Document:

Indenture

 Exhibit 4.1 
  

 
 VALASSIS COMMUNICATIONS, INC.,
as Issuer 
 AND EACH OF THE GUARANTORS PARTY HERETO, as Guarantors 

6 5/8% SENIOR NOTES DUE 2021 

 
  

INDENTURE 

Dated as of January 28, 2011 
  

 
 WELLS FARGO
BANK, NATIONAL ASSOCIATION, 
 as Trustee 

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1	  
	DEFINITIONS AND INCORPORATION	  
	BY REFERENCE	  
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Rules of Construction
	  	 	26	  
	 Section 1.03
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	27	  
	
	ARTICLE 2	  
	THE NOTES	  
			
	 Section 2.01
	  	 Amount of Notes
	  	 	27	  
	 Section 2.02
	  	 Form and Dating; Terms
	  	 	28	  
	 Section 2.03
	  	 Execution and Authentication
	  	 	28	  
	 Section 2.04
	  	 Registrar and Paying Agent
	  	 	29	  
	 Section 2.05
	  	 Paying Agent To Hold Money in Trust
	  	 	29	  
	 Section 2.06
	  	 Holder Lists
	  	 	30	  
	 Section 2.07
	  	 Transfer and Exchange
	  	 	30	  
	 Section 2.08
	  	 Replacement Notes
	  	 	39	  
	 Section 2.09
	  	 Outstanding Notes
	  	 	40	  
	 Section 2.10
	  	 Treasury Notes
	  	 	40	  
	 Section 2.11
	  	 Temporary Notes
	  	 	40	  
	 Section 2.12
	  	 Cancellation
	  	 	40	  
	 Section 2.13
	  	 Defaulted Interest
	  	 	41	  
	 Section 2.14
	  	 CUSIP Number
	  	 	41	  
	 Section 2.15
	  	 Deposit of Moneys
	  	 	41	  
	 Section 2.16
	  	 Computation of Interest
	  	 	41	  
	
	ARTICLE 3	  
	REDEMPTION AND PREPAYMENT	  
			
	 Section 3.01
	  	 Election To Redeem; Notices to Trustee
	  	 	41	  
	 Section 3.02
	  	 Selection by Trustee of Notes To Be Redeemed
	  	 	42	  
	 Section 3.03
	  	 Notice of Redemption
	  	 	42	  
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	43	  
	 Section 3.05
	  	 Deposit of Redemption Price
	  	 	43	  
	 Section 3.06
	  	 Notes Redeemed in Part
	  	 	43	  
	 Section 3.07
	  	 Optional Redemption
	  	 	43	  
	 Section 3.08
	  	 Mandatory Redemption
	  	 	44	  
	
	ARTICLE 4	  
	COVENANTS	  
			
	 Section 4.01
	  	 Payment of Principal, Premium and Interest
	  	 	44	  
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	44	  
	 Section 4.03
	  	 Provision of Financial Information
	  	 	45	  
	 Section 4.04
	  	 Corporate Existence
	  	 	45	  
	 Section 4.05
	  	 Money for Notes Payments To Be Held in Trust
	  	 	45	  
	 Section 4.06
	  	 Payment of Taxes and Other Claims
	  	 	46	  
	 Section 4.07
	  	 Limitation on Restricted Payments
	  	 	46	  
	 Section 4.08
	  	 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	49	  
	 Section 4.09
	  	 Limitation on Incurrence of Debt
	  	 	50	  
	 Section 4.10
	  	 Limitation on Asset Sales
	  	 	51	  
	 Section 4.11
	  	 Limitation on Affiliate Transactions
	  	 	53	  
	 Section 4.12
	  	 Limitation on Liens
	  	 	54	  
	 Section 4.13
	  	 Purchase of Notes Upon a Change of Control
	  	 	55	  
	 Section 4.14
	  	 Additional Note Guarantees
	  	 	57	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 4.15
	  	 Limitations on Creation of Unrestricted Subsidiaries
	  	 	57	  
	 Section 4.16
	  	 Covenant Termination Event
	  	 	57	  
	 Section 4.17
	  	 Compliance Certificate
	  	 	57	  
	 Section 4.18
	  	 Stay, Extension and Usury Laws
	  	 	58	  
	
	ARTICLE 5	  
	SUCCESSORS	  
	 Section 5.01
	  	 Consolidation, Merger and Sale of Assets
	  	 	58	  
	
	ARTICLE 6	  
	DEFAULTS AND REMEDIES	  
			
	 Section 6.01
	  	 Events of Default
	  	 	59	  
	 Section 6.02
	  	 Acceleration of Maturity; Rescission
	  	 	61	  
	 Section 6.03
	  	 Other Remedies
	  	 	61	  
	 Section 6.04
	  	 Waiver of Past Defaults and Events of Default
	  	 	62	  
	 Section 6.05
	  	 Control by Majority
	  	 	62	  
	 Section 6.06
	  	 Limitation on Suits
	  	 	62	  
	 Section 6.07
	  	 Rights of Holders To Receive Payment
	  	 	62	  
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	62	  
	 Section 6.09
	  	 Trustee May File Proofs of Claim
	  	 	62	  
	 Section 6.10
	  	 Priorities
	  	 	63	  
	 Section 6.11
	  	 Undertaking for Costs
	  	 	63	  
	 Section 6.12
	  	 Delay or Omission Not Waiver
	  	 	63	  
	
	ARTICLE 7	  
	TRUSTEE	  
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	64	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	65	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	66	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	66	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	66	  
	 Section 7.06
	  	 Compensation and Indemnity
	  	 	67	  
	 Section 7.07
	  	 Replacement of Trustee
	  	 	68	  
	 Section 7.08
	  	 Successor Trustee by Consolidation, Merger, etc.
	  	 	68	  
	 Section 7.09
	  	 Eligibility; Disqualification
	  	 	69	  
	
	ARTICLE 8	  
	AMENDMENT, SUPPLEMENT AND WAIVER	  
			
	 Section 8.01
	  	 Without Consent of Holders
	  	 	69	  
	 Section 8.02
	  	 With Consent of Holders
	  	 	70	  
	 Section 8.03
	  	 Revocation and Effect of Consents
	  	 	71	  
	 Section 8.04
	  	 Notation on or Exchange of Notes
	  	 	71	  
	 Section 8.05
	  	 Trustee To Sign Amendments, etc.
	  	 	71	  
	 Section 8.06
	  	 Compliance with Trust Indenture Act
	  	 	71	  
	
	ARTICLE 9	  
	SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE	  
			
	 Section 9.01
	  	 Satisfaction and Discharge of Liability on Notes; Defeasance
	  	 	72	  
	 Section 9.02
	  	 Conditions to Defeasance
	  	 	73	  
	 Section 9.03
	  	 Deposited Money and U.S. Government Obligations To Be Held in Trust; Other Miscellaneous Provisions
	  	 	74	  
	 Section 9.04
	  	 Reinstatement
	  	 	74	  
	 Section 9.05
	  	 Moneys Held by Paying Agent
	  	 	75	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	 Section 9.06
	  	 Moneys Held by Trustee
	  	 	75	  
	
	ARTICLE 10	  
	GUARANTEES	  
			
	 Section 10.01
	  	 Guarantee
	  	 	75	  
	 Section 10.02
	  	 Severability
	  	 	76	  
	 Section 10.03
	  	 Limitation of Liability
	  	 	76	  
	 Section 10.04
	  	 Contribution
	  	 	77	  
	 Section 10.05
	  	 Subrogation
	  	 	77	  
	 Section 10.06
	  	 Reinstatement
	  	 	77	  
	 Section 10.07
	  	 Release of a Guarantor
	  	 	77	  
	 Section 10.08
	  	 Benefits Acknowledged
	  	 	77	  
	
	ARTICLE 11	  
	MISCELLANEOUS	  
			
	 Section 11.01
	  	 Trust Indenture Act Controls
	  	 	77	  
	 Section 11.02
	  	 Notices
	  	 	78	  
	 Section 11.03
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	79	  
	 Section 11.04
	  	 Statements Required in Certificate and Opinion
	  	 	79	  
	 Section 11.05
	  	 Rules by Trustee and Agents
	  	 	79	  
	 Section 11.06
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	79	  
	 Section 11.07
	  	 Governing Law; Waiver of Jury Trial
	  	 	80	  
	 Section 11.08
	  	 No Adverse Interpretation of Other Agreements
	  	 	80	  
	 Section 11.09
	  	 Successors
	  	 	80	  
	 Section 11.10
	  	 Separability
	  	 	80	  
	 Section 11.11
	  	 Counterpart Originals
	  	 	80	  
	 Section 11.12
	  	 Table of Contents, Headings, etc.
	  	 	80	  
	 Section 11.13
	  	 Qualification of Indenture
	  	 	80	  
	 Section 11.14
	  	 U.S.A. Patriot Act
	  	 	81	  

  
 -iii-

 Table of Contents 

(continued) 

EXHIBITS 
  

			
		
	EXHIBIT A	  	FORM OF NOTE
		
	EXHIBIT B	  	FORM OF CERTIFICATE OF TRANSFER
		
	EXHIBIT C	  	FORM OF CERTIFICATE OF EXCHANGE
		
	EXHIBIT D	  	FORM OF NOTATION OF GUARANTEE
		
	EXHIBIT E	  	FORM OF SUPPLEMENTAL INDENTURE

  
 iv 

 INDENTURE, dated as of January 28, 2011, among Valassis Communications, Inc., a
Delaware corporation, as issuer, the Subsidiaries of the Company listed on the signature page hereto and Wells Fargo Bank, National Association, a national banking association, as trustee. 

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

 ARTICLE 1 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 

Section 1.01 Definitions. 
 “144A Global Note” means a Global Note substantially in the form of Exhibit A hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A. 

“2015 Notes” means the 8 1/4% Senior Notes due 2015 of the Company. 

“Acquired Debt” means Debt (1) of a Person (including an Unrestricted Subsidiary) existing at the time such Person
becomes a Restricted Subsidiary or (2) assumed in connection with the acquisition of assets from such Person. Acquired Debt shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such
Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of consummation of such acquisition of assets. 
 “Additional Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement. 

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

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

“amend” means amend, modify, supplement, restate or amend and restate, including successively; and
“amending” and “amended” have correlative meanings. 
 “Applicable Premium”
means, with respect to any Note on any applicable Redemption Date, 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 February 1, 2016
(such Redemption Price being set forth in the table in Section 3.07(b) hereof) plus (ii) all required remaining scheduled interest payments due on the Note through February 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. 

  
 1 

 “Applicable Procedures” means, with respect to any transfer or exchange of
or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Asset Acquisition” means: 
 (1) an Investment by
the Company or any of its Restricted Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any of its Restricted Subsidiaries; or 

(2) the acquisition by the Company or any of its Restricted Subsidiaries of the assets of any Person which constitute all
or substantially all of the assets of such Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business and consistent with past practices. 

