Document:

EX-10.1

 EXHIBIT 10.1 

INVESTMENT AGREEMENT 

among 
 WMI HOLDINGS
CORP., 
 KKR FUND HOLDINGS L.P. 

and, solely for the limited purposes stated herein, 

KKR MANAGEMENT HOLDINGS L.P. 

January 30, 2014 

 INVESTMENT AGREEMENT 

This Investment Agreement (this “Agreement”) is made as of January 30, 2014 among WMI Holdings Corp., a Washington
corporation (the “Company”), KKR Fund Holdings L.P., a Cayman Islands limited partnership (“Purchaser”), and KKR Management Holdings L.P., a Delaware limited partnership (“Management Holdings”).

 RECITALS 

WHEREAS, the Company desires to issue and sell and Purchaser (including its assignees pursuant to Section 8.11) desires to
purchase certain shares of the Company’s preferred stock, par value $0.00001 per share, designated as the “Series A Convertible Preferred Stock” (the “Company Preferred Stock”), having the terms, rights, obligations
and preferences set forth in the Certificate of Designations of the Company in the form attached as Exhibit A hereto (the “Preferred Stock COD”), and Warrants (as defined below) to purchase shares of the Company’s common
stock, par value $0.00001 per share (the “Company Common Stock”), in each case on the terms and subject to the conditions set forth herein; 

WHEREAS, simultaneously with the execution and delivery of this Agreement, the Company and Management Holdings are entering into a Note
Purchase Agreement (the “Note Purchase Agreement”) whereby Management Holdings is committing to purchase up to $150,000,000 principal amount of the Company’s 7.50% Subordinated PIK Notes (the “Subordinated
Notes”) upon the Company’s exercise of a put right (the “Put Right”) subject to the terms and conditions set forth therein and in consideration therefore the Company desires to pay to Management Holdings an amount
equal to $11,500,000 (the “Put Premium”) as a delivery at the Closing hereunder; and 
 WHEREAS, simultaneously with
the Closing hereunder, the Company and Purchaser intend to enter into an Investor Rights Agreement in substantially the form attached hereto as Exhibit B (the “Investor Rights Agreement” and together with the Preferred Stock
COD, the Warrants, the Note Purchase Agreement and this Agreement, the “Transaction Documents”). 
 NOW, THEREFORE,
in consideration of the foregoing recitals and the mutual promises hereinafter set forth, the parties hereto agree as follows: 

SECTION 1 
 Agreement to
Sell and Purchase; Participation 
 1.1 Purchase and Sale of Securities. Subject to the terms and conditions hereof,
Purchaser agrees to purchase from the Company and the Company agrees to sell and issue to Purchaser, on the Closing Date, (i) 1,000,000 shares (the “Shares”) of Company Preferred Stock free and clear of any Liens (except as
provided in Section 2.2) for a purchase price equal to $11,072,192 (the “Preferred Purchase Price”), and (ii) warrants to purchase 61,400,000 shares of Company Common Stock, comprised of 30,700,000 shares at

 
an exercise price of $1.32 per share (the “Tranche A Warrants”) and 30,700,000 shares at an exercise price of $1.43 per share (the “Tranche B Warrants” and
together with Tranche A Warrants, the “Warrants”; and the Warrants together with the Company Preferred Stock, the “Securities”) in the form and subject to the terms set forth in Exhibit C hereto for an
aggregate purchase for the Warrants equal to $11,500,000 (the “Warrant Purchase Price” and together with the Preferred Purchase Price, the “Purchase Price”), (such issuance, sale and purchase of the Securities and
the other transactions contemplated hereby or by the Investor Rights Agreement, the “Transaction”, provided, however, that, for the avoidance of doubt. the definition of “Transaction” shall not include the issuance and
purchase of the Subordinated Notes and the other transactions contemplated by the Note Purchase Agreement). 
 SECTION 2 

Closing, Delivery and Payment 

2.1 Closing. The closing (the “Closing”) of the purchase and sale of the Securities shall take place
simultaneously with the execution and delivery of this Agreement at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York. The date on which the Closing occurs is referred to herein as the “Closing
Date.” 
 2.2 Delivery. At the Closing, subject to the terms and conditions hereof, (i) the Company will
deliver to Purchaser (a) a certificate or certificates evidencing the Shares and (b) the Warrants, in each case registered in such names and denominations as set forth in the instructions of Purchaser provided to the Company at least three
(3) Business Days prior to the Closing Date free and clear of any liens or other encumbrances (other than restrictions on transfer or resale provided for by or under the Articles, applicable federal and state securities laws, or the Transaction
Documents, and liens imposed by or through Purchaser or its Affiliates), (ii) the Company will make payment to Management Holdings of the Put Premium, by wire transfer of immediately available funds to an account designated in writing by
Purchaser at least three (3) Business Days prior to the Closing Date and (iii) Purchaser will make payment to the Company of the Purchase Price, by wire transfer of immediately available funds to an account designated in writing by the
Company at least three (3) Business Days prior to the Closing Date. Purchaser and the Company shall execute a cross receipt acknowledging receipt of the Securities and the Purchase Price, respectively.  

2.3 Withholding. The Put Premium shall be paid without deduction or withholding for any United States Federal withholding
taxes. Management Holdings shall indemnify the Company and hold the Company harmless for the full amount of any United States Federal withholding taxes imposed on the Company as a result of the failure by the Company to make any deduction or
withholding on the Put Premium or amounts otherwise treated as a put premium for United States Federal income tax purposes in connection with the Put Right and for any reasonable expenses arising therefrom or with respect thereto. 

  
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 SECTION 3 

Representations and Warranties of the Company 

Except as disclosed (i) on the Company Disclosure Schedules attached hereto (it being agreed that disclosure of any item in any section
of the Company Disclosure Schedules shall also be deemed disclosure with respect to any other Section of this Agreement to which the relevance of such item is reasonably apparent to a reader unfamiliar with the Company or its business, other than
with regard to Section 3.8) or (ii) in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012 filed on March 15, 2013 and the other Company Reports filed following March 15, 2013 and prior
to the date of this Agreement (excluding any disclosures set forth in any risk factor sections in any Company Reports and any “forward-looking statements” disclaimers contained in any Company Reports), the Company hereby represents and
warrants to Purchaser as follows: 
 3.1 Organization and Standing. (a) The Company is a corporation duly
organized and validly existing under the laws of the State of Washington. The Company is duly qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the ownership or operation of its assets or properties
or conduct of its business requires such qualification, except where the failure to be so qualified or in good standing is not reasonably likely to have, individually or in the aggregate, a Material Adverse Effect (as defined below). As used in this
Agreement, a “Material Adverse Effect” means any effect, circumstance, occurrence or change that is materially adverse to the assets or financial condition of the Company and Company Subsidiaries (as defined below), taken as a
whole, or the Company’s ability to timely consummate the Transaction; provided, however, that Material Adverse Effect shall not be deemed to include, and any such effects, circumstances, occurrences or changes shall not be taken into account if
caused by or resulted from: (A) general economic, regulatory or political conditions or developments (including changes in prevailing interest rates, credit availability and liquidity or currency exchange rates), (B) any changes in the
securities markets generally (including price levels or trading volumes in the United States or any foreign securities markets) or in the credit markets, any downgrades in the credit markets, or adverse credit events resulting in deterioration in
the credit markets generally, (C) any outbreak or escalation of hostilities, declared or undeclared acts of war, or the occurrence of any acts of terrorism, (D) conditions generally affecting the insurance or reinsurance industries,
(E) any change in the market price or trading volume of the Company Common Stock (but not any change, event or circumstance that is underlying such change to the extent that such change, event or circumstance would otherwise constitute a
Material Adverse Effect), (F) the performance of this Agreement and the Transactions contemplated hereby by the Company, (G) acts of God (including earthquakes, storms, fires, floods and natural catastrophes), (H) changes (or proposed
changes) after the date hereof in any Law, GAAP or other accounting requirements (or any authoritative interpretation of each of the foregoing), (I) any legal claims or other proceedings made by any of the Company’s stockholders or
debtholders arising out of or related to the Transaction Documents or the Transaction, or (J) any breach of this Agreement by Purchaser or Management Holdings; except in the case of each of clause (A), (B), (C), (D), (G), and (H) other
than effects, circumstances, occurrences or changes that arise after the date of this Agreement but before the Closing to the extent (and  

  
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only to such extent) that such effects, circumstances, occurrences or changes have a materially disproportionate adverse effect on the Company and Company Subsidiaries taken as a whole relative
to other companies in the reinsurance industry. 
 (b) Each Company Subsidiary is duly organized, validly existing and in good standing, as
applicable, under the laws of its jurisdiction of organization or incorporation. The Company has delivered to Purchaser a true and complete list as of the date hereof of each Company Subsidiary that conducts insurance operations (“Company
Insurance Subsidiaries”), identifying the states or jurisdictions where such Company Insurance Subsidiaries are domiciled or “commercially domiciled” for insurance regulatory purposes. As used in this Agreement, “Company
Subsidiary” means any person of which at least a majority of the securities or ownership interests having by their terms ordinary voting power to elect a majority of the board of directors or other persons performing similar functions is
directly or indirectly owned or controlled by the Company or by one or more of its Company Subsidiaries; and “person” means an individual, corporation, limited liability company, partnership, association, trust, unincorporated
organization, other entity or group (as defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). 

3.2 Company Capital Stock. 

(a) As of the date hereof, the authorized Capital Stock of the Company consists solely of 500,000,000 shares of Company Common Stock, of which
201,842,351 shares are issued and outstanding and 5,000,000 shares of preferred stock, par value $0.00001 per share, none of which are issued and outstanding. As of the date hereof, 1,842,351 shares are subject to grants or awards issued under the
Company’s 2012 Long-Term Incentive Plan. The outstanding shares of Company Common Stock have been duly authorized and are validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws
and are not subject to preemptive rights (and were not issued in violation of any preemptive rights). Except for the foregoing sentence, as set forth in Schedule 3.2(a) and except for (a) the Shares, (b) rights under the Investor Rights
Agreement and (c) the Warrants, neither the Company nor any Company Subsidiary has, and none is bound by, (i) any outstanding subscriptions, options, warrants, calls, commitments or agreements of any character calling for the purchase,
repurchase, redemption or other acquisition of, or issuance of, or securities or rights convertible into or exchangeable for, any shares of capital stock of the Company or any securities representing the right to purchase or otherwise receive any
shares of capital stock of the Company (including any rights plan or agreement), (ii) any right of first refusal or offer, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by this
Agreement, (iii) any stockholders agreements, voting agreements, registration rights agreements, or other similar agreements with respect to the Company’s capital stock, (iv) any obligation to issue shares of Company Common Stock,
Company Preferred Stock or other securities to any person, or (v) any obligation to, as a result of the issuance and the sale of the Securities, adjust (whether automatically or otherwise) the exercise, conversion, exchange or reset price under
any Company securities. 
 (b) Each of the Shares, the Warrants, the shares of Company Common Stock issuable upon exercise of the Warrants
and the shares of Company Common Stock 

  
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issuable upon conversion of the Shares have been duly authorized by all necessary corporate action on the part of the Company and, when issued and paid for in accordance with this Agreement and,
as applicable, the terms of the Warrants and the Preferred Stock COD, will be duly and validly issued, fully paid and nonassessable, free and clear of all liens, other than restrictions on transfer or resale provided for by or under the Articles
(except as otherwise agreed herein or in the Investor Rights Agreement), applicable federal and state securities laws, or the Transaction Documents, and liens imposed by or through Purchaser or its Affiliates. 

3.3 Subsidiaries. The names, jurisdictions of organization and authorized and issued capital stock and other equity and
voting interests of all Company Subsidiaries are set forth on Schedule 3.3. Except as set forth on Schedule 3.3 hereto, the Company owns, directly or indirectly, all of the capital stock or other equity or voting interests of each Company Subsidiary
free and clear of any Liens (other than Permitted Liens) and all the issued and outstanding shares of capital stock or other equity or voting interests of each Company Subsidiary have been duly authorized and validly issued and are fully paid,
non-assessable and free of preemptive and similar rights to subscribe for or purchase securities. No Company Subsidiary owns any shares of Company Common Stock. There are no outstanding options, warrants, rights to subscribe to, calls or commitments
of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any person any right to subscribe for or acquire, any shares of capital stock or other equity or voting
interests of any Company Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Company Subsidiary is or may become bound to issue additional shares of capital stock or other equity or voting interests of
any Company Subsidiary or any securities convertible into or exercisable or exchangeable for shares of capital stock or other equity or voting interests of any Company Subsidiary. There are no outstanding agreements of any kind which obligate the
Company or any Company Subsidiaries to repurchase, redeem or otherwise acquire any capital stock or other equity or voting interests of any Company Subsidiary. 

3.4 Corporate Power. The Company has the requisite power and authority (corporate and otherwise) to carry on its
business, including in its capacity as a holding company, as it is now being conducted and to own, lease or operate all its properties and assets as such properties and assets are currently owned, leased or operated, provided, that, for the
avoidance of doubt, the foregoing sentence shall only apply to the Company and does not apply to the power and authority (corporate and otherwise) of any Company Subsidiary to carry on its business as it is now being conducted and to own, lease or
operate any of its properties and assets. The Company has all requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under the Transaction Documents and to
consummate the Transaction. Neither the Company nor any Company Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, certificate of designations, bylaws or charter documents.

 3.5 Corporate Authority. This Agreement and the Transaction, including the filing of the Preferred Stock COD,
the issuance of the Shares, the Warrants, the shares of Company Common Stock issuable upon the full exercise of the Warrants, and the shares of Company Common Stock issuable upon conversion of the Shares, and the valid exercise by 

  
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Purchaser or one or more Affiliated Assignees (as defined in the Investor Rights Agreement) who becomes a party to the Investor Rights Agreement after the date thereof (Purchaser and any such
Affiliated Assignees, together, the “Shareholder Parties”) of the participation rights set forth in Section 5.1 of the Investor Rights Agreement (in accordance with the terms and conditions and subject to the limitations set
forth therein), have been duly authorized by all necessary corporate action of the Company and the board of directors of the Company (the “Company Board”) (including authorization pursuant to Section 2(b) of Article VI of the
Articles), in each case taking into account the Transaction as a whole and the transactions contemplated by the Note Purchase Agreement; provided, that, for the avoidance of doubt, solely with respect to the exercise by the Shareholder Parties of
the participation rights set forth in Section 5.1 of the Investor Rights Agreement, the authorization set forth in this Section 3.5 shall be subject to the limitations set forth in Sections 5.2(a), (b) and (c) of the Investor
Rights Agreement. This Agreement has been, and the other Transaction Documents when delivered hereunder will have been, duly executed and delivered by the Company and, assuming the due authorization, execution and delivery of this Agreement by
Purchaser, this Agreement is, and the other Transaction Documents when delivered hereunder will be, valid and legally binding agreements of the Company, enforceable against the Company in accordance with their respective terms, subject to
bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer and similar laws of general applicability relating to or affecting creditors’ rights or to general equity principles. 

3.6 Regulatory Approvals; No Violations. (a) Assuming the accuracy of Purchaser’s representations and warranties set
forth in Sections 4.1, 4.2 and 4.6, and except for requirements under the Hart-Scott-Rodino Act of 1976, as amended (the “HSR Act”) (which for the avoidance of doubt shall not be applicable as of the Closing), no consents,
approvals, permits, orders or authorizations of, exemptions, reviews or waivers by, or notices, reports, filings, declarations or registrations with, any federal, state or local court, governmental, legislative, judicial, administrative or
regulatory authority, agency, commission, body or other governmental entity or self-regulatory organization or stock exchange (each, a “Governmental Authority”) are required to be made or obtained by the Company or any Company
Subsidiary in connection with the execution, delivery and performance by the Company of this Agreement, or, when delivered hereunder, the other Transaction Documents, or the consummation of the Transaction, except (A) for forms, filings,
registrations, submissions, statements, certifications, reports and documents required to be filed or furnished by the Company with the U.S. Securities and Exchange Commission (the “SEC”) under the Exchange Act or the Securities Act
of 1933, as amended (the “Act”), (B) for any securities or “blue sky” filings of any state, (C) for those already obtained or made which are listed on Schedule 3.6(a) hereto, and (D) the filing of the Preferred
Stock COD with the Secretary of State of the State of Washington. 
 (b) The execution, delivery and performance of this Agreement by the
Company does not, and the execution, delivery and performance of the other Transaction Documents when delivered hereunder, and the consummation by the Company of the Transactions (assuming the full exercise of the Warrants and the conversion of the
Company Preferred Stock) will not, (A) constitute or result in a breach or violation of, or a default under, the acceleration of any obligations or penalties or the creation of any Lien (other than Permitted Liens) on the assets of the Company
or any Company Subsidiaries (with or without notice, lapse of time, or both) pursuant to, agreements binding upon the Company or any Company 

  
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Subsidiary or to which the Company or any Company Subsidiary or any of their respective properties is subject or bound or any law, regulation, judgment or governmental or non-governmental permit
or license to which the Company or any Company Subsidiary or any of their respective properties is subject, (B) constitute or result in a breach or violation of, or a default under, the Articles or the bylaws of the Company or (C) require
any consent or approval or notice or other filing under any such agreement except, in the case of clauses (A) or (C) above, for any breach, violation, default, acceleration, creation, change, consent or approval that, individually or in
the aggregate, is not reasonably likely to have a Material Adverse Effect. 
 3.7 Company Reports; Financial Statements.
Except as set forth on Schedule 3.7 hereto: 
 (a) The Company has filed or furnished, as applicable, all forms, filings, registrations,
submissions, statements, certifications, reports and documents required to be filed or furnished by it with the SEC under the Exchange Act or the Act since March 19, 2012 (the forms, statements, reports and documents filed or furnished since
March 19, 2012, the “Company Reports”). Each of the Company Reports, at the time of its filing or being furnished complied, or if not yet filed or furnished, will comply, in all material respects with the applicable
requirements of the Act and the Exchange Act, and any rules and regulations promulgated thereunder applicable to the Company Reports. As of their respective dates (or, if amended prior to the date hereof, as of the date of such amendment), the
Company Reports did not, and any Company Reports filed or furnished with the SEC subsequent to the date hereof will not, contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements made therein, in light of the circumstances in which they were made, not misleading. 
 (b) The Company’s
consolidated financial statements (including, in each case, any notes thereto) contained in the Company Reports, were prepared (i) in accordance with GAAP applied on a consistent basis throughout the periods indicated (except as may be
indicated in the notes thereto or where such information and footnotes contained in such financial statements are not required under the rules of the SEC to be in compliance with GAAP) and (ii) in compliance as to form, as of their respective
date of filing with the SEC, in all material respects with applicable accounting requirements and with the published rules and regulations of the SEC with respect thereto, and in each case such consolidated financial statements fairly presented, in
all material respects, the consolidated financial position, results of operations, changes in stockholder’s equity and cash flows of the Company and the consolidated Company Subsidiaries as of the respective dates thereof and for the respective
periods covered thereby (subject, in the case of unaudited statements, to normal year-end adjustments which were not and which are not expected to be, individually or in the aggregate, material to the Company and its consolidated Company
Subsidiaries taken as a whole). 
 (c) Except as set forth on Schedule 3.7(d), the Company is in material compliance with all provisions of
the Sarbanes Oxley Act of 2002 that are applicable to it. The Company maintains disclosure controls and procedures required by Rule 13a-15 or 15d-15 under the Exchange Act. Such disclosure controls and procedures are designed to provide reasonable
assurance that information required to be disclosed by the Company is 

  
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recorded and reported on a timely basis to the individuals responsible for the preparation of the Company’s filings with the SEC and other public disclosure documents. The Company maintains
internal control over financial reporting (as defined in Rule 13a-15 or 15d-15, as applicable, under the Exchange Act). Such internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures that (i) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the
transactions and dispositions of the assets of the Company, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures
of the Company are being made only in accordance with authorizations of management and directors of the Company, and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
the Company’s assets that could have a material effect on its financial statements. 
 (d) The Company has disclosed, based on the most
recent evaluation of its chief executive officer and its chief financial officer prior to the date hereof, to the Company’s auditors and the audit committee of the Company Board (A) any significant deficiencies and material weaknesses in
the design or operation of its internal control over financial reporting that are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information and has identified for the
Company’s auditors and audit committee of the Company Board any material weaknesses in internal control over financial reporting and (B) any fraud, whether or not material, that involves management or other employees who have a significant
role in the Company’s internal control over financial reporting. Since the filing date of the Company’s most recently filed periodic report under the Exchange Act, there have been no changes in the Company’s internal control over
financial reporting or disclosure controls and procedures that could significantly affect the Company’s internal controls. 
 (e) The
Company and Company Subsidiaries have filed all reports and statements, together with any amendments required to be made with respect thereto, that they were required to file since March 19, 2012, with any Governmental Authority having
jurisdiction over its business or any of its assets or properties (each a “Regulatory Authority”), and has paid all fees and assessments due and payable in connection therewith, except where the failure to so file such reports and
statements or pay such fees is not reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. As of their respective dates, such reports and statements complied with all the laws, rules and regulations of the applicable
Regulatory Authority with which they were filed except for noncompliance that is not reasonably likely to have, individually or in the aggregate, a Material Adverse Effect. 

3.8 Absence of Certain Changes. Since March 19, 2012, no event or events have occurred that have had or would be reasonably
likely to have, individually or in the aggregate, a Material Adverse Effect. 
 3.9 Compliance with Laws. Except as would not
be reasonably likely to have, individually or in the aggregate, a Material Adverse Effect, the Company and each Company 

  
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Subsidiary have all permits, licenses, authorizations, orders and approvals of, and have made all filings, applications and registrations with, any Governmental Authority that are required in
order to permit them to own or lease their properties and assets and to carry on their business as presently conducted, and all such permits, licenses, certificates of authority, orders and approvals are in full force and effect and, to the
Knowledge of the Company, no material suspension or cancellation of any of them is threatened, and all such filings, applications and registrations are current. The conduct by the Company and each Company Subsidiary of their business and the
condition and use of their properties does not violate or infringe any applicable domestic (federal, state or local) or foreign law, statute, ordinance, license or regulation, except for conduct which has not had or is not reasonably likely to have
a Material Adverse Effect. Neither the Company nor any Company Subsidiary is in default under any order, license, regulation, demand, writ, injunction or decree of any Governmental Authority, except for any default which has not had or is not
reasonably likely to have a Material Adverse Effect. The Company and the Company Subsidiaries are complying with, and to the Knowledge of the Company, none of them has been threatened to be charged with or given notice of any violation of, all
applicable federal, state, local and foreign laws, regulations, rules, judgments, injunctions or decrees, except where such non-compliance has not had nor is reasonably likely to have a Material Adverse Effect. No Governmental Authority has placed
any material restriction on the business or properties of the Company or any Company Subsidiary other than statutory or regulatory restrictions of general application to insurance companies, and except for routine examinations by insurance
regulators, as of the date hereof, no investigation by any Governmental Authority with respect to the Company or any of the Company Subsidiaries is pending or, to the Knowledge of the Company, threatened. 

3.10 Litigation. Except as set forth on Schedule 3.10 hereto, as of the date hereof, (i) no civil, criminal or
administrative litigation, claim, action, suit, hearing, arbitration, investigation or other proceeding before any Governmental Authority or arbitrator is pending or, to the Knowledge of the Company, threatened against the Company or any Company
Subsidiary and (ii) neither the Company nor any Company Subsidiary is subject to any order, judgment or decree, except with respect to (i) and (ii) for those that are not, individually or in the aggregate, reasonably likely to have a
Material Adverse Effect. 
 3.11 Undisclosed Events. Neither the Company nor any of the Company Subsidiaries has any
liabilities or obligations of any nature (absolute, accrued, contingent or otherwise) which are not properly reflected or reserved against in the Company’s financial statements contained in the Company Reports to the extent required to be so
reflected or reserved against in accordance with GAAP, except for liabilities or obligations that have not had and would not reasonably be expected to have a Material Adverse Effect. 

3.12 Transactions With Affiliates and Employees. Except as set forth in the Company Reports, none of the officers or directors
of the Company and, to the Knowledge of the Company, none of the employees of the Company is currently a party to any transaction with the Company or any Company Subsidiary (other than for services as employees, officers and directors), including
any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any officer, director or such employee or, to
the Knowledge of the Company, any entity in which any officer, director, or 

  
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any such employee has a substantial interest or is an officer, director, trustee or partner, in each case in excess of $100,000 other than for (i) payment of salary or consulting fees for
services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including agreements under any equity compensation plans. 

3.13 Investment Company. The Company is not, and immediately after receipt of payment for the Securities, will not be, an
“investment company” within the meaning of the Investment Company Act of 1940, as amended. 
 3.14 No
Integrated Offering. Assuming the accuracy of Purchaser’s representations and warranties set forth in Section 4 hereof, the sale of the Securities to Purchaser does not require the registration of the Shares, the Warrants or any
shares of Company Common Stock issuable upon exercise of the Warrants or conversion of the Shares under the Act. 
 3.15
Taxes. 
 (a) The Company and each Company Subsidiary has properly and timely filed, in accordance with applicable laws
(taking into account all available extensions), all material federal, state, local and foreign Tax Returns that are required to be filed by it with any Governmental Authority and such Tax Returns are correct and complete in all material respects.
All material Taxes due and owing by the Company or any Company Subsidiary (whether or not shown on any Tax Return) have been paid in full, other than such Taxes for which adequate reserves have been accrued on the appropriate financial statements in
accordance with GAAP. 
 (b) There are no audits or proceedings relating to any material Tax or material Tax Return of the Company or any
Company Subsidiary currently in progress or raised in writing by any Governmental Authority and to the Knowledge of the Company no such audit or proceeding is pending or threatened. 

(c) Nothing in this Section 3.15 or otherwise in this Agreement will be construed as a representation or warranty with respect to the
amount or availability of any Tax attribute of the Company for any taxable period following the Closing including any net operating loss carryforwards or any limitations on such net operating loss carryforwards by Sections 382, 383 or 384 of the
Code. 
 3.16 Material Contracts. Each material contract of the Company required to be filed on a Current Report on Form 8-K,
a Quarterly Report on Form 10-Q, or an Annual Report on Form 10-K, in each case pursuant to Item 601(a) and Item 601(b)(10) of Regulation S-K under the Exchange Act (the “Company Material Agreements”) is listed on Schedule
3.16 hereto; copies of the Company Material Agreements are attached or incorporated as exhibits to the Company Reports. Except as set forth on Schedule 3.16: (1) each of the Company Material Agreements is valid and binding on the Company and in
full force and effect, (2) the Company is in material compliance with and has materially performed all obligations required to be performed by it as of the date hereof under each Company Material Agreement; (3) the Company does not know
of, nor has received notice of, any violation or default (or any condition which with the passage of time or the giving of notice would cause such a violation of or a default) by any party under any Company Material Agreement. 

  
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 3.17 Status of Purchaser. The Company Board has, taking into account the
acquisition of the Securities, the full exercise of the Warrants, and the full conversion of the Shares, approved the Transfers contemplated by the Transaction in accordance with Section 2(b) of Article VI of the Articles, including the
Transfer whereby Purchaser (together with its Affiliates and any direct or indirect owner of Purchaser) becomes a Substantial Holder or any subsequent Transfer as a result of any valid exercise by the Shareholder Parties of their rights under
Section 5.1 of the Investor Rights Agreement (subject to limitations contained in the Investor Rights Agreement), the exercise of the Warrants or the conversion of the Shares, whereby the Percentage Stock Ownership of Purchaser (together with
its Affiliates and any direct or indirect owner of Purchaser) is or would be increased. 
 3.18 Certain Business Practices.

 (a) Neither the Company nor any Company Subsidiary has, nor, to the Knowledge of the Company, has any director, officer, agent or
employee of the Company or any Company Subsidiary, paid, caused to be paid, or agreed to pay, directly or (to the Knowledge of the Company) indirectly, in connection with the business of the Company: (i) to any government or agency thereof, any
agent or any supplier or customer, any bribe, kickback or other similar illegal payment; (ii) any illegal contribution to any political party or candidate (other than from personal funds of directors, officers or employees not reimbursed by
their respective employers or as otherwise permitted by applicable Law); or (iii) intentionally established or maintained any unrecorded fund or asset or made any false entries on any books or records for any purpose; and, neither the Company
nor any of the Company Subsidiaries has, nor, to the Knowledge of the Company, has any director, officer, agent or employee of the Company or any of the Company Subsidiaries violated or is in violation of any provision of the Foreign Corrupt
Practices Act of 1977. 
 (b) The operations of the Company and the Company Subsidiaries are and have been conducted at all times in
compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of all jurisdictions, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and no action, suit or proceeding by or before any court or
governmental agency, authority or body or any arbitrator involving the Company or any of the Company Subsidiaries with respect to the Money Laundering Laws is pending or, to the Knowledge of the Company, threatened. 

(c) None of the Company, any of the Company Subsidiaries or, to the Knowledge of the Company, any director, officer, agent, employee or
affiliate of the Company or any of the Company Subsidiaries is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the United Nations Security
Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority; and the Company will not, directly 

  
 11 

 
or indirectly, use any proceeds from the Transaction, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the
purpose of financing the activities of any person currently subject to any U.S. sanctions administered by OFAC. 
 3.19 No Additional
Representations. Except for the representations and warranties made by the Company in this Section 3 (including, or as qualified by, the Company Disclosure Schedules), neither the Company nor any other person makes any express or
implied representation or warranty with respect to the Company or any Company Subsidiary or their respective businesses, operations, assets liabilities, condition or prospects, and the Company hereby, to the maximum extent permitted by Law,
disclaims any such other representations or warranties with respect to the Company or any Company Subsidiary or with respect to any other information (including, without limitation, pro-forma financial information, financial projections or other
forward-looking statements) provided to or made available to Purchaser or any other Person in connection with the transactions contemplated hereby or in the Transaction Documents except as provided in the Transaction Documents. Notwithstanding
anything to the contrary herein, nothing in this Agreement shall limit the right of the Purchaser and its Affiliates to rely on the representations and warranties expressly set forth in this Section 3 or in any other Transaction Document. 

SECTION 4 

Representations and Warranties of Purchaser 

Purchaser hereby represents and warrants to the Company as follows: 

4.1 Institutional Accredited Investor; Experience. Purchaser is an “accredited investor” (as defined in Rule
501 of Regulation D under the Act) and is capable of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. Purchaser’s financial condition is such that it is able to bear the risk of
holding the Securities for an indefinite period of time and the risk of loss of its entire investment. 
 4.2 Purchase
for Investment. Purchaser is acquiring the Securities for its own account, for investment, not as nominee or agent, and not with the view to, or for sale in connection with, any distribution in violation of securities laws, and Purchaser has
no present intention of selling, granting any participation in, or otherwise distributing the Securities in violation of securities laws; provided, that this representation and warranty shall not be deemed to limit Purchaser’s right to sell the
Securities pursuant to an effective registration statement or otherwise in compliance with applicable federal and state securities laws. Purchaser has no present agreement, undertaking, arrangement, obligation or commitment providing for the
disposition of the Securities. Purchaser acknowledges that it has been furnished with or has had full access to all the information that it considers necessary or appropriate to make an informed investment decision with respect to the Securities and
has had an opportunity to discuss with management of the Company the intended business and financial affairs of the Company and to obtain information (to the extent the Company possessed such information or could acquire it without unreasonable
effort or expense) necessary to verify any information furnished to it or to which it had  

  
 12 

 
access. Purchaser has such knowledge and experience in business and financial matters so as to enable it to understand and evaluate the risks of and form an investment decision with respect to
its investment in the Securities and to protect its own interest in connection with such investment. 
 4.3 Organization and
Standing. Purchaser is a limited partnership duly organized, validly existing and in good standing under the laws of the Cayman Islands and is qualified to do business and in good standing in the State of New York. Management Holdings is a
limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and is qualified to do business and in good standing in the State of New York. There is no pending or threatened action (or basis
therefor) for the dissolution, liquidation, insolvency or rehabilitation of Purchaser or Management Holdings. 
 4.4
Corporate Power. Each of Purchaser and Management Holdings has all requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under this Agreement and
each of the other Transaction Documents to which it is or will be a party and to consummate the Transaction.  
 4.5
Corporate Authority. This Agreement, each of the other Transaction Documents to which Purchaser or Management Holdings is or will be a party and the Transaction have been duly authorized by all necessary corporate action of Purchaser
and Management Holdings. This Agreement has been duly executed and delivered by each of Purchaser and Management Holdings, and, assuming the due authorization, execution and delivery of this Agreement by the Company, this Agreement is a valid and
legally binding agreement of each of Purchaser and Management Holdings, enforceable against each of Purchaser and Management Holdings in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer
and similar laws of general applicability relating to or affecting creditors’ rights or to general equity principles. 
 4.6
Regulatory Approvals; No Violations. 
 (a) Except for requirements under the HSR Act (which for the avoidance of doubt shall
not be applicable as of the Closing), no consents, approvals, permits, order or authorizations of, exemptions, reviews or waivers by, or notices, reports, filings or registrations with any Governmental Authority or with any other third party are
required to be made or obtained by Purchaser, Management Holdings or any of their Affiliates or any of their and their Affiliates’ respective officers, directors or employees in connection with the execution, delivery and performance by
Purchaser of this Agreement, any of the other Transaction Documents to which Purchaser or Management Holdings is or will be a party or the consummation of the Transaction except for those already obtained or made, which are listed on Schedule
4.6(a). 
 (b) The execution, delivery, and performance of this Agreement and each of the other Transaction Documents to which each of
Purchaser or Management Holdings is or will be a party by Purchaser and Management Holdings does not, and the consummation by Purchaser and Management Holdings of the Transaction will not, (A) constitute or result in a breach or violation of,
or a default under, or the acceleration or creation of any 

  
 13 

 
obligations, penalties or the creation of any charge, mortgage, pledge, security interest, restriction, claim, lien or equity, encumbrance or any other encumbrance or exception to title of any
kind on the assets or properties of Purchaser or Management Holdings (with or without notice, lapse of time, or both) pursuant to agreements binding upon Purchaser or Management Holdings or to which each of Purchaser or Management Holdings or any of
its properties is subject or bound or any law, regulation, judgment or governmental or non-governmental permit or license to which Purchaser or any of its properties is subject, (B) constitute or result in a breach or violation of, or a default
under, the organizational documents of Purchaser or Management Holdings or (C) require any consent or approval under any such agreement except, in the case of clauses (A) or (C) above, for any breach, violation, default, acceleration,
creation, change, consent or approval that, individually or in the aggregate, is not reasonably likely to prevent or materially delay or hinder the ability of Purchaser to perform its obligations under this Agreement or the Transaction Agreements or
to timely consummate the Transaction. 
 4.7 Brokers. Neither Purchaser or Management Holdings nor any of their
Affiliates has retained, utilized or been represented by any broker or finder in connection with the Agreement, the Transaction Documents or the Transaction. 

4.8 Indebtedness; Ownership of Common Stock. Except as disclosed to the Company in writing on or prior to the date
hereof, neither Purchaser nor Management Holdings nor any of their respective Affiliates (other than portfolio companies, as to which no representation is made whatsoever) owns any debt securities or other indebtedness issued by the Company and as
of the date of this Agreement, the Purchaser, Management Holdings and their Affiliates (other than portfolio companies, as to which no representation is made whatsoever), taken together, are not the beneficial owners, as defined in Rule 13d-3 under
the Act, of any shares of common stock of the Company (except for beneficial ownership as a result of this Agreement or the Transaction Documents). 

4.9 Available Funds. Purchaser has and will have available to it at or prior to Closing all funds necessary (i) for
the payment to the Company of the aggregate Purchase Price on the terms and conditions contemplated by this Agreement and (ii) for Purchaser to perform its obligations under this Agreement. 

4.10 Restricted Securities. Purchaser understands that the Shares to be purchased by Purchaser hereunder are
characterized as “restricted securities” under the Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under the Act and applicable regulations thereunder such securities may
be resold without registration under the Act only in certain limited circumstances. Purchaser is familiar with Rule 144A of the U.S. Securities and Exchange Commission, as presently in effect, and understands the resale limitations imposed thereby
and by the Act. Purchaser understands that the Company is under no obligation to register any of the Shares sold hereunder except as provided in the Investor Rights Agreement. 

  
 14 

 SECTION 5 

Covenants 
 5.1
Reasonable Best Efforts; Further Assurances. (a) Subject to the terms and conditions of this Agreement, each of the Company and Purchaser agrees to cooperate with the other and use its reasonable best efforts in good faith
to take, or cause to be taken, all actions, and to do, or cause to be done, all things necessary on its part under this Agreement or under applicable laws to carry out the purposes and intents of this Agreement and the Transaction as promptly as
reasonably practicable. Following the Closing, the Company Board shall use its reasonable best efforts to cause the Company to comply with its covenants and agreements under the Transaction Documents, to the extent such covenants and agreements by
their terms contemplate performance after the Closing. 
 (b) If, at any time a filing is required by the HSR Act with respect to the
Transaction (including following the Closing) as a result of the exercise of the Warrants, the conversion of the Shares or the acquisition of securities of the Company by Purchaser or one of its Affiliates pursuant to Section 5.1 of the
Investor Rights Agreement, then the parties shall reasonably cooperate and consult with each other and each of the Company and Purchaser shall use their respective reasonable best efforts to make any filings required by the HSR Act as promptly as
practicable and, in the case of a filing under the HSR Act that is an Approval, in any event within ten (10) days following delivery of notice in respect of an HSR Event. Any and all filing fees incurred in connection with any filings under the
HSR Act shall be paid 50% by the Company and 50% by the Purchaser, with each party incurring its own legal and other expenses in connection therewith. If, after the Closing, Purchaser determines that a filing under the HSR Act is necessary for it or
its affiliates to acquire, convert or exercise any securities of the Company, the parties will also cooperate and consult with each other in the same manner. 

(c) If, at any time any statement, notice, petition or application by or on behalf of Purchaser or any of its Affiliates is required in order
to obtain any principal insurance regulatory authority’s clearance, approval, consent, authorization, exemption, waiver or similar order (“Insurance Regulatory Approvals”) with respect to the Transaction (including following
the Closing) as a result of the exercise of the Warrants, the conversion of the Shares or the acquisition of securities of the Company by the Shareholder Parties pursuant to Section 5.1 of the Investor Rights Agreement, then the parties shall
reasonably cooperate and consult with each other and each of the Company and Purchaser shall use their respective reasonable best efforts to obtain such Insurance Regulatory Approvals. 

(d) Subject to the terms and conditions of this Agreement, each of the Company and Purchaser shall use reasonable best efforts to lift any
injunction to the Transaction as promptly as reasonably practicable. The fees and expenses in connection with such actions shall be borne equally by the Company and the Purchaser, provided that if any such injunction was entered primarily due to
actions of the Purchaser, all such fees and expenses shall be borne solely by the Purchaser. 
 (e) Notwithstanding anything to the contrary
herein, neither party nor any of their respective Affiliates shall be required to take any action pursuant to this Section 5.1 which would be reasonably likely to be materially burdensome on such party or any of its respective Affiliates, or to
require such party or its respective Affiliates to divest or dispose of any material assets, securities or other instruments whether now owned or hereafter acquired or to accept any limitation on any of its investment activities. 

  
 15 

 5.2 Press Releases. The Company and Purchaser shall consult with each other
before issuing any press release with respect to the Transaction or this Agreement and shall not issue any such press release or make any public statements (including any non-confidential filings with Governmental Authorities that name another party
hereto) without the prior consent of such other party, which consent shall not be unreasonably withheld or delayed; provided, however, that a party may, without the prior consent of the other party, issue such press release or make such public
statements as may upon the advice of outside counsel be required by law or the rules or regulations of the SEC, any other Governmental Authority or any other applicable regulation, in which such case the disclosing party shall provide the other
party with prior notice of such public statement; provided that such party shall use its reasonable best efforts to consult with and coordinate such press release with the other party; provided, further, that such party shall only include in a press
release not receiving the consent of the non-filing party such information that is legally required to be disclosed upon the advice of counsel. Purchaser acknowledges and agrees that the Company will file promptly following the date hereof file a
Current Report on Form 8-K disclosing the material terms of the transactions contemplated hereby and filing this Agreement and the Transaction Documents as exhibits thereto, provided that the Company shall consult with and coordinate with the
Purchaser the filing of such Current Report on Form 8-K. 
 5.3 Tax Treatment. For all Tax purposes, the Company,
Management Holdings and Purchaser agree to treat the Transaction, including the transactions contemplated by the Note Purchase Agreement, as (i) granting of the Put Right by Management Holdings as set forth in the Note Purchase Agreement and
(ii) the purchase by Purchaser of the Securities. Except to the extent required pursuant to a final determination (as defined in Section 1313 of the Code), the Company, Management Holdings and Purchaser (x) agree to report the
Transaction for all United States federal income Tax purposes in a manner consistent with this paragraph and (y) acknowledge that that no part of the consideration paid to Management Holdings is in exchange for any services rendered by
Management Holdings or any of its Affiliates to the Company or any of its Affiliates and the Company will not claim a deduction with respect to the exercise of the Warrants. 

