros, non-callable European Government Obligations, or a combination of cash in euros and non-callable European
      Government Obligations, in an amount sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay each installment of principal of, and any premium and interest on, the Notes on the due dates for those payments
      in accordance with the terms of the Notes;

    

    

    (ii)          the Issuer must deliver to the Trustee an Opinion of Counsel to the effect that the beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax
      purposes as a result of the deposit and related Legal Defeasance or Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit and
      related covenant defeasance had not occurred (and, in the case of Legal Defeasance only, such Opinion of Counsel must be based on a ruling of the Internal Revenue Service or other change in applicable Federal income tax law);

    

    

    (iii)          no Default or Event of Default (other than a Default or Event of Default resulting from borrowing funds to be applied to make such deposit (and any
        similar concurrent deposit relating to other Indebtedness) or the granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; and

    

    

    (iv)          the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the
        defeasance and discharge of the Notes to be so defeased and discharged as contemplated by this Article 8 have been complied with.

    

    

    (b)          If the Notes are subject to redemption at the option of the Issuer, before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Notes at a future date
      in accordance with Article 3.

    

    

    (c)          If the Issuer exercises its rights of discharge, Legal Defeasance or Covenant Defeasance, any Subsidiary Guarantee then in effect automatically shall be released without any further action on the part of
      such Subsidiary, the Issuer, the Trustee or any Holder of Notes.

    

    

    Section 9.03.          Deposited Money and European Government Obligations To Be Held in Trust; Other Miscellaneous Provisions.

    

    

    All money and European Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 9.02(a) in respect of the outstanding Notes shall be held in trust and applied by the Trustee,
      in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent, to the Holders of such Notes, of all sums due and to become due thereon in respect of principal, premium, if any, and
      accrued interest, but such money need not be segregated from other funds except to the extent required by law.

    

    

    The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the European Government Obligations deposited pursuant to Section 9.02(a) or the principal, premium, if
      any, and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

    

    

    

    

    
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    Anything in this Article 9 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to time upon a request of the Issuer any money or European Government Obligations held by it as
      provided in Section 9.02(a) which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be
      required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

    

    

    Section 9.04.          Reinstatement.

    

    

    If the Trustee or Paying Agent is unable to apply any money or European Government Obligations in accordance with Section 9.01 by reason of any legal proceeding or by reason of any order or judgment of any court or
      European Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this Indenture and the applicable Notes shall be revived and reinstated as though no
        deposit had occurred pursuant to this Article 9 until such time as the Trustee or Paying Agent is permitted to apply all such money or European Government Obligations in accordance with Section 9.01; provided that if the Issuer has made any payment of principal of, premium, if any, or accrued interest on any Notes because of the reinstatement of its
        obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or European Government Obligations held by the Trustee or Paying Agent.

    

    

    Section 9.05.          Moneys Held by Paying Agent.

    

    

    In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of this Indenture shall, upon written demand of the Issuer, be paid to the Trustee, or if
      sufficient moneys have been deposited pursuant to Section 9.02(a), to the Issuer upon a request of the Issuer, and thereupon the Paying Agent shall be released from all further liability with respect to such moneys.

    

    

    Section 9.06.          Moneys Held by Trustee.

    

    

    Any moneys deposited with the Trustee or any Paying Agent or then held by the Issuer for the benefit of the Holders for the payment of the principal of, or premium, if any, or interest on any Note that are not applied
      but remain unclaimed by the Holder of such Note for two years after the date upon which the principal of, or premium, if any, or interest on such Note shall have respectively become due and payable shall be repaid to the Issuer upon a request of the
      Issuer, or if such moneys are then held by the Issuer for the benefit of the Holders, the Issuer shall be released from any obligation to hold such moneys for the benefit of the Holders; and the Holder of such Note entitled to receive such payment
      shall thereafter, as an unsecured general creditor, look only to the Issuer for the payment thereof, and all liability of the Trustee or the Paying Agent with respect to such money held for the benefit of the Holders shall thereupon cease; provided that the Trustee or the Paying Agent, before being required to make any such repayment, may, at the expense of the Issuer either transmit to each Holder affected, at the address shown in the register of
      the Notes maintained by the Registrar pursuant to Section 2.04, or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in
      London, a notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such transmission or publication, any unclaimed balance of such moneys then remaining will be repaid to
      the Issuer.  After payment to the Issuer or the release of any money held for the benefit of the Holders by the Issuer, Holders entitled to the money must look only to the Issuer for payment as general creditors unless applicable abandoned property
      law designates another Person.

    

    

    ARTICLE 10

    GUARANTEES

    

    

    Section 10.01.          Guarantee.

    

    

    (a)          Subject to Section 10.07, each Guarantor jointly and severally, irrevocably and unconditionally guarantees, as a primary obligor and not merely as a surety, to each holder of Notes and the Trustee and their
      successors and assigns (i) the full and punctual payment when due, whether at maturity, by acceleration or otherwise, of all obligations of the Issuer under this Indenture (including obligations to the Trustee) and the Notes, whether for payment of
      principal of, premium, if any, or interest on the Notes and all other monetary obligations of

    

    

    

    

    
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    the Issuer under this Indenture and the Notes and (ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuer whether for fees, expenses, indemnification or otherwise under the Indenture and the
      Notes, on the terms set forth in this Indenture (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be
      extended or renewed, in whole or in part, without notice or further assent from such Guarantor, and each Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Guaranteed Obligation.

    

    

    (b)          Subject to Section 10.07, each Guarantor waives presentation to, demand of payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each
      Guarantor waives notice of any Default under the Notes or the Guaranteed Obligations. Subject to Sections 10.03 and 10.07, the obligations of each Guarantor under this Indenture shall not be affected by (i) the failure of any Holder or the Trustee to
      assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture, the Notes or any other agreement or otherwise; (ii) any extension or renewal of this Indenture, the Notes or any other
      agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement (other than the terms of this Article 10); (iv) the failure of any Holder or Trustee to exercise
      any right or remedy against any Guarantor of the Guaranteed Obligations; (v) any change in the ownership of any Guarantor; (vi) any default, failure or delay, willful or otherwise, in the performance of the obligations; or (vii) any other act or
      thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity.

    

    

    (c)          Subject to Sections 10.03 and 10.07, each Guarantor hereby waives any right to which it may be entitled to have its Guaranteed Obligations under this Indenture divided among any other existing Subsidiary
      Guarantees, such that such Guarantor’s obligations would be less than the full amount claimed.

    

    

    (d)          Subject to Section 10.07, each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any
      right to require that any resort be had by any holder or the Trustee to any security held for payment of the Guaranteed Obligations.

    

    

    (e)          Subject to Sections 10.03 and 10.07, each Guarantor hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the Issuer’s or the
      Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by the Guarantor hereunder. Subject to Sections 10.03 and 10.07, each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued
      prior to an action being initiated against such Guarantor.

    

    

    (f)          Subject to Sections 10.03 and 10.07, the Guarantee of each Guarantor is the unsubordinated unsecured Guaranteed Obligation of such Guarantor, equal in right of payment to all existing and future
      unsubordinated indebtedness of such Guarantor.

    

    

    (g)          Except as expressly set forth in Section 10.03 or 10.07, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason, including any
      claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed
      Obligations or otherwise.

    

    

    (h)          Subject to Sections 10.03 and 10.07, each Guarantor agrees that its Guarantee shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Subject to Section 10.07, each
      Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment of, or any part thereof, principal of or interest on any Guaranteed Obligation is rescinded or must
      otherwise be restored by any holder or the Trustee upon the bankruptcy or reorganization of the Issuer or any of its Subsidiaries or otherwise.

    

    

    (i)          In furtherance of the foregoing and not in limitation of any other right which an holder or the Trustee has at law or in equity against each Guarantor by virtue hereof, but subject to Section 10.07, upon the
      failure of the Company to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become

    

    

    

    

    
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    due, whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or
      cause to be paid, in cash, to the Trustee an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by
      applicable law) and (iii) all other monetary obligations of the Issuer to the Trustee.

    

    

    (j)          Subject to Section 10.07, each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Trustee in respect of any Guaranteed Obligations guaranteed hereby until payment
      in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between it, on the one hand, and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article
      6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of
      such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 10.01.

    

    

    (k)          Subject to Section 10.07, each Guarantor also agrees to pay any and all fees, costs and expenses (including reasonable attorneys’ fees and expenses) incurred by the Trustee or any holder in enforcing any
      rights under this Section 10.01.

    

    

    Section 10.02.          Severability.

    

    

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

    

    

    Section 10.03.          Limitation of Liability.

    

    

    Each Guarantor and by its acceptance hereof each Holder confirms that it is the intention of all such parties that the guarantee by each such Guarantor pursuant to its Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law or the provisions of its local law relating to fraudulent
        transfer or conveyance.  To effectuate the foregoing intention, the Holders and each such Guarantor hereby irrevocably agree that the obligations of such Guarantor under its Guarantee shall be limited to the maximum amount that will not, after
        giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its
        Guarantee or pursuant to this Article 10, result in the obligations of such Guarantor under its Guarantee constituting such fraudulent transfer or conveyance.

    

    

    Section 10.04.          Contribution.

    

    

    In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that in the event any payment or distribution is made by any
      Guarantor under a Guarantee, such Guarantor will be entitled to a contribution from any other Guarantor in a pro rata amount based on the net assets of each Guarantor determined in accordance with GAAP.

    

    

    Section 10.05.          Subrogation.

    

    

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

    

    

    

    

    
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    Section 10.06.          Reinstatement.

    

    

    Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that the Guarantee provided for in Section 10.01 shall continue to be effective or be reinstated, as the case may be, if at any time,
      payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Issuer upon the bankruptcy or insolvency of the Issuer or any Guarantor.

    

    

    Section 10.07.          Release of a Guarantor.

    

    

    (a)          The Subsidiary Guarantee of any Subsidiary will be released upon:

    

    

    (i)          the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary guarantor (or all or substantially all its assets or its Capital Stock) to a person
      which is not (after giving effect to such transaction) a Subsidiary or Ashland LLC;

    

    

    (ii)          any Subsidiary becoming an Excluded Subsidiary;

    

    

    (iii)          discharge of this Indenture or Legal Defeasance or Covenant Defeasance; or

    

    

    (iv)          such Subsidiary guarantor ceasing to guarantee or be the issuer of all Capital Markets Debt in excess of the threshold specified above;

    

    

    and in each such case such Subsidiary shall be deemed automatically and unconditionally released and discharged from all the Subsidiary’s obligations under its Subsidiary Guarantee with respect to this Indenture and the Notes without any further
      action required on the part of the Subsidiary, the Issuer, Parent, Ashland LLC, the Trustee or any Holder of the Notes.  In the event of the sale or disposition (whether by merger, stock purchase, asset sale or otherwise) of a Subsidiary (or all or
      substantially all its assets or its Capital Stock) to a person which is not (after giving effect to such transaction) a Subsidiary or Ashland LLC, such person shall not be subject to the Subsidiary’s obligations under its Subsidiary Guarantee.

    

    

    (b)          Any Guarantee issued by Parent under this Indenture shall be automatically and unconditionally released and discharged upon:

    

    

    (1)          the merger of Parent with or into the Issuer or Ashland LLC or the merger of the Issuer with or into Parent,

    

    

    (2)          the consolidation of Parent with the Issuer or Ashland LLC; or

    

    

    (3)          the transfer of all or substantially all of the assets of Parent to the Issuer or Ashland LLC or the Issuer to Parent.

    

    

    (c)          Any Guarantee issued by Ashland LLC under this Indenture shall be automatically and unconditionally released and discharged upon:

    

    

    (1)          the merger of Ashland LLC with or into the Issuer or Parent or the merger of the Issuer with or into Ashland LLC;

    

    

    (2)          the consolidation of Ashland LLC with the Issuer or Parent; or

    

    

    (3)          the transfer of all or substantially all of the assets of Ashland LLC to the Issuer or Parent or the Issuer to Ashland LLC.

    

    

    At the request of the Issuer, the Trustee will execute and deliver any documents, instructions or instruments evidencing any such release.

    

    

    

    

    
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    Section 10.08.          Benefits Acknowledged.

    

    

    Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its respective Guarantee is knowingly made in contemplation of such
      benefits.

    

    

    ARTICLE 11

    MISCELLANEOUS

    

    

    Section 11.01.          Notices.

    

    

    Except for notice or communications to Holders, any notice or communication shall be given in writing and is duly given when received if delivered in person, when receipt is acknowledged if sent by facsimile, on the next
      Business Day if timely delivered by a nationally recognized courier service that guarantees overnight delivery or two Business Days after deposit if mailed by first-class mail, postage prepaid, addressed as follows:

    

    

    If to the Issuer and/or any Guarantor:

    

    

    Ashland LLC

    5475 Rings Road

    Dublin, OH 43017

    Phone:  (614) 790-2095

    Attention:  General Counsel Peter J. Ganz, Esq. and

    William C. Whitaker

    With a copy (which shall not constitute notice) to:

    

    

    Cravath, Swaine & Moore LLP

    Worldwide Plaza

    825 Eighth Avenue

    New York, NY 10019

    Facsimile:   (212) 474-3700

    Attention:  Andrew J. Pitts, Esq.

    

    

    If to the Trustee:

    

    

    Mailing Address:

    U.S. Bank National Association

    425 Walnut Street, 6th Floor

    Cincinnati, OH 45202

    Attn:  William Sicking

    Fax:  513-632-5511

    

    

    If to the Paying Agent:

    

    

    Mailing Address:

    Elavon Financial Services DAC

    Building 8, Cherrywood Business Park

    Loughlinstown, Dublin 18, Ireland D18 W319

    Attn:  Relationship Management Group

    Fax:  +44 0207 365 2577

    

    

    Such notices or communications shall be effective when actually received and shall be sufficiently given if so given within the time prescribed in this Indenture.

    

    

    

    

    
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    The Issuer, the Guarantors or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or communications.

    

    

    The Trustee shall have the right, but shall not be required, to rely upon and comply with instructions and directions sent by email, facsimile and other similar unsecured electronic methods by persons believed by the
      Trustee to be authorized to give instructions and directions on behalf of the Issuer.  The Trustee shall have no duty or obligation to verify or confirm that the person who sent such instructions or directions is,
        in fact, a person authorized to give instructions on behalf of the Issuer; and the Trustee shall have no liability for any losses, liabilities, costs or expenses incurred or sustained by the Issuer as a result of such reliance upon or compliance
        with such instructions or directions, provided that such reliance was in good faith.  The Issuer agrees 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 all the risk of interception and misuse by third parties.

    

    

    Any notice or communication transmitted to a Holder shall be transmitted to him or her at his or her address shown on the register kept by the Registrar.

    

    

    Failure to transmit a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.  If a notice or communication to a Holder is transmitted in the manner
      provided above, it shall be deemed duly given, whether or not the addressee receives it.

    

    

    If the Issuer transmits a notice or communication to Holders, it will transmit a copy to the Trustee and each Agent at the same time.

    

    

    In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made
      with the approval of the Trustee shall constitute a sufficient mailing of such notice.

    

    

    Section 11.02.          Certificate and Opinion as to Conditions Precedent.

    

    

    Upon any request or application by the Issuer to the Trustee to take any action under this Indenture (other than the authentication and delivery of the Initial Notes), if so requested by the Trustee, the Issuer shall
      furnish to the Trustee:

    

    

    (1)          an Officer’s Certificate (which must include the statements set forth in Section 11.03) stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this
      Indenture relating to the proposed action have been complied with; and

    

    

    (2)          an Opinion of Counsel (which must include the statements set forth in Section 11.03) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

    

    

    Section 11.03.          Statements Required in Certificate and Opinion.

    

    

    Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include:

    

    

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

    

    

    (2)          a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

    

    

    (3)          a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or
      not such covenant or condition has been complied with; and

    

    

    

    

    
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    (4)          a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with.

    

    

    Section 11.04.          Rules by Trustee and Agents.

    

    

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

    

    

    Section 11.05.          No Personal Liability of Directors, Officers, Employees and Stockholders.

    

    

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

    

    

    Section 11.06.          Governing Law; Waiver of Jury Trial; Jurisdiction.

    

    

    THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE
      NOTES AND THE GUARANTEES 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 PARTY HEREBY, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR
      INDIRECTLY ARISING OUT OF, OR IN CONNECTION WITH THIS INDENTURE.

    

    

    ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS INDENTURE AND ANY ACTION FOR ENFORCEMENT OF ANY JUDGMENT IN RESPECT THEREOF MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT LOCATED IN THE CITY OF NEW YORK, IN EACH CASE
      RESIDING IN THE COUNTY OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS INDENTURE, EACH OF THE PARTIES HERETO HEREBY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE NON-EXCLUSIVE JURISDICTION OF THE AFORESAID
      COURTS AND APPELLATE COURTS FROM ANY THEREOF.  THE ISSUER HEREBY IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES THEREOF BY REGISTERED OR CERTIFIED MAIL,
      POSTAGE PREPAID, TO THE ISSUER AT ITS ADDRESS REFERRED TO IN SECTION 11.01.  EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY DO SO UNDER APPLICABLE LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING
      OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS INDENTURE BROUGHT IN THE COURTS REFERRED TO ABOVE AND TO THE FULLEST EXTENT IT MAY DO SO UNDER APPLICABLE LAW HEREBY FURTHER IRREVOCABLY WAIVES AND
      AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.  NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER
      PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED IN ANY OTHER JURISDICTION.

    

    

    

    

    
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    Section 11.07.          No Adverse Interpretation of Other Agreements.

    

    

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

    

    

    Section 11.08.          Successors.

    

    

    All agreements of the Issuer in this Indenture and the Notes will bind its successors.  All agreements of the Trustee in this Indenture will bind its successors.  All agreements of each Guarantor in this Indenture will
      bind its successors, except as otherwise provided in Section 10.07.

    

    

    Section 11.09.          Separability.

    

    

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

    

    

    Section 11.10.          Counterpart Originals.

    

    

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

    

    

    Section 11.11.          Table of Contents, Headings, etc.

    

    

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

    

    

    Section 11.12.          Benefits of Indenture.

    

    

    Nothing in this Indenture expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or to give to, any Person other than the parties hereto and their
      successors and the Holders of the Notes any benefit or any right, remedy or claim under or by reason of this Indenture or any covenant, condition, stipulation, promise or agreement hereof, and all covenants, conditions, stipulations, promises and
      agreements in this Indenture contained shall be for the sole and exclusive benefit of the parties hereto and their successors and of the Holders of the Notes.

    

    

    Section 11.13.          Appointment of Agent for Service.

    

    

    The Issuer hereby irrevocably appoints CT Corporation System, 28 Liberty Street, New York, NY 10005, as its agent for service of process in any related proceeding and agrees that service of process in any such related
      proceeding may be made upon it at the office of such agent.  The Issuer waives, to the fullest extent permitted by law, any other requirements of or objections to personal jurisdiction with respect thereto.  The Issuer represents and warrants that
      such agent has agreed to act as its agent for service of process, and the Issuer agrees to take any and all action, including the filing of any and all documents and instruments, that may be necessary to continue such appointment in full force and
      effect.

    

    

    Section 11.14.          Judgement Currency.

    

    

    Subject to the rights of the Issuer as described under Section 2.15(b) if euros are not available to the Issuer, any payment on account of an amount that is payable in euros which is made to or for the account of any
      Holder or

    

    

    

    

    
      -54-

      
        

    

    

    

    

    

    the Trustee in lawful currency of any other jurisdiction (the “Judgment Currency”), whether as a result of any judgment or order or the enforcement thereof or the liquidation of the Issuer, shall constitute
      a discharge of the Issuer’s obligation under this Indenture and the Notes only to the extent of the amount of euros which such Holder or the Trustee, as the case may be, could purchase in the London foreign exchange markets with the amount of the
      Judgment Currency in accordance with normal banking procedures at the rate of exchange prevailing on the first business day following receipt of the payment in the Judgment Currency. If the amount of euros that could be so purchased is less than the
      amount of euros originally due to such Holder or the trustee, as the case may be, the Issuer shall indemnify and hold harmless the Holder or the Trustee, as the case may be, from and against all loss or damage arising out of, or as a result of, such
      deficiency. This indemnity shall constitute an obligation separate and independent from the other obligations contained in this Indenture or the Notes, shall give rise to a separate and independent cause of action, shall apply irrespective of any
      indulgence granted by any Holder or Trustee from time to time and shall continue in full force and effect notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder or under any judgment or order.

    

    

    [Signatures on following page]

     

    

    
      -55-

      
        

    

     

    

     

    

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

     

    

    
      	 	ASHLAND SERVICES B.V.	 
	 	 	 	 
	
              

              

            	
              By: 

            	 /s/ Kevin D. Higgins

            	 
	 	 	Name:	Kevin D. Higgins	 
	 	 	Title:	Managing Director

            	 
	 	 	 	 

    

    

    

    

    

    

    

    
      	 	ASHLAND GLOBAL HOLDINGS INC.	 
	 	 	 	 
	
              

              

            	
              By: 

            	 /s/ William C. Whitaker

            	 
	 	 	Name:	William C. Whitaker	 
	 	 	Title:	Vice President and Treasurer	 
	 	 	 	 

    

    

    

    

    

    

    

    
      	 	ASHLAND LLC	 
	 	 	 	 
	
              

              

            	
              By: 

            	 /s/ William C. Whitaker

            	 
	 	 	Name:	William C. Whitaker	 
	 	 	Title:	Vice President and Treasurer	 
	 	 	 	 

    

     

    

     

    

    
      	 	
              U.S. BANK NATIONAL ASSOCIATION,

              as Trustee

              

            	 
	 	 	 	 
	
              

              

            	
              By: 

            	 /s/ William E. Sicking

            	 
	 	 	Name:	William E. Sicking	 
	 	 	Title:	Vice President and Trust Officer	 
	 	 	 	 

    

     

    

     

    

     

    

     

    

     

    

    [Signature Page to Indenture]

    

     

    

     

    

    
      
        

    

    
    EXHIBIT A

    

    

    ISIN / Common Code No. [     ]

    

    

    ASHLAND SERVICES B.V.

    

    

    
      	
              No. [       ]

            	
              €[       ] 

              

            

    

    

    

    2.000% SENIOR NOTE DUE 2028

    

    

    Ashland Services B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands (the “Issuer”), for value received, promises to pay     [     ], or its registered assigns, the aggregate principal amount shown on the Register as being represented by the Notes, on January 30, 2028.  This certifies
      that the person whose name is entered in the Register is the duly registered Holder of Notes in the aggregate principal amount of €[     ], as such amount may be increased or decreased as indicated and endorsed on the schedule of increases or
      decreases attached to this Note and reflected on the Register.

    

    

    Interest Payment Dates:  January 30 and July 30.

    

    

    Record Date:  [[In the case of Notes represented by a Global Note] The “Clearing System Business Day” immediately preceding each applicable Interest Payment Date (where “Clearing System Business Day” means Monday to
      Friday inclusive except December 25 and January 1)]/ [[In the case of Notes represented by a Definitive Registered Notes] January 15 and July 15 immediately preceding each applicable Interest Payment Date (whether or not a Business Day)].

    

    

    Reference is made to the further provisions of this Note contained herein, which will for all purposes have the same effect as if set forth at this place.

    

    

    

    

    
      A-1

      
        

    

    
    

    

    

    

    IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by one of its duly authorized officers.

     

    

    
      	 	ASHLAND SERVICES B.V.	 
	 	 	 	 
	
              

              

            	
              By: 

            	 

            	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 

    

    

    

    

    

    

    
      A-2

      
        

    

    

    

    Certificate of Authentication

    

    

    This is one of the 2.000% Senior Notes due 2028 referred to in the within-mentioned Indenture.

    

    

    
      	 	
              U.S. BANK NATIONAL ASSOCIATION,

              as Trustee

              

            	 
	 	 	 	 
	
              

              

            	
              By: 

            	

            	 
	 	 	Authorized Signatory	 
	 	 	

            	 
	Dated:

            	 	 	 

    

    

    

    

    

    

    

    
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    [FORM OF REVERSE OF NOTE]

    ASHLAND SERVICES B.V.

    

    

    2.000% SENIOR NOTE DUE 2028

    

    

    (1)          Interest.  Ashland Services B.V., a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the
      Netherlands, as issuer (the “Issuer”), promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 2.000% per
      annum.  Interest on the 2.000% Senior Notes due 2028 (the “Notes”) will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including
      January 23, 2020 to but excluding the date on which interest is paid.  Interest shall be payable, semi-annually in arrears on each January 30 and July 30, commencing on July 30, 2020 (or if any such date is not a Business Day, on the next succeeding
      Business Day).  Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Issuer shall pay interest on overdue principal and on overdue interest (to the full extent permitted by law) at the rate
      borne by the Notes.

    

    

    (2)          Method of Payment. The Issuer will pay interest to those persons who were Holders of record at  the close of business on the [[In the case of Notes represented by a
        Global Note] “Clearing System Business Day” immediately preceding each applicable Interest Payment Date (where “Clearing System Business Day” means the Monday to Friday inclusive except December 25 and January 1)]/ [[In the case of Notes represented by a Definitive Registered Notes] January 15 and July 15 immediately preceding each applicable Interest Payment Date (whether or not a Business Day)]. Interest on the Notes will accrue from the
      date of original issuance or, if interest has already been paid, from the date it was most recently paid.  If any interest payment date for the Notes falls on a day that is not a Business Day, then payment of interest may be made on the next
      succeeding Business Day and no interest shall accrue because of such delayed payment.

    

    

    (3)          Paying Agent and Registrar. U.S. Bank National Association (the “Trustee”), will act as Trustee. Initially, Elavon Financial Services DAC (“Elavon”) will act as a Paying Agent and Registrar.  The Issuer may change any Paying Agent or Registrar without notice to the Holders.  The Issuer may act as Paying Agent or Registrar.

    

    

    (4)          Indenture.  The Issuer issued the Notes under an Indenture dated as of January 23, 2020 (the “Indenture”) among the Issuer, the Guarantors and the Trustee. 
      The terms of the Notes include those stated in the Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of them.  Capitalized and certain other terms used and not otherwise defined herein have
      the meanings set forth in the Indenture.

    

    

    (5)          Optional Redemption. At any time and from time to time prior to November 1, 2027 (the date that is 90 days prior to the Maturity Date of the Notes), the Issuer may redeem the Notes, in whole or in
      part, upon not less than 10 nor more than 60 days’ prior notice, at a price equal to the greater of:

    

    

    (1)          100% of the aggregate principal amount of any Notes being redeemed, and

    

    

    (2)          the sum of the present values, as calculated by the Issuer, of the remaining scheduled payments of principal and interest on the Notes being redeemed that would be due to the Maturity Date
      of the Notes (assuming for these purposes that the Notes matured on November 1, 2027 (the date that is 90 days prior to the maturity date)), not including unpaid interest accrued to, but excluding, the Redemption Date, discounted to the Redemption
      Date, at a rate equal to the applicable Bund Rate plus 50 basis points,

    

    

    plus, in each case, accrued and unpaid interest and Additional Amounts, if any, on the Notes being redeemed to, but excluding, the Redemption Date.

    

    

    On or after November 1, 2027 (the date that is 90 days prior to the Maturity Date of the Notes), the Issuer may redeem the Notes in whole at any time or in part, from time to time, at the option of the Issuer, upon at
      least 10 days’ but no more than 60 days’ prior notice, at a price equal to 100% of the principal amount of the Notes to be

    

    

    

    

    
      A-4

      
        

    

    

    

    

    

    redeemed plus accrued and unpaid interest thereon and Additional Amounts, if any, to, but excluding, the Redemption Date.

    

    

    The Issuer will, however, pay the interest installment due on any Interest Payment Date that occurs on or before a Redemption Date to the Holders of the affected Notes as of the close of business on the applicable Record
      Date.