“Asset Sale” means: 
 (1) the sale, lease, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or assets (including by way of a Sale and Leaseback
Transaction) of the Company or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or 
 (2) the issuance or sale of Capital Interests in any Restricted Subsidiary, whether in a single transaction or a series of related transactions (other than Preferred Interests in Restricted Subsidiaries
issued in compliance with Section 4.09 hereof); 
 in each case, other than: 

(a) any disposition of Eligible Cash Equivalents or Investment Grade Securities or obsolete or worn out equipment in the ordinary course
of business or any disposition of inventory or goods (or other assets) no longer used in the ordinary course of business; 
 (b)
the disposition of all or substantially all of the assets of the Company in a manner permitted pursuant to Section 5.01 hereof or any disposition that constitutes a Change of Control pursuant to this Indenture; 

(c) the making of any Restricted Payment that is permitted to be made, and is made, under Section 4.07 hereof or the making of any
Permitted Investment; 
 (d) any disposition of assets or issuance or sale of Capital Interests in any Restricted Subsidiary in
any transaction or series of related transactions with an aggregate Fair Market Value of less than $25 million; 
 (e) any
disposition (including by liquidation) of property or assets or issuance of securities by a Restricted Subsidiary of the Company to the Company or by the Company or any of its Restricted Subsidiaries of the Company to another Restricted Subsidiary
of the Company; 
 (f) to the extent allowable under Section 1031 of the Code or any comparable or successor provision, any
exchange of like property (excluding any boot thereon) for use in a Similar Business; 
 (g) the lease, assignment or sub-lease
of any real or personal property in the ordinary course of business; 
 (h) any issuance or sale of Capital Interests in, or
Debt or other securities of, an Unrestricted Subsidiary; 
 (i) foreclosures, condemnation or any similar action on assets or
the granting of Liens not prohibited by this Indenture; 
 (j) the sale or discount of inventory, accounts receivable or notes
receivable in the ordinary course of business or the conversion of accounts receivable to notes receivable; 

  
 2 

 (k) any financing transaction with respect to property built or acquired by the Company or
any of its Restricted Subsidiaries after the Issue Date, including Sale and Leaseback Transactions and Permitted Securitization Transaction; and 
 (l) any sale or lease of services or licensing of intellectual property in the ordinary course of business. 
 “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value (discounted at the rate of interest implicit in such transaction)
of the total obligations of the lessee for rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period for which such lease has been extended). 

“Average Life” means, as of any date of determination, with respect to any Debt, the quotient obtained by dividing
(i) the sum of the products of (x) the number of years from the date of determination to the dates of each successive scheduled principal payment (including any sinking fund or mandatory redemption payment requirements) of such Debt
multiplied by (y) the amount of such principal payment by (ii) the sum of all such principal payments. 

“Bankruptcy Law” means Title 11, United States Code, or any similar U.S. Federal or state law or law of any other
jurisdiction relating to bankruptcy, insolvency, winding-up, liquidation, reorganization or relief of debtors. 
 “Board
of Directors” means (i) with respect to a corporation, the board of directors of such corporation or any duly authorized committee thereof; and (ii) with respect to any other entity, the board of directors or similar body of the
general partner or managers of such entity or any duly authorized committee thereof. 
 “Broker-Dealer” has the
meaning set forth in the Registration Rights Agreement. 
 “Business Day” means each day which is not a Legal
Holiday. 
 “Capital Interests” in any Person means any and all shares, interests (including Preferred
Interests), participations or other equivalents in an equity interest (however designated) in such Person and any rights (other than Debt securities convertible or exchangeable into an equity interest), warrants or options to acquire an equity
interest in such Person. 
 “Capital Lease Obligations” means any obligation under a lease that is required to
be capitalized for financial reporting purposes in accordance with GAAP; and the amount of Debt represented by such obligation shall be the capitalized amount of such obligations determined in accordance with GAAP; and the Stated Maturity thereof
shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 

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

(1) the sale, lease, transfer, conveyance or other disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to any Person, other than the Company or a Wholly Owned Restricted Subsidiary of the Company; 

(2) the Company becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) of the acquisition by any Person or group (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 or any successor provision), in a single transaction or in a series of related transactions, by way of merger, consolidation 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 50% or more of the total voting power of the Voting Interests in the Company; or 

  
 3 

 (3) during any period of 24 consecutive months, individuals who at the
beginning of such period constituted the Board of Directors of the Company (together with any directors whose election by the Board of Directors or whose nomination for election by the equityholders of the Company was approved by a vote of a
majority of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the
Company’s Board of Directors then in office. 
 “Code” means the Internal Revenue Code of 1986, as amended
from time to time and the regulations promulgated thereunder. 
 “Commission” means the Securities and Exchange
Commission. 
 “Common Interests” of any Person means Capital Interests in such Person that do not rank prior,
as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to Capital Interests of any other class in such Person. 

“Company” means Valassis Communications, Inc. and any successor thereto. 

“Company Order” means a written request or order signed in the name of the Company by its chief executive officer, its
president, any corporate executive vice president, its chief financial officer, its treasurer or any assistant treasurer, and delivered to the Trustee. 
 “Consolidated Cash Flow Available for Fixed Charges” means, with respect to any Person for any period: 

(1) Consolidated Net Income plus the sum of, without duplication, the amounts for such period, taken as a single
accounting period, to the extent deducted in such period in computing Consolidated Net Income, of: 
 (A)
Consolidated Non-cash Charges; 
 (B) Consolidated Fixed Charges; 

(C) Consolidated Income Tax Expense; 

(D) impairment charges, including the write-down of Investments; 

(E) restructuring expenses and charges; 

(F) any expenses or charges related to any equity offering, Permitted Investment, recapitalization or Debt Incurrence
permitted to be made under this Indenture (whether or not successful) or related to the Transaction; 
 (G) the
amount of any interest expense attributable to minority equity interests of third parties in any non-wholly owned Subsidiary; 
 (H) any net loss from discontinued operations; and 
 (I) any costs
or expenses incurred by the Company or any of its Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement, any stock subscription or shareholder agreement, to
the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds of an issuance of Capital Interests of the Company (other than Redeemable Capital Interests); less 

(2) to the extent included in such period in computing Consolidated Net Income, (x) net income from discontinued
operations and (y) the amount of extraordinary, non-recurring or unusual gains. 

  
 4 

 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any
Person, the ratio of the aggregate amount of Consolidated Cash Flow Available for Fixed Charges of such Person for the four full fiscal quarters, treated as one period, for which financial information in respect thereof is available immediately
preceding the date of the transaction (the “Transaction Date”) giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (such four full fiscal quarter period being referred to herein as the “Four
Quarter Period”) to the aggregate amount of Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for purposes of determining the Consolidated Fixed Charge Coverage
Ratio, “Consolidated Cash Flow Available for Fixed Charges” and “Consolidated Fixed Charges” shall be calculated after giving effect (i) to the cost of any compensation, remuneration or other benefit paid or provided to any
employee, consultant, Affiliate or equity owner of the entity involved in any Asset Acquisition to the extent such costs are eliminated or reduced (or public announcement has been made of the intent to eliminate or reduce such costs) prior to the
date of such calculation and not replaced; (ii) on a pro forma basis for the period of such calculation, to any Asset Sales or other dispositions or Asset Acquisitions, investments, mergers, consolidations and discontinued operations (as
determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition
(including the incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed operation occurred on the first day of the Four Quarter Period; and (iii) clause (i) of the definition of “Consolidated
Interest Expense” shall mean the total interest expense of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP less the non-cash component of total interest expense.
For purposes of this definition, pro forma calculations shall be made in accordance with Article 11 of Regulation S-X promulgated under the Securities Act. 
 Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio”:

 (1) interest on outstanding Debt determined on a fluctuating basis as of the Transaction Date and which will
continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Debt in effect on the Transaction Date; and 

(2) if interest on any Debt actually incurred on the Transaction Date may optionally be determined at an interest rate
based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period. 

If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Debt of a third Person, this “Consolidated
Fixed Charge Coverage Ratio” shall give effect to the incurrence of such Guaranteed Debt as if such Person or such Subsidiary had directly incurred or otherwise assumed such Guaranteed Debt. 

“Consolidated Fixed Charges” means, with respect to any Person for any period, the sum of, without duplication, the
amounts for such period of: 
 (1) Consolidated Interest Expense; and 

(2) the product of (a) all dividends and other distributions paid or accrued during such period in respect of
Redeemable Capital Interests of such Person and its Restricted Subsidiaries (other than dividends paid in Qualified Capital Interests), times (b) a fraction, the numerator of which is one and the denominator of which is one minus the then
current combined federal, state and local statutory tax rate of such Person, expressed as a decimal. 
 “Consolidated
Income Tax Expense” means, with respect to any Person for any period, the provision for federal, state, local and foreign income taxes of such Person and its Restricted Subsidiaries for such period as determined on a consolidated basis in
accordance with GAAP paid or accrued during such period, including any penalties and interest related to such taxes or arising from any tax examinations, to the extent the same were deducted in computing Consolidated Net Income. 

  
 5 

 “Consolidated Interest Expense” means, with respect to any Person for any
period, without duplication, the sum of: 
 (1) the total interest expense of such Person and its Restricted
Subsidiaries for such period as determined on a consolidated basis in accordance with GAAP, including, without limitation: 
 (A) any amortization of Debt discount; 
 (B) the net cost under any
Hedging Obligation or Swap Contract in respect of interest rate protection (including any amortization of discounts); 
 (C) the interest portion of any deferred payment obligation; 
 (D)
all commissions, discounts and other fees and charges owed with respect to letters of credit, bankers’ acceptances, financing activities or similar activities; and 

(E) all accrued interest; 
 (2) the interest component of Capital Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period determined on a consolidated
basis in accordance with GAAP; and 
 (3) all capitalized interest of such Person and its Restricted
Subsidiaries for such period; 
 less interest income of such Person and its Restricted Subsidiaries for such period; provided,
however, that Consolidated Interest Expense will exclude (I) the amortization or write off of Debt issuance costs and deferred financing fees, commissions, fees and expenses and (II) any expensing of interim loan commitment and
other financing fees. 
 “Consolidated Net Income” means, with respect to any Person, for any period, the
consolidated net income (or loss) of such Person and its Restricted Subsidiaries for such period as determined in accordance with GAAP, adjusted, to the extent included in calculating such net income, by: 

(1) excluding, without duplication 

(A) all extraordinary gains or losses (net of fees and expenses relating to the transaction giving rise thereto), income,
expenses or charges; 
 (B) the portion of net income of such Person and its Restricted Subsidiaries allocable to
minority interests in unconsolidated Persons or Investments in Unrestricted Subsidiaries to the extent that cash dividends or distributions have not actually been received by such Person or one of its Restricted Subsidiaries; provided that
for the avoidance of doubt, Consolidated Net Income shall be increased in amounts equal to the amounts of cash actually received; 
 (C) gains or losses in respect of any Asset Sales by such Person or one of its Restricted Subsidiaries (net of fees and expenses relating to the transaction giving rise thereto), on an after-tax basis;

 (D) the net income (loss) from any disposed or discontinued operations or any net gains or losses on disposed
or discontinued operations, on an after-tax basis; 
 (E) solely for purposes of determining the amount available
for Restricted Payments under Section 4.07(a)(3) hereof, the net income of any Restricted Subsidiary of the Company (other than a Guarantor) or such Person to the extent that the declaration of dividends or similar distributions by that
Restricted Subsidiary of that income is not at the time permitted, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulations applicable to that

  
 6 

 
Restricted Subsidiary or its stockholders; provided that for the avoidance of doubt, Consolidated Net Income shall be increased in amounts equal to the amounts of cash actually received;

 (F) any gain or loss realized as a result of the cumulative effect of a change in accounting principles;

 (G) any fees and expenses paid in connection with the issuance of the Notes; 

(H) non-cash compensation expense incurred with any issuance of equity interests to an employee of such Person or any
Restricted Subsidiary; 
 (I) any net after-tax gains or losses attributable to the early extinguishment or
conversion of Debt; 
 (J) any non-cash impairment charges or asset write-off or write-down resulting from the
application of Accounting Standards Codification 350, Intangibles—Goodwill and Other, Accounting Standards Codification 360, Property, Plant, and Equipment, and Accounting Standards Codification 805, Business Combinations; 