SECTION 6 
 Private
Placement of Securities 
 6.1 Securities Act Exemption. It is intended that the Company Preferred Stock and Warrants to
be issued pursuant to this Agreement will not be registered under the Act in reliance on the exemption from the registration requirements of Section 5 of the Act set forth in Section 4(2) and Regulation D under the Act. 

  
 16 

 SECTION 7 

Closing Deliverables 

7.1 Company Closing Deliverables. At the Closing, in addition to the closing deliverables to be delivered by the Company
pursuant to Section 2.2, the Company shall deliver the following items to Purchaser: 
 (a) Authorization.
Evidence that each of the Shares, the Warrants, the shares of Company Common Stock issuable upon exercise of the Warrants, the shares of Company Common Stock issuable upon conversion of the Shares, and the valid exercise by the Shareholder Parties
of the participation rights set forth in Section 5.1 of the Investor Rights Agreement (in accordance with the terms and conditions and subject to the limitations set forth therein) have been duly authorized by all necessary corporate action on
the part of the Company, and that the Shares and Warrants once paid for by the Purchaser in accordance with the terms of this Agreement, shall have been duly and validly issued, fully paid and nonassessable, and free and clear of all Liens, other
than restrictions on transfer or resale provided for by or under the Articles, applicable federal and state securities laws, or the Transaction Documents, and Liens imposed by or through Purchaser or its Affiliates. 

(b) Legal Opinion. Legal opinions of Akin Gump Strauss Hauer & Feld LLP and Lane Powell PC, in substantially the forms
attached hereto as Exhibits D-1 and D-2, respectively. 
 (c) Preferred Stock COD. Evidence of the due filing and
effectiveness of the Preferred Stock COD with the Secretary of State of the State of Washington.  
 (d) Investor Rights
Agreement. The Investor Rights Agreement, duly executed by the Company. 
 7.2 Purchaser Closing Deliverables.
At the Closing, in addition to the closing deliverables to be delivered by Purchaser pursuant to Section 2.2, Purchaser shall deliver the following item to the Company: 

(a) Investor Rights Agreement. The Investor Rights Agreement, duly executed by the Purchaser. 

SECTION 8 
 Miscellaneous

 8.1 Governing Law; Venue. This Agreement shall be deemed to be made in and in all respects shall be interpreted,
construed and governed by and in accordance with the laws of the State of New York (except to the extent that mandatory provisions of Washington law are applicable). The parties hereby irrevocably submit to the jurisdiction of the courts of the
State of New York and the federal courts of the United States of America located in the State of New York solely for the purposes of any suit, action or other proceeding between any of the parties hereto arising out of this Agreement or any
transaction contemplated hereby, and hereby waive, and agree to assert, as a defense in any action, suit or proceeding for the interpretation or enforcement hereof, that it is not subject thereto or that such action, suit or proceeding may not be
brought or is not maintainable in said courts or that the venue thereof may not be appropriate or that this Agreement may not be enforced in or by such courts, and the parties hereto irrevocably agree that all claims with respect to such action or
proceeding shall be heard and determined in such New York state or federal court. The parties hereby consent to and grant any such court jurisdiction over the person of such parties and over the subject matter of such dispute and agree that mailing
of process or other papers in connection with any such action or proceeding in the manner 

  
 17 

 
provided in Section 8.7 or in such other manner as may be permitted by law, shall be valid and sufficient service thereof. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL
RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

8.2 Fees and Expenses. The Company shall reimburse Purchaser for all reasonable out-of-pocket expenses incurred in
connection with the transactions contemplated by the Transaction Documents (including but not limited to expenses of due diligence investigation, consultants’ and other professionals’ fees, including advisory fees, travel expenses and
fees, disbursements and other charges of counsel) in each case, incurred in connection with the transactions contemplated by the Transaction Documents and the preparation and negotiation and enforcement of the Transaction Documents. The Company
shall be responsible for its own fees and expenses incurred in connection with the transactions contemplated by this Agreement. The Company shall pay all fees of its transfer agent, stamp taxes and other taxes and duties levied in connection with
the delivery of the Securities to Purchaser. Notwithstanding anything to the contrary in this Agreement, the aggregate amount of fees reimbursable by the Company hereunder shall not exceed $1,250,000, which amount shall include any and all
regulatory filing fees payable by the Company or Purchaser.  
 8.3 Survival. The representations and warranties
made herein shall survive until the first anniversary of the Closing Date; provided, that, the representations and warranties set forth in Sections 3.1, 3.2, 3.3, 3.4, 3.5, 3.15 and 3.17 shall survive until the fifth anniversary of the Closing
Date. 
 8.4 Successors and Assigns. Except as otherwise provided herein and subject to Section 8.11, the
provisions hereof shall inure to the benefit of, and be binding upon, the successors, permitted assigns, heirs, executors and administrators of the parties hereto. 

8.5 Entire Agreement; Amendment. This Agreement, the Investor Rights Agreement, the other Transactions Documents, and the
Confidentiality Agreement dated as of May 29, 2013, by and between KKR & Co. L.P., an Affiliate of the Purchaser, and the Company (the “Confidentiality Agreement”) (in each case including any Exhibits, Schedules or
other attachments thereto) constitute the full and entire understanding and agreement between the parties with regard to the subjects hereof and thereof, and no party shall be liable or bound to any other party in any manner by any warranties,
representations or covenants except as specifically set forth herein or therein. Information provided after the Closing to Purchaser, Management Holdings or their respective Affiliates which would otherwise have been considered
“Information” pursuant to the Confidentiality Agreement shall not be subject to the terms of the Confidentiality Agreement as of and following the Closing. Except as expressly provided herein, neither this Agreement nor any term hereof may
be amended, waived, discharged or terminated other than by a written instrument signed by the party against whom enforcement of any such amendment, waiver, discharge or termination is sought.  

8.6 Notices, Etc. Any notice, request, instruction or other document to be given hereunder by any party to the other will
be in writing and will be deemed to have been duly  

  
 18 

 
given (a) on the date of delivery if delivered personally or by telecopy or facsimile, upon confirmation of receipt, (b) on the first Business Day following the date of dispatch if
delivered by a recognized next-day courier service, or (c) on the third Business Day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered
as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice. 
 If to
Purchaser to it at: 
 c/o Kohlberg Kravis Roberts & Co. L.P. 

9 West 57th Street 
 Suite 4200

 New York, New York 10019 

Attn: David Sorkin 
 Fax:
(212) 750-0003 
 with a copy to (which copy alone shall not constitute notice): 

Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
New York 10017 
 Attn: Gary I. Horowitz, Esq. 

Telephone: (212) 455-2000 

Fax: (212) 455-2502 
 If to
the Company: 
 WMI Holdings, Inc. 

1201 Third Avenue, Suite 3000 

Seattle, WA 98101 
 Attn: Chad
Smith, Interim CEO and Secretary 
 Telephone: (206) 432-8731 

Fax: (206) 432-8877 
 with a
copy to (which copy alone shall not constitute notice): 
 Lane Powell PC 

601 SW Second Avenue, Suite 2100 

Portland, OR 97204-3158 
 Attn: A.
Jeffrey Bird, Esq. 
 Telephone: (503) 778-2173 

Fax: (503) 778-2200 
 and

 Akin Gump Strauss Hauer & Feld LLP 

One Bryant Park 
 New York, NY
10036 
 Attn: Kerry E. Berchem, Esq. 

Telephone: (212) 871-1095 

Fax: (212) 872-1002 

  
 19 

 8.7 Specific Performance. The Company and Purchaser acknowledge and agree
that irreparable damage to the other party would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that each party shall be
entitled to an injunction, injunctions or other equitable relief, without the necessity of posting a bond, to prevent or cure breaches of the provisions of this Agreement and to enforce specifically the terms and provisions hereof, this being in
addition to any other remedy to which the parties may be entitled by law or equity. 
 8.8 Delays or Omissions.
It is agreed that no delay or omission to exercise any right, power or remedy accruing to any party, upon any breach, default or noncompliance by another party under this Agreement, shall impair any such right, power or remedy, nor shall it be
construed to be a waiver of any such breach, default or noncompliance, or any acquiescence therein, or of or in any similar breach, default or noncompliance thereafter occurring. It is further agreed that any waiver, permit, consent or approval of
any kind or character on the part of any party hereto of any breach, default or noncompliance under this Agreement or any waiver on such party’s part of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement, by law, or otherwise afforded to any party, shall be cumulative and not alternative. 

8.9 No Third Party Beneficiaries. Nothing in this Agreement, expressed or implied, is intended to confer upon any person,
other than the parties hereto or their respective successors, any rights, remedies, obligations or liabilities under or by reason of this Agreement.  

8.10 No Assignment. This Agreement shall not be assignable by either party without the prior written consent of the other
party hereto; provided, however, that Purchaser may assign its rights and obligations under this Agreement (in whole or in part) without the Company’s consent to any Affiliate; provided that Purchaser shall not be relieved of its obligations
hereunder to the extent not satisfied by any such Affiliate, and any such Affiliate shall be required to make for the Company’s benefit the Purchaser representations and warranties contained herein. Any attempted assignment in violation of this
paragraph shall be null and void.  
 8.11 Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be enforceable against the parties actually executing such counterparts, and all of which together shall constitute one instrument. This Agreement may be executed by facsimile signature(s). 

8.12 Severability. In the event that any provision of this Agreement becomes or is declared by a court of competent
jurisdiction to be illegal, unenforceable or void, this Agreement shall continue in full force and effect without said provision; provided that no such severability shall be effective if it materially changes the economic
benefit of this Agreement to any party. 

  
 20 

 8.13 Interpretation. 

(a) The parties have participated jointly in negotiating and drafting this Agreement. If an ambiguity or a question of intent or
interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

(b) The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole, including any schedules and exhibits hereto and not to any particular provision of this Agreement, and Article and Section or subsection references are to the relevant Articles, Sections and subsections contained
in this Agreement unless otherwise specified. 
 (c) The phrases “the date of this Agreement”, “the date hereof” and
terms of similar import, will be deemed to refer to January 30, 2014. 
 (d) Whenever the words “include,” “includes” or
“including” are used in his Agreement, they shall be deemed to be followed by the words “without limitation.” 
 (e) The
meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 
 (f) The titles
and subtitles used in this Agreement are used for convenience only and are not considered in construing or interpreting this Agreement. 

8.14 Certain Defined Terms. 

(a) “Affiliate” means, with respect to any person, any other person that directly or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, such person, and the term “control” (including the terms “controlled by” and “under common control with”) means the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person, whether through ownership of voting securities, as trustee or executor, by contract or otherwise. 

(b) “Articles” means the Company’s Amended and Restated Articles of Incorporation, dated as of March 19, 2012, as
in effect on the date hereof and as the same may be amended, supplemented or otherwise modified from time to time in accordance with the terms thereof and the terms of this Agreement. 

(c) “Business Day” means any day that is not a Saturday, Sunday or other day in which banks in the State of Washington or the
State of New York are authorized or required by law to be closed. 

  
 21 

 (d) “Capital Stock” means, with respect to any Person at any time, any and all
shares, interests, participations or other equivalents (however designated, whether voting or non-voting) of capital stock, partnership interests (whether general or limited) or equivalent ownership interests in or issued by such Person and, with
respect to the Company, includes any and all shares of Common Stock, Preferred Stock and any other equity interests of the Company. 
 (e)
“Code” means the Internal Revenue Code of 1986, as amended. 
 (f) “Existing Indebtedness” means
(i) the Financing Agreement dated as of March 19, 2012 among the Company, the guarantors party thereto, the lenders party thereto and U.S. Bank National Association, as agent, as the same may be amended, restated, modified, renewed,
refunded, replaced or refinanced in whole or in part from time to time, (ii) the Company’s 13% Senior First Lien Notes due 2030 issued pursuant to the Senior First Lien Notes Indenture, dated as of March 19, 2012, by and between the
Company and Wilmington Trust National Association, as Trustee, and (iii) the Company’s 13% Senior Second Lien Notes due 2030 issued pursuant to the Senior Second Lien Notes Indenture, dated as of March 19, 2012, by and between the
Company, and Wilmington Trust National Association, as Trustee. 
 (g) “GAAP” means United States generally accepted
accounting principles applied on a consistent basis. 
 (h) “Knowledge” means, with respect to the Company, the
(i) actual knowledge of the Company’s directors and (ii) actual knowledge of Charles Smith and Timothy Jaeger after reasonable due inquiry with Doreen Logan, Weijia Wu and Peter Struck. 

(i) “Law” means any applicable law, statute, code, ordinance, rule, regulation or agency requirement of or undertaking to or
agreement with any governmental entity, including common law. 
 (j) “Lien” means any mortgage, pledge, security interest,
encumbrance, lien, charge, adverse claim or other restriction of any kind, whether based on common law, statute or contract. 
 (k)
“Percentage Stock Ownership” has the meaning assigned to such term in Article VI of the Articles. 
 (l) “Permitted
Liens” means (i) mechanics’, carriers’, workers’, repairers’, materialmen’s, warehousemen’s, construction and other Liens arising or incurred in the ordinary course of business and not yet due and payable
or being contested in good faith by appropriate proceedings; (ii) Liens for taxes, utilities and other governmental charges that, in each case, are not yet due or payable, are being contested in good faith by appropriate proceedings or may
thereafter be paid without giving rise to any material penalty or material additional cost or liability; (iii) defects, irregularities or imperfections of title and other Liens which, individually or in the aggregate, do not materially impair
the continued use (in a manner generally consistent with current use in the business) of the asset or property to which they relate; (iv) Liens incurred in the ordinary course of business in 

  
 22 

 
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 similar obligations, which do not materially impair the value of the underlying asset or the continued use of such asset for the purposes for which the asset is currently
being used by the Company or any Company Subsidiary; and (v) Liens that exist or are permissible under the Company’s Existing Indebtedness or incurred pursuant to the Transaction Documents, and (vi) restrictions arising under
applicable securities Laws. 
 (m) “Person” means any individual, corporation, limited liability company, limited or
general partnership, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivisions thereof or any Group (as such term is defined in Section 13(d)(3) of the Exchange Act)
comprised of two or more of the foregoing. 
 (n) “Substantial Holder” has the meaning assigned to term in Article VI of
the Articles. 
 (o) “Tax” means all United States federal, state, local or foreign taxes, charges, fees, levies or other
assessments, including, without limitation, income, gross receipts, excise, real and personal property, profits, estimated, severance, occupation, production, capital gains, capital stock, goods and services, environmental, employment, withholding,
stamp, value added, alternative or add-on minimum, sales, transfer, use, license, payroll and franchise taxes or any other tax, custom, duty or governmental fee, or other like assessment or charge of any kind whatsoever, imposed by the United
States, or any state, county, local or foreign government or subdivision or agency thereof, and such term shall include any interest, penalties, fines, related liabilities or additions to tax attributable to such taxes, charges, fees, levies or
other assessments. 
 (p) “Tax Return” means any report, return, declaration or other information required to be supplied
to any tax authority in connection with Taxes (including any attached schedules), including, without limitation, any information return, claim for refund, amended return and declaration of estimated Tax 

(q) “Transfer” has the meaning assigned to such term in Article VI of the Articles. 

[SIGNATURE PAGE FOLLOWS] 

  
 23 

 This INVESTMENT AGREEMENT is hereby executed as of the date first above written. 

 

			
	WMI HOLDINGS CORP.
		
	By:	 	 /s/ Charles Edward Smith

		
	Name:	 	 Charles Edward Smith

		
	Title:	 	 Interim CEO & Secretary

 [Signature Page to Investment Agreement] 

 
			
	KKR FUND HOLDINGS L.P.
	
	By: KKR Fund Holdings GP Limited, its general partner
		
	By:	 	 /s/ David J. Sorkin

		
	Name:	 	 David J. Sorkin

		
	Title:	 	 Director

	
	KKR MANAGEMENT HOLDINGS L.P., solely with respect to Section 2.2, Section 2.3 and Section 5.3
	
	By: KKR Management Holdings Corp., its general partner
		
	By:	 	 /s/ David J. Sorkin

		
	Name:	 	 David J. Sorkin

		
	Title:	 	 General Counsel & Secretary

 [Signature Page to Investment Agreement]EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

MCGRAW-HILL GLOBAL EDUCATION HOLDINGS, LLC 

and 
 MCGRAW-HILL GLOBAL
EDUCATION FINANCE, INC. 
 as Issuers 

and the Guarantors party hereto from time to time 

9.75% First-Priority Senior Secured Notes due 2021 
  

 
 INDENTURE 

Dated as of March 22, 2013 
  

 
 and 

Wilmington Trust, National Association 

as Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	Page	 
	ARTICLE I	  			
		
	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 SECTION 1.01
	 	 Definitions
	  	 	1	  
	 SECTION 1.02
	 	 Other Definitions
	  	 	42	  
	 SECTION 1.03
	 	 Rules of Construction
	  	 	43	  
		
	ARTICLE II	  			
		
	THE NOTES	  			
			
	 SECTION 2.01
	 	 Amount of Notes
	  	 	44	  
	 SECTION 2.02
	 	 Form and Dating
	  	 	45	  
	 SECTION 2.03
	 	 Execution and Authentication
	  	 	45	  
	 SECTION 2.04
	 	 Registrar and Paying Agent
	  	 	46	  
	 SECTION 2.05
	 	 Paying Agent to Hold Money in Trust
	  	 	47	  
	 SECTION 2.06
	 	 Holder Lists
	  	 	47	  
	 SECTION 2.07
	 	 Transfer and Exchange
	  	 	47	  
	 SECTION 2.08
	 	 Replacement Notes
	  	 	48	  
	 SECTION 2.09
	 	 Outstanding Notes
	  	 	49	  
	 SECTION 2.10
	 	 Cancellation
	  	 	49	  
	 SECTION 2.11
	 	 Defaulted Interest
	  	 	49	  
	 SECTION 2.12
	 	 CUSIP Numbers, ISINs, Etc.
	  	 	50	  
	 SECTION 2.13
	 	 Calculation of Principal Amount of Notes
	  	 	50	  
		
	ARTICLE III	  			
		
	REDEMPTION	  			
			
	 SECTION 3.01
	 	 Redemption
	  	 	50	  
	 SECTION 3.02
	 	 Applicability of Article
	  	 	50	  
	 SECTION 3.03
	 	 Notices to Trustee
	  	 	50	  
	 SECTION 3.04
	 	 Selection of Notes to Be Redeemed
	  	 	51	  
	 SECTION 3.05
	 	 Notice of Optional Redemption
	  	 	51	  
	 SECTION 3.06
	 	 Effect of Notice of Redemption
	  	 	52	  
	 SECTION 3.07
	 	 Deposit of Redemption Price
	  	 	52	  
	 SECTION 3.08
	 	 Notes Redeemed in Part
	  	 	52	  
		
	ARTICLE IV	  			
		
	COVENANTS	  			
			
	 SECTION 4.01
	 	 Payment of Notes
	  	 	53	  
	 SECTION 4.02
	 	 Reports and Other Information
	  	 	53	  
	 SECTION 4.03
	 	 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock
	  	 	55	  
	 SECTION 4.04
	 	 Limitation on Restricted Payments
	  	 	62	  
	 SECTION 4.05
	 	 Dividend and Other Payment Restrictions Affecting Subsidiaries
	  	 	69	  

  
 i 

 TABLE OF CONTENTS 

(cont’d) 
  

							
	 	  	Page	 
			
	 SECTION 4.06
	 	 Asset Sales
	  	 	71	  
	 SECTION 4.07
	 	 Transactions with Affiliates
	  	 	74	  
	 SECTION 4.08
	 	 Change of Control
	  	 	78	  
	 SECTION 4.09
	 	 Compliance Certificate
	  	 	80	  
	 SECTION 4.10
	 	 Further Instruments and Acts
	  	 	80	  
	 SECTION 4.11
	 	 Future Subsidiary Guarantors
	  	 	80	  
	 SECTION 4.12
	 	 Liens
	  	 	80	  
	 SECTION 4.13
	 	 After-Acquired Property
	  	 	81	  
	 SECTION 4.14
	 	 Maintenance of Office or Agency
	  	 	82	  
	 SECTION 4.15
	 	 Covenant Suspension
	  	 	82	  
	 SECTION 4.16
	 	 Maintenance of Insurance
	  	 	83	  
	 SECTION 4.17
	 	 Transactions Involving the School Education Group Business
	  	 	83	  
		
	ARTICLE V	  			
		
	SUCCESSOR COMPANY	  			
			
	 SECTION 5.01
	 	 When Issuers and Guarantors May Merge or Transfer Assets
	  	 	84	  
		
	ARTICLE VI	  			
		
	DEFAULTS AND REMEDIES	  			
			
	 SECTION 6.01
	 	 Events of Default
	  	 	88	  
	 SECTION 6.02
	 	 Acceleration
	  	 	90	  
	 SECTION 6.03
	 	 Other Remedies
	  	 	91	  
	 SECTION 6.04
	 	 Waiver of Past Defaults
	  	 	91	  
	 SECTION 6.05
	 	 Control by Majority
	  	 	91	  
	 SECTION 6.06
	 	 Limitation on Suits
	  	 	91	  
	 SECTION 6.07
	 	 Rights of the Holders to Receive Payment
	  	 	92	  
	 SECTION 6.08
	 	 Collection Suit by Trustee
	  	 	92	  
	 SECTION 6.09
	 	 Trustee May File Proofs of Claim
	  	 	92	  
	 SECTION 6.10
	 	 Priorities
	  	 	93	  
	 SECTION 6.11
	 	 Undertaking for Costs
	  	 	93	  
	 SECTION 6.12
	 	 Waiver of Stay or Extension Laws
	  	 	93	  
		
	ARTICLE VII	  			
		
	TRUSTEE	  			
			
	 SECTION 7.01
	 	 Duties of Trustee
	  	 	94	  
	 SECTION 7.02
	 	 Rights of Trustee
	  	 	95	  
	 SECTION 7.03
	 	 Individual Rights of Trustee
	  	 	97	  
	 SECTION 7.04
	 	 Trustee’s Disclaimer
	  	 	97	  
	 SECTION 7.05
	 	 Notice of Defaults
	  	 	97	  
	 SECTION 7.06
	 	 Reports by Trustee to the Holders
	  	 	97	  
	 SECTION 7.07
	 	 Compensation and Indemnity
	  	 	98	  
	 SECTION 7.08
	 	 Replacement of Trustee
	  	 	99	  

  
 ii 

 TABLE OF CONTENTS 

(cont’d) 
  

							
	 	  	Page	 
			
	 SECTION 7.09
	 	 Successor Trustee by Merger
	  	 	99	  
	 SECTION 7.10
	 	 Eligibility; Disqualification
	  	 	100	  
	 SECTION 7.11
	 	 Preferential Collection of Claims Against the Issuers
	  	 	100	  
	 SECTION 7.12
	 	 Limitation on Duty of Trustee in Respect of Collateral; Indemnification
	  	 	100	  
		
	ARTICLE VIII	  			
		
	DISCHARGE OF INDENTURE; DEFEASANCE	  			
			
	 SECTION 8.01
	 	 Discharge of Liability on Notes; Defeasance
	  	 	101	  
	 SECTION 8.02
	 	 Conditions to Defeasance
	  	 	102	  
	 SECTION 8.03
	 	 Application of Trust Money
	  	 	103	  
	 SECTION 8.04
	 	 Repayment to Issuer
	  	 	103	  
	 SECTION 8.05
	 	 Indemnity for U.S. Government Obligations
	  	 	104	  
	 SECTION 8.06
	 	 Reinstatement
	  	 	104	  
		
	ARTICLE IX	  			
		
	AMENDMENTS AND WAIVERS	  			
			
	 SECTION 9.01
	 	 Without Consent of the Holders
	  	 	104	  
	 SECTION 9.02
	 	 With Consent of the Holders
	  	 	106	  
	 SECTION 9.03
	 	 Revocation and Effect of Consents and Waivers
	  	 	107	  
	 SECTION 9.04
	 	 Notation on or Exchange of Notes
	  	 	107	  
	 SECTION 9.05
	 	 Trustee to Sign Amendments
	  	 	108	  
	 SECTION 9.06
	 	 Additional Voting Terms; Calculation of Principal Amount
	  	 	108	  
	 SECTION 9.07
	 	 Compliance with the Trust Indenture Act
	  	 	108	  
		
	ARTICLE X	  			
		
	RANKING OF NOTE LIENS	  			
			
	 SECTION 10.01
	 	 Relative Rights
	  	 	108	  
		
	ARTICLE XI	  			
		
	COLLATERAL	  			
			
	 SECTION 11.01
	 	 Security Documents
	  	 	109	  
	 SECTION 11.02
	 	 First-Priority Collateral Agent
	  	 	110	  
	 SECTION 11.03
	 	 Authorization of Actions to Be Taken
	  	 	112	  
	 SECTION 11.04
	 	 Release of Liens
	  	 	113	  
	 SECTION 11.05
	 	 Powers Exercisable by Receiver or Trustee
	  	 	114	  
	 SECTION 11.06
	 	 Release Upon Termination of the Issuers’ Obligations
	  	 	115	  
	 SECTION 11.07
	 	 Designations
	  	 	115	  
	 SECTION 11.08
	 	 Certificates and Opinions
	  	 	115	  

  
 iii 

 TABLE OF CONTENTS 

(cont’d) 
  

							
	 	  	Page	 
		
	ARTICLE XII	  			
		
	GUARANTEE	  			
			
	 SECTION 12.01
	 	 Guarantee
	  	 	116	  
	 SECTION 12.02
	 	 Limitation on Liability
	  	 	118	  
	 SECTION 12.03
	 	 [Intentionally Omitted]
	  	 	120	  
	 SECTION 12.04
	 	 Successors and Assigns
	  	 	120	  
	 SECTION 12.05
	 	 No Waiver
	  	 	120	  
	 SECTION 12.06
	 	 Modification
	  	 	120	  
	 SECTION 12.07
	 	 Execution of Supplemental Indenture for Future Guarantors
	  	 	120	  
	 SECTION 12.08
	 	 Non-Impairment
	  	 	121	  
		
	ARTICLE XIII	  			
		
	MISCELLANEOUS	  			
			
	 SECTION 13.01
	 	 Trust Indenture Act Controls
	  	 	121	  
	 SECTION 13.02
	 	 Notices
	  	 	122	  
	 SECTION 13.03
	 	 Communication by the Holders with Other Holders
	  	 	123	  
	 SECTION 13.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	123	  
	 SECTION 13.05
	 	 Statements Required in Certificate or Opinion
	  	 	123	  
	 SECTION 13.06
	 	 When Notes Disregarded
	  	 	124	  
	 SECTION 13.07
	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	124	  
	 SECTION 13.08
	 	 Legal Holidays
	  	 	124	  
	 SECTION 13.09
	 	 GOVERNING LAW
	  	 	124	  
	 SECTION 13.10
	 	 No Recourse Against Others
	  	 	124	  
	 SECTION 13.11
	 	 Successors
	  	 	124	  
	 SECTION 13.12
	 	 Multiple Originals
	  	 	124	  
	 SECTION 13.13
	 	 Table of Contents; Headings
	  	 	124	  
	 SECTION 13.14
	 	 Indenture Controls
	  	 	125	  
	 SECTION 13.15
	 	 Severability
	  	 	125	  
	 SECTION 13.16
	 	 Intercreditor Agreement
	  	 	125	  
	 SECTION 13.17
	 	 Waiver of Jury Trial
	  	 	125	  

  

					
	Appendix A	  	–	  	Provisions Relating to Initial Notes and Additional Notes

  
 iv 

 TABLE OF CONTENTS 

(cont’d) 
  

 EXHIBIT INDEX 

 

					
	Exhibit A	  	–	  	Form of Initial Note
	Exhibit B	  	–	  	Form of Exchange Note
	Exhibit C	  	–	  	Form of Transferee Letter of Representation
	Exhibit D	  	–	  	Form of Supplemental Indenture

  
 v 

 CROSS-REFERENCE TABLE 
  

			
	 TIA Section
	  	 Indenture
Section

	 310     (a)(1)
	  	7.10
	            (a)(2)
	  	7.10
	            (a)(3)
	  	7.10
	            (a)(4)
	  	7.10
	            (b)
	  	7.08; 7.10
	            (c)
	  	N.A.
	 311     (a)
	  	7.11
	            (b)
	  	7.11
	            (c)
	  	N.A.
	 312     (a)
	  	2.06
	            (b)
	  	13.03
	            (c)
	  	13.03
	 313     (a)
	  	7.06
	            (b)(1)
	  	7.06
	            (b)(2)
	  	7.06
	            (c)
	  	7.06
	            (d)
	  	7.06
	 314     (a)
	  	4.02; 4.09
	            (b)
	  	4.09
	            (c)(1)
	  	13.04
	            (c)(2)
	  	13.04
	            (c)(3)
	  	N.A.
	            (d)
	  	11.08
	            (e)
	  	13.05
	            (f)
	  	4.10
	 315     (a)
	  	7.01
	            (b)
	  	7.05
	            (c)
	  	7.01
	            (d)
	  	7.01
	            (e)
	  	6.11
	 316     (a) (last sentence)
	  	13.06
	            (a)(1)(A)
	  	6.05
	            (a)(1)(B)
	  	6.04
	            (a)(2)
	  	N.A.
	            (b)
	  	6.07
	 317     (a)(1)
	  	6.08
	            (a)(2)
	  	6.09
	            (b)
	  	2.05
	 318     (a)
	  	13.01

 N.A. Means Not Applicable. 

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

  
 vi 

 INDENTURE, dated as of March 22, 2013, among MCGRAW-HILL GLOBAL EDUCATION HOLDINGS, LLC, a
Delaware limited liability company (together with its successors and assigns, “MHGE Holdings” or the “Company”), MCGRAW-HILL GLOBAL EDUCATION FINANCE, INC., a Delaware corporation (together with its successors and
assigns, the “MHGE Finance” and together with MHGE Holdings, each, an “Issuer,” and, together, the “Issuers”), McGraw-Hill Global Education Intermediate Holdings, LLC, a Delaware limited liability
company (together with its successors and assigns, “Holdings”), MHE US Holdings, LLC, a Delaware limited liability company (together with its successors and assigns, “Parent”), the Subsidiary Guarantors party hereto
from time to time (as defined below) and Wilmington Trust, 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 (i) $800,000,000 aggregate principal amount of the Issuers’ 9.75% First-Priority Senior Secured Notes due 2021 issued on
the date hereof (the “Initial Notes”), (ii) Exchange Notes issued in exchange for the Initial Notes and (iii) Additional Notes issued from time to time (together with the Initial Notes and the Exchange Notes, the
“Notes”): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.01 Definitions. 

“Acquired Indebtedness” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged, consolidated or amalgamated with or into
or became a Restricted Subsidiary of such specified Person, and 
 (2) Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person. 
 Acquired Indebtedness will be deemed to have been Incurred, with respect to clause (1) of the
preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of such assets. 

“Acquisition” means the purchase of McGraw-Hill Education LLC and certain other subsidiaries of The McGraw-Hill Companies,
Inc. pursuant to the Acquisition Documents as described in the Offering Memorandum under the heading “Summary—The Transactions.” 

“Acquisition Documents” means the Purchase and Sale Agreement, dated as of November 26, 2012, by and among MHE
Acquisition, LLC, as purchaser, The McGraw-Hill Companies, Inc. and certain other subsidiaries of The McGraw-Hill Companies, Inc., as sellers, and McGraw-Hill Education, LLC and any other agreements or instruments contemplated thereby, in each case,
as amended, restated, supplemented or otherwise modified from time to time. 

 “Additional First-Priority Secured Party” means the holders of any Other
First-Priority Obligations that are Incurred after the Issue Date. 
 “Additional Notes” means the Notes issued under the
terms of this Indenture subsequent to the Issue Date. 
 “Additional Refinancing Amount” means, in connection with the
Incurrence of any Refinancing Indebtedness, the aggregate principal amount of additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and fees in respect
thereof. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common
control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by
agreement or otherwise. 
 “After-Acquired Property” means any property or assets (other than Excluded Property) of an
Issuer or any Subsidiary Guarantor that secures any First-Priority Obligations (including any Secured Bank Indebtedness) that is not already subject to the Lien under the Security Documents. 

“Applicable Premium” means, with respect to any Note on any applicable redemption date, as determined by the Issuers, the
greater of: 
 (1) 1% of the then outstanding principal amount of the Note; and 

(2) the excess of: 

(a) the present value at such redemption date of (i) the redemption price of the Note, at April 1, 2016 (such
redemption price being set forth in Paragraph 5 of the Note) plus (ii) all required interest payments due on the Note through April 1, 2016 (excluding accrued but unpaid interest), computed using a discount rate equal to the
Treasury Rate as of such redemption date plus 50 basis points; over 
 (b) the then outstanding principal amount of
the Note. 
 “Asset Sale” means: 

(1) the sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions)
of property or assets (including by way of Sale/ Leaseback Transactions) outside the ordinary course of business of MHGE Holdings or any Restricted Subsidiary (each referred to in this definition as a “disposition”); or 

  
 2 

 (2) the issuance or sale of Equity Interests (other than directors’
qualifying shares and shares issued to foreign nationals or other third parties to the extent required by applicable law) of any Restricted Subsidiary (other than to MHGE Holdings or another Restricted Subsidiary) (whether in a single transaction or
a series of related transactions), 
 in each case other than: 

(a) a disposition of Cash Equivalents or Investment Grade Securities or obsolete, damaged or worn out property or equipment in
the ordinary course of business; 
 (b) the disposition of all or substantially all of the assets of MHGE Holdings in a
manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control; 
 (c) any Restricted
Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.04; 
 (d) any disposition of
assets of MHGE Holdings or any Restricted Subsidiary or issuance or sale of Equity Interests of MHGE Holdings or any Restricted Subsidiary, which assets or Equity Interests so disposed or issued have an aggregate Fair Market Value (as determined in
good faith by MHGE Holdings) of less than $50.0 million; 
 (e) any disposition of property or assets, or the issuance of
securities, by a Restricted Subsidiary to MHGE Holdings or by MHGE Holdings or a Restricted Subsidiary to a Restricted Subsidiary; 

(f) any exchange of assets (including a combination of assets and Cash Equivalents) for assets related to a Similar Business of
comparable or greater market value or usefulness to the business of MHGE Holdings and the Restricted Subsidiaries as a whole, as determined in good faith by MHGE Holdings; 

(g) foreclosure or any similar action with respect to any property or other asset of MHGE Holdings or any of the Restricted
Subsidiaries; 
 (h) any disposition of Equity Interests in, or Indebtedness or other securities of, an Unrestricted
Subsidiary; 
 (i) the lease, assignment or sublease of any real or personal property in the ordinary course of business;

 (j) any sale of inventory or other assets in the ordinary course of business; 

(k) any grant in the ordinary course of business of any license of patents, trademarks, know-how or any other intellectual
property; 

  
 3 

 (l) any swap of assets, or lease, assignment or sublease of any real or personal
property, in exchange for services (including in connection with any outsourcing arrangements) of comparable or greater value or usefulness to the business of MHGE Holdings and the Restricted Subsidiaries as a whole, as determined in good faith by
MHGE Holdings; 
 (m) a transfer of accounts receivable and related assets of the type specified in the definition of
“Receivables Financing” (or a fractional undivided interest therein) including by a Receivables Subsidiary in a Qualified Receivables Financing; 

(n) any financing transaction with respect to property built or acquired by MHGE Holdings or any Restricted Subsidiary after
the Issue Date, including any Sale/Leaseback Transaction or asset securitization permitted by this Indenture; 
 (o)
dispositions in connection with Permitted Liens; 
 (p) any disposition of Capital Stock of a Restricted Subsidiary pursuant
to an agreement or other obligation with or to a Person (other than MHGE Holdings or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired or from whom such Restricted Subsidiary acquired its business and assets (having been
newly formed in connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

(q) the sale of any property in a Sale/Leaseback Transaction within twelve months of the acquisition of such property; 

(r) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings and exclusive of factoring or similar arrangements; 
 (s) any surrender,
expiration or waiver of contract rights or the settlement, release, recovery on or surrender of contract, tort or other claims of any kind; and 

(t) any disposition made pursuant to an Operations Management Agreement or the Acquisition Documents. 

“Authorized Representative” means (i) in the case of the Notes, the Trustee, (ii) in the case of the Credit
Agreement, the administrative agent under the Credit Agreement, and (iii) in the case of any Series of Other First-Priority Obligation that become subject to the First Lien Intercreditor Agreement, the authorized representative (and any
successor thereto) named for such Series in the applicable joinder agreement to the First Lien Intercreditor Agreement. 
 “Bank
Indebtedness” means any and all amounts payable under or in respect of (a) the Credit Agreement and the other Credit Agreement Documents, as amended, restated, supplemented, waived, replaced (whether or not upon termination, and
whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time 

  
 4 

 
to time (including after termination of the Credit Agreement), including any agreement or indenture extending the maturity thereof, refinancing, replacing or otherwise restructuring all or any
portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or indentures or increasing the amount loaned or issued thereunder or altering the
maturity thereof, including principal, premium (if any), interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization relating to MHGE Holdings whether or not a claim for post-filing interest is
allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees and all other amounts payable thereunder or in respect thereof and (b) whether or not the Indebtedness referred to in clause (a) remains
outstanding, if designated by MHGE Holdings to be included in this definition, one or more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, reserve-based loans, receivables financing
(including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including
convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case,
as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in whole or in part from time to time. 

“Bankruptcy Code” means Title 11 of the United States Code. 

“Board of Directors” means, as to any Person, the board of directors or managers, as applicable, of such Person (or, if such
Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly authorized committee thereof. In the case of MHGE Holdings, the Board of Directors of MHGE Holdings shall be deemed to include
the Board of Directors of MHGE Holdings or any direct or indirect parent, as appropriate. 
 “Business Day” means a day
other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in New York City or the place of payment. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock or shares; 

(2) in the case of an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company,
partnership or membership interests (whether general or limited); and 
 (4) any other interest or participation that confers
on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 

  
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 “Capitalized Lease Obligation” means, at the time any determination thereof is
to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in accordance with GAAP; provided
that obligations of MHGE Holdings or its Restricted Subsidiaries, or of a special purpose or other entity not consolidated with MHGE Holdings and its Restricted Subsidiaries, either existing on the Issue Date or created thereafter that
(a) initially were not included on the consolidated balance sheet of MHGE Holdings as capital lease obligations and were subsequently recharacterized as capital lease obligations or, in the case of such a special purpose or other entity
becoming consolidated with MHGE Holdings and its Restricted Subsidiaries were required to be characterized as capital lease obligations upon such consideration, in either case, due to a change in accounting treatment or otherwise, or (b) did
not exist on the Issue Date and were required to be characterized as capital lease obligations but would not have been required to be treated as capital lease obligations on the Issue Date had they existed at that time, shall for all purposes not be
treated as Capitalized Lease Obligations or Indebtedness. 
 “Capitalized Software Expenditures” shall mean, for any
period, the aggregate of all expenditures (whether paid in cash or accrued as liabilities) by a Person and its Restricted Subsidiaries during such period in respect of licensed or purchased software or internally developed software and software
enhancements that, in conformity with GAAP, are or are required to be reflected as capitalized costs on the consolidated balance sheet of such Person and such Restricted Subsidiaries. 