    

    

    If (a) a Payor becomes or will become obligated to pay Additional Amounts with respect to any Notes pursuant to Section 4.13 of the Indenture, as a result of any change in, or amendment
        to, the laws or regulations of a Relevant Jurisdiction, or any change in the official interpretation or application of the laws or regulations of a Relevant Jurisdiction, which change or amendment is first publicly announced and becomes effective
        after the date of the Offering Memorandum, and (b) such obligation cannot be avoided by the Issuer taking reasonable measures available to the Issuer, the Issuer may at its option, having given not less than 30 days’ notice to the Holders
      of such Notes (which notice shall be irrevocable), redeem all, but not a portion of, the Notes in accordance with Section 3.08 of the Indenture.

    

    

    For the avoidance of doubt, the entry into effect of the Dutch Withholding Tax Act (Wet brondbelasting 2021), in the form enacted as of the date hereof, is not considered to be a change in law for these purposes.

    

    

    (6)          Redemption Procedures.  If the Issuer redeems less than all of the Notes at any time, in the case of Notes represented by Definitive Registered Notes, the Trustee will select Notes by lot or on a pro rata basis and, in the case of Notes represented by Global Notes, the Notes will be selected in accordance with the applicable procedures of the relevant depositary unless in either case an alternative
      selection method is otherwise required by law or applicable stock exchange or depositary requirements.  The Issuer will redeem Notes of €100,000 or less in whole and not in part.  For all purposes of the Indenture, unless the context otherwise
      requires, provisions of the Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

    

    

    (7)          Notice of Redemption.  Notices of redemption shall be transmitted at least 10 but not more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address.  If
      any Note is to be redeemed in part only, the notice of redemption that relates to that Note will state the portion of the principal amount thereof that is to be redeemed.

    

    

    (8)          Denominations, Transfer, Exchange.  The Notes shall be issuable only in fully registered form without coupons in denominations of €100,000 and any integral multiple of €1,000 in excess thereof.  A
      Holder may transfer Notes in accordance with the Indenture.

    

    

    (9)          Persons Deemed Owners.  Euroclear, Clearstream or the Common Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Note
      for all purposes whatsoever.

    

    

    (10)          Unclaimed Money.  If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Issuer at its request or, if such money
      is then held by the Issuer for the benefit of the Holders, such money shall be released from such trust.  After that, Holders entitled to the money must look only to the Issuer for payment as general creditors unless applicable abandoned property law
      designates another Person.

    

    

    (11)          Amendment, Supplement, Waiver, Etc.  The Indenture or the Notes may be amended or supplemented as provided in the Indenture.

    

    

     (12)          Purchase of Notes Upon a Change of Control Repurchase Event.  Upon the occurrence of a Change of Control Repurchase Event with respect to the Notes, each Holder shall have the right, subject to
      certain conditions specified in the Indenture, to cause the Issuer to repurchase all or any part (in denominations of €100,000 and integral multiples of €1,000 in excess thereof)  of such Holder’s Notes at
      a purchase price in cash in an amount equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Amounts, if any, to,

    

    

    

    

    
      A-5

      
        

    

    

    

    

    

    but excluding, the date of repurchase (subject to the right of the Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date), as provided in, and subject to the terms of, the Indenture.

    

    

    (13)          Successor Entity.  When a successor entity assumes all the obligations of its predecessor under the Notes and the Indenture and the transaction complies with the terms of Article 5 of the Indenture,
      the predecessor entity will, except as provided in Article 5, be released from those obligations.

    

    

    (14)          Defaults and Remedies.  Events of Default are set forth in the Indenture.  Subject to certain limitations in the Indenture, if an Event of Default with respect to the Notes shall have occurred and be
      continuing, the Trustee or the Holders of at least 30% in outstanding principal amount of the Notes may declare to be immediately due and payable the principal amount of all Notes then outstanding, plus
      accrued but unpaid interest to the date of acceleration.  The Trustee shall be under no obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless such Holders have offered to the
      Trustee security or indemnity reasonably satisfactory to the Trustee.  Except in the case of a Default or Event of Default in payment of the principal of, premium, if any, or interest on any Note (including payments pursuant to a redemption or
      repurchase of the Notes pursuant to the provisions of the Indenture), the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders.

    

    

    (15)          Trustee Dealings with Issuer.  The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may make loans to, accept deposits from, perform services for or
      otherwise deal with the Issuer or any affiliate thereof with the same rights it would have if it were not Trustee.

    

    

    (16)          No Recourse Against Others.  No director, officer, employee or stockholder of the Issuer or any of the Guarantors will have any liability for any of the Issuer’s or such Guarantor’s obligations under
      the Notes or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the
      consideration for issuance of the Notes.

    

    

    (17)          Discharge.  The Issuer’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the
      satisfaction of the conditions set forth in the Indenture.

    

    

    (18)          Guarantees.  The Issuer’s obligations under the Notes are jointly and severally, fully and unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Guarantors.

    

    

    (19)          Authentication.  This Note shall not be valid until the Trustee manually signs the certificate of authentication on this Note.

    

    

    (20)          Governing Law.  THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS NOTE 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.

    

    

    (21)          Abbreviations.  Customary abbreviations may be used in the name of a Holder or an assignee, such as:  TEN COM (= tenants in common), TENANT (= tenants by the entireties), JT TEN (= joint tenants with
      right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

    

    

    

    

    
      A-6

      
        

    

    

    

    

    

    The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture.  Requests may be made to:

    

    

    Ashland LLC

    5475 Rings Road

    Dublin, OH 43017

    Phone:  (614) 790-2095

    Attention:  General Counsel Peter J. Ganz, Esq. and

    William C. Whitaker

    

    

    With a copy (which shall not constitute notice) to:

    

    

    Cravath, Swaine & Moore LLP

    Worldwide Plaza

    825 Eighth Avenue

    New York, NY 10019

    Facsimile:   (212) 474-3700

    Attention:  Andrew J. Pitts, Esq.

    

    

    

    

    
      A-7

      
        

    

    

    

    

    

    ASSIGNMENT1

    

    

    I or we assign and transfer this Note to:

    

    

    	 
	
            (Insert assignee’s social security or tax I.D. number)

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

          

    

    

    and irrevocably appoint:

    

    

    _________________________, as Agent to transfer this Note on the books of the Issuer.  The Agent may substitute another to act for him.

    

    

    	
            Date:

          	 	 	
            Your Signature:

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

          

    

    

    	
            Signature Guarantee:

          	 	 

    

    

    SIGNATURE GUARANTEE

    

    

    Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program
      (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

     

    

     

    

    

    

    ____________________

    1 To be replaced with Form of Assignment For the Notes in Exhibit B if Transfer Restriction Legend is used.

    

    

    

    

    
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    CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION

    OF TRANSFER RESTRICTED SECURITIES

    

    

    This certificate relates to €   principal amount of Notes held in definitive form by the undersigned.

    

    

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

    

    

    In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the Distribution Compliance Period referred to in Regulation S under the Securities Act, the undersigned confirms that such
      Notes are being transferred in accordance with its terms:

    

    

    CHECK ONE BOX BELOW

    

    

    	
            ☐

          	
            (1)

          	
            to the Issuer; or

          
	 	 	 
	
            ☐

          	
            (2)

          	
            to the Registrar for registration in the name of the Holder, without transfer; or

          
	 	 	 
	
            ☐

          	
            (3)

          	
            pursuant to an effective registration statement under the Securities Act of 1933; or

          
	 	 	 
	
            ☐

          	
            (4)

          	
            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

          
	 	 	 
	
            ☐

          	
            (5)

          	
            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 of 1933; or

          
	 	 	 
	
            ☐

          	
            (6)

          	
            pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

          

    

    

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

    

    

    	 	 	 
	 	 	
            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 Guarantee

          

    

    

    

    

    
      A-9

      
        

    

    

    

    OPTION OF HOLDER TO ELECT PURCHASE

    

    

    If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.08 (Change of Control) of the Indenture, check the box:

    

    

    □          Change of Control

    

    

    If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.08 of the Indenture, state the principal amount (in
      denominations of €100,000 and integral multiples of €1,000 in excess thereof):

    

    

    	 	 	 	
            €

          
	 	 	 	 
	
            Date:

          	 	 	
            Your Signature:

          	 
	 	 	 	 	
            (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

          	 

    

    

    
      A-10

      
        

    

    

    

    [TO BE ATTACHED TO GLOBAL NOTES]

    

    

    SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

    

    

    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 to Euroclear or Clearstream

            

          
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

    

    

    
      A-11

      
        

    

    
    EXHIBIT B

    

    

    FORM OF LEGEND FOR THE NOTES:

    

    

    “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
      ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS
      OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH NOTE, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR]
      [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED (i) TO A PERSON WHO IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
      RULE 144A UNDER THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, OR (ii) TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S UNDER THE SECURITIES ACT) IN RELIANCE ON REGULATION S UNDER THE SECURITIES
      ACT, (A) TO ASHLAND GLOBAL HOLDINGS INC., ASHLAND LLC, ASHLAND SERVICES B.V. OR ANY OF THEIR SUBSIDIARIES, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) PURSUANT TO A TRANSACTION MEETING THE
      REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION
      FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO EACH OF ASHLAND GLOBAL HOLDINGS INC.’S, ASHLAND LLC’S, ASHLAND SERVICES B.V.’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (C), (D) OR (E)
      TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY ITS ACQUISITION
      HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS (a) A QUALIFIED INSTITUTIONAL BUYER IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT AND IS ACQUIRING THE NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER OR (b)
      NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 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” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT UNDER ERISA OR
      ANY SIMILAR LAW OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAW.”

    

    

    

    

    
      B-1

      
        

    

    
    

    

    

    

    FORM OF ASSIGNMENT FOR THE NOTES

    

    

    I or we assign and transfer this Note to:

    

    

    	 
	
            (Insert assignee’s social security or tax I.D. number)

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

          

    

    

    and irrevocably appoint:

    

    

    _________________________, as Agent to transfer this Note on the books of the Issuer.  The Agent may substitute another to act for him.

    

    

    [Check One]

    

    

    ☐ (a)  This Note is being transferred in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Rule 903 or Rule 904 under the Securities Act of 1933, as amended;

    

    

    ☐ (b)  This Note is being transferred to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) 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 of 1933; or

    

    

    ☐ (c)  This Note is being transferred other than in accordance with clause (a) above and documents are being furnished to the Registrar which comply with the conditions of transfer set forth in this Note and the
      Indenture.

    

    

    If none of the foregoing boxes is checked, the Trustee or Registrar shall not be obligated to register this Note in the name of any person other than the Holder hereof unless and until the conditions
      to any such transfer of registration set forth herein and in Sections 2.07, 2.16 and 2.17 of the Indenture shall have been satisfied.

    

    

    	 	 	 	 
	
            Date:

          	 	 	
            Your Signature:

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

          

    

    

    

    

    	
            Signature Guarantee:

          	 	 
	 	 	 

    

    

    SIGNATURE GUARANTEE

    

    

    Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent
      Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

    

    

    TO BE COMPLETED BY TRANSFEROR IF (a) ABOVE IS CHECKED

    

    

    The transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act of 1933, as amended and, accordingly, the transferor hereby further certifies that (i)
      the transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the transferee was outside the United States or such transferor and any Person acting on its behalf reasonably believed and believes
      that the

    

    

    

    

    
      B-2

      
        

    

    

    

    

    

    transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such transferor nor any Person acting on its behalf knows that the transaction was
      prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or
      scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the restricted period under Regulation S, the transfer is not being made to a U.S. Person or for the
      account or benefit of a U.S. Person (other than an initial purchaser).  Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or certificated Note will be subject to the
      restrictions on transfer enumerated on the Regulation S Notes, the 144A Notes and/or the certificated Note and in the Indenture and the Securities Act.

    

    

    

    

    	
            Date:

          	 	 	 
	 	 	 	
            NOTICE:  To be executed by an executive officer

          

    

    

    

    

    

    

    TO BE COMPLETED BY TRANSFEROR IF (b) 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 Issuer and the Guarantors 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

          

    

    

    

    

    
      B-3

      
        

    

    
    

    

    EXHIBIT C

    

    

    [FORM OF LEGEND FOR GLOBAL NOTE]

    

    

    Any Global Note authenticated and delivered hereunder shall bear a legend (which would be in addition to any other legends required in the case of a Transfer Restricted Note) in substantially the
      following form:

    

    

    THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE OF THE COMMON DEPOSITARY (AS SUCH TERM IS DEFINED IN THE INDENTURE) FOR CLEARSTREAM BANKING, SOCIÉTÉ ANONYME
      (“CLEARSTREAM”) AND EUROCLEAR BANK SA/NV (“EUROCLEAR”). THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE NOMINEES OF THE COMMON DEPOSITARY OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, EXCEPT IN THE
      LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE COMMON DEPOSITARY OR THE NOMINEE THEREOF TO THE NOMINEES OF THE COMMON DEPOSITARY OR A SUCCESSOR THEREOF OR SUCH
      SUCCESSOR’S NOMINEE) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

    

    

    UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF THE COMMON
      DEPOSITARY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY (AND ANY PAYMENT IS MADE TO THE COMMON DEPOSITARY OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON
      DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF OR THE COMMON DEPOSITARY, HAS AN INTEREST HEREIN.

    

    

    

    

    
      C-1

      
        

    

    
    

    

    EXHIBIT D-1

    

    

    Form of Certificate To Be Delivered

    in Connection with Transfers

    Pursuant to Regulation S

    

    

    U.S. Bank National Association

    Attention:  William Sicking

    

    

    	    

          	
            Re:   

            

          	
            Ashland Services B.V., a private limited liability company (besloten vennootschap

             met beperkte aansprakelijkheid) organized under the laws of the Netherlands,

            (the “Issuer”), 2.000% Senior Notes due 2028 (the “Notes”)

          	 

    

    

    Dear Sirs:

    

    

    In connection with our proposed sale of €[●] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the U.S.
      Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

    

    

    (1)          the offer of the Notes was not made to a U.S. person or to a person in the United States;

    

    

    (2)          either (a) at the time the buy offer was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee was
      outside the United States, or (b) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither we nor any person acting on our behalf knows that the transaction has been prearranged with a buyer
      in the United States;

    

    

    (3)          no directed selling efforts have been made in the United States in contravention of the requirements of Rule 904(a) of Regulation S;

    

    

    (4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; and

    

    

    (5)          we have advised the transferee of the transfer restrictions applicable to the Notes.

    

    

    You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the
      matters covered hereby.  Terms used in this certificate have the meanings set forth in Regulation S.

    

    

    
      	 	
              Very truly yours,

            	 
	 	 	 
	 	[Name of Transferee]	 
	 	 	 	 
	

            	
              By: 

            	 

            	 
	 	 	

            	 
	 	 	

            	 
	 	 	 	 

    

    

    

    

    

    

    
      D-1

      
        

    

    

    

    EXHIBIT D-2

    

    

    Form of Certificate To Be Delivered

    in Connection with Transfers

    Pursuant to Rule 144A

    

    

    U.S. Bank National Association

    Attention:  William Sicking

    

    

    	    

          	
            Re:   

            

          	
            Ashland Services B.V., a private limited liability company (besloten vennootschap

             met beperkte aansprakelijkheid) organized under the laws of the Netherlands,

            (the “Issuer”), 2.000% Senior Notes due 2028 (the “Notes”)

          	 

    

    

    Dear Sirs:

    

    

    In connection with our proposed sale of €[●] aggregate principal amount of the Notes, we hereby certify that such transfer is being
      effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we hereby further certify that the Notes are being transferred to a person that
      we reasonably believe is purchasing the Notes for its own account, or for one or more accounts with respect to which such person exercises sole investment discretion, and such person and each such account is a “qualified institutional buyer” within
      the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Notes are being transferred in compliance with any applicable securities laws of any state of the United States or other applicable jurisdiction.

    

    

    You are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the
      matters covered hereby.

    
      

      

      
        	 	
                Very truly yours,

              	 
	 	 	 
	 	[Name of Transferee]	 
	 	 	 	 
	

              	
                By: 

              	 

              	 
	 	 	

              	 
	 	 	

              	 
	 	 	 	 

      

    

    

    

    

    
      D-2

      
        

    

    
    

    

    EXHIBIT E

    

    

    [FORM OF NOTATION OF GUARANTEE]

    

    

    Each of the undersigned (collectively, the “Guarantors”) have guaranteed, jointly and severally, fully and unconditionally (such guarantee by each Guarantor
      being referred to herein as the “Guarantee”) (i) the due and punctual payment of the principal of and interest on the Notes, whether at maturity, by acceleration or otherwise, the due and punctual payment of
      interest on the overdue principal and interest, if any, on the Notes, to the extent lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms set forth in
      Article 10 of the Indenture and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension
      or renewal, whether at stated maturity, by acceleration or otherwise.

    

    

    No director, officer, employee or stockholder of the Guarantors will have any liability for any of the Guarantor’s obligations under the Guarantee or for any claim based on, in respect of, or by
      reason of, such obligations or their creation.  Each Holder of Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Guarantees.

    

    

    Each Holder of a Note by accepting a Note agrees that any Guarantor named below shall have no further liability with respect to its Guarantee if such Guarantor otherwise ceases to be liable in
      respect of its Guarantee in accordance with the terms of the Indenture.

    

    

    The Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Notes upon which the Guarantee is noted shall have been executed by the Trustee under the
      Indenture by the manual signature of one of its authorized officers.

     

    

    
      
        	 	
                [GUARANTORS]

              	 
	 	 	 	 
	

              	
                By: 

              	 

              	 
	 	 	Name:

              	 	 
	 	 	Title:

              	 	 
	 	 	 	 

      

    

    

    

    

    
      E-1

      
        

    

    
    

    

    EXHIBIT F

    

    

    [FORM OF SUPPLEMENTAL INDENTURE

    TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

    

    

    SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [●], among Ashland

      Services B.V. (the “Issuer”) a private limited liability company (besloten vennootschap met beperkte aansprakelijkheid) organized under the laws of the Netherlands and
      a wholly owned, indirect subsidiary of Ashland Global Holdings Inc. (“Parent’), a Delaware corporation, as issuer, Parent and Ashland LLC (each, a “Guaranteeing

        Subsidiary”), a Kentucky limited liability company and a wholly owned, indirect subsidiary of Parent, each as a guarantor, and U.S. Bank National Association, as trustee (the “Trustee”).

    

    

    W I T N E S S E T H

    

    

    WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of January 23, 2020 providing for the
      issuance of 2.000% Senior Notes due 2028 (the “Notes”);

    

    

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

    

    

    WHEREAS, pursuant to Section 8.01 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture without the consent of Holders of the Notes.

    

    

    NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the
      equal and ratable benefit of the Holders of the Notes as follows:

    

    

    1.          CAPITALIZED TERMS.  Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

    

    

    2.          AGREEMENT TO GUARANTEE.  The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject
        to the conditions set forth in the Guarantee and in the Indenture including but not limited to Article 10 thereof.

    

    

    3.          NO RECOURSE AGAINST OTHERS.  No director, officer, employee or stockholder of the Issuer or any of the Guarantors will have any
        liability for any of the Issuer’s or such Guarantor’s obligations under the Notes, the Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation.  Each Holder of Notes by accepting
        a Note waives and releases all such liability.  The waiver and release are part of the consideration for issuance of the Notes and the Note Guarantees.

    

    

    4.          NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE NEW YORK
        GENERAL OBLIGATIONS LAW OR ANY SUCCESSOR TO SUCH STATUTE) WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE 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.

    

    

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

    

    

    6.          EFFECT OF HEADINGS.  The Section headings herein are for convenience only and shall not affect the construction hereof.

    

    

    

    

    
      F-1

      
        

    

    

    

    

    

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

    

    

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

    

    

    Dated:  ____________________

    

    

    
      	 	[GUARANTEEING SUBSIDIARY]	 
	 	 	 	 
	
              

              

            	
              By: 

            	 

            	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 

    

    

    

    

    

    
      	 	[ASHLAND SERVICES B.V]	 
	 	 	 	 
	
              

              

            	
              By: 

            	 

            	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 

    

    

    

    

    
      	 	[EXISTING GUARANTORS]	 
	 	 	 	 
	
              

              

            	
              By: 

            	 

            	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 

    

     

    

     

    

    
      	 	
              [TRUSTEE],

              as Trustee

              

            	 
	 	 	 	 
	
              

              

            	
              By: 

            	 

            	 
	 	 	Authorized Signatory

            	 
	 	 	

            	 
	 	 	 	 

    

    

    

    

  

  F-2Exhibit 10.199

 

U.S. $75,000,000

 

TERM LOAN CREDIT AGREEMENT

 

dated as of January 23, 2020

 

MICHIGAN ELECTRIC TRANSMISSION COMPANY,
LLC,

as the Borrower,

 

VARIOUS FINANCIAL INSTITUTIONS AND OTHER
PERSONS

FROM TIME TO TIME PARTIES HERETO,

as the Lenders,

 

and

 

TORONTO
DOMINION (TEXAS) LLC,

as the Administrative Agent,

 

TD
SECURITIES (USA) LLC,

as Sole Lead Arranger and Bookrunner

 

     

     

    

 

Table of
Contents

 

Page

 

	ARTICLE 1 DEFINITIONS	1
	1.1     
    Defined Terms	1
	1.2     
    Accounting Terms; GAAP	15
	1.3     
    Interpretation	16
	1.4     
    Divisions	16
	ARTICLE 2 AMOUNT AND TERMS OF CREDIT	17
	2.1     
    Commitments	17
	2.2     
    Minimum Amount     of Each Borrowing; Maximum Number of Borrowings	17
	2.3     
    Notice of Borrowing	17
	2.4     
    Disbursement of Funds	18
	2.5     
    Repayment of Loans; Evidence of Debt	19
	2.6     
    Changes in Type of Loan	20
	2.7     
    Pro Rata Borrowings	20
	2.8     
    Interest and Fees	21
	2.9     
    Interest Periods	22
	2.10    Increased Costs, Illegality, Changed Circumstances	22
	2.11    Compensation	25
	2.12    Change of Lending Office	26
	2.13    Notice of Certain Costs	26
	2.14    Defaulting Lenders	26
	2.15    Extension of Maturity Date	27
	ARTICLE 3 [RESERVED]	29
	ARTICLE 4 TERMINATION OF COMMITMENTS	29
	4.1     
    Mandatory Termination of Commitments	29
	ARTICLE 5 PAYMENTS	29
	5.1     
    Prepayments	29
	5.2     
    Method and Place of Payment	29
	5.3     
    Net Payments	30
	5.4     
    Computations of Interest and Fees	34
	ARTICLE 6 CONDITIONS PRECEDENT	34
	6.1     
    Conditions Precedent to Initial Effectiveness	34

 

    	 	 i	 

     

    

 

	ARTICLE 7 REPRESENTATIONS AND WARRANTIES	36
	7.1     
    Organizational Status	36
	7.2     
    Capacity, Power and Authority	36
	7.3      No
    Violation	36
	7.4     
    Litigation	37
	7.5     
    Governmental Approvals	37
	7.6     
    True and Complete Disclosure	37
	7.7     
    Financial Condition; Financial Statements	37
	7.8     
    Tax Returns and Payments	38
	7.9     
    Environmental Matters	38
	7.10    Properties	38
	7.11    Pension
    and Welfare Plans	39
	7.12    Regulations U and X	39
	7.13    Investment Company Act	39
	7.14    Sanctions Laws and Regulations	39
	7.15    No
    Material Adverse Change	39
	7.16    EEA
    Financial Institutions	39
	7.17    Deemed
    Repetition of Representations and Warranties	40
	ARTICLE 8 AFFIRMATIVE COVENANTS	40
	8.1     
    Information Covenants	40
	8.2     
    Books, Record and Inspections	43
	8.3     
    Maintenance of Insurance	43
	8.4     
    Payment of Taxes	43
	8.5     
    Organizational Existence	43
	8.6     
    Compliance with Statutes, Obligations, etc	44
	8.7     
    Good Repair	44
	8.8     
    [Reserved]	44
	8.9     
    End of Fiscal Years; Fiscal Quarters	44
	8.10   
    Use of Proceeds/Anti-Corruption Laws/Sanctions	44
	8.11    Changes in
    Business	44
	ARTICLE 9 NEGATIVE COVENANTS	45
	9.1     
    Limitation on Liens	45
	9.2     
    Limitation on Fundamental Changes	47
	9.3     
    Debt to Capitalization Ratio	48

 

    	 	 ii	 

     

    

 

	ARTICLE 10 EVENTS OF DEFAULT	48
	10.1     
    Payments	48
	10.2     
    Representations, etc.	48
	10.3     
    Covenants	48
	10.4     
    Default Under Other Agreements	48
	10.5     
    Bankruptcy, etc.	49
	10.6     
    Judgments	49
	10.7     
    Change of Ownership	50
	10.8     
    Pension Plans	50
	10.9     
    Remedies	50
	10.10    Remedies
    Cumulative	50
	ARTICLE 11 THE ADMINISTRATIVE AGENT	51
	ARTICLE 12 MISCELLANEOUS	53
	12.1     
    Amendments and Waivers	53
	12.2     
    Notices	54
	12.3     
    No Waiver; Cumulative Remedies	56
	12.4     
    Survival of Representations and Warranties	56
	12.5     
    Payment of Expenses and Taxes	57
	12.6     
    Successors and Assigns; Participations and Assignments	58
	12.7     
    Replacements of Lenders under Certain Circumstances	61
	12.8     
    Adjustments; Set-off	62
	12.9     
    Marshalling; Payments Set Aside	63
	12.10   
    Counterparts; Effectiveness; Electronic Execution	64
	12.11   
    Severability	64
	12.12   
    Integration	64
	12.13    Governing
    Law	65
	12.14    Submission
    to Jurisdiction; Waivers	65
	12.15   
    Acknowledgements	65
	12.16    Waivers of
    Jury Trial	66
	12.17   
    Confidentiality	66
	12.18    Treatment of
    Loans	67
	12.19    USA Patriot
    Act	67
	12.20    No Fiduciary
    Duty	67
	12.21    Interest
    Rate Limitation	68

	12.22   
    Acknowledgment and Consent to Bail-In of EEA Financial Institutions	68
	12.23   
    Acknowledgment Regarding Any Supported QFCs	69
	12.24    Certain
    ERISA Matters	70

 

    	 	 iii	 

     

    

 

SCHEDULES:

 

		Schedule I	 Commitments

		Schedule II 	Litigation

		Schedule III	 Environmental Matters

		Schedule IV	 Pension and Welfare Matters

		Schedule V	 Outstanding Liens on Closing Date

 

EXHIBITS:

 

		Exhibit A	 Form of Notice of Borrowing

		Exhibit B	 Form of Notice of Continuation

		Exhibit C	 [Reserved]

		Exhibit D 	 Form of Closing Date Certificate

		Exhibit E	 Form of Compliance Certificate

		Exhibit F	 Form of Assignment and Assumption

 

    	 	 iv	 

     

    

 

 

 

TERM LOAN CREDIT
AGREEMENT, dated as of January 23, 2020, among MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC, a Michigan limited liability company
(the “Borrower”), various financial institutions and other Persons from time to time parties hereto as lenders
(each a “Lender” and, collectively, the “Lenders”) and TORONTO DOMINION (TEXAS) LLC, as administrative
agent (in such capacity, the “Administrative Agent”).