(K) non-cash gains, losses, income and expenses resulting from fair value accounting required by Accounting Standards
Codification 815, Derivatives and Hedging, or any related subsequent Statement of Financial Accounting Standards; 
 (L) accruals and reserves that are established within 12 months after the closing of any acquisition that are so required to be established as a result of such acquisition in accordance with GAAP;

 (M) any fees, expenses, charges or Integration Costs incurred during such period, or any amortization thereof
for such period, in connection with any acquisition, Investment, Asset Sale, disposition, Incurrence or repayment of Debt (including such fees, expenses or charges related to any Credit Facility), issuance of Capital Interests, refinancing
transaction or amendment or modification of any Debt instrument, and including, in each case, any such transaction undertaken but not completed, and any charges or non-recurring merger or acquisition costs incurred during such period as a result of
any such transaction, in each case whether or not successful; 
 (N) any net unrealized gain or loss (after any
offset) resulting from currency translation gains or losses related to currency remeasurements of Debt (including any net gain or loss resulting from obligations under Swap Contracts or Hedging Obligations for currency exchange risk) and any foreign
currency translation gains or losses; 
 (O) any accruals and reserves that are established for expenses and
losses, in respect of equity-based awards compensation expense (provided that if any such non-cash charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future
period shall reduce Consolidated Net Income to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period); 
 (P) any expenses, charges or losses that are covered by indemnification or other reimbursement provisions in connection with any Permitted Investment or any sale, conveyance, transfer or other disposition
of assets permitted under this Indenture, to the extent actually reimbursed, or, so long as the Company has made a determination that a reasonable basis exists for indemnification or reimbursement and only to the extent that such amount is in fact
indemnified or reimbursed within 365 days of such determination (with a deduction in the applicable future period for any amount so added back to the extent not so indemnified or reimbursed within such 365 days); and 

(Q) to the extent covered by insurance and actually reimbursed, or, so long as the Company has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the 

  
 7 

 
insurer and only to the extent that such amount is in fact reimbursed within 365 days of the date of such determination (with a deduction in the applicable future period for any amount so
added back to the extent not so reimbursed within such 365 days), expenses, charges or losses with respect to liability or casualty events or business interruption; and 

(2) including, without duplication, dividends and distributions from Joint Ventures actually received in cash by the
Company. 
 “Consolidated Non-cash Charges” means, with respect to any Person for any period, the aggregate
depreciation, amortization (including amortization of goodwill, other intangibles, deferred financing fees, Debt issuance costs, commissions, fees and expenses) and other non-cash expenses of such Person and its Restricted Subsidiaries reducing
Consolidated Net Income of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any charge which requires an
accrual of or a reserve for cash charges for any future period). 
 “Consolidated Total Leverage Ratio” means,
with respect to any Person, the ratio of the aggregate amount of all Debt (net of unrestricted cash and Eligible Cash Equivalents) of such Person and its Restricted Subsidiaries at the end of the most recent fiscal period for which financial
information in respect thereof is available immediately preceding the date of the transaction (the “Transaction Date”) giving rise to the need to calculate the Consolidated Total Leverage Ratio to the aggregate amount of
Consolidated Cash Flow Available for Fixed Charges of such Person for the Four Quarter Period preceding the Transaction Date. In addition to and without limitation of the foregoing, for purposes of this definition, this ratio shall be calculated
after giving effect (i) to the cost of any compensation, remuneration or other benefit paid or provided to any employee, consultant, Affiliate or equity owner of the entity involved in any Asset Acquisition to the extent such costs are
eliminated or reduced (or public announcement has been made of the intent to eliminate or reduce such costs) prior to the date of such calculation and not replaced; and (ii) on a pro forma basis for the period of such calculation, to any
Asset Sales or other dispositions or Asset Acquisitions, investments, mergers, consolidations and discontinued operations (as determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day of the
Four Quarter Period and on or prior to the Transaction Date, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed operation
occurred on the first day of the Four Quarter Period. For purposes of this definition, pro forma calculations shall be made in accordance with Article 11 of Regulation S-X promulgated under the Securities Act. 

If such Person or any of its Restricted Subsidiaries directly or indirectly Guarantees Debt of a third Person, this “Consolidated Total Leverage
Ratio” shall give effect to the incurrence of such Guaranteed Debt as if such Person or such Subsidiary had directly incurred or otherwise assumed such Guaranteed Debt. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall principally be administered, which office at the date hereof is
located at Wells Fargo Bank, National Association, Corporate Trust Office, MAC N9311-110, 625 Marquette Avenue South, Minneapolis, Minnesota 55479, Attention: Valassis Account Manager, or such other address as the Trustee may designate from time to
time by notice to the Holders and the Company, or the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Company). 

“corporation” includes corporations, associations, companies (including any limited liability company), business trusts
and limited partnerships. 
 “Credit Agreement” means the Company’s Credit Agreement, dated as of
March 2, 2007, by and among the Company, as borrower, the guarantors named therein and Bank of America, N.A., as syndication agent, Bear Stearns Corporate Lending Inc., as administrative agent, and the other agents and lenders named therein, as
amended through the Issue Date, together with all related notes, letters of credit, collateral documents, guarantees, and any other related agreements and instruments executed and delivered in connection therewith, in each case as amended, modified,
supplemented, restated, refinanced, refunded or replaced in whole or in part from time to time including 

  
 8 

 
by or pursuant to any agreement or instrument that extends the maturity of any Debt thereunder, or increases the amount of available borrowings thereunder (provided that such increase in
borrowings is permitted under clause (i) of the definition of the term “Permitted Debt”), or adds Subsidiaries of the Company as additional borrowers or guarantors thereunder, in each case with respect to such agreement or any
successor or replacement agreement and whether by the same or any other agent, lender, group of lenders, purchasers or Debt holders. 
 “Credit Facilities” means one or more debt facilities or commercial paper facilities, in each case with banks, other institutional lenders, financial institutions or debt investors
providing for revolving credit loans, term loans, bridge loans, debt securities or one or more indentures or similar agreements, including any related bonds, notes, debentures, guarantees, collateral documents, instruments and agreements executed in
connection therewith (including, without limitation, the Credit Agreement), in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced, whether or not with the same party (including, without limitation, by means of sales
of debt securities to institutional investors) in whole or in part from time to time; provided that Credit Facilities shall not include any Indebtedness existing on the Issue Date other than the Credit Agreement. 

“Custodian” means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 “Debt” means at any time (without duplication), with respect to
any Person, the following: (i) all indebtedness of such Person for money borrowed or for the deferred and unpaid purchase price of property, excluding any trade payables or other current liabilities incurred in the normal course of business;
(ii) all obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments; (iii) all reimbursement obligations of such Person with respect to letters of credit (other than letters of credit that are secured by
cash or Eligible Cash Equivalents), bankers’ acceptances or similar facilities (excluding obligations in respect of letters of credit or bankers’ acceptances issued in respect of trade payables) issued for the account of such Person;
provided that such obligations shall not constitute Debt except to the extent drawn and not repaid within five Business Days; (iv) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property or assets acquired by such Person; (v) all Capital Lease Obligations of such Person; (vi) the maximum fixed redemption or repurchase price of Redeemable Capital Interests in such Person at the time of determination;
(vii) any Swap Contracts and Hedging Obligations of such Person at the time of determination; (viii) Attributable Debt with respect to any Sale and Leaseback Transaction to which such Person is a party; and (ix) all obligations of the
types referred to in clauses (i) through (viii) of this definition of another Person, the payment of which, in either case, (A) such Person has Guaranteed or (B) is secured by (or the holder of such Debt or the recipient of such
dividends or other distributions has an existing right, whether contingent or otherwise, to be secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become liable for the payment of such
Debt. 
 For purposes of the foregoing: (a) the maximum fixed repurchase price of any Redeemable Capital Interests that do
not have a fixed repurchase price shall be calculated in accordance with the terms of such Redeemable Capital Interests as if such Redeemable Capital Interests were repurchased on any date on which Debt shall be required to be determined pursuant to
this Indenture; provided, however, that, if such Redeemable Capital Interests are not then permitted to be repurchased, the repurchase price shall be the book value of such Redeemable Capital Interests; (b) the amount outstanding
at any time of any Debt issued with original issue discount is the principal amount of such Debt less the remaining unamortized portion of the original issue discount of such Debt at such time as determined in conformity with GAAP, but such Debt
shall be deemed Incurred only as of the date of original issuance thereof; (c) the amount of any Debt described in clause (vii) above is the net amount payable (after giving effect to permitted set off) if such Swap Contracts or Hedging
Obligations are terminated at that time due to default of such Person; (d) the amount of any Debt described in clause (ix)(A) above shall be the maximum liability under any such Guarantee; (e) the amount of any Debt described in clause
(ix)(B) above shall be the lesser of (I) the maximum amount of the obligations so secured and (II) the Fair Market Value of such property or other assets; and (f) interest, fees, premium, and expenses and additional payments, if any,
will not constitute Debt. 
 Notwithstanding the foregoing, in connection with the purchase by the Company or any of its
Restricted Subsidiaries of any business, the term “Debt” will exclude (x) customary indemnification obligations and (y) post-closing payment adjustments to which the seller may become entitled to the extent such payment is
determined by a final closing balance sheet or such payment is otherwise contingent; provided, however, that, at the time of closing, 

  
 9 

 
the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and finally determined, the amount is paid within 60 days thereafter. 

The amount of Debt of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described
above and the maximum liability, only upon the occurrence of the contingency giving rise to the obligations, of any contingent obligations at such date; provided, however, that in the case of Debt sold at a discount, the amount of such
Debt at any time will be the accreted value thereof at such time. 
 “Default” means any event that is, or
after notice or passage of time, or both, would be, an Event of Default. 
 “Depositary” means, with respect to
the Notes issued in the form of one or more Global Notes, DTC or another Person designated as Depositary by the Company, which Person must be a clearing agency registered under the Exchange Act. 

“Designated Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any
of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Non-cash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, executed by the principal financial
officer of the Company, less the amount of cash or Eligible Cash Equivalents received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration. 

“Domestic Restricted Subsidiary” means any Restricted Subsidiary that is formed or otherwise incorporated in the United
States or a State thereof or the District of Columbia (other than a Restricted Subsidiary, the parent or indirect parent of which is not formed or otherwise incorporated in the United States or a State thereof or the District of Columbia) or a
Restricted Subsidiary that guarantees or otherwise provides direct credit support for any Debt of the Company. 