“Cash Equivalents” means: 

(1) U.S. dollars, pounds sterling, euros, the national currency of any member state in the European Union or such local
currencies held by an entity from time to time in the ordinary course of business; 
 (2) securities issued or directly and
fully guaranteed or insured by the U.S. government or any country that is a member of the European Union or any agency or instrumentality thereof in each case maturing not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances, in each case with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus in excess of $250.0 million and whose long-term debt is
rated “A” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency); 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into
with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper issued
by a corporation (other than an Affiliate of MHGE Holdings) rated at least “A-1” or the equivalent thereof by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each case
maturing within one year after the date of acquisition; 

  
 6 

 (6) readily marketable direct obligations issued by any state of the United
States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) in each
case with maturities not exceeding two years from the date of acquisition; 
 (7) Indebtedness issued by Persons (other than
the Sponsors or any of their Affiliates) with a rating of “A” or higher from S&P or “A-2” or higher from Moody’s (or reasonably equivalent ratings of another internationally recognized ratings agency) in each case with
maturities not exceeding two years from the date of acquisition; and 
 (8) investment funds investing at least 95% of their
assets in securities of the types described in clauses (1) through (7) above. 
 “CFC” means a “controlled
foreign corporation” within the meaning of Section 957 of the Code. 
 “Change of Control” means the occurrence
of either of the following: 
 (1) the sale, lease or transfer, in one or a series of related transactions, of all or
substantially all the assets of MHGE Holdings and its Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders; or 

(2) MHGE Holdings becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 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), other than any of the Permitted Holders, in a single transaction or in a related series of transactions, by way of merger, consolidation,
amalgamation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of more than 50% of the total voting power of the Voting Stock of MHGE Holdings.

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

“Collateral” means all property subject or purported to be subject, from time to time, to a Lien under any Security
Documents. 
 “Collateral Agreement” means the Collateral Agreement among Holdings, the Issuers, each Subsidiary Guarantor
and the First-Priority Collateral Agent, entered into on the Issue Date, consistent in all material respects with the description thereof in the Offering Memorandum, as may be amended, restated, supplemented or otherwise modified from time to time
in accordance with its terms and in accordance with this Indenture. 

  
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 “Common Collateral” means, at any time, Collateral in which the holders of two
or more Series of First-Priority Obligations (or their respective Authorized Representatives) hold a valid and perfected security interest at such time. If more than two Series of First-Priority Obligations are outstanding at any time and the
holders of less than all Series of First-Priority Obligations hold a valid and perfected security interest in any Collateral at such time, then such Collateral shall constitute Common Collateral for those Series of First-Priority Obligations that
hold a valid security interest in such Collateral at such time and shall not constitute Common Collateral for any Series which does not have a valid and perfected security interest in such Collateral at such time. 

“Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of
depreciation and amortization expense, including the amortization of intangible assets, deferred financing fees and Capitalized Software Expenditures and amortization of unrecognized prior service costs and actuarial gains and losses related to
pensions and other post-employment benefits, of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without duplication, of: 

(1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense
was deducted in computing Consolidated Net Income (including amortization of original issue discount, the interest component of Capitalized Lease Obligations, and net payments and receipts (if any) pursuant to interest rate Hedging Obligations and
excluding Additional Interest in respect of the Notes, amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, expensing of any bridge, commitment or other financing fees and non-cash interest expense
attributable to movement in mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP); plus 

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
plus 
 (3) commissions, discounts, yield and other fees and charges Incurred in connection with any Receivables
Financing which are payable to Persons other than MHGE Holdings and the Restricted Subsidiaries; minus 
 (4) interest
income for such period. 
 For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an
interest rate reasonably determined by MHGE Holdings to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

  
 8 

 “Consolidated Net Income” means, with respect to any Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis; provided, however, that: 

(1) any net after-tax extraordinary, nonrecurring or unusual gains or losses (less all fees and expenses relating thereto) or
expenses or charges, any severance expenses, relocation expenses, curtailments or modifications to pension and post-retirement employee benefit plans, any expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of
fixed assets for alternate uses and fees, expenses or charges relating to facilities closing costs, acquisition integration costs, facilities opening costs, project start-up costs, business optimization costs, signing, retention or completion
bonuses, expenses or charges related to any issuance of Equity Interests, Investment, acquisition, disposition, recapitalization or issuance, repayment, refinancing, amendment or modification of Indebtedness (in each case, whether or not
successful), and any fees, expenses, charges or change in control payments related to the Transactions (including any costs relating to auditing prior periods, any transition-related expenses, and transaction expenses incurred before, on or after
the Issue Date), in each case, shall be excluded; 
 (2) effects of purchase accounting adjustments (including the effects of
such adjustments pushed down to such Person and such Subsidiaries) in amounts required or permitted by GAAP, resulting from the application of purchase accounting or the amortization or write-off of any amounts thereof, net of taxes, shall be
excluded; 
 (3) the Net Income for such period shall not include the cumulative effect of a change in accounting principles
during such period; 
 (4) any net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued
operations or fixed assets and any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued operations or fixed assets shall be excluded; 

(5) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to business
dispositions or asset dispositions other than in the ordinary course of business (as determined in good faith by management of MHGE Holdings) shall be excluded; 

(6) any net after-tax gains or losses (less all fees and expenses or charges relating thereto) attributable to the early
extinguishment of indebtedness, Hedging Obligations or other derivative instruments shall be excluded; 
 (7) the Net Income
for such period of any Person that is not a Subsidiary of such Person, or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting, shall be included only to the extent of the amount of dividends or distributions or
other payments paid in cash (or to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period; 

(8) solely for the purpose of determining the amount available for Restricted Payments under clause (1) of the definition
of “Cumulative Credit,” the Net Income for such period of any Restricted Subsidiary (other than any Subsidiary Guarantor) shall be excluded to the extent that the declaration or payment of dividends or similar

  
 9 

 
distributions by such Restricted Subsidiary of its Net Income is not at the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restrictions with
respect to the payment of dividends or similar distributions have been legally waived; provided that the Consolidated Net Income of such Person shall be increased by the amount of dividends or other distributions or other payments actually paid in
cash (or converted into cash) by any such Restricted Subsidiary to such Person, to the extent not already included therein; 

(9) an amount equal to the amount of Tax Distributions actually made to any parent or equity holder of such Person in respect
of such period in accordance with Section 4.04(b)(xii) shall be included as though such amounts had been paid as income taxes directly by such Person for such period; 

(10) any impairment charges or asset write-offs, in each case pursuant to GAAP and the amortization of intangibles arising
pursuant to GAAP shall be excluded; 
 (11) any non-cash expense realized or resulting from stock option plans, employee
benefit plans or post-employment benefit plans, or grants or sales of stock, stock appreciation or similar rights, stock options, restricted stock, preferred stock or other rights shall be excluded; 

(12) any (a) non-cash compensation charges, (b) costs and expenses after the Issue Date related to employment of
terminated employees, or (c) costs or expenses realized in connection with or resulting from stock appreciation or similar rights, stock options or other rights existing on the Issue Date of officers, directors and employees, in each case of
such Person or any Restricted Subsidiary, shall be excluded; 
 (13) accruals and reserves that are established or adjusted
within 12 months after the Issue Date and that are so required to be established or adjusted in accordance with GAAP or as a result of adoption or modification of accounting policies shall be excluded; 

(14) (a) the Net Income of any Person and its Restricted Subsidiaries shall be calculated without deducting the income
attributable to, or adding the losses attributable to, the minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except to the extent of dividends declared or paid in respect of such period or any prior period on
the shares of Capital Stock of such Restricted Subsidiary held by such third parties and (b) any ordinary course dividend, distribution or other payment paid in cash and received from any Person in excess of amounts included in clause
(7) above shall be included; 
 (15) (a)(i) the non-cash portion of “straight-line” rent expense shall be
excluded and (ii) the cash portion of “straight-line” rent expense which exceeds the amount expensed in respect of such rent expense shall be included and (b) non-cash gains, losses, income and expenses resulting from fair value
accounting required by the applicable standard under GAAP and related interpretations shall be excluded; 

  
 10 

 (16) any currency translation gains and losses related to currency remeasurements
of Indebtedness, and any net loss or gain resulting from hedging transactions for currency exchange risk, shall be excluded; 

(17) (a) to the extent covered by insurance and actually reimbursed, or, so long as such Person has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer and only to the extent that such amount is (i) not denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed within
365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), expenses with respect to liability or casualty events or business interruption shall be excluded and
(b) amounts estimated in good faith to be received from insurance in respect of lost revenues or earnings in respect of liability or casualty events or business interruption shall be included (with a deduction for amounts actually received up
to such estimated amount to the extent included in Net Income in a future period); 
 (18) Capitalized Software Expenditures
shall be excluded; 
 (19) Non-cash charges for deferred tax asset valuation allowances shall be excluded (except to the
extent reversing a previously recognized increase to net income); and 
 (20) (a) revenues received during the relevant
period in advance of sales, for which recognition has been deferred under GAAP, shall be included in the relevant period, and (b) the amount of deferred revenues recognized under GAAP during the relevant period shall be excluded to the extent
such revenues were recognized in a prior period. 
 Notwithstanding the foregoing, for the purpose of Section 4.04 only, there shall be
excluded from Consolidated Net Income any dividends, repayments of loans or advances or other transfers of assets from Unrestricted Subsidiaries or Restricted Subsidiaries to the extent such dividends, repayments or transfers increase the amount of
Restricted Payments permitted under Section 4.04 pursuant to clauses (4) and (5) of the definition of “Cumulative Credit.” 

“Consolidated Non-Cash Charges” means, with respect to any Person for any period, the non-cash expenses (other than
Consolidated Depreciation and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such period on a consolidated basis and otherwise determined in accordance with GAAP,
provided that if any such non-cash expenses represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future period to the
extent paid, but excluding from this proviso, for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period. 

  
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 “Consolidated Taxes” means, with respect to any Person for any period, the
provision for taxes based on income, profits or capital, including, without limitation, state, franchise, property and similar taxes, foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations)
and any Tax Distributions taken into account in calculating Consolidated Net Income. 
 “Consolidated Total Indebtedness”
means, as of any date of determination, an amount equal to the sum (without duplication) of (1) the aggregate principal amount of all outstanding Indebtedness of MHGE Holdings and the Restricted Subsidiaries (excluding any undrawn letters of
credit) consisting of Capitalized Lease Obligations, bankers’ acceptances and Indebtedness for borrowed money, plus (2) the aggregate amount of all outstanding Disqualified Stock of MHGE Holdings and the Restricted Subsidiaries and
all Preferred Stock of Restricted Subsidiaries, with the amount of such Disqualified Stock and Preferred Stock equal to the greater of their respective voluntary or involuntary liquidation preferences, in each case determined on a consolidated basis
in accordance with GAAP. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing any leases, dividends or other obligations that do not constitute Indebtedness (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly,
including, without limitation, any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor, 
 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of
the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the owner
of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Corporate Trust Office” means the designated office of the Trustee in the United States of America at which at any time its
corporate trust business shall be administered, or such other address as the Trustee may designate from time to time by notice to the holders and the Issuers, or the principal corporate trust office of any successor Trustee (or such other address as
such successor Trustee may designate from time to time by notice to the holders and the Issuers). 
 “Credit Agreement”
means (i) the credit agreement entered into on the Issue Date among the Issuers, the guarantors named therein, the financial institutions named therein and Credit Suisse AG, as administrative agent, as amended, restated, supplemented, waived,
replaced (whether or not upon termination, and whether with the original lenders or otherwise), restructured, repaid, refunded, refinanced or otherwise modified from time to time, including any agreement or indenture extending the maturity thereof,
refinancing, replacing or otherwise 

  
 12 

 
restructuring all or any portion of the Indebtedness under such agreement or agreements or indenture or indentures or any successor or replacement agreement or agreements or indenture or
indentures or increasing the amount loaned or issued thereunder or altering the maturity thereof (except to the extent any such refinancing, replacement or restructuring is designated by MHGE Holdings to not be included in the definition of
“Credit Agreement”) and (ii) whether or not the credit agreement referred to in clause (i) remains outstanding, if designated by MHGE Holdings to be included in the definition of “Credit Agreement,” one or more
(A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders
against such receivables) or letters of credit, (B) debt securities, indentures or other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’ acceptances), or (C) instruments
or agreements evidencing any other Indebtedness, in each case, with the same or different borrowers or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated, replaced or refunded in
whole or in part from time to time. 
 “Credit Agreement Documents” means the collective reference to any Credit Agreement,
any notes issued pursuant thereto and the guarantees thereof, and the collateral documents relating thereto, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified, in whole or in
part, from time to time. 
 “Cumulative Credit” means the sum of (without duplication): 

(1) 50% of the Consolidated Net Income of MHGE Holdings for the period (taken as one accounting period, the “Reference
Period”) from January 1, 2013 to the end of MHGE Holdings’ most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case of such Consolidated Net
Income for such period is a deficit, minus 100% of such deficit), plus 
 (2) 100% of the aggregate net
proceeds, including cash and the Fair Market Value (as determined in good faith by MHGE Holdings) of property other than cash, received by MHGE Holdings after the Issue Date (other than net proceeds to the extent such net proceeds have been used to
Incur Indebtedness, Disqualified Stock or Preferred Stock pursuant to Section 4.03(b)(xii)) from the issue or sale of Equity Interests of MHGE Holdings or any direct or indirect parent entity of MHGE Holdings (excluding Refunding Capital Stock
(as defined below), Designated Preferred Stock, Excluded Contributions, and Disqualified Stock), including Equity Interests issued upon exercise of warrants or options (other than an issuance or sale to MHGE Holdings or a Restricted Subsidiary),
plus 
 (3) 100% of (i) the aggregate amount of contributions to the capital of MHGE Holdings received in cash
and the Fair Market Value (as determined in good faith by MHGE Holdings) of property other than cash after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, and Disqualified Stock and other than
contributions to the extent such contributions have been used to Incur Indebtedness, Disqualified Stock, or Preferred Stock pursuant to Section 4.03(b)(xii)), plus 

  
 13 

 (4) 100% of the principal amount of any Indebtedness, or the liquidation
preference or maximum fixed repurchase price, as the case may be, of any Disqualified Stock of MHGE Holdings or any Restricted Subsidiary issued after the Issue Date (other than Indebtedness or Disqualified Stock issued to a Restricted Subsidiary)
which has been converted into or exchanged for Equity Interests in MHGE Holdings (other than Disqualified Stock) or any direct or indirect parent of MHGE Holdings (provided in the case of any such parent, such Indebtedness or Disqualified Stock is
retired or extinguished), plus 
 (5) 100% of the aggregate amount received by MHGE Holdings or any Restricted
Subsidiary in cash and the Fair Market Value (as determined in good faith by MHGE Holdings) of property other than cash received by MHGE Holdings or any Restricted Subsidiary from: 

(A) the sale or other disposition (other than to MHGE Holdings or a Restricted Subsidiary) of Restricted Investments made by
MHGE Holdings and the Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from MHGE Holdings and the Restricted Subsidiaries by any Person (other than MHGE Holdings or any Restricted Subsidiary) and from
repayments of loans or advances, and releases of guarantees, which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant to Section 4.04(b)(vii)), 

(B) the sale (other than to MHGE Holdings or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary, or

 (C) a distribution or dividend from an Unrestricted Subsidiary, plus 

(6) in the event any Unrestricted Subsidiary has been redesignated as a Restricted Subsidiary or has been merged, consolidated
or amalgamated with or into, or transfers or conveys its assets to, or is liquidated into, MHGE Holdings or a Restricted Subsidiary, the Fair Market Value (as determined in good faith by MHGE Holdings) of the Investment of MHGE Holdings or the
Restricted Subsidiaries in such Unrestricted Subsidiary (which, if the Fair Market Value of such investment shall exceed $25.0 million, shall be determined by the Board of Directors of MHGE Holdings) at the time of such redesignation,
combination or transfer (or of the assets transferred or conveyed, as applicable) (other than in each case to the extent that the designation of such Subsidiary as an Unrestricted Subsidiary was made pursuant to Section 4.04(b)(vii) or
constituted a Permitted Investment). 
 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value (as determined in good
faith by MHGE Holdings) of non-cash consideration received by MHGE Holdings or a Restricted Subsidiary in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting
forth such valuation, less the amount of Cash Equivalents received in connection with a subsequent sale of such Designated Non-cash Consideration. 

  
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 “Designated Preferred Stock” means Preferred Stock of MHGE Holdings or any
direct or indirect parent of MHGE Holdings (other than Disqualified Stock), that is issued for cash (other than to MHGE Holdings or any of its Subsidiaries or an employee stock ownership plan or trust established by MHGE Holdings or any of its
Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officers’ Certificate, on the issuance date thereof. 

“Discharge of First-Priority Obligations” means, except to the extent otherwise provided in the First Lien Intercreditor
Agreement with respect to the reinstatement or continuation of any First-Priority Obligation under certain circumstances, payment in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has
been made) of all First-Priority Obligations and, with respect to any letters of credit or letter of credit guaranties outstanding under a document evidencing a First-Priority Obligation, delivery of cash collateral or backstop letters of credit in
respect thereof in a manner consistent with such document, in each case after or concurrently with the termination of all commitments to extend credit thereunder, and the termination of all commitments of the First-Priority Secured Parties under
such document evidencing such Obligation; provided that the Discharge of First-Priority Obligations shall not be deemed to have occurred if such payments are made with the proceeds of other First-Priority Obligations that constitute an
exchange or replacement for or a refinancing of such Obligations or First-Priority Obligations. In the event the First-Priority Obligations are modified and the Obligations are paid over time or otherwise modified, in each case pursuant to
Section 1129 of the Bankruptcy Code, the First-Priority Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such indebtedness and any obligations pursuant to such modified indebtedness shall have
been satisfied. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which, by its
terms (or by the terms of any security into which it is convertible or for which it is redeemable or exchangeable), or upon the happening of any event: 

(1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than as a result of a
change of control or asset sale), 
 (2) is convertible or exchangeable for Indebtedness or Disqualified Stock of such Person
or any of its Restricted Subsidiaries, or 
 (3) is redeemable at the option of the holder thereof, in whole or in part
(other than solely as a result of a change of control or asset sale), 
 in each case prior to 91 days after the earlier of the maturity date of the
Notes or the date the Notes are no longer outstanding; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the
holder thereof prior to such date shall be deemed to be Disqualified Stock; provided, further, however, that if such Capital Stock is issued to any employee or to any plan for the benefit of employees of MHGE Holdings or its
Subsidiaries or by any such plan to such  

  
 15 

 
employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by such Person in order to satisfy applicable statutory or regulatory
obligations or as a result of such employee’s termination, death or disability; provided, further, that any class of Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by
delivery of Capital Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock. 
 “Domestic
Subsidiary” means a Restricted Subsidiary that is not a Foreign Subsidiary. 
 “EBITDA” means, with respect to any
Person for any period, the Consolidated Net Income of such Person and its Restricted Subsidiaries for such period plus, without duplication, to the extent the same was deducted in calculating Consolidated Net Income: 

(1) Consolidated Taxes; plus 

(2) Fixed Charges; plus 

(3) Consolidated Depreciation and Amortization Expense; plus 

(4) Consolidated Non-Cash Charges; plus 

(5) any expenses or charges (other than Consolidated Depreciation and Amortization Expense) related to any issuance of Equity
Interests, Investment, acquisition, disposition, recapitalization or the Incurrence or repayment of Indebtedness permitted to be Incurred by this Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees,
expenses or charges related to the Transactions, the Notes or any Bank Indebtedness, (ii) any amendment or other modification of the Notes or other Indebtedness, (iii) any Additional Interest in respect of the Notes and
(iv) commissions, discounts, yield and other fees and charges (including any interest expense) related to any Qualified Receivables Financing; plus 

(6) business optimization expenses and other restructuring charges, reserves or expenses (which, for the avoidance of doubt,
shall include, without limitation, the effect of inventory optimization programs, facility closures, facility consolidations, retention, systems establishment costs, contract termination costs, future lease commitments and excess pension charges);
plus 
 (7) the amount of loss on sale of receivables and related assets to a Receivables Subsidiary in connection
with a Qualified Receivables Financing; plus 
 (8) any costs or expense Incurred pursuant to any management equity
plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of an
Issuer or a Guarantor or net cash proceeds of an issuance of Equity Interests of MHGE Holdings (other than Disqualified Stock) solely to the extent that such net cash proceeds are excluded from the calculation of the Cumulative Credit; plus

  
 16 

 (9) the amount of any management, monitoring, consulting, transaction and
advisory fees and related expenses paid to the Sponsors (or any accruals relating to such fees and related expenses) during such period to the extent otherwise permitted by Section 4.07, including, if applicable, the amount of termination fee
paid pursuant to Section 4.07(b)(xx); plus 
 (10) all adjustments of the nature used in connection with the
calculation of “Adjusted EBITDA” as set forth in footnote (4) to the “Summary Unaudited Pro Forma Consolidated Financial Data” under “Summary” in the Offering Memorandum to the extent such adjustments, without
duplication, continue to be applicable to such period; and 
 less, without duplication, to the extent the same increased Consolidated Net Income,

 (11) non-cash items increasing Consolidated Net Income for such period (excluding the recognition of deferred revenue or
any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced EBITDA in any prior period and any items for which cash was received in a prior period). 

In addition, notwithstanding the foregoing, for purposes of calculating EBITDA for any relevant period, (a) cash expenditures in respect
of prepublication costs in the relevant period shall be deducted from EBITDA, and (b) amortization of prepublication costs for the relevant period shall be added to EBITDA to the extent not otherwise added pursuant to the clauses set forth
above. 
 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any
public or private sale after the Issue Date of common Capital Stock or Preferred Stock of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as applicable (other than Disqualified Stock), other than: 

(1) public offerings with respect to MHGE Holdings’ or such direct or indirect parent’s common stock registered on
Form S-4 or Form S-8; 
 (2) issuances to any Subsidiary of MHGE Holdings; and 

(3) any such public or private sale that constitutes an Excluded Contribution. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Exchange Notes” means the Notes of the Issuers issued pursuant to this Indenture in exchange for, and in an
aggregate principal amount equal to or not in excess of, the Initial Notes or any Additional Notes, if applicable, in compliance with the terms of the Registration Rights Agreement. 

  
 17 

 “Exchange Offer Registration Statement” means the registration statement filed
with the SEC in connection with the Registered Exchange Offer. 
 “Excluded Contributions” means the Cash Equivalents or
other assets (valued at their Fair Market Value as determined in good faith by senior management or the Board of Directors of MHGE Holdings) received by MHGE Holdings after the Issue Date from: 

(1) contributions to its common equity capital, and 

(2) the sale (other than to a Subsidiary of MHGE Holdings or to any Subsidiary management equity plan or stock option plan or
any other management or employee benefit plan or agreement) of Capital Stock (other than Disqualified Stock and Designated Preferred Stock) of MHGE Holdings, 

in each case designated as Excluded Contributions pursuant to an Officers’ Certificate. 

“Excluded Property” means the property and other assets of the Issuers and the Subsidiary Guarantors that is excluded from
the grant of security interest in favor of the First-Priority Collateral Agent, on behalf of the First-Priority Secured Parties, pursuant to the terms of this Indenture and the Security Documents. 

“Excluded Subsidiary” means (a) each Unrestricted Subsidiary, (b) each Domestic Subsidiary that is not a Wholly
Owned Subsidiary (for so long as such Subsidiary remains a non-Wholly Owned Subsidiary), (c) each Domestic Subsidiary that is prohibited from guaranteeing the Notes by any requirement of law or that would require consent, approval, license or
authorization of a governmental authority to guarantee the Notes (unless such consent, approval, license or authorization has been received), (d) each Domestic Subsidiary that is prohibited by any applicable contractual requirement from
guaranteeing the Notes on the Issue Date or at the time such Subsidiary becomes a Subsidiary (to the extent not incurred in connection with becoming a Subsidiary and in each case for so long as such restriction or any replacement or renewal thereof
is in effect), (e) any Foreign Subsidiary, (f) any Domestic Subsidiary (i) that owns no material assets (directly or through its Subsidiaries) other than equity interests of one or more Foreign Subsidiaries that are CFCs or
(ii) that is a direct or indirect Subsidiary of a Foreign Subsidiary, (g) any Receivables Subsidiary and (h) any Subsidiary (other than a Significant Subsidiary) that (i) did not, as of the last day of the fiscal quarter of MHGE
Holdings most recently ended, have assets with a value in excess of 5.0% of the Total Assets or revenues representing in excess of 5.0% of total revenues of MHGE Holdings and the Restricted Subsidiaries on a consolidated basis as of such date and
(ii) taken together with all other such Subsidiaries being excluded pursuant to this clause (h), as of the last day of the fiscal quarter of MHGE Holdings most recently ended, did not have assets with a value in excess of 10.0% of the Total
Assets or revenues representing in excess of 10.0% of total revenues of MHGE Holdings and the Restricted Subsidiaries on a consolidated basis as of such date. 

“Fair Market Value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length
transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. 

  
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 “First Lien Intercreditor Agreement” means (i) the intercreditor agreement
among Credit Suisse AG, as First-Priority Collateral Agent, the Trustee, as an Authorized Representative, and the other parties from time to time party thereto, to be entered into on the Issue Date, as it may be amended, restated, supplemented or
otherwise modified from time to time in accordance with this Indenture or (ii) any replacement or other intercreditor agreement that contains terms not materially less favorable to holders of the Notes than the intercreditor agreement referred
to in clause (i). 
 “First-Priority Collateral Agent” means Credit Suisse AG, in its capacity as collateral agent for the
First-Priority Secured Parties, together with its successors and permitted assigns under the Credit Agreement and the Credit Agreement Documents exercising substantially the same rights and powers (or if such Person is no longer the First-Priority
Collateral Agent, such agent or trustee as is designated as “First-Priority Collateral Agent” under the First-Priority Obligations Documents). 

“First-Priority Obligations” means (i) all Secured Bank Indebtedness, (ii) all Note Obligations, (iii) Other
First-Priority Obligations and (iv) if such Hedging Obligations or obligations in respect of cash management services have been secured in the collateral that secures the First-Priority Obligations, all other obligations of MHGE Holdings or any
of its Restricted Subsidiaries in respect of Hedging Obligations or obligations in respect of cash management services in each case owing to a Person that is a holder of Secured Bank Indebtedness or an Affiliate of such holder on the Issue Date or
at the time of entry into such Hedging Obligations or obligations in respect of cash management services. 
 “First-Priority
Obligations Documents” means the Credit Agreement Documents, the Notes Documents and any other documents or instrument evidencing or governing any other First-Priority Obligations. 

“First-Priority Secured Parties” means the persons holding any First-Priority Obligations, including the First-Priority
Collateral Agent. 
 “Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of:
(1) Consolidated Interest Expense (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred
Stock or Disqualified Stock of such Person and its Restricted Subsidiaries. 
 “Foreign Subsidiary” means a Restricted
Subsidiary not organized or existing under the laws of the United States of America or any state thereof or the District of Columbia. 

“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 have been approved by a
significant segment of the accounting profession, which are in effect on the Issue Date. For the purposes of this Indenture, the term “consolidated” with respect to any Person shall mean such Person consolidated with its Restricted
Subsidiaries, and shall not include any Unrestricted Subsidiary, but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. 

  
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 “guarantee” means a guarantee (other than by endorsement of negotiable
instruments for collection in the ordinary course of business), direct or indirect, in any manner (including, without limitation, letters of credit and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other
obligations. 
 “Guarantee” means any guarantee of the obligations of the Issuers under this Indenture and the Notes by any
Person in accordance with the provisions of this Indenture. 
 “Guarantor” means any Person that incurs a Guarantee;
provided that upon the release or discharge of such Person from its Guarantee in accordance with this Indenture, such Person ceases to be a Guarantor. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under: 

(1) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements
and currency exchange, interest rate or commodity collar agreements; and 
 (2) other agreements or arrangements designed to
protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 
 “holder” or
“noteholder” means the Person in whose name a Note is registered on the Registrar’s books. 
 “Incur”
means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such person becomes a Subsidiary (whether by merger, amalgamation, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary. 

“Indebtedness” means, with respect to any Person: 

(1) the principal and premium (if any) of any indebtedness of such Person, whether or not contingent, (a) in respect of
borrowed money, (b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without duplication, reimbursement agreements in respect thereof), (c) representing the deferred and
unpaid purchase price of any property (except any such balance that constitutes (i) a trade payable or similar obligation to a trade creditor Incurred in the ordinary course of business, (ii) any earn-out obligations until such obligation
becomes a liability on the balance sheet of such Person in accordance with GAAP and (iii) liabilities accrued in the ordinary course of business), which purchase price is due more than six months after the date of placing the property in
service or taking delivery and title thereto, (d) in respect of Capitalized Lease Obligations, or (e) representing any Hedging Obligations, if and to the extent that any of the foregoing indebtedness would appear as a liability on a
balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

  
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 (2) to the extent not otherwise included, any obligation of such Person to be
liable for, or to pay, as obligor, guarantor or otherwise, the obligations referred to in clause (1) of another Person (other than by endorsement of negotiable instruments for collection in the ordinary course of business); and 

(3) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on any asset owned by such Person
(whether or not such Indebtedness is assumed by such Person); provided, however, that the amount of such Indebtedness will be the lesser of: (a) the Fair Market Value (as determined in good faith by MHGE Holdings) of such asset at
such date of determination, and (b) the amount of such Indebtedness of such other Person; 
 provided, however, that notwithstanding the
foregoing, Indebtedness shall be deemed not to include (1) Contingent Obligations Incurred in the ordinary course of business and not in respect of borrowed money; (2) deferred or prepaid revenues; (3) purchase price holdbacks in
respect of a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller; (4) Obligations under or in respect of Qualified Receivables Financing; (5) obligations under the
Acquisition Documents; and (6) any obligations under Hedging Obligations; provided that such agreements are entered into for bona fide hedging purposes of MHGE Holdings or its Restricted Subsidiaries (as determined in good faith by the
board of directors or senior management of MHGE Holdings, whether or not accounted for as a hedge in accordance with GAAP) and, in the case of any foreign exchange contract, currency swap agreement, futures contract, option contract or other similar
agreement, such agreements are related to business transactions of MHGE Holdings or its Restricted Subsidiaries entered into in the ordinary course of business and, in the case of any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, interest rate hedge agreement or other similar agreement or arrangement, such agreements substantially correspond
in terms of notional amount, duration and interest rates, as applicable, to Indebtedness of MHGE Holdings or its Restricted Subsidiaries Incurred without violation of this Indenture. 

Notwithstanding anything in this Indenture to the contrary, Indebtedness shall not include, and shall be calculated without giving effect to,
the effects of Statement of Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of
accounting for any embedded derivatives created by the terms of such Indebtedness; and any such amounts that would have constituted Indebtedness under this Indenture but for the application of this sentence shall not be deemed an Incurrence of
Indebtedness under this Indenture. 
 “Indenture” means this Indenture as amended or supplemented from time to time. 

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

  
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 “Interest Payment Date” has the meaning set forth in Exhibit A
hereto. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s or
BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 
 “Investment Grade Securities”
means: 
 (1) securities issued or directly and fully guaranteed or insured by the U.S. government or any agency or
instrumentality thereof (other than Cash Equivalents), 
 (2) securities that have a rating equal to or higher than Baa3 (or
equivalent) by Moody’s and BBB- (or equivalent) by S&P, but excluding any debt securities or loans or advances between and among MHGE Holdings and its Subsidiaries, 

(3) investments in any fund that invests exclusively in investments of the type described in clauses (1) and
(2) which fund may also hold immaterial amounts of cash pending investment and/or distribution, and 
 (4) corresponding
instruments in countries other than the United States customarily utilized for high quality investments and in each case with maturities not exceeding two years from the date of acquisition. 

“Investments” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in
the form of loans (including guarantees), advances or capital contributions (excluding accounts receivable, trade credit and advances to customers and commission, travel and similar advances to officers, employees and consultants made in the
ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by any other Person and investments that are required by GAAP to be classified on the balance sheet of such
Person in the same manner as the other investments included in this definition to the extent such transactions involve the transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and
Section 4.04: 
 (1) “Investments” shall include the portion (proportionate to MHGE Holdings’ equity
interest in such Subsidiary) of the Fair Market Value (as determined in good faith by MHGE Holdings) of the net assets of a Subsidiary of MHGE Holdings at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, MHGE Holdings shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary equal to an amount (if positive) equal to:

 (a) MHGE Holdings’ “Investment” in such Subsidiary at the time of such redesignation less 

  
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 (b) the portion (proportionate to MHGE Holdings’ equity interest in such
Subsidiary) of the Fair Market Value (as determined in good faith by MHGE Holdings) of the net assets of such Subsidiary at the time of such redesignation; and 

(2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in
good faith by MHGE Holdings) at the time of such transfer, in each case as determined in good faith by the Board of Directors of MHGE Holdings. 

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

“Junior Lien Obligations” means the Obligations with respect to other Indebtedness permitted to be Incurred under this
Indenture, which is by its terms intended to be secured by the Collateral on a basis junior to the Notes; provided such Lien is permitted to be Incurred under this Indenture. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or similar encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction); provided that in no event shall an operating lease be deemed to
constitute a Lien. 
 “Management Group” means the group consisting of the directors, executive officers and other
management personnel of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as the case may be, on the Issue Date together with (1) any new directors whose election by such boards of directors or whose nomination for election by
the shareholders of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as applicable, was approved by a vote of a majority of the directors of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as applicable, then still
in office who were either directors on the Issue Date or whose election or nomination was previously so approved and (2) executive officers and other management personnel of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as
applicable, hired at a time when the directors on the Issue Date together with the directors so approved constituted a majority of the directors of MHGE Holdings or any direct or indirect parent of MHGE Holdings, as applicable. 

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

“Mortgaged Properties” means the owned real property of the Issuers and any Subsidiary Guarantor encumbered by a Mortgage to
secure the First-Priority Obligations. 
 “Mortgages” means, collectively, the mortgages, trust deeds, deeds of trust,
deeds to secure debt, assignments of leases and rents, and other security documents delivered with respect to the Mortgaged Properties, as amended, supplemented, or otherwise modified from time to time. 

  
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 “Net Income” means, with respect to any Person, the net income (loss) of such
Person and its Restricted Subsidiaries, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends. 

“Net Proceeds” means the aggregate cash proceeds received by MHGE Holdings or any Restricted Subsidiary in respect of any
Asset Sale (including, without limitation, any cash received in respect of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets or other consideration received in any other
non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales
commissions), and any relocation expenses Incurred as a result thereof, taxes paid or payable as a result thereof (including Tax Distributions and after taking into account any available tax credits or deductions and any tax sharing arrangements
related solely to such disposition), amounts required to be applied to the repayment of principal, premium (if any) and interest on Indebtedness required (other than pursuant to Section 4.06(b)(i)) to be paid as a result of such transaction,
amounts paid in connection with the termination of Hedging Obligations related to Indebtedness repaid with such proceeds and any deduction of appropriate amounts to be provided by MHGE Holdings as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained by MHGE Holdings after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities and liabilities
related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Notes
Documents” means this Indenture, the Notes, the Guarantees and the Security Documents. 
 “Notes Obligations”
means Obligations in respect of the Notes, the Guarantees, this Indenture and the Security Documents, including, for the avoidance of doubt, Obligations in respect of Exchange Notes and guarantees thereof. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including, without
limitation, reimbursement obligations with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation governing any Indebtedness; provided that Obligations with respect to the
Notes shall not include fees or indemnifications in favor of third parties other than the Trustee and the holders of the Notes. 

“Offering Memorandum” means the offering circular, dated March 15, 2013, relating to the issuance of the Initial Notes.

 “Officer” means the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, President, any Executive
Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of MHGE Holdings. 

  
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 “Officers’ Certificate” means a certificate signed on behalf of MHGE
Holdings by two Officers of MHGE Holdings, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of MHGE Holdings, which meets the requirements set forth in this
Indenture. 
 “Operations Management Agreements” means each of the services agreement, the separation agreement and any
other operating management agreement entered into by MHGE Holdings or any of its Restricted Subsidiaries with MHE Acquisition, LLC, Parent, Holdings and/or any other direct or indirect Subsidiary of Parent as in effect on the Issue Date and any and
all modifications thereto, substitutions therefor and replacements thereof so long as such modifications, substitutions and replacements are not materially less favorable, taken as a whole, to MHGE Holdings and its Subsidiaries than the terms of
such agreements as in effect on the Issue Date. 
 “Opinion of Counsel” means a written opinion from legal counsel who is
acceptable to the Trustee. The counsel may be an employee of or counsel to MHGE Holdings. 
 “Other First-Priority
Obligations” means other Indebtedness or Obligations of MHGE Holdings and its Restricted Subsidiaries that are equally and ratably secured with the Notes as permitted by this Indenture and are designated by MHGE Holdings as Other
First-Priority Obligations pursuant to the First Lien Intercreditor Agreement. 
 “Pari Passu Indebtedness” means:
(a) with respect to an Issuer, the Notes and any Indebtedness which ranks pari passu in right of payment to the Notes; and (b) with respect to any Subsidiary Guarantor, its Guarantee and any Indebtedness which ranks pari passu in right of
payment to such Subsidiary Guarantor’s Guarantee. 
 “Permitted Holders” means, at any time, each of (i) the
Sponsors, (ii) the Management Group, (iii) any Person that has no material assets other than the Capital Stock of MHGE Holdings and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock of MHGE
Holdings, and of which no other Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), other than any of the other Permitted Holders specified in clauses (i) and
(ii) above, holds more than 50% of the total voting power of the Voting Stock thereof and (iv) any group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members of
which include any of the Permitted Holders specified in clauses (i) and (ii) above and that, directly or indirectly, hold or acquire beneficial ownership of the Voting Stock of MHGE Holdings (a “Permitted Holder Group”),
so long as (1) each member of the Permitted Holder Group has voting rights proportional to the percentage of ownership interests held or acquired by such member and (2) no Person or other “group” (other than Permitted Holders
specified in clauses (i) and (ii) above) beneficially owns more than 50% on a fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group whose acquisition of beneficial ownership constitutes a Change of
Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional Permitted Holder. 