 

The Borrower has requested
that the Lenders make senior term loans to it in an aggregate principal amount of $75,000,000. The Lenders are prepared to make
such loans upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows:

 

ARTICLE
1

DEFINITIONS

 

As used herein, the
following terms shall have the meanings specified in this Article 1 unless the context otherwise requires (it being understood
that defined terms in this Agreement shall include in the singular number the plural and in the plural the singular):

 

1.1          Defined
Terms.

 

“ABR”
shall mean, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the
NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month LIBOR Period on such day
(or if such day is not a Business Day, the immediately preceding Business Day) plus 1%; provided that for the purpose of
this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available
for such one month LIBOR Period, the Interpolated Rate) at approximately 11:00 a.m. London time on such day. Any change in the
ABR due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate shall be effective from and including the effective
date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, respectively. For the avoidance of doubt, if the
ABR shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“ABR Loan”
shall mean each Loan bearing interest at the rate provided in Section 2.8(a).

 

“Adjusted
LIBO Rate” shall mean, with respect to any LIBOR Loan for any LIBOR Period, an interest rate per annum (rounded upwards,
if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such LIBOR Period multiplied by (b) the Statutory
Reserve Rate.

 

“Administrative
Agent” shall have the meaning provided in the preamble to this Agreement and shall include such other financial institution
as may be appointed as the successor administrative agent in the manner and to the extent described in Article 11.

 

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

 

“Affiliate”
shall mean, with respect to any Person, (a) any other Person directly or indirectly controlling, controlled by, or under direct
or indirect common control with such Person, and (b) any other Person in which such Person directly or indirectly through Subsidiaries
has a 10% or greater equity interest. A Person shall be deemed to control a Person if such Person possesses, directly or indirectly,
the power (i) to vote 10% or more of the Voting Stock having ordinary voting power for the election of directors (or the equivalent)
of such other Person or (ii) to direct or cause the direction of the management and policies of such other Person, whether through
the ownership of Capital Stock, by contract or otherwise.

 

     

     

    

 

“Agent Parties”
shall have the meaning assigned to such term in Section 12.2 (c)(ii).

 

“Agreement”
shall mean this Term Loan Credit Agreement, as the same may be amended, modified, supplemented, restated or replaced from time
to time.

 

“Anti-Corruption
Laws” shall mean all laws, rules, and regulations of any U.S. jurisdiction applicable to the Borrower and its Subsidiaries
concerning or relating to bribery or corruption.

 

“Applicable
Margin” shall mean, for any day, (a) with respect to any ABR Loan, 0.00% per annum, and (b) with respect to LIBOR Loan,
0.45% per annum.

 

“Approved
Fund” shall have the meaning assigned to such term in Section 12.6(b).

 

“Arranger”
shall mean TD Securities (USA) LLC.

 

“Assignee”
shall have the meaning provided in Section 12.6(b)(i).

 

“Assignment
and Assumption” shall mean an assignment and assumption agreement substantially in the form of Exhibit F hereto or otherwise
in a form that is reasonably satisfactory to the Administrative Agent and delivered by each Assignee to the Administrative Agent
pursuant to Section 12.6(b)(ii)(C).

 

“Assignment
Effective Date” shall have the meaning provided in Section 12.6(b)(iii).

 

“Authorized
Officer”, as applied to any Person, shall mean the Chief Executive Officer, the President, any Executive Vice-President,
any Senior Executive Vice President, any Senior Vice-President, the Chief Financial Officer, the Treasurer, the Assistant Treasurer,
the Secretary or General Counsel of such Person or any other senior officer of such Person designated as such in writing to the
Administrative Agent by such Person.

 

“Bail-In Action”
shall mean 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”
shall mean, 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.

 

“Bankruptcy
Code” shall have the meaning provided in Section 10.5.

 

    2

     

    

 

“Bankruptcy
Event” shall mean, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding,
or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person
charged with the reorganization or liquidation of its business 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; provided, further,
that such ownership interest does not result in or provide 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 permit such Person (or such Governmental
Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

 

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

 

“Beneficial
Ownership Regulation” means 31 CFR § 1010.230.

 

“Benefit Plan”
shall mean 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 and subject to 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”.

 

“Borrower”
shall have the meaning provided in the recitals to this Agreement.

 

“Borrowing”
shall mean the incurrence of one Type of Loan on a given date (or resulting from conversions or continuations on a given date)
and having, in the case of LIBOR Loans, the same LIBOR Period (provided that ABR Loans incurred pursuant to Section 2.10(b)
shall be considered part of any related Borrowing of LIBOR Loans).

 

“Business”
shall have the meaning provided in Section 8.11.

 

“Business
Day” shall mean (a) for all purposes other than as covered by clause (b) below, any day excluding Saturday, Sunday and
any day that shall be in the City of New York a legal holiday or a day on which banking institutions are authorized or required
by law or other governmental actions to close, and (b) with respect to all notices and determinations in connection with, and payments
of principal and interest on, LIBOR Loans, any day that is a Business Day described in clause (a) excluding any day that shall
be in the City of London a legal holiday or a day on which banking institutions are authorized or required by law or other governmental
actions to close.

 

“Capital Lease”,
as applied to any Person, shall mean any lease of any property (whether real, personal or mixed) by that Person as lessee that,
in conformity with GAAP prior to the implementation of any change described in clause 1.2(iii), is, or is required to be, accounted
for as a lease obligation on the balance sheet of that Person.

 

    3

     

    

 

“Capital Stock”
shall mean 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 of the foregoing.

 

“Capitalized
Lease Obligations” shall mean, as applied to any Person, all obligations under Capital Leases of such Person and its
Subsidiaries, in each case taken at the amount thereof accounted for as liabilities in accordance with GAAP prior to the implementation
of any change described in clause 1.2(iii).

 

“Change of
Ownership” shall mean and be deemed to have occurred upon the occurrence of any one or more of the following events:
(a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934, as amended, and the rules of the Securities and Exchange Commission thereunder as in effect
on the date hereof), of Capital Stock representing more than 35% of the aggregate ordinary voting power represented by the issued
and outstanding Capital Stock of Fortis; or (b) Fortis ceases to own, directly or indirectly, and Control 80% or more of the ordinary
voting power of ITC Holdings, free and clear of Liens other than Liens of the type described in clauses (a), (b) or (c) (to the
extent the obligations in respect of such judgments or decrees under such clause (c) have been bonded for the full amount in dispute)
of the definition of “Permitted Liens”; or (c) ITC Holdings ceases to own, directly or indirectly, 85% of the Capital
Stock of the Borrower, free and clear of any Liens, other than Liens of the type described in clauses (a), (b) or (c) (to the extent
the obligations in respect of such judgments or decrees under such clause (c) have been bonded for the full amount in dispute)
of the definition of “Permitted Liens”; or (d) occupation of a majority of the seats (other than vacant seats) on the
board of directors of Fortis by Persons who were neither (i) nominated, appointed or approved for consideration by shareholders
for election by the board of directors of Fortis nor (ii) appointed by directors so nominated, appointed or approved.

 

“Closing Date”
shall mean January 23, 2020.

 

“Closing Date
Certificate” shall have the meaning provided in Section 6.1(b).

 

“Code”
shall mean the Internal Revenue Code of 1986, and the regulations thereunder, in each case as amended, reformed or otherwise modified
from time to time.

 

“Commitment”
shall mean, with respect to a Lender, such Lender’s obligation to make Loans on the Closing Date pursuant to Section 2.1(a),
in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule I hereto as such Lender’s
 “Commitment”.

 

“Commitment
Percentage” shall mean, with respect to any Lender, the percentage of the Total Commitment represented by such Lender’s
Commitment as set forth on Schedule I. If the Total Commitments have terminated or expired, the Commitment Percentages shall
be determined based upon the outstanding Loans of such Lender, as a percentage of the aggregate outstanding principal balance of
all Loans at the time of determination.

 

“Communications”
shall have the meaning assigned to such term in Section 12.2 (c).

 

“Compliance
Certificate” shall have the meaning provided in Section 8.1(c).

 

    4

     

    

 

“Confidential
Information” shall have the meaning provided in Section 12.17.

 

“Control”,
 “Controls” and “Controlled”, when used with respect to any Person, shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through
the ability to exercise voting power, by contract or otherwise.

 

“Controlled
Group”, when used with respect to the Borrower, shall mean all members of a controlled group of corporations and all
members of a controlled group of trades or businesses (whether or not incorporated) under common control which, together with such
Person, are treated as a single employer under Section 414(b) or 414(c) of the Code or Section 4001 of ERISA.

 

“Credit Event”
shall mean and include the making (but not the conversion or continuation) of a Loan.

 

“Credit Party”
shall mean the Administrative Agent or any Lender.

 

“Debt to Capitalization
Ratio” shall mean, with respect to the Borrower, as of any date of determination, the ratio of (a) Total Debt for the
Borrower as of such date to (b) Total Capitalization for the Borrower as of such date.

 

“Default”
shall mean any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default.

 

“Defaulting
Lender” shall mean any Lender, as determined by the Administrative Agent, that (a) has failed, within three (3) Business
Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other
amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent
in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding
(specifically identified and including the condition precedent, together with any applicable default) has not been satisfied, (b)
has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend
or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates
that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified
and including the condition precedent, together with any applicable default) to funding a Loan under this Agreement cannot be satisfied)
or generally under other agreements in which it commits to extend credit, (c) has failed, within three (3) Business Days after
written request by a Credit Party, acting in good faith, to provide a certification in writing from an authorized officer of such
Lender that it will comply with its obligations to fund Loans and other amounts under this Agreement; provided that such
Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification
in form and substance satisfactory to it and the Administrative Agent, or (d) has become, or has a Parent that has become, the
subject of a Bankruptcy Event or a Bail-In Action.

 

“Dollars”
and “$” shall mean lawful currency of the United States.

 

“EEA Financial
Institution” shall mean (a) any institution 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 institution established in an EEA Member Country which is a subsidiary of an institution
described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

 

    5

     

    

 

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

 

“EEA Resolution
Authority” shall mean 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.

 

“Electronic
Signature” shall mean an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Electronic
System” shall mean any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®
and any other Internet or extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative
Agent and any of its Related Parties or any other Person, providing for access to data protected by passcodes or other security
system.

 

“Environmental
Claims” shall mean, with respect to any Person, any and all administrative, regulatory or judicial actions, suits, demands,
demand letters, claims, liens, notices of non-compliance, investigations (other than internal reports prepared by such Person or
any of its Subsidiaries (a) in the ordinary course of such Person’s business or (b) as required in connection with a financing
transaction or an acquisition or disposition of real estate) or proceedings relating in any way to any Environmental Law or any
permit issued, or any approval given, under any such Environmental Law (hereinafter, “Claims”), including (i)
any and all Claims by governmental or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions
or damages pursuant to any applicable Environmental Law and (ii) any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury
or threat of injury to health, safety (with respect to Hazardous Materials or conditions in the environment) or the environment.

 

“Environmental
Law” shall mean any applicable federal, provincial, state, foreign or local statute, law, rule, regulation, ordinance,
code and rule of common law now or hereafter in effect and in each case as amended, and any binding judicial or administrative
interpretation thereof, including any binding judicial or administrative order, consent decree or judgment, relating to the environment,
human health or safety (with respect to Hazardous Materials or conditions in the environment) or Hazardous Materials.

 

“ERISA”
shall mean the Employee Retirement Income Security Act of 1974, as amended, and any successor statute thereto of similar import,
together with the regulations thereunder, in each case as in effect from time to time. References to Sections of ERISA also refer
to any successor Sections thereto.

 

“Event of
Default” shall have the meaning provided in Article 10.

 

    6

     

    

 

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

 

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

 

“Federal Funds
Effective Rate” shall mean, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depository institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time)
and published on the next succeeding Business Day by the NYFRB as the federal funds effective rate. For the avoidance of doubt,
if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“Fees”
shall mean all amounts payable pursuant to, or referred to in, Section 4.1.

 

“Finance Parties”
shall mean the Administrative Agent and the Lenders.

 

“Fortis”
shall mean Fortis Inc., a corporation organized under the Corporation Act of Newfoundland and Labrador.

 

“F.R.S. Board”
shall mean the Board of Governors of the Federal Reserve System of the United States of America or any successor thereto.

 

“GAAP”
shall mean generally accepted accounting principles in the United States as in effect from time to time, subject to Section
1.2.

 

“Governmental
Authority” shall mean any nation or government, any state or other political subdivision thereof, and any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government (including any supra-national
bodies such as the European Union or the European Central Bank) and any group or body charged with setting financial accounting
or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for
International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing).

 

“Guarantee
Obligations” shall mean, as to any Person, any obligation of such Person guaranteeing or intended to guarantee any Indebtedness
of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including any obligation
of such Person, whether or not contingent, (a) to purchase any such Indebtedness or any property constituting direct or indirect
security therefor, (b) to advance or supply funds (i) for the purchase or payment of any such Indebtedness or (ii) to maintain
working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor,
(c) to purchase property, securities or services primarily for the purpose of assuring the owner of any such Indebtedness of the
ability of the primary obligor to make payment of such Indebtedness or (d) otherwise to assure or hold harmless the owner of such
Indebtedness against loss in respect thereof; provided that, the term “Guarantee Obligations” shall not include
endorsements of instruments for deposit or collection in the ordinary course of business. The amount of any Guarantee Obligation
shall be deemed to be an amount equal to the stated or determinable amount of the Indebtedness in respect of which such Guarantee
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming
such Person is required to perform thereunder) as determined by such Person in good faith or, if the Guarantee Obligation is expressly
limited to a specified amount, such specified amount.

 

    7

     

    

 

“Hazardous
Material” shall mean (a) any petroleum or petroleum products, radioactive materials, friable asbestos, urea formaldehyde
foam insulation, transformers or other equipment that contain dielectric fluid containing regulated levels of polychlorinated biphenyls,
and radon gas; (b) any chemicals, materials or substances defined as or included in the definition of “hazardous substances”,
 “hazardous waste”, “hazardous materials”, “extremely hazardous waste”, “restricted hazardous
waste”, “toxic substances”, “toxic pollutants”, “contaminants”, or “pollutants”,
or words of similar import, under any applicable Environmental Law; and (c) any other chemical, material or substance, exposure
to which is prohibited, limited or regulated by any Governmental Authority.

 

“Hostile Take-Over
Bid” shall mean an offer to purchase a controlling interest in any Person by the Borrower or any of its Subsidiaries
or in which the Borrower or any of its Subsidiaries is involved, in respect of which the board of directors (or equivalent governing
body for such entity) of the target entity has recommended against acceptance of such offer to the target entity’s shareholders
or equity holders or which is similarly opposed or contested.

 

“Impacted
Interest Period” shall have the meaning assigned to such term in the definition of “LIBO Rate”.

 

“including”
and “include” shall mean including without limiting the generality of any description preceding such term, and,
for purposes of this Agreement, the parties hereto agree that the rule of ejusdem generis shall not be applicable to limit a general
statement, which is followed by or referable to an enumeration of specific matters, to matters similar to the matters specifically
mentioned.

 

“Indebtedness”
of any Person shall mean (a) all indebtedness of such Person for borrowed money, (b) the deferred purchase price of assets or
services that in accordance with GAAP would be classified as a liability on the balance sheet of such Person, (c) the face amount
of all letters of credit issued for the account of such Person and, without duplication, all drafts drawn thereunder, (d) all
Indebtedness of a second Person secured by any Lien on any property owned by such first Person, whether or not such Indebtedness
has been assumed, (e) all Capitalized Lease Obligations of such Person, (f) all existing payment obligations of such Person under
interest rate swap, cap or collar agreements, interest rate future or option contracts, currency swap agreements, currency future
or option contracts and other similar agreements, (g) all existing payment obligations of such Person under commodity future contracts
and other similar agreements and (h) without duplication, all Guarantee Obligations of such Person; provided that, Indebtedness
shall not include current payables and accrued expenses, in each case, arising in the ordinary course of business.

 

    8

     

    

 

“Ineligible
Institution” shall have the meaning assigned to such term in Section 12.6(b).

 

“Interpolated
Rate” shall mean, at any time, for any LIBOR Period, the rate per annum determined by the Administrative Agent (which
determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on
a linear basis between: (a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter
than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available)
that exceeds the Impacted Interest Period, in each case, at such time.

 

“ITC Holdings”
shall mean ITC Holdings Corp., a Michigan corporation.

 

“Lender”
and “Lenders” shall have the respective meanings provided in the preamble to this Agreement and any other Person
that shall have become a Lender hereunder pursuant to an Assignment and Assumption, other than any such Person that ceases to be
a party hereto pursuant to an Assignment and Assumption.

 

“LIBO Rate”
shall mean, with respect to any LIBOR Loan and for any applicable LIBOR Period, the LIBO Screen Rate at approximately 11:00 a.m.,
London time, two (2) Business Days prior to the commencement of such LIBOR Period; provided that if the LIBO Screen
Rate shall not be available at such time for such LIBOR Period (the “Impacted Interest Period”), then the LIBO
Rate for such LIBOR Period shall be the Interpolated Rate. It is understood and agreed that all of the terms and conditions of
this definition of “LIBO Rate” shall be subject to Section 2.10.

 

“LIBO Screen
Rate” shall mean, for any day and time, with respect to any LIBOR Loan and for any applicable LIBOR Period, the London
interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration
of such rate) for Dollars for a period equal in length to such LIBOR Period as displayed on such day and time on pages LIBOR01
or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen,
on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information
service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion); provided
that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“LIBOR Loan”
shall mean each Loan bearing interest at the rate provided in Section 2.8(b).

 

“LIBOR Period”
shall mean, with respect to a LIBOR Loan, the interest period selected by the Borrower for such LIBOR Loan in accordance with Section
2.9.

 

“Lien”
shall mean any mortgage, pledge, security interest, hypothecation, assignment by way of security, lien (statutory or other) or
similar encumbrance (including any agreement to give any of the foregoing, any conditional sale or other title retention agreement
or any lease in the nature thereof).

 

    9

     

    

 

“Loan”
shall have the meaning provided in Section 2.1(a).

 

“Material
Adverse Effect” shall mean a circumstance or condition affecting the business, assets, operations, properties or financial
condition of the Borrower and its Subsidiaries taken as a whole that would materially adversely affect the ability of the Borrower
to perform its obligations under this Agreement.

 

“Maturity
Date” shall mean January 23, 2021.

 

“METC First
Mortgage Indenture” shall mean the First Mortgage Indenture, dated as of December 10, 2003, between the Borrower and
The Bank of New York Mellon Trust Company, N.A. (f/k/a The Bank of New York Trust Company, N.A.) (as successor to JPMorgan Chase
Bank, N.A.), as Trustee, as the same may be amended, supplemented or otherwise modified from time to time.

 

“Minimum Borrowing
Amount” shall mean $500,000.

 

“Moody’s”
shall mean Moody’s Investors Service, Inc. or any successor by merger or consolidation to its business.

 

“Non-Recourse
Holding Subsidiary” shall have the meaning provided in the definition of “Non-Recourse Indebtedness”.

 

“Non-Recourse
Indebtedness” shall mean any Indebtedness of a Subsidiary (such Subsidiary, a “Non-Recourse Subsidiary”),
provided that (i) such Indebtedness is without recourse to the Borrower or any Subsidiary (other than any Subsidiary of
the Borrower formed solely for the purpose of owning the Capital Stock of such Non-Recourse Subsidiary (any such holding Subsidiary,
a “Non-Recourse Holding Subsidiary”), such Non-Recourse Subsidiary and its Subsidiaries formed for purposes
directly related to the business of such Non-Recourse Subsidiary and doing business only in connection with the business of such
Non-Recourse Subsidiary (any such Subsidiary, a “Related Subsidiary”)) or to any property of the Borrower or
any Subsidiary (other than any Capital Stock in such Non-Recourse Subsidiary that is owned by such Non-Recourse Holding Subsidiary
and the property owned by such Non-Recourse Subsidiary and its Related Subsidiaries); (ii) neither the Borrower nor any Subsidiaries
(other than such Non-Recourse Holding Subsidiary, such Non-Recourse Subsidiary and its Related Subsidiaries) provides credit support
of any kind for (including any undertaking, agreement or instrument that would constitute Indebtedness), or is directly or indirectly
liable as a guarantor or otherwise in respect of, such Indebtedness or in respect of the business or operations of such Non-Recourse
Holding Subsidiary, such Non-Recourse Subsidiary or any of its Related Subsidiaries (other than a pledge of the Capital Stock
in such Non-Recourse Subsidiary by such Non-Recourse Holding Subsidiary and the property owned by such Non-Recourse Subsidiary
and its Related Subsidiaries); (iii) neither the Borrower nor any of its Subsidiaries constitutes the lender of such Indebtedness;
(iv) no default with respect to such Indebtedness (including any rights that the holders of such Indebtedness may have to take
enforcement action against such Non-Recourse Holding Subsidiary, such Non-Recourse Subsidiary and its Related Subsidiaries) would
permit, upon notice, lapse of time or both, any holder of any Indebtedness (other than Indebtedness under this Agreement, any
other related loan documents or any existing indentures, as supplemented, replaced, refinanced or otherwise modified from time
to time) of the Borrower or any of its Subsidiaries (other than such Non-Recourse Holding Company, such Non-Recourse Subsidiary
and its Related Subsidiaries) to declare a default on such other Indebtedness or cause the payment of such other Indebtedness
to be accelerated or payable prior to its stated maturity; and (v) the lenders (or their respective agents) of such Indebtedness
have been notified in writing that they will not have any recourse to the property of the Borrower or any of its Subsidiaries
(other than a pledge of the Capital Stock in such Non-Recourse Subsidiary by such Non-Recourse Holding Subsidiary or any of the
property owned by such Non-Recourse Subsidiary and its Related Subsidiaries).

 

    10

     

    

 

“Non-Recourse
Subsidiary” shall have the meaning provided in the definition of “Non-Recourse Indebtedness”.

 

“Non-U.S.
Lender” shall mean any Lender that is not a “United States person”, as defined under Section 7701(a)(30)
of the Code.

 

“Notice of
Borrowing” shall mean the Notice of Borrowing provided pursuant to Section 2.3(a), substantially in the form of
Exhibit A.

 

“Notice of
Continuation” shall have the meaning provided in Section 2.6(a).

 

“NYFRB”
shall mean the Federal Reserve Bank of New York.

 

“NYFRB Rate”
shall mean, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the
rate for a federal funds transaction quoted at 11:00 a.m. (New York time) on such day received by the Administrative Agent from
a Federal funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates shall
be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“OFAC”
shall mean the Office of Foreign Assets Control of the U.S. Department of Treasury.

 

“Organic Document”
shall mean, relative to any Person, its certificate of incorporation, by-laws, certificate of partnership, partnership agreement,
certificate of formation, limited liability agreement, operating agreement and all shareholder agreements, voting trusts and similar
arrangements applicable to any of such Person’s Capital Stock.

 

“Other Taxes”
shall have the meaning provided in Section 12.5(a).

 

“Overnight
Bank Funding Rate” shall mean, for any day, the rate comprised of both overnight federal funds and overnight Eurodollar
borrowings by U.S.–managed banking offices of depository institutions (as such composite rate shall be determined by the
NYFRB as set forth on its public website from time to time) and published on the next succeeding Business Day by the NYFRB as an
overnight bank funding rate (from and after such date as the NYFRB shall commence to publish such composite rate).

 

    11

     

    

 

“Parent”
shall mean, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Participant”
shall have the meaning provided in Section 12.6(c)(i).

 

“Participant
Register” shall have the meaning provided in Section 12.6(c)(i).

 

“Patriot Act”
shall mean the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)).

 

“Pension Plan”
shall mean a “pension plan”, as such term is defined in Section 3(2) of ERISA, which is subject to Title IV of ERISA
(other than a multiemployer plan as defined in Section 4001(a)(3) of ERISA), and to which the Borrower or any corporation, trade
or business that is, along with the Borrower, a member of a Controlled Group, is a contributing employer or a sponsor.

 

“Permitted
Liens” shall mean (a) Liens for taxes, assessments, customs duties or governmental charges or claims not yet due or which
are being contested in good faith and by appropriate proceedings for which appropriate provisions have been established in accordance
with GAAP; (b) Liens in respect of property or assets of the Borrower or any of its Subsidiaries imposed by law, such as carriers’,
warehousemen’s and or mechanics’ Liens, and other similar Liens arising in the ordinary course of business and Liens
arising under zoning laws and ordinances and municipal bylaws and regulations, in each case so long as such Liens arise in the
ordinary course of business and do not individually or in the aggregate have a Material Adverse Effect; (c) Liens arising from
judgments or decrees in circumstances not constituting an Event of Default under Section 10.6; (d) Liens (other than those arising
by Requirement of Law that are not permitted by clause (a) of this definition) incurred or deposits made in connection with workers’
compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations,
surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations
incurred in the ordinary course of business; (e) ground leases in respect of real property on which facilities owned or leased
by the Borrower or any of its Subsidiaries are located; (f) easements, rights-of-way, restrictive covenants or agreements, minor
defects or irregularities in title and other similar charges or encumbrances not interfering in any material respect with the business
of the Borrower and its Subsidiaries taken as a whole; (g) any interest or title of a lessor or secured by a lessor’s interest
under any lease permitted by this Agreement; (h) Liens incurred by the licensing of trademarks by the Borrower or any of its Subsidiaries
to others in the ordinary course of business; and (i) leases or subleases granted to others, not interfering in any material respect
with the business of the Borrower and its Subsidiaries taken as a whole.

 

“Person”
shall mean any individual, partnership, joint venture, firm, corporation, limited liability company, association, trust or other
enterprise or any Governmental Authority.

 

“Prime Rate”
shall mean the rate of interest per annum publicly announced from time to time by the Administrative Agent as its prime rate in
effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such
change is publicly announced as being effective.

 

    12

     

    

 

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

 

“Real Estate”
shall have the meaning provided in Section 8.1(e).

 

“Register”
shall have the meaning provided in Section 12.6(b)(iv).

 

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

 

“Related Subsidiary”
shall have the meaning provided in the definition of “Non-Recourse Indebtedness”.

 

“Relevant
Governmental Body” shall mean the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the NYFRB or any successor thereto.

 

“Required
Lenders” shall mean, at any date, Lenders having or holding more than 50% of the Commitments and Loans outstanding at
such date (provided that in the case of a Defaulting Lender, for this purpose only, its Commitment (but not its outstanding Loans)
shall be deemed to be zero at such date) or, if all of the Commitments have terminated, more than 50% of the outstanding principal
amount of all Loans on such date.

 

“Revolving
Credit Agreement” shall mean that certain Revolving Credit Agreement, dated as of October 23, 2017 (as amended and restated
as of January 10, 2020), among the Borrower, the various financial institutions and other persons from time to time referred to
as “Lenders” therein, and Wells Fargo Bank, National Association, as the successor administrative agent.

 

“S&P”
shall mean Standard & Poor’s Ratings Services or any successor by merger or consolidation to its business.

 

“Sanctioned
Country” shall mean, at any time, a country, region or territory which is the subject or target of any Sanctions (at
the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria).

 

“Sanctioned
Person” shall mean a person or entity that (a) is named on the list of “Specially Designated Nationals” or
 “Blocked Persons” on the most current list published by OFAC available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx
or as otherwise published from time to time or (b) is (x) an agency of the government of a country, (y) an organization controlled
by a country or (z) a person resident in a country that is subject to a sanctions program identified on the list maintained by
OFAC and available at http://www.treasury.gov/resource-center/sanctions/SDN-List/Pages/default.aspx, or as otherwise published
from time to time, as such program may be applicable to such agency, organization or person or (c) otherwise the subject of any
current U.S. sanctions administered by OFAC.

 

    13

     

    

 

“Sanctions”
shall mean economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S. government,
including those administered by OFAC or the U.S. Department of State.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended.

 

“Statutory
Reserve Rate” shall mean 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 F.R.S. Board to which the Administrative Agent is subject for
eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the F.R.S. Board).
Such reserve percentages shall include those imposed pursuant to such Regulation D of the F.R.S. Board. 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 such Regulation D of the F.R.S. Board 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.