“DTC” means The Depository Trust Company. 
 “Eligible Bank” means a bank or trust company (i) that is organized and existing under the laws of the United States of America or Canada, or any state, territory, province or
possession thereof, (ii) that, as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $500 million and (iii) the senior Debt of which is rated at least
“A-2” by Moody’s or at least “A” by S&P. 
 “Eligible Cash Equivalents” means any
of the following Investments: (i) securities issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full faith and credit of the United States is pledged in
support thereof) maturing not more than one year after the date of acquisition; (ii) time deposits in and certificates of deposit of any Eligible Bank, provided that such Investments have a maturity date not more than two years after the
date of acquisition and that the Average Life of all such Investments is one year or less from the respective dates of acquisition; (iii) repurchase obligations with a term of not more than 180 days for underlying securities of the types
described in clause (i) above entered into with any Eligible Bank; (iv) direct obligations issued by any state of the United States or any political subdivision or public instrumentality thereof, provided that such Investments
mature, or are subject to tender at the option of the holder thereof, within 365 days after the date of acquisition and, at the time of acquisition, have a rating of at least A from S&P’s or A-2 from Moody’s (or an equivalent rating by
any other nationally recognized rating agency); (v) commercial paper of any Person other than an Affiliate of the Company and other than structured investment vehicles, provided that such Investments have one of the two highest ratings
obtainable from either S&P’s or Moody’s and mature within 180 days after the date of acquisition; (vi) overnight and demand deposits in and bankers’ acceptances of any Eligible Bank; (vii) demand deposits in any bank or
trust company to the extent insured by the Federal Deposit Insurance Corporation against the Bank Insurance Fund; (viii) in the case of a Restricted Subsidiary that is not a subsidiary formed or otherwise incorporated in the United States or a
State thereof or the District of Columbia, demand deposits and time deposits that (a) are denominated in the currency of a country that is a member of the Organization for Economic Cooperation and Development or the currency of the country in
which such Restricted Subsidiary is organized or conducts business and (b) are consistent with the Company’s investment policy as in effect from time to time, provided that, in the case of time deposits, such Investments have a
maturity date not more than two years after the date of acquisition and that the Average Life of all such time deposits is one year or less from the respective dates of acquisition; (ix) money market funds substantially all of the assets of
which 

  
 10 

 
comprise Investments of the types described in clauses (i) through (vii); and (x) instruments equivalent to those referred to in clauses (i) through (vii) above or funds
equivalent to those referred to in clause (ix) above (in each case which may be held by the Company) denominated in U.S. Dollars, Pounds Sterling or Euros or any other comparable foreign currency and comparable in credit quality and tender to
those referred to in such clauses and customarily used by corporations for cash management purposes in jurisdictions outside the United States to the extent reasonably required in connection with any business conducted by the Company or by any
Restricted Subsidiary organized in such jurisdictions, all as determined in good faith by the Company. 
 “Event of
Default” has the meaning set forth in Section 6.01 hereof. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations of the Commission promulgated thereunder. 
 “Exchange Notes” means any notes issued in exchange for the Notes pursuant to the Registration Rights Agreement or any similar agreement. 

“Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Fair Market Value” means, with respect to the consideration received or paid in any transaction or series of
transactions, the fair market value thereof as determined in good faith by the Company. 
 “Foreign Subsidiary”
means, with respect to any Person, any Restricted Subsidiary of such Person that is not organized or existing under the laws of the United States, any State thereof or the District of Columbia and any Restricted Subsidiary of such Foreign
Subsidiary. 
 “Four Quarter Period” has the meaning set forth in the definition of “Consolidated Fixed
Charge Coverage Ratio.” 
 “GAAP” means generally accepted accounting principles in the United States,
consistently applied, as set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification and the rules and interpretations of the Commission under the authority of the federal securities laws, or in
such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of the Issue Date irrespective of any subsequent change in such Accounting Standards
Codification or other statements or any subsequent adoption of International Financial Reporting Standards. 
 “Global
Note Legend” means the legend set forth in Section 2.07(g)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.02, 2.07(b), 2.07(d) or 2.07(f) hereof. 

“Guarantee” means, as applied to any Debt of another Person, (i) a guarantee (other than by endorsement of
negotiable instruments for collection in the normal course of business), direct or indirect, in any manner, of any part or all of such Debt, (ii) any direct or indirect obligation, contingent or otherwise, of a Person guaranteeing or having the
effect of guaranteeing the Debt of any other Person in any manner and (iii) an agreement of a Person, direct or indirect, contingent or otherwise, the practical effect of which is to assure in any way the payment (or payment of damages in the
event of non-payment) of all or any part of such Debt of another Person (and “Guaranteed” and “Guaranteeing” shall have meanings that correspond to the foregoing). 

“Guarantor” means any Person that executes a Note Guarantee in accordance with the provisions of this Indenture and
their respective successors and assigns. 

  
 11 

 “Hedging Obligations” of any Person means the obligations of such Person
pursuant to any interest rate agreement, currency agreement or commodity agreement, excluding commodity agreements relating to raw materials used in the ordinary course of the Company’s business. 

“Holder” means a Person in whose name a Note is registered in the security register. In connection with Notes issued in
global book-entry form, DTC shall be treated for all purposes as the only registered holder of such Notes. 

“Incur” means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion,
exchange or otherwise), assume, Guarantee or otherwise become liable in respect of such Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person;
provided, however, that a change in GAAP or an interpretation thereunder that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an Incurrence of such Debt. Debt otherwise Incurred by a
Person before it becomes a Subsidiary of the Company shall be deemed to be Incurred at the time at which such Person becomes a Subsidiary of the Company. “Incurrence,” “Incurred,” “Incurrable” and
“Incurring” shall have meanings that correspond to the foregoing. A Guarantee by the Company or any of its Restricted Subsidiaries of Debt Incurred by the Company or any of its Restricted Subsidiaries, as applicable, shall not be a
separate Incurrence of Debt. For the avoidance of doubt, Debt of a Restricted Subsidiary which is assumed by the Company or any of its Restricted Subsidiaries shall not be deemed to be a separate Incurrence of Debt. In addition, the following shall
not be deemed a separate Incurrence of Debt: 
 (1) amortization of debt discount or accretion of principal with
respect to a non-interest bearing or other discount security; 
 (2) the payment of regularly scheduled interest
in the form of additional Debt of the same instrument or the payment of regularly scheduled dividends on Capital Interests in the form of additional Capital Interests of the same class and with the same terms; 

(3) the obligation to pay a premium in respect of Debt arising in connection with the issuance of a notice of redemption
or making of a mandatory Change of Control Offer or Asset Sale Offer for such Debt; and 
 (4) unrealized
losses or charges in respect of Hedging Obligations. 
 “Indenture” means this Indenture, as amended or
supplemented from time to time in accordance with its terms. 
 “Indirect Participant” means a Person who holds
a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the
$260,000,000 aggregate principal amount of the 6 5/8%
Senior Notes due 2021 of the Company issued pursuant to this Indenture on the Issue Date. 
 “Initial
Purchasers” means Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC, and such other initial purchasers party to any purchase agreement entered into in
connection with the offer and sale of any Additional Notes. 
 “Interest Payment Date” means February 1 or
August 1 of each year, as applicable, commencing August 1, 2011. 
 “Integration Costs” means, with
respect to any acquisition, all costs relating to the acquisition and integration of the acquired business or operations into the Company, including labor costs, legal fees, consulting fees, travel costs and any other expenses relating to the
integration process. 
 “Investment” by any Person means any direct or indirect loan, advance (or other
extension of credit) or capital contribution to (by means of any transfer of cash or other property or assets to another Person or any other payments for property or services for the account or use of another Person) another Person, including,
without limitation, the 

  
 12 

 
following: (i) the purchase or acquisition of any Capital Interest or other evidence of beneficial ownership in another Person; (ii) the purchase, acquisition or Guarantee of the Debt
of another Person; and (iii) the purchase or acquisition of the business or assets of another Person substantially as an entirety, but shall exclude: (a) accounts receivable and other extensions of trade credit in accordance with the
Company’s and its Restricted Subsidiaries’ customary practices; (b) the acquisition of property and assets from suppliers and other vendors in the normal course of business; and (c) prepaid expenses and workers’
compensation, utility, lease and similar deposits, in the normal course of business. 
 “Investment Grade
Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, 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 United States government or any agency or
instrumentality thereof (other than Eligible Cash Equivalents); 
 (2) debt securities or debt instruments with
an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances among the Company 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 or
distribution; and 
 (4) corresponding instruments in countries other than the United States customarily
utilized for high quality investments. 
 “Issue Date” means January 28, 2011. 

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

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not required to be open in the
City of New York or Place of Payment. 
 “Letter of Transmittal” means the letter of transmittal to be prepared
by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer; provided that the Letter of Transmittal shall be deemed to include any agent’s message or other electronic communication
sent in accordance with the applicable procedures of DTC and that is permitted by the terms of the applicable Exchange Offer to be delivered in lieu of a physical Letter of Transmittal. 

“Lien” means, with respect to any property or other asset, any mortgage, deed of trust, deed to secure Debt, pledge,
hypothecation, assignment, deposit arrangement, security interest, lien (statutory or otherwise), charge, easement, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with
respect to such property or other asset (including, without limitation, any conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing). 

“Maturity Date” when used with respect to any Note, means the date on which the principal amount of such Note becomes
due and payable as therein or herein provided. 
 “Moody’s” means Moody’s Investors Service, Inc. and
any successor to its rating agency business. 
 “Net Proceeds” means the aggregate cash proceeds received by
the Company or any of its Restricted Subsidiaries in respect of any Asset Sale, including any cash received upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale, net of the direct costs relating to
such Asset Sale 

  
 13 

 
and the sale or disposition of such Designated Non-cash Consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, any relocation expenses
incurred as a result thereof, taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), amounts required to be applied to the repayment of principal, premium, if
any, and interest on senior Debt required (other than required by Section 4.10(b)(1) hereof to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Company or any of its Restricted Subsidiaries
as a reserve in accordance with GAAP against any liabilities associated with the asset disposed of in such transaction and retained by the Company or any of its Restricted Subsidiaries after such sale or other disposition thereof, including pension
and other post-employment benefit liabilities and liabilities related to environmental matters or against any indemnification obligations associated with such transaction. 
 “Non-U.S. Person” means a Person who is not a U.S. Person, as defined in Regulation S. 
 “Notation of Guarantee” means a notation of guarantee substantially in the form attached as Exhibit D hereto. 

“Note Guarantee” means the Guarantee by any Guarantor of the Company’s obligations under this Indenture.

 “Notes” means the 6 5/8% Senior Notes due 2021 of the Company. 

“obligations” means any principal, premium, interest (including any interest accruing subsequent to the filing of a
petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), penalties, fees,
indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other liabilities, and guarantees of payment of such principal, interest, penalties, fees,
indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Debt. 

“Offering Memorandum” means the offering memorandum of the Company, dated January 13, 2011, related to the offering
of the Notes and related Note Guarantees. 
 “Officers’ Certificate” means a certificate signed by two
officers of the Company or a Guarantor, as applicable, one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company or such Guarantor, as applicable, and delivered to the
Trustee. 
 “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee
and delivered to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Permitted Asset Swap” means the purchase and sale or exchange (within a 180-day period) of Related Business Assets or a
combination of Related Business Assets and cash or Eligible Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person; provided that any cash or Eligible Cash Equivalents received must be applied in
accordance with Section 4.10 hereof. 
 “Permitted Debt” means: 

(1) Debt Incurred pursuant to any Credit Facilities in an aggregate principal amount at any one time outstanding not to
exceed an amount equal to the greater of (x) $1.25 billion and (y) 3.5 times the aggregate amount of Consolidated Cash Flow Available for Fixed Charges for the Four Quarter Period immediately preceding the date of the Incurrence;

 (2) Debt under the Notes issued on the Issue Date (or any Exchange Notes issued in exchange therefor in
connection with the Registration Rights Agreement) and contribution, indemnification and reimbursement obligations (including without limitation those to the Trustee) owed by the Company or any Guarantor to any of the other of them in respect of
amounts paid or payable on such Notes; 

  
 14 

 (3) Guarantees of the Notes; 

(4) Debt of the Company or any of its Restricted Subsidiaries outstanding on the Issue Date (other than clauses (1),
(2) or (3) above); 
 (5) Debt owed to and held by the Company or any of its Restricted Subsidiaries;