  
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 “Permitted Investments” means: 

(1) any Investment in MHGE Holdings or any Restricted Subsidiary; 

(2) any Investment in Cash Equivalents or Investment Grade Securities; 

(3) any Investment by MHGE Holdings or any Restricted Subsidiary in a Person if as a result of such Investment (a) such
Person becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is
liquidated into, MHGE Holdings or a Restricted Subsidiary; 
 (4) any Investment in securities or other assets not
constituting Cash Equivalents and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets not constituting an Asset Sale; 

(5) any Investment existing on, or made pursuant to binding commitments existing on, the Issue Date or an Investment consisting
of any extension, modification or renewal of any Investment existing on the Issue Date; provided that the amount of any such Investment may be increased (x) as required by the terms of such Investment as in existence on the Issue Date or
(y) as otherwise permitted under this Indenture; 
 (6) advances to employees, taken together with all other advances
made pursuant to this clause (6), not to exceed $25.0 million at any one time outstanding; 
 (7) any Investment
acquired by MHGE Holdings or any Restricted Subsidiary (a) in exchange for any other Investment or accounts receivable held by MHGE Holdings or such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or (b) as a result of a foreclosure by MHGE Holdings or any Restricted Subsidiary with respect to any secured Investment or other transfer of
title with respect to any secured Investment in default; 
 (8) Hedging Obligations permitted under Section 4.03(b)(ix);

 (9) any Investment by MHGE Holdings or any Restricted Subsidiary in a Similar Business having an aggregate Fair Market
Value (as determined in good faith by MHGE Holdings), taken together with all other Investments made pursuant to this clause (9) that are at that time outstanding, not to exceed the greater of (x) $100.0 million and (y) 4.0% of Total
Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any Investment pursuant to this
clause (9) is made in any Person that is not MHGE Holdings or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes MHGE Holdings or a Restricted Subsidiary after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues to be MHGE Holdings or a Restricted Subsidiary; 

  
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 (10) additional Investments by MHGE Holdings or any Restricted Subsidiary having
an aggregate Fair Market Value (as determined in good faith by MHGE Holdings), taken together with all other Investments made pursuant to this clause (10) that are at that time outstanding, not to exceed the greater of (x) $100.0 million
and (y) 4.0% of Total Assets at the time of such Investment (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); provided, however, that if any
Investment pursuant to this clause (10) is made in any Person that is not MHGE Holdings or a Restricted Subsidiary at the date of the making of such Investment and such Person becomes MHGE Holdings or a Restricted Subsidiary after such date,
such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (10) for so long as such Person continues to be MHGE Holdings or a Restricted Subsidiary;

 (11) loans and advances to officers, directors or employees for business-related travel expenses, moving expenses and
other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund such person’s purchase of Equity Interests of MHGE Holdings or any direct or indirect parent of MHGE Holdings; 

(12) Investments the payment for which consists of Equity Interests of MHGE Holdings (other than Disqualified Stock) or any
direct or indirect parent of MHGE Holdings, as applicable; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (3) of the definition of “Cumulative
Credit”; 
 (13) any transaction to the extent it constitutes an Investment that is permitted by and made in accordance
with the provisions of Section 4.07(b) (except transactions described in clauses (ii), (iv), (vi), (ix)(B) and (xvi) of Section 4.07(b)); 

(14) Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements
with other Persons; 
 (15) guarantees issued in accordance with Section 4.03 and Section 4.11 including, without
limitation, any guarantee or other obligation issued or Incurred under the Credit Agreement in connection with any letter of credit issued for the account of MHGE Holdings or any of its Subsidiaries (including with respect to the issuance of, or
payments in respect of drawings under, such letters of credit); 
 (16) Investments consisting of or to finance purchases and
acquisitions of inventory, supplies, materials, services or equipment or purchases of contract rights or licenses or leases of intellectual property; 

(17) any Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection
with a Qualified Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such Qualified Receivables Financing or any related Indebtedness; 

  
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 (18) any Investment in an entity which is not a Restricted Subsidiary to which a
Restricted Subsidiary sells accounts receivable pursuant to a Receivables Financing; 
 (19) additional Investments in joint
ventures not to exceed, at any one time in the aggregate outstanding under this clause (19), $100.0 million (with the Fair Market Value of each Investment being measured at the time such Investment is made and without giving effect to subsequent
changes in value); provided, however, that if any Investment pursuant to this clause (19) is made in any Person that is not MHGE Holdings or a Restricted Subsidiary at the date of the making of such Investment and such Person
becomes MHGE Holdings or a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above and shall cease to have been made pursuant to this clause (19) for so long as such
Person continues to be MHGE Holdings or a Restricted Subsidiary; 
 (20) Investments of a Restricted Subsidiary acquired
after the Issue Date or of an entity merged into, amalgamated with, or consolidated with MHGE Holdings or a Restricted Subsidiary in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments
were not made in contemplation of such acquisition, merger, amalgamation or consolidation and were in existence on the date of such acquisition, merger, amalgamation or consolidation; and 

(21) any Investment in any Subsidiary of MHGE Holdings or any joint venture in connection with intercompany cash management
arrangements or related activities arising in the ordinary course of business. 
 “Permitted Liens” means, with respect to
any Person: 
 (1) pledges or deposits by such Person under workmen’s compensation laws, unemployment insurance laws or
similar legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or
deposits of cash or U.S. government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) Liens imposed by law, such as landlord’s, carriers’, warehousemen’s, mechanics’,
materialmen’s, repairmen’s, construction or other like Liens securing obligations that are not overdue by more than 30 days or that are being contested in good faith by appropriate proceedings or other Liens arising out of judgments or
awards against such Person with respect to which such Person shall then be proceeding with an appeal or other proceedings for review; 

(3) Liens for taxes, assessments or other governmental charges not yet due or payable or that are being contested in good faith
by appropriate proceedings; 

  
 28 

 (4) Liens in favor of issuers of performance and surety bonds or bid bonds or
with respect to other regulatory requirements or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; 

(5) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of others for, licenses,
rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real properties or Liens incidental to the conduct of the business of such Person or to the ownership
of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(6) (A) Liens on assets of a Restricted Subsidiary that is not a Subsidiary Guarantor securing Indebtedness of such Restricted Subsidiary
permitted to be Incurred pursuant to Section 4.03; 
 (B) Liens securing (x) Indebtedness Incurred pursuant to
Section 4.03(b)(i) and (y) any other Indebtedness permitted to be Incurred under this Indenture if, as of the date such Indebtedness was Incurred, and after giving pro forma effect thereto and the application of the net proceeds
therefrom, the Secured Indebtedness Leverage Ratio of MHGE Holdings does not exceed 4.25 to 1.00; and 
 (C) Liens securing
Obligations in respect of Indebtedness permitted to be Incurred pursuant to clause (iii), (xi) (or (xiii) to the extent it guarantees any such Indebtedness), (xv) or (xix) of Section 4.03(b) (provided that (i) in
the case of clause (xix), such Lien does not extend to the property or assets of any Subsidiary of MHGE Holdings other than a Restricted Subsidiary that is not a Subsidiary Guarantor; and (ii) in the case of clause (xv), such Liens securing
Indebtedness Incurred pursuant to clause (xv) shall only be permitted under this clause (C) if, on a pro forma basis after giving effect to the Incurrence of such Indebtedness and Liens, the Secured Indebtedness Leverage Ratio of
MHGE Holdings would be no greater than immediately prior to such Incurrence); 
 (7) Liens existing on the Issue Date (other
than Liens in favor of the lenders under the Credit Agreement and in favor of holders of the Notes and the Guarantees); 

(8) Liens on assets, property or shares of stock of a Person at the time such Person becomes a Subsidiary; provided,
however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 4.03(b)(xv)) are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Subsidiary;
provided, further, however, that such Liens (other than Liens to secure Indebtedness Incurred pursuant to Section 4.03(b)(xv)) may not extend to any other property owned by MHGE Holdings or any Restricted Subsidiary (other
than pursuant to after-acquired property clauses in effect with respect to such Lien at the time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

  
 29 

 (9) Liens on assets or property at the time MHGE Holdings or a Restricted
Subsidiary acquired the assets or property, including any acquisition by means of a merger, amalgamation or consolidation with or into MHGE Holdings or any Restricted Subsidiary; provided, however, that such Liens (other than Liens to
secure Indebtedness Incurred pursuant to Section 4.03(b)(xv)) are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further, however, that the Liens (other than Liens to secure
Indebtedness Incurred pursuant to Section 4.03(b)(xv)) may not extend to any other property owned by MHGE Holdings or any Restricted Subsidiary (other than pursuant to after-acquired property clauses in effect with respect to such Lien at the
time of acquisition on property of the type that would have been subject to such Lien notwithstanding the occurrence of such acquisition); 

(10) Liens securing Indebtedness or other obligations of MHGE Holdings or a Restricted Subsidiary owing to MHGE Holdings or
another Restricted Subsidiary permitted to be Incurred in accordance with Section 4.03; 
 (11) Liens securing Hedging
Obligations not Incurred in violation of this Indenture; provided that with respect to Hedging Obligations relating to Indebtedness, such Lien extends only to the property securing such Indebtedness; 

(12) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in
respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(13) leases and subleases of real property which do not materially interfere with the ordinary conduct of the business of MHGE
Holdings or any of the Restricted Subsidiaries; 
 (14) Liens arising from Uniform Commercial Code financing statement
filings regarding operating leases entered into by MHGE Holdings and the Restricted Subsidiaries in the ordinary course of business; 

(15) Liens in favor of an Issuer or any Subsidiary Guarantor; 

(16) Liens on accounts receivable and related assets of the type specified in the definition of “Receivables
Financing” Incurred in connection with a Qualified Receivables Financing; 
 (17) deposits made in the ordinary course
of business to secure liability to insurance carriers; 
 (18) Liens on the Equity Interests of Unrestricted Subsidiaries;

 (19) grants of software and other technology licenses in the ordinary course of business; 

  
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 (20) Liens to secure any refinancing, refunding, extension, renewal or
replacement (or successive refinancings, refundings, extensions, renewals or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clauses (6), (7), (8), (9), (10), (11) and (15);
provided, however, that (x) such new Lien shall be limited to all or part of the same property that secured the original Lien (plus improvements on such property), and (y) the Indebtedness secured by such Lien at such
time is not increased to any amount greater than the sum of (A) the outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9), (10), (11) and (15) at the time the
original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary to pay any fees and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement; provided further,
however, that in the case of any Liens to secure any refinancing, refunding, extension or renewal of Indebtedness secured by a Lien referred to in clause (6)(B) or (6)(C), the principal amount of any Indebtedness Incurred for such
refinancing, refunding, extension or renewal shall be deemed secured by a Lien under clause (6)(B) or (6)(C) and not this clause (20) for purposes of determining the principal amount of Indebtedness outstanding under clause
(6)(B) or (6)(C); 
 (21) Liens on equipment of MHGE Holdings or any Restricted Subsidiary granted in the ordinary
course of business to MHGE Holdings’ or such Restricted Subsidiary’s client at which such equipment is located; 

(22) judgment and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights
related to litigation being contested in good faith by appropriate proceedings and for which adequate reserves have been made; 

(23) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (24) Liens Incurred to secure cash management services or to implement cash
pooling arrangements in the ordinary course of business; 
 (25) other Liens securing obligations the outstanding principal
amount of which does not, taken together with the principal amount of all other obligations secured by Liens Incurred under this clause (25) that are at that time outstanding, exceed the greater of $100.0 million and 4.0% of Total Assets
at the time of Incurrence; 
 (26) any encumbrance or restriction (including put and call arrangements) with respect to
Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (27) any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of MHGE Holdings or any Restricted Subsidiary, under any indenture or other debt agreement issued in escrow pursuant to
customary escrow arrangements pending the release thereof, or under any indenture or other debt agreement pursuant to customary discharge, redemption or defeasance provisions; 

  
 31 

 (28) Liens arising by virtue of any statutory or common law provisions relating
to banker’s Liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depository or financial institution; 

(29) Liens (i) in favor of credit card companies pursuant to agreements therewith and (ii) in favor of customers; and

 (30) Liens on the Collateral securing Junior Lien Obligations, provided that the Notes are secured on a senior
priority basis to the obligations so secured until such time as such obligations are no longer secured by a Lien. 

“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. 

“Preferred Stock” means any Equity Interest with preferential right of payment of dividends or upon liquidation, dissolution,
or winding up. 
 “Qualified Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets
the following conditions: 
 (1) the Board of Directors of MHGE Holdings shall have determined in good faith that such
Qualified Receivables Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable to MHGE Holdings and the Receivables Subsidiary; 

(2) all sales of accounts receivable and related assets to the Receivables Subsidiary are made at Fair Market Value (as
determined in good faith by MHGE Holdings); and 
 (3) the financing terms, covenants, termination events and other
provisions thereof shall be market terms (as determined in good faith by MHGE Holdings) and may include Standard Securitization Undertakings. 

The grant of a security interest in any accounts receivable of MHGE Holdings or any Restricted Subsidiary (other than a Receivables
Subsidiary) to secure Bank Indebtedness, Indebtedness in respect of the Notes or any Refinancing Indebtedness with respect to the Notes shall not be deemed a Qualified Receivables Financing. 

“Rating Agency” means (1) each of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the
Notes for reasons outside of MHGE Holdings’ control, a “nationally recognized statistical rating organization” within the meaning of Rule 15cs-1(c)(2)(vi)(F) under the Exchange Act selected by MHGE Holdings or any direct or
indirect parent of MHGE Holdings as a replacement agency for Moody’s or S&P, as the case may be. 
 “Receivables
Fees” means distributions or payments made directly or by means of discounts with respect to any participation interests issued or sold in connection with, and all other fees paid to a Person that is not a Restricted Subsidiary in
connection with, any Receivables Financing. 

  
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 “Receivables Financing” means any transaction or series of transactions that may
be entered into by MHGE Holdings or any of its Subsidiaries pursuant to which MHGE Holdings or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the case of a transfer by MHGE Holdings or any of
its Subsidiaries); and (b) any other Person (in the case of a transfer by a Receivables Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of MHGE Holdings or any of its
Subsidiaries, and any assets related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts
receivable and other assets which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered
into by MHGE Holdings or any such Subsidiary in connection with such accounts receivable. 
 “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. 

“Receivables Subsidiary” means a Wholly Owned Restricted Subsidiary (or another Person formed for the purposes of engaging in
Qualified Receivables Financing with MHGE Holdings in which MHGE Holdings or any Subsidiary of MHGE Holdings makes an Investment and to which MHGE Holdings or any such Subsidiary transfers accounts receivable and related assets) which engages in no
activities other than in connection with the financing of accounts receivable of MHGE Holdings 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 the Board of Directors of MHGE Holdings (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 MHGE
Holdings or any other Subsidiary of MHGE Holdings (excluding guarantees of obligations (other than the principal of and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates MHGE Holdings
or any other Subsidiary in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of MHGE Holdings or any other Subsidiary, directly or indirectly, contingently or otherwise, to the
satisfaction thereof, other than pursuant to Standard Securitization Undertakings; 
 (b) with which neither MHGE Holdings
nor any Subsidiary has any material contract, agreement, arrangement or understanding other than on terms which MHGE Holdings reasonably believes to be no less favorable to MHGE Holdings or such Subsidiary than those that might be obtained at the
time from Persons that are not Affiliates of MHGE Holdings; and 
 (c) to which neither MHGE Holdings nor any Subsidiary has
any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. 

  
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 Any such designation by the Board of Directors of MHGE Holdings shall be evidenced to the Trustee
by filing with the Trustee a certified copy of the resolution of the Board of Directors of MHGE Holdings giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing conditions.

 “Record Date” has the meaning specified in Exhibit A hereto. 

“Registration Rights Agreement” means (a) with respect to the Initial Notes issued on the Issue Date, the Registration
Rights Agreement dated the Issue Date, among the Issuers, the Guarantors party thereto and the Initial Purchasers, and (b) with respect to each issuance of Additional Notes issued in a transaction exempt from the registration requirements of
the Securities Act, the registration rights agreement, if any, among the Issuers, any Guarantors and the Persons purchasing such Additional Notes under the related purchase agreement. 

“Restricted Cash” means cash and Cash Equivalents held by Restricted Subsidiaries that is contractually restricted from being
distributed to MHGE Holdings, except for such cash and Cash Equivalents subject only to such restrictions that are contained in agreements governing Indebtedness permitted under this Indenture and that is secured by such cash or Cash Equivalents.

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

“Restricted Subsidiary” means, with respect to any Person, any Subsidiary of such Person other than an Unrestricted
Subsidiary of such Person. Unless otherwise indicated in this Indenture, all references to Restricted Subsidiaries shall mean Restricted Subsidiaries of MHGE Holdings. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired by MHGE Holdings or a
Restricted Subsidiary whereby MHGE Holdings or such Restricted Subsidiary transfers such property to a Person and MHGE Holdings or such Restricted Subsidiary leases it from such Person, other than leases between MHGE Holdings and a Restricted
Subsidiary or between Restricted Subsidiaries. 
 “S&P” means Standard & Poor’s Ratings Group or any
successor to the rating agency business thereof. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Bank Indebtedness” means any Bank Indebtedness that is secured by a Permitted Lien Incurred or deemed Incurred
pursuant to clause (6) of the definition of Permitted Liens, as designated by MHGE Holdings to be included in this definition. 

  
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 “Secured Indebtedness” means any Consolidated Total Indebtedness secured by a
Lien. 
 “Secured Indebtedness Leverage Ratio” means, with respect to any Person, at any date, the ratio of
(i) Secured Indebtedness of such Person and its Restricted Subsidiaries constituting First-Priority Obligations as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash
Equivalents in excess of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of
such Person for the four full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that MHGE Holdings or any Restricted Subsidiary
Incurs, repays, repurchases or redeems any Indebtedness subsequent to the commencement of the period for which the Secured Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Secured Indebtedness
Leverage Ratio is made (the “Secured Leverage Calculation Date”), then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or
such issuance, repurchase or redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period; provided that MHGE Holdings may elect pursuant to an Officers’
Certificate delivered to the Trustee to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes
of this calculation, to be an Incurrence at such subsequent time. 
 For purposes of making the computation referred to above, Investments,
acquisitions, dispositions, mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that MHGE Holdings or
any Restricted Subsidiary has determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Secured Leverage Calculation Date shall be calculated on a pro
forma basis assuming that all such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change of any associated fixed charge obligations and the change in
EBITDA resulting therefrom) had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into MHGE Holdings or any
Restricted Subsidiary since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to an operating unit of a
business, that would have required adjustment pursuant to this definition, then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, discontinued
operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an Unrestricted Subsidiary or any
Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Secured Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the beginning of the applicable
four-quarter period. 

  
 35 

 For purposes of this definition, whenever pro forma effect is to be given to any event, the pro
forma calculations shall be made in good faith by a responsible financial or accounting officer of MHGE Holdings. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of MHGE Holdings as set
forth in an Officers’ Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event, and (2) all adjustments of the nature used in
connection with the calculation of “Adjusted EBITDA” as set forth in footnote (4) to the “Summary Unaudited Pro Forma Consolidated Financial Data” under “Summary” in the Offering Memorandum to the extent such
adjustments, without duplication, continue to be applicable to such four-quarter period. 
 For purposes of this definition, any amount in a
currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in
calculating EBITDA for the applicable period. 
 “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder. 
 “Security Documents” means the Collateral Agreement and
security agreements, pledge agreements, collateral assignments, mortgages and related agreements, as amended, supplemented, restated, renewed, refunded, replaced, restructured, repaid, refinanced or otherwise modified from time to time, creating the
security interests in the Collateral for the benefit of the Trustee, the First-Priority Collateral Agent and the holders of the Notes as contemplated by this Indenture. 

“Series” means (a) with respect to the First-Priority Secured Parties, each of (i) the “Secured Parties”
as defined in the Credit Agreement (or an equivalent provision thereof), (ii) the holders of the Notes and the Trustee (each in their capacity as such) and (iii) the Additional First-Priority Secured Parties that become subject to the
First Lien Intercreditor Agreement after the Issue Date that are represented by a common Authorized Representative (in its capacity as such for such Additional First-Priority Secured Parties) and (b) with respect to any First-Priority
Obligations, each of (i) the Obligations under the Credit Agreement, (ii) the Notes Obligations and (iii) the Other First-Priority Obligations incurred pursuant to any applicable agreement, which pursuant to any joinder agreement, are
to be represented under the First Lien Intercreditor Agreement by a common Authorized Representative (in its capacity as such for such Other First-Priority Obligations). 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “Significant Subsidiary” of MHGE Holdings
within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC (or any successor provision). 
 “Similar
Business” means a business, the majority of whose revenues are derived from the activities of MHGE Holdings and its Subsidiaries as of the Issue Date or any business or activity that is reasonably similar or complementary thereto or a
reasonable extension, development or expansion thereof or ancillary thereto. 

  
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 “Sponsors” means (i) one or more investment funds affiliated with Apollo
Global Management, LLC and any of their respective Affiliates other than any portfolio companies (collectively, the “Apollo Sponsors”) and (ii) any Person that forms a group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision) with the Apollo Sponsors; provided that any Apollo Sponsor (x) owns a majority of the voting power and (y) controls a majority of the Board of Directors of MHGE
Holdings. 
 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and
guarantees of performance entered into by MHGE Holdings or any Subsidiary thereof which MHGE Holdings has determined in good faith to be customary in a Receivables Financing including, without limitation, those relating to the servicing of the
assets of a Receivables Subsidiary, it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
final payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the
happening of any contingency beyond the control of the issuer unless such contingency has occurred). 
 “Subordinated
Indebtedness” means (a) with respect to an Issuer, any Indebtedness of such Issuer which is by its terms subordinated in right of payment to the Notes, and (b) with respect to any Subsidiary Guarantor, any Indebtedness of such
Subsidiary Guarantor which is by its terms subordinated in right of payment to its Guarantee. 
 “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 Capital Stock entitled
(without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture 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. Notwithstanding the foregoing, the definition of the term
“Subsidiary” shall not include S&P/CITIC Index Information Services (Beijing) for purposes of this Indenture. 

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

  
 37 

 “Suspension Period” means the period of time between a Covenant Suspension Event
and the related Reversion Date. 
 “Tax Distributions” means any distributions described in Section 4.04(b)(xii). 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of this
Indenture. 
 “Total Assets” means the total consolidated assets of MHGE Holdings and the Restricted Subsidiaries, as shown
on the most recent balance sheet of MHGE Holdings, without giving effect to any amortization of the amount of intangible assets since December 31, 2012, calculated on a pro forma basis after giving effect to any subsequent acquisition or
disposition of a Person or business. 
 “Total Indebtedness Leverage Ratio” means, with respect to any Person, at any date,
the ratio of (i) Consolidated Total Indebtedness of such Person and its Restricted Subsidiaries as of such date of calculation (determined on a consolidated basis in accordance with GAAP) less the amount of cash and Cash Equivalents in excess
of any Restricted Cash that would be stated on the balance sheet of such Person and its Restricted Subsidiaries and held by such Person and its Restricted Subsidiaries as of such date of determination to (ii) EBITDA of such Person for the four
full fiscal quarters for which internal financial statements are available immediately preceding such date on which such additional Indebtedness is Incurred. In the event that MHGE Holdings or any Restricted Subsidiary Incurs, repays, repurchases or
redeems any Indebtedness subsequent to the commencement of the period for which the Total Indebtedness Leverage Ratio is being calculated but prior to the event for which the calculation of the Total Indebtedness Leverage Ratio is made (the
“Total Leverage Calculation Date”), then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect to such Incurrence, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or
redemption of Disqualified Stock or Preferred Stock as if the same had occurred at the beginning of the applicable four-quarter period; provided that MHGE Holdings may elect pursuant to an Officers’ Certificate delivered to the Trustee
to treat all or any portion of the commitment under any Indebtedness as being Incurred at such time, in which case any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of this calculation, to be an
Incurrence at such subsequent time. 
 For purposes of making the computation referred to above, Investments, acquisitions, dispositions,
mergers, amalgamations, consolidations and discontinued operations (as determined in accordance with GAAP), in each case with respect to an operating unit of a business, and any operational changes that MHGE Holdings or any Restricted Subsidiary has
determined to make and/or made during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Total Leverage Calculation Date shall be calculated on a pro forma basis assuming that all
such Investments, acquisitions, dispositions, mergers, amalgamations, consolidations, discontinued operations and other operational changes (and the change of any associated fixed charge obligations and the change in EBITDA resulting therefrom) had
occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into MHGE Holdings or any Restricted Subsidiary since the

  
 38 

 
beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation, amalgamation, discontinued operation or operational change, in each case with respect to
an operating unit of a business, that would have required adjustment pursuant to this definition, then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition,
disposition, discontinued operation, merger, amalgamation, consolidation or operational change had occurred at the beginning of the applicable four-quarter period. If since the beginning of such period any Restricted Subsidiary is designated an
Unrestricted Subsidiary or any Unrestricted Subsidiary is designated a Restricted Subsidiary, then the Total Indebtedness Leverage Ratio shall be calculated giving pro forma effect thereto for such period as if such designation had occurred at the
beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to any event,
the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of MHGE Holdings. Any such pro forma calculation may include adjustments appropriate, in the reasonable good faith determination of MHGE Holdings
as set forth in an Officers’ Certificate, to reflect (1) operating expense reductions and other operating improvements or synergies reasonably expected to result from the applicable event, and (2) all adjustments of the nature used in
connection with the calculation of “Adjusted EBITDA” as set forth in footnote (4) to the “Summary Unaudited Pro Forma Consolidated Financial Data” under “Summary” in the Offering Memorandum to the extent such
adjustments, without duplication, continue to be applicable to such four-quarter period. 
 For purposes of this definition, any amount in a
currency other than U.S. dollars will be converted to U.S. dollars based on the average exchange rate for such currency for the most recent twelve month period immediately prior to the date of determination in a manner consistent with that used in
calculating EBITDA for the applicable period. 
 “Transactions” means the transactions described under
“Summary—The Transactions” in the Offering Memorandum. 
 “Treasury Rate” means, as of the applicable
redemption date, as determined by the Issuers, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15
(519) that has become publicly available at least two Business Days prior to such redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period
from such redemption date to April 1, 2016; provided, however, that if the period from such redemption date to April 1, 2016, as applicable, is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used. 
 “Trustee” means the party named as such in
this Indenture until a successor replaces it and, thereafter, means the successor. 

  
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 “Trust Officer” means: 

(1) any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president,
assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate
trust matter is referred because of such person’s knowledge of and familiarity with the particular subject, and 
 (2)
who shall have direct responsibility for the administration of this Indenture. 
 “Uniform Commercial Code” or
“UCC” means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted
Subsidiary” means: 
 (1) any Subsidiary of MHGE Holdings that at the time of determination shall be designated an
Unrestricted Subsidiary by the Board of Directors of MHGE Holdings in the manner provided below; and 
 (2) any Subsidiary of
an Unrestricted Subsidiary; 
 MHGE Holdings may designate any Subsidiary of MHGE Holdings (including any newly acquired or newly formed
Subsidiary) to be an Unrestricted Subsidiary unless at the time of such designation such Subsidiary or any of its Subsidiaries owns any Equity Interests or Indebtedness of, or owns or holds any Lien on any property of, MHGE Holdings or any other
Restricted Subsidiary of MHGE Holdings that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so designated and its Subsidiaries do not at the time of designation have and do not
thereafter Incur any Indebtedness pursuant to which the lender has recourse to any of the assets of MHGE Holdings or any of the Restricted Subsidiaries ; provided, further, however, that either: 

(a) the Subsidiary to be so designated has total consolidated assets of $1,000 or less; or 

(b) if such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under
Section 4.04. 
 MHGE Holdings may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided,
however, that immediately after giving effect to such designation: 
 (x) (1) MHGE Holdings could Incur $1.00 of
additional Indebtedness pursuant to the Total Indebtedness Leverage Ratio test set forth in Section 4.03(a) or (2) the Total Indebtedness Leverage Ratio of MHGE Holdings and its Restricted Subsidiaries would be no greater than such ratio
immediately prior to such designation, in each case on a pro forma basis taking into account such designation, and 

(y) no Event of Default shall have occurred and be continuing. 

  
 40 

 Any such designation by MHGE Holdings shall be evidenced to the Trustee by promptly filing with
the Trustee a copy of the resolution of the Board of Directors or any committee thereof of MHGE Holdings giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions.

 “U.S. Government Obligations” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of
America, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 

which, in each case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by
a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for
the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received
by the custodian in respect of the U.S. Government Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt. 

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in
the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing (1) the sum of the products of the number of years from the date of determination to the date of each successive scheduled
principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the amount of such payment, by (2) the sum of all such payments. 

“Wholly Owned Restricted Subsidiary” is any Wholly Owned Subsidiary that is a Restricted Subsidiary. 

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

  
 41 

 SECTION 1.02 Other Definitions. 

 

			
	 Term
	  	 Section

	$	  	1.03(j)
	Additional Interest	  	Appendix A
	Affiliate Transaction	  	4.07(a)
	Agent Members	  	Appendix A
	Asset Sale Offer	  	4.06(b)
	Bankruptcy Law	  	6.01(k)
	Change of Control Offer	  	4.08(b)
	Company	  	Preamble
	covenant defeasance option	  	8.01(b)
	Covenant Suspension Event	  	4.15
	Custodian	  	6.01(k)
	Definitive Note	  	Appendix A
	Depository	  	Appendix A
	Event of Default	  	6.01
	Excess Proceeds	  	4.06(b)
	Global Notes	  	Appendix A
	Global Notes Legend	  	Appendix A
	Guaranteed Obligations	  	12.01(a)
	Holdings	  	Preamble
	IAI	  	Appendix A
	incorporated provision	  	13.01
	Increased Amount	  	4.12(c)
	Initial Notes	  	Preamble
	Initial Purchasers	  	Appendix A
	Issuer	  	Preamble
	Issuers	  	Preamble
	legal defeasance option	  	8.01(b)
	MHGE Finance	  	Preamble
	MHGE Holdings	  	Preamble
	Notes	  	Preamble
	Notes Custodian	  	Appendix A
	Notice of Default	  	6.01(k)
	Offer Period	  	4.06(d)
	Parent	  	Preamble
	Paying Agent	  	2.04(a)
	Permitted Jurisdictions	  	5.01(a)
	protected purchaser	  	2.08
	QIB	  	Appendix A
	Refinancing Indebtedness	  	4.03(b)(xiv)
	Refunding Capital Stock	  	4.04(b)(ii)
	Registered Exchange Offer	  	Appendix A
	Registrar	  	2.04(a)
	Regulation S	  	Appendix A
	Regulation S Global Notes	  	Appendix A

  
 42 

			
	 Term
	  	 Section

	Regulation S Notes	  	Appendix A
	Restricted Notes Legend	  	Appendix A
	Restricted Payments	  	4.04(a)
	Restricted Period	  	Appendix A
	Retired Capital Stock	  	4.04(b)(ii)
	Reversion Date	  	4.15
	Rule 144A	  	Appendix A
	Rule 144A Global Notes	  	Appendix A
	Rule 144A Notes	  	Appendix A
	Rule 501	  	Appendix A
	Second Commitment	  	4.06(b)
	SEG	  	4.17
	Shelf Registration Statement	  	Appendix A
	Successor Co-Issuer	  	5.01(b)(i)
	Successor Company	  	5.01(a)(i)
	Successor Holdings Guarantor	  	5.01(d)(i)
	Successor Parent Guarantor	  	5.01(e)(i)
	Successor Subsidiary Guarantor	  	5.01(c)(i)
	Suspended Covenants	  	4.15
	Transfer	  	5.01(c)(ii)
	Transfer Restricted Definitive Notes	  	Appendix A
	Transfer Restricted Global Notes	  	Appendix A
	Transfer Restricted Notes	  	Appendix A
	Trustee	  	Preamble
	U.S. dollars	  	1.03(j)
	Unrestricted Definitive Notes	  	Appendix A
	Unrestricted Global Notes	  	Appendix A

 SECTION 1.03 Rules of Construction. Unless the context otherwise requires: 

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

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

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

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

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

  
 43 

 (g) the principal amount of any non-interest bearing or other discount security at any date shall
be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(h) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or (ii) the
maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (i) 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; 

(j) “$” and “U.S. dollars” each refer to United States dollars, or such other money of the United States of
America that at the time of payment is legal tender for payment of public and private debts; and 
 (k) whenever in this Indenture or the
Notes there is mentioned, in any context, principal, interest or any other amount payable under or with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context,
Additional Interest is, was or would be payable in respect thereof. 
 ARTICLE II 

THE NOTES 

SECTION 2.01 Amount of Notes. The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture on the Issue Date is $800,000,000. 
 The Issuers may from time to time after the Issue Date issue Additional Notes under this
Indenture in an unlimited principal amount, so long as (i) the Incurrence of the Indebtedness represented by such Additional Notes is at such time permitted by Section 4.03 and the Liens thereon are permitted by Section 4.12 and
(ii) such Additional Notes are issued in compliance with the other applicable provisions of this Indenture. With respect to any Additional Notes issued after the Issue Date (except for Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 2.07, 2.08, 2.09, 3.08, 4.06(e), 4.08(c) or Appendix A), there shall be (a) established in or pursuant to a resolution of the Board of Directors of each Issuer
and (b) (i) set forth or determined in the manner provided in an Officers’ Certificate or (ii) established in one or more indentures supplemental hereto, prior to the issuance of such Additional Notes: 

(1) the aggregate principal amount of such Additional Notes which may be authenticated and delivered under this Indenture; 

(2) the issue price and issuance date of such Additional Notes, including the date from which interest on such Additional Notes
shall accrue; 

  
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 (3) if applicable, that such Additional Notes shall be issuable in whole or in
part in the form of one or more Global Notes and, in such case, the respective depositaries for such Global Notes, the form of any legend or legends which shall be borne by such Global Notes in addition to or in lieu of those set forth in
Exhibit A hereto and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Note may be exchanged in whole or in part for Additional Notes registered, or any transfer of
such Global Note in whole or in part may be registered, in the name or names of Persons other than the depositary for such Global Note or a nominee thereof; and 

(4) if applicable, that such Additional Notes that are not Transfer Restricted Notes shall not be issued in the form of Initial
Notes as set forth in Exhibit A hereto but shall be issued in the form of Exchange Notes as set forth in Exhibit B hereto. 

If any of the terms of any Additional Notes are established by action taken pursuant to a resolution of the Board of Directors, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of MHGE Holdings and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate or an indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 The Initial Notes and any Additional Notes may, at the Issuers’ option, be treated as a
single class for all purposes under this Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase; provided that if the Additional Notes are not fungible with the Initial Notes for U.S. federal income
tax purposes, the Additional Notes will have a separate CUSIP number, if applicable. 
 SECTION 2.02 Form and Dating. Provisions
relating to the Initial Notes and the Exchange Notes are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The (i) Initial Notes and the Trustee’s certificate of
authentication and (ii) any Additional Notes (if issued as Transfer Restricted Notes) and the Trustee’s certificate of authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in
and expressly made a part of this Indenture. The (i) Exchange Notes and the Trustee’s certificate of authentication and (ii) any Additional Notes issued other than as Transfer Restricted Notes and the Trustee’s certificate of
authentication shall each be substantially in the form set forth in Exhibit B hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law,
stock exchange rule, agreements to which the Issuers or any Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Note shall be dated the date of its
authentication. The Notes shall be issuable only in registered form without interest coupons and in denominations of $2,000 and any integral multiples of $1,000 in excess thereof, provided that Notes may be issued in denominations of less than
$2,000 solely to accommodate book-entry positions that have been created by the Depository in denominations of less than $2,000. 

SECTION 2.03 Execution and Authentication. The Trustee shall authenticate and make available for delivery upon a written order of
the Issuers signed by one Officer of each Issuer (a) Initial Notes for original issue on the date hereof in an aggregate 

  
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principal amount of $800,000,000, (b) subject to the terms of this Indenture, Additional Notes in an aggregate principal amount to be determined at the time of issuance and specified therein
and (c) the Exchange Notes for issue in a Registered Exchange Offer pursuant to the Registration Rights Agreement for a like principal amount of Initial Notes exchanged pursuant thereto or otherwise pursuant to an effective registration
statement under the Securities Act. Such order shall specify the amount of separate Note certificates to be authenticated, the principal amount of each of the Notes to be authenticated, the date on which the original issue of Notes is to be
authenticated, whether the Notes are to be Initial Notes, Additional Notes or Exchange Notes, the registered holder of each of the Notes and delivery instructions. Notwithstanding anything to the contrary in this Indenture or Appendix A, any
issuance of Additional Notes after the Issue Date shall be in a principal amount of at least $2,000 and integral multiples of $1,000 in excess thereof. 

One Officer shall sign the Notes for each of the Issuers by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless. 
 A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on
the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee may appoint
one or more authenticating agents reasonably acceptable to MHGE Holdings to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to MHGE Holdings. Unless
limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent
has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 
 SECTION 2.04 Registrar and Paying
Agent. 
 (a) The Issuers shall maintain (i) an office or agency where Notes may be presented for registration of transfer or for
exchange (the “Registrar”) and (ii) an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The
Issuers may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying
agents. The Issuers initially appoint the Trustee as Registrar, Paying Agent and the Notes Custodian with respect to the Global Notes. 

(b) The Issuers may enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture, which shall
incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. MHGE Holdings shall notify the Trustee in writing of the name and address of any such agent. If the Issuers fail to maintain
a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. Parent or any of its domestically organized Subsidiaries may act as Paying Agent or Registrar. 

  
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 (c) The Issuers may remove any Registrar or Paying Agent upon written notice to such Registrar or
Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced by an
appropriate agreement entered into by the Issuers and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until
the appointment of a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuers and the Trustee; provided, however, that the Trustee may resign as Paying
Agent or Registrar only if the Trustee also resigns as Trustee in accordance with Section 7.08. 
 SECTION 2.05 Paying Agent to
Hold Money in Trust. Prior to each due date of the principal of and interest on any Note, the Issuers shall deposit with each Paying Agent (or if Parent or a Subsidiary is acting as Paying Agent, segregate and hold in trust for the benefit of
the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit
of holders or the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment. If Parent or a Subsidiary of Parent acts as
Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust for the benefit of the Persons entitled thereto. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee and to account
for any funds disbursed by such Paying Agent. Upon complying with this Section 2.05, a 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 holders. If the Trustee is not the Registrar, MHGE Holdings shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least five Business Days before each Interest Payment Date and
at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of holders. 

SECTION 2.07 Transfer and Exchange. The Notes shall be issued in registered form and shall be transferable only upon the surrender
of a Note for registration of transfer and in compliance with Appendix A. When a Note is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if its requirements therefor are
met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit registration
of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Notes at the Registrar’s request. The Issuers may require payment of a sum sufficient to pay all taxes, assessments or other governmental charges in
connection with any transfer or exchange pursuant to this Section. The Issuers shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed
in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

  
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 Prior to the due presentation for registration of transfer of any Note, the Issuers, the
Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest, if any, on such Note
and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuers, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial
interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of a
beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 All Notes issued upon any transfer or exchange
pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants or beneficial owners of interests in any Global Note) other than to require delivery of
such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. 
 None of the Trustee, Registrar or Paying Agent shall have any responsibility for any actions taken or not taken by
the Depository. 
 SECTION 2.08 Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the holder of a
Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the
holder (a) satisfies the Issuers and the Trustee within a reasonable time after such holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification,
(b) makes such request to the Issuers and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies
any other reasonable requirements of the Issuers and the Trustee. If required by the Trustee or the Issuers, such holder shall furnish an indemnity bond sufficient in the judgment of the Trustee and the Issuers to protect the Issuers, the Trustee,
the Paying Agent and the Registrar from any loss or liability that any of them may suffer if a Note is replaced and subsequently presented or claimed for payment. The Issuers and the Trustee may charge the holder for their expenses in replacing a
Note (including without limitation, attorneys’ fees and disbursements in replacing such Note). In the event any such 

  
 48 

 
mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuers in their discretion may pay such Note instead of issuing a new Note in
replacement thereof. 
 Every replacement Note is an additional obligation of the Issuers. 

The provisions of this Section 2.08 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to
the replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes. 
 SECTION 2.09 Outstanding Notes. Notes
outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 13.06, a Note does not cease
to be outstanding because one of the Issuers or an Affiliate of one of the Issuers holds the Note. 
 If a Note is replaced pursuant to
Section 2.08 (other than a mutilated Note surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuers receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note
ceases to be outstanding upon surrender of such Note and replacement thereof pursuant to Section 2.08. 
 If a Paying Agent segregates
and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the
case may be, and no Paying Agent is prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them
ceases to accrue. 
 SECTION 2.10 Cancellation. The Issuers at any time may deliver Notes to the Trustee for cancellation. The
Registrar and each Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment or cancellation and shall dispose of canceled Notes in accordance with its customary procedures. The Issuers may not issue new Notes to replace Notes they have redeemed, paid or delivered to the Trustee for cancellation. The Trustee shall
not authenticate Notes in place of canceled Notes other than pursuant to the terms of this Indenture. 
 SECTION 2.11 Defaulted
Interest. If the Issuers default in a payment of interest on the Notes, the Issuers shall pay the defaulted interest then borne by the Notes (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuers
may pay the defaulted interest to the Persons who are holders on a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall
promptly mail or cause to be mailed to each affected holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid. 

  
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 SECTION 2.12 CUSIP Numbers, ISINs, Etc. The Issuers in issuing the Notes may use
CUSIP numbers, ISINs and “Common Code” numbers (if then generally in use), and the Trustee shall use any such CUSIP numbers, ISINs and “Common Code” numbers in notices of redemption as a convenience to holders; provided,
however, that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Notes or as contained in any notice of a redemption that reliance may be placed only on the other
identification numbers printed on the Notes and that any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers shall advise the Trustee of any change in any such CUSIP numbers, ISINs and “Common
Code” numbers. 
 SECTION 2.13 Calculation of Principal Amount of Notes. The aggregate principal amount of the Notes, at
any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of
all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate
principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, Section 2.09 and Section 13.06 of this Indenture. Any calculation of the Applicable
Premium or made pursuant to this Section 2.13 shall be made by MHGE Holdings and delivered to the Trustee pursuant to an Officers’ Certificate. 