 

“Subsidiary”
of any Person shall mean and include (a) any corporation more than 50% of whose stock of any class or classes having by the terms
thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time
stock or issued share capital of any class or classes of such corporation shall have or might have voting power by reason of the
happening of any, contingency) is at the time owned by such Person directly or indirectly through Subsidiaries and (b) any partnership,
association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries has more than a 50%
equity interest and more than a 50% voting interest at the time and (c) any other corporation, partnership, joint venture or other
entity (i) the accounts of which would be consolidated with those of such Person in such Person’s consolidated financial
statements if such statements were prepared in accordance with GAAP and (ii) that is controlled (as defined in clause (b) of the
definition of such term in the definition of the term “Affiliate”) by such Person. Unless otherwise expressly provided,
all references herein to a “Subsidiary” shall mean a Subsidiary of the Borrower.

 

“Successor
Borrower” shall have the meaning provided in Section 9.2(a).

 

“Taxes”
shall have the meaning provided in Section 5.3(a)(i).

 

“Total Capitalization”
shall mean, as of any date of determination, the sum, without duplication, of (a) Total Debt and (b) the total stockholders’
equity of the Borrower as determined in accordance with GAAP; provided that the term “Total Capitalization” shall exclude
the non-cash effects of the 2006 Financial Accounting Standards Board Statement No. 158 titled “Employers’ Accounting
for Defined Benefit Pension and Other Postretirement Plans”, now codified within Accounting Standards Codification Topic
715, Compensation Retirement Benefits.

 

“Total Commitment”
shall mean the sum of the Commitments of all the Lenders, which is $75,000,000 on the Closing Date.

 

    14

     

    

 

“Total Debt”
shall mean, as of any date of determination, (a) the sum, without duplication, of (i) all Indebtedness of the Borrower and
its Subsidiaries for borrowed money outstanding on such date, (ii) all Capitalized Lease Obligations of the Borrower and its
Subsidiaries outstanding on such date and (iii) all Indebtedness of the Borrower and its Subsidiaries of the types described
in clauses (b) and (d) of the definition of Indebtedness (but in the case of clause (d), only to the extent such Indebtedness is
assumed by the Borrower or any Subsidiary), all calculated on a consolidated basis in accordance with GAAP and to the extent reflected
as Indebtedness on the consolidated balance sheet of the Borrower in accordance with GAAP minus (b) the aggregate amount
of cash held by the Borrower and its Subsidiaries as at such date and included in the cash accounts listed on the consolidated
balance sheet of the Borrower and its Subsidiaries and deposited with the Administrative Agent to the extent the use thereof for
application to payment of Indebtedness of the Borrower and its Subsidiaries is not prohibited by law or any contract to which the
Borrower or any of its Subsidiaries is a party (but in each case excluding equity securities that are mandatorily redeemable 91
or more days after the Maturity Date and that are classified as hybrid securities by Moody’s and/or S&P).

 

“Type”
shall mean as to any Loan, its nature as an ABR Loan or a LIBOR Loan.

 

“United States”
and “U.S.” shall mean the United States of America.

 

“Voting Stock”
shall mean Capital Stock of a Person which carries voting rights or the right to Control such Person under any circumstances; provided
that Capital Stock which carries the right to vote or Control conditionally upon the happening of an event shall not be considered
Voting Stock until the occurrence of such event and then only during the continuance of such event.

 

“Welfare Plan”
shall mean a “welfare plan”, as such term is defined in Section 3(1) of ERISA.

 

“Write-Down
and Conversion Powers” shall mean, 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.

 

1.2          Accounting
Terms; GAAP.

 

Except as otherwise expressly provided
herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation
of such provision (or if the Administrative Agent notifies the Borrower 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 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 amended in accordance herewith.
Notwithstanding any other provision contained herein, 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 (i) without giving effect to any election under Accounting
Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting Standards 159) (or any other Accounting
Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Borrower or any Subsidiary at “fair value”, as defined therein, (ii) without giving effect to any
treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness
in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated
principal amount thereof and (iii) without giving effect to Accounting Standards Codification 842 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar effect or result) (and related interpretations) (collectively,
 “ASC 842”) to the extent the effect of which would be to cause leases which would be treated as operating leases
under GAAP immediately prior to the effectiveness of ASC 842 to be recorded as a liability/debt on the Borrower’s statement
of financial position under GAAP.

 

    15

     

    

 

1.3          Interpretation.

 

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”. The word “law” shall be construed
as referring to all statutes, rules, regulations, codes and other laws. 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, restated, supplemented or otherwise modified (subject to any restrictions on such
amendments, restatements, 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 laws), (c) any reference herein to any Person shall be construed to include such Person’s
successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority,
any other Governmental Authority that shall have succeeded to any or all functions thereof, (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.

 

1.4          Divisions.

 

For all purposes under
this Agreement in connection with any division or plan of division under Delaware law (or any comparable event under a different
jurisdiction’s laws), (a) if any obligation or liability of any Person becomes the asset, right, obligation or liability
of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and
(b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence
by the holders of its Capital Stock at such time.

 

    16

     

    

 

ARTICLE
2

AMOUNT AND TERMS OF CREDIT

 

2.1           Commitments.

 

(a)            Subject
to and upon the terms and conditions herein set forth, each Lender severally and not jointly agrees to make a term loan in Dollars
(each a “Loan” and, collectively, the “Loans”) to the Borrower, on the Closing Date, which
Loans (i) may, at the option of the Borrower, be incurred and maintained as, and/or converted into, ABR Loans or LIBOR Loans and
(ii) may be repaid in accordance with the provisions hereof and shall be repaid in full on the Maturity Date. Amounts repaid or
prepaid in respect of the Loans may not be reborrowed.

 

(b)            The Borrower shall use the proceeds from the Loans for the repayment of Indebtedness of the Borrower, to pay fees
and expenses incurred in connection with this Agreement and for general corporate purposes of the Borrower and its Subsidiaries
(including, without limitation, to finance capital expenditures, investments, acquisitions and to repay Indebtedness); provided
that, notwithstanding any of the foregoing, none of the proceeds from Loans may be used to finance any Hostile Take-Over Bid.

 

2.2           Minimum
Amount of Each Borrowing; Maximum Number of Borrowings.

 

The aggregate principal
amount of each Borrowing of Loans shall be in a multiple of $100,000 and shall not be less than the Minimum Borrowing Amount. More
than one Borrowing may occur on any date; provided that at no time shall there be outstanding more than four (4) Borrowings of
LIBOR Loans under this Agreement.

 

2.3           Notice of Borrowing. 

 

To request the Loans to be made hereunder
on the Closing Date, the Borrower shall give the Administrative Agent at an office of the Administrative Agent set forth for the
Administrative Agent in Section 12.2(a)(ii), (i) the written Notice of Borrowing (including an electronic writing) prior
to 12:00 noon (New York time) at least three (3) Business Days prior to the proposed Closing Date with respect to the Borrowing
of any initial Loans that are LIBOR Loans and (ii) the written Notice of Borrowing (including an electronic writing) prior to
1:00 p.m. (New York time) on the proposed Closing Date with respect to the Borrowing of any initial Loans that are ABR Loans.
Such Notice of Borrowing shall be irrevocable and shall specify (i) the aggregate principal amount of the Loans to be made pursuant
to such Borrowing, (ii) the date of Borrowing (which shall be a Business Day), (iii) whether the Borrowing shall consist of ABR
Loans or LIBOR Loans, (iv) if such Borrowing shall consist of LIBOR Loans, the LIBOR Period to be initially applicable thereto
and (v) the number and location of the account to which funds are to be disbursed. The Administrative Agent shall promptly give
each Lender written notice (or telephonic notice promptly confirmed in writing) of the matters covered by the Notice of Borrowing.

 

    17

     

    

 

(b)           Without
in any way limiting the obligation of the Borrower to confirm in writing any notice it may give hereunder by telephone, the Administrative
Agent may act prior to receipt of written confirmation without liability upon the basis of such telephonic notice believed by
the Administrative Agent in good faith to be from an Authorized Officer of the Borrower. In each such case the Borrower hereby
waives the right to dispute the Administrative Agent’s record of the terms of any such telephonic notice.

 

2.4         
Disbursement of Funds.

 

(a)          
No later than 3:00 p.m. (New York time) on the Closing Date, each Lender will make available its pro rata portion
of the Borrowing requested to be made on such date in an amount equal to its Commitment in the manner provided below.

 

(b)          
Each Lender shall make available all amounts it is to fund under the Borrowing on the Closing Date in immediately
available funds to the Administrative Agent at an office of the Administrative Agent from time to time notified by the Administrative
Agent to the Lenders (but initially the office set forth for the Administrative Agent in Section 12.2(a)(ii)), and the Administrative
Agent will make available to the Borrower by depositing such funds as specified in the Notice of Borrowing, the aggregate of the
amounts so made available. Unless the Administrative Agent shall have been notified by any Lender prior to the Closing Date that
such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing to be made on such date,
the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and
the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make
available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative
Agent by such Lender and the Administrative Agent has made available same to the Borrower, the Administrative Agent shall be entitled
to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the
Administrative Agent’s demand therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall
immediately pay such corresponding amount to the Administrative Agent. The Administrative Agent shall also be entitled to recover
from such Lender or the Borrower, as the case may be, interest on such corresponding amount in respect of each day from the date
such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount
is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, at the Federal Funds Effective
Rate or (ii) if paid by the Borrower, the then-applicable rate of interest, calculated in accordance with Section 2.8, for
the respective Loans.

 

(c)          
Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to fulfill its commitments
hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder
(it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments
hereunder).

 

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2.5          
Repayment of Loans; Evidence of Debt.

 

(a)           
The Borrower shall, for the benefit of the Lenders, on the Maturity Date, repay to the Administrative Agent the then-unpaid
Loans.

 

(b)           
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the Indebtedness
of the Borrower to the appropriate lending office of such Lender resulting from the Loans made by such lending office of such Lender
from time to time, including the amounts and currency of principal and interest payable and paid to such lending office of such
Lender from time to time under this Agreement.

 

(c)           
The Administrative Agent shall maintain the Register pursuant to Section 12.6, and a sub-account for each
Lender, in which Register and sub-accounts (taken together) shall be recorded (i) the amount of each Loan made hereunder, the Type
of each Loan made and the LIBOR Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become
due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent
hereunder from the Borrower and each Lender’s share thereof.

 

(d)           
The entries made in the Register and accounts and subaccounts maintained pursuant to paragraphs (b) and (c) of this
Section 2.5 shall, to the extent permitted by applicable law, be prima facie evidence of the existence and amounts of the
obligations of the Borrower therein recorded; provided that the failure of any Lender or the Administrative Agent to maintain such
account, such Register or such subaccount, as applicable, or any error therein, shall not in any manner affect the obligation of
the Borrower to repay (with applicable interest) the Loans made to the Borrower by such Lender in accordance with the terms of
this Agreement. In the event that there is an inconsistency between the accounts maintained by a Lender pursuant to Section
2.5(b) and the Register maintained by the Administrative Agent pursuant to Section 12.6, the said Register shall prevail.

 

(e)           
All payments to be made by the Administrative Agent to any Lender hereunder shall be made in accordance with the
payment instructions of such Lender set forth on the signature page of such Lender hereunder or, if such Lender is an Assignee,
set forth in the Assignment and Assumption of such Lender.

 

(f)           
Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender,
to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced
by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 12.6) be
represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory
note is a registered note, to such payee and its registered assigns).

 

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2.6          
Changes in Type of Loan.

 

(a)            The
Borrower shall have the option on any Business Day to convert all or a portion equal to at least the Minimum Borrowing Amount
of the outstanding principal amount of Loans made to the Borrower of one Type into a Borrowing or Borrowings of another
permitted Type or to continue the outstanding principal amount of any LIBOR Loans as LIBOR Loans for an additional
LIBOR Period; provided that (i) no partial continuation of LIBOR Loans shall reduce the outstanding principal amount of LIBOR
Loans made pursuant to a single Borrowing to less than the Minimum Borrowing Amount, (ii) ABR Loans may not be converted into
LIBOR Loans, if a Default or Event of Default is in existence on the date of the proposed conversion and the Administrative
Agent has or the Required Lenders have determined in its or their sole discretion not to permit such conversion, (iii) LIBOR
Loans may not be continued as LIBOR Loans for an additional LIBOR Period if a Default or Event of Default is in existence on
the date of the proposed continuation and the Administrative Agent has or the Required Lenders have determined in its or
their sole discretion not to permit such continuation, (iv) no LIBOR Period in excess of one month may be selected for any
LIBOR Loan if a Default or Event of Default is in existence on the date of the proposed continuation and the Administrative
Agent has or the Required Lenders have determined in its or their sole discretion not to permit such longer LIBOR Period, (v)
Borrowings resulting from continuations or conversions pursuant to this Section 2.6 shall be limited in number as
provided in Section 2.2 and (vi) the outstanding principal amount of a Loan of one Type may not be converted into a
Borrowing of another permitted Type until the end of the current LIBOR Period for such Loan. Each such continuation or
conversion shall be effected by the Borrower by giving the Administrative Agent at the location set forth in Section
12.2 prior to 12:00 noon (New York time) at least three (3) Business Days’ prior written notice (including an
electronic writing) substantially in the form of Exhibit B (or telephonic notice promptly confirmed in electronic
writing) (each a “Notice of Continuation”) specifying the Loans to be so continued or converted, the Type
of Loans to be continued or converted into and, if such Loans are to be converted or continued as LIBOR Loans, the LIBOR
Period to be initially applicable thereto. The Administrative Agent shall give each Lender notice as promptly as practicable
of any such proposed continuation or conversion affecting any of its Loans. This Section 2.6 shall not be construed to
permit the Borrower to change the currency of any Borrowing.

 

(b)           
If any Default or Event of Default is in existence at the time of any proposed continuation of any LIBOR Loans and
the Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuation,
such LIBOR Loans shall be automatically converted on the last day of the current LIBOR Period into ABR Loans.

 

(c)           
If upon the expiration of any LIBOR Period, the Borrower has failed to elect a new LIBOR Period to be applicable
thereto as provided in paragraph (a) above, the Borrower shall be deemed to have elected to convert such Borrowing of LIBOR Loans,
as the case may be, into a Borrowing of ABR Loans, as the case may be, effective as of the expiration date of such current LIBOR
Period.

 

2.7          
Pro Rata Borrowings.

 

The Borrowing of Loans
under this Agreement shall be made by the Lenders pro rata on the basis of their respective Commitment Percentages. It is
understood that no Lender shall be responsible for any default by any other Lender in its obligation to make Loans hereunder and
that each Lender shall be obligated to make the Loans provided to be made by it hereunder, regardless of the failure of any other
Lender to fulfill its commitments hereunder.

 

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2.8          
Interest and Fees.

 

(a)          
The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity
(whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times
be equal to the Applicable Margin for ABR Loans plus the ABR in effect from time to time.

 

(b)          
The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity
(whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times
be equal to the Applicable Margin for LIBOR Loans plus the relevant Adjusted LIBO Rate.

 

(c)           
If all or a portion of (i) the principal amount of any Loan or (ii) any interest thereon or fees payable hereunder
shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest
at a rate per annum that is (x) in the case of overdue principal, equal to the rate that would otherwise be applicable thereto
plus, to the extent permitted by applicable law, 2.00% (after as well as before maturity and judgment), (y) in the case of any
overdue interest with respect to any Loan, equal to the rate of interest applicable to such Loan plus, to the extent permitted
by applicable law, 2.00%, or (z) in the case of any overdue fees or other amounts owing hereunder, equal to the rate of interest
then applicable to Loans maintained as ABR Loans plus 2.00%, in each case from and including the date of such non-payment to but
excluding the date on which such amount is paid in full (after as well as before maturity and judgment). All interest payable pursuant
to this Section 2.8(c) shall be payable upon demand.

 

(d)           
Interest on each Loan shall accrue from and including the date such Loan is made to but excluding the date of any
repayment thereof and shall, except as otherwise provided pursuant to Section 2.8(c), be payable (i) in respect of each
ABR Loan, quarterly in arrears on the last Business Day of each of March, June, September and December (for the three-month period
(or portion thereof) ended on such day), (ii) in respect of each LIBOR Loan, on the last day of each LIBOR Period applicable thereto
and, in the case of a LIBOR Period in excess of three months, on each date occurring at three-month intervals after the first day
of such LIBOR Period and (iii) in respect of each Loan on any payment or prepayment (on the amount paid or prepaid), at maturity
(whether by acceleration or otherwise) and, after such maturity, on demand.

 

(e)           
All computations of interest hereunder shall be made in accordance with Section 5.4.

 

(f)            
The Administrative Agent, upon determining the interest rate for any Borrowing of LIBOR Loans, shall promptly notify
the Borrower and the Lenders thereof. Each such determination shall, absent clearly demonstrable error, be final and conclusive
and binding on all parties hereto.

 

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2.9         
Interest Periods.

 

At the time the
Borrower gives the Notice of Borrowing or a Notice of Continuation in respect of the making of, or conversion into or
continuation as, a Borrowing of LIBOR Loans prior to 12:00 noon (New York time) on the third Business Day prior to the
applicable date of making or conversion or continuation of such LIBOR Loans, the Borrower shall have the right to elect by
giving the Administrative Agent written notice of (or telephonic notice promptly confirmed in writing) the LIBOR Period
applicable to such Borrowing, which LIBOR Period shall, at the option of the Borrower, be one week or one, two, three or six
months. Notwithstanding anything to the contrary contained above:

 

(a)           
the initial LIBOR Period for any Borrowing of LIBOR Loans shall commence on the date of such Borrowing (including
the date of any conversion from a Borrowing of ABR Loans) and each LIBOR Period occurring thereafter in respect of such Borrowing
shall commence on the day on which the next preceding LIBOR Period expires;

 

(b)           
if any LIBOR Period relating to a Borrowing of LIBOR Loans begins on the last Business Day of a calendar month or begins
on a day for which there is no numerically corresponding day in the calendar month at the end of such LIBOR Period, such LIBOR
Period shall end on the last Business Day of the calendar month at the end of such LIBOR Period;

 

(c)           
if any LIBOR Period would otherwise expire on a day that is not a Business Day, such LIBOR Period shall expire on the next
succeeding Business Day; provided that if any LIBOR Period in respect of a LIBOR Loan would otherwise expire on a day that is
not a Business Day but is a day of the month after which no further Business Day occurs in such month, such LIBOR Period shall
expire on the next preceding Business Day; and

 

(d)           
the Borrower shall not be entitled to elect any LIBOR Period in respect of any LIBOR Loan if such LIBOR Period would extend
beyond the Maturity Date.

 

2.10       
Increased Costs, Illegality, Changed Circumstances.

 

(a)           Subject
to clause (e) below, in the event that the Administrative Agent or any Lender shall have reasonably determined (which determination
shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto):

 

(i)            on
any date for determining LIBO Rate for a Borrowing of LIBOR Loans for any LIBOR Period that by reason of any changes arising on
or after the date hereof affecting the London interbank market (x) deposits in Dollars in the principal amounts of the Loans comprising
such Borrowing are not readily available to such Lender in the London interbank market or (y) adequate and fair means do not exist
for ascertaining the applicable interest rate on the basis provided for in the definition of LIBO Rate; or

 

(ii)           at
any time, that the Administrative Agent or such Lender shall incur increased costs or reductions in the amounts received or receivable
hereunder with respect to any Loans (other than any such increase or reduction attributable to (A) Taxes, (B) Other Taxes, (C)
taxes excluded by Section 5.3(a)(i)(A) or Section 5.3(a)(i)(B) or (D) taxes excluded by Section 5.3(b)) because
of (x) any change since the date hereof in any applicable law, treaty, governmental rule, regulation, guideline or order
(or in the interpretation, implementation, administration or application thereof and including the introduction of any new law,
treaty or governmental rule or request, regulation, guideline, requirement, directive or order), such as, for example, but not
limited to, a change in official reserve requirements (including any reserve requirements specified under regulations issued from
time to time by the F.R.S. Board and then applicable to assets or liabilities consisting of and including “Eurocurrency
Liabilities” as therein defined or the imposition of any tax on the Administrative Agent or any Lender on its loans, loan
principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto), and/or (y) with respect to LIBOR Loans only, other circumstances affecting the London interbank market; or

 

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(iii)          at
any time, that the making or continuance of any LIBOR Loan has become unlawful by compliance by such Lender in good faith with
any law, treaty, governmental rule or request, regulation, guideline, requirement, directive or order (or would conflict with
any such governmental rule or request, regulation, guideline, requirement, directive or order not having the force of law even
though the failure to comply therewith would not be unlawful), or has become impracticable as a result of a contingency occurring
after the date hereof that materially and adversely affects the London interbank market;

 

then, and in any such event, the Administrative
Agent or such Lender shall within a reasonable time thereafter give notice (if by telephone confirmed in writing) to the Borrower
and, as the case may be, to the Administrative Agent of such determination (which notice the Administrative Agent shall promptly
transmit to each of the other Lenders). Thereafter (x) in the case of clause (i) above, LIBOR Loans shall no longer be available
from such Lender (and such Lender’s obligation to make such Loans shall be suspended) until such time as such Lender notifies
the Administrative Agent, the Borrower and the Lenders that the circumstances giving rise to such notice by the Administrative
Agent no longer exist (which notice such Lender agrees to give at such time when such circumstances no longer exist), and the Notice
of Borrowing or any Notice of Continuation given by the Borrower with respect to LIBOR Loans that have not yet been incurred shall
be deemed, with respect to such Lender only, to be the Notice of Borrowing or a Notice of Continuation for ABR Loans, (y) in the
case of clause (ii) above, the Borrower shall pay to the Administrative Agent or such Lender, within five (5) days after receipt
of written demand therefor, such additional amounts (in the form of an increased rate of, or a different method of calculating,
interest or otherwise as such Lender in its reasonable discretion shall determine) as shall be required to compensate the Administrative
Agent or such Lender for such increased costs or reductions in amounts receivable hereunder (it being agreed that a written notice
as to the additional amounts owed to the Administrative Agent or such Lender, showing in reasonable detail the basis for the calculation
thereof, submitted to the Borrower by the Administrative Agent or such Lender shall, absent clearly demonstrable error, be final
and conclusive and binding upon all parties hereto, provided that the determination of such additional amounts shall be made in
good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable Lender
(after consideration of such factors as such Lender then reasonably determines to be relevant)) and (z) in the case of clause (iii)
above, the Borrower shall take one of the actions specified in Section 2.10(b) as promptly as possible and, in any event,
within the time period required by law.

 

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(b)           At
any time that any LIBOR Loan is affected by the circumstances described in Section 2.10(a)(ii) or 2.10(a)(iii),
the Borrower may (and in the case of a LIBOR Loan affected pursuant to Section 2.10(a)(iii) shall) either (i) if the affected
LIBOR Loan is then being made pursuant to a Credit Event or Borrowing by way of conversion into a LIBOR Loan, cancel said Credit
Event or Borrowing by giving the Administrative Agent telephonic notice (confirmed promptly in writing) thereof on the same date
that the Borrower was notified by a Lender pursuant to Section 2.10(a)(ii) or 2.10(a)(iii), or (ii) if the affected
LIBOR Loan is then outstanding, upon at least three (3) Business Days’ notice to the Administrative Agent, require the affected
Lender to convert each such LIBOR Loan into an ABR Loan; provided that if more than one Lender is affected at any time, then all
affected Lenders must be treated in the same manner pursuant to this Section 2.10(b).

 

(c)            If,
after the date hereof, the adoption of any applicable law, rule or regulation regarding capital adequacy or liquidity requirements,
or any change therein, or any change in the interpretation, implementation or administration thereof by any Governmental Authority,
or compliance by a Lender or its Parent with any request or directive made or adopted after the date hereof regarding capital
adequacy or liquidity requirements (whether or not having the force of law) of any such Governmental Authority, has or would have
the effect of reducing the rate of return on such Lender’s or its Parent’s capital or assets as a consequence of such
Lender’s commitments or obligations hereunder to a level below that which such Lender or its Parent could have achieved
but for such adoption, effectiveness, change or compliance (taking into consideration such Lender’s or its Parent’s
policies with respect to capital adequacy and liquidity requirements), then within five (5) days after written demand (as described
below) by such Lender (with a copy to the Administrative Agent), the Borrower shall pay to such Lender such additional amount
or amounts as will compensate such Lender or its Parent for such reduction, it being understood and agreed, however, that a Lender
shall not be entitled to such compensation as a result of such Lender’s compliance with, or pursuant to any request or directive
to comply with, any such law, rule or regulation as in effect on the date hereof. Each Lender, upon determining that any additional
amounts will be payable pursuant to this Section 2.10(c) (provided that such determination of additional amounts shall
be made in good faith (and not on an arbitrary or capricious basis) and consistent with similarly situated customers of the applicable
Lender (after consideration of such factors as such Lender then reasonably determines to be relevant)), will give prompt written
notice thereof to the Borrower, which notice shall set forth in reasonable detail the basis of the calculation of such additional
amounts (it being agreed that a written notice as to the additional amounts owed to the Administrative Agent or such Lender, showing
in reasonable detail the basis for the calculation thereof, submitted to the Borrower by the Administrative Agent or such Lender
shall, absent clearly demonstrable error, be final and conclusive and binding upon all parties hereto; provided that the
determination of such additional amounts shall be made in good faith (and not on an arbitrary or capricious basis) and consistent
with similarly situated customers of the applicable Lender (after consideration of such factors as such Lender then reasonably
determines to be relevant)), although the failure to give any such notice shall not, subject to Section 2.13, release or
diminish the Borrower’s obligations to pay additional amounts pursuant to this Section 2.10(c) upon receipt of such
notice.

 

(d)            For
purposes of this Section 2.10, and notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street
Reform and Consumer Protection Act and all requests, rules, requirements, guidelines and directives thereunder or issued in
connection therewith or in implementation thereof and (ii) all requests, rules, guidelines, requirements and directives
promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each
case shall be deemed to have been enacted, adopted, issued and implemented after the date hereof, regardless of the date
enacted, adopted, issued or implemented.

 

    24

     

    

 

(e)           
If, at any time, the Administrative Agent, in consultation with the Borrower, determines (which determination shall
be conclusive absent manifest error) that (i) the circumstances set forth in Section 2.10(a)(i)(y) have arisen and such
circumstances are unlikely to be temporary, (ii) the circumstances set forth in Section 2.10(a)(i)(y) have not arisen but
the supervisor for the administrator of the LIBO Screen Rate or a Governmental Authority having jurisdiction over the Administrative
Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used (or permitted
to be used), or shall otherwise permanently and indefinitely cease to be made available, for determining interest rates for loans,
(iii) syndicated loans currently being executed, or that include language similar to that contained in this Section, are being
executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the LIBO Screen Rate; or (iv)
the Supervisor for the administrator of the LIBO Screen Rate has made a public statement that the administrator is insolvent, then
the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives
due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the United
States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other
related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in Section 12.1, such amendment
shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative
Agent shall not have received, within five (5) Business Days of the date notice of such alternate rate of interest is provided
to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an
alternate rate of interest shall be determined in accordance with this Section 2.10(e) (but, in the case of the circumstances
described in clause (ii) of the first sentence of this Section 2.10(e), only to the extent the LIBO Screen Rate for such
LIBOR Period is not available or published at such time on a current basis), any Notice of Continuation that requests the conversion
of any Borrowing to, or continuation of any Borrowing as, a LIBOR Loan shall be ineffective, provided that, if such alternate rate
of interest shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

Subject to Section 2.13, the provisions
of this Section 2.10 shall survive the repayment of the Loans and all other amounts payable hereunder.