 (6) Guarantees Incurred by the Company or a Restricted Subsidiary of Debt otherwise permitted to be incurred
under this Indenture; 
 (7) Guarantees by any Restricted Subsidiary of Debt of the Company or any of its
Restricted Subsidiaries, including Guarantees by any Restricted Subsidiary of Debt under the Credit Agreement, provided that (a) such Debt is Permitted Debt or is otherwise Incurred in accordance with Section 4.09 hereof and
(b) such Guarantees are subordinated to the Notes to the same extent as the Debt being guaranteed; 
 (8)
Debt incurred in respect of workers’ compensation claims and self-insurance obligations, and, for the avoidance of doubt, indemnity, bid, performance, warranty, release, banker’s acceptances, appeal, surety and similar bonds, letters of
credit for operating purposes and completion guarantees provided or incurred (including Guarantees thereof) by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 

(9) Debt under Swap Contracts and Hedging Obligations (excluding Swap Contracts and Hedging Obligations entered into for
speculative purposes); 
 (10) the Incurrence by a Restricted Subsidiary of the Company of Acquired Debt that was
outstanding on the date that such Restricted Subsidiary was acquired, directly or indirectly, by the Company; provided that (a) such Restricted Subsidiary Incurred such Debt prior to the date that the Company directly or indirectly
acquired such Restricted Subsidiary, (b) such Debt was not incurred in connection with, or in contemplation of, such acquisition, and (c) the Company’s Consolidated Fixed Charge Coverage Ratio immediately following such acquisition
and Incurrence would be not less than the Company’s Consolidated Fixed Charge Coverage Ratio immediately prior to such acquisition and Incurrence; 
 (11) Debt owed by the Company to any of its Restricted Subsidiaries; provided that if for any reason such Debt ceases to be held by a Restricted Subsidiary, such Debt shall cease to be Permitted
Debt and shall be deemed Incurred as Debt of the Company for purposes of this Indenture; 
 (12) Debt of the
Company or any of its Restricted Subsidiaries pursuant to Capital Lease Obligations and Purchase Money Debt; provided that the aggregate principal amount of such Debt outstanding at any time may not exceed the greater of (a) 5% of the
Total Assets of the Company as of the end of the most recently completed fiscal quarter for which financial information is available and (b) $50 million in the aggregate; 

(13) Debt arising from agreements of the Company or any of its Restricted Subsidiaries providing for guarantees,
indemnification, contribution, earnout, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Capital Interests of a Restricted Subsidiary
otherwise permitted under this Indenture; 
 (14) the issuance by any of the Company’s Restricted
Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of Preferred Interests; provided, however, that: 
 (A) any subsequent issuance or transfer of Capital Interests that results in any such Preferred Interests being held by a Person other than the Company or any of its Restricted Subsidiaries; and

 (B) any sale or other transfer of any such Preferred Interests to a Person that is not either the Company or
any of its Restricted Subsidiaries; 

  
 15 

 shall be deemed, in each case, to constitute an issuance of such Preferred Interests by such Restricted
Subsidiary that was not permitted by this clause (14); 
 (15) Debt 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, however, that such Debt is extinguished within ten Business Days of Incurrence; 

(16) Debt of the Company or any of the Guarantors evidenced by promissory notes that are subordinated in right of payment
to the Notes or the Note Guarantees issued to former, current or future directors, officers, employees or consultants of the Company or any of the Guarantors (or their respective spouses) in lieu of cash payments for Capital Interests being
repurchased from such Person; 
 (17) Debt of the Company to the extent the net proceeds thereof are promptly
deposited to defease the Notes as described in Article 9 hereof; 
 (18) Debt of the Company and its Restricted
Subsidiaries representing obligations under any employment arrangements to make payments with respect to the cancellation or repurchase of Capital Interests of the Company or its Restricted Subsidiaries in an aggregate amount not to exceed $2
million outstanding at any one time; 
 (19) Debt owed to any Person providing property, casualty or liability
insurance to the Company or any of its Restricted Subsidiaries (including any state insurance guarantee funds relating to any such insurance policy), so long as such Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall
incurred only to defer the cost of, such insurance for the year in which such Debt is Incurred and such Debt shall be outstanding only during such year; 
 (20) Debt of the Company or any Restricted Subsidiary (other than Foreign Subsidiaries) in an aggregate principal amount not to exceed $150 million at any time outstanding (which amount may, but need not,
be incurred in whole or in part under the Credit Facilities); 
 (21) Debt of Foreign Subsidiaries in an
aggregate principal amount not to exceed $50 million at any time outstanding; and 
 (22) Refinancing Debt.

 Notwithstanding anything herein to the contrary, Debt permitted under clauses (1), (12), (17), (18), (19), (20) and (21) of this
definition of “Permitted Debt” shall not constitute “Refinancing Debt” under clause (22) of this definition of “Permitted Debt.” 
 In addition, for purposes of determining the “Consolidated Cash Flow Available for Fixed Charges” for purposes of clause (i) of this definition of “Permitted Debt” Consolidated
Cash Flow Available for Fixed Charges shall be calculated after giving effect on a pro forma basis (in accordance with Article 11 of Regulation S-X promulgated under the Securities Act) for the period of such calculation, to any Asset Sales
or other dispositions or Asset Acquisitions, investments, mergers, consolidations and discontinued operations (as determined in accordance with GAAP) occurring during the Four Quarter Period or any time subsequent to the last day of the Four Quarter
Period and on or prior to the date such Debt is to be Incurred, as if such Asset Sale or other disposition or Asset Acquisition (including the incurrence or assumption of any such Acquired Debt), investment, merger, consolidation or disposed
operation occurred on the first day of the Four Quarter Period. 
 “Permitted Investments” means: 

(1) Investments in existence on the Issue Date; 

(2) Investments required pursuant to any agreement or obligation of the Company or any of its Restricted Subsidiaries, in
effect on the Issue Date, to make such Investments; 

  
 16 

 (3) Investments in cash and Eligible Cash Equivalents; 

(4) Investments in property and other assets, owned or used by the Company or any of its Restricted Subsidiaries in the
normal course of business; 
 (5) Investments by the Company or any of its Restricted Subsidiaries in the Company
or any of its Restricted Subsidiaries; 
 (6) Investments by the Company or any of its Restricted Subsidiaries in
a Person, if as a result of such Investment (A) such Person becomes a Restricted Subsidiary or (B) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is
liquidated or wound-up into, the Company or any of its Restricted Subsidiaries; 
 (7) Swap Contracts and Hedging
Obligations; 
 (8) receivables owing to the Company or any of its Subsidiaries and advances to suppliers, in
each case if created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; 
 (9) any Investments received in compromise or resolution of (a) obligations of trade creditors, suppliers or customers that were incurred in the ordinary course of business of the Company or any of
its Restricted Subsidiaries, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor, supplier or customer; or (b) litigation, arbitration or other disputes with Persons
who are not Affiliates; 
 (10) Investments by the Company or any Restricted Subsidiary in an aggregate amount
not to exceed the greater of (i) $90 million and (ii) 5% of the Total Assets of the Company as of the end of the then most recently completed fiscal quarter for which financial information is available at any one time outstanding;

 (11) loans or advances to employees, directors and officers of the Company or any Restricted Subsidiary made
in the ordinary course of business for bona fide business purposes not in excess of $20 million at any one time outstanding; 
 (12) Investments the payment for which consists solely of Qualified Capital Interests of the Company; 
 (13) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary
course of business and consistent with past practice; 
 (14) guarantees by the Company or any Restricted
Subsidiary of Debt of the Company or any of its Restricted Subsidiaries of Debt otherwise permitted by Section 4.09 hereof; 
 (15) Investments in the ordinary course of business consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

(16) Investments in Joint Ventures; 

(17) Investments in securities or other assets not constituting cash, Eligible Cash Equivalents or Investment Grade
Securities and received in connection with an Asset Sale made pursuant to Section 4.10 hereof or any other disposition of assets not constituting an Asset Sale; 

(18) Investments by the Company or any Restricted Subsidiary in a Securitization Entity or any Investment by a
Securitization Entity in any other Person, in each case, in connection with a Permitted Securitization Transaction; provided, however, that the foregoing Investment is in the form of a Purchase Money Note or Capital Interests; and

  
 17 

 (19) Investments in prepaid expenses, negotiable instruments held for
collection and lease, utility and workers’ compensation, performance and other similar deposits provided to third parties in the ordinary course of business. 
 “Permitted Liens” means: 
 (1) Liens existing on
the Issue Date; 
 (2) Liens in favor of the Company or the Guarantors; 

(3) Liens that secure Credit Facilities (including in respect of Treasury Management Agreements) incurred pursuant to
clause (1) of the definition of “Permitted Debt” (and any related Hedging Obligations and Swap Contracts permitted under the agreement related thereto); 

(4) any Lien for taxes, assessments or other governmental charges or levies not then due and payable (or which, if due and
payable, are being contested in good faith and for which adequate reserves are being maintained, to the extent required by GAAP); 
 (5) any warehousemen’s, materialmen’s, landlord’s or other similar Liens arising by law for sums not then due and payable (or which, if due and payable, are being contested in good faith
and with respect to which adequate reserves are being maintained, to the extent required by GAAP); 
 (6) survey
exceptions, encumbrances, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telephone lines and other similar purposes, or zoning or other similar 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 do not individually or in the aggregate materially adversely affect the value of the Company and its Restricted Subsidiaries taken as a whole
or materially impair the operation of the business of such Person; 
 (7) Liens, pledges or deposits (i) in
connection with workers’ compensation, unemployment insurance and other types of statutory obligations or the requirements of any official body; (ii) to secure the performance of tenders, bids, surety or performance bonds, leases,
purchase, construction, sales or servicing contracts (including utility contracts) and other similar obligations Incurred in the normal course of business consistent with industry practice; (iii) to obtain or secure obligations with respect to
letters of credit, Guarantees, bonds or other sureties or assurances given in connection with the activities described in clauses (i) and (ii) above, in each case not Incurred or made in connection with the borrowing of money, the
obtaining of advances or credit or the payment of the deferred purchase price of property or services or imposed by ERISA or the Code in connection with a “plan” (as defined in ERISA); or (iv) arising in connection with any attachment
unless such Liens shall not be satisfied or discharged or stayed pending appeal within 60 days after the entry thereof or the expiration of any such stay; 
 (8) Liens (including Liens securing Acquired Debt) on property or assets of a Person existing at the time such Person is acquired or merged with or into or consolidated with the Company or any of its
Restricted Subsidiaries, or becomes a Restricted Subsidiary (and not created or Incurred in anticipation of such transaction); provided that such Liens are not extended to the property and assets of the Company and its Restricted Subsidiaries
other than the property or assets acquired; 
 (9) Liens securing Debt of a Restricted Subsidiary owed to and
held by the Company or any of its Restricted Subsidiaries thereof; 
 (10) for the avoidance of doubt, other
Liens (not securing Debt) incidental to the conduct of the business of the Company or any of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not individually or in the aggregate materially adversely affect
the value of the Company or materially impair the operation of the business of the Company or its Restricted Subsidiaries; 

  
 18 

 (11) Liens to secure any permitted extension, renewal, refinancing or
refunding (or successive extensions, renewals, refinancings or refundings), in whole or in part, of any Debt secured by Liens referred to in clauses (1), (3), (8), (17), (18) and (31) hereof; provided that such Liens do not extend
to any other property or assets and the principal amount of the obligations secured by such Liens is not increased; 
 (12) Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of custom duties in connection with the importation of goods incurred in the ordinary course of business;

 (13) licenses of intellectual property granted in the ordinary course of business; 

(14) Liens to secure Capital Lease Obligations and Purchase Money Debt permitted to be incurred pursuant to
clause (12) of the definition of “Permitted Debt”; provided that such Liens do not extend to or cover any assets other than such assets acquired or constructed after the Issue Date with the proceeds of such Capital Lease
Obligations or Purchase Money Debt; 
 (15) Liens on assets transferred to a Securitization Entity or an asset of
a Securitization Entity, in either case, incurred in connection with a Permitted Securitization Transaction; 