ARTICLE III 
 REDEMPTION

 SECTION 3.01 Redemption. The Notes may be redeemed, in whole or from time to time in part, subject to the conditions and
at the redemption prices set forth in Paragraph 5 of the forms of Notes set forth in Exhibits A and B hereto, which are hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest
and Additional Interest, if any, to the redemption date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

SECTION 3.02 Applicability of Article. Redemption of Notes at the election of the Issuers or otherwise, as permitted or required
by any provision of this Indenture, shall be made in accordance with such provision and this Article III. 
 SECTION 3.03 Notices to
Trustee. If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Paragraph 5 of the Note, MHGE Holdings shall notify the Trustee in an Officers’ Certificate of (i) the Section of this Indenture pursuant
to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. MHGE Holdings shall give notice to the Trustee provided for in this paragraph at least 30
days but not more than 60 days before a redemption date if the redemption is a redemption pursuant to Paragraph 5 of the Note. MHGE Holdings may also include a request in such Officers’ Certificate that the Trustee give the notice of redemption
in the Issuers’ name and at their expense and setting forth the information to be stated in such notice as provided in Section 3.05. Any such notice may be canceled at any time 

  
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prior to notice of such redemption being mailed to any holder or otherwise delivered in accordance with the applicable procedures of the Depository and shall thereby be void and of no effect. The
Issuers shall deliver to the Trustee such documentation and records as shall enable the Trustee to select the Notes to be redeemed pursuant to Section 3.04. 

SECTION 3.04 Selection of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will
be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, or if the Notes are not so listed, on a pro rata basis to the extent practicable or by lot or by such
other method as the Trustee shall deem fair and appropriate (and, in such manner that complies with the requirements of the Depository, if applicable); provided that no Notes of $2,000 (and integral multiples of $1,000 in excess thereof) or
less shall be redeemed in part. The Trustee shall make the selection from outstanding Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations larger than $2,000.
Notes and portions of them the Trustee selects shall be in amounts of $2,000 or integral multiples of $1,000 in excess thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for
redemption. The Trustee shall notify the Issuers promptly of the Notes or portions of Notes to be redeemed. 
 SECTION 3.05 Notice
of Optional Redemption. 
 (a) At least 30 but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Note, the
Issuers shall mail or cause to be mailed by first-class mail, or otherwise deliver in accordance with the procedures of the Depository, a notice of redemption to each holder whose Notes are to be redeemed at its registered address (with a copy to
the Trustee), except that redemption notices may be mailed or otherwise delivered more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture
pursuant to Article VIII. 
 Any such notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 

(ii) the redemption price and the amount of accrued interest (including Additional Interest, if any) to the redemption date;

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

(iv) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price, plus
accrued and unpaid interest and Additional Interest, if any; 
 (v) if fewer than all the outstanding Notes are to be
redeemed, the certificate numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 

  
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 (vi) that, unless the Issuers default in making such redemption payment or the
Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(vii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed; and 

(viii) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common
Code” number, if any, listed in such notice or printed on the Notes. 
 (b) At MHGE Holdings’ request, the Trustee shall deliver
the notice of redemption in the Issuers’ name and at the Issuers’ expense. In such event, MHGE Holdings shall notify the Trustee of such request at least three (3) Business Days prior to the date such notice is to be provided to
holders. Such notice may not be canceled once delivered to holders of Notes. 
 SECTION 3.06 Effect of Notice of Redemption.
Once notice of redemption is mailed or otherwise delivered in accordance with Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in the
final paragraph of paragraph 5 of the Notes. Upon surrender to the Paying Agent, such Notes shall be paid at the redemption price stated in the notice, plus accrued and unpaid interest and Additional Interest, if any, to, but not including,
the redemption date; provided, however, that if the redemption date is after a regular Record Date and on or prior to the next Interest Payment Date, the accrued interest shall be payable to the holder of the redeemed Notes registered
on the relevant Record Date. Failure to give notice or any defect in the notice to any holder shall not affect the validity of the notice to any other holder. 

SECTION 3.07 Deposit of Redemption Price. With respect to any Notes, prior to 10:00 a.m., New York City time, on the
redemption date, the Issuers shall deposit with the Paying Agent (or, if Parent or a Subsidiary of Parent is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued and unpaid interest and
Additional Interest, if any, on all Notes or portions thereof to be redeemed on that date other than Notes or portions of Notes called for redemption that have been delivered by the Issuers to the Trustee for cancellation. On and after the
redemption date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuers have deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest and
Additional Interest, if any, on, the Notes or portions thereof to be redeemed, unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. 

SECTION 3.08 Notes Redeemed in Part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note
shall state the portion of the principal amount thereof to be redeemed. Upon surrender and cancellation of a Note that is redeemed in part, the Issuers shall execute and the Trustee shall authenticate for the holder (at the Issuers’ expense) a
new Note equal in principal amount to the unredeemed portion of the Note surrendered and cancelled. 

  
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 ARTICLE IV 

COVENANTS 

SECTION 4.01 Payment of Notes. The Issuers shall promptly pay the principal of and interest on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. An installment of principal of or interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds as of 12:00 p.m. New York City time money sufficient
to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from paying such money to the holders on that date pursuant to the terms of this Indenture. 

The Issuers shall pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate borne by the Notes to the extent lawful. 
 SECTION 4.02 Reports and Other
Information. 
 (a) Notwithstanding that MHGE Holdings 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, MHGE Holdings will file with the SEC (and provide the Trustee
and holders with copies thereof, without cost to each holder, within 15 days after it 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), except to the extent permitted to be excluded by the SEC; 

(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 information required to be contained therein (or required in such successor or comparable form), except to the extent permitted to be excluded by the SEC; 

(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); and 

(iv) subject to the foregoing, any other information, documents and other reports which MHGE Holdings would be required to file
with the SEC if it were subject to Section 13 or 15(d) of the Exchange Act; 
 provided, however, that MHGE Holdings shall not be so
obligated to file such reports with the SEC if the SEC does not permit such filing, in which event MHGE Holdings 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 MHGE Holdings would be required to file such information with the SEC if it were subject to Section 13 or 15(d) of the 

  
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Exchange Act, subject, in the case of any such information, certificates or reports provided prior to the effectiveness of the Exchange Offer Registration Statement or Shelf Registration
Statement, to exceptions and exclusions consistent with the presentation of financial and other information in the Offering Memorandum (including with respect to any periodic reports provided prior to effectiveness of the Exchange Offer Registration
Statement or Shelf Registration Statement, the omission of financial information required by Rule 3-10 under Regulation S-X promulgated by the SEC (or any successor provision)). In addition to providing such information to the Trustee, MHGE Holdings
shall make available to the holders, prospective investors, market makers affiliated with any initial purchaser of the Notes and securities analysts the information required to be provided pursuant to the foregoing clauses (i), (ii) and (iii),
by posting such information to its website or on IntraLinks or any comparable online data system or website. 
 If MHGE Holdings has
designated any of its Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of MHGE Holdings, then the
annual and quarterly information required to be provided by clauses (i) and (ii) of this Section 4.02(a) shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, of
the financial condition and results of operations of MHGE Holdings and its Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries. 

(b) Notwithstanding the foregoing, MHGE Holdings will not be required to furnish any information, certificates or reports required by Items
307 or 308 of Regulation S-K prior to the effectiveness of the Exchange Offer Registration Statement or Shelf Registration Statement, as applicable. 

(c) In the event that: 

(i) the rules and regulations of the SEC permit MHGE Holdings and any direct or indirect parent of MHGE Holdings to report at
such parent entity’s level on a consolidated basis and such parent entity is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly, of the capital stock of MHGE Holdings, or 

(ii) any direct or indirect parent of MHGE Holdings is or becomes a Guarantor of the Notes, 

consolidated reporting at such parent entity’s level in a manner consistent with that described in this Section 4.02 for MHGE Holdings will satisfy
this Section 4.02, and MHGE Holdings is permitted to satisfy its obligations in this Section 4.02 with respect to financial information relating MHGE Holdings by furnishing financial information relating to such direct or indirect parent;
provided that such financial information is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than
MHGE Holdings and its Subsidiaries, on the one hand, and the information relating to MHGE Holdings, the Subsidiary Guarantors and the other Subsidiaries of MHGE Holdings on a standalone basis, on the other hand. In addition, MHGE Holdings will make
such information available to prospective investors upon request. 

  
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 (d) In addition, MHGE Holdings shall, 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, or otherwise permitted to furnish the SEC with certain information pursuant to Rule 12g3-2(b) of the Exchange Act, furnish to the holders of the Notes and to prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (e)
Notwithstanding the foregoing, MHGE Holdings will be deemed to have furnished the reports referred to in this Section 4.02 to the Trustee and the holders if MHGE Holdings has filed such reports with the SEC via the EDGAR filing system and such
reports are publicly available. In addition, the requirements of this Section 4.02 shall be deemed satisfied prior to the commencement of the exchange offer contemplated by the Registration Rights Agreement relating to the Notes or the
effectiveness of the Shelf Registration Statement by (1) the filing with the SEC of the Exchange Offer Registration Statement and/or Shelf Registration Statement in accordance with the provisions of such Registration Rights Agreement, and any
amendments thereto, if such registration statement and/or amendments thereto are filed at times that otherwise satisfy the time requirements set forth in Section 4.02(a) and/or (2) the posting of reports that would be required to be
provided to the holders on MHGE Holdings’ website (or that of any of MHGE Holdings’ parent companies). 
 (f) Delivery of such
reports, information and documents to the Trustee pursuant to this Section 4.02 is for informational purposes only, and the Trustee’s receipt thereof shall not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’ compliance with any of their covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

SECTION 4.03 Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock. 

(a) (i) MHGE Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, Incur any
Indebtedness (including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) MHGE Holdings shall not permit any of the Restricted Subsidiaries (other than a Subsidiary Guarantor) to issue any shares of Preferred Stock;
provided, however, that an Issuer and any Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Restricted Subsidiary of MHGE Holdings that is not an Issuer or a
Subsidiary Guarantor may Incur Indebtedness (including Acquired Indebtedness), issue shares of Disqualified Stock or issue shares of Preferred Stock, in each case if the Total Indebtedness Leverage Ratio of MHGE Holdings for the most recently ended
four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred Stock is issued would have been no greater than
5.50 to 1.00 determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been Incurred, or the Disqualified 

  
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Stock or Preferred Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period; provided, further,
that any Restricted Subsidiary that is not a Subsidiary Guarantor may not incur Indebtedness or issue shares of Disqualified Stock or Preferred Stock in excess of an amount together with any Refinancing Indebtedness thereof pursuant to
Section 4.03(b)(xiv), equal to, after giving pro forma effect to such incurrence or issuance (including pro forma effect to the application of the net proceeds therefrom), the greater of $100.0 million and 4.0% of Total Assets of
MHGE Holdings and the Restricted Subsidiaries at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount). 

(b) The limitations set forth in Section 4.03(a) shall not apply to: 

(i) the Incurrence by MHGE Holdings or any Restricted Subsidiary of Indebtedness (including under any Credit Agreement and the
issuance and creation of letters of credit and bankers’ acceptances thereunder and Indebtedness represented by the Notes and the Guarantees (including Exchange Notes and related Guarantees thereof) up to an aggregate principal amount
outstanding at the time of Incurrence that does not exceed (x) $2,175.0 million plus (y) an additional aggregate principal amount of Consolidated Total Indebtedness constituting First-Priority Obligations that at the time of Incurrence
does not cause the Secured Indebtedness Leverage Ratio for the most recently ended four full fiscal quarters for which internal financial statements are available, determined on a pro forma basis, to exceed 4.25 to 1.00; 

(ii) Indebtedness existing on the Issue Date (other than Indebtedness described in clauses (i) of this
Section 4.03(b)); 
 (iii) Indebtedness (including Capitalized Lease Obligations) Incurred by MHGE Holdings or any
Restricted Subsidiary, Disqualified Stock issued by MHGE Holdings or any Restricted Subsidiary and Preferred Stock issued by any Restricted Subsidiary to finance (whether prior to or within 270 days after) the acquisition, lease, construction,
repair, replacement or improvement of property (real or personal) or equipment (whether through the direct purchase of assets or the Capital Stock of any Person owning such assets) in an aggregate principal amount that, when aggregated with the
principal amount or liquidation preference of all other Indebtedness, Disqualified Stock or Preferred Stock then outstanding and Incurred pursuant to this clause (iii), together with any Refinancing Indebtedness in respect thereof Incurred pursuant
to clause (xiv) below, does not exceed the greater of $150.0 million and 5.75% of Total Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount); 

(iv) Indebtedness Incurred by MHGE Holdings or any Restricted Subsidiary constituting reimbursement obligations with respect to
letters of credit and bank guarantees issued in the ordinary course of business, including without limitation letters of credit in respect of workers’ compensation claims, health, disability or other benefits to employees or former employees or
their families or property, casualty or liability insurance or self-insurance, and letters of credit in connection with the maintenance of, or pursuant to the requirements of, environmental or other permits or licenses from governmental authorities,
or other Indebtedness with respect to reimbursement type obligations regarding workers’ compensation claims; 

  
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 (v) Indebtedness arising from agreements of MHGE Holdings or any Restricted
Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred in connection with the Transactions, any acquisition or disposition of any business, assets or a Subsidiary in accordance with the
terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 

(vi) Indebtedness of MHGE Holdings to a Restricted Subsidiary; provided that (except in respect of intercompany current
liabilities Incurred in the ordinary course of business in connection with the cash management, tax and accounting operations of MHGE Holdings and its Subsidiaries) any such Indebtedness owed to a Restricted Subsidiary that is not a Subsidiary
Guarantor is subordinated in right of payment to the obligations of the Issuers under the Notes; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted
Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to MHGE Holdings or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the
transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this clause (vi); 

(vii) shares of Preferred Stock of a Restricted Subsidiary issued to MHGE Holdings or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary that holds such shares of Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to MHGE Holdings or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance of shares of Preferred Stock not permitted by this clause
(vii); 
 (viii) Indebtedness of a Restricted Subsidiary to MHGE Holdings or another Restricted Subsidiary; provided
that if a Subsidiary Guarantor incurs such Indebtedness to a Restricted Subsidiary that is not an Issuer or a Subsidiary Guarantor (except in respect of intercompany current liabilities Incurred in the ordinary course of business in connection with
the cash management, tax and accounting operations of MHGE Holdings and its Subsidiaries), such Indebtedness is subordinated in right of payment to the Guarantee of such Subsidiary Guarantor; provided, further, that any subsequent
issuance or transfer of any Capital Stock or any other event which results in any Restricted Subsidiary holding such Indebtedness ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to MHGE
Holdings or another Restricted Subsidiary or any pledge of such Indebtedness constituting a Permitted Lien but not the transfer thereof upon foreclosure) shall be deemed, in each case, to be an Incurrence of such Indebtedness not permitted by this
clause (viii); 

  
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 (ix) Hedging Obligations that are not Incurred for speculative purposes but
(A) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (B) for the purpose of fixing or hedging currency exchange rate risk with
respect to any currency exchanges; or (C) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases or sales and, in each case, extensions or replacements thereof; 

(x) obligations (including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of
performance, bid, appeal and surety bonds and completion guarantees provided by MHGE Holdings or any Restricted Subsidiary in the ordinary course of business or consistent with past practice or industry practice; 

(xi) Indebtedness or Disqualified Stock of MHGE Holdings or Indebtedness, Disqualified Stock or Preferred Stock of any
Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference which, when aggregated with the principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred
Stock then outstanding and Incurred pursuant to this clause (xi), together with any Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xiv) below, does not exceed the greater of $175.0 million and 7.5% of Total Assets
at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xi) shall cease to be deemed Incurred or outstanding
for purposes of this clause (xi) but shall be deemed Incurred for purposes of Section 4.03(a) from and after the first date on which MHGE Holdings, or the Restricted Subsidiary, as the case may be, could have Incurred such Indebtedness
under Section 4.03(a) without reliance upon this clause (xi)); 
 (xii) Indebtedness or Disqualified Stock of MHGE
Holdings or any Restricted Subsidiary and Preferred Stock of any Restricted Subsidiary not otherwise permitted hereunder in an aggregate principal amount or liquidation preference at any time outstanding, together with Refinancing Indebtedness in
respect thereof incurred pursuant to clause (xiv) hereof, not greater than 100.0% of the net cash proceeds received by MHGE Holdings and its Restricted Subsidiaries since immediately after the Issue Date from the issue or sale of Equity
Interests of MHGE Holdings or any direct or indirect parent entity of MHGE Holdings (which proceeds are contributed to MHGE Holdings or its Restricted Subsidiary) or cash contributed to the capital of MHGE Holdings (in each case other than proceeds
of Disqualified Stock or sales of Equity Interests to, or contributions received from, MHGE Holdings or any of its Subsidiaries) to the extent such net cash proceeds or cash have not been applied pursuant to such clauses to make Restricted Payments
or to make other Investments, payments or exchanges pursuant to Section 4.04(b) or to make Permitted Investments (other than Permitted Investments specified in clauses (1) and (3) of the definition thereof) (plus, in the case of any
Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness incurred pursuant to this clause (xii) shall cease to be deemed Incurred or outstanding for purposes of this clause (xii) but shall be
deemed incurred for the purposes of Section 4.03(a) from and after the first date on which MHGH Holdings, or the Restricted Subsidiary, as the case may be, could have incurred such Indebtedness under Section 4.03(a) without reliance upon
this clause (xii)); 

  
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 (xiii) any guarantee by MHGE Holdings, or any Restricted Subsidiary of
Indebtedness or other obligations of MHGE Holdings or any Restricted Subsidiary so long as the Incurrence of such Indebtedness Incurred by MHGE Holdings or such Restricted Subsidiary is permitted under the terms of this Indenture; provided
that (A) if such Indebtedness is by its express terms subordinated in right of payment to the Notes or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee with respect to such Indebtedness shall be subordinated in
right of payment to the Notes or such Guarantee, as applicable, substantially to the same extent as such Indebtedness is subordinated to the Notes or the Guarantee, as applicable and (B) if such guarantee is of Indebtedness of MHGE Holdings,
such guarantee is Incurred in accordance with, or not in contravention of, Section 4.11, solely to the extent Section 4.11 is applicable; 

(xiv) the Incurrence by MHGE Holdings or any of the Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred
Stock of a Restricted Subsidiary that serves to refund, refinance or defease any Indebtedness Incurred or Disqualified Stock or Preferred Stock issued as permitted under Section 4.03(a) and clauses (ii), (iii), (xi), (xii), (xiv), (xv) and
(xix) of this Section 4.03(b) up to the outstanding principal amount (or, if applicable, the liquidation preference face amount, or the like) or, if greater, committed amount (only to the extent the committed amount could have been
Incurred on the date of initial Incurrence and was deemed Incurred at such time for the purposes of this Section 4.03) of such Indebtedness or Disqualified Stock or Preferred Stock, in each case at the time such Indebtedness was Incurred or
Disqualified Stock or Preferred Stock was issued pursuant to Section 4.03(a) or clauses (ii), (iii), (xi), (xii), (xiv), (xv) and (xix) of this Section 4.03(b), or any Indebtedness, Disqualified Stock or Preferred Stock Incurred
to so refund or refinance such Indebtedness, Disqualified Stock or Preferred Stock, including any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay premiums (including tender premiums), expenses, defeasance costs and
fees in connection therewith (subject to the following proviso, “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing Indebtedness: 

(1) has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred which is not less than the
shorter of (x) the remaining Weighted Average Life to Maturity of the Indebtedness, Disqualified Stock or Preferred Stock being refunded, refinanced or defeased and (y) the Weighted Average Life to Maturity that would result if all
payments of principal on the Indebtedness, Disqualified Stock and Preferred Stock being refunded or refinanced that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on
such date (provided that this subclause (1) will not apply to any refunding or refinancing of any Secured Indebtedness constituting First-Priority Obligations); 

(2) to the extent such Refinancing Indebtedness refinances (a) Indebtedness junior to the Notes or a Guarantee, as
applicable, such Refinancing Indebtedness is junior to the Notes or the Guarantee, as applicable, or (b) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock; and 

  
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 (3) shall not include (x) Indebtedness of a Restricted Subsidiary that is
not an Issuer or a Subsidiary Guarantor that refinances Indebtedness of an Issuer or a Subsidiary Guarantor, or (y) Indebtedness of MHGE Holdings or a Restricted Subsidiary that refinances Indebtedness of an Unrestricted Subsidiary; 

(xv) Indebtedness, Disqualified Stock or Preferred Stock of (A) MHGE Holdings or any Restricted Subsidiary Incurred to
finance an acquisition or (B) Persons that are acquired by MHGE Holdings or any Restricted Subsidiary or merged, consolidated or amalgamated with or into MHGE Holdings or any Restricted Subsidiary in accordance with the terms of this Indenture;
provided that after giving effect to such acquisition or merger, consolidation or amalgamation, either: 
 (1) MHGE
Holdings would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Total Indebtedness Leverage Ratio test set forth in Section 4.03(a); or 

(2) the Total Indebtedness Leverage Ratio of MHGE Holdings would be no greater than immediately prior to such acquisition or
merger, consolidation or amalgamation; 
 (xvi) Indebtedness Incurred by a Receivables Subsidiary in a Qualified Receivables
Financing that is not recourse to MHGE Holdings or any Restricted Subsidiary other than a Receivables Subsidiary (except for Standard Securitization Undertakings); 

(xvii) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xviii) Indebtedness of MHGE Holdings or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued
pursuant to Bank Indebtedness, in a principal amount not in excess of the stated amount of such letter of credit; 
 (xix)
Indebtedness of Restricted Subsidiaries that are not Subsidiary Guarantors; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xix), when aggregated with the principal amount of all
other Indebtedness then outstanding and Incurred pursuant to this clause (xix), together with Refinancing Indebtedness in respect thereof Incurred pursuant to clause (xiv) hereof, does not exceed the greater of $100.0 million and 4.0% of Total
Assets at the time of Incurrence (plus, in the case of any Refinancing Indebtedness, the Additional Refinancing Amount) (it being understood that any Indebtedness Incurred pursuant to this clause (xix) shall cease to be deemed Incurred or
outstanding for purposes of this clause (xix) but shall be deemed Incurred for the purposes of Section 4.03(a) from and after the first date on which such Restricted Subsidiary could have Incurred such Indebtedness under
Section 4.03(a) without reliance upon this clause (xix)); 

  
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 (xx) Indebtedness of MHGE Holdings or any Restricted Subsidiary consisting of
(A) the financing of insurance premiums or (B) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business; 

(xxi) Indebtedness consisting of Indebtedness issued by MHGE Holdings or a Restricted Subsidiary to current or former officers,
directors and employees thereof or any direct or indirect parent thereof, their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of MHGE Holdings or any direct or indirect parent
of MHGE Holdings to the extent described in Section 4.04(b)(iv); and 
 (xxii) Indebtedness Incurred on behalf of, or
representing guarantees of Indebtedness of, joint ventures of MHGE Holdings and any Restricted Subsidiary; provided, however, that the aggregate principal amount of Indebtedness Incurred under this clause (xxii), when aggregated
with the principal amount of all other Indebtedness then outstanding and Incurred pursuant to this clause (xxii), does not exceed the greater of $100.0 million and 4.0% of Total Assets at the time of Incurrence (it being understood that any
Indebtedness incurred pursuant to this clause (xxii) shall cease to be deemed incurred or outstanding for purposes of this clause (xxii) but shall be deemed incurred for the purposes of Section 4.03(a) from and after the first date on
which such Restricted Subsidiary could have incurred such Indebtedness under Section 4.03(a) without reliance upon this clause (xxii)). 
 For purposes
of determining compliance with this Section 4.03: 
 (1) in the event that an item of Indebtedness, Disqualified Stock
or Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of permitted Indebtedness described in clauses (i) through (xxii) of Section 4.03(b) above or is entitled to be Incurred pursuant
to Section 4.03(a), then MHGE Holdings may, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) in any manner that
complies with this Section 4.03; provided, that Indebtedness outstanding under the Credit Agreement and the Notes on the Issue Date shall be Incurred under clause (i) of Section 4.03(b) above and may not be reclassified; and

 (2) at the time of Incurrence, MHGE Holdings will be entitled to divide and classify an item of Indebtedness in more than
one of the categories of Indebtedness described in Section 4.03(a) or clauses (i) through (xxii) of Section 4.03(b) (or any portion thereof) without giving pro forma effect to the Indebtedness Incurred pursuant to any
other clause or paragraph of Section 4.03 (or any portion thereof) when calculating the amount of Indebtedness that may be Incurred pursuant to any such clause or paragraph (or any portion thereof). 

Accrual of interest, the accretion of accreted value, the payment of interest or dividends in the form of additional Indebtedness,
Disqualified Stock or Preferred Stock, as applicable, amortization of original issue discount, the accretion of liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the

  
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exchange rate of currencies will not be deemed to be an Incurrence of Indebtedness, Disqualified Stock or Preferred Stock for purposes of this Section 4.03. Guarantees of, or obligations in
respect of letters of credit relating to, Indebtedness which is otherwise included in the determination of a particular amount of Indebtedness shall not be included in the determination of such amount of Indebtedness; provided that the
Incurrence of the Indebtedness represented by such guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03. 

For purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the U.S.
dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed
or first Incurred (whichever yields the lower U.S. dollar equivalent), in the case of revolving credit debt. However, if the Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and the refinancing would cause
the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of the refinancing, the U.S. dollar-denominated restriction will be deemed not to have been exceeded so long
as the principal amount of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness being refinanced. 

Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that MHGE Holdings and its Restricted
Subsidiaries may Incur pursuant to this Section 4.03 shall not be deemed to be exceeded, with respect to any outstanding Indebtedness, solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any
Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, will be calculated based on the currency exchange rate applicable to the currencies in which the respective
Indebtedness is denominated that is in effect on the date of the refinancing. 
 SECTION 4.04 Limitation on Restricted Payments.

 (a) MHGE Holdings shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any distribution on account of any of MHGE Holdings’ or any of the Restricted
Subsidiaries’ Equity Interests, including any payment made in connection with any merger, amalgamation or consolidation involving MHGE Holdings (other than (A) dividends or distributions payable solely in Equity Interests (other than
Disqualified Stock) of MHGE Holdings; or (B) dividends or distributions by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted
Subsidiary that is not a Wholly Owned Restricted Subsidiary, MHGE Holdings or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of
securities); 
 (ii) purchase or otherwise acquire or retire for value any Equity Interests of MHGE Holdings or any direct or
indirect parent of MHGE Holdings; 

  
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 (iii) make any principal payment on, or redeem, repurchase, defease or otherwise
acquire or retire for value, in each case prior to any scheduled repayment or scheduled maturity, any Subordinated Indebtedness of an Issuer or any Subsidiary Guarantor (other than the payment, redemption, repurchase, defeasance, acquisition or
retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance,
acquisition or retirement and (B) Indebtedness permitted under clauses (vi) and (viii) of Section 4.03(b)); or 

(iv) make any Restricted Investment 

(all such payments and other actions set forth in clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”), unless, at the time of such Restricted Payment: 
 (1) no Default shall have occurred and be continuing
or would occur as a consequence thereof; 
 (2) immediately after giving effect to such transaction on a pro forma
basis, MHGE Holdings could Incur $1.00 of additional Indebtedness under Section 4.03(a); and 
 (3) such Restricted
Payment, together with the aggregate amount of all other Restricted Payments made by MHGE Holdings and the Restricted Subsidiaries after the Issue Date (including Restricted Payments permitted by clauses (vi)(C), (viii) and (xiii)(B) of
Section 4.04(b), but excluding all other Restricted Payments permitted by Section 4.04(b)), is less than the amount equal to the Cumulative Credit. 

(b) The provisions of Section 4.04(a) shall not prohibit: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date
of declaration thereof, if at the date of declaration or the giving notice of such irrevocable redemption, as applicable, such payment would have complied with the provisions of this Indenture; 

(ii) (A) the redemption, repurchase, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) or Subordinated Indebtedness of an Issuer, any direct or indirect parent of MHGE Holdings or any Subsidiary Guarantor in exchange for, or out of the proceeds of, the substantially concurrent sale of, Equity Interests of MHGE
Holdings or any direct or indirect parent of MHGE Holdings contributed to MHGE Holdings’ equity or contributions to the equity capital of MHGE Holdings (other than any Disqualified Stock or any Equity Interests sold to a Subsidiary of MHGE
Holdings) (collectively, including any such contributions, “Refunding Capital Stock”), 
 (B) the
declaration and payment of dividends on the Retired Capital Stock out of the proceeds of the substantially concurrent sale (other than to a Subsidiary of MHGE Holdings) of Refunding Capital Stock, and 

(C) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of dividends thereon was
permitted under clause (vi) of this 

  
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Section 4.04(b) and not made pursuant to clause (ii)(B), the declaration and payment of dividends on the Refunding Capital Stock (other than Refunding Capital Stock the proceeds of which
were used to redeem, repurchase, retire or otherwise acquire any Equity Interests of any direct or indirect parent of MHGE Holdings) in an aggregate amount per year no greater than the aggregate amount of dividends per annum that were declarable and
payable on such Retired Capital Stock immediately prior to such retirement; 
 (iii) the redemption, repurchase, defeasance,
or other acquisition or retirement of Subordinated Indebtedness of an Issuer or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent sale of, new Indebtedness of an Issuer or a Subsidiary Guarantor
which is Incurred in accordance with Section 4.03 so long as: 
 (A) the principal amount (or accreted value, if
applicable) of such new Indebtedness does not exceed the principal amount (or accreted value, if applicable), plus any accrued and unpaid interest, of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired
for value (plus the amount of any premium required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired, any tender premiums, plus any defeasance costs, fees
and expenses Incurred in connection therewith), 
 (B) such Indebtedness is subordinated to the Notes or the related
Guarantee of such Subsidiary Guarantor, as the case may be, at least to the same extent as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased, defeased, acquired or retired for value, 

(C) such Indebtedness has a final scheduled maturity date equal to or later than the earlier of (x) the final
scheduled maturity date of the Subordinated Indebtedness being so redeemed, repurchased, acquired or retired and (y) 91 days following the last maturity date of any Notes then outstanding, and 

(D) such Indebtedness has a Weighted Average Life to Maturity at the time Incurred which is not less than the shorter of
(x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so redeemed, repurchased, defeased, acquired or retired and (y) the Weighted Average Life to Maturity that would result if all payments of principal
on the Subordinated Indebtedness being redeemed, repurchased, defeased, acquired or retired that were due on or after the date that is one year following the last maturity date of any Notes then outstanding were instead due on such date; 

(iv) a Restricted Payment to pay for the repurchase, retirement or other acquisition for value of Equity Interests of MHGE
Holdings or any direct or indirect parent of MHGE Holdings held by any future, present or former employee, director or consultant of MHGE Holdings or any direct or indirect parent of MHGE Holdings or any Subsidiary of MHGE Holdings pursuant to any
management equity plan or stock option 

  
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plan or any other management or employee benefit plan or other agreement or arrangement; provided, however, that the aggregate Restricted Payments made under this clause
(iv) do not exceed $25.0 million in any calendar year (which shall increase to $50.0 million subsequent to the consummation of an underwritten public Equity Offering of common stock), with unused amounts in any calendar year being permitted to
be carried over to succeeding calendar years subject to a maximum of $50.0 million in any calendar year (which shall increase to $100.0 million subsequent to the consummation of an underwritten public Equity Offering of common stock);
provided, further, however, that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds received by MHGE Holdings or any of the Restricted Subsidiaries from the sale of Equity Interests (other
than Disqualified Stock) of MHGE Holdings or any direct or indirect parent of MHGE Holdings (to the extent contributed to MHGE Holdings) to members of management, directors or consultants of MHGE Holdings and the Restricted Subsidiaries or any
direct or indirect parent of MHGE Holdings that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such repurchase, retirement, other acquisition or dividend will not increase the amount available for
Restricted Payments under Section 4.04(a)(iii)), plus 
 (B) the cash proceeds of key man life insurance policies
received by MHGE Holdings or any direct or indirect parent of MHGE Holdings (to the extent contributed to MHGE Holdings) or the Restricted Subsidiaries after the Issue Date; 

provided that MHGE Holdings may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and
(B) above in any calendar year; and provided, further, that cancellation of Indebtedness owing to MHGE Holdings or any Restricted Subsidiary from any present or former employees, directors, officers or consultants of MHGE
Holdings, any Restricted Subsidiary or the direct or indirect parents of MHGE Holdings in connection with a repurchase of Equity Interests of MHGE Holdings or any of its direct or indirect parents will not be deemed to constitute a Restricted
Payment for purposes of this Section 4.04 or any other provision of this Indenture; 
 (v) the declaration and payment
of dividends or distributions to holders of any class or series of Disqualified Stock of MHGE Holdings or any Restricted Subsidiary issued or Incurred in accordance with Section 4.03; 

(vi) (A) the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred
Stock (other than Disqualified Stock) issued after the Issue Date; 
 (B) a Restricted Payment to any direct or indirect
parent of MHGE Holdings, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of MHGE Holdings issued
after the Issue Date; provided that the aggregate amount of dividends declared and paid pursuant to this clause (B) does not 

  
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exceed the net cash proceeds actually received by MHGE Holdings from any such sale of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date; and 

(C) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends
declarable and payable thereon pursuant to Section 4.04(b)(ii); 
 provided, however, in the case of each of clauses
(A) and (C) above of this clause (vi), that for the most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated Preferred Stock, after
giving effect to such issuance (and the payment of dividends or distributions and treating such Designated Preferred Stock as Indebtedness for borrowed money for such purpose) on a pro forma basis (including a pro forma application of
the net proceeds therefrom), MHGE Holdings would have had a Total Indebtedness Leverage Ratio of no more than 5.50 to 1.00; 

(vii) Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (as determined in good faith by MHGE
Holdings), taken together with all other Investments made pursuant to this clause (vii) that are at that time outstanding, not to exceed the greater of $75.0 million and 3.0% of Total Assets at the time made (with the Fair Market Value of each
Investment being measured at the time made and without giving effect to subsequent changes in value); 
 (viii) the payment
of dividends after a public offering of Capital Stock of MHGE Holdings or any direct or indirect parent of MHGE Holdings on MHGE Holdings’ Capital Stock (or a Restricted Payment to any such direct or indirect parent of MHGE Holdings to fund the
payment by such direct or indirect parent of MHGE Holdings of dividends on such entity’s Capital Stock) of up to 6.0% per annum of the net proceeds received by MHGE Holdings from any public offering of such Capital Stock of MHGE Holdings
or any such direct or indirect parent of MHGE Holdings, other than public offerings with respect to MHGE Holdings’ (or such direct or indirect parent’s) Capital Stock registered on Form S-4 or Form S-8 and other than any public sale
constituting an Excluded Contribution; 
 (ix) Restricted Payments that are made with (or in an aggregate amount that does
not exceed the aggregate amount of) Excluded Contributions; 
 (x) other Restricted Payments in an aggregate amount, when
taken together with all other Restricted Payments made pursuant to this clause (x) that are at that time outstanding, not to exceed the greater of $75.0 million and 3.0% of Total Assets at the time made; 

(xi) the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to MHGE Holdings or a
Restricted Subsidiary by, Unrestricted Subsidiaries; 

  
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 (xii) (A) with respect to any taxable period for which MHGE Holdings and/or any
of its Subsidiaries are members of a consolidated, combined, affiliated, unitary or similar income tax group for U.S. federal and/or applicable state or local income tax purposes of which a direct or indirect parent of MHGE Holdings is the common
parent, or for which MHGE Holdings is a partnership or disregarded entity for U.S. federal income tax purposes that is wholly-owned (directly or indirectly) by a C corporation for U.S. federal and/or applicable state or local income tax purposes,
distributions to any direct or indirect parent of MHGE Holdings in an amount not to exceed the amount of any U.S. federal, state and/or local income taxes that MHGE Holdings and/or its Subsidiaries, as applicable, would have paid for such taxable
period had MHGE Holdings and/or its Subsidiaries, as applicable, been a stand-alone corporate taxpayer or a stand-alone corporate group, and (B) with respect to any taxable period ending after the Issue Date for which MHGE Holdings is a
partnership or disregarded entity for U.S. federal income tax purposes (other than a partnership or disregarded entity described in clause (A)), distributions to any direct or indirect parent of MHGE Holdings in an amount necessary to permit such
direct or indirect parent of MHGE Holdings to make a pro rata distribution to its owners such that each direct or indirect owner of MHGE Holdings receives an amount from such pro rata distribution sufficient to enable such owner to pay its U.S.
federal, state and/or local income taxes (as applicable) attributable to its direct or indirect ownership of MHGE Holdings and its Subsidiaries with respect to such taxable period (assuming that each owner is subject to tax at the highest combined
marginal federal, state, and/or local income tax rate applicable to any owner for such taxable period and taking into account the deductibility of state and local income taxes for U.S. federal income tax purposes (and any limitations thereon), the
alternative minimum tax, any cumulative net taxable loss of MHGE Holdings for prior taxable periods ending after the Issue Date to the extent such loss is of a character that would allow such loss to be available to reduce taxes in the current
taxable period (taking into account any limitations on the utilization of such loss to reduce such taxes and assuming such loss had not already been utilized) and the character (e.g., long-term or short-term capital gain or ordinary or exempt) of
the applicable income); 
 (xiii) any Restricted Payment, if applicable: 

(A) in amounts required for any direct or indirect parent of MHGE Holdings to pay fees and expenses (including franchise or
similar taxes) required to maintain its corporate existence, customary salary, bonus and other benefits payable to, and indemnities provided on behalf of, officers and employees of any direct or indirect parent of MHGE Holdings and general corporate
operating and overhead expenses of any direct or indirect parent of MHGE Holdings in each case to the extent such fees and expenses are attributable to the ownership or operation of MHGE Holdings, if applicable, and its Subsidiaries; 

(B) in amounts required for any direct or indirect parent of MHGE Holdings, if applicable, to pay interest and/or principal on
Indebtedness the proceeds of which have been contributed to MHGE Holdings or any Restricted Subsidiary and that has been guaranteed by, or is otherwise considered Indebtedness of, MHGE Holdings Incurred in accordance with Section 4.03; and 

(C) in amounts required for any direct or indirect parent of MHGE Holdings to pay fees and expenses related to any equity or
debt offering of such parent (whether or not successful); 

  
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 (xiv) repurchases of Equity Interests deemed to occur upon exercise of stock
options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
 (xv)
purchases of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment or distribution of Receivables Fees; 

(xvi) Restricted Payments by MHGE Holdings or any Restricted Subsidiary to allow the payment of cash in lieu of the issuance of
fractional shares upon the exercise of options or warrants or upon the conversion or exchange of Capital Stock of any such Person; 

(xvii) the repurchase, redemption or other acquisition or retirement for value of any Subordinated Indebtedness pursuant to
provisions similar to those described in Section 4.06 and Section 4.08; provided that all Notes tendered by holders of the Notes in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been repurchased,
redeemed or acquired for value; 
 (xviii) payments or distributions to dissenting stockholders pursuant to applicable law,
pursuant to or in connection with a consolidation, amalgamation, merger or transfer of all or substantially all of the assets of MHGE Holdings and the Restricted Subsidiaries, taken as a whole, that complies with Section 5.01; provided
that as a result of such consolidation, amalgamation, merger or transfer of assets, the Issuers shall have made a Change of Control Offer (if required by this Indenture) and that all Notes tendered by holders in connection with such Change of
Control Offer have been repurchased, redeemed or acquired for value; 
 (xix) any Restricted Payment used to fund the
Transactions and the payment of fees and expenses incurred in connection with the Transactions or owed by MHGE Holdings or any direct or indirect parent of MHGE Holdings or Restricted Subsidiaries of MHGE Holdings to Affiliates, and any other
payments made, including any such payments made to any direct or indirect parent of MHGE Holdings to enable it to make payments in connection with the consummation of the Transactions, whether payable on the Issue Date or thereafter, in each case to
the extent permitted by Section 4.07; and 
 (xx) any Restricted Payment made under the Operations Management Agreements
or the Acquisition Documents; 
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under
clauses (vi)(B), (vii), (x), (xi) and (xiii)(B) of this Section 4.04(b), no Default shall have occurred and be continuing or would occur as a consequence thereof; provided, further that any Restricted Payments made with
property other than cash shall be calculated using the Fair Market Value (as determined in good faith by MHGE Holdings) of such property. 