 

2.11        
Compensation.

 

If (a) any
payment of principal of any LIBOR Loan, or any continuation of any LIBOR Loan, is made by the Borrower (or a replacement
Lender in the case of Section 12.7) to or for the account of a Lender other than on the last day of the LIBOR Period
pursuant to Section 2.5, 2.6, 2.10, 5.1 or 12.7, as a result of acceleration of the
maturity of the Loans pursuant to Article 10 or for any other reason, (b) any Borrowing of LIBOR Loans is not made as
a result of a withdrawn Notice of Borrowing, (c) any ABR Loan is not converted into a LIBOR Loan as a result of a withdrawn
Notice of Continuation, (d) any LIBOR Loan is not continued as a LIBOR Loan as a result of a withdrawn Notice of Continuation
or (e) any prepayment of principal of any LIBOR Loan is not made as a result of a withdrawn notice of prepayment pursuant to Section
5.1, the Borrower shall, after receipt of a written notice from the Administrative Agent advising of a written request by
such Lender (which request shall set forth in reasonable detail the basis for requesting such amount), pay to the
Administrative Agent for the account of such Lender any amounts required to compensate such Lender for any additional losses,
costs or expenses that such Lender may reasonably incur as a result of such payment, failure to convert, failure to continue
or failure to prepay, including any loss, cost or expense (excluding loss of anticipated profits) actually incurred by reason
of the liquidation or reemployment of deposits or other funds acquired by any Lender to fund or maintain such LIBOR Loan.

 

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2.12        
Change of Lending Office.

 

If any Lender requests
compensation under Section 2.10, or if the Borrower is required to pay any additional amount to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 5.3, then such Lender shall, if requested by the Borrower, 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 2.10 or 5.3, 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 Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any
such designation or assignment.

 

2.13        
Notice of Certain Costs.

 

Notwithstanding anything
in this Agreement to the contrary, to the extent any notice required by Section 2.10, 2.11 or 5.3 is given
by the Administrative Agent or any Lender more than 180 days after the Administrative Agent or such Lender has knowledge (or should
have had knowledge) of the occurrence of the event giving rise to the additional cost, reduction in amounts, loss, tax or other
additional amounts described in such Sections (provided that no Lender shall be deemed to have knowledge of any such event referred
to in Section 2.10(d) prior to the incurrence of any such additional cost, reduction in amounts, loss, tax or other additional
amounts), then the Administrative Agent or such Lender shall not be entitled to compensation under Section 2.10, 2.11
or 5.3, as the case may be, for any such amounts incurred or accruing prior to the giving of such notice.

 

2.14        
Defaulting Lenders.

 

Notwithstanding any
provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then, for so long as such Lender is a Defaulting
Lender, the Commitment and Loans of such Defaulting Lender shall not be included in determining whether all Lenders or the Required
Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant
to Section 12.1); provided that except as otherwise provided in Section 12.1, that this clause (b) shall not
apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such
Lender or each Lender affected thereby.

 

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2.15        
Extension of Maturity Date.

 

(a)          
The Borrower may at any time from time to time not more than ninety (90) days and not less than thirty (30) days
prior to any anniversary of the Closing Date, by notice to the Administrative Agent (who shall promptly notify the Lenders), request
that each Lender extend (each such date on which an extension occurs, an “Extension Date”) such Lender’s
then effective Maturity Date (the “Existing Maturity Date”) to the date that is 366 days after such Lender’s
Existing Maturity Date; provided that if any requested Extension Date is not a Business Day, such Extension Date shall be the immediately
succeeding Business Day.

 

(b)          
Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given not
later than the date that is 10 Business Days (or such shorter period as the Administrative Agent may agree in its reasonable discretion)
after the date on which the Administrative Agent received the Borrower’s extension request (the “Lender Notice Date”),
advise the Administrative Agent whether or not such Lender agrees to such extension (each Lender that determines to so extend its
Maturity Date, an “Extending Lender”). Each Lender that determines not to so extend its Maturity Date (a “Non-Extending
Lender”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later
than the Lender Notice Date), and any Lender that does not so advise the Administrative Agent on or before the Lender Notice Date
shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other
Lender to so agree, and it is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request
made by the Borrower for extension of the Maturity Date.

 

(c)          
The Administrative Agent shall promptly notify the Borrower of each Lender’s determination under this Section.
 

 

(d)           The
Borrower shall have the right, but shall not be obligated, on or before the applicable Maturity Date for any Non-Extending
Lender to replace such Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one
or more financial institutions that are not Ineligible Institutions (each, an “Additional Extension
Lender”) approved by the Administrative Agent in accordance with the procedures provided in Section 12.7,
each of which Additional Extension Lenders shall have entered into an Assignment and Assumption (in accordance with and
subject to the restrictions contained in Section 12.6, with the Borrower or replacement Lender obligated to pay
any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such Additional Extension
Lenders shall, effective on or before the Maturity Date for such Non-Extending Lender, take an assignment of loans (and, if
any such Additional Extension Lender is already a Lender, its Loans shall be in addition to such Lender’s Loans
hereunder on such date). Prior to any Non-Extending Lender being replaced by one or more Additional Extension Lenders
pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving irrevocable notice thereof to the
Administrative Agent and the Borrower (which notice shall set forth such Lender’s new Maturity Date), to become an
Extending Lender. The Administrative Agent may effect such amendments to this Agreement as are reasonably necessary to
provide for any such extensions with the consent of the Borrower but without the consent of any other Lenders.

 

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(e)           If
(and only if) the total of the Loans of the Lenders that have agreed to extend their Maturity Date is more than 50% of the
aggregate amount of the Loans outstanding in effect immediately prior to the applicable Extension Date, then, effective as of
the applicable Extension Date, the Maturity Date of each Extending Lender and of each Additional Extension Lender shall
be extended to the date that is one year after the Existing Maturity Date (except that, if such date is not a Business Day,
such Maturity Date as so extended shall be the immediately preceding Business Day) and each Additional Extension Lender shall
thereupon become a “Lender” for all purposes of this Agreement and shall be bound by the provisions of this
Agreement as a Lender hereunder and shall have the obligations of a Lender hereunder.

 

(f)           
Notwithstanding the foregoing, (x) no more than one (1) extension of the Maturity Date shall be permitted and (y)
any extension of any Maturity Date pursuant to this Section 2.16 shall not be effective with respect to any Extending Lender
unless:

 

(i)            
there shall exist no Default or Event of Default on the applicable Extension Date and immediately after giving effect thereto;

 

(ii)           
the representations and warranties made by the Borrower contained herein shall be true and correct in all material
respects (or in all respects if such representation is qualified by materiality or Material Adverse Effect) as of the applicable
Extension Date and after giving effect thereto with the same effect as though such representations and warranties had been made
on and as of such Extension Date (except where such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material respects (or in all respects if such
representation is qualified by materiality or Material Adverse Effect) as of such earlier date); and

 

(iii)          
the Administrative Agent shall have received a certificate from the Borrower signed by an Authorized Officer of the Borrower
(A) certifying the accuracy of the foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by
the Borrower approving or consenting to such extension.

 

(g)          
It is understood and agreed that the Maturity Date of each Non-Extending Lender shall remain unchanged and the repayment
of all obligations owed to them pursuant to this Agreement and any related loan documents and the termination of their Commitments
shall occur on the then existing Maturity Date without giving effect to such extension request.

 

(h)          
On the Maturity Date of each Non-Extending Lender, the Borrower shall repay such Non-Extending Lender in accordance
with Section 2.5 (and shall pay to such Non-Extending Lender all of the other obligations owing to it under this Agreement)
and after giving effect thereto shall prepay any Loans outstanding on such date (and pay any additional amounts required pursuant
to Section 2.11) to the extent necessary to keep outstanding Loans ratable with any revised Commitment Percentage of the
respective Lenders effective as of such date, and the Administrative Agent shall administer any necessary reallocation of the Loans
(without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere in this Agreement).

 

(i)           
This Section shall supersede any provisions in Section 2.7 or Section 12.1 to the contrary.

 

    28

     

    

 

ARTICLE
3

[RESERVED].

 

ARTICLE
4

TERMINATION OF COMMITMENTS

 

4.1          
Mandatory Termination of Commitments.

 

The Total Commitment
shall terminate at the earlier to occur of (a) 5:00 p.m. (New York time) on the Closing Date and (b) the making of the Loans hereunder.

 

ARTICLE
5

PAYMENTS

 

5.1          
Prepayments.

 

The Borrower shall
have the right to prepay any Borrowing, without premium or penalty, in whole or in part at any time and from time to time. Such
prepayment of Loans shall be subject to the following conditions: (a) the Borrower shall give the Administrative Agent written
notice (or telephonic notice promptly confirmed in writing) of its intent to make such prepayment, the amount of such prepayment
and (in the case of LIBOR Loans) the specific Borrowing(s) to be prepaid, which notice shall be given by the Borrower no later
than 10:00 a.m. (New York time) three (3) Business Days prior to the date of such prepayment and shall promptly be transmitted
by the Administrative Agent to each of the Lenders; (b) each partial prepayment of Loans shall be in an amount that is a multiple
of $100,000 and in an aggregate principal amount of at least $5,000,000; provided that no partial prepayment of LIBOR Loans
made pursuant to a single Borrowing shall reduce the outstanding LIBOR Loans made pursuant to such Borrowing to an amount less
than the Minimum Borrowing Amount for LIBOR Loans; and (c) any prepayment of LIBOR Loans pursuant to this Section 5.1 on
any day other than the last day of a LIBOR Period applicable thereto shall be subject to compliance by the Borrower with the applicable
provisions of Section 2.11. Each prepayment of a Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing.

 

5.2          
Method and Place of Payment.

 

(a)            Except
as otherwise specifically provided herein, all payments to be made by the Borrower under this Agreement shall be made,
without set-off, counterclaim or deduction of any kind, to the Administrative Agent for the ratable account of all
the Lenders not later than 12:00 noon (New York time) on the date when due. Such payments shall be made in immediately
available funds at the office of the Administrative Agent from time to time notified by the Administrative Agent to the
Borrower (but initially the office set forth for the Administrative Agent in Section 12.2(a)(ii)), it being understood
that written or facsimile notice by the Borrower to the Administrative Agent to make a payment from the funds in its account
at an office of the Administrative Agent shall constitute the making of such payment to the extent of such funds held in such
account. The Administrative Agent will thereafter cause to be distributed on the same day (if payment was actually received
by the Administrative Agent prior to 2:00 p.m. (New York time) on such day, otherwise the next Business Day) like funds
relating to the payment of principal or interest or fees ratably to the Lenders entitled thereto. A payment shall be deemed
to have been made by the Administrative Agent on the date on which it is required to be made under this Agreement if the
Administrative Agent has, on or before such date, taken steps to make such payment in accordance with the regulations or
operating procedures of the clearing or settlement system used by the Administrative Agent in order to make such payment.

 

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(b)          
Any payments under this Agreement that are made later than 2:00 p.m. (New York time) shall be deemed to have been
made on the next succeeding Business Day. Whenever any payment to be made hereunder shall be stated to be due on a day that is
not a Business Day, the due date thereof shall be extended to the next succeeding Business Day and, with respect to payments of
principal, interest shall be payable during such extension at the applicable rate in effect immediately prior to such extension.

 

5.3          
Net Payments.

 

(a)           
(i) All payments made by the Borrower under this Agreement shall be made free and clear of, and without deduction
or withholding for or on account of, any current or future income or other taxes, levies, imposts, duties, charges, fees, deductions
or withholdings, now or hereafter imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding (A)
any net income taxes, franchise taxes (imposed in lieu of net income taxes) and branch profits taxes imposed on the Administrative
Agent or any Lender, (B) any such taxes attributable to the failure of the Administrative Agent or any Lender to comply with Section
5.3(c), (C) any such taxes imposed on the Administrative Agent or any Lender as a result of a current or former connection
between the Administrative Agent or such Lender and the jurisdiction of the Governmental Authority imposing such tax or any political
subdivision or taxing authority thereof or therein (other than any such connection arising solely from the Administrative Agent
or such Lender having executed, delivered or performed its obligations or received a payment under, or enforced, this Agreement)
and (D) U.S. federal withholding taxes imposed on amounts payable to or for the account of a Lender at the time such Lender becomes
a party to this Agreement (other than pursuant to an assignment request by the Borrower under Section 12.7) or designates
a new lending office, except to the extent that 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 from the Borrower with respect to such withholding tax pursuant
to this Section 5.3(a), (“Taxes”) except to the extent that such deduction or withholding is required
by any applicable law, as modified by the administrative practice of any relevant Governmental Authority then in effect.

 

(ii) Subject to Section
5.3(b), if any such Taxes are required to be withheld from any amounts payable to the Administrative Agent or any Lender hereunder,
the Borrower shall:

 

(A)        
promptly notify the Administrative Agent of such requirement;

 

(B)          promptly
pay to the relevant Governmental Authority when due the full amount required to be deducted or withheld (including the full amount
of Taxes required to be deducted or withheld from any additional amount paid by the Borrower to the Administrative Agent or such
Lender under this Section 5.3(a));

 

(C)          as
promptly as possible thereafter, forward to the Administrative Agent and such Lender an official receipt (or a certified
copy), or other documentation reasonably acceptable to the Administrative Agent and such Lender, evidencing such payment to
such Governmental Authority; and

 

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(D)        
pay to the Administrative Agent or such Lender, in addition to the payment to which the Administrative Agent or such
Lender is otherwise entitled under this Agreement, such additional amount as is necessary to ensure that the net amount actually
received by the Administrative Agent or such Lender, after deduction or withholding for any such Taxes, will equal the full amount
the Administrative Agent or such Lender would have received had no such deduction or withholding been required.

 

(iii) If the Borrower
fails to pay to the relevant Governmental Authority when due any Taxes that it was required to deduct or withhold under this Section
5.3(a) in respect of any payment to or for the benefit of the Administrative Agent or any Lender under this Agreement or fails
to furnish the Administrative Agent or such Lender, as applicable, with the documentation referred to in Section 5.3(a)(ii)(C)
when required to do so, the Borrower shall forthwith on demand fully indemnify the Administrative Agent or such Lender for any
incremental taxes, interest, costs or penalties that may become payable by the Administrative Agent or such Lender as a result
of such failure.

 

(iv) The Borrower’s
obligations under this Section 5.3(a) shall survive the termination of this Agreement and the payment of the Loans and all
other amounts payable hereunder.

 

(b)           
Notwithstanding Section 5.3(a), the Borrower shall not be required to indemnify or pay any additional amounts
in respect of withholding tax applicable to any amount payable under this Agreement pursuant to Section 5.3(a) above to
any Non-U.S. Lender, except if any such Loans were assigned, participated or transferred to such Non-U.S. Lender at the request
or with the consent of the Borrower or were assigned, participated or transferred to such Non-U.S. Lender following the occurrence
of and during the continuance of an Event of Default pursuant to Section 10.1 or 10.5. The Borrower shall not be
required to indemnify or pay any additional amounts in respect of any taxes imposed under FATCA.

 

(c)           
Any Lender that is entitled to an exemption from or reduction of Tax with respect to payments made under this Agreement
shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative
Agent, such properly completed and executed documentation reasonably requested by the Borrower 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 Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent as will enable the Borrower 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 Section 5.3(c)(i) and (c)(ii) below) shall not be required if in the Person’s reasonable judgment
such completion, execution or submission would subject such Person to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Person. Without limiting the generality of the foregoing:

 

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(i)           The
Administrative Agent and each Lender that is a “United States person,” as defined under Section 7701(a)(30) of the
Code, shall deliver to the Borrower and, as the case may be, the Administrative Agent on or prior to the date on which such Person
becomes a party under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative
Agent), executed originals of Internal Revenue Service Form W-9 certifying that such Person is exempt from U.S. federal backup
withholding tax;

 

(ii)           Each
Non-U.S. Lender shall:

 

(A)          deliver
to the Borrower and the Administrative Agent two copies of either (x) in the case of a Non-U.S. Lender claiming exemption from
U.S. federal withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”,
United States Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, (together with a certificate representing that such
Non-U.S. Lender is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of
Section 871(h)(3)(B) of the Code) of the Borrower and is not a controlled foreign corporation related to the Borrower (within the
meaning of Section 864(d)(4) of the Code)), or (y) Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or W-8ECI,
in each case properly completed and duly executed by such Non-U.S. Lender claiming complete exemption from, or reduced rate of,
U.S. Federal withholding tax on payments by the Borrower under this Agreement;

 

(B)           to
the extent such Non-U.S. Lender is not the beneficial owner, deliver executed originals of Internal Revenue Service Form W-8IMY,
accompanied by Internal Revenue Service Form W-8ECI, W-8BEN or W-8BEN-E, as applicable, W-9, a certificate described in clause
(A), and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a
partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest exemption,
such Non-U.S. Lender may provide the certificate described in clause (A) on behalf of each such direct and indirect partner;

 

Each Lender and the
Administrative Agent 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 Borrower and, as the case may be, the Administrative
Agent in writing of its legal inability to do so. Each Person that shall become a Participant pursuant to Section 12.6 or
a Lender pursuant to Section 12.6 shall, upon the effectiveness of the related transfer, be required to provide all the
forms and statements required pursuant to this Section 5.3(c); provided that in the case of a Participant such Participant
shall furnish all such required forms and statements to the Lender from which the related participation shall have been purchased.

 

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(d)           If
the Borrower determines in good faith that a reasonable basis exists for contesting any Taxes for which indemnification has
been demanded hereunder, the relevant Lender or the Administrative Agent, as applicable, shall cooperate with the Borrower in
challenging such Taxes at the Borrower’s expense if so requested by the Borrower. If any Lender or the Administrative
Agent, as applicable, receives a refund of, or credit for, a Tax for which a payment has been made by the Borrower pursuant
to this Agreement, which refund or credit in the good faith judgment of such Lender or the Administrative Agent, as the case
may be, is attributable to such payment made by the Borrower, then the Lender or the Administrative Agent, as the case may
be, shall reimburse the Borrower for such amount as the Lender or the Administrative Agent, as the case may be, determines to
be the proportion of the refund or credit as will leave it, after such reimbursement, in no better or worse position than it
would have been in if the payment had not been required. A Lender or Administrative Agent shall claim any refund or credit
that it determines is available to it, unless it concludes in its reasonable discretion that it would be adversely affected
by making such a claim. Neither such Lender nor the Administrative Agent shall be obliged to disclose any information
regarding its tax affairs or computations to the Borrower in connection with this paragraph (d) or any other provision of
this Section 5.3.

 

(e)           
Each Lender shall severally indemnify the Administrative Agent for any taxes (but, in the case of any Taxes or Other
Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Taxes or Other Taxes
and without limiting the obligation of the Borrower to do so) attributable to such Lender that are paid or payable by the Administrative
Agent in connection with this Agreement and any 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 Section
5.3(e) shall be paid within ten (10) 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.

 

(f)            
If a payment made to a Lender under this Agreement or any related 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 Borrower and the Administrative
Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower 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 Borrower or the Administrative Agent as may be necessary for the Borrower
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 (f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

 

(g)           
Each party’s obligations under this Section 5.3 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 this Agreement or any related loan document.

 

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5.4         
Computations of Interest and Fees.

 

(a)           All
interest and fees hereunder shall be computed on the basis of a year of 360 days, except that interest computed by reference
to the ABR at times when the ABR is based on the prime rate of the Administrative Agent 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 ABR or LIBO Rate shall be determined by the
Administrative Agent, and such determination shall be conclusive absent manifest error.

 

(b)          
All interest payments to be made under this Agreement shall be paid without allowance or deduction for deemed re-investment
or otherwise, both before and after maturity and before and after default and/or judgment, if any, until payment of the amount
on which such interest is accruing, and interest will accrue on overdue interest, if any.

 

(c)          
The amount of costs and expenses required to be paid or reimbursed by the Borrower pursuant to Section 12.5
or any other provision of this Agreement shall bear interest until paid, as well after as before demand, default, maturity and
judgment, at the highest rate provided for in Section 2.8(c).

 

(d)          
If interest is not paid on the indebtedness of the Borrower to the Lenders hereunder, or any part thereof, as and
when interest is due and payable hereunder, unpaid interest shall bear interest until paid, as well after as before demand, default,
maturity and judgment, at the rates provided for in Section 2.8(c).

 

ARTICLE
6

CONDITIONS PRECEDENT

 

6.1         
Conditions Precedent to Initial Effectiveness.

 

The obligation of each
Lender to make the Loans to be made by it on the Closing Date shall become effective on the date on which each of the following
conditions are satisfied:

 

(a)          
Credit Agreement. The Administrative Agent shall have received this Agreement, executed and delivered by a duly
Authorized Officer of each of the parties hereto.

 

(b)          
Closing Date Certificate. The Administrative Agent shall have received a certificate of the Borrower, dated
the Closing Date, substantially in the form of Exhibit D, with appropriate insertions, executed by the President or any
Vice President and the Secretary or any Assistant Secretary of the sole manager of the Borrower (the “Closing Date Certificate”).

 

(c)           
Proceedings of the Borrower. The Administrative Agent shall have received a copy of the resolutions, in form
and substance satisfactory to the Administrative Agent, of the sole manager of the Borrower authorizing (a) the execution, delivery
and performance of this Agreement (and any agreements relating thereto) and (b) the extensions of credit contemplated hereunder.

 

    34

     

    

 

(d)            Organic
Documents. The Administrative Agent shall have received (i) true and complete copies of the articles of organization and
operating agreement of the Borrower, (ii) a certificate of good standing with respect to the Borrower issued by its
jurisdiction of organization and (iii) to the extent reasonably requested in writing by any of the Lenders, 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, at least two (2) Business Days prior to the
Closing Date.

 

(e)           
Fees and Reimbursement of Expenses. The Administrative Agent, the Arranger and the Lenders shall have received
all fees and other amounts due and payable on or prior to the Closing Date.

 

(f)            
Legal Opinions. The Administrative Agent shall have received in form and substance reasonably satisfactory to it
the executed legal opinions of (i) counsel to the Borrower with respect to the execution and delivery of this Agreement by the
Borrower, the validity, binding effect, legality and enforceability of this Agreement, compliance with certain applicable law
and such other matters as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative
Agent and (ii) special Michigan counsel to the Borrower with respect to the status and capacity of the Borrower, the due authorization
of this Agreement, compliance with the Organic Documents of the Borrower and with certain applicable law and such other matters
as the Administrative Agent may reasonably request in form and substance satisfactory to the Administrative Agent.

 

(g)           
Governmental Approvals. The Administrative Agent shall have received evidence that all governmental approvals
necessary in connection with the transactions contemplated hereby (including, without limitation, approval from the United States
of America Federal Energy Regulatory Commission of the application pursuant to section 204 of the Federal Power Act) shall have
been obtained and are in full force and effect.

 

(h)           
Financial Statements. The Lenders shall have received (i) satisfactory audited consolidated financial statements
of the Borrower for the fiscal years ended December 31, 2017 and December 31, 2018 and (ii) satisfactory unaudited interim consolidated
financial statements of the Borrower for the fiscal quarter ending September 30, 2019.

 

(i)             
No Default; Representations and Warranties True and Correct. On the Closing Date and also after giving effect to
the Borrowing to be made on the Closing Date (i) there shall exist no Default or Event of Default and (ii) all representations
and warranties made by the Borrower contained herein shall be true and correct in all material respects with the same effect as
though such representations and warranties had been made on and as of the Closing Date (except where such representations and
warranties expressly relate to an earlier date, in which case such representations and warranties shall have been true and correct
in all material respects as of such earlier date).

 

(j)             
Notice of Borrowing. The Administrative Agent shall have received the Notice of Borrowing (in writing or by
email) meeting the requirements of Section 2.3.

 

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(k)           
KYC. To the extent requested by the Administrative Agent or any of the Lenders no later than 10 days prior
to the Closing Date, 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.

 

The acceptance of the
proceeds of the Loans shall constitute a representation and warranty by the Borrower to each of the Lenders that all the applicable
conditions specified above are satisfied as of the Closing Date.

 

ARTICLE
7

REPRESENTATIONS AND WARRANTIES

 

In order to induce
the Lenders to enter into this Agreement and to make the Loans as provided for herein, the Borrower (as to itself and each of its
Subsidiaries) makes the following representations and warranties to, and agreements with, the Lenders, all of which shall survive
the execution and delivery of this Agreement and the making of the Loans.

 

7.1          
Organizational Status.

 

The Borrower is validly
organized and existing and in good standing under the laws of the state or jurisdiction of its organization, is duly qualified
to do business and is in good standing as a foreign entity in each jurisdiction where the nature of its business requires such
qualification (except where the failure to be so qualified would not reasonably be expected to result in a Material Adverse Effect),
and has full power and authority and holds all requisite governmental licenses, permits and other approvals to enter into and perform
its obligations under this Agreement, to own and hold under lease its property and to conduct its business substantially as currently
conducted by it.

 

7.2          
Capacity, Power and Authority.

 

The Borrower has the
capacity, power and authority to execute, deliver and carry out the terms and provisions of this Agreement and has taken all necessary
action, partnership, corporate or otherwise, to authorize the execution, delivery and performance of this Agreement. The Borrower
has duly executed and delivered this Agreement and this Agreement constitutes the legal, valid and binding obligation of the Borrower
enforceable in accordance with its terms, except as the enforceability thereof may be limited by bankruptcy, insolvency or similar
laws affecting creditors’ rights generally and subject to general principles of equity.

 

7.3          
No Violation.

 

Neither the
execution, delivery nor performance by the Borrower of this Agreement nor compliance with the terms and provisions thereof
and the other transactions contemplated therein will (a) contravene any applicable provision of any material law, statute,
rule, regulation, order, writ, injunction or decree of any court or Governmental Authority, (b) result in any breach of any
of the terms, covenants, conditions or provisions of, or constitute a default under, or result in the creation or imposition
of (or the obligation to create or impose) any Lien upon any of the property or assets of the Borrower or any of its
Subsidiaries pursuant to, the terms of any material indenture, loan agreement, lease agreement, mortgage, deed of trust,
agreement or other material instrument to which the Borrower or any of its Subsidiaries is a party or by which it or any of
its property or assets is bound or (c) violate any provision of the Borrower’s Organic Documents.

 

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7.4          
Litigation.

 

Except as set forth
on Schedule II, there are no actions, suits or proceedings pending or, to the knowledge of the Borrower or any of its Subsidiaries
(after due internal inquiry), threatened with respect to the Business, the Borrower or any of its Subsidiaries that would reasonably
be expected to result in a Material Adverse Effect.

 

7.5          
Governmental Approvals.

 

No order, consent,
approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, or notice to, any
Governmental Authority (other than those that have been, or on the Closing Date will be, obtained and are in full force and effect)
is required to authorize or is required in connection with (a) the execution, delivery and performance of this Agreement or (b)
the legality, validity, binding effect or enforceability of this Agreement.

 

7.6          
True and Complete Disclosure.

 

To the knowledge of
the Borrower, after due inquiry, all written factual information and data (taken as a whole) heretofore or contemporaneously furnished
(other than any projections and pro forma financial information and information of a general industry nature), by or on behalf
of the Borrower or any of its Subsidiaries or any of their respective authorized consultants, agents or representatives in writing
to the Administrative Agent and/or any Lender on or before the Closing Date (including all information contained in this Agreement)
for purposes of or in connection with this Agreement or any transaction contemplated herein was true and complete in all material
respects on the date as of which such information or data is dated or certified and did not contain any untrue statement of a material
fact or omit to state a material fact necessary in order to make the statements contained therein, taken as a whole, not materially
misleading at such time in light of the circumstances under which such statements were made.