(16) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s
obligation in respect of banker’s acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 

(17) Liens securing Debt Incurred to finance the construction, purchase or lease of, or repairs, improvements or additions
to, property, plant or equipment of such Person; provided, however, that the Lien may not extend to any property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and
property affixed or appurtenant thereto and any proceeds thereof), and the Debt (other than any interest thereon) secured by the Lien may not be Incurred more than 180 days after the later of the acquisition, completion of construction, repair,
improvement, addition or commencement of full operation of the property subject to the Lien; 
 (18) Liens on
property or shares of Capital Interests of another Person at the time such other Person becomes a Subsidiary of such Person (including Liens that secure Debt of such Subsidiary); provided, however, that (i) the Liens may not
extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto) and (ii) such Liens are not created or incurred in connection with, or in contemplation of,
such other Person becoming such a Restricted Subsidiary; 
 (19) Liens (i) that are contractual rights of
set-off (A) relating to the establishment of depository relations with banks not given in connection with the issuance of Debt, (B) relating to pooled deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit
satisfaction of overdraft or similar obligations and other cash management activities incurred in the ordinary course of business of the Company and or any of its Restricted Subsidiaries or (C) relating to purchase orders and other agreements
entered into with customers of the Company or any of its Restricted Subsidiaries in the ordinary course of business and (ii) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of
collection, (Y) encumbering reasonable customary initial deposits and margin deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, and (Z) in favor of banking
institutions arising as a matter of law or pursuant to customary account agreements encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(20) Liens securing judgments for the payment of money not constituting an Event of Default under Section 6.01(6)
hereof so long as such Liens are adequately bonded and any appropriate legal proceedings that may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings may be initiated
has not expired; 
 (21) leases, subleases, licenses or sublicenses granted to others in the ordinary course of
business which do not materially interfere with the ordinary conduct of the business of the Company or any Restricted 

  
 19 

 
Subsidiaries and do not secure any Debt and those arising from filing Uniform Commercial Code financing statements related thereto; 

(22) any interest of title of an owner of equipment or inventory on loan or consignment to the Company or any of its
Restricted Subsidiaries and Liens arising from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

(23) deposits in the ordinary course of business to secure liability to insurance carriers; 

(24) Liens securing the Notes and the Note Guarantees; 

(25) Liens securing Hedging Obligations and Swap Contracts so long as any related Debt is permitted to be Incurred under
this Indenture; 
 (26) options, put and call arrangements, rights of first refusal and similar rights relating
to Investments in Joint Ventures, partnerships and the like permitted to be made under this Indenture; 
 (27)
Liens pursuant to the terms and conditions of any contracts between the Company or any Restricted Subsidiary and the U.S. government; 
 (28) Liens on assets of a Restricted Subsidiary of the Company that is not a Guarantor to secure Debt of such Restricted Subsidiary that is otherwise permitted under the Indenture; 

(29) Liens securing Debt Incurred pursuant to clause (19) of the definition of “Permitted Debt”; provided
that such Liens extend only to the insurance policy and proceeds thereof financed by such Debt; 
 (30) Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and set off; and 

(31) Liens not otherwise permitted under this Indenture in an aggregate amount not to exceed $100 million.

 “Permitted Securitization Transaction” means any transaction or series of transactions that qualify for
off-balance sheet treatment in accordance with SFAS 140 or other applicable accounting pronouncements, pursuant to which the Company or any of its Restricted Subsidiaries may sell, contribute, convey or otherwise transfer to (i) a
Securitization Entity (in the case of a transfer by the Company or any of its Restricted Subsidiaries) and (ii) any other Person (in the case of a transfer by a Securitization Entity), or may grant a security interest in, any accounts
receivable or chattel paper (whether now existing or arising in the future) of the Company or any of its Restricted Subsidiaries, and any assets directly related thereto, including, without limitation, all collateral securing such accounts
receivable, and other assets (including contract rights and all guarantees or other obligations in respect of such accounts receivable or chattel paper, proceeds of such accounts receivable or chattel paper 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 or chattel paper). 

“Person” means any individual, corporation, limited liability company, partnership, Joint Venture, trust, unincorporated
organization or government or any agency or political subdivision thereof. 
 “Physical Notes” means
certificated Notes registered in the name of the Holder thereof and issued in accordance with Section 2.07(c) hereof, substantially in the form set forth in Exhibit A hereto, except that such Note shall not bear the Global Note Legend
and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

  
 20 

 “Place of Payment”, when used with respect to the Notes, means the place or
places where the principal of (and premium, if any) and interest on the Notes are payable as specified as contemplated by Section 4.02 hereof. 
 “Preferred Interests,” as applied to the Capital Interests in any Person, means Capital Interests in such Person of any class or classes (however designated) that rank prior, as to the
payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation, dissolution or winding up of such Person, to shares of Common Interests in such Person. 

“Private Placement Legend” means the legend set forth in Section 2.07(g)(1) hereof to be placed on all Notes issued
under this Indenture, except where otherwise permitted by the provisions of this Indenture. 
 “Property” means
any right or interest in or to property of any kind whatsoever, whether real, personal or mixed and whether tangible or intangible, including, without limitation, Capital Interests. 

“Purchase Money Debt” means Debt: 

(1) Incurred to finance the purchase or construction (including additions and improvements thereto) of any assets (other
than Capital Interests) of such Person or any Restricted Subsidiary; and 
 (2) that is secured by a Lien on
such assets where the lender’s sole security is to the assets so purchased or constructed; and in either case that does not exceed 100% of the cost and to the extent the purchase or construction prices for such assets are or should be included
in “addition to property, plant or equipment” in accordance with GAAP. 
 “Purchase Money Note” means
a promissory note of a Securitization Entity evidencing a line of credit, which may be irrevocable, from the Company or any Restricted Subsidiary of the Company in connection with a Permitted Securitization Transaction to a Securitization Entity,
which note is repayable from cash available to such Securitization Entity, other than amounts required to be established as reserves pursuant to contractual arrangements with entities that are not Affiliates of such Securitization Entity entered
into as part of such Permitted Securitization Transaction, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and amounts paid in connection with the purchase of newly generated accounts receivable.

 “Qualified Capital Interests” in any Person means a class of Capital Interests other than Redeemable Capital
Interests. 
 “Qualified Equity Offering” means (i) a public equity offering of Qualified Capital
Interests pursuant to an effective registration statement under the Securities Act or (ii) a private equity offering of Qualified Capital Interests of the Company, or any direct or indirect parent company of the Company, other than (x) any
such public or private sale to an entity that is a Subsidiary of the Company and (y) any public offerings registered on Form S-8; provided that, in the case of an offering or sale by a direct or indirect parent company of the
Company, such parent company contributes to the capital of the Company the portion of the net cash proceeds of such offering or sale necessary to pay the aggregate Redemption Price (plus accrued interest to the Redemption Date) of the Notes to
be redeemed pursuant to clause (c) of Section 3.07 hereof. 
 “Qualified Institutional Buyer” or
“QIB” shall have the meaning specified in Rule 144A promulgated under the Securities Act. 
 “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 the Company’s control, a “nationally recognized statistical rating organization”
as defined in Section 3 of the Exchange Act selected by the Company or any parent of the Company as a replacement agency for Moody’s or S&P, as the case may be. 
 “Redeemable Capital Interests” in any Person means any equity security of such Person that by its terms (or by terms of any security into which it is convertible or for which it is
exchangeable), or otherwise (including the passage of time or the happening of an event), is required to be redeemed, is redeemable at the option of the holder 

  
 21 

 
thereof in whole or in part (including by operation of a sinking fund), or is convertible or exchangeable for Debt of such Person at the option of the holder thereof, in whole or in part, at any
time prior to the Stated Maturity of the Notes; provided that only the portion of such equity security which is required to be redeemed, is so convertible or exchangeable or is so redeemable at the option of the holder thereof before such
date will be deemed to be Redeemable Capital Interests. Notwithstanding the preceding sentence, any equity security that would constitute Redeemable Capital Interests solely because the holders of the equity security have the right to require the
Company to repurchase such equity security upon the occurrence of a change of control or an asset sale will not constitute Redeemable Capital Interests if the terms of such equity security provide that the Company may not repurchase or redeem any
such equity security pursuant to such provisions unless such repurchase or redemption complies with Section 4.07 hereof. The amount of Redeemable Capital Interests deemed to be outstanding at any time for purposes of this Indenture will be the
maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Redeemable Capital Interests or portion thereof, exclusive of accrued
dividends. 
 “Redemption Date,” when used with respect to any Note to be redeemed pursuant to Article 3 of
this Indenture, means the date fixed for such redemption pursuant to the terms of such Article 3. 
 “Redemption
Price,” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture. 
 “Refinancing Debt” means Debt that refunds, refinances, repays, prepays, redeems, retires, renews, replaces, extends or defeases, whether in whole or in part, any Debt permitted to be
Incurred by the Company or any Restricted Subsidiary pursuant to the terms of this Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the extent that: 

(1) such Refinancing Debt is subordinated to the Notes or any Note Guarantee thereof to at least the same extent as the
Debt being refunded, refinanced, renewed, replaced, extended or defeased, if such Debt was subordinated to the Notes or any Note Guarantee thereof; 
 (2) the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being refunded, refinanced or extended or (b) at least 91 days after the maturity date of the Notes;

 (3) the Refinancing Debt has an Average Life at the time such Refinancing Debt is Incurred that is equal to or
greater than the Average Life of the Debt being refunded, refinanced, renewed, replaced, extended or defeased; 

(4) such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the
aggregate principal or accreted amount (in the case of any Debt issued with original issue discount, as such) then outstanding under the Debt being refunded, refinanced, renewed, replaced or extended, (b) the amount of accrued and unpaid
interest, if any, and premiums owed, if any, not in excess of preexisting prepayment provisions on such Debt being refunded, refinanced, renewed, replaced or extended and (c) the amount of reasonable and customary fees, expenses and costs
related to the Incurrence of such Refinancing Debt; and 
 (5) such Refinancing Debt is Incurred by the same
Person (or its successor) that initially Incurred the Debt being refunded, refinanced, renewed, replaced, extended or defeased, except that the Company may Incur Refinancing Debt to refund, refinance, renew, replace, extend or defease Debt of any
Restricted Subsidiary of the Company. 
 “Registration Rights Agreement” means the Registration Rights
Agreement, dated as of the Issue Date, among the Company, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers, as amended or supplemented from time to time in accordance with
its terms, and any similar agreement entered into in connection with any Additional Notes. 
 “Related Business
Assets” means assets (other than cash or Eligible Cash Equivalents) used or useful in the business of the Company or any of its Restricted Subsidiaries; provided that any assets received by the Company or

  
 22 

 
any of its Restricted Subsidiaries in exchange for assets transferred by the Company or any of its Restricted Subsidiaries will not be deemed to be Related Business Assets if they consist of
securities of a Person, unless upon receipt of the securities of such Person, such Person would become a Restricted Subsidiary. 