  
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 (c) As of the Issue Date, all of the Subsidiaries of MHGE Holdings will be Restricted
Subsidiaries. MHGE Holdings will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an
Unrestricted Subsidiary, all outstanding Investments by MHGE Holdings and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so designated will be deemed to be Restricted Payments in an amount determined as set forth in the
last sentence of the definition of “Investments.” Such designation will only be permitted if a Restricted Payment or Permitted Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition
of an Unrestricted Subsidiary. 
 SECTION 4.05 Dividend and Other Payment Restrictions Affecting Subsidiaries. MHGE Holdings
shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any Issuer or any
Restricted Subsidiary to: 
 (a) (i) pay dividends or make any other distributions to MHGE Holdings or any Restricted Subsidiary
(1) on its Capital Stock; or (2) with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to MHGE Holdings or any Restricted Subsidiary; 

(b) make loans or advances to MHGE Holdings or any Restricted Subsidiary; or 

(c) sell, lease or transfer any of its properties or assets to MHGE Holdings or any Restricted Subsidiary; 

except in each case for such encumbrances or restrictions existing under or by reason of: 

(1) (A) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the Credit Agreement and
the other Credit Agreement Documents and in each case, any similar contractual encumbrances effected by any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of such agreements or instruments;

 (2) this Indenture, the Notes (and any Exchange Notes) or the Guarantees; 

(3) applicable law or any applicable rule, regulation or order; 

(4) any agreement or other instrument of a Person acquired by MHGE Holdings or any Restricted Subsidiary which was in existence
at the time of such acquisition (but not created in contemplation thereof or to provide all or any portion of the funds or credit support utilized to consummate such acquisition), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired; 

  
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 (5) contracts or agreements for the sale of assets, including any restriction
with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into for the sale or disposition of the Capital Stock or assets of such Restricted Subsidiary; 

(6) Secured Indebtedness otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.12 that limit the
right of the debtor to dispose of the assets securing such Indebtedness; 
 (7) restrictions on cash or other deposits or net
worth imposed by customers under contracts entered into in the ordinary course of business; 
 (8) customary provisions in
joint venture agreements and other similar agreements entered into in the ordinary course of business; 
 (9) purchase money
obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions of the nature discussed in clause (c) above on the property so acquired; 

(10) customary provisions contained in leases, licenses and other similar agreements entered into in the ordinary course of
business; 
 (11) in the case of Section 4.05(c) above, any encumbrance or restriction that restricts in a customary
manner the subletting, assignment or transfer of any property or asset that is subject to a lease, license or similar contract, or the assignment or transfer of any such lease, license (including without limitations, licenses of intellectual
property) or other contracts; 
 (12) any encumbrance or restriction of a Receivables Subsidiary effected in connection with
a Qualified Receivables Financing; provided, however, that such restrictions apply only to such Receivables Subsidiary; 

(13) other Indebtedness, Disqualified Stock or Preferred Stock (a) of MHGE Holdings or any Restricted Subsidiary that is
an Issuer, a Subsidiary Guarantor or a Foreign Subsidiary or (b) of any Restricted Subsidiary that is not an Issuer, a Subsidiary Guarantor or a Foreign Subsidiary so long as such encumbrances and restrictions contained in any agreement or
instrument will not materially affect the Issuers’ ability to make anticipated principal or interest payments on the Notes (as determined in good faith by MHGE Holdings), provided that in the case of each of clauses (a) and (b),
such Indebtedness, Disqualified Stock or Preferred Stock is permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.03; 

(14) any Restricted Investment not prohibited by Section 4.04 and any Permitted Investment; or 

(15) any encumbrances or restrictions of the type referred to in Section 4.05(a), (b) or (c) above imposed by
any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (1) through (14) above; provided that

  
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such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of MHGE Holdings, no more restrictive with
respect to such dividend and other payment restrictions than those contained in the dividend or other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. 

For purposes of determining compliance with this Section 4.05, (i) the priority of any Preferred Stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to
MHGE Holdings or a Restricted Subsidiary to other Indebtedness Incurred by MHGE Holdings or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

SECTION 4.06 Asset Sales. 

(a) MHGE Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, cause or make an Asset Sale, unless (x) MHGE
Holdings or any Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value (as determined in good faith by MHGE Holdings) of the assets sold or otherwise disposed of, and
(y) at least 75% of the consideration therefor received by MHGE Holdings or such Restricted Subsidiary, as the case may be, is in the form of Cash Equivalents; provided that the amount of: 

(i) any liabilities (as shown on MHGE Holdings’ or a Restricted Subsidiary’s most recent balance sheet or in the
notes thereto) of MHGE Holdings or a Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Notes or any Guarantee) that are assumed by the transferee of any such assets or that are otherwise cancelled or
terminated in connection with the transaction with such transferee, 
 (ii) any notes or other obligations or other
securities or assets received by MHGE Holdings or such Restricted Subsidiary from such transferee that are converted by MHGE Holdings or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of the cash
received), 
 (iii) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such
Asset Sale, to the extent that MHGE Holdings and each other Restricted Subsidiary are released from any guarantee of payment of such Indebtedness in connection with the Asset Sale, 

(iv) consideration consisting of Indebtedness of MHGE Holdings (other than Subordinated Indebtedness) received after the Issue
Date from Persons who are not MHGE Holdings or any Restricted Subsidiary, and 
 (v) any Designated Non-cash Consideration
received by MHGE Holdings or any Restricted Subsidiary in such Asset Sale having an aggregate Fair Market Value (as determined in good faith by MHGE Holdings), taken together with all other Designated

  
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Non-cash Consideration received pursuant to this Section 4.06(a)(v) that is at that time outstanding, not to exceed the greater of $100.0 million and 4.0% of Total Assets at the time of
the receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value), 

shall be deemed to be Cash Equivalents for the purposes of this Section 4.06(a). 

(b) Within 365 days after MHGE Holdings’ or any Restricted Subsidiary’s receipt of the Net Proceeds of any Asset Sale, MHGE Holdings
or such Restricted Subsidiary may apply the Net Proceeds from such Asset Sale, at its option: 
 (i) to repay
(A) Indebtedness constituting First-Priority Obligations (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, and, if MHGE Holdings shall so reduce First-Priority
Obligations, the Issuers will equally and ratably reduce Notes Obligations in any manner set forth in clause (D) below), (B) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor, (C) Obligations under the Notes
or (D) other Pari Passu Indebtedness other than First-Priority Obligations so long as the Net Proceeds are with respect to assets not constituting Collateral (provided that if an Issuer or any Subsidiary Guarantor shall so reduce Pari
Passu Indebtedness under this clause (D), the Issuers will equally and ratably reduce Notes Obligations pursuant to Section 3.01, through open-market purchases (provided that such purchases are at or above 100% of the principal amount
thereof or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Sale Offer) to all holders to
purchase at a purchase price equal to 100% of the principal amount thereof (or, in the event that the Notes were issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid interest and
Additional Interest, if any, the pro rata principal amount of Notes, in each case other than Indebtedness owed to MHGE Holdings or an Affiliate of MHGE Holdings; and 

(ii) to make an investment in any one or more businesses (provided that if such investment is in the form of the
acquisition of Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary of MHGE Holdings), assets, or property or capital expenditures, in each case (A) used or useful in a Similar Business or
(B) that replace the properties and assets that are the subject of such Asset Sale; 
 In the case of Section 4.06(b)(ii), a
binding commitment shall be treated as a permitted application of the Net Proceeds from the date of such commitment until the 18-month anniversary of the date of the receipt of such Net Proceeds; provided that in the event such binding
commitment is later canceled or terminated for any reason before such Net Proceeds are so applied, then such Net Proceeds shall constitute Excess Proceeds unless MHGE Holdings or such Restricted Subsidiary enters into another binding commitment (a
“Second Commitment”) within six months of such cancellation or termination of the prior binding commitment; provided, further, that MHGE Holdings or such Restricted Subsidiary may only enter into a

  
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Second Commitment under the foregoing provision one time with respect to each Asset Sale and to the extent such Second Commitment is later cancelled or terminated for any reason before such Net
Proceeds are applied or are not applied within 180 days of such Second Commitment, then such Net Proceeds shall constitute Excess Proceeds. 

Pending the final application of any such Net Proceeds, MHGE Holdings or such Restricted Subsidiary may temporarily reduce Indebtedness under
a revolving credit facility, if any, or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. Any Net Proceeds from any Asset Sale that are not applied as provided and within the time period set forth in the first
sentence of this Section 4.06(b) (it being understood that any portion of such Net Proceeds used to make an offer to purchase Notes, as described in clause (i) of this Section 4.06(b), shall be deemed to have been invested whether or
not such offer is accepted) will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million, the Issuers shall make an offer to all holders of Notes (and, at the option of the
Issuers, to holders of any other First-Priority Obligations or, if the Asset Sale is not with respect to Collateral, other Pari Passu Indebtedness) (an “Asset Sale Offer”) to purchase the maximum principal amount of Notes (and such
First-Priority Obligations or other Pari Passu Indebtedness), that is at least $2,000 and an integral multiple of $1,000 in excess thereof that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the
principal amount thereof (or, in the event the Notes or such First-Priority Obligations or other Pari Passu Indebtedness was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued and unpaid
interest and Additional Interest, if any (or, in respect of such First-Priority Obligations or other Pari Passu Indebtedness, such lesser price, if any, as may be provided for by the terms of such First-Priority Obligations or other Pari Passu
Indebtedness), to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Section 4.06. The Issuers will commence an Asset Sale Offer with respect to Excess Proceeds within ten (10) Business Days
after the date that Excess Proceeds exceeds $50.0 million by mailing, or delivered electronically if held by the Depository, the notice required pursuant to the terms of Sections 3.05 and 4.06(f), with a copy to the Trustee. To the extent that
the aggregate amount of Notes (and such First-Priority Obligations or other Pari Passu Indebtedness) tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Issuers may use any remaining Excess Proceeds for any purpose that is
not prohibited by this Indenture. If the aggregate principal amount of Notes (and such First-Priority Obligations or other Pari Passu Indebtedness) surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee, upon receipt of
notice from the Issuers of the aggregate principal amount to be selected, shall select the Notes to be purchased in the manner described in Section 4.06(e). Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be
reset at zero. 
 (c) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

  
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 (d) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the
Trustee as provided above, MHGE Holdings shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Excess Proceeds, (ii) the allocation of the Net Proceeds from the Asset Sales pursuant to which such Asset Sale
Offer is being made and (iii) the compliance of such allocation with the provisions of Section 4.06(b). On such date, the Issuers shall also irrevocably deposit with the Trustee or with a paying agent (or, if Parent or a Subsidiary is
acting as the Paying Agent, segregate and hold in trust) an amount equal to the Excess Proceeds to be invested in Cash Equivalents, as directed in writing by MHGE Holdings and to be held for payment in accordance with the provisions of this
Section 4.06. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Offer Period”), the Issuers shall deliver to the Trustee for cancellation the Notes or portions thereof that have been properly
tendered to and are to be accepted by the Issuers. The Trustee (or the Paying Agent, if not the Trustee) shall, on the date of purchase, mail or deliver payment to each tendering holder in the amount of the purchase price. In the event that the
Excess Proceeds delivered by the Issuers to the Trustee are greater than the purchase price of the Notes tendered, the Trustee shall deliver the excess to the Issuers immediately after the expiration of the Offer Period for application in accordance
with this Section 4.06. 
 (e) Holders electing to have a Note purchased shall be required to surrender such Note, with an appropriate
form duly completed, to the Issuers at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or an Issuer receives not later than one Business
Day prior to the purchase date, a telegram, telex, facsimile transmission or letter setting forth the name of the holder, the principal amount of the Note which was delivered by the holder for purchase and a statement that such holder is withdrawing
his election to have such Note purchased. If at the end of the Offer Period more Notes (and such First-Priority Obligations or other Pari Passu Indebtedness) are tendered pursuant to an Asset Sale Offer than the Issuers are required to purchase,
selection of such Notes for purchase shall be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed, or if such Notes are not so listed, on a pro rata basis to
the extent practicable, by lot or by such other method as the Trustee shall deem fair and appropriate (and in such manner as complies with the requirements of the Depository, if applicable); provided that no Notes of $2,000 or less shall be
purchased in part. Selection of such First-Priority Obligations or other Pari Passu Indebtedness shall be made pursuant to the terms of such First-Priority Obligations or other Pari Passu Indebtedness. 

(f) Notices of an Asset Sale Offer shall be mailed by the Issuers by first class mail, postage prepaid, or delivered electronically if held by
the Depository, at least 30 but not more than 60 days before the purchase date to each holder of Notes at such holder’s registered address. If any Note is to be purchased in part only, any notice of purchase that relates to such Note shall
state the portion of the principal amount thereof that has been or is to be purchased. 
 SECTION 4.07 Transactions with
Affiliates. 
 (a) MHGE Holdings shall not, and shall not permit any of the Restricted Subsidiaries to, directly or indirectly, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into 

  
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or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of MHGE Holdings (each of the
foregoing, an “Affiliate Transaction”) involving aggregate consideration in excess of $20.0 million, unless: 

(i) such Affiliate Transaction is on terms that are not materially less favorable to MHGE Holdings or the relevant Restricted
Subsidiary than those that could have been obtained in a comparable transaction by MHGE Holdings or such Restricted Subsidiary with an unrelated Person; and 

(ii) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in
excess of $40.0 million, MHGE Holdings delivers to the Trustee a resolution adopted in good faith by the majority of the Board of Directors of MHGE Holdings, approving such Affiliate Transaction and set forth in an Officers’ Certificate
certifying that such Affiliate Transaction complies with clause (i) above. 
 (b) The provisions of Section 4.07(a) shall not
apply to the following: 
 (i) transactions between or among MHGE Holdings and/or any of the Restricted Subsidiaries (or an
entity that becomes a Restricted Subsidiary as a result of such transaction) and any merger, consolidation or amalgamation of MHGE Holdings and any direct parent of MHGE Holdings; provided that such parent shall have no material liabilities
and no material assets other than cash, Cash Equivalents and the Capital Stock of MHGE Holdings and such merger, consolidation or amalgamation is otherwise in compliance with the terms of this Indenture and effected for a bona fide business purpose;

 (ii) Restricted Payments permitted by Section 4.04 and Permitted Investments; 

(iii) the payment of reasonable and customary fees and reimbursement of expenses paid to, and indemnity provided on behalf of,
officers, directors, employees or consultants of MHGE Holdings, any Restricted Subsidiary, or any direct or indirect parent of MHGE Holdings; 

(iv) transactions in which MHGE Holdings or any Restricted Subsidiary, as the case may be, delivers to the Trustee a letter
from an Independent Financial Advisor stating that such transaction is fair to MHGE Holdings or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (i) of Section 4.07(a); 

(v) payments or loans (or cancellation of loans) to officers, directors, employees or consultants which are approved by a
majority of the Board of Directors of MHGE Holdings in good faith; 
 (vi) any agreement as in effect as of the Issue Date or
any amendment thereto (so long as any such agreement together with all amendments thereto, taken as a whole, is not more disadvantageous to the holders of the Notes in any material respect than the original agreement as in effect on the Issue Date)
or any transaction contemplated thereby as determined in good faith by MHGE Holdings; 

  
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 (vii) the existence of, or the performance by MHGE Holdings or any Restricted
Subsidiary of its obligations under the terms of any stockholders or limited liability company agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party as of the Issue Date, and any
transaction, agreement or arrangement described in the Offering Memorandum and, in each case, any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter; provided, however, that the
existence of, or the performance by MHGE Holdings or any Restricted Subsidiary of its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction, agreement or arrangement
entered into after the Issue Date shall only be permitted by this clause (vii) to the extent that the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or new transaction,
agreement or arrangement are not otherwise more disadvantageous to the holders of the Notes in any material respect than the original transaction, agreement or arrangement as in effect on the Issue Date; 

(viii) the execution of the Transactions, and the payment of all fees and expenses related to the Transactions, including fees
paid to the Sponsors; 
 (ix) (A) transactions with customers, clients, suppliers or purchasers or sellers of goods or
services, or transactions otherwise relating to the purchase or sale of goods or services, in each case in the ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to MHGE Holdings and the
Restricted Subsidiaries in the reasonable determination of the Board of Directors or the senior management of MHGE Holdings, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party or
(B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary course of business and consistent with past practice or industry norm; 

(x) any transaction effected as part of a Qualified Receivables Financing; 

(xi) the issuance of Equity Interests (other than Disqualified Stock) of MHGE Holdings to any Person; 

(xii) the issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, employment arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of MHGE Holdings or any direct or indirect parent of MHGE Holdings or of a Restricted Subsidiary, as
appropriate, in good faith; 
 (xiii) the entering into of any tax sharing agreement or arrangement that complies with
Section 4.04(b)(xii); 
 (xiv) any contribution to the capital of MHGE Holdings; 

  
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 (xv) transactions permitted by, and complying with, Section 5.01; 

(xvi) transactions between MHGE Holdings or any Restricted Subsidiary and any Person, a director of which is also a director of
MHGE Holdings or any direct or indirect parent of MHGE Holdings; provided, however, that such director abstains from voting as a director of MHGE Holdings or such direct or indirect parent, as the case may be, on any matter involving
such other Person; 
 (xvii) pledges of Equity Interests of Unrestricted Subsidiaries; 

(xviii) the formation and maintenance of any consolidated group or subgroup for tax, accounting or cash pooling or management
purposes in the ordinary course of business; 
 (xix) any employment agreements entered into by MHGE Holdings or any
Restricted Subsidiary in the ordinary course of business; 
 (xx) (a) the entering into of any agreement (and any amendment
or modification of any such agreement, so long as, in the good faith judgment of the Board of Directors of MHGE Holdings, any such amendment or modification is not more disadvantageous, taken as a whole, to holders in any material respect as
compared to the agreement as in effect on the Issue Date) to pay, and the payment of, monitoring, consulting, management, transaction, advisory or similar fees payable to the Sponsors in an aggregate amount in any fiscal year not to exceed the sum
of (1) the greater of $10.0 million and 3.0% of EBITDA of MHGE Holdings and its Restricted Subsidiaries for such fiscal year, plus reasonable out-of-pocket costs and expenses in connection therewith and unpaid amounts accrued for prior periods;
plus (2) any deferred fees (to the extent such fees were within such amount in clause (1) above originally) and (b) the payment of the present value of all amounts payable pursuant to any agreement described in clause (xx)(a) in
connection with the termination of such agreement; 
 (xxi) payments by MHGE Holdings or any of its Restricted Subsidiaries
to any of the Sponsors made for any financial advisory, financing, underwriting or placement services or in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments are approved by a
majority of the Board of Directors of MHGE Holdings in good faith; 
 (xxii) transactions undertaken in good faith (as
certified by a responsible financial or accounting officer of MHGE Holdings in an Officers’ Certificate) for the purpose of improving the consolidated tax efficiency of MHGE Holdings and its Subsidiaries and not for the purpose of circumventing
any covenant set forth in this Indenture; 
 (xxiii) investments by the Sponsors in securities of MHGE Holdings or any
Restricted Subsidiary (and payment of reasonable out-of-pocket expenses incurred by the Sponsors in connection therewith) so long as (i) the investment is being generally offered to other investors on the same or more favorable terms and
(ii) the investment constitutes less than 5.0% of the proposed or outstanding issue amount of such class of securities; and 

(xxiv) any transactions made pursuant to any Operations Management Agreement. 

  
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 SECTION 4.08 Change of Control. 

(a) Upon the occurrence of a Change of Control, each holder shall have the right to require the Issuers to repurchase all or any part of such
holder’s Notes at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to 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), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding the occurrence of a Change of Control, the Issuer shall not be obligated
to purchase any Notes pursuant to this Section 4.08 in the event that it has previously or concurrently exercised its right to redeem such Notes in accordance with Article III of this Indenture. In the event that at the time of such Change
of Control, the terms of the Bank Indebtedness restrict or prohibit the repurchase of Notes pursuant to this Section 4.08, then prior to the mailing of the notice to the holders provided for in Section 4.08(b) but in any event within 30
days following any Change of Control, the Issuers shall (i) repay in full all Bank Indebtedness or, if doing so will allow the purchase of Notes, offer to repay in full all Bank Indebtedness and repay the Bank Indebtedness of each lender and/or
noteholder who has accepted such offer, or (ii) obtain the requisite consent under the agreements governing the Bank Indebtedness to permit the repurchase of the Notes as provided for in Section 4.08(b). 

(b) Within 30 days following any Change of Control, except to the extent that the Issuers have exercised their right to redeem the Notes in
accordance with Article III of this Indenture, the Issuers shall mail a notice (a “Change of Control Offer”) to each holder with a copy to the Trustee stating: 

(i) that a Change of Control has occurred and that such holder has the right to require the Issuers to repurchase such
holder’s Notes at a repurchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase (subject to the right of the holders of record on the
relevant Record Date to receive interest on the relevant Interest Payment Date); 
 (ii) the circumstances and relevant facts
and financial information regarding such Change of Control; 
 (iii) the repurchase date (which shall be no earlier than 30
days nor later than 60 days from the date such notice is mailed); and 
 (iv) the instructions determined by the Issuers,
consistent with this Section 4.08, that a holder must follow in order to have its Notes purchased. 
 (c) Holders electing to have a
Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to the Issuers at the address specified in the 

  
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notice at least three Business Days prior to the purchase date. The holders shall be entitled to withdraw their election if the Trustee or the Issuers receive not later than one Business Day
prior to the purchase 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. Holders whose Notes are purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 

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

(e) A Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 
 (f) Notwithstanding the foregoing
provisions of this Section 4.08, the Issuers shall not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.08 applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 

(g) Notes repurchased by the Issuers 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 Issuers. 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 Issuers deliver Notes to the Trustee which are to be accepted for purchase, MHGE Holdings shall also deliver an
Officers’ Certificate stating that such Notes are to be accepted by the Issuers 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, MHGE
Holdings shall deliver to the Trustee an Officers’ Certificate stating that all conditions precedent contained herein to the right of the Issuers to make such offer have been complied with. 

(j) The Issuers shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Section. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuers shall comply
with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section by virtue thereof. 

  
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 (k) 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 Issuers, or any third party making a Change of Control Offer in lieu of the Issuers as described above, purchases all of the Notes validly tendered and not withdrawn
by such holders, the Issuers or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such purchase pursuant to the 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 to but excluding the date of redemption. Any such redemption shall be effected pursuant to Article III.

 SECTION 4.09 Compliance Certificate. MHGE Holdings shall deliver to the Trustee within 120 days after the end of each fiscal
year of MHGE Holdings, beginning with the fiscal year ending on December 31, 2013, an Officers’ Certificate stating that in the course of the performance by the signers of their duties as Officers of MHGE Holdings they would normally have
knowledge of any Default and whether or not the signers know of any Default that occurred during such period. If any Officer does, the certificate shall describe the Default, its status and what action the Issuers are taking or propose to take with
respect thereto. The Issuers also shall comply with Sections 314(a)(4) and 314(b) of the TIA. 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
Officers’ Certificate delivered to it pursuant to this Section 4.09, the Trustee shall have no duty to review, ascertain or confirm the Issuers’ compliance with or the breach of any representation, warranty or covenant made in this
Indenture. 
 SECTION 4.10 Further Instruments and Acts. Upon request of the Trustee, the Issuers shall execute and deliver such
further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 4.11 Future Subsidiary Guarantors. MHGE Holdings shall cause each Wholly Owned Restricted Subsidiary (other than the
Co-Issuer) that is not an Excluded Subsidiary and that guarantees or becomes a borrower under the Credit Agreement or that guarantees any other Indebtedness of an Issuer or any of the Subsidiary Guarantors to execute and deliver to the Trustee a
supplemental indenture substantially in the form of Exhibit D hereto pursuant to which such Wholly Owned Restricted Subsidiary will guarantee the Issuers’ Obligations under the Notes and this Indenture. 

SECTION 4.12 Liens. 

(a) The Issuers shall not, and shall not permit any Subsidiary Guarantors to, directly or indirectly, create, Incur or suffer to
exist any Lien (except Permitted Liens) on any asset or property of an Issuer or such Subsidiary Guarantor securing Indebtedness of an Issuer or a Subsidiary Guarantor, other than Liens on Collateral securing Indebtedness that are junior in
priority to the Liens on such property or assets securing the Notes. 
 (b) For purposes of determining compliance with this
Section 4.12, (i) a Lien securing an item of Indebtedness need not be permitted solely by reference to one category of permitted Liens (or any portion thereof) described in the definition of “Permitted Liens” but may be permitted
in part under any combination thereof and (ii) in the event that a Lien securing an 

  
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item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof) meets the criteria of one or more of the categories of permitted Liens (or any portion thereof) described in
the definition of “Permitted Liens”, MHGE Holdings shall, in its sole discretion, classify or reclassify, or later divide, classify or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that
complies with this covenant and will be entitled to only include the amount and type of such Lien or such item of Indebtedness secured by such Lien in one of the clauses of the definition of “Permitted Liens” (or any portion thereof) and
in such event, such Lien securing such item of Indebtedness will be treated as being Incurred or existing pursuant to only one of such clauses (or any portion thereof) or pursuant to Section 4.12(a). 

(c) With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such
Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any
accrual of interest, the accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms or in the form of common stock of MHGE Holdings, the payment of
dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class, accretion of original issue discount or liquidation preference and increases in the amount of Indebtedness outstanding solely as a result of
fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness described in clause (3) of the definition of “Indebtedness.” 

SECTION 4.13 After-Acquired Property. 

(a) Upon the acquisition by an Issuer or any Subsidiary Guarantor of any After-Acquired Property, or upon any additional Restricted Subsidiary
becoming a Subsidiary Guarantor, such Issuer or Subsidiary Guarantor shall execute and deliver such mortgages, deeds of trust, security instruments, financing statements and other Security Documents as shall be reasonably necessary to vest in the
First-Priority Collateral Agent a perfected first-priority security interest, subject only to Permitted Liens and Liens permitted under Section 4.12, in such After-Acquired Property and to have such After-Acquired Property (but subject to the
limitations as described in Article XI, the Security Documents, the First Lien Intercreditor Agreement) added to the Collateral (or in the case of a Subsidiary Guarantor, all of its assets that constitute After-Acquired Property), and thereupon all
provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired Property to the same extent and with the same force and effect. 

Notwithstanding the foregoing, if granting a security interest in any property pursuant to the foregoing clause (a) requires the consent
of a third party, MHGE Holdings shall use commercially reasonable efforts to obtain such consent with respect to such security interest for the benefit of the First-Priority Collateral Agent on behalf of the Trustee and the holders of the Notes. If
such third party does not consent to the granting of such security interest after the use of such commercially reasonable efforts, the applicable entity will not be required to provide such security interest. 

  
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 SECTION 4.14 Maintenance of Office or Agency. 

(a) The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Notes may be surrendered for registration of transfer or for exchange. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the Corporate Trust Office of the Trustee as set forth in Section 13.02. 

(b) The Issuers 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 an Issuer of its obligation to maintain an office or agency for such
purposes. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

(c) The Issuers hereby designates the Corporate Trust Office of the Trustee or its agent as such office or agency of the Issuers in accordance
with Section 2.04. 
 SECTION 4.15 Covenant Suspension. If on any date following the Issue Date, (i) the Notes have
Investment Grade Ratings from both Rating Agencies, and (ii) no Default has occurred and is continuing under this Indenture, then, beginning on that day (the occurrence of the events described in the foregoing clauses (i) and
(ii) being collectively referred to as a “Covenant Suspension Event”), and subject to the provisions of the following paragraph, the Issuers and the Restricted Subsidiaries shall not be subject to Sections 4.03, 4.04,
4.05, 4.06, 4.07, 4.11 and 5.01(a)(iv) (collectively the “Suspended Covenants”). 
 In the event that MHGE Holdings
and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating
Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Notes below an Investment Grade Rating, then MHGE Holdings and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants under this
Indenture with respect to future events. 
 The Issuers shall provide the Trustee with notice of each Covenant Suspension Event or Reversion
Date within 5 Business Days of the occurrence thereof. 
 On each Reversion Date, all Indebtedness Incurred, or Disqualified Stock or
Preferred Stock issued, during the Suspension Period will be classified as having been Incurred or issued pursuant to Sections 4.03(a) and (b) (to the extent such Indebtedness or Disqualified Stock or Preferred Stock would be permitted to be
Incurred or issued thereunder as of the Reversion Date and after giving effect to Indebtedness Incurred or issued prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness or Disqualified Stock or
Preferred Stock would not be so permitted to be Incurred or issued pursuant to Sections 

  
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4.03(a) and (b), such Indebtedness or Disqualified Stock or Preferred Stock will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under
Section 4.03(b)(ii). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04 will be made as though Section 4.04 had been in effect since the Issue Date and prior to, but
not during, the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will not reduce the amount available to be made as Restricted Payments under Section 4.04(a). As described above, however, no Default or Event
of Default will be deemed to have occurred on the Reversion Date as a result of any actions taken by MHGE Holdings or its Restricted Subsidiaries during the Suspension Period. Within 30 days of such Reversion Date, the Issuers must comply with the
terms of Section 4.11. 
 For purposes of Section 4.06, on the Reversion Date, the unutilized Excess Proceeds amount will be reset
to zero. 
 SECTION 4.16 Maintenance of Insurance. The Issuers shall maintain, with financially sound and reputable insurance
companies, insurance (subject to customary deductibles and retentions) in such amounts and against such risks as are customarily maintained by similarly situated companies engaged in the same or similar businesses operating in the same or similar
locations and cause the Issuers and the Subsidiary Guarantors to be listed as insured and the First-Priority Collateral Agent to be listed as co-loss payee on property and property casualty policies and as an additional insured on liability
policies. Notwithstanding the foregoing, the Issuers and the Subsidiary Guarantors may self-insure with respect to such risks with respect to which companies of established reputation in the same general line of business in the same general area
usually self-insure. 
 SECTION 4.17 Transactions Involving the School Education Group Business. Notwithstanding anything to the
contrary in this Indenture, neither Holdings, MHGE Holdings nor any of their Restricted Subsidiaries may, directly or indirectly, (i) consolidate, amalgamate or merge with or into or wind up or convert into (whether or not such Person is the
surviving Person), (ii) otherwise acquire the capital stock of, or all or any substantial parts of, the business or assets of, or (iii) guarantee any Indebtedness of, McGraw-Hill School Education Intermediate Holdings, LLC or any of its
Subsidiaries (collectively, “SEG”), unless (a) immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period (and treating any
Indebtedness which becomes an obligation of Holdings or any Subsidiary of Holdings as a result of such transaction as having been Incurred at the time of such transaction) the Secured Indebtedness Leverage Ratio of Holdings and its Restricted
Subsidiaries would be no worse than 3.00 to 1.00 and (b) in the case of any transaction involving the payment of cash consideration to any equityholder of SEG that is also a Permitted Holder of MHGE Holdings, such transaction is treated as a
Restricted Payment or Permitted Investment (other than a Permitted Investment under clauses (1) or (3) of the definition of “Permitted Investments”) and is permitted by Section 4.04. To the extent that any assets or
securities of McGraw-Hill School Education Intermediate Holdings, LLC or any of its Subsidiaries are contributed to MHGE Holdings, such assets and/or securities shall be disregarded for the purpose of determining the amount available for Restricted
Payments under, and excluded from each clause of, the definition of “Cumulative Credit.” 

  
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 ARTICLE V 

SUCCESSOR COMPANY 

SECTION 5.01 When Issuers and Guarantors May Merge or Transfer Assets. 

(a) MHGE Holdings may not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not
MHGE Holdings is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to any Person unless: 

(i) MHGE Holdings is the surviving person or the Person formed by or surviving any such consolidation, amalgamation, merger,
winding up or conversion (if other than MHGE Holdings) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation, partnership or limited liability company or similar entity organized or
existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (MHGE Holdings or such Person, as the case may be, being herein called the “Successor Company”); 

(ii) the Successor Company (if other than MHGE Holdings) expressly assumes all the obligations of MHGE Holdings under this
Indenture, the Security Documents and the Registration Rights Agreement pursuant to supplemental indentures or other documents or instruments in form reasonably satisfactory to the Trustee; 

(iii) immediately after giving effect to such transaction (and treating any Indebtedness which becomes an obligation of the
Successor Company, or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company, or such Issuer or such Restricted Subsidiary at the time of such transaction) no Default shall have occurred and be
continuing; 
 (iv) immediately after giving pro forma effect to such transaction, as if such transaction had occurred
at the beginning of the applicable four-quarter period (and treating any Indebtedness which becomes an obligation of the Successor Company, or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor
Company, or such Restricted Subsidiary at the time of such transaction), either 
 (1) the Successor Company would be
permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Total Indebtedness Leverage Ratio test set forth in Section 4.03(a); or 

(2) the Total Indebtedness Leverage Ratio for the Successor Company and its Restricted Subsidiaries would be no greater than
such ratio for MHGE Holdings and its Restricted Subsidiaries immediately prior to such transaction; 

  
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 (v) if MHGE Holdings is not the Successor Company, each Guarantor, unless it is
the other party to the transactions described above, shall have by supplemental indenture confirmed that its Guarantee shall apply to such Person’s obligations under this Indenture and the Notes; and 

(vi) the Successor Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger, amalgamation or transfer and such supplemental indentures (if any) comply with this Indenture. 

The Successor Company (if other than MHGE Holdings) will succeed to, and be substituted for, MHGE Holdings under this Indenture and the Notes,
and in such event MHGE Holdings will automatically be released and discharged from its obligations under this Indenture and the Notes. Notwithstanding the foregoing clauses (iii) and (iv) of this Section 5.01(a), (a) MHGE
Holdings or any Restricted Subsidiary may merge, consolidate or amalgamate with or transfer all or part of its properties and assets to MHGE Holdings or to a Restricted Subsidiary, and (b) MHGE Holdings may merge, consolidate or amalgamate with
an Affiliate incorporated solely for the purpose of reincorporating MHGE Holdings in another state of the United States, the District of Columbia or any territory of the United States (collectively, “Permitted Jurisdictions”) or may
convert into a corporation, partnership or limited liability company, so long as the amount of Indebtedness of MHGE Holdings and the Restricted Subsidiaries is not increased thereby. This Section 5.01(a) will not apply to a sale, assignment,
transfer, conveyance or other disposition of assets between or among MHGE Holdings and the Restricted Subsidiaries. 
 (b) MHGE Finance may
not, directly or indirectly, consolidate, amalgamate or merge with or into or wind up or convert into (whether or not MHGE Finance is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of
its properties or assets in one or more related transactions, to any Person unless: 
 (i) MHGE Finance is the surviving
person or the Person formed by or surviving any such consolidation, amalgamation, merger, winding up or conversion (if other than MHGE Finance) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made
is a corporation organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (MHGE Finance or such Person, as the case may be, being herein called the “Successor
Co-Issuer”) and the Successor Co-Issuer (if other than MHGE Finance) expressly assumes all of the obligations of MHGE Finance under this Indenture, the Security Documents, the Registration Rights Agreement and the Notes pursuant to a
supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; or 
 (ii) after
giving effect thereto, at least one obligor of the Notes shall be a corporation organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof. 

  
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 (c) Subject to the provisions of Section 11.04 and Section 12.02(b), no Subsidiary
Guarantor shall, and MHGE Holdings shall not permit any Subsidiary Guarantor to, consolidate, amalgamate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is the surviving Person), or sell, assign, transfer, lease,
convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i) either (A) such Subsidiary Guarantor is the surviving Person or the Person formed by or surviving any such
consolidation, amalgamation or merger (if other than such Subsidiary Guarantor) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a company, corporation, partnership or limited liability
company or similar entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (such Subsidiary Guarantor or such Person, as the case may be, being herein called the
“Successor Subsidiary Guarantor”) and the Successor Subsidiary Guarantor (if other than such Subsidiary Guarantor) expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Security Documents, the
Registration Rights Agreement and the Notes or the Guarantee, as applicable, pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee, or (B) such sale or disposition or
consolidation, amalgamation or merger is not in violation of Section 4.06; and 
 (ii) the Successor Subsidiary
Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and
such supplemental indenture (if any) comply with this Indenture. 
 Except as otherwise provided in this Indenture, the Successor Subsidiary
Guarantor (if other than such Subsidiary Guarantor) will succeed to, and be substituted for, such Subsidiary Guarantor under this Indenture and the Notes or the Guarantee, as applicable, and such Subsidiary Guarantor will automatically be released
and discharged from its obligations under this Indenture and the Notes and its Guarantee. Notwithstanding the foregoing, (1) a Subsidiary Guarantor may merge, amalgamate or consolidate with an Affiliate incorporated solely for the purpose of
reincorporating such Subsidiary Guarantor in any Permitted Jurisdiction or may convert into a limited liability company, corporation, partnership or similar entity organized or existing under the laws of any Permitted Jurisdiction so long as the
amount of Indebtedness of such Subsidiary Guarantor is not increased thereby and (2) a Subsidiary Guarantor may merge, amalgamate or consolidate with MHGE Holdings or another Subsidiary Guarantor. 

In addition, notwithstanding the foregoing, a Subsidiary Guarantor may consolidate, amalgamate or merge with or into or wind up into,
liquidate, dissolve, or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (collectively, a “Transfer”) to an Issuer or any Subsidiary Guarantor. 

  
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 (d) Subject to the provisions of Section 12.02(c), Holdings shall not consolidate,
amalgamate or merge with or into or wind up into (whether or not Holdings is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related
transactions to, any Person unless: 
 (i) either Holdings or MHGE Holdings (provided that if MHGE Holdings is to be the
surviving Person, then such transaction shall comply with Section 5.01(a)) is the surviving Person or the Person formed by or surviving any such consolidation, amalgamation or merger (if other than Holdings or MHGE Holdings) or to which such
sale, assignment, transfer, lease, conveyance or other disposition will have been made is a company, corporation, partnership or limited liability company or similar entity organized or existing under the laws of the United States, any state
thereof, the District of Columbia, or any territory thereof (Holdings or such Person, as the case may be (other than in the case of MHGE Holdings), being herein called the “Successor Holdings Guarantor”) and the Successor Holdings
Guarantor (if other than Holdings) expressly assumes all the obligations of Holdings under this Indenture, the Registration Rights Agreement and Holdings’ Guarantee pursuant to a supplemental indenture or other documents or instruments in form
reasonably satisfactory to the Trustee; and 
 (ii) the Successor Holdings Guarantor (if other than Holdings) shall have
delivered or caused to be delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture.

 Subject to certain limitations described in this Indenture, the Successor Holdings Guarantor (if other than Holdings) will succeed to,
and be substituted for, Holdings under this Indenture and the Notes or Holdings’ Guarantee, as applicable, and Holdings will automatically be released and discharged from its obligations under this Indenture and its Guarantee. 

(e) Subject to the provisions of Section 12.02(d), Parent shall not consolidate, amalgamate or merge with or into or wind up into
(whether or not Parent is the surviving Person), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to, any Person unless: 

(i) either Parent, Holdings or MHGE Holdings (provided that if MHGE Holdings is to be the surviving Person, then such
transaction shall comply with Section 5.01(a) or if Holdings is to be the surviving Person, then such transaction shall comply with Section 5.01(d)) is the surviving Person or the Person formed by or surviving any such consolidation,
amalgamation or merger (if other than Parent, Holdings or MHGE Holdings) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a company, corporation, partnership or limited liability company or
similar entity organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory thereof (Parent or such Person, as the case may be (other than, in each case, Holdings or MHGE Holdings), being
herein called the “Successor Parent Guarantor”) and the Successor Parent Guarantor (if other than Parent) expressly assumes all the obligations of Parent under this 

  
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Indenture, the Registration Rights Agreement and Parent’s Guarantee pursuant to a supplemental indenture or other documents or instruments in form reasonably satisfactory to the Trustee; and

 (ii) the Successor Parent Guarantor (if other than Parent) shall have delivered or caused to be delivered to the Trustee
an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 

Subject to certain limitations described in this Indenture, the Successor Parent Guarantor (if other than Parent) will succeed to, and be
substituted for, Parent under this Indenture and the Notes or Parent’s Guarantee, as applicable, and Parent will automatically be released and discharged from its obligations under this Indenture and its Guarantee. 