 

7.7          
Financial Condition; Financial Statements.

 

The Borrower has
heretofore furnished to the Lenders (i) the financial statements with respect to the Borrower and its Subsidiaries for the
fiscal year ended December 31, 2018 and (ii) unaudited interim consolidated financial statements of the Borrower for the
fiscal quarter ending September 30, 2019. The financial statements referred to in the immediately preceding sentence present
fairly in all material respects the consolidated financial position of the Borrower and its Subsidiaries at the respective
dates of said statements and the results of operations for the respective periods covered thereby, subject, in the case of
quarterly financial statements, to changes resulting from audit and normal year-end adjustments and other adjustments
(consisting of normal recurring adjustments) necessary for a fair statement of the results for the interim period. All such
financial statements have been prepared in accordance with GAAP consistently applied, except to the extent provided in the
notes to said financial statements. All balance sheets, all statements of income and of cash flow and all other financial
information of each of the Borrower and its Subsidiaries furnished pursuant to Section 8.1 have been and will for
periods following the Closing Date be prepared in accordance with GAAP consistently applied, and do or will present fairly
the consolidated financial condition of the Persons covered thereby as at the dates thereof and the results of their
operations for the periods covered thereby, subject, in the case of quarterly financial statements to changes resulting from
audit and normal year-end adjustments and other adjustments (consisting of normal recurring adjustments) necessary for a fair
statement of the results for the interim period.

 

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7.8         
Tax Returns and Payments.

 

Each of the Borrower
and each of its Subsidiaries has filed all federal income tax and all other material tax returns, domestic and foreign, required
to be filed by it and except as would not reasonably be expected to have a Material Adverse Effect, has paid all taxes and assessments
payable by it that have become due, other than those not yet delinquent or contested in good faith and, except as would not reasonably
be expected to have a Material Adverse Effect, the Borrower and each of its Subsidiaries have paid, or have provided adequate reserves
(in the good faith judgment of the management of the Borrower) in accordance with GAAP for the payment of, all income taxes applicable
for all prior fiscal years and for the current fiscal year to the Closing Date.

 

7.9         
Environmental Matters.

 

Except as set forth in Schedule III:

 

(a)           
Other than instances of noncompliance that would not reasonably be expected to have a Material Adverse Effect: (i) the
Borrower and each of its Subsidiaries are in compliance with all Environmental Laws in all jurisdictions in which the Borrower
and each of its Subsidiaries are currently doing business (including having obtained all material permits required under Environmental
Laws) and (ii) the Borrower will comply and cause each of its Subsidiaries to comply with all such Environmental Laws (including
all permits required under Environmental Laws); and

 

(b)          
Neither the Borrower nor any of its Subsidiaries has treated, stored, transported or disposed of Hazardous Materials at
or from any currently or formerly owned Real Estate or facility relating to its business in a manner that would reasonably be
expected to have a Material Adverse Effect.

 

7.10        
Properties.

 

The Borrower and each
of its Subsidiaries has good title to or a leasehold or easement interest in all of its properties that are necessary for the operation
of its respective business as currently conducted and as proposed to be conducted, free and clear in each case of all Liens (other
than any Liens permitted by this Agreement) except where the failure to have such good title would not reasonably be expected to
have a Material Adverse Effect.

 

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7.11       
Pension and Welfare Plans.

 

During the
twelve-consecutive-month period prior to the Closing Date and prior to the date of any Credit Event hereunder, except as
would not reasonably be expected to have a Material Adverse Effect, (a) no steps have been taken to terminate any Pension
Plan, (b) no contribution failure has occurred with respect to any Pension Plan sufficient to give rise to a Lien under
Section 303(k) of ERISA, (c) no condition exists or event or transaction has occurred with respect to any Pension Plan which
might result in the incurrence by the Borrower or any member of the Controlled Group of any liability (other than any
liability that relates to the accrual of benefits), fine or penalty and (d) except as disclosed in Schedule IV,
neither the Borrower nor any member of the Controlled Group has any contingent liability with respect to any post-retirement
benefit under a Welfare Plan, other than liability for continuation coverage described in Part 6 of Title I of ERISA.

 

7.12       
Regulations U and X.

 

Neither the making
of any Loan hereunder nor the use of the proceeds thereof will violate the provisions of F.R.S. Board Regulation U or Regulation
X.

 

7.13       
Investment Company Act.

 

Neither the Borrower
nor any of its Subsidiaries is an “investment company” within the meaning of the Investment Company Act of 1940, as
amended.

 

7.14       
Sanctions Laws and Regulations.

 

(a)           
The Borrower has implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower,
its Subsidiaries and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions. The
Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective officers, employees and directors, are in compliance
with (i) Anti-Corruption Laws, except where the failure to do so would not reasonably be expected to result in a Material Adverse
Effect, and (ii) applicable Sanctions in all material respects.

 

(b)           
None of (i) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective
directors, officers or employees, or (ii) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will
act in any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person.

 

(c)           
No Borrowing has been or is intended to be used (i) for the purpose of violating any Anti-Corruption Laws or (ii) in violation
of any Sanctions.

 

7.15        
No Material Adverse Change.

 

There has been no material
adverse change in the business, assets, operations, property or financial condition of the Borrower and its Subsidiaries taken
as a whole since December 31, 2018.

 

7.16        
EEA Financial Institutions.

 

The Borrower is not
an EEA Financial Institution.

  

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7.17        Deemed Repetition of Representations and Warranties 

 

The representations
and warranties set out in Sections 7.1, 7.2, 7.3 and 7.5 to 7.14 and 7.16 inclusive (and solely in
the case of the initial Credit Event, Sections 7.4 and 7.15) will be deemed to be repeated by the Borrower as of
the date of each request for a new Credit Event, by the Borrower (but not the conversion or continuation of a Borrowing) and as
of the date on which a Successor Borrower assumes all of the obligations of the Borrower under this Agreement pursuant to Section
9.2(a) (but after giving effect to such assumption), except to the extent that on or prior to such date (a) the Borrower has
advised the Administrative Agent in writing of a variation in any such representation or warranty, and (b) the Required Lenders
have approved such variation, and except where such representations and warranties expressly relate to an earlier date, in which
case such representations and warranties shall have been true and correct in all material respects as of such earlier date.

 

ARTICLE
8

AFFIRMATIVE COVENANTS

 

The Borrower (on its
own behalf and on behalf of each of its Subsidiaries) hereby covenants and agrees that on the Closing Date and thereafter, for
so long as this Agreement is in effect and until the Maturity Date:

 

8.1          Information Covenants.

 

The Borrower will furnish
to each Lender and the Administrative Agent:

 

(a)           Annual
Financial Statements. As soon as available and in any event on or before the date that is 90 days after the end of each fiscal
year of the Borrower, commencing with the fiscal year ending December 31, 2019, the consolidated balance sheet of the Borrower
and its Subsidiaries as at the end of such fiscal year and the related consolidated statement of operations and cash flows for
such fiscal year prepared in accordance with GAAP consistently applied, setting forth comparative consolidated figures for the
preceding fiscal year, and audited by an independent auditing firm of recognized national standing whose opinion shall not be
qualified as to the scope of audit or as to the status of the Borrower or any of its Subsidiaries as a going concern, together
in any event with a no-default letter from such auditing firm stating that in the course of its regular audit of the business
of the Borrower and its Subsidiaries, which audit was conducted in accordance with generally accepted auditing standards, as established
by the Auditing Standards Board (United States) and with auditing standards of the Public Company Accounting Oversight Board (United
States), such auditing firm has obtained no knowledge of any Default or Event of Default relating to Section 9.3 that has
occurred and is continuing or, if in the opinion of such auditing firm such a Default or Event of Default has occurred and is
continuing, a statement as to the nature thereof.

 

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(b)           Quarterly
Financial Statements. As soon as available and in any event on or before the date that is 45 days after the end of each of
the first three fiscal quarters in each fiscal year of the Borrower, commencing with the fiscal quarter ending March 31, 2020,
the consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter and the related consolidated
statement of operations for such fiscal quarter and for the elapsed portion of the fiscal year ended with the last day of such
fiscal quarter, and the related consolidated statement of cash flows and for the elapsed portion of the fiscal year ended with
the last day of such fiscal quarter, and setting forth comparative consolidated figures for the related periods in the prior fiscal
year or, in the case of such consolidated balance sheet, for the last day of the prior fiscal year, and prepared in accordance
with GAAP consistently applied, all of which shall be certified by an Authorized Officer of the sole manager of the Borrower,
subject to changes resulting from audit and normal year-end adjustments and other adjustments (consisting of normal recurring
adjustments) necessary for a fair statement of the results for the interim period.

 

(c)           Officer’s Certificates. At the time of the delivery of the financial statements provided for in Sections
8.1(a) and (b), a certificate of an Authorized Officer of the sole manager of the Borrower in substantially the form
of Exhibit E (a “Compliance Certificate”) to the effect that no Default or Event of Default exists or,
if any Default or Event of Default does exist, specifying the nature and extent thereof, which certificate shall be in form and
detail satisfactory to the Administrative Agent, acting reasonably, and setting forth the calculations required to establish whether
the Borrower was in compliance with the provisions of Section 9.3 as at the end of such fiscal year or period, as the case
may be.

 

(d)           Notice
of Default or Litigation. Promptly after an Authorized Officer of the sole manager of the Borrower or any of its Subsidiaries
obtains knowledge thereof, notice of (i) the occurrence of any event that constitutes a Default or Event of Default, which notice
shall specify the nature thereof, the period of existence thereof and what action the Borrower proposes to take with respect thereto
and (ii) any litigation or governmental proceeding pending or threatened against the Borrower or any of its Subsidiaries that
would reasonably be expected to result in a Material Adverse Effect.

 

(e)           Environmental
Matters. Promptly after an Authorized Officer of the sole manager of the Borrower or any of its Subsidiaries obtains knowledge
or notice of any one or more of the following environmental matters, unless such environmental matters would not, individually
or when aggregated with all other such matters, be reasonably expected to result in a Material Adverse Effect, notice of:

 

(i)         Any
pending or threatened Environmental Claim against the Borrower or any of its Subsidiaries or any Real Estate (as defined below);

 

(ii)        Any
condition or occurrence that (x) results in non-compliance by the Borrower or any of its Subsidiaries with any applicable Environmental
Law or (y) would reasonably be anticipated to form the basis of an Environmental Claim against the Borrower or any of its Subsidiaries
or any Real Estate;

 

(iii)       Any
condition or occurrence on any Real Estate that would reasonably be anticipated to cause such Real Estate to be subject to any
restrictions on the ownership, occupancy, use or transferability of such Real Estate under any Environmental Law; and

 

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(iv)      The
taking of any removal or remedial action in response to the actual or alleged presence of any Hazardous Material on any Real Estate.

 

All such
notices shall describe in reasonable detail the nature of the claim, investigation, condition, occurrence or removal or remedial
action and the Borrower’s response thereto. The term “Real Estate” shall mean land, buildings and improvements
owned or leased by the Borrower or any of its Subsidiaries, but excluding all operating fixtures and equipment, whether or not
incorporated into improvements.

 

(f)            Pension
Plans. Promptly after an Authorized Officer of the sole manager of the Borrower or any of its Subsidiaries obtains knowledge
thereof where the liability, individually or in the aggregate, would reasonably be expected to result in a Material Adverse Effect,
notice of and copies of all documentation relating to (i) the institution of any steps by any Person to terminate any Pension
Plan, (ii) the failure to make a required contribution to any Pension Plan if such failure is sufficient to give rise to a Lien
under Section 303(k) of ERISA, (iii) the taking of any action with respect to a Pension Plan which could result in the requirement
that the Borrower or any of its Subsidiaries furnish a bond or other security to such Pension Plan, or (iv) the occurrence of
any event with respect to any Pension Plan which could result in the incurrence by the Borrower or any of its Subsidiaries of
any material liability, fine or penalty.

 

(g)           Other
Information. Promptly upon filing thereof, copies of any filings or registration statements with, and reports to, any Governmental
Authority in any relevant jurisdiction by the Borrower or any of its Subsidiaries pursuant to applicable securities laws (other
than amendments to any registration statement (to the extent such registration statement, in the form it becomes effective, is
delivered to the Lenders), exhibits to any registration statement) and copies of all financial statements, proxy statements, notices
and reports that the Borrower or any of its Subsidiaries shall send to the holders of any publicly issued securities of the Borrower
and/or any of its Subsidiaries in their capacity as such holders (in each case to the extent not theretofore delivered to the
Lenders pursuant to this Agreement or filed with the Securities and Exchange Commission and publicly available on either EDGAR
or ITC Holdings website at http://investor.itc-holdings.com/sec.cfm; provided that if requested by any Lender, the Borrower
shall promptly deliver a copy of such filing to such requesting Lender) and, with reasonable promptness, such other information
(financial or otherwise) as the Administrative Agent on its own behalf or on behalf of any Lender may reasonably request in writing
from time to time (including promptly upon the reasonable request of the Administrative Agent or any Lender, providing to the
Administrative Agent or directly to such Lender, as the case may be, any information or documentation reasonably requested by
it for purposes of complying with the Beneficial Ownership Regulation).

 

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8.2          Books,
Record and Inspections.

 

The Borrower will,
and will cause each of its Subsidiaries, upon reasonably prior notice to the Borrower but not more than once in any fiscal year
of the Borrower unless an Event of Default is continuing, to, (i) permit officers and designated representatives of the Administrative
Agent or the Required Lenders to visit and inspect any of the properties or assets of the Borrower and its Subsidiaries in whomever’s
possession to the extent that it is within the Borrower’s or its Subsidiaries’ control to permit such inspection,
and to examine the books of account of the Borrower and any such Subsidiaries and discuss the affairs, finances and accounts of
the Borrower and of any such Subsidiaries with, and be advised as to the same by, its and their officers and independent accountants,
and (ii) permit officers and designated representatives of Lenders to view copies of contracts of the Borrower and its Subsidiaries
(subject to reasonable confidentiality arrangements established by the Borrower), all at such reasonable times during normal business
hours and intervals and to such reasonable extent as the Administrative Agent, the Required Lenders or the Lenders, as the case
may be, may desire.

 

8.3          Maintenance of Insurance.

 

The Borrower will,
and will cause each of its Subsidiaries to, at all times maintain in full force and effect, with insurance companies that the Borrower
believes (in the good faith judgment of the management of the Borrower) are financially sound and responsible at the time the relevant
coverage is placed or renewed, insurance in at least such amounts and against at least such risks (and with such risk retentions)
as are usually insured against in the same general area by companies engaged in the same or a similar business.

 

8.4          Payment of Taxes.

 

In each case except
to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect, the Borrower will pay
and discharge, and will cause each of its Subsidiaries to pay and discharge, all taxes, assessments and governmental charges or
levies imposed upon it or upon its capital, income or profits, or upon any properties belonging to it, prior to the date on which
material penalties attach thereto, and all lawful tax or similar claims; provided that neither the Borrower nor any of its Subsidiaries
shall be required to pay any such tax, assessment, charge, levy or claim that is being contested in good faith and by proper proceedings
if it has maintained adequate reserves (in the good faith judgment of the management of the Borrower) with respect thereto in accordance
with GAAP.

 

8.5          Organizational Existence.

 

The Borrower will do,
and will cause each of its Subsidiaries to do, or cause to be done, all things necessary to preserve and keep in full force and
effect its existence and its corporate or other organizational rights and authority, except to the extent that the failure to do
so would not reasonably be expected to have a Material Adverse Effect; provided that, in any case, (a) the Borrower and its Subsidiaries
may consummate any transaction permitted under Section 9.2, (b) any Subsidiary of the Borrower may merge with and into any
other Subsidiary of the Borrower and (c) except to the extent as would reasonably be expected to have a Material Adverse Effect,
any Subsidiary of the Borrower may enter into any merger or consolidation for the purpose of changing its organizational form from
a corporation to a limited liability company or from a limited liability company to a corporation.

 

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8.6          Compliance with Statutes, Obligations, etc.

 

The Borrower will,
and will cause each of its Subsidiaries to, comply with all applicable laws, rules, regulations and orders (including Environmental
Laws and Anti-Corruption Laws) to which it may be subject, except to the
extent the failure to do so would not reasonably be expected to have a Material Adverse Effect. The Borrower will maintain in effect
and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors,
officers and employees with Anti-Corruption Laws and applicable Sanctions.

 

8.7          Good Repair.

 

The Borrower will,
and will cause each of its Subsidiaries to, ensure that its properties and equipment used or useful in its business in whomever’s
possession they may be to the extent that it is within the Borrower’s or its Subsidiaries’ control to cause the same,
are kept in good repair, working order and condition, normal wear and tear excepted, and that from time to time there are made
in such properties and equipment all needful and proper repairs, renewals, replacements, extensions, additions, betterments and
improvements thereto, to the extent and in the manner customary for companies in similar businesses and consistent with third party
leases, except in each case to the extent the failure to do so would not be reasonably expected to have a Material Adverse Effect.

 

8.8          [Reserved].

 

8.9          End of Fiscal Years; Fiscal Quarters.

 

The Borrower will,
for financial reporting purposes, cause (a) each of its, and each of its Subsidiaries’, fiscal years to be comprised of twelve
calendar months ending on December 31 of each year and (b) each of its, and each of its Subsidiaries’, fiscal quarters to
end on dates consistent with such fiscal year-end; provided that the Borrower may, upon written notice to the Administrative Agent,
change the financial reporting convention specified above to any other financial reporting convention reasonably acceptable to
the Administrative Agent, in which case the Borrower and the Administrative Agent will, and are hereby authorized by the Lenders
to, make any adjustments to this Agreement that are necessary in order to reflect such change in financial reporting.

 

8.10        Use of Proceeds/Anti-Corruption Laws/Sanctions.

 

The Borrower will use
the proceeds of all the Loans only for the purposes set forth in Section 2.1(c). The Borrower will not request any Borrowing,
and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers and employees
shall not use, the proceeds of any Borrowing (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) in any manner that
would result in the violation of any Sanctions, 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 Sanctions applicable to any party hereto.

 

8.11        Changes in Business.

 

From the Closing Date,
the Borrower and its Subsidiaries taken as a whole will not fundamentally and substantively alter the character of their business
taken as a whole from the business conducted by the Borrower and
its Subsidiaries taken as a whole on the Closing Date and other business activities incidental or related to any of the foregoing
(the “Business”).

 

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ARTICLE
9

NEGATIVE COVENANTS

 

The Borrower (on its
own behalf and on behalf of each of its Subsidiaries) hereby covenants and agrees that on the Closing Date and thereafter until
the Maturity Date:

 

9.1          Limitation on Liens.

 

The Borrower will not,
and will not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any property or assets of
any kind (real or personal, tangible or intangible) of the Borrower or any of its Subsidiaries, whether now owned or hereafter
acquired, except:

 

(a)           Permitted Liens;

 

(b)           Liens
securing indebtedness incurred within 180 days of the acquisition, construction or improvement of fixed or capital assets to finance
the acquisition, construction or improvement of such fixed or capital assets;

 

(c)           Liens existing on the Closing Date and as set out on Schedule V;

 

(d)           Liens existing on the assets or Capital Stock of any Person that becomes a Subsidiary, or existing on assets acquired;
provided that such Liens attach at all times only to the same assets that such Liens attached to and secure only the same Indebtedness
that such Liens secured, immediately prior to such acquisition;

 

(e)           Liens
in favor of the Borrower or any Subsidiary;

 

(f)            Liens placed upon the Capital Stock or assets of any Subsidiary acquired to secure Indebtedness of the Borrower or
any Subsidiary incurred in connection with such acquisition and (ii) Liens placed upon the assets of such Subsidiary acquired pursuant
to an acquisition to secure a guarantee by such Subsidiary of any such Indebtedness of the Borrower or any Subsidiary;

 

(g)           Liens (i) on assets of the Borrower (of the same type as constitute collateral under the METC First Mortgage Indenture
on the date hereof) to secure Indebtedness of the Borrower under the METC First Mortgage Indenture, including, without limitation,
any notes issued thereunder, and (ii) on assets of any other Subsidiary (of the same type that constitute collateral under the
METC First Mortgage Indenture on the date hereof) to secure Indebtedness of any Subsidiary under any similar mortgage bond indenture,
including, without limitation, any notes issued thereunder;

 

    45

     

    

 

(h)           any
Lien securing Indebtedness for the payment, prepayment or redemption of which there shall have been irrevocably deposited in trust
with the trustee or other holder of such Lien moneys and/or investment securities which (together with the interest reasonably
expected to be earned from the investment and reinvestment in investment securities of the moneys and/or the principal of and
interest on the investment securities so deposited) shall be sufficient for such purpose; provided, however, that if such Indebtedness
is to be redeemed or otherwise prepaid prior to the stated maturity thereof, any notice requisite to such redemption or prepayment
shall have been given in accordance with the instrument creating such Lien or irrevocable instructions to give such notice shall
have been given to such trustee or other holder;

 

(i)            Liens in favor of the United States of America or any State thereof, or any department, agency or instrumentality
or political subdivision of the United States of America or any State thereof or political entity affiliated therewith, to secure
partial, progress, advance or other payments, or other obligations, pursuant to any contract or statute to secure any Indebtedness
incurred for the purpose of financing all or any part of the cost of acquiring, constructing or improving property subject to such
Liens (including Liens incurred in connection with pollution control, industrial revenue or similar financings);

 

(j)            Liens on any property created, assumed or otherwise brought into existence in contemplation of the sale or other
disposition of the underlying property, whether directly or indirectly, by way of share disposition or otherwise; provided that
180 days from the creation of such Liens the Borrower or the relevant Subsidiary shall have disposed of such property and any Indebtedness
secured by such Liens shall be without recourse to the Borrower or any Subsidiary;

 

(k)           rights of other Persons to take minerals, timber, gas, water or other products produced by the Borrower or by other
Persons on the property of the Borrower;

 

(l)            Liens created by or resulting from any litigation or other proceeding which is being contested in good faith by appropriate
proceedings, including Liens arising out of judgments or awards against the Borrower or any Subsidiary with respect to which the
Borrower or such Subsidiary is in good faith prosecuting an appeal or proceedings for review; or Liens that the Borrower or any
Subsidiary incurs for the purpose of obtaining a stay or discharge in the course of any litigation or other proceeding to which
the Borrower or such Subsidiary is a party;

 

(m)          Liens which have been bonded for the full amount in dispute;

 

(n)           the
replacement, extension or renewal of any Lien permitted by clauses (b), (c), (d) or (f) above upon or in the same assets theretofore
subject to such Lien or the replacement, extension or renewal (without increase in the amount or change in any direct or contingent
obligor except to the extent otherwise permitted hereunder) of the Indebtedness secured thereby;

 

(o)           additional
Liens so long as the aggregate outstanding principal amount of the obligations so secured (including the imputed principal amount
of any Capitalized Lease Obligations) for the Borrower and its Subsidiaries does not exceed $50,000,000 in the aggregate; and

 

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(p)           Liens
securing Non-Recourse Indebtedness on assets of the relevant Non-Recourse Holding Subsidiary, Non-Recourse Subsidiary or any Related
Subsidiary.

 

9.2          Limitation on Fundamental Changes.

 

The Borrower will not
enter into any merger or consolidation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or
convey, sell, lease, assign, transfer or otherwise dispose of, all or substantially all its business units, assets or other properties,
except that:

 

(a)           any
Subsidiary of the Borrower or any other Person may be merged or consolidated (including by way of liquidation or winding up) with
or into the Borrower; provided that (i) either (x) the Borrower shall be the continuing or surviving entity or (y) the debt rating
of the Person (if other than the Borrower) who is the continuing or surviving entity (the Borrower or Person, as the case may
be, being herein referred to as the “Successor Borrower”) shall after giving effect to such merger or consolidation
be BBB- or higher from S&P or Baa3 or higher from Moody’s (provided that in no event shall such Successor Borrower have
a debt rating of BB or lower from S&P or Ba2 or lower from Moody’s), as determined pursuant to the definition of “Applicable
Margin”, (ii) the Successor Borrower shall be an entity organized or existing under the laws of the United States or any
State thereof, (iii) the Successor Borrower shall expressly assume all the obligations of the Borrower under this Agreement pursuant
to a supplement hereto in form and substance reasonably satisfactory to the Administrative Agent, (iv) no Default or Event of
Default is then existing and no Default or Event of Default would result from the consummation of such merger or consolidation,
(v) the Borrower shall be in compliance, on a pro forma basis after giving effect to such merger or consolidation, with the covenant
set forth in Section 9.3 as such covenant is recomputed as at the last day of the most recently ended fiscal quarter under
each such Section as if such merger or consolidation had occurred on the last day of such fiscal quarter, and (vi) the Borrower
shall have delivered to the Administrative Agent an officer’s certificate, in form and substance reasonably satisfactory
to the Administrative Agent, certifying the compliance referred to in clause (v) above and stating that such merger or consolidation
and such supplement to this Agreement comply with this Agreement and a legal opinion (in form and substance reasonably satisfactory
to the Administrative Agent) with respect to this Agreement to be delivered, if any, pursuant to clause (iii) above; provided,
further, that if the foregoing are satisfied, such Successor Borrower (if other than the Borrower) will succeed to, and be
substituted for, the Borrower under this Agreement; and

 

(b)           the Borrower may enter into any merger or consolidation for the purpose of changing its organizational form from
a corporation to a limited liability company or from a limited liability company to a corporation; provided that such change has
no adverse affect on the rights of the Finance Parties.

 

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9.3          Debt to Capitalization Ratio.

 

The Borrower will
not permit the Debt to Capitalization Ratio of the Borrower to be greater than 65% as of the last day of each fiscal quarter;
provided that, if at any time after the date hereof, the provisions of Section 9.3 (including the financial covenant definitions
used therein) of the Revolving Credit Agreement (or the corresponding provisions in any amended, replacement or refinancing facility
referred to below) shall be amended, such provisions of such amendment shall apply, mutatis mutandis, to the corresponding
provisions of this Section 9.3, which shall automatically be deemed to be amended to give effect thereto upon the effectiveness
of such amendment, replacement or refinancing with no further action required by the parties hereto.

 

ARTICLE
10

EVENTS OF DEFAULT

 

Each of the following
specified events or occurrences described in Sections 10.1 through 10.8 below shall constitute an “Event
of Default”:

 

10.1        Payments.

 

The Borrower shall
(a) default in the payment when due of any principal of the Loans or (b) default, and such default shall continue for five (5)
or more days, in the payment when due of any interest on the Loans or any Fees or other amounts owing hereunder.

 

10.2        Representations, etc.

 

Any representation,
warranty or statement made or deemed made by the Borrower herein or any certificate delivered or required to be delivered pursuant
hereto shall prove to be untrue in any material respect on the date as of which made or deemed made.

 

10.3        Covenants.

 

The Borrower shall
(i) default in the due performance or observance by it of any term, covenant or agreement contained in Section 8.1(d), Section
8.5 (solely with respect to the Borrower), Section 8.10 or Article 9, or (ii) default in the due performance
or observance by it of any term, covenant or agreement (other than those referred to in Section 10.1 or 10.2 or clause
(i) of this Section 10.3) contained in this Agreement and such default shall continue unremedied for a period of at least
30 days after the receipt of written notice by the Borrower from the Administrative Agent or the Required Lenders.

 

10.4        Default Under Other Agreements.

 

(a)           The
Borrower or any of its Subsidiaries shall (i) default in any payment with respect to any Indebtedness, in excess of $50,000,000
(or, if at any time after the date hereof, clause (a)(i) of Section 10.4 of the Revolving Credit Agreement (or the corresponding
provision in any amended, replacement or refinancing facility referred to below) shall be amended to change the Dollar amount
set forth therein, such Dollar amount set forth in such clause (a)(i), as so amended, which shall automatically be deemed to be
amended to give effect thereto upon the effectiveness of such amendment, replacement or refinancing with no further action required
by the parties hereto) in the aggregate, beyond the period of grace, if any, provided in the instrument or agreement under which
such Indebtedness was created or (ii) default in the observance or performance of any agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto beyond the period of grace,
if any, provided in the instrument or agreement under which such Indebtedness was created, or any other event shall occur or condition
exist, the effect of which default or other event or condition is to cause, or to permit the holder or holders of such Indebtedness
(or a trustee or agent on behalf of such holder or holders) to cause, any such Indebtedness to become due prior to its stated
maturity; or

 

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(b)           without limiting the provisions of clause (a) above, any such Indebtedness shall be declared to be due and payable,
or required to be prepaid other than by a regularly scheduled required prepayment or as a mandatory prepayment, prior to the stated
maturity thereof.