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

“Responsible Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of
the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of
this Indenture. 
 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A
hereto, bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount
of the Notes sold in reliance on Rule 903. 
 “Restricted Global Note” means a Global Note bearing the Private
Placement Legend. 
 “Restricted Payment” is defined to mean any of the following: 

(1) any dividend or other distribution declared and paid on the Capital Interests in the Company or on the Capital
Interests in any Restricted Subsidiary of the Company that are held by, or declared and paid to, any Person other than the Company or any of its Restricted Subsidiaries of the Company, other than 

(A) dividends, distributions or payments made solely in Qualified Capital Interests in the Company, and 

(B) dividends or distributions payable to the Company or any of its Restricted Subsidiaries of the Company or to other
holders of Capital Interests of a Restricted Subsidiary on a pro rata basis); 
 (2) any payment made by
the Company or any of its Restricted Subsidiaries to purchase, redeem, defease or otherwise acquire or retire any Capital Interests in the Company (including the conversion into, or exchange for, Debt, of any Capital Interests) other than any such
Capital Interests owned by the Company or any Restricted Subsidiary (other than a payment made solely in Qualified Capital Interests in the Company); 
 (3) any payment made by the Company or any of its Restricted Subsidiaries (other than a payment made solely in Qualified Capital Interests in the Company) to redeem, repurchase, defease (including in
substance or legal defeasance) or otherwise acquire or retire (including pursuant to mandatory repurchase covenants), prior to any scheduled maturity, scheduled sinking fund or mandatory redemption payment, Debt of the Company or any Guarantor that
is subordinate in right of payment to the Notes or Note Guarantees (excluding any Debt owed to the Company or any Restricted Subsidiary); except payments of principal and interest in anticipation of satisfying a sinking fund obligation, principal
installment or final maturity, in each case, within one year of the due date thereof; 
 (4) any Investment by
the Company or any of its Restricted Subsidiaries in any Person, other than a Permitted Investment; and 
 (5)
any designation of a Restricted Subsidiary as an Unrestricted Subsidiary. 
 “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 Company to the Trustee, and (b) the Issue Date, and with respect to any Additional Notes that are Transfer 

  
 23 

 
Restricted Securities (as defined in the Registration Rights Agreement), means the comparable period of 40 consecutive days. 

“Restricted Physical Note” means a Physical Note bearing the Private Placement Legend. 

“Restricted Subsidiary” means any Subsidiary (including any Foreign Subsidiary) that has not been designated as an
“Unrestricted Subsidiary” in accordance with this Indenture. 
 “Rule 144” means Rule 144 promulgated
under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 405” means Rule 405 promulgated under the Securities Act. 

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

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

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any successor to its
rating agency business. 
 “Sale and Leaseback Transaction” means any direct or indirect arrangement pursuant
to which property is sold or transferred by the Company or any of its Restricted Subsidiaries and is thereafter leased back as a capital lease by the Company or any of its Restricted Subsidiaries. 

“Securities Act” means the Securities Act of 1933, as amended, or any successor statute, and the rules and regulations
promulgated by the Commission thereunder. 
 “Securitization Entity” means a Wholly Owned Unrestricted
Subsidiary of the Company that engages in no activities other than in connection with the financing of accounts receivable, chattel paper and related assets and that is designated by the Board of Directors of the Company (as provided below) as a
Securitization Entity (a) no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any other Restricted Subsidiary of the Company (excluding guarantees of Obligations
(other than the principal of, and interest on, Indebtedness) pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates the Company or any other Restricted Subsidiary of the Company in any way other than pursuant to
Standard Securitization Undertakings or (iii) subjects any property or assets of the Company or any other Restricted Subsidiary of the Company, directly or indirectly, contingently or otherwise, to the satisfaction thereof, other than pursuant
to Standard Securitization Undertakings, (b) with which neither the Company nor any other Restricted Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the
Company or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, and (c) to which neither the Company nor any Restricted Subsidiary of the Company (other than such entity)
has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by
filing with the Trustee a copy of the Board Resolution giving effect to such designation and an officers’ certificate certifying that such designation complied with the foregoing provisions. 

“Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement.

 “Significant Subsidiary” has the meaning set forth in Rule 1-02 of Regulation S-X promulgated
under the Securities Act, but shall not include any Unrestricted Subsidiary. 

  
 24 

 “Similar Business” means any business conducted or proposed to be conducted
by the Company and its Restricted Subsidiaries on the Issue Date or any business that is similar, reasonably related, incidental or ancillary thereto. 
 “Stated Maturity,” when used with respect to (i) any Note or any installment of interest thereon, means the date specified in such Note as the fixed date on which the principal
amount of such Note or such installment of interest is due and payable and (ii) any other Debt or any installment of interest thereon, means the date specified in the instrument governing such Debt as the fixed date on which the principal of
such Debt or such installment of interest is due and payable. 
 “Subsidiary” means, with respect to any
Person, any corporation, limited or general partnership, trust, association or other business entity of which an aggregate of at least a majority of the outstanding Capital Interests therein is, at the time, directly or indirectly, owned by such
Person and/or one or more Subsidiaries of such Person. 
 “Supplemental Indenture” means a supplemental
indenture substantially in the form attached as Exhibit E hereto. 
 “Swap Contract” means (a) any
and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps, options or other equity derivatives, bond or bond
price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap
transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing, whether or not any such transaction is governed by or subject to any master
agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives
Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “Master Agreement”), including any such obligations or
liabilities under any Master Agreement. 
 “Total Assets” means, with respect to any Person, the total assets
of such Person and its Restricted Subsidiaries on a consolidated basis, as shown on the most recent consolidated balance sheet of the Company or such other Person as may be expressly stated (excluding settlement assets, as shown on such balance
sheet). 
 “Transactions” means (i) the offering of the Notes, (ii) the tendering for and purchasing
or otherwise acquiring the 2015 Notes and consent solicitation and (iii) the payment of all fees and expenses related thereto, and the transactions related thereto. 
 “Treasury Management Agreements” means any and all agreements governing the provision of treasury or cash management services, including deposit accounts, funds transfer, automated
clearinghouse, zero balance accounts, returned check concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other agreements related to treasury or cash management services. 

“Treasury Rate” means with respect to the Notes, as of the applicable Redemption Date, the yield to maturity as of such
Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Day 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 February 1, 2016; provided, however,
that if the period from such Redemption Date to February 1, 2016 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in
effect on the date hereof. 

  
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 “Trustee” means Wells Fargo Bank, National Association, a national banking
association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit A attached hereto, that bears the Global Note Legend and that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 

“Unrestricted Physical Note” means one or more Physical Notes that do not bear and are not required to bear the Private
Placement Legend. 
 “Unrestricted Subsidiary” means: 

(1) any Subsidiary designated as such by an Officers’ Certificate as set forth below where neither the Company nor
any of its Restricted Subsidiaries (i) provides credit support for, or Guarantee of, any Debt of such Subsidiary or any Subsidiary of such Subsidiary (including any undertaking, agreement or instrument evidencing such Debt, but excluding, in
the case of a Securitization Entity, any Standard Securitization Undertakings) or (ii) is directly or indirectly liable for any Debt of such Subsidiary or any Subsidiary of such Subsidiary (except, in the case of a Securitization Entity, any
Standard Securitization Undertakings); and 
 (2) any Subsidiary of an Unrestricted Subsidiary. 

“U.S. Government Obligations” means direct non-callable obligations of, or guaranteed by, the United States of America
for the payment of which guarantee or obligations the full faith and credit of the United States is pledged. 
 “U.S.
Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
 “Voting
Interests” means, with respect to any Person, securities of any class or classes of Capital Interests in such Person, taking into account the voting power of such securities, entitling the holders thereof generally to vote on the election
of members of the Board of Directors or comparable body of such Person. 
 “Wholly Owned Restricted Subsidiary”
of any Person means any Wholly Owned Subsidiary of such Person which at the time of determination is a Restricted Subsidiary of such Person. 
 “Wholly Owned Subsidiary” of any Person means any Subsidiary of such Person of which all the outstanding voting securities (other than in the case of a Foreign Subsidiary, directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are owned by such Person or any Wholly Owned Subsidiary of such Person. 

Section 1.02 Rules of Construction. 
 Unless the context otherwise requires: 
 (1) a term has the meaning
assigned to it herein, whether defined expressly or by reference; 
 (2) unless otherwise specified herein, all
accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP; 

(3) “or” is not exclusive; 

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

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

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

(7) “herein,” “hereof,” “hereunder” and other words of similar import refer to this
Indenture as a whole and not to any particular Article, Section or other subsection; 
 (8) “$,”
“U.S. Dollars” and “United States Dollars” each refer to United States dollars, or such other money of the United States that at the time of payment is legal tender for payment of public and private debts; 

(9) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of
successor sections or rules adopted by the Commission from time to time; and 
 (10) references to Sections,
Articles or Exhibits are references to Sections, Articles or Exhibits of or to this Indenture unless context otherwise requires. 
 Section 1.03 Incorporation by Reference of Trust Indenture Act. 
 Whenever
this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this Indenture. 
 The following Trust Indenture Act terms used in this Indenture have the following meanings: 
 “indenture securities” means the Notes; 
 “indenture security
Holder” means a Holder of a Note; 
 “indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon
the Notes and the Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the Trust Indenture
Act, defined by Trust Indenture Act reference to another statute or defined by Commission rule under the Trust Indenture Act have the meanings so assigned to them. 
 ARTICLE 2 
 THE NOTES 

Section 2.01 Amount of Notes. 
 The Trustee shall initially authenticate and deliver the Notes for original issue on the Issue Date in an aggregate principal amount of $260,000,000 of the Notes upon a written order of the Company in the
form of a Company Order. In addition, at any time and from time to time, the Trustee shall upon a written order of the Company in the form of a Company Order authenticate and deliver any (i) additional Notes (“Additional
Notes”) in unlimited aggregate principal amount (so long as permitted by the terms of this Indenture, including, without limitation, Section 4.09 hereof) or (ii) Exchange Notes or private exchange notes for issue only in an
Exchange Offer or a private exchange, respectively, pursuant to a Registration Rights Agreement, for like principal amount of Notes. Each such written order shall specify the amount of Notes to be authenticated, the date on which the Notes are to be
authenticated and, in the case of any issuance of Additional Notes pursuant to Section 2.02 hereof, shall certify that such issuance is in compliance with Section 4.09 hereof. All the Notes issued under this Indenture shall be consolidated
with and form a single class with the Notes and shall have the same terms as to waivers, amendments, offers to purchase, redemptions or otherwise as the Notes. 

  
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 Notwithstanding anything else in this Indenture to the contrary, at the Company’s
option, Additional Notes may be issued with the same CUSIP number as the Initial Notes or the Exchange Notes, as the case may be, and without the Private Placement Legend; provided that the Company has furnished an Opinion of Counsel to the
Trustee confirming that such issuance would not conflict with federal and state securities laws and the rules and regulations of the Commission. 
 Section 2.02 Form and Dating; Terms. 
 (a) The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its
authentication. The Notes shall be in minimum denominations of $1,000 and integral multiples thereof. 
 (b) Notes issued in
global form shall be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be
substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of
the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time
endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions and transfers of interests. Any endorsement of a
Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Trustee, as custodian with respect to the Notes in global form or any
successor entity thereof, at the direction of the Trustee, in accordance with written instructions given by the Holder thereof as required by Section 2.07 hereof. 
 (c) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery
of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. 
 The Notes shall be subject to repurchase by the Company pursuant to an Asset Sale Offer as provided in
Section 4.10 hereof or a Change of Control Offer as provided in Section 4.13 hereof. The Notes shall not be redeemable, other than as provided in Article 3. 
 Additional Notes ranking pari passu with the Notes may be created and issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a
single class with the Notes and shall have the same terms as to waivers, amendments, offers to purchase, redemption or otherwise as the Notes; provided that the Company’s ability to issue Additional Notes shall be subject to the
Company’s compliance with Section 4.09 hereof. Additional Notes shall have identical terms as the Initial Notes, other than with respect to the date of issuance and issue price; provided, however, that no Additional Notes may
be issued at a price that would cause such Additional Notes to not be fungible for U.S. federal income tax purposes with any other Notes issued under this Indenture. Any Additional Notes shall be issued with the benefit of an indenture supplemental
to this Indenture. 
 Section 2.03 Execution and Authentication. 

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

  
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 If an officer whose signature is on a Note was an officer at the time of such execution but
no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 
 No Note
shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual
signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and
delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Note to the Trustee for cancellation as provided in Section 2.12 hereof, for all purposes of this Indenture such Note shall be deemed never to have
been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 
 The Notes shall be
issuable only in fully registered form without coupons in denominations of $1,000 and integral multiples thereof. 
 Section
2.04 Registrar and Paying Agent. 
 The Company shall maintain an office or agency where Notes may be presented for
registration of transfer or for exchange (the “Registrar”), and an office or agency where Notes may be presented for payment (the “Paying Agent”) and an office or agency where notices and demands to or upon the
Company, if any, in respect of the Notes and this Indenture may be served. The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may have one or more additional Paying Agents. The term “Paying
Agent” includes any additional Paying Agent. 
 The Company shall enter into an appropriate agency agreement with any Agent
that is not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee in writing of the name and address of any such Agent. If the Company fails to
maintain a Registrar or Paying Agent, or fails to give the foregoing notice, the Trustee shall act as such and shall be entitled to appropriate compensation in accordance with Section 7.06 hereof. 

The Company initially appoints DTC to act as Depositary with respect to the Global Notes. 

The Company initially appoints the Trustee as Registrar, Paying Agent and Agent for service of notices and demands in connection with the
Notes and this Indenture, and the Corporate Trust Office of the Trustee as the office or agency of the Company for such purposes, and the Company may change the Paying Agent without prior notice to the Holders. The Company or any of its Subsidiaries
may act as Paying Agent. 
 Section 2.05 Paying Agent To Hold Money in Trust. 

Each Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of
principal of, premium, if any, Additional Interest, if any, or interest on the Notes (whether such money has been paid to it by the Company or any other obligor on the Notes), and the Company and the Paying Agent shall notify the Trustee in writing
of any default by the Company (or any other obligor on the Notes) in making any such payment. Money held in trust by the Paying Agent need not be segregated except as required by law and in no event shall the Paying Agent be liable for any interest
on any money received by it hereunder; provided that if the Company or an Affiliate thereof acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold such money in a separate trust fund. The Company at any time
may require the Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any Event of Default specified in Section 6.01(1) or (2) hereof, upon
written request to the Paying Agent, require the Paying Agent to pay forthwith all money so held by it to the Trustee and to account for any funds disbursed. Upon making such payment, the Paying Agent shall have no further liability for the money
delivered to the Trustee. 

  
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 Section 2.06 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of the Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least five Business Days before each Interest Payment Date, and at
such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders as of the January 15 or July 15, as applicable, immediately
preceding such Interest Payment Date or such other date as the Trustee requests and the Company shall otherwise comply with Trust Indenture Act Section 312(a); provided that, as long as the Trustee is the Registrar, no such list need be
furnished. 
 Section 2.07 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.07, a Global Note may be
transferred, in whole and not in part, only by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Physical Note unless (i) the Depositary (x) notifies the Company that it is unwilling or unable to continue as
Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days, (ii) subject to the procedures of the
Depositary, the Company, at its option, notifies the Trustee in writing that the Company elects to cause the issuance of the Physical Notes, or (iii) upon request of the Trustee or Holders of a majority of the principal amount of outstanding
Notes, if there shall have occurred and be continuing a Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Physical Notes delivered in exchange for any Global Note or
beneficial interests therein will be registered in the names, and issued in any approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in
whole or in part, as provided in Sections 2.08 and 2.11 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.07 or Section 2.08 or 2.11 hereof,
shall be authenticated and delivered in the form of, and shall be, a Global Note, except for Physical Notes issued subsequent to any of the preceding events in (i), (ii) or (iii) above and pursuant to Section 2.07(c) hereof. A Global
Note may not be exchanged for another Note other than as provided in this Section 2.07(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.07(b), (c) or
(f) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of
beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (1) Transfer of
Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with
the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any 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 2.07(b)(1). 

(2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.07(b)(1) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be

  
 30 

 
transferred or exchanged and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or
(B) (1) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Physical Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Physical Note shall be registered to effect the transfer or exchange referred
to in (1) above; provided that in no event shall Physical Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note prior to the expiration of the Restricted Period. The Restricted Period shall
be terminated upon the receipt by the Trustee of an Officers’ Certificate certifying that the Restricted Period may be terminated in accordance with Regulation S. Upon consummation of an Exchange Offer by the Company in accordance with
Section 2.07(f) hereof, the requirements of this Section 2.07(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. 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(s) pursuant to Section 2.07(h) hereof. 
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of
a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.07(b)(2) hereof and the Registrar receives the following: 

(A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; or 
 (B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof. 
 (4) Transfer and Exchange of Beneficial Interests in
a Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any 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 2.07(b)(2) hereof and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer begins,
such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a Broker-Dealer, such Person is not engaged
in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such
Person will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’
business; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the
following: 

  
 31 

 (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

 (ii) if the holder of such beneficial interest in a 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 of Exhibit B hereto, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so
require, an Opinion of Counsel in form reasonably acceptable to 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 Private Placement
Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected
pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof, 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 pursuant to subparagraph (B) or (D) above. 

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 Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Physical
Notes. 
 (1) Beneficial Interests in Restricted Global Notes to Restricted Physical Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Physical Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Physical Note, then, upon the occurrence of any of the events in paragraph (i), (ii) or (iii) of Section 2.07(a) hereof and receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest
for a Restricted Physical Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(2) thereof; 
 (D) if such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Company or any of its Restricted Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including
the certifications in item (3)(c) thereof, 

  
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the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(h) hereof, and the Company shall execute and the
Trustee shall authenticate and mail to the Person designated in the instructions a Physical Note in the applicable principal amount. Any Physical Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.07(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant
or Indirect Participant. The Trustee shall mail such Physical Notes to the Persons in whose names such Notes are so registered. Any Physical Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.07(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Physical Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Physical Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Physical Note only upon the occurrence of any of the events in subsection (i), (ii) or (iii) of
Section 2.07(a) hereof and if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer
in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time
the Exchange Offer begins, such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a Broker-Dealer,
such Person is not engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405)
of the Company, such Person will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course
of such Persons’ business; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant
to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the
Registrar receives the following: 
 (i) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for an Unrestricted Physical Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest
to a Person who shall take delivery thereof in the form of an Unrestricted Physical Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to 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 Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 (3) Beneficial Interests in Unrestricted Global Notes to
Unrestricted Physical Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted Physical Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Unrestricted Physical Note, then, upon the occurrence of any of the events in subsection (i), (ii) or (iii) of Section 2.07(a) hereof and satisfaction of the conditions set forth in Section 2.07(b)(2)
hereof, the Trustee shall 

  
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cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(h) hereof, and the Company shall execute and the Trustee shall
authenticate and mail to the Person designated in the instructions a Unrestricted Physical Note in the applicable principal amount. Any Unrestricted Physical Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(3)
shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect
Participant. The Trustee shall mail such Unrestricted Physical Notes to the Persons in whose names such Notes are so registered. Any Unrestricted Physical Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(3)
shall not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Physical Notes for Beneficial Interests.

 (1) Restricted Physical Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a
Restricted Physical Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Physical 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
Restricted Physical Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item
(2)(b) thereof; 
 (B) if such Restricted Physical Note is being transferred to a QIB in accordance with
Rule 144A, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted Physical Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit
B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Physical Note is
being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(3)(a) thereof; 
 (E) if such Restricted Physical Note is being transferred to the Company or any of its
Restricted Subsidiaries, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such Restricted Physical Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto,
including the certifications in item (3)(c) thereof, 
 the Trustee shall cancel the Restricted Physical Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause (C) above, the applicable
Regulation S Global Note. 
 (2) Restricted Physical Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Physical Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Physical Note to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange
Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer
begins, such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a Broker-Dealer, such Person is not
engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an 

  
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affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will comply with the registration and prospectus
delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’ business; 

(B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) if the Holder of such Physical Notes proposes to exchange such Notes for a beneficial interest in the
Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(ii) if the Holder of such Physical Notes proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel
in form reasonably acceptable to 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 Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act. 
 Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.07(d)(2), the Trustee shall cancel the Physical Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(3) Unrestricted Physical Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Physical Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Physical Notes 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 Physical Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Unrestricted Physical Note to a beneficial interest is effected pursuant to subparagraph (2)(B),
(2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Unrestricted Physical Notes so transferred. 
 (e) Transfer and Exchange of Physical Notes for Physical Notes. Upon request by a Holder of Physical Notes and such Holder’s compliance with the provisions of this Section 2.07(e), the
Registrar shall register the transfer or exchange of Physical Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Physical Notes duly endorsed or accompanied by a written
instruction of transfer substantially in the form of Exhibit B attached hereto, 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 2.07(e): 
 (1) Restricted Physical Notes to Restricted Physical Notes. Any Restricted Physical Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a
Restricted Physical Note if the Registrar receives the following: 

  
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 (A) if the transfer will be made pursuant to a QIB in accordance with Rule
144A, then the transferor must deliver a certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; or 

(C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate substantially in the form of Exhibit B hereto, including the certifications, certificates and Opinions of Counsel required by item (3) thereof, if applicable. 

(2) Restricted Physical Notes to Unrestricted Physical Notes. Any Restricted Physical Note may be exchanged by the
Holder thereof for an Unrestricted Physical Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Physical Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer begins, such Person has no arrangement or
understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a Broker-Dealer, such Person is not engaged in, and does not intend to engage
in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will comply with the
registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’ business; 

(B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights
Agreement; 
 (C) any such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following:

 (i) if the Holder of such Restricted Physical Notes proposes to exchange such Notes for an Unrestricted
Physical Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(ii) if the Holder of such Restricted Physical Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Physical Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to 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 Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
 (3) Unrestricted Physical Notes to Unrestricted Physical Notes. A Holder of
Unrestricted Physical Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Physical Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Physical
Notes pursuant to the instructions from the Holder thereof. 

  
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 (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with the
Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.03 hereof, the Trustee shall authenticate (i) one or more Unrestricted Global Notes in an aggregate principal
amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (w) at the time the Exchange Offer begins, such Person
has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged in, and
does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will
comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’ business,
and accepted for exchange in the Exchange Offer, and (ii) Unrestricted Physical Notes in an aggregate principal amount equal to the principal amount of the Restricted Physical Notes tendered for acceptance by Persons that certify in the
applicable Letters of Transmittal that (w) at the time the Exchange Offer begins, such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the
Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or
(2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be
received by such Person will be acquired in the ordinary course of such Persons’ business, and accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Exchange Notes, the Trustee shall cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and mail to the Persons designated by the Holders of Physical Notes so accepted Unrestricted Physical Notes
in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection with an Exchange Offer, shall be treated as a single class of securities under this Indenture.

 (g) Legends. The following legends shall appear on the face of all Global Notes and Physical Notes issued under this
Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 
 (1) Private
Placement Legend. 
 (A) Except as permitted by subparagraph (B) below, each Global Note and each Physical
Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the following form: 
 “THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD, PLEDGED, ASSIGNED, ENCUMBERED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY
IS HEREBY NOTIFIED THAT THE SELLER OF THE SECURITY EVIDENCED HEREBY MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE
BENEFIT OF THE COMPANY THAT (A) SUCH SECURITY MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (1)(a) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A
UNDER THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER, IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON
IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY SO