ARTICLE VI 
 DEFAULTS
AND REMEDIES 
 SECTION 6.01 Events of Default. An “Event of Default” occurs with respect to Notes if: 

(a) there is a default in any payment of interest (including any Additional Interest) on any Note when the same becomes due and payable, and
such default continues for a period of 30 days, 
 (b) there is a default in the payment of principal or premium, if any, of any Note when
due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise, 
 (c) there is a failure by
MHGE Holdings for 120 days after receipt of written notice given by the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with any of its obligations,
covenants or agreements in Section 4.02, 
 (d) there is a failure by MHGE Holdings or any Restricted Subsidiary for 60 days after
written notice given by the Trustee or the holders of not less than 25% in principal amount of the Notes then outstanding (with a copy to the Trustee) to comply with its other obligations, covenants or agreements (other than a default referred to in
clauses (a), (b) and (c) above) contained in the Notes or this Indenture, 
 (e) there is a failure by MHGE Holdings or any
Significant Subsidiary (or any group of Subsidiaries that together would constitute a Significant Subsidiary) to pay any Indebtedness (other than Indebtedness owing to MHGE Holdings or a Restricted 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,

  
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 (f) MHGE Holdings or any Significant Subsidiary (or any group of Subsidiaries that together would
constitute a Significant Subsidiary) pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary
case; 
 (ii) consents to the entry of an order for relief against it in an involuntary case; 

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

(iv) makes a general assignment for the benefit of its creditors or takes any comparable action under any foreign laws relating
to insolvency, 
 (g) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against MHGE Holdings or any Significant Subsidiary in an involuntary case; 

(ii) appoints a Custodian of MHGE Holdings or any Significant Subsidiary or for any substantial part of its property; or 

(iii) orders the winding up or liquidation of MHGE Holdings or any Significant Subsidiary; 

or any similar relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 60 days, 

(h) there is a failure by MHGE Holdings or any Significant Subsidiary (or any group of Subsidiaries that together would constitute a
Significant Subsidiary) to pay final judgments aggregating in excess of $100.0 million or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers), which judgments are not
discharged, waived or stayed for a period of 60 days, 
 (i) the Guarantee of a Significant Subsidiary (or any group of Subsidiaries that
together would constitute a Significant Subsidiary) with respect to the Notes ceases to be in full force and effect (except as contemplated by the terms thereof) or an Issuer or any Subsidiary Guarantor that qualifies as a Significant Subsidiary (or
any group of Subsidiaries that together would constitute a Significant Subsidiary) denies or disaffirms its obligations under this Indenture or any Guarantee with respect to the Notes and such Default continues for 10 days, 

(j) unless such Liens have been released in accordance with the provisions of this Indenture, the Security Documents or the First Lien
Intercreditor Agreement, the Liens in favor of the holders of the Notes with respect to all or substantially all of the Collateral cease to be valid or enforceable and such Default continues for 30 days, or an Issuer shall assert or any Subsidiary
Guarantor shall assert, in any pleading in any court of competent jurisdiction, that any such security interest is invalid or unenforceable and, in the case of any Subsidiary Guarantor, the Issuers fail to cause such Subsidiary Guarantor to rescind
such assertions within 30 days after the Issuers have actual knowledge of such assertions, or 

  
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 (k) the failure by an Issuer or any Subsidiary Guarantor to comply for 60 days after notice with
its other agreements contained in the Security Documents except for a failure that would not be material to the holders of the Notes and would not materially affect the value of the Collateral taken as a whole. 

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

However, a default under clause (c), (d) or (k) above shall not constitute an Event of Default until the Trustee or the holders of
25% in principal amount of outstanding Notes notify the Issuers, with a copy to the Trustee, of the default and the Issuers do not cure such default within the time specified in clauses (c), (d) or (k) hereof after receipt of such notice.
Such notice must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” MHGE Holdings shall deliver to the Trustee, within five Business Days after the occurrence thereof, written notice
in the form of an Officers’ Certificate of any event which is, or with the giving of notice or the lapse of time or both would become, an Event of Default, its status and what action the Issuers are taking or propose to take with respect
thereto. 
 The term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the
relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

SECTION 6.02 Acceleration. If an Event of Default (other than an Event of Default specified in Section 6.01(f) or
(g) hereof with respect to MHGE Holdings) occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of outstanding Notes (with a copy to the Trustee) by notice to the Issuers may declare the principal of, premium,
if any, and accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(f) or (g) with
respect to MHGE Holdings occurs, the principal of, premium, if any, and interest on all the Notes will become immediately due and payable without any declaration or other act on the part of the Trustee or any holders. Under certain circumstances,
the holders of a majority in principal amount of outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences thereof (excluding,
however, any resulting payment default) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the holders of the Notes, if within 20 days after such Event of Default arose MHGE Holdings delivers an
Officers’ Certificate to the Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the holders thereof have rescinded or waived the acceleration, notice or action
(as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes as
described above be annulled, waived or rescinded upon the happening of any such events. 

  
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 SECTION 6.03 Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy at law or in equity to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or the Security Documents. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other
remedy. To the extent required by law, all available remedies are cumulative. 
 SECTION 6.04 Waiver of Past Defaults. 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 Notes then outstanding by written notice to the Trustee may waive an existing Default and its consequences except
(a) a Default in the payment of the principal of or interest on a Note, (b) a Default arising from the failure to redeem or purchase any Note when required pursuant to the terms of this Indenture or (c) a Default in respect of a
provision that under Section 9.02 cannot be amended without the consent of each holder affected. When a Default is waived, it is deemed cured and the Issuers, the Trustee and the holders will be restored to their former positions and rights
under this Indenture, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 

SECTION 6.05 Control by Majority. The holders of a majority in principal amount of outstanding Notes may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, if the
Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith shall determine that the action or proceeding so directed would involve the Trustee in personal
liability or expense for which it is not adequately indemnified, or subject to Section 7.01, that the Trustee determines is unduly prejudicial to the rights of any other holder or that would involve the Trustee in personal liability. Prior to
taking any action under this Indenture, the Trustee shall be entitled to indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action. 

SECTION 6.06 Limitation on Suits. 

(a) Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no holder may pursue any remedy with
respect to this Indenture or the Notes unless: 
 (i) such holder has previously given the Trustee notice that an Event of
Default is continuing, 

  
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 (ii) holders of at least 25% in principal amount of the outstanding Notes have
requested the Trustee to pursue the remedy, 
 (iii) such holders have offered the Trustee security or indemnity satisfactory
to it against any loss, liability or expense, 
 (iv) the Trustee has not complied with such request within 60 days after the
receipt of the request and the offer of security or indemnity, and 
 (v) the holders of a majority in principal amount of
the outstanding Notes have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 (b) A holder may
not use this Indenture to prejudice the rights of another holder or to obtain a preference or priority over another holder. 

SECTION 6.07 Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
holder to receive payment of principal of and interest on the Notes held by such holder, on or after the respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such holder. 
 SECTION 6.08 Collection Suit by
Trustee. If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers or any other obligor on the Notes for
the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful) on any unpaid interest at the rate provided for in the Notes) and the amounts provided for in Section 7.07. 

SECTION 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of claim, statements of interest and other
papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation, expenses disbursements and advances of the Trustee (including counsel, accountants, experts or such
other professionals as the Trustee deems necessary, advisable or appropriate)) and the holders allowed in any judicial proceedings relative to the Issuers, the Guarantors, their creditors or their property, shall be entitled to participate as a
member, voting or otherwise, of any official committee of creditors appointed in such matters and, unless prohibited by law or applicable regulations, may vote on behalf of the holders in any election of a trustee in bankruptcy or other Person
performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the
holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. Nothing herein
contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any holder, or to
authorize the Trustee to vote in respect of the claim of any holder in any such proceeding. 

  
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 SECTION 6.10 Priorities. Subject to the terms of the First Lien Intercreditor
Agreement and the Security Documents, any money or property collected by the Trustee pursuant to this Article VI and any other money or property distributable in respect of the Issuers’ or any Guarantor’s obligations under this Indenture
(including upon exercise of any remedies in respect of Collateral) after an Event of Default shall be applied in the following order: 

FIRST: to the Trustee and First-Priority Collateral Agent for amounts due hereunder and under the Security Documents; 

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

THIRD: to the Issuers or, to the extent the Trustee collects any amount for any Guarantor, to such Guarantor. 

The Trustee may fix a record date and payment date for any payment to the holders pursuant to this Section 6.10. At least 15 days before
such record date, the Trustee shall mail to each holder and the Issuers a notice that states the record date, the payment date and the 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 Article VI 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. 

SECTION 6.12 Waiver of Stay or Extension Laws. Neither the Issuers nor any Guarantor (to the extent it may lawfully do so) shall
at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuers and the Guarantors (to the extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the
Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

  
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 ARTICLE VII 

TRUSTEE 

SECTION 7.01 Duties of Trustee. 

(a) The Trustee, prior to the occurrence of an Event of Default with respect to the Notes and after the curing or waiving of all Events of
Default which may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested
in it by this Indenture and use the same degree of care and skill in 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: 

(i) 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 (it being agreed that the permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty); and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee shall be under no duty to make any investigation as to any statement contained in
any such instance, but may accept the same as conclusive evidence of the truth and accuracy of such statement or the correctness of such opinions. However, in the case of certificates or opinions required by any provision hereof to be provided to
it, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section; 

(ii) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that
the Trustee was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05; and 

(iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise Incur financial
liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

  
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 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 7.01. 
 (e) The Trustee shall not be liable for interest on any money received
by it except as the Trustee may agree in writing with the Issuer. 
 (f) Money held in trust by the Trustee need not be segregated from
other funds except to the extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this Section 7.01 and the TIA. 

SECTION 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely on any document believed by it to be genuine and to have been signed or presented by the proper person.
The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may
require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officers’ Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

 (d) The Trustee shall not be responsible or liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel of its own selection and the advice or opinion of counsel with respect to legal matters relating to
this Indenture and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

(f) The 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, consent, order, approval, bond, debenture, note or other paper or document unless requested in writing to do so by the holders of not less than a majority in principal amount of the Notes at the time
outstanding, 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 Issuers, personally or by agent or attorney, at the expense of the Issuers and shall Incur no liability of any kind by reason of such inquiry or investigation. 

  
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 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it
by this Indenture at the request or direction of any of the holders pursuant to this Indenture, unless such holders shall have offered to the Trustee security 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 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, including the
First-Priority Collateral Agent. 
 (i) The Trustee shall not be responsible or liable for any action taken or omitted by it in good faith
at the direction of the holders of not less than a majority in principal amount of the Notes as to the time, method and place of conducting any proceedings for any remedy available to the Trustee or the exercising of any power conferred by this
Indenture. 
 (j) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or
authority or consent of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange
therefor or in place thereof. 
 (k) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Trust
Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this
Indenture. 
 (l) The Trustee may request that the Issuers deliver an Officers’ 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 Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as
so authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not be responsible or liable for
punitive, special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of actions. 
 (n) The Trustee shall not be required to give any bond or surety in respect of the execution of the trusts and powers
under this Indenture. 
 (o) 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 reasonable control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage;
epidemics; 

  
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riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or communication services; accidents; labor disputes; and acts of civil or military authorities and
governmental action. 
 SECTION 7.03 Individual Rights of Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Notes and may otherwise deal with the Issuers or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent or Registrar may do the same with like rights. However, the Trustee must
comply with Sections 7.10 and 7.11. 
 SECTION 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture, the Guarantees or the Notes, it shall not be accountable for the Issuers’ use of the proceeds from the Notes, and it shall not be responsible for any statement of the
Issuers or any Guarantor in this Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged with knowledge of any Default
or Event of Default under Sections 6.01(c), (d), (e), (f), (g), (h), (i), (j) or (k) or of the identity of any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee
shall have received written notice thereof in accordance with Section 13.02 hereof from the Issuers, any Guarantor or any holder. In accepting the trust hereby created, the Trustee acts solely as Trustee under this Indenture and not in its
individual capacity and all persons, including without limitation the holders of Notes and the Issuers having any claim against the Trustee arising from this Indenture shall look only to the funds and accounts held by the Trustee hereunder for
payment except as otherwise provided herein. 
 SECTION 7.05 Notice of Defaults. If a Default occurs and is continuing and is
actually known to a Trust Officer or the Trustee, the Trustee shall mail to each holder of the Notes notice of the Default within the earlier of 90 days after it occurs or 30 days after it is actually known to a Trust Officer or written notice if it
is received by the Trustee. Except in the case of a Default in the payment of principal of, premium (if any) or interest on any Note, the Trustee may withhold notice if and so long as a committee of its Trust Officers in good faith determines that
withholding notice is in the interests of the noteholders. MHGE Holdings is required to deliver to the Trustee, annually, a certificate indicating whether the signers thereof know of any Default that occurred during the previous year. MHGE Holdings
also is required to deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any event which would constitute certain Defaults, their status and what action MHGE Holdings is taking or proposes to take in respect
thereof. 
 SECTION 7.06 Reports by Trustee to the Holders. As promptly as practicable after each November 1 beginning with
the November 1 following the date of this Indenture, and in any event prior to December 1 in each year, the Trustee shall mail to each holder a brief report dated as of such November 1 that complies with Section 313(a) of the TIA
if and to the extent required thereby. The Trustee shall also comply with Section 313(b) of the TIA. 
 Pursuant to Section 313(d)
of the TIA, a copy of each report at the time of its mailing to the holders shall be filed with the SEC and each stock exchange (if any) on which the 

  
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Notes are listed if the Notes are listed. MHGE Holdings agrees to notify promptly the Trustee whenever the Notes become listed on any stock exchange and of any delisting thereof. All reports
pursuant to this Section 7.06 shall be provided in accordance with Section 313(c) of the TIA. 
 SECTION 7.07 Compensation
and Indemnity. The Issuers shall pay to the Trustee from time to time compensation for the Trustee’s acceptance of this Indenture and its services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of
a trustee of an express trust. The Issuers shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses
shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee or any predecessor
Trustee and their directors, officers, employees and agents against any and all loss, liability, claim, damage or expense (including reasonable attorneys’ fees and expenses and including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee) Incurred by or in connection with the acceptance or administration of this trust and the performance of its duties hereunder, including the costs and expenses of enforcing this Indenture or Guarantee against
any Issuer or any Guarantor (including this Section 7.07) and defending itself against or investigating any claim (whether asserted by any Issuer, any Guarantor, any holder or any other Person). The obligation to pay such amounts shall survive
the payment in full or defeasance of the Notes or the removal or resignation of the Trustee. The Trustee shall notify the Issuers of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided,
however, that any failure so to notify the Issuers shall not relieve any Issuer or any Guarantor of its indemnity obligations hereunder. The Issuers shall defend the claim and the indemnified party shall provide reasonable cooperation at the
Issuers’ expense in the defense. Such indemnified parties may have separate counsel and the Issuers and such Guarantor, as applicable, shall pay the fees and expenses of such counsel; provided, however, that the Issuers shall not
be required to pay such fees and expenses if it assumes such indemnified parties’ defense and, in such indemnified parties’ reasonable judgment, there is no actual or potential conflict of interest between the Issuers and the Guarantors,
as applicable, and such parties in connection with such defense. The Issuers need not reimburse any expense or indemnify against any loss, liability or expense Incurred by an indemnified party through such party’s own willful misconduct,
negligence or bad faith. 
 To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, the Trustee
shall have a Lien prior to the Notes on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest on particular Notes. 

The Issuers’ and the Guarantors’ payment obligations pursuant to this Section 7.07 shall survive the satisfaction or discharge
of this Indenture, any rejection or termination of this Indenture under any bankruptcy law or the resignation or removal of the Trustee. Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee Incurs
expenses after the occurrence of a Default specified in Section 6.01(f) or (g) with respect to the Issuers, the expenses are intended to constitute expenses of administration under the Bankruptcy Law. 

  
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 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 repayment of such funds or adequate indemnity against such risk or liability is not assured to its
satisfaction. 
 SECTION 7.08 Replacement of Trustee. 

(a) The Trustee may resign at any time by so notifying the Issuers. The holders of a majority in principal amount of the Notes may remove the
Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuers shall remove the Trustee if: 
 (i) the
Trustee fails to comply with Section 7.10; 
 (ii) the Trustee is adjudged bankrupt or insolvent; 

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

(iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Issuers or by the holders of a majority in principal amount of the Notes and such holders do not
reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee.

 (c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the
holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the Lien provided for in Section 7.07. 

(d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
holders of 10% in principal amount of the Notes may petition at the expense of the Issuers any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any holder who has been a bona fide holder of a Note for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall
continue for the benefit of the retiring Trustee. 
 SECTION 7.09 Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act
shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the
Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of Section 310(a) of the
TIA. The Trustee shall have a combined capital and surplus of at least $100.0 million as set forth in its most recent published annual report of condition. The Trustee shall comply with Section 310(b) of the TIA, subject to its right to apply
for a stay of its duty to resign under the penultimate paragraph of Section 310(b) of the TIA; provided, however, that there shall be excluded from the operation of Section 310(b)(1) of the TIA any series of securities issued
under this Indenture and any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuers are outstanding if the requirements for such exclusion set forth in
Section 310(b)(1) of the TIA are met. 
 SECTION 7.11 Preferential Collection of Claims Against the Issuers. The Trustee
shall comply with Section 311(a) of the TIA, excluding any creditor relationship listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the TIA to the extent indicated.

 SECTION 7.12 Limitation on Duty of Trustee in Respect of Collateral; Indemnification. 

(a) Beyond the exercise of reasonable care in the custody thereof, the Trustee shall have no duty as to any Collateral in its possession or
control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Trustee shall not be responsible for filing any financing or
continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. The Trustee shall be deemed to have
exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in
the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee in good faith. 

(b) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection,
priority or enforceability of the Liens in any of the Collateral, whether impaired by operation of law or by reason of any action or 

  
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omission to act on its part hereunder, for the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of the Company to the
Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Subject to Section 7.01 of this Indenture, the Trustee shall have no
duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the First Lien Intercreditor Agreement, the Collateral Agreement or any other Security Document by the Issuers, the Guarantors or the
First-Priority Collateral Agent. 
 ARTICLE VIII 

DISCHARGE OF INDENTURE; DEFEASANCE 

SECTION 8.01 Discharge of Liability on Notes; Defeasance. 

(a) This Indenture shall be discharged and shall cease to be of further effect (except as to surviving rights and immunities of the Trustee
and rights of registration or of registration of transfer or exchange of Notes, as expressly provided for in this Indenture) 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 Issuers and thereafter repaid to the Issuers or discharged from such trust) have been delivered to the Trustee for
cancellation or (B) all of the Notes (1) have become due and payable, (2) will become due and payable at their stated maturity within one year or (3) if redeemable at the option of the Issuers, 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 Issuers, and the Issuers have irrevocably deposited or caused to be deposited with the
Trustee funds in an amount sufficient to pay and discharge the entire 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 Issuers directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be; 

(ii) the Issuers and/or the Guarantors have paid all other sums payable under this Indenture; and 

(iii) the Issuers have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Subject to Sections 8.01(c) and 8.02, the Issuers at any time may terminate (i) all of their obligations under the Notes and this Indenture with respect to the holders of the Notes (“legal defeasance option”), and
(ii) their obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.11, 4.12, 4.13 and 4.15 and the operation of Section 5.01 for the benefit 

  
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of the holders of the Notes, and Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and 6.01(g) with respect to Significant Subsidiaries only), 6.01(h),
6.01(i), 6.01(j) and 6.01(k) (“covenant defeasance option”). The Issuers may exercise their legal defeasance option notwithstanding their prior exercise of their covenant defeasance option. In the event that the Issuers terminate
all of their obligations under the Notes and this Indenture (with respect to such Notes) by exercising their legal defeasance option or their covenant defeasance option, the obligations of each Guarantor with respect to its Guarantee and the
Security Documents shall be terminated simultaneously with the termination of such obligations. 
 If the Issuers exercise their legal
defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of Default. If the Issuers exercise their covenant defeasance option, payment of the Notes so defeased may not be accelerated because of an Event of
Default specified in Sections 6.01(c), 6.01(d), 6.01(e), 6.01(f), 6.01(g) (in the case of Sections 6.01(f) and (g), with respect to Significant Subsidiaries only), 6.01(h), 6.01(i) or 6.01(j) or because of the failure of MHGE Holdings to comply
with Section 5.01(a)(iv). 
 Upon satisfaction of the conditions set forth herein and upon request of the Issuers, the Trustee shall
acknowledge in writing the discharge of those obligations that the Issuers terminate. 
 (c) Notwithstanding clauses (a) and
(b) above, the Issuers’ obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08 and 2.09 and Article VII, including, without limitation, Sections 7.07 and 7.08 and in this Article VIII and the rights and immunities of the Trustee
under this Indenture shall survive until the Notes have been paid in full. Thereafter, the Issuers’ obligations in Sections 7.07, 7.08, 8.05 and 8.06 and the rights and immunities of the Trustee under this Indenture shall survive such
satisfaction and discharge. 
 SECTION 8.02 Conditions to Defeasance. 

(a) The Issuers may exercise their legal defeasance option or their covenant defeasance option only if: 

(i) the Issuers irrevocably deposit in trust with the Trustee cash in U.S. Dollars, U.S. Government Obligations or a
combination thereof sufficient to pay the principal of and premium (if any) and interest on the Notes when due at maturity or redemption, as the case may be; 

(ii) the Issuers deliver to the Trustee a certificate from a nationally recognized firm of independent accountants expressing
their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts as will
be sufficient to pay principal, premium, if any, and interest when due on all the Notes to maturity or redemption, as the case may be; 

(iii) no Default specified in Section 6.01(f) or (g) with respect to the Issuers shall have occurred or is continuing
on the date of such deposit; 

  
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 (iv) the deposit does not constitute a default under any other material agreement
or instrument binding on the Issuers; 
 (v) in the case of the legal defeasance option, the Issuers shall have delivered to
the Trustee an Opinion of Counsel stating that (1) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling, or (2) since the date of this Indenture there has been a change in the applicable
U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and
defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred. Notwithstanding the foregoing, the Opinion of
Counsel required by the immediately preceding sentence with respect to a legal defeasance need not be delivered if all of the Notes not theretofore delivered to the Trustee for cancellation (x) have become due and payable or (y) will
become due and payable at their Stated Maturity within one year under arrangements for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Issuer; 

(vi) such exercise does not impair the right of any holder to receive payment of principal of, premium, if any, and interest on
such holder’s Notes on or after the due dates therefore or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes; 

(vii) in the case of the covenant defeasance option, the Issuers shall have delivered to the Trustee an Opinion of Counsel to
the effect that the holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such deposit and defeasance had not occurred; and 
 (viii) the Issuers deliver to
the Trustee an Officers’ 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 VIII have been complied
with. 
 (b) Before or after a deposit, the Issuers may make arrangements satisfactory to the Trustee for the redemption of such Notes at a
future date in accordance with Article III. 
 SECTION 8.03 Application of Trust Money. The Trustee shall hold in trust money or
U.S. Government Obligations (including proceeds thereof) deposited with it pursuant to this Article VIII. The Trustee shall apply the deposited money and the money from U.S. Government Obligations through each Paying Agent and in accordance with
this Indenture to the payment of principal of and interest on the Notes so discharged or defeased. 
 SECTION 8.04 Repayment to
Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuers upon request any money or U.S. Government 

  
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Obligations held by it as provided in this Article VIII that, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee (which
delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent discharge or defeasance in accordance with this Article
VIII. 
 Subject to any applicable abandoned property law, the Trustee and each Paying Agent shall pay to the Issuers upon written request
any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, holders entitled to the money must look to the Issuers for payment as general creditors, and the Trustee and each Paying Agent
shall have no further liability with respect to such monies. 
 SECTION 8.05 Indemnity for U.S. Government Obligations. The
Issuers shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06 Reinstatement. If the Trustee or any Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article VIII by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ obligations under
this Indenture and the Notes so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this Article VIII until such time as the Trustee or any Paying Agent is permitted to apply all such money or U.S.
Government Obligations in accordance with this Article VIII; provided, however, that, if the Issuers have made any payment of principal of, or interest on, any such Notes because of the reinstatement of its obligations, the Issuers
shall be subrogated to the rights of the holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or any Paying Agent. 

ARTICLE IX 
 AMENDMENTS
AND WAIVERS 
 SECTION 9.01 Without Consent of the Holders. 

(a) The Issuers and the Trustee may amend this Indenture, the Notes, the Guarantees, the Security Documents or the First Lien Intercreditor
Agreement without notice to or the consent of any holder: 
 (i) to cure any ambiguity, omission, mistake, defect or
inconsistency; 
 (ii) to provide for the assumption by a Successor Company (with respect to MHGE Holdings) of the
obligations of the Issuers or by a Successor Co-Issuer (with respect to MHGE Finance) of the obligations of MHGE Finance under this Indenture and the Notes; 

  
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 (iii) to provide for the assumption by a Successor Subsidiary Guarantor (with
respect to any Subsidiary Guarantor), as the case may be, of the obligations of a Subsidiary Guarantor under this Indenture, its Guarantee and the Security Documents; 

(iv) to provide for the assumption by a Successor Holdings Guarantor (with respect to Holdings) of the obligations of Holdings
under this Indenture and its Guarantee; 
 (v) to provide for the assumption by a Successor Parent Guarantor (with respect to
Parent) of the obligations of Parent under this Indenture and its Guarantee; 
 (vi) 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; 
 (vii) to conform the text of this Indenture, the Notes, the
Guarantees, the Security Documents or the First Lien Intercreditor Agreement to any provision of the “Description of Notes” in the Offering Memorandum to the extent that such provision in this Indenture, the Notes, the Guarantees, the
Security Documents or the First Lien Intercreditor Agreement was intended by the Issuers to be verbatim recitation of a provision in the “Description of Notes” in the Offering Memorandum, as stated in an Officers’ Certificate; 

(viii) to add a Guarantee with respect to the Notes, 

(ix) to add Collateral to secure the Notes; 

(x) to release Collateral or a Guarantee as permitted by this Indenture, the Security Documents and the First Lien
Intercreditor Agreement; 
 (xi) to add additional secured creditors holding other
First-Priority Obligations or other Junior Lien Obligations, so long as such obligations are not prohibited by this Indenture or the Security Documents; 

(xii) to add to the covenants of the Issuers for the benefit of the holders or to surrender any right or power herein conferred
upon the Issuers; 
 (xiii) to comply with any requirement of the SEC in connection with qualifying or maintaining the
qualification of, this Indenture under the TIA; 
 (xiv) to make any change that does not adversely affect the rights of any
holder; or 
 (xv) to make changes to provide for the issuance of Additional Notes or Exchange Notes, which shall have terms
substantially identical in all material respects to the Initial Notes, and which shall be treated, together with any outstanding Initial Notes, as a single issue of securities. 

  
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 (b) The First Lien Intercreditor Agreement may be amended without the consent of any holder or
the Trustee in connection with the permitted entry into the First Lien Intercreditor Agreement of any class of additional secured creditors holding other First-Priority Obligations or Junior Lien Obligations
to effectuate such entry into the First Lien Intercreditor Agreement and to make the lien of such class equal and ratable with, as applicable, the lien of the other First-Priority Obligations or the Junior Lien Obligations. 

(c) After an amendment under this Section 9.01 becomes effective, the Issuers shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 SECTION 9.02 With Consent of the Holders. The Issuers and the Trustee may amend this Indenture, the Notes, the Guarantees,
the First Lien Intercreditor Agreement and the Security Documents with the consent of the Issuers and the holders of at least a majority in principal amount of the Notes then outstanding voting as a single class (including consents obtained in
connection with a tender offer or exchange for the Notes). However, without the consent of each holder of an outstanding Note affected, an amendment may not: 

(1) reduce the amount of Notes whose holders must consent to an amendment, 

(2) reduce the rate of or extend the time for payment of interest on any Note, 

(3) reduce the principal of or change the Stated Maturity of any Note, 

(4) reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed in
accordance with Article III, 
 (5) make any Note payable in money other than that stated in such Note, 

(6) expressly subordinate the Notes or any Guarantee to any other Indebtedness of an Issuer or any Guarantor, 

(7) impair the right of any holder to receive payment of principal of, premium, if any, and interest on such holder’s
Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such holder’s Notes, 

(8) make any change in the amendment provisions which require each holder’s consent or in the waiver provisions, or 

(9) make any change in the provisions dealing with the pro rata application of proceeds of Collateral in the First Lien
Intercreditor Agreement or this Indenture that would adversely affect the holders of the Notes. 
 Except as expressly provided by this
Indenture, without the consent of holders of at least 66.67% in aggregate principal amount of Notes then outstanding, no amendment may modify or release the Guarantee of any Significant Subsidiary in any manner adverse to the

  
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holders of the Notes. In addition, without the consent of the holders of at least 66.67% in aggregate principal amount of Notes then outstanding, no amendment or waiver may release all or
substantially all of the Collateral from the Lien of this Indenture and the Security Documents with respect to the Notes. 
 It shall not be
necessary for the consent of the holders under this Section 9.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment under this Section 9.02 becomes effective, the Issuers shall mail, or otherwise deliver in accordance with the
procedures of the Depository, to the holders a notice briefly describing such amendment. The failure to give such notice to all holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 SECTION 9.03 Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a holder of a Note shall bind the holder and every subsequent holder of that Note or portion of
the Note that evidences the same debt as the consenting holder’s Note, even if notation of the consent or waiver is not made on the Note. However, any such holder or subsequent holder may revoke the consent or waiver as to such holder’s
Note or portion of the Note if the Trustee receives the notice of revocation before the date on which the Trustee receives an Officers’ Certificate from MHGE Holdings certifying that the requisite principal amount of Notes have consented. After
an amendment or waiver becomes effective, it shall bind every holder. An amendment or waiver becomes effective upon the (i) receipt by the Issuers or the Trustee of consents by the holders of the requisite principal amount of securities,
(ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment or waiver (or supplemental indenture) by the
Issuers, the Guarantors and the Trustee. 
 (b) The Issuers may, but shall not be obligated to, fix a record date for the purpose of
determining the holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph,
those Persons who were holders at such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons
continue to be holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

SECTION 9.04 Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Issuers may
require the holder of the Note to deliver it to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return it to the holder. Alternatively, if the Issuers or the Trustee so determine, the Issuers in
exchange for the Note shall issue and, upon written order of each Issuer signed by an Officer, the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not
affect the validity of such amendment, supplement or waiver. 

  
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 SECTION 9.05 Trustee to Sign Amendments. The Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article IX if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such amendment, the
Trustee shall be entitled to receive indemnity satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon, (i) an Officers’ Certificate, (ii) an Opinion of Counsel
stating that such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment, supplement or waiver is the legal, valid and binding obligation of the Issuers and any Guarantors, enforceable against them in
accordance with its terms, subject to customary exceptions, and complies with the provisions hereof, (iii) a copy of the resolution of the Board of Directors, certified by the Secretary or Assistant Secretary of MHGE Holdings, authorizing the
execution of such amendment, supplement or waiver and (iv) if such amendment, supplement or waiver is executed pursuant to Section 9.02, evidence reasonably satisfactory to the Trustee of the consent of the holders required to consent
thereto. 
 SECTION 9.06 Additional Voting Terms; Calculation of Principal Amount. All Notes issued under this Indenture shall
vote and consent together on all matters (as to which any of such Notes may vote) as one class and no Notes will have the right to vote or consent as a separate class on any matter. Determinations as to whether holders of the requisite aggregate
principal amount of Notes have concurred in any direction, waiver or consent shall be made in accordance with this Article IX and Section 2.13. 

SECTION 9.07 Compliance with the Trust Indenture Act. From the date on which this Indenture is qualified under the TIA, every
amendment, waiver or supplement to this Indenture or the Notes shall comply with the TIA as then in effect. 
 ARTICLE X 

RANKING OF NOTE LIENS 

SECTION 10.01 Relative Rights. The First Lien Intercreditor Agreement governs the relative rights and remedies, as lienholders,
among holders of Liens securing First-Priority Obligations. Nothing in this Indenture or the First Lien Intercreditor Agreement will: 
 (a)
impair, as between the Issuers and holders of Notes, the obligation of the Issuers, which is absolute and unconditional, to pay principal of, premium and interest on Notes in accordance with their terms or to perform any other obligation of the
Issuers or any other obligor under this Indenture, the Notes, the Guarantees and the Security Documents; 
 (b) restrict the right of any
holder to sue for payments that are then due and owing, in a manner not inconsistent with the provisions of the First Lien Intercreditor Agreement; 

(c) prevent the Trustee, the First-Priority Collateral Agent or any holder from exercising against the Issuers or any other obligor any of its
other available remedies upon a Default or Event of Default (other than its rights as a secured party, which are subject to the First Lien Intercreditor Agreement); or 

  
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 (d) restrict the right of the Trustee, the First-Priority Collateral Agent or any holder: 

(1) to file and prosecute a petition seeking an order for relief in an involuntary bankruptcy case as to any obligor or
otherwise to commence, or seek relief commencing, any insolvency or liquidation proceeding involuntarily against any obligor; 

(2) to make, support or oppose any request for an order for dismissal, abstention or conversion in any insolvency or
liquidation proceeding; 
 (3) to make, support or oppose, in any insolvency or liquidation proceeding, any request for an
order extending or terminating any period during which the debtor (or any other Person) has the exclusive right to propose a plan of reorganization or other dispositive restructuring or liquidation plan therein; 

(4) to seek the creation of, or appointment to, any official committee representing creditors (or certain of the creditors) in
any insolvency or liquidation proceedings and, if appointed, to serve and act as a member of such committee without being in any respect restricted or bound by, or liable for, any of the obligations under this Article X; 

(5) to seek or object to the appointment of any professional person to serve in any capacity in any insolvency or liquidation
proceeding or to support or object to any request for compensation made by any professional person or others therein; 
 (6)
to make, support or oppose any request for order appointing a trustee or examiner in any insolvency or liquidation proceedings; or 

(7) otherwise to make, support or oppose any request for relief in any insolvency or liquidation proceeding that it is
permitted by law to make, support or oppose if it were a holder of unsecured claims, or as to any matter relating to (x) any plan of reorganization or other restructuring or liquidation plan or (y) the administration of the estate or the
disposition of the case or proceeding (in each case except as set forth in the First Lien Intercreditor Agreement). 
 ARTICLE XI 

COLLATERAL 

SECTION 11.01 Security Documents. (a) The payment of the principal of and interest and premium, if any, on the Notes when
due, whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuers pursuant to the Notes or by the Guarantors pursuant to the Guarantees, the payment of all other Obligations and
the performance of all other obligations of the Issuers and the Guarantors under this Indenture, the Notes, the Guarantees and the Security Documents shall be secured as provided in the Security Documents, which the Issuers and the applicable
Guarantors entered into on the Issue Date and will be secured by Security Documents hereafter delivered as required or permitted by this Indenture. The Issuers shall, and shall cause each Restricted Subsidiary to,

  
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and each Restricted Subsidiary shall, make all filings (including filings of continuation statements and amendments to UCC financing statements that may be necessary to continue the effectiveness
of such UCC financing statements) and all other actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the Issuers and the Restricted Subsidiaries) the security interest created by the Security
Documents in the Collateral (other than with respect to any Collateral the security interest in which is not required to be perfected under the Security Documents) as a perfected security interest subject only to Permitted Liens and Liens permitted
by Section 4.12. 
 (b) Notwithstanding the foregoing, MHGE Holdings shall use commercially reasonable efforts to perfect all security
interests in the Collateral (other than Excluded Property) on or prior to the Issue Date and, with respect to any Collateral (other than Excluded Property), for which security interests have not been granted or perfected on or prior to the Issue
Date, use commercially reasonable efforts to cause the taking of additional actions required to grant or perfect the security interest in the Collateral required to be pledged under this Indenture and the Security Documents within 90 days following
the Issue Date. With respect to Mortgaged Properties, MHGE Holdings shall use commercially reasonable efforts to deliver within 90 days following the Issue Date, but only to the extent such deliverables were provided to the holders of the other
First-Priority Obligations in connection with their mortgage on such property: (i) a policy or policies or marked-up unconditional binder of lender’s title insurance, paid for by the Issuers and the Subsidiary Guarantors, issued by a
nationally recognized title insurance company, insuring the Lien of each mortgage as a valid Lien on the mortgaged property described therein, free of any title exceptions and other Liens except Permitted Liens, (ii) an as-is survey of the
property subject to any such mortgage certified to MHGE Holdings, First-Priority Collateral Agent and the title company, meeting minimum standard detail requirements for ALTA/ACSM Land Title Surveys, (iii) customary opinions of counsel
addressing such matters as were addressed in the comparable opinions provided to the holders of other First-Priority Obligations, (iv) evidence of insurance required to be maintained pursuant to the Mortgages and this Indenture, and (v) if
required by applicable law, flood hazard determination certificates and, if required, notices to the record owner of any improvements in a special flood hazard area, together with evidence of acceptable flood insurance coverage. 

SECTION 11.02 First-Priority Collateral Agent. 

(a) The First-Priority Collateral Agent is authorized and empowered to appoint one or more co-First-Priority Collateral Agents as it deems
necessary or appropriate. 
 (b) Subject to Section 7.01, neither the Trustee nor the First-Priority Collateral Agent nor any of their
respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security
Documents, for the creation, perfection, priority, sufficiency or protection of any Lien securing First-Priority Obligations, or for any defect or deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon or
otherwise enforce any of the Liens securing First-Priority Obligations or the Security Documents or any delay in doing so. 

  
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 (c) The First-Priority Collateral Agent will be subject to such directions as may be given it by
the Trustee from time to time (as required or permitted by this Indenture); provided that in the event of conflict between directions received pursuant to the Security Documents and directions received hereunder, the First-Priority Collateral
Agent will be subject to directions received pursuant to the Security Documents and the First Lien Intercreditor Agreement. Except as directed by the Trustee as required or permitted by this Indenture and any other representatives or pursuant to the
Security Documents, the First-Priority Collateral Agent will not be obligated: 
 (1) to act upon directions purported to be
delivered to it by any other Person; 
 (2) to foreclose upon or otherwise enforce any Lien securing First-Priority
Obligations; or 
 (3) to take any other action whatsoever with regard to any or all of the Liens securing First-Priority
Obligations, Security Documents or Collateral. 
 (d) The First-Priority Collateral Agent will be accountable only for amounts that it
actually receives as a result of the enforcement of the Liens securing First-Priority Obligations or the Security Documents. 
 (e) In
acting as First-Priority Collateral Agent or co-First-Priority Collateral Agent, the First-Priority Collateral Agent and each co-First-Priority Collateral Agent may rely upon and enforce each and all of the rights, powers, immunities, indemnities
and benefits of the Trustee under Article VII hereof. 
 (f) The holders of Notes agree that the First-Priority Collateral Agent shall be
entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to the First-Priority Collateral Agent by the Security Documents. Furthermore, each holder of a Note, by accepting such Note, consents to the terms of and
authorizes and directs the Trustee (in each of its capacities) and the First-Priority Collateral Agent to enter into and perform each of the First Lien Intercreditor Agreement and Security Documents in each of its capacities thereunder. 

(g) If the Issuers Incur Other First-Priority Obligations at any time when no intercreditor agreement is in effect or at any time when
Indebtedness constituting Other First-Priority Obligations entitled to the benefit of First Lien Intercreditor Agreement is concurrently retired, and (ii) delivers to the First-Priority Collateral Agent
an Officers’ Certificate so stating and requesting the First-Priority Collateral Agent to enter into an intercreditor agreement (on substantially the same terms as the First Lien Intercreditor Agreement) in favor of a designated agent or
representative for the holders of the Other First-Priority Obligations so Incurred, the First-Priority Collateral Agent shall (and is hereby authorized and directed to) enter into such intercreditor agreement,
bind the holders on the terms set forth therein and perform and observe its obligations thereunder. 
 (h) At all times when the Trustee is
not itself the First-Priority Collateral Agent, the Issuers will deliver to the Trustee copies of all Security Documents delivered to the First-Priority Collateral Agent and copies of all documents delivered to the First-Priority Collateral Agent
pursuant to this Indenture and the Security Documents. 