 

10.5        Bankruptcy, etc.

 

The Borrower or any
Subsidiary shall commence a voluntary case concerning itself under the Bankruptcy Code as now or hereafter in effect, or any successor
thereto or any similar legislation in any other applicable jurisdiction (collectively, the “Bankruptcy Code”);
or an involuntary case is commenced against the Borrower or any Subsidiary and the petition or application is not contested within
10 days after commencement of the case; or an involuntary case is commenced against the Borrower or any Subsidiary and the petition
or application is not dismissed within 45 days after commencement of the case; or a receiver, trustee, liquidator, custodian or
similar official is appointed for, or takes charge of, all or substantially all of the property of the Borrower or any Subsidiary
or the Borrower or any Subsidiary commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief
of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating
to the Borrower or any Subsidiary itself; or there is commenced against the Borrower or any Subsidiary any such proceeding that
remains undismissed for a period of 45 days; or the Borrower or any Subsidiary is adjudicated insolvent or bankrupt; or any order
of relief or other order approving any such case or proceeding is entered; or the Borrower or any Subsidiary makes a general assignment
for the benefit of creditors, files under the Bankruptcy Act or takes a similar action under the Bankruptcy Act; or any corporate
or similar action is taken by the Borrower or any Subsidiary for the purpose of effecting any of the foregoing; or the Borrower
or any Subsidiary is unable to pay its debts as they fall due, or makes a general assignment for the benefit of or a composition
with its creditors generally; or the Borrower or any Subsidiary takes any corporate or similar action or other steps are taken
or legal proceedings are started for its winding-up, dissolution, administration or insolvent re-organization or for the appointment
of a liquidator, administrator or administrative receiver of it.

 

10.6        Judgments.

 

One or more
judgments or decrees shall be entered against the Borrower or any of its Subsidiaries involving a liability in excess of
$50,000,000 (or, if at any time after the date hereof, the provisions of Section 10.7 of the Revolving Credit Agreement (or
the corresponding provision in any amended, replacement or refinancing facility referred to below) shall be amended to change
the Dollar amount set forth therein, such Dollar amount set forth in such Section 10.6, as so amended, which shall
automatically be deemed to be amended to give effect thereto upon the effectiveness of such amendment, replacement or
refinancing with no further action required by the parties hereto) in the aggregate for all such judgments and decrees for
the Borrower or any of its Subsidiaries (to the extent not paid or fully covered by insurance provided by a carrier not
disputing coverage) and any such judgments or decrees shall not have been satisfied, vacated, discharged or stayed or bonded
pending appeal within 60 days from the entry thereof.

 

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10.7        Change of Ownership.

 

A Change of Ownership
shall occur.

 

10.8        Pension Plans.

 

Any of the following
events shall occur with respect to any Pension Plan: (a) the institution of any steps by the Borrower or any other Person to terminate
a Pension Plan if, as a result of such termination, the Borrower or any of its Subsidiaries could be required to make a contribution
to such Pension Plan, or would reasonably expect to incur a liability or obligation to such Pension Plan in respect of such termination;
or (b) a contribution failure occurs with respect to any Pension Plan sufficient to give rise to a Lien under section 303(k) of
ERISA, where in each case under clauses (a) or (b) such contribution, liability, obligation or Lien would reasonably be expected
to have a Material Adverse Effect.

 

10.9        Remedies.

 

Upon the occurrence
of any Event of Default described above, and in any such event, and at any time thereafter, if any Event of Default shall then
be continuing, the Administrative Agent shall, upon the written request of the Required Lenders, by written notice to the Borrower,
take any or all of the following actions, without prejudice to the rights of the Administrative Agent to enforce its claims against
the Borrower, except as otherwise specifically provided for in this Agreement (provided that if an Event of Default specified
in Section 10.5 shall occur with respect to the Borrower, the result that would occur upon the giving of written notice
by the Administrative Agent as specified in clause (i) below shall occur automatically without the giving of any such notice):
(i) declare the principal of and any accrued interest in respect of all Loans and all obligations owing hereunder to be, whereupon
the same shall become, forthwith due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower; and/or (ii) exercise any other remedies that may be available under this Agreement or applicable
law.

 

10.10      Remedies
Cumulative.

 

The rights and
remedies of the Administrative Agent and the Lenders under this Agreement are cumulative and are in addition to and not in
substitution for any rights or remedies provided by law or by equity, and any single or partial exercise by the Lenders of
any right or remedy for a default or breach of any term, covenant, condition or agreement herein contained shall not be
deemed to be a waiver of or to alter, affect, or prejudice any other right or remedy or other rights or remedies to which the
Lenders may be lawfully entitled for the same default or breach, and any waiver by the Administrative Agent or the Lenders of
the strict observance, performance or compliance with any term, covenant, condition or agreement herein contained, and any
indulgence granted by the Administrative Agent or the Lenders shall be deemed not to be a waiver of any subsequent default.
In the event that the Administrative Agent or the Lenders shall have proceeded to enforce any such right, remedy or power
contained herein and such proceedings shall have been discontinued or abandoned for any reason, by written agreement between
the Lenders and the Borrower, then in each such event the Borrower and the Lenders shall be restored to their former
positions and the rights, remedies and powers of the Lenders shall continue as if no such proceedings had been taken.

 

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ARTICLE
11

THE ADMINISTRATIVE AGENT

 

Each of the Lenders
hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such
actions and powers as are reasonably incidental thereto.

 

The bank serving as
the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may
exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend
money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were
not the Administrative Agent hereunder.

 

The Administrative
Agent shall not have any duties or obligations except those expressly set forth herein. 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 hereby that the Administrative
Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders
as shall be necessary under the circumstances as provided in Section 12.1), and (c) except as expressly set forth herein,
the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information
relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank 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 12.1) or in the absence of its own gross negligence or willful misconduct
as determined by a court of competent jurisdiction by a final and non-appealable judgment. The Administrative Agent shall be deemed
not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower
or a 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 this Agreement, (ii) the contents of any certificate, report or other
document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements
or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article 6 or elsewhere
herein, 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 the 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.

 

Subject to the appointment
and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time
by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, with the consent
of the Borrower (not to be unreasonably withheld; provided that no such consent of the Borrower shall be required if an Event of
Default has occurred and is continuing), to appoint a successor. If no successor 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,
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 the United States, or an Affiliate of any such bank. Whether or not a successor Administrative Agent shall
have been appointed, such resignation shall become effective in accordance with such retiring Administrative Agent’s notice.
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 Administrative Agent, and the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After
the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 12.5 shall continue in
effect for the benefit of such retiring 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.

 

Each Lender
acknowledges and agrees that the extensions of credit made hereunder are commercial loans and not instruments in a business
enterprise or securities. Each Lender further represents that it is engaged in making, acquiring or holding commercial loans
in the ordinary course of its business and has, independently and without reliance upon the Administrative Agent 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 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
related agreement or any document furnished hereunder or thereunder.

 

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Notwithstanding anything
herein to the contrary, the Sole Lead Arranger and Bookrunner named on the cover page of this Agreement shall not have any duties
or liabilities under this Agreement, except in its capacity, if any, as a Lender.

 

ARTICLE
12

MISCELLANEOUS

 

12.1        Amendments
and Waivers.

 

Except as provided
in (i) Section 2.15 with respect to the extension of the then existing Maturity Date and (ii) Section 2.10(e) with
respect to alternate rates of interest, neither this Agreement, nor any terms hereof or thereof may be amended, supplemented or
modified except in accordance with the provisions of this Section 12.1. The Required Lenders may from time to time (a) enter
into with the Borrower and Administrative Agent, as applicable, written amendments, supplements or modifications hereto for the
purpose of adding or amending any provisions to this Agreement or changing in any manner the rights of the Lenders or of the Borrower
hereunder or thereunder, or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the
case may be, may specify in such instrument, any of the requirements of this Agreement or any Default or Event of Default and its
consequences; provided that no such waiver and no such amendment, supplement or modification shall directly (i) forgive any portion
of, or extend or waive the final scheduled maturity date of, any Loan, or reduce the stated rate of, forgive any portion of or
extend the date for the payment of any interest or fee payable hereunder (other than as a result of waiving the applicability of
any post-default increase in interest rates), or extend the final expiration date of any Lender’s Commitment or increase
the amount of any of the Commitments of any Lender, in each case without the written consent of each Lender whose Loan, interest,
fee or Commitment is changed as set forth above thereby, or (ii) amend, modify or waive any provision of this Section 12.1
or reduce the percentages specified in the definitions of the terms “Required Lenders” or consent to the assignment
or transfer by the Borrower of its rights and obligations under this Agreement (except as permitted pursuant to Section 9.2),
in each case without the written consent of each Lender, adversely affected thereby, or (iii) amend Section 5.2(a) to the
extent that it relates to payments for the ratable account of Lenders without the written consent of each Lender directly and adversely
affected thereby, in each case without the written consent of all the Lenders except as otherwise specifically provided in this
Section 12.1; and provided, further, that no such agreement shall amend, modify or otherwise affect the rights
or duties of the Administrative Agent hereunder without the prior written consent of the Administrative Agent ( it being understood
that any change to Section 2.14 shall require the consent of the Administrative Agent). For the avoidance of doubt, no consent
of the Borrower, the Administrative Agent or any Lender shall be required for an amendment of Section 1.2, 9.3, 10.4
or 10.6 resulting from an amendment of the Revolving Credit Agreement as provided in each such Section.

 

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Any such waiver
and any such amendment, supplement or modification shall apply equally to each of the affected Lenders and shall be binding
upon the Borrower, such Lenders, the Administrative Agent and all future holders of the affected Loans. In the case of any
waiver, the Borrower, the Lenders and the Administrative Agent shall be restored to their former positions and rights
hereunder, and any Default or Event of Default waived shall be deemed to be cured and not continuing, it being understood
that no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent
thereon.

 

If, in connection with
any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender directly affected
thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not obtained (any
such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”),
then the Borrower may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently
with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Borrower and the Administrative
Agent shall agree, as of such date, to purchase for cash all of such Non-Consenting Lender’s rights and obligations under
this Agreement (including the Loans due to the Non-Consenting Lender) pursuant to an Assignment and Assumption and to become a
Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as of
such date and to comply with the requirements of clause (b) of Section 12.6, and (ii) the Borrower shall pay to such Non-Consenting
Lender in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such
Non-Consenting Lender by the Borrower hereunder to and including the date of termination, including without limitation payments
due to such Non-Consenting Lender under Sections 2.10 and 5.3, and (2) an amount, if any, equal to the payment which
would have been due to such Lender on the day of such replacement under Section 2.11 had the Loans of such Non-Consenting Lender
been prepaid on such date rather than sold to the replacement Lender.

 

Notwithstanding anything
to the contrary herein the Administrative Agent may, with the consent of the Borrower only, amend, modify or supplement this Agreement
or any of the other related loan documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

12.2        Notices.

 

(a)           Notices
Generally. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing
(including by facsimile transmission) and, unless otherwise expressly provided herein, if mailed and properly addressed with postage
prepaid or if properly addressed and sent by pre-paid courier service, shall be deemed given when received and, if transmitted
by facsimile, shall be deemed given when the confirmation of transmission thereof is received by the transmitter, in each case
addressed as follows in the case of the Borrower, the Administrative Agent and as set forth on Schedule I in the case of
each Lender (or as set forth in the Assignment and Assumption of any Lender which is an Assignee) or to such other address as
may be hereafter notified by the respective parties hereto:

 

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(i)            The
Borrower:

 

Michigan Electric Transmission Company, LLC

27175 Energy Way

Novi, MI 48377

Attention: Gretchen L. Holloway, Senior Vice President
and Chief Financial Officer, ITC Holdings Corp.

E-mail address: gholloway@itctransco.com

Telephone No.: (248) 946-3595

 

with a copy to:

 

Michigan Electric Transmission Company, LLC

27175 Energy Way

Novi, MI 48377

Attention: Michael Daranyi, Vice President, Finance
and Treasurer, ITC Holdings Corp.

E-mail address: mdaranyi@itctransco.com

Telephone No.: (248) 946-3399

 

(ii)           The
Administrative Agent:

 

Toronto Dominion (Texas) LLC

Ernst & Young Tower

222 Bay Street, 15th Floor

Toronto, Ontario  M5K1A2

Attention: Administrative Agent

E-mail address: TDSINotices@tdsecurities.com

Facsimile No.: (416) 983-0003

 

provided that any notice, request or demand
to or upon the Administrative Agent or the Lenders pursuant to Sections 2.3, 2.6, 2.10 and 5.1 shall
not be effective until received. Notices delivered through Electronic Systems, to the extent provided in paragraph (b) below, shall
be effective as provided in paragraph (b).

 

(b)           Electronic
Communications. Notices and other communications to the Lenders hereunder may be delivered or furnished by using Electronic
Systems pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices
pursuant to Article 2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the 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 may be limited to particular notices or
communications.

 

Unless the
Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the
 “return receipt requested” function, as available, return e-mail or other written acknowledgement), and
(ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient, at its e-mail address as described in the foregoing clause (i), of notification that
such notice or communication is available and identifying the website address therefor; provided that for both clauses
(i) and (ii) above, if such notice, email or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient.

 

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Any party hereto may
change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. 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.

 

(c)           Electronic
Systems.

 

(i)            The
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available
to the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic
System.

 

(ii)           Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions
in the Communications. 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 Communications or any Electronic System. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any
other Person or entity for damages of any kind, including, direct or indirect, special, incidental or consequential damages, losses
or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission
of Communications through an Electronic System. “Communications” means, collectively, any notice, demand, communication,
information, document or other material provided by or on behalf of the Borrower pursuant to this Agreement or the transactions
contemplated therein which is distributed by the Administrative Agent or any Lender by means of electronic communications pursuant
to this Section, including through an Electronic System.

 

12.3        No
Waiver; Cumulative Remedies.

 

No failure to exercise
and no delay in exercising, on the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

 

12.4        Survival
of Representations and Warranties.

 

All representations
and warranties made hereunder and in any document, certificate or statement delivered pursuant hereto or in connection herewith
shall survive the execution and delivery of this Agreement and the making of the Loans hereunder.

 

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12.5        Payment
of Expenses and Taxes.

 

(a)           The
Borrower agrees (i) to pay or reimburse the Arranger and the Administrative Agent for all their reasonable and documented out-of-pocket
costs and expenses incurred in connection with the development, preparation and execution of, and any amendment, supplement or
modification to, this Agreement and any other documents prepared in connection herewith or therewith, and the consummation and
administration of the transactions contemplated hereby and thereby (including the syndication of the Commitments), including the
reasonable fees, disbursements and other charges of one counsel to the Administrative Agent, (ii) to pay or reimburse each Lender
and the Administrative Agent for all its reasonable and documented costs and expenses incurred in connection with the enforcement
or preservation of any rights under, or “workout” or restructuring of, this Agreement and any such other documents,
including the reasonable fees, disbursements and other charges of counsel to each Lender and of counsel to the Administrative
Agent, (iii) to pay, indemnify, defend and hold harmless each Lender and the Administrative Agent from, any and all recording
and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other similar
taxes, if any, that may be payable or determined to be payable in connection with the execution and delivery of, or consummation
or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or
consent under or in respect of, this Agreement and any such other documents (collectively, “Other Taxes”),
except for any such Other Taxes attributable to an assignment or Participation, and (iv) to pay, indemnify, defend and hold harmless
each Lender, the Arranger and the Administrative Agent and their respective Related Parties (collectively, the “Indemnitees”)
from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses
or disbursements of any kind or nature whatsoever (including reasonable and documented fees, disbursements and other charges of
counsel incurred in connection with any investigative, administrative or judicial proceeding commenced or threatened by the Borrower
or any other Person, whether or not any such Indemnitee shall be designated as a party or potential party thereto, and any fees
or expenses incurred by any Indemnitee in enforcing this indemnity), whether direct, indirect or consequential, whether based
on strict liability or negligence, and whether based on any federal, provincial or foreign laws, statutes, rules, regulations
or guidelines (including Environmental Laws), common law, equity, contract or otherwise that may be imposed on, incurred by or
asserted against any Indemnitee, in any manner arising out of or relating to (A) this Agreement and any other agreements or documents
contemplated hereby or thereby, the other transactions contemplated hereby (including the execution, delivery, enforcement, performance
and administration of this Agreement and the breach by the Borrower of, or default by the Borrower under, any of the provisions
of this Agreement or any Loan, or the use or proposed use of the proceeds thereof), (B) the violation of, non-compliance with
or liability under, any Environmental Law applicable to the operations of the Borrower or any of its Subsidiaries or applicable
to any of the Real Estate, or (C) any Environmental Claim or any Hazardous Materials relating to or arising from, directly or
indirectly, any past or present activity, operation, land ownership, possession or control, or practice of, the Borrower or any
of its Subsidiaries from time to time (all the foregoing in this clause (iv), collectively, the “indemnified liabilities”);
provided that the Borrower shall have no obligation hereunder to any Indemnitee with respect to indemnified liabilities
arising from the gross negligence or willful misconduct of such Indemnitee as determined by a final non-appealable judgment of
a court of competent jurisdiction and; provided, further, that the Borrower shall have no obligation hereunder to
any Indemnitee with respect to claims that do not involve an act or omission of the Borrower or any of its Affiliates and that
is brought by the Administrative Agent, an Arranger or any Lender against any other Lender (other than claims against any of the
Administrative Agent, the Arranger, or the Lenders or their Affiliates in their respective capacity as the Administrative Agent,
a lead arranger, a bookrunner or any similar role under this Agreement). The agreements in this Section 12.5 shall survive
repayment of the Loans and all other amounts payable hereunder.

 

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Each of the Lenders,
the Arranger and the Administrative Agent agree that any and all of their respective rights under this Agreement and any other
agreements contemplated hereby and thereby, including recourse for any obligation or claim for any indemnification thereunder,
is limited to recourse to the Borrower and its assets as contemplated hereby, and none of the direct or indirect limited partners,
partners, shareholders, members of the Borrower or any of their respective employees, directors or officers shall have any obligations
or liability, or be subject to any recourse, in respect of any such obligations or claims hereunder or thereunder.

 

(b)           To
the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent or the Arranger under
paragraph (a) of this Section 12.5, each Lender severally agrees to pay to the Administrative Agent or such Arranger, as
the case may be, such Lender’s Commitment Percentage (determined as of the time that the applicable unreimbursed expense
or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim,
damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent or the
Arranger in its capacity as such.

 

12.6        Successors and Assigns; Participations and Assignments.

 

(a)           Assignments
Generally. 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) the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by
the Borrower 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 12.6. 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 paragraph (c) of this Section 12.6) and, to the extent expressly contemplated hereby, 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.

 

(b)           Assignments
by Lenders.

 

(i)             Assignments
Generally. Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees
(other than an Ineligible Institution) (the “Assignee”) all or a portion of its rights and obligations under
this Agreement (including all or a portion of the Loans at the time owing to it) with the prior written consent (such consent
not to be unreasonably withheld or delayed) of:

 

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(A)          the
Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to the Administrative Agent within fifteen (15) days after having received notice thereof); provided that
no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if
an Event of Default has occurred and is continuing, any other Assignee; and

 

(B)           the
Administrative Agent.

 

(ii)            Certain
Conditions to Assignments. Assignments shall be subject to the following additional conditions:

 

(A)          except
in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining
amount of the assigning Lender’s Loans, the amount of the 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 $5,000,000 (or, if less, the aggregate principal amount of such assigning Lender’s Loans) unless
each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall
be required if an Event of Default has occurred and is continuing;

 

(B)           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;

 

(C)           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 $3,500; and

 

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

 

For the purposes of this
Agreement, the terms “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar
extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender, (c) the Borrower, any of its Subsidiaries or any of its Affiliates, or (d)
a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.

 

(iii)           Effectiveness
of Assignments. Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section 12.6, from
and after the effective date specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto (the
 “Assignment Effective Date”) 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, 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 2.10, 2.11
and 12.5). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this Section 12.6 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 (c) of this Section 12.6.

 

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(iv)          Maintenance
of Register. The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, 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 (and stated interest) 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
absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall 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 Borrower and any Lender (but only, in the case of a Lender,
at the Administrative Agent’s office set forth for the Administrative Agent in Section 12.2(a)(ii) and with respect
to any entry relating to such Lender’s Commitments or Loans), at any reasonable time and from time to time upon reasonable
prior notice.

 

(v)           Acceptance
of Assignments by Administrative Agent. 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 (b) of this Section 12.6 and any written consent
to such assignment required by paragraph (b) of this Section 12.6, the Administrative Agent shall accept such Assignment
and Assumption and record the information contained therein in the Register; provided that if either the assigning Lender
or the Assignee shall have failed to make any payment required to be made by it pursuant to Section 2.4(b), the Administrative
Agent shall have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless
and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective
for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

(c)           Participations.

 

(i)            Participations
Generally. Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or
more banks or other entities , other than an Ineligible Institution, (a “Participant”) in all or a portion
of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans
owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender
shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, 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 this Agreement. 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 this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; 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 the
second sentence of Section 12.1 that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.10 and 2.11 to the same extent as if
it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section 12.6. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 12.8 as though it were a Lender. Each
Lender that sells a participation shall, acting solely for this purpose as a nonfiduciary agent of the Borrower, 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 Commitments, Loans or other obligations under the Agreement (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the
identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans or its other
obligations under this Agreement) except to the extent that such disclosure is necessary to establish that such Commitments, 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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(ii)           Limitations
on Rights of Participants. A Participant shall not be entitled to receive any greater payment under Section 2.10 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 Borrower’s prior written consent. No Participant shall be
entitled to any benefits under Section 5.3 unless such Participant complies with Section 5.3(c).

 

(d)           Certain Pledges. 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 without limitation any pledge or assignment to
secure obligations to a Federal Reserve Bank or any other central banking authority having jurisdiction over such Lender, and this
Section 12.6 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.

 

12.7        Replacements
of Lenders under Certain Circumstances.

 

(a)            If
any Lender requests compensation under Section 2.10, or if the Borrower is required to pay any additional amount to any
Lender or any Governmental Authority for the account of any Lender pursuant to Section 5.3, or if any Lender becomes a
Defaulting Lender, or if any Lender is affected in the manner described in Section 2.10(a)(iii) and as a result thereof
any of the actions described in such Section is required to be taken, then the Borrower 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 12.6) all its interests, rights and obligations under this Agreement
to an Assignee that shall assume such obligations (which Assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) no Default or Event of Default shall have occurred and be continuing at the time of such assignment, (ii) the
Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld,
(iii) the Borrower shall have paid the Administrative Agent the assignment fee specified in Section 12.6, (iv) 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 and accrued interest
and fees) or the Borrower (in the case of all other amounts), (v) in the case of any such assignment resulting from payments required
to be made pursuant to Section 2.10 or a claim for compensation under Section 2.11, such assignment will result
in a reduction in such compensation or payments and (vi) such assignment does not conflict with applicable law. 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 Borrower to require such assignment and delegation cease to apply.

 

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(b)           In
the event that S&P or Moody’s shall, after the date that any Lender with a Commitment becomes a Lender, downgrade the
long-term certificate of deposit rating or long-term senior unsecured debt rating of such Lender, and the resulting rating shall
be below BBB- or Baa3 respectively, then the Borrower shall have the right, but not the obligation, upon notice to such Lender
and the Administrative Agent, to replace such Lender with an Assignee in accordance with and subject to the restrictions contained
in Section 12.6, and such Lender hereby agrees to transfer and assign without recourse (in accordance with and subject to the
restrictions contained in Section 12.6) all its interests, rights and obligations in respect of its Commitment under this Agreement
to such Assignee; provided that (i) no such assignment shall conflict with any law, regulation or order of any governmental authority
and (ii) such Assignee shall pay to such Lender in immediately available funds on the date of such assignment the principal of
and interest and fees (if any) accrued to the date of payment on the Loans made by such Lender hereunder and all other amounts
accrued for such Lender’s account or owed to it hereunder.

 

12.8        Adjustments;
Set-off.

 

(a)            If any Defaulting Lender shall fail to make any payment required to be made by it pursuant to Section 2.4(b),
12.5(b) or 12.8(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision
hereof, (i) apply for the benefit of the Administrative Agent or any Lender any amounts thereafter received by the Administrative
Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied
obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to,
any future funding obligations of such Lender under such Sections; in the case of each of (i) and (ii) above, in any order as determined
by the Administrative Agent in its discretion.

 

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(b)           After
the occurrence and during the continuance of an Event of Default, in addition to any rights and remedies of the Lenders provided
by law, each Lender shall have the right, without prior notice to the Borrower, any such notice being expressly waived by the
Borrower to the extent permitted by applicable law, upon any amount becoming due and payable by the Borrower hereunder (whether
at the stated maturity, by acceleration or otherwise) to set-off and appropriate and apply against such amount any and all deposits
(general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in
any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing
by such Lender, its Affiliates or any branch or agency thereof to or for the credit or the account of the Borrower. Each Lender
agrees promptly to notify the Borrower and the Administrative Agent after any such set-off and application made by such Lender,
its Affiliates or any branch or agency thereof; provided that the failure to give such notice shall not affect the validity
of such set-off and application.

 

(c)            If
any Finance Party shall obtain any payment or other recovery (whether voluntary, involuntary, by application of setoff or otherwise)
on account of any Credit Event (other than pursuant to the terms of Section 2.10, 2.11 or 5.3) in excess
of its pro rata share of payments obtained by all Finance Parties, such Finance Party shall purchase from the other Finance Parties
such participations in Credit Events made by them as shall be necessary to cause such purchasing Finance Party to share the excess
payment or other recovery ratably (to the extent such other Finance Parties were entitled to receive a portion of such payment
or recovery) with each of them; provided that if all or any portion of the excess payment or other recovery is thereafter recovered
from such purchasing Finance Party, the purchase shall be rescinded and each Finance Party which has sold a participation to the
purchasing Finance Party shall repay to the purchasing Finance Party the purchase price to the ratable extent of such recovery
together with an amount equal to such selling Finance Party’s ratable share (according to the proportion of (a) the amount
of such selling Finance Party’s required repayment to the purchasing Finance Party to (b) total amount so recovered from
the purchasing Finance Party) of any interest or other amount paid or payable by the purchasing Finance Party in respect of the
total amount so recovered. The Borrower agrees that any Finance Party purchasing a participation from another Finance Party pursuant
to this Section 12.8 may, to the fullest extent permitted by law, exercise all its rights of payment (including pursuant
to clause (b) above) with respect to such participation as fully as if such Finance Party were the direct creditor of the Borrower
in the amount of such participation. If under any applicable bankruptcy, insolvency or other similar law any Finance Party receives
a secured claim in lieu of a setoff to which this Section 12.8 applies, such Finance Party shall, to the extent practicable,
exercise its rights in respect of such secured claim in a manner consistent with the rights of the Lenders entitled under this
Section 12.8 to share in the benefits of any recovery on such secured claim.

 

12.9        Marshalling;
Payments Set Aside.

 

Neither the Administrative
Agent nor any Lender shall be under any obligation to marshal any assets in favor of the Borrower or any other party or against
or in payment of any or all of the Borrower’s obligations hereunder. To the extent that the Borrower makes a payment or
payments to the Administrative Agent or Lenders (or to the Administrative Agent for the benefit of Lenders), or the Administrative
Agent or Lenders enforce any security interests or exercise their rights of setoff, and such payment or payments or the proceeds
of such enforcement or setoff or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set
aside and/or required to be repaid to a trustee, receiver or any other party under any bankruptcy law, any other provincial, state
or federal law, common law or any equitable cause, then, to the extent of such recovery, the obligation or part thereof originally
intended to be satisfied, and all Liens, rights and remedies therefor or related thereto, shall be revived and continued in full
force and effect as if such payment or payments had not been made or such enforcement or setoff had not occurred.

 

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12.10     
Counterparts; Effectiveness; Electronic Execution.

 

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 any related documents and any separate
letter agreements with respect to fees payable to the Administrative Agent 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 6.1, 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 telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed signature
page shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,” “signed,”
 “signature,” “delivery,” and words of like import in or relating to any document to be signed in connection
with this Agreement and the transactions contemplated hereby shall be deemed to include Electronic Signatures, deliveries 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, physical delivery thereof 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.

 

12.11     
Severability.

 

Any provision of this
Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent
of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability
in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

 

12.12     
Integration.

 

This Agreement represents
the agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof, and there are
no promises, undertakings, representations or warranties by the Administrative Agent or any Lender relative to subject matter hereof
not expressly set forth or referred to herein.

 

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12.13     
Governing Law.

 

THIS AGREEMENT AND
THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE
LAW OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES APPLICABLE THEREIN (EXCLUDING ANY CONFLICT OF LAWS RULE OR PRINCIPLE
WHICH MIGHT REFER SUCH CONSTRUCTION TO THE LAWS OF ANOTHER JURISDICTION).

 

12.14     
Submission to Jurisdiction; Waivers.

 

The Borrower hereby
irrevocably and unconditionally:

 

(a)            submits
for itself and its property in any legal action or proceeding relating to this Agreement, or for recognition and enforcement of
any judgment in respect thereof, to the exclusive jurisdiction of the courts of the State of New York or of the United States
for the Southern District of New York, and any appellate court from any thereof, in each case which are located in the Borough
of Manhattan in the county of New York;

 

(b)            consents that any such action or proceeding may be brought in such courts and waives any objection that it may now
or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought
in an inconvenient court and agrees not to plead or claim the same;

 

(c)            agrees
that service of process in any such action or proceeding may be effected in accordance with the local rules of civil procedure
or by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, to
the Borrower at its address set forth in Section 12.2 or at such other address of which the Administrative Agent shall
have been notified pursuant thereto;

 

(d)            agrees
that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and

 

(e)            waives,
to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or proceeding referred
to in this Section 12.14 any special, exemplary, punitive or consequential damages.

 

12.15     
Acknowledgements.

 

The Borrower hereby
acknowledges that:

 

(a)           it
has been advised by counsel in the negotiation, execution and delivery of this Agreement;

 

(b)           neither
the Administrative Agent nor any Lender (in any capacity) has any fiduciary relationship with or duty to the Borrower arising
out of or in connection with this Agreement, and the relationship between Administrative Agent and Lenders, on one hand, and the
Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and creditor; and

 

(c)           no joint venture is created hereby or otherwise exists by virtue of the transactions contemplated hereby among the
Lenders or among the Borrower and the Lenders.

 

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12.16     
Waivers of Jury Trial.

 

THE BORROWER, THE
ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT AND FOR ANY COUNTERCLAIM THEREIN.

 

12.17     
Confidentiality.

 

The Administrative
Agent and each Lender shall hold all non-public information furnished by or on behalf of the Borrower in connection with such
Lender’s evaluation of whether to become a Lender hereunder or obtained by such Lender or the Administrative Agent pursuant
to the requirements of this Agreement, other than information pertaining to this Agreement routinely provided by arrangers to
data service providers, including league table providers, that serve the lending industry (“Confidential Information”),
in accordance with its customary procedure for handling Confidential Information of this nature and (in the case of a Lender that
is a bank) in accordance with safe and sound banking practices and in any event may make disclosure (i) to any other party hereto,
(ii) with the consent of the Borrower, (iii) as required or requested by any Governmental Authority or any self-regulatory authority,
such as the National Association of Insurance Commissioners purporting to have jurisdiction over such Person or its Related Parties,
any representatives thereof or any nationally recognized rating agency that requires access to information about such Lender’s
investment portfolio in connection with ratings issued with respect to such Lender, (iv) to the extent required by applicable
laws or regulations or by any subpoena or similar legal process, (v) in connection with the exercise of any remedies under this
Agreement or under any other related loan documents, or any action or proceeding relating to this Agreement or any other related
loan documents, or the enforcement of rights hereunder or thereunder, (vi) to the extent such information becomes publicly available
other than as a result of a breach of this Section 12.17 or become available on a non-confidential basis from a source
other than the Borrower, (vii) subject to the last sentence of this Section 12.17 to any actual or prospective Assignee
or Participant or to actual or prospective direct or indirect contractual counterparties in swap agreements to be entered into
in connection with Loans made hereunder or (viii) to such Lender’s or the Administrative Agent’s lawyers, professional
advisors or independent auditors or Affiliates; provided that, unless specifically prohibited by applicable law or court order,
each Lender and the Administrative Agent shall, to the extent practicable, notify the Borrower of any request by any governmental
agency or representative thereof (other than any such request in connection with an examination of the financial condition or
regulatory compliance of such Lender by such Governmental Authority or in connection with ratings by such rating agency with respect
to such Lender) for disclosure of any such non-public information prior to disclosure of such information, and; provided,
further, that in no event shall any Lender or the Administrative Agent be obligated or required to return any materials
furnished by the Borrower or any Subsidiary of the Borrower. Each Lender and the Administrative Agent agrees that it will not
provide to actual or prospective Assignees or Participants or to actual or prospective direct or indirect contractual counterparties
in swap agreements to be entered into in connection with Loans made hereunder any of the Confidential Information unless such
Person shall have previously executed a Confidentiality Agreement substantially in the form prescribed from time to time by the
Loan Sales and Trading Association.

 

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12.18     
Treatment of Loans.

 

(a)           The
Borrower does not intend to treat the Loans and related transactions as being a “reportable transaction” (within the
meaning of Treasury Regulation Section 1.6011-4). In the event the Borrower determines to take any action inconsistent with such
intention, it will promptly notify the Administrative Agent thereof.

 

(b)           The
Borrower acknowledges that the Administrative Agent and one or more of the Lenders may treat its Loans as part of a transaction
that is subject to Treasury Regulation Section 1.6011-4 or Section 301.6112-1, and the Administrative Agent and such Lender or
Lenders, as applicable, may file such IRS forms or maintain such lists and other records as they may determine is required by
such Treasury Regulations.

 

12.19     
USA Patriot Act.

 

Each Lender hereby notifies
the Borrower that pursuant to the requirements of the Patriot Act, such Lender may be required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow
such Lender to identify the Borrower in accordance with the Patriot Act.

 

12.20     
No Fiduciary Duty.

 

The Administrative Agent,
the Arranger, each Lender and their Affiliates (collectively, solely for purposes of this paragraph, the “Lenders”),
may have economic interests that conflict with those of the Borrower and its Affiliates. The Borrower agrees that nothing in this
Agreement or otherwise shall be deemed to create an advisory, fiduciary or agency relationship or fiduciary or other implied duty
between the Lenders and the Borrower, its stockholders or its Affiliates. The Borrower acknowledges and agrees that (i) the transactions
contemplated by this Agreement are arm’s-length commercial transactions between the Lenders, on the one hand, and the Borrower,
on the other, (ii) in connection therewith and with the process leading to such transaction each of the Lenders is acting solely
as a principal and not the agent or fiduciary of the Borrower, its management, stockholders, creditors or any other person, (iii)
no Lender has assumed an advisory or fiduciary responsibility in favor of the Borrower with respect to the transactions contemplated
hereby or the process leading thereto (irrespective of whether any Lender or any of its Affiliates has advised or is currently
advising the Borrower on other matters) or any other obligation to the Borrower except the obligations expressly set forth in
this Agreement and (iv) the Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate. The
Borrower further acknowledges and agrees that it is responsible for making its own independent judgment with respect to such transactions
and the process leading thereto. The Borrower agrees that it shall not claim that any Lender has rendered advisory services of
any nature or respect, or owes a fiduciary or similar duty to the Borrower, in connection with such transaction or the process
leading thereto. To the fullest extent permitted by law the Borrower hereby waives and releases any claims that it may have against
each of the Lenders with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of
any transaction contemplated hereby.

 

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12.21     
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 12.21
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.

 

12.22     
Acknowledgment and Consent to Bail-In of EEA Financial Institutions.

 

Notwithstanding anything
to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any EEA Financial Institution arising under this Agreement or any related loan document 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 entity, 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 related 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.

 

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12.23     
Acknowledgment Regarding Any Supported QFCs.

 

To the extent that this Agreement or any other related loan
document (each a “Loan Document”) provides support, through a guarantee or otherwise, for Hedge Agreements or
any other agreement or instrument that is a QFC (as defined below) (such support, “QFC Credit Support” and,
each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution
power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall
Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution
Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding
that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or
of the United States or any other state of the United States):

 

(a)           In
the event a Covered Entity (as defined below) that is party to a Supported QFC (each, a “Covered Party”) becomes
subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC
Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in
property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent
as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and
any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United
States. In the event a Covered Party or a BHC Act Affiliate (as defined below) of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights (as defined below) under the Loan Documents that might otherwise apply
to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised
to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC
and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the
foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no
event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 

(b)           As
used in this Section 12.23, the following terms have the following meanings:

 

“BHC Act Affiliate” of
a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k))
of such party.

 

“Covered Entity”
means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with,
12 C.F.R. § 252.82(b);

 

    69

     

    

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 382.2(b).

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1,
as applicable.

 

“Hedge Agreement”
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, and (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.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D).   

 

12.24     
Certain ERISA Matters.

 

(a)            Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, 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 Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrower,
that at least one of the following is and will be true:

 

(i)             such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans;

 

(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 and this Agreement;

 

    70

     

    

 

(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 and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans 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
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.

 

(b)           In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender
has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause
(a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, 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 Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the
benefit of the Borrower, that none of the Administrative Agent, the Arranger and their respective Affiliates is a fiduciary with
respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration of and performance
of the Loans and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative
Agent under this Agreement or any documents related hereto).

 

[Remainder
of page intentionally left blank]

 

    71

     

    

 

 

IN WITNESS WHEREOF,
each of the parties hereto has caused a counterpart of this Agreement to be duly executed and delivered as of the date first above
written.

 

	 	MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC,
 as the Borrower
	 	 	
	 	By:	  ITC Holdings Corp., as its sole manager
	 	 	 
	 	 	 
	 	By:	 /s/ Gretchen L. Holloway
	 	 	Name: Gretchen L. Holloway
	 	 	Title: Senior Vice President and Chief Financial Officer

 

Signature Page
to Michigan Electric Transmission Company, LLC Term Loan Credit Agreement

 

     

     

    

 

	 	TORONTO DOMINION (TEXAS) LLC ,
	 	individually as Administrative Agent
	 	 	 
	 	 	 
	 	By:	/s/ Annie Dorval
	 	 	Name: Annie Dorval
	 	 	Title: Authorized Signatory

 

Signature Page
to Michigan Electric Transmission Company, LLC Term Loan Credit Agreement

 

     

     

    

 

	 	TD SECURITIES (USA) LLC,
	 	individually as the Arranger and Bookrunner
	 	 	 
	 	 	 
	 	By:	/s/ Pradeep Mehra
	 	 	Name: Pradeep Mehra
	 	 	Title: Managing Director

 

Signature Page
to Michigan Electric Transmission Company, LLC Term Loan Credit Agreement

 

     

     

    

 

	 	THE TORONTO DOMINION BANK, NEW YORK BRANCH,
	 	individually as a Lender
	 	 	 
	 	 	 
	 	By:	/s/ Brian MacFarlane
	 	 	Name: Brian MacFarlane
	 	 	Title: Authorized Signatory

 

Signature Page
to Michigan Electric Transmission Company, LLC Term Loan Credit Agreement 

 

     

     

    

 

SCHEDULE I

COMMITMENTS

 

	Lender	 	address for notices	 	Commitment
 AMOUNT	 	 	COMMITMENT 
 PERCENTAGE	 
	The Toronto-Dominion Bank, New York Branch	 	222 Bay Street, 15 Floor 
Toronto, ON
    M5K 1A2 
Attention: Administrative Agent 
Email: TDSINotices@tdsecurities.com 
Facsimile: 416-983-0003	 	$	75,000,000.00	 	 	 	100	%
	 	 	 	 	 	 	 	 	 	 	 
	 	 	Total
amount
	 	$	75,000,000.00	 	 	 	100	%

 

     

     

    

 

SCHEDULE II

LITIGATION MATTERS

 

None.

 

     

     

    

 

SCHEDULE III

ENVIRONMENTAL MATTERS

 

None.

 

     

     

    

 

SCHEDULE IV

PENSION AND WELFARE MATTERS

 

None.

 

     

     

    

 

SCHEDULE V

OUTSTANDING LIENS ON CLOSING DATE

 

None.

 

     

     

    

 

EXHIBIT A

 

Form of Notice of Borrowing

 

NOTICE OF BORROWING

 
	TO:	Toronto Dominion (Texas) LLC, as Administrative
 Agent under the Credit Agreement (as defined
 below)
 Ernst & Young Tower	
		222 Bay Street, 15th Floor	 
	 	Toronto, Ontario  M5K1A2	 
		Attention: Administrative Agent	 
	 	E-mail
                                         address: TDSINotices@tdsecurities.com	 
	 	Facsimile No.: (416) 983-0003	 

 

Pursuant to the Term
Loan Credit Agreement, dated as of January 23, 2020 (as the same may be amended, modified, supplemented, restated or replaced from
time to time, the “Term Loan Credit Agreement”; the terms defined therein and not otherwise defined herein being
used herein as therein defined), among Michigan Electric Transmission Company, LLC, a Michigan limited liability company (the “Borrower”),
the various financial institutions and other persons from time to time referred to as “Lenders” in the Term Loan Credit
Agreement, and Toronto Dominion (Texas) LLC, as the Administrative Agent, this represents the Borrower’s request to borrow
as follows:

 

Loan:

 

1.       Date
of borrowing:

 

2.       Amount
of borrowing:

 

3.       Lender(s):Lenders, in accordance with their Commitments under the Term Loan Credit Agreement

 

4.       Interest
rate option:

Type:

Tenor:

 

Please wire transfer
the proceeds of the Borrowing in accordance with the funds flow memorandum delivered under separate cover.

 

The undersigned officer,
to the best of his or her knowledge, in his or her capacity as an officer of the sole manager of the Borrower certifies that:

 

     

     

    

 

(i)       All
representations and warranties made by the Borrower contained in the Term Loan Credit Agreement are true and correct in all material
respects with the same effect as though such representations and warranties had been made on and as of the date hereof (except
where such representations and warranties expressly relate to an earlier date, in which case such representations and warranties
are true and correct in all material respects as of such earlier date) provided that the representations made in Section 7.4 and
7.15 shall be made only on the Closing Date; and

 

(ii)       No
event has occurred and is continuing or would result from the consummation of the Borrowing contemplated hereby that would constitute
a Default or an Event of Default.

 

Dated:

 

	 	MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC,
	 	as the Borrower
	 	 	 
	 	By:	 ITC Holdings Corp., its sole manager
	 	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT B

 

Form of Notice of Continuation

 

	TO:	Toronto Dominion (Texas) LLC, as Administrative

Agent under the Credit Agreement (as defined

below)

Ernst & Young Tower	
		222 Bay Street, 15th Floor	 
	 	Toronto, Ontario  M5K1A2	 
		Attention: Administrative Agent	 
	 	E-mail
                                         address: TDSINotices@tdsecurities.com	 
	 	Facsimile No.: (416) 983-0003	 

 

Pursuant to the Term
Loan Credit Agreement, dated as of January 23, 2020 (as the same may be amended, modified, supplemented, restated or replaced from
time to time, the “Term Loan Credit Agreement”; the terms defined therein and not otherwise defined herein being
used herein as therein defined), among Michigan Electric Transmission Company, LLC, a Michigan limited liability company (the “Borrower”),
the various financial institutions and other persons from time to time referred to as “Lenders” in the Term Loan Credit
Agreement (the “Lenders”), Toronto Dominion (Texas) LLC, as the Administrative Agent, this represents the Borrower’s
request to continue Loans as follows:

 

1.        Date
of continuation or conversion:

 

_________________, _____

 

2.        Amount
of Loans being continued or converted:

 

$_______________________

 

3.         Nature
of continuation or conversion:

 

 

	 	 		a.	 	Conversion of a LIBOR Loan as an
ABR Loan
	 	 		b.	 	      Conversion of an ABR Loan as a LIBOR Loan
	 	 		c.	 	Continuation (rollover) of LIBOR Loans as LIBOR Loans

 

		4.	If Loans are being continued as or converted into LIBOR Loans, the duration of the new LIBOR Period
that commences on the continuation or conversion date:

 

__________ month(s)

 

Dated: ___________________

 

	 	MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC,
	 	as the Borrower
	 	 	 
	 	By:	 ITC Holdings Corp., as its sole manager

 

	 	By:	
	 	 	Name:
	 	 	Title:

 

     

     

    

 

EXHIBIT C

 

[Reserved].

 

     

     

    

 

EXHIBIT D

 

Form of Closing Date Certificate

 

CLOSING DATE CERTIFICATE

 

MICHIGAN ELECTRIC TRANSMISSION COMPANY,
LLC

 

		TO:	The Lenders and the Administrative Agent (each, as defined
below)

 

		RE:	Term Loan Credit Agreement, dated as of January 23, 2020 (as the same may be amended, modified,
supplemented, restated or replaced from time to time, the “Term Loan Credit Agreement”; the terms defined therein
and not otherwise defined herein being used herein as therein defined), among Michigan Electric Transmission Company, LLC, a Michigan
limited liability company (the “Borrower”), the various financial institutions and other persons from time to
time referred to as “Lenders” in the Term Loan Credit Agreement, and Toronto Dominion (Texas) LLC, as the Administrative
Agent.

 

I, the undersigned,
an Authorized Officer of the sole manager of the Borrower, hereby certify to the best of my knowledge, information and belief,
for and on behalf of the Borrower, and not in my personal capacity, in connection with the initial Borrowing on this date under
the Term Loan Credit Agreement, that:

 

		1.	the conditions precedent set forth in the Term Loan Credit Agreement were satisfied as of the Closing
Date;

 

		2.	attached to this certificate as Schedule A is a true and complete copy of the articles of
organization of the Borrower, together with all amendments thereto adopted through the date hereof (as certified by the Michigan
Department of Licensing and Regulatory Affairs) and as in effect on the date hereof and the Borrower has not passed, confirmed
or consented to any amendments or variations to such articles;

 

		3.	attached to this certificate as Schedule B is a true, correct and complete copy of the operating
agreement of the Borrower and such operating agreement is in full force and effect on the date hereof and as of the date hereof,
the Borrower has not passed, confirmed or consented to any amendments or variations to such operating agreement;

 

		4.	attached to this certificate as Schedule C is a correct and complete copy of the approval
letter from the United States of America Federal Energy Regulatory Commission of the application pursuant to section 204 of the
Federal Power Act, which approval is in full force and effect at the date hereof;

 

		5.	attached hereto as Schedule D is a true and complete copy of the resolutions duly adopted
by the sole manager of the Borrower, approving and authorizing the execution, delivery and performance of the Term Loan Credit
Agreement and the transactions contemplated thereby. Such resolutions have not been amended, modified, revoked or rescinded since
the date of adoption thereof, are in full force and effect on the date hereof and are the only resolutions that have been adopted
by the sole manager of the Borrower with respect to the subject matter thereof;

 

     

     

    

 

		6.	the persons whose names appear on Schedule E attached hereto are duly elected, qualified
and acting officers of the sole manager of the Borrower occupying the offices set forth opposite their respective names on Schedule
E, and the signature set forth opposite their respective names are their true and genuine signatures, and each of such officers
is duly authorized to execute and deliver the Term Loan Credit Agreement on behalf of the Borrower and each of the related documents
to which it is a party and any other agreement, instrument or document to be delivered by the Borrower pursuant to the Term Loan
Credit Agreement; and

 

		7.	the law firms of Simpson Thacher & Bartlett LLP and Dykema Gossett PLLC are entitled to rely
on this Closing Date Certificate in connection with their legal opinions to be delivered as of the date hereof in connection with
the Term Loan Credit Agreement.

 

[Remainder
of page intentionally left blank]

 

     

     

    

 

IN WITNESS WHEREOF,
I have signed this Certificate this ___ day of ______, 2020.

 

	 	 
	 	Name:
	 	Title:

 

I, [_________], [__________]
of the Borrower, DO HEREBY CERTIFY that [______] has been duly elected (or appointed) and has duly qualified as, and on this day
is, the [____________________] of the Borrower, and the signature above is [his][her] genuine signature.

 

	 	 
	 	Name:
	 	Title:

 

     

     

    

 

Schedule A

 

Articles of Organization

 

[See Attached]

 

     

     

    

 

Schedule B

 

Operating Agreement

 

[See Attached]

 

     

     

    

 

Schedule C

 

Approval Letter

 

[See Attached]

 

     

     

    

 

Schedule D

 

Resolutions

 

[See Attached]

 

     

     

    

 

Schedule E

 

Incumbency

 

	[_____________]	 	 	 
	[_____________]	 	 	 
	 	 	 	 
	[_____________]	 	 	 
	[_____________]	 	 	 

 

     

     

    

EXHIBIT E

 

Form of Compliance Certificate

 

MICHIGAN ELECTRIC TRANSMISSION COMPANY,
LLC

 

		TO:	The Lenders and the Administrative Agent

 

The undersigned, an Authorized Officer
of Michigan Electric Transmission Company, LLC (the “Borrower”), in such capacity and not personally, hereby certifies
to the best of my knowledge, information and belief that:

 

		1.	I am the duly appointed _______________________________________________ of the Borrower named in
the Term Loan Credit Agreement, dated as of January 23, 2020 (as the same may be amended, modified, supplemented, restated or replaced
from time to time, the “Term Loan Credit Agreement”), among Michigan Electric Transmission Company, LLC a Michigan
limited liability company (the “Borrower”), the various financial institutions and other persons from time to
time referred to as “Lenders” in the Term Loan Credit Agreement, and Toronto Dominion (Texas) LLC, as the Administrative
Agent and as such I am providing this certificate for and on behalf of the Borrower pursuant to Section 8.1(c) of the Term Loan
Credit Agreement. Unless the context otherwise requires, capitalized terms in the Term Loan Credit Agreement which appear herein
without definitions shall have the meanings ascribed thereto in the Term Loan Credit Agreement.

 

		2.	I am familiar with and have examined the provisions of the Term Loan Credit Agreement including
those of Articles 7, 8, 9 and 10 therein and have reviewed and am familiar with the contents of this certificate.

 

		3.	Delivered herewith are the financial statements required to be delivered pursuant to Section
                                                          8.1[(a)] [(b)] of
                                                          the Term Loan Credit Agreement.

 

		4.	No Default or Event of Default has occurred and is continuing as of the date hereof [or
if any Default or Event of Default does exist, specify the nature and extent thereof].

 

		5.	As of the last day of the fiscal quarter ending ________, the financial ratio referred to in Section
9.3 of the Term Loan Credit Agreement is ____:____ and was calculated as set forth in Schedule I.

 

Dated this day of _________, _____.

 

	 	 	 
	[Name and Title]	 	 

 

     

     

    

Schedule I

 

MICHIGAN ELECTRIC TRANSMISSION COMPANY,
LLC

 

Debt to Capitalization Ratio1

 

	1. Total Debt as of the last day of the fiscal quarter ending _________.	$______________
	2. Total Capitalization as of the last day of the fiscal quarter ending _________.	 
	(a)     Total Debt	$______________
	(b)     Total stockholders’ equity of the Borrower	$______________
	(c)     Total Capitalization: The sum of Items 2(a) and 2(b)	$______________
	3.
    DEBT TO CAPITALIZATION RATIO: the ratio of Item 1 to Item 2 	____%
	4. Maximum Debt to Capitalization Ratio allowed	65%
	5. In compliance	YES/NO

 

 

1 Financial
covenants shall be calculated (i) without giving effect to any election by the Borrower or any of its subsidiaries to value
any of its indebtedness or liabilities at “fair value” pursuant to Accounting Standards Codification
825-10-25 (formerly referred to as Statement of Financial Accounting Standards 159) or any other accounting standards
codification or financial accounting standard having a similar result or effect, (ii) without giving effect to any treatment
of indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such
indebtedness in a reduced or bifurcated manner as described therein, and such indebtedness shall at all times be valued at
the full stated principal amount thereof and (iii) without giving effect to Accounting Standards Codification 842 (or any
other Accounting Standards Codification or Financial Accounting Standard having a similar effect or result) (and related
interpretations) (collectively, “ASC 842”) to the extent the effect of which would be to cause leases
which would be treated as operating leases under GAAP immediately prior to the effectiveness of ASC 842 to be recorded as a
liability/debt on the Borrower’s statement of financial position under GAAP.

 

     

     

    

EXHIBIT F

 

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 [Insert name of Assignor] (the “Assignor”) and [Insert 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, supplemented 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 and (ii) to the extent permitted to be assigned under applicable law, all
claims, suits, causes of action and other rights 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:	______________________________________
	 	 	 
	2.	Assignee:	______________________________________
	 	 	[an Affiliate/Approved Fund of [identify Lender]]
	 	 	 
	3.	Borrower:	Michigan Electric Transmission Company, LLC, a Michigan limited liability company
	 	 	 
	4.	Administrative Agent:	Toronto Dominion (texas) llc
	 	 	 
	5.	Credit Agreement:	The Term Loan Credit Agreement dated as of January 23, 2020 among Borrower, the various financial institutions and other persons from time to time referred to as “Lenders”, and Toronto Dominion (Texas) LLC, as the Administrative Agent

 

     

     

    

 

	6.	Assigned Interest:

 

	Facility Assigned	 	Aggregate Amount of

 Loans for all Lenders	 	 	Amount of 
 Loans Assigned	 	 	Percentage Assigned 
 of Loans 2	 
		 	$	       	 	 	$	        	 	 	 	      	%
	 	 	$		 	 	$		 	 	 		%
	 	 	$		 	 	$		 	 	 		%

 

Effective Date:
______________  _______, 202_ [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 Borrower, the other
Credit Parties and their Related Parties or their respective 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.

 

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]3
Accepted:

 

TORONTO DOMINION (TEXAS) LLC, as Administrative Agent

 

 

2
Set forth, to at least 9 decimals, as a percentage of the Loans of all Lenders thereunder.

 

3
To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 

     

     

    

 

	By:	                	 
	Name:	 	 
	Title:	 	 
	 	 	 
	 	 	 
	[Consented to:]4	 
	 	 
	MICHIGAN ELECTRIC TRANSMISSION COMPANY, LLC,	 
	    as Borrower	 
	 	 	 
	By: ITC Holdings Corp., as its sole manager	 
	 	 	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

 

4 To be added only if the consent
of the Borrower is required by the terms of the Credit Agreement.

 

     

     

    

 

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 and (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 (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
Borrower, 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 Borrower, 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 the requirements, if any, 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 has received a copy of the Credit Agreement, together with copies
of the most recent financial statements delivered pursuant to Section 6.1(h) thereof, as applicable, and such other documents
and information as it has 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 (v) 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; and (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, and (ii) 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.

 

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.

 

3.           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 facsimile 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 law of the State of New York.

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