  
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 SECTION 11.03 Authorization of Actions to Be Taken. (a) Each holder of Notes, by
its acceptance thereof, consents and agrees to the terms of each Security Document and the First Lien Intercreditor Agreement as originally in effect and as amended, supplemented or replaced from time to time in accordance with its terms or the
terms of this Indenture, authorizes and directs the Trustee and/or the First-Priority Collateral Agent to enter into the First Lien Intercreditor Agreement and the Security Documents to which it is a party, authorizes and empowers the Trustee to
direct the First-Priority Collateral Agent to enter into, and the First-Priority Collateral Agent to execute and deliver, the Security Documents and First Lien Intercreditor Agreement and authorizes and empowers the Trustee and the First-Priority
Collateral Agent to bind the holders of Notes and other holders of Obligations as set forth in the Security Documents to which it is a party and the First Lien Intercreditor Agreement and to perform its obligations and exercise its rights and powers
thereunder. 
 (b) The Trustee and the First-Priority Collateral Agent are authorized and empowered to receive for the benefit of the
holders of Notes any funds collected or distributed under the Security Documents to which the First-Priority Collateral Agent or Trustee is a party and to make further distributions of such funds to the holders of Notes according to the provisions
of this Indenture. 
 (c) Subject to the provisions of Article VI, Section 7.01 and Section 7.02 hereof, the First Lien
Intercreditor Agreement and the Security Documents, upon the occurrence and continuance of an Event of Default, the Trustee may, in its sole discretion and without the consent of the holders, direct, on behalf of the holders, the First-Priority
Collateral Agent to take all actions it deems necessary or appropriate in order to: 
 (1) foreclose upon or otherwise
enforce any or all of the Liens securing the First-Priority Obligations; 
 (2) enforce any of the terms of the Security
Documents to which the First-Priority Collateral Agent or Trustee is a party; or 
 (3) collect and receive payment of any
and all Obligations. 
 Subject to the First Lien Intercreditor Agreement, the Trustee is authorized and empowered to institute and
maintain, or direct the First-Priority Collateral Agent to institute and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Liens securing the First-Priority Obligations or the Security Documents to which the
First-Priority Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that may be unlawful or in violation of the Security Documents to which the First-Priority Collateral Agent or Trustee is a party or this
Indenture, and such suits and proceedings as the Trustee or the First-Priority Collateral Agent may deem expedient to preserve or protect its interests and the interests of the holders of Notes in the Collateral, including power to institute and
maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or compliance with, such
enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of holders, the Trustee or the First-Priority Collateral Agent. 

  
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 SECTION 11.04 Release of Liens. (a) Notwithstanding anything to the contrary in
the Security Documents, Collateral may be released from the Lien and security interest created by the Security Documents to secure the Notes and obligations under this Indenture at any time or from time to time in accordance with the provisions of
the First Lien Intercreditor Agreement or as provided hereby. The applicable assets included in the Collateral shall be automatically released from the Liens securing the Notes, and the applicable Subsidiary Guarantor shall be automatically released
from its obligations under this Indenture and the Security Documents, under any one or more of the following circumstances or any applicable circumstance as provided in the First Lien Intercreditor Agreement or the Security Documents: 

(1) to enable the Issuers or any Subsidiary Guarantor to consummate the disposition (other than any disposition to an Issuer or
another Subsidiary Guarantor) of such property or assets to the extent not prohibited under Section 4.06; 
 (2) in
respect of the property and assets of a Subsidiary Guarantor, (i) upon the designation of such Subsidiary Guarantor to be an Unrestricted Subsidiary in accordance with Section 4.04 and the definition of “Unrestricted Subsidiary”,
and such Subsidiary Guarantor shall be automatically released from its obligations hereunder and under the Security Documents or (ii) upon the release of such Guarantee pursuant to Section 12.02(b); 

(3) in respect of the property and assets of a Subsidiary Guarantor, upon the release or discharge of the Guarantee by such
Subsidiary Guarantor in accordance with this Indenture; 
 (4) in respect of any property and assets of an Issuer or a
Subsidiary Guarantor that would constitute Collateral but is at such time not subject to a Lien securing First-Priority Obligations (other than the Notes Obligations), other than any property or assets that cease to be subject to a Lien securing
First-Priority Obligations in connection with a Discharge of First-Priority Obligations; provided that if such property and assets are subsequently subject to a Lien securing First-Priority Obligations (other than Excluded Property), such
property and assets shall subsequently constitute Collateral under this Indenture; 
 (5) in respect of any Common Collateral
transferred to a third party or otherwise disposed of in connection with any enforcement by the First-Priority Collateral Agent in accordance with the First Lien Intercreditor Agreement; 

(6) pursuant to an amendment or waiver in accordance with Article IX; and 

(7) if the Notes have been discharged or defeased pursuant to Section 8.01. 

In addition, (i) the security interests granted pursuant to the Security Documents securing the Obligations shall automatically terminate
and/or be released all without delivery of any instrument or performance of any act by any party, and all rights to the Collateral shall revert to the applicable Pledgors (as defined in the Collateral Agreement), as of the date when all the
Obligations (other than contingent or unliquidated obligations or liabilities not then due) have been paid in full in cash or immediately available funds; and (ii) the security interests granted

  
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pursuant to the Security Documents securing the Obligations shall automatically terminate as of the date when the holders of at least two thirds in aggregate principal amount of all Notes issued
under this Indenture consent to the termination of the Security Documents. 
 In connection with any termination or release pursuant to this
Section 11.04(a), the First-Priority Collateral Agent shall execute and deliver to any Pledgor (as defined in the Collateral Agreement), at such Pledgor’s expense, all documents that such Pledgor shall reasonably request to evidence such
termination or release (including, without limitation, UCC termination statements), and will duly assign and transfer to such Pledgor, such of the Pledged Collateral (as defined in the Collateral Agreement) that may be in the possession of the
Collateral Agent and has not theretofore been sold or otherwise applied or released pursuant to this Indenture or the Security Documents. Any execution and delivery of documents pursuant to this Section 11.04(a) shall be without recourse to or
warranty by the First-Priority Collateral Agent. In connection with any release pursuant to this Section 11.04(a), the Pledgors shall be permitted to take any action in connection therewith consistent with such release including, without
limitation, the filing of UCC termination statements. 
 Upon the receipt of an Officers’ Certificate from the Issuers, as described in
Section 11.04(b) below, if applicable, and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuers, the First-Priority Collateral Agent shall execute, deliver or acknowledge such instruments or
releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture or the Security Documents or the First Lien Intercreditor Agreement. 

(b) Notwithstanding anything herein to the contrary, in connection with (x) any release of Collateral pursuant to
Section 11.04(a)(2), (3) or (6), such Collateral may not be released from the Lien and security interest created by the Security Documents and (y) any release of Collateral pursuant to Section 11.04(a)(1), (4) and
(5) the First-Priority Collateral Agent shall not be required to execute, deliver or acknowledge any instruments of termination, satisfaction or release unless, in each case, an Officers’ Certificate and Opinion of Counsel certifying that
all conditions precedent, including, without limitation, this Section 11.04, have been met and stating under which of the circumstances set forth in Section 11.04(a) above the Collateral is being released have been delivered to the
First-Priority Collateral Agent on or prior to the date of such release or, in the case of clause (y) above, the date on which the First-Priority Collateral Agent executes any such instrument. 

(c) Notwithstanding anything herein to the contrary, at any time when a Default or Event of Default has occurred and is continuing and the
maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee has delivered a notice of acceleration to the First-Priority Collateral Agent, no release of Collateral pursuant to the provisions of this Indenture or
the Security Documents will be effective as against the holders, except as otherwise provided in the First Lien Intercreditor Agreement. 

SECTION 11.05 Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or
trustee, lawfully appointed, the powers conferred in this Article XI upon the Issuers or the Subsidiary Guarantors with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee,

  
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and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuers or the Subsidiary Guarantors or of any officer or officers thereof
required by the provisions of this Article XI; and if the Trustee, First-Priority Collateral Agent or a nominee of the Trustee or First-Priority Collateral Agent shall be in the possession of the Collateral under any provision of this Indenture,
then such powers may be exercised by the Trustee, First-Priority Collateral Agent or a nominee of the Trustee or First-Priority Collateral Agent. 

SECTION 11.06 Release Upon Termination of the Issuers’ Obligations. In the event (i) that MHGE Holdings delivers to the
Trustee, in form and substance acceptable to it, an Officers’ Certificate and Opinion of Counsel certifying that all the obligations under this Indenture, the Notes and the Security Documents have been satisfied and discharged by the payment in
full of the Issuers’ obligations under the Notes, this Indenture and the Security Documents, and all such obligations have been so satisfied, or (ii) a discharge, legal defeasance or covenant defeasance of this Indenture occurs under
Article VIII, the Trustee shall deliver to the Issuers and the First-Priority Collateral Agent a notice stating that the Trustee, on behalf of the holders, disclaims and gives up any and all rights it has in or to the Collateral, and any rights it
has under the Security Documents, and upon receipt by the First-Priority Collateral Agent of such notice, the First-Priority Collateral Agent shall be deemed not to hold a Lien in the Collateral on behalf of the Trustee and shall do or cause to be
done all acts reasonably necessary at the request and expense of the Issuers to release such Lien as soon as is reasonably practicable. 

SECTION 11.07 Designations. Except as provided in the next sentence, for purposes of the provisions hereof and the First Lien
Intercreditor Agreement requiring the Issuers to designate Indebtedness for the purposes of the terms Other First-Priority Obligations, Junior Lien Obligations or any other such designations hereunder or under the First Lien Intercreditor Agreement,
any such designation shall be sufficient if the relevant designation provides in writing that such Other First-Priority Obligations or Junior Lien Obligations are permitted under this Indenture and is signed on behalf of MHGE Holdings by an Officer
and delivered to the Trustee and the First-Priority Collateral Agent. For all purposes hereof and the First Lien Intercreditor Agreement, MHGE Holdings hereby designates the Obligations pursuant to the Credit Agreement as in effect on the Issue Date
as First-Priority Obligations. 
 SECTION 11.08 Certificates and Opinions. (a) Any release of Collateral permitted by
Section 11.04 hereof will be deemed not to impair the Liens under this Indenture and the Security Documents in contravention thereof and any Person that is required to deliver an officer’s certificate or Opinion of Counsel pursuant to TIA
Section 314(d) shall be entitled to rely upon the foregoing as a basis for delivery of such certificate or opinion. The Trustee may, to the extent permitted by Section 7.01 and 7.02 hereof, accept as conclusive evidence of compliance with
the foregoing provisions the appropriate statements contained in such documents and Opinion of Counsel. 
 (b) If any Collateral is released
in accordance with this Indenture, the First Lien Intercreditor Agreement or any Security Document and if the Issuers have delivered the certificates and documents required by the Security Documents and Section 11.04, the Trustee will determine
whether it has received all documentation required by TIA Section 314(d) in connection with such release and, based on such determination, will, upon request, deliver a certificate to the First-Priority Collateral Agent setting forth such
determination. 

  
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 (c) Any certificate or opinion required pursuant to TIA Section 314(d) may be made by an
Officer of the Issuers, except in cases where Section 314(d) requires that such certificate or opinion be made by an independent engineer, appraiser or other expert. 

(d) Notwithstanding anything to the contrary herein, MHGE Holdings and its Subsidiaries will not be required to comply with all or any portion
of TIA Section 314(d) if they determine, in good faith based on advice of counsel, that under the terms of that section and/or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action”
letters or exemptive orders, all or any portion of TIA Section 314(d) is inapplicable to the released Collateral. 
 Without limiting
the generality of the foregoing, certain no action letters issued by the SEC have permitted an indenture qualified under the TIA to contain provisions permitting the release of collateral from Liens under such indenture in the ordinary course of
business without requiring the issuer to provide certificates and other documents under TIA Section 314(d). 
 ARTICLE XII 

GUARANTEE 

SECTION 12.01 Guarantee. 

(a) Each Guarantor hereby jointly and severally, irrevocably and unconditionally guarantees, on a senior basis, as a primary obligor and not
merely as a surety, to each holder and to the Trustee and its successors and assigns (i) the performance and punctual payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Issuers under this
Indenture and the Notes, whether for payment of principal of, premium, if any, or interest (or Additional Interest, if any) on the Notes and all other monetary obligations of the Issuers under this Indenture and the Notes and (ii) the full and
punctual performance within applicable grace periods of all other obligations of the Issuers whether for fees, expenses, indemnification or otherwise under this Indenture and the Notes (all the foregoing being hereinafter collectively called the
“Guaranteed Obligations”). The Guaranteed Obligations of all Subsidiary Guarantors shall be secured by first-priority security interests (subject to Permitted Liens and Liens permitted by Section 4.12) in the Collateral owned
by such Subsidiary Guarantor on a pari passu basis with all other First-Priority Lien Obligations pursuant to the terms of the Security Documents and the First Lien Intercreditor Agreement. Each Guarantor further agrees that the Guaranteed
Obligations may be extended or renewed, in whole or in part, without notice or further assent from any Guarantor, and that each Guarantor shall remain bound under this Article XII notwithstanding any extension or renewal of any Guaranteed
Obligation. 
 (b) Each Guarantor waives presentation to, demand of payment from and protest to the Issuers 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. The obligations of each Guarantor hereunder shall not be affected by (i) the failure

  
 116 

 
of any holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuers 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;
(iv) the release of any security held by any holder or the Trustee for the Guaranteed Obligations or each Guarantor; (v) the failure of any holder or Trustee to exercise any right or remedy against any other guarantor of the Guaranteed
Obligations; or (vi) any change in the ownership of each Guarantor, except as provided in Section 12.02(b), 12.02(c) and 12.02(d). Each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder divided
among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. 
 (c) Each Guarantor hereby
waives any right to which it may be entitled to have the assets of the Issuers first be used and depleted as payment of the Issuers’ or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such
Guarantor hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Issuers be sued prior to an action being initiated against such Guarantor. 

(d) Each Subsidiary 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) The Guarantee of each Guarantor is, to the extent and in the manner set forth in Article XII, equal in right of payment to all existing
and future Pari Passu Indebtedness, senior in right of payment to all existing and future Subordinated Indebtedness of such Subsidiary Guarantor. Pursuant to the Security Documents and the First Lien Intercreditor Agreement, the security interests
securing the Guarantees will be equal in priority (subject to Permitted Liens and Liens permitted by Section 4.12) to all security interests in the Collateral granted to secure the First-Priority Obligations. 

(f) Except as expressly set forth in Sections 8.01(b), 12.02 and 12.06, 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. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise
affected by the failure of any holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay,
willful or otherwise, in the performance of the obligations, or by 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. 
 (g) Each Guarantor agrees that its Guarantee shall remain in full force and
effect until payment in full of all the Guaranteed Obligations. Each Guarantor further agrees that 

  
 117 

 
its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of 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 Issuers or otherwise. 

(h) In furtherance of the foregoing and not in limitation of any other right which any holder or the Trustee has at law or in equity against
any Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal of or interest on any Guaranteed Obligation when and as the same shall become 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 holders or 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
Issuers to the holders and the Trustee. 
 (i) Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation
to the holders 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 holders and the Trustee, on the other hand,
(i) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes of the 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 VI, such Guaranteed Obligations (whether or not due and payable)
shall forthwith become due and payable by the Guarantors for the purposes of this Section 12.01. 
 (j) Each Guarantor also agrees to
pay any and all costs and expenses (including reasonable out-of-pocket attorneys’ fees and expenses) Incurred by the Trustee, the First-Priority Collateral Agent or any holder in enforcing any rights under this Section 12.01. 

(k) Upon request of the Trustee, each Guarantor shall execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 
 SECTION 12.02 Limitation on
Liability. 
 (a) Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the
Guaranteed Obligations guaranteed hereunder by each Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor without rendering this Indenture, as it relates to such Guarantor, voidable under applicable
law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally or capital maintenance or corporate benefit rules applicable to guarantees for obligations of affiliates. 

  
 118 

 (b) A Guarantee as to any Restricted Subsidiary that is a party hereto on the date hereof or that
executes a supplemental indenture in accordance with Section 4.11 hereof and provides a guarantee shall terminate and be of no further force or effect and such Guarantee shall be deemed to be released from all obligations under this Article XII
upon: 
 (i) the sale, disposition, exchange or other transfer (including through merger, consolidation, amalgamation or
otherwise) of the Capital Stock (including any sale, disposition or other transfer following which the applicable Subsidiary Guarantor is no longer a Restricted Subsidiary), of the applicable Subsidiary Guarantor if such sale, disposition, exchange
or other transfer is made in a manner not in violation of this Indenture; 
 (ii) the designation of such Subsidiary
Guarantor as an Unrestricted Subsidiary in accordance with the provisions of Section 4.04 and the definition of “Unrestricted Subsidiary”; 

(iii) the release or discharge of the guarantee by such Subsidiary Guarantor of the Credit Agreement or any other Indebtedness
which resulted in the obligation to guarantee the Notes; 
 (iv) the Issuers’ exercise of their legal defeasance option
or covenant defeasance option under Article VIII or if the Issuers’ obligations under this Indenture are discharged in accordance with the terms of this Indenture; 

(v) such Restricted Subsidiary ceasing to be a Subsidiary as a result of any foreclosure of any pledge or security interest in
favor of the First-Priority Obligations, subject to, in each case, the application of the proceeds of such foreclosure in accordance with Section 11.04; and 

(vi) the occurrence of a Covenant Suspension Event. 

(c) Holdings’ Guarantee will be automatically released upon: 

(i) MHGE Holdings’ transfer of all or substantially all of its assets to, or merger with, an entity that is not a Wholly
Owned Subsidiary of Holdings in accordance with Section 5.01 and such transferee entity assumes the Issuers’ obligations under this Indenture; and 

(ii) the Issuers’ exercise of their legal defeasance option or covenant defeasance option under Article VIII or if the
Issuers’ obligations under this Indenture are discharged in accordance with the terms of this Indenture. 
 (d) Parent’s Guarantee
will be automatically released upon: 
 (i) the Issuers’ delivery of notice to the Trustee that Parent’s Guarantee
shall be released; 
 (ii) MHGE Holdings’ transfer of all or substantially all of its assets to, or merger with, an
entity that is not a Wholly Owned Subsidiary of Parent in accordance with Section 5.01 and such transferee entity assumes the Issuers’ obligations under the indenture; and 

(iii) the Issuers’ exercise of their legal defeasance option or covenant defeasance option under Article VIII or if the
Issuers’ obligations under this Indenture are discharged in accordance with the terms of this Indenture. 

  
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 SECTION 12.03 [Intentionally Omitted]. 

SECTION 12.04 Successors and Assigns. This Article XII shall be binding upon each Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the holders and, in the event of any transfer or assignment of rights by any holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and
in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 12.05 No Waiver. Neither a failure nor a delay on the part of either the Trustee or the holders in exercising any right,
power or privilege under this Article XII shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article XII at law, in equity, by statute or otherwise. 

SECTION 12.06 Modification. No modification, amendment or waiver of any provision of this Article XII, nor the consent to any
departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which
given. No notice to or demand on any Guarantor in any case shall entitle any Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

SECTION 12.07 Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary which is required to become a Subsidiary
Guarantor of the Notes pursuant to Section 4.11 shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary shall become a Subsidiary Guarantor under
this Article XII and shall guarantee the Notes. Concurrently with the execution and delivery of such supplemental indenture, MHGE Holdings shall deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate certifying that such
supplemental indenture has been duly authorized, executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to
creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a valid and binding obligation of such Subsidiary Guarantor, enforceable against
such Subsidiary Guarantor in accordance with its terms and/or to such other matters as the Trustee may reasonably request. 

  
 120 

 SECTION 12.08 Non-Impairment. The failure to endorse a Guarantee on any Note shall
not affect or impair the validity thereof. 
 ARTICLE XIII 

MISCELLANEOUS 

SECTION 13.01 Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318 of the TIA, inclusive, such imposed duties or incorporated provision shall
control. 

  
 121 

 SECTION 13.02 Notices. 

(a) Any notice or communication required or permitted hereunder shall be in writing and delivered in person, via facsimile or mailed by
first-class mail addressed as follows: 
 if to the Issuers or a Guarantor: 

c/o McGraw-Hill Global Education Holdings, LLC 

2 Penn Plaza, 12th Floor 

New York, New York 10121 

Attention: David B. Stafford, Senior Vice President and 

General Counsel 
 Fax:
212-904-4299 
 with copies to: 

c/o Apollo Management, L.P. 
 9
West 57th Street, 43rd Floor 
 New York, NY 10019 

Attention: Chief Legal Officer 

Fax: 646-417-6651 
 and 

Paul, Weiss, Rifkind, Wharton & Garrison LLP 

1285 Avenue of the Americas 

New York, NY 10019 
 Attention:
Gregory Ezring 
   Monica Thurmond 

Fax: 212-757-3990 
 if to the
Trustee: 
 Wilmington Trust, National Association 

Corporate Client Services 
 50
South Sixth Street, Suite 1290 
 Minneapolis, MN 55402 

Attention: McGraw-Hill Administrator 

Fax: 612-217-5651 
 The Issuers or the Trustee
by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b) Any notice or
communication mailed to a holder shall be mailed, first class mail, to the holder at the holder’s address as it appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

(c) Failure to mail a notice or communication to a holder or any defect in it shall not affect its sufficiency with respect to other holders.
If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee are effective only if received. 

  
 122 

 The Trustee may, in its sole discretion, agree to accept and act upon instructions or directions
pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its
discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the
Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions 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 the risk or interception and misuse by third parties. 

Notwithstanding anything to the contrary contained herein, as long as the Notes are in the form of a Global Note, notice to the holders may be
made electronically in accordance with procedures of the Depository. 
 SECTION 13.03 Communication by the Holders with Other
Holders. The holders may communicate pursuant to Section 312(b) of the TIA with other holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and other Persons shall have the protection
of Section 312(c) of the TIA. 
 SECTION 13.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Issuers to the Trustee to take or refrain from taking any action under this Indenture, the Issuers shall furnish to the Trustee at the request of the Trustee: 

(a) an Officers’ Certificate in form reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions
precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel
in form reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

SECTION 13.05 Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a
covenant or condition provided for in this Indenture (other than pursuant to Section 4.09) shall include: 
 (a) a statement that the
individual making such certificate or opinion has read such covenant or condition; 
 (b) a brief statement as to the nature and scope of
the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a
statement that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

  
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 SECTION 13.06 When Notes Disregarded. In determining whether the holders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, the Subsidiary Guarantors or by any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Issuers or the Subsidiary Guarantors shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes which the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall be considered in any such determination. 

SECTION 13.07 Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
the holders. The Registrar and a Paying Agent may make reasonable rules for their functions. 
 SECTION 13.08 Legal Holidays. If
a payment date is not a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable on such payment date if it were a Business Day for the
intervening period. If a regular Record Date is not a Business Day, the Record Date shall not be affected. 
 SECTION 13.09
GOVERNING LAW. THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

SECTION 13.10 No Recourse Against Others. No director, officer, employee, manager, incorporator or holder of any Equity Interests
in an Issuer or of any Guarantor or any direct or indirect parent companies, as such, shall have any liability for any obligations of an Issuer or any Guarantor under the Notes, the Guarantees or this Indenture, as applicable, 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 13.11 Successors. All agreements of the Issuers and the Guarantors in this Indenture and the Notes shall bind such
person’s successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 13.12 Multiple
Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 

SECTION 13.13 Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

  
 124 

 SECTION 13.14 Indenture Controls. If and to the extent that any provision of the
Notes limits, qualifies or conflicts with a provision of this Indenture, such provision of this Indenture shall control. 

SECTION 13.15 Severability. In case any provision in this Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

SECTION 13.16 Intercreditor Agreement. The terms of this Indenture are subject to the terms of the First Lien Intercreditor
Agreement. 
 SECTION 13.17 Waiver of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

[Remainder of page intentionally left blank.] 

  
 125 

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

			
	MCGRAW-HILL GLOBAL EDUCATION HOLDINGS, LLC
		
	By:	 	  

		 	Name:
		 	Title:
	
	MCGRAW-HILL GLOBAL EDUCATION FINANCE, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 GUARANTORS:

	
	 MHE US HOLDINGS, LLC

	 MCGRAW-HILL GLOBAL EDUCATION INTERMEDIATE HOLDINGS, LLC

	 MCGRAW-HILL GLOBAL EDUCATION, LLC

	 MCGRAW-HILL INTERNATIONAL ENTERPRISES LLC

	 TEGRITY, INC.

	 MCGRAW-HILL INTERAMERICANA, INC.

	 MCGRAW-HILL EDUCATION PUBLICATION OVERSEAS LLC

	 MCGRAW-HILL GLOBAL EDUCATION MEXICO HOLDINGS, LLC

	 MCGRAW-HILL EDUCATION VENTURES LLC

		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity, but solely as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page to
Indenture] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES, ADDITIONAL NOTES 

AND EXCHANGE NOTES 
  

	 	1.	Definitions. 

 1.1 Definitions. 

For the purposes of this Appendix A the following terms shall have the meanings indicated below: 

“Additional Interest” has the meaning set forth in the Registration Rights Agreement. 

“Definitive Note” means a certificated Initial Note, Additional Note or Exchange Note (bearing the Restricted Notes Legend if
the transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 
 “Depository”
means The Depository Trust Company, its nominees and their respective successors. 
 “Global Notes Legend” means the legend
set forth under that caption in the applicable Exhibit to this Indenture. 
 “IAI” means an institutional
“accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Initial
Purchasers” means Credit Suisse Securities (USA) LLC, BMO Capital Markets Corp., Jefferies LLC, Morgan Stanley & Co. LLC, Nomura Securities International, Inc. and UBS Securities LLC. 

“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository) or any successor person
thereto, who shall initially be the Trustee. 
 “QIB” means a “qualified institutional buyer” as defined in Rule
144A. 
 “Registered Exchange Offer” means the offer by the Issuers, pursuant to the Registration Rights Agreement, to
certain holders of Initial Notes, to issue and deliver to such holders, in exchange for the Initial Notes, a like aggregate principal amount of Exchange Notes registered under the Securities Act. 

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

“Regulation S Notes” means all Initial Notes offered and sold outside the United States in reliance on Regulation S. 

“Restricted Notes Legend” means the legend set forth in Section 2.2(f)(i) herein. 

  
 D-1 

 “Restricted Period,” with respect to any Notes, means the period of 40
consecutive days beginning on and including the later of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S under the Securities Act) in reliance on Regulation S, notice of which day
shall be promptly given by the Issuers to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer Restricted Notes, it means the comparable period of 40 consecutive days. 

“Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

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

“Rule 144A Notes” means all Initial Notes offered and sold to QIBs in reliance on Rule 144A. 

“Shelf Registration Statement” means the registration statement filed by the Issuers in connection with the offer and sale of
Initial Notes pursuant to the Registration Rights Agreement. 
 “Transfer Restricted Definitive Notes” means Definitive
Notes that bear or are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer Restricted Global
Notes” means Global Notes that bear or are required to bear or are subject to the Restricted Notes Legend. 
 “Transfer
Restricted Notes” means the Transfer Restricted Definitive Notes and Transfer Restricted Global Notes. 
 “Unrestricted
Definitive Notes” means Definitive Notes that are not required to bear, or are not subject to, the Restricted Notes Legend. 

“Unrestricted Global Notes” means Global Notes that are not required to bear, or are not subject to, the Restricted Notes
Legend. 
 1.2 Other Definitions. 
  

					
	Term:	  	Defined in Section:	  	 
	Agent Members	  	2.1(b)	  	
	Global Notes	  	2.1(b)	  	
	Regulation S Global Notes	  	2.1(b)	  	
	Rule 144A Global Notes	  	2.1(b)	  	

  

	 	2.	The Notes. 

 2.1 Form and Dating; Global Notes. 

(a) The Initial Notes issued on the date hereof will be (i) privately placed by the Issuers pursuant to the Offering Memorandum and
(ii) sold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in 

  
 D-2 

 
reliance on Regulation S. Such Initial Notes may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with
Rule 501. Additional Notes offered after the date hereof may be offered and sold by the Issuers from time to time pursuant to one or more agreements in accordance with applicable law. 

(b) Global Notes. (i) Except as provided in clause (d) below, Rule 144A Notes initially shall be represented by one or more
Notes in definitive, fully registered, global form without interest coupons (collectively, the “Rule 144A Global Notes”). 

Regulation S Notes initially shall be represented by one or more Notes in fully registered, global form without interest coupons
(collectively, the “Regulation S Global Notes”), which shall be registered in the name of the Depository or the nominee of the Depository for the accounts of designated agents holding on behalf of Euroclear or Clearstream. 

The term “Global Notes” means the Rule 144A Global Notes and the Regulation S Global Notes. The Global Notes shall bear the
Global Note Legend. The Global Notes initially shall (i) be registered in the name of the Depository or the nominee of such Depository, in each case for credit to an account of an Agent Member, (ii) be delivered to the Trustee as custodian
for such Depository and (iii) bear the Restricted Notes Legend. 
 Members of, or direct or indirect participants in, the Depository
(collectively, the “Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Notes. The Depository may be
treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent
of the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository, or impair, as between the Depository and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any Note. 
 (ii) Transfers of Global Notes shall be limited to transfer in whole, but
not in part, to the Depository, its successors or their respective nominees. Interests of beneficial owners in the Global Notes may be transferred or exchanged for Definitive Notes only in accordance with the applicable rules and procedures of the
Depository and the provisions of Section 2.2. In addition, a Global Note shall be exchangeable for Definitive Notes if (x) the Depository (1) notifies the Issuers that it is unwilling or unable to continue as depository for such
Global Note and the Issuers thereupon fail to appoint a successor depository or (2) has ceased to be a clearing agency registered under the Exchange Act or (y) there shall have occurred and be continuing an Event of Default with respect to
such Global Note and a request has been made for such exchange; provided that in no event shall the Regulation S Global Note be exchanged by the Issuers for Definitive Notes prior to (x) the expiration of the Restricted Period and
(y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. In all cases, Definitive 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 the Depository in accordance with its customary procedures. 

  
 D-3 

 (iii) In connection with the transfer of a Global Note as an entirety to
beneficial owners pursuant to subsection (i) of this Section 2.1(b), such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and, upon written order of each Issuer signed by an
Officer, the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest in such Global Note, an equal aggregate principal amount of Definitive
Notes of authorized denominations. 
 (iv) Any Transfer Restricted Note delivered in exchange for an interest in a Global
Note pursuant to Section 2.2 shall, except as otherwise provided in Section 2.2, bear the Restricted Notes Legend. 

(v) Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be
held only through Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2. 

(vi) 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. 

2.2 Transfer and Exchange. 
 (a)
Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except as set forth in Section 2.1(b). Global Notes will not be exchanged by the Issuers for Definitive Notes except under the circumstances described
in Section 2.1(b)(ii). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Section 2.08 of this Indenture. Beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 2.2(b). 
 (b) Transfer and Exchange of Beneficial Interests in Global Notes. The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and procedures of the Depository. Beneficial interests in Transfer Restricted Global Notes shall be
subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Beneficial interests in Global Notes shall be transferred or exchanged only for beneficial interests in Global Notes. Transfers
and exchanges of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Transfer Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Note in accordance with the transfer restrictions set forth in the Restricted Notes Legend; provided,
however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Note may not be made to a U.S. Person or 

  
 D-4 

 
for the account or benefit of a U.S. Person. A beneficial interest in an Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.2(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests in any Global Note that is not subject to Section 2.2(b)(i), the transferor of such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given to the Depository in
accordance with the applicable rules and procedures of the Depository directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or
exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note
pursuant to Section 2.2(i). 
 (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in a Transfer Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted Global Note if the transfer complies with the requirements of
Section 2.2(b)(ii) above and the Registrar receives the following: 
 (A) if the transferee will take delivery in
the form of a beneficial interest in a Rule 144A Global Note, then the transferor must deliver a certificate in the form attached to the applicable Note; and 

(B) if the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Note, then the
transferor must deliver a certificate in the form attached to the applicable Note. 
 (iv) Transfer and Exchange of
Beneficial Interests in a Transfer Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in a Transfer Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an
Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above and
the Registrar receives the following: 
 (A) if the holder of such beneficial interest in a Transfer Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such beneficial interest in a Transfer Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

  
 D-5 

 and, in each such case, if the Issuers or the Registrar so request or if the applicable rules and
procedures of the Depository so require, an Opinion of Counsel in form reasonably acceptable to the Issuers and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this subparagraph (iv) at a time when an Unrestricted
Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an written order of MHGE Holdings in the form of an Officers’ Certificate in accordance with Section 2.01, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this subparagraph (iv). 

(v) Transfer and Exchange of Beneficial Interests in an Unrestricted Global Note for Beneficial Interests in a Transfer
Restricted Global Note. Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note. 

(c) Transfer and Exchange of Beneficial Interests in Global Notes for Definitive Notes. A beneficial interest in a Global Note may not
be exchanged for a Definitive Note except under the circumstances described in Section 2.1(b)(ii). A beneficial interest in a Global Note may not be transferred to a Person who takes delivery thereof in the form of a Definitive Note except
under the circumstances described in Section 2.1(b)(ii). In any case, beneficial interests in Global Notes shall be transferred or exchanged only for Definitive Notes. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. Transfers and exchanges of Definitive Notes for
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i), (ii) or (iii) below, as applicable: 

(i) Transfer Restricted Definitive Notes to Beneficial Interests in Transfer Restricted Global Notes. If any holder of a
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in a Transfer Restricted Global Note or to transfer such Transfer Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Note for a
beneficial interest in a Transfer Restricted Global Note, a certificate from such holder in the form attached to the applicable Note; 

  
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 (B) if such Transfer Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(C) if such Transfer Restricted Definitive Note is being transferred to a Non U.S. Person in an offshore transaction in
accordance with Rule 903 or Rule 904 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(D) if such Transfer Restricted Definitive Note is being transferred pursuant to an exemption from the registration
requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such holder in the form attached to the applicable Note; 

(E) if such Transfer Restricted Definitive Note is being transferred to an IAI in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such holder in the form attached to the applicable Note, including the certifications, certificates and
Opinion of Counsel, if applicable; or 
 (F) if such Transfer Restricted Definitive Note is being transferred to MHGE
Holdings or a Subsidiary thereof, a certificate from such holder in the form attached to the applicable Note; 
 the Trustee shall cancel the
Transfer Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Note. 

(ii) Transfer Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A holder of a Transfer
Restricted Definitive Note may exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Transfer Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note only if the Registrar receives the following: 
 (A) if the holder of such
Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note; or 

(B) if the holder of such Transfer Restricted Definitive Notes proposes to transfer such Transfer Restricted Definitive Note to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form attached to the applicable Note, 

and, in each such case, if the Issuers or the Registrar so request or if the applicable rules and procedures of the Depository so require, an
Opinion of Counsel in form reasonably acceptable to the Issuers and the Registrar to the effect that such exchange or transfer is 

  
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in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain compliance with the
Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall cancel the Transfer Restricted Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. If
any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon receipt of an written order of MHGE Holdings in the form of an
Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Transfer Restricted Notes transferred or exchanged pursuant to this
subparagraph (ii). 
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
holder of an Unrestricted Definitive Note may exchange such Unrestricted Definitive Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Unrestricted Global Notes. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted Global Note has not yet been issued, the Issuers shall issue and, upon
receipt of an written order of MHGE Holdings in the form of an Officers’ Certificate, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of Unrestricted
Definitive Notes transferred or exchanged pursuant to this subparagraph (iii). 
 (iv) Unrestricted Definitive Notes to
Beneficial Interests in Transfer Restricted Global Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Note.

 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a holder of Definitive Notes and such
holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting holder shall present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such holder or by its attorney, duly authorized in writing. In addition, the requesting
holder shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.2(e). 

(i) Transfer Restricted Definitive Notes to Transfer Restricted Definitive Notes. A Transfer Restricted Note may be
transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate
in the form attached to the applicable Note; 

  
 D-8 

 (B) if the transfer will be made pursuant to Rule 903 or Rule 904 under the
Securities Act, then the transferor must deliver a certificate in the form attached to the applicable Note; 
 (C) if the
transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144 under the Securities Act, a certificate in the form attached to the applicable Note; 

(D) if the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act
other than those listed in subparagraphs (A) through (D) above, a certificate in the form attached to the applicable Note; and 

(E) if such transfer will be made to MHGE Holdings or a Subsidiary thereof, a certificate in the form attached to the
applicable Note. 
 (ii) Transfer Restricted Definitive Notes to Unrestricted Definitive Notes. Any Transfer
Restricted Definitive Note may be exchanged by the holder thereof for an Unrestricted Definitive Note or transferred to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note if the Registrar receives the following: 

(A) if the holder of such Transfer Restricted Definitive Note proposes to exchange such Transfer Restricted Definitive Note for
an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable Note; or 
 (B) if the
holder of such Transfer Restricted Definitive Note proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form attached to the applicable
Note, 
 and, in each such case, if the Issuers or the Registrar so request, an Opinion of Counsel in form reasonably acceptable to the
Issuers and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Restricted Notes Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A holder
of an Unrestricted Definitive Note may transfer such Unrestricted Definitive Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note at any time. Upon receipt of a request to register such a transfer, the
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the holder thereof. 
 (iv)
Unrestricted Definitive Notes to Transfer Restricted Definitive Notes. An Unrestricted Definitive Note cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Note. 

  
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 At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.11. At any time
prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal
amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 (f) Legend. 

(i) Except as permitted by the following paragraph (iii), (iv) or (v), each Note certificate evidencing the Global Notes
and any Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

“THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER
(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [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 LAST DATE ON WHICH THE
ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO 

  
 D-10 

 
THE ISSUERS, PARENT OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE
UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH
ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUERS SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE
MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.” 
 “THE TERMS OF THIS SECURITY ARE SUBJECT TO THE TERMS OF THE
FIRST LIEN INTERCREDITOR AGREEMENT AMONG CREDIT SUISSE AG, AS FIRST PRIORITY COLLATERAL AGENT, WILMINGTON TRUST, NATIONAL ASSOCIATION, AS AUTHORIZED REPRESENTATIVE, AND THE OTHER PARTIES FROM TIME TO TIME PARTY THERETO, ENTERED INTO ON THE ISSUE
DATE, AS IT MAY BE AMENDED, RESTATED, SUPPLEMENTED OR OTHERWISE MODIFIED FROM TIME TO TIME IN ACCORDANCE WITH THE INDENTURE.” 
 Each Regulation S Note
shall bear the following additional legend: 
 “BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON,
NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.” 

Each Definitive Note shall bear the following additional legend: 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION

  
 D-11 

 
AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.” 

(ii) Upon any sale or transfer of a Transfer Restricted Definitive Note, the Registrar shall permit the holder thereof to
exchange such Transfer Restricted Note for a Definitive Note that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Definitive Note if the holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Note). 

(iii) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Note acquired pursuant to Regulation
S, all requirements that such Initial Note bear the Restricted Notes Legend shall cease to apply and the requirements requiring any such Initial Note be issued in global form shall continue to apply. 

(iv) After a transfer of any Initial Notes during the period of the effectiveness of a Shelf Registration Statement with
respect to such Initial Notes, all requirements pertaining to the Restricted Notes Legend on any such Initial Note will cease to apply, the requirements requiring any such Initial Note issued to certain holders be issued in global form will continue
to apply, and an Initial Note or an Initial Note in global form, in each case without restrictive transfer legends, will be available to the transferee of the holder of such Initial Notes upon exchange of such transferring holder’s certificated
Initial Note or directions to transfer such holder’s interest in the Global Note, as applicable. 
 (v) Upon the
consummation of a Registered Exchange Offer with respect to the Initial Notes pursuant to which holders of such Initial Notes are offered Exchange Notes in exchange for their Initial Notes, all requirements pertaining to such Initial Notes that
Initial Notes issued to certain holders be issued in global form will still apply with respect to holders of such Initial Notes that do not exchange their Initial Notes, and Exchange Notes in certificated or global form, in each case without the
Restricted Notes Legend, will be available to holders that exchange such Initial Notes in such Registered Exchange Offer. 

(vi) Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

(g) Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a particular Global Note have been exchanged
for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with Section 2.10 of this
Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive
Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and
if the beneficial interest is being exchanged for or transferred to a 

  
 D-12 

 
Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such
Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 
 (h) Obligations with Respect
to Transfers and Exchanges of Notes. 
 (i) To permit registrations of transfers and exchanges, the Issuers shall execute
and the Trustee shall authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii) No service
charge shall be made for any registration of transfer or exchange of Notes, but the Issuers may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than
any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of this Indenture). 

(iii) Prior to the due presentation for registration of transfer of any Note, the Issuers, the Trustee, a Paying Agent or the
Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such
Note is overdue, and none of the Issuers, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv) All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and
shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (i) No Obligation of
the Trustee. 
 (i) The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member
of, or a participant in the Depository or any other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to
the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the holders and all payments to be made to the holders under the Notes shall be given or made only to the registered holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depository with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including

  
 D-13 

 
any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as
are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

  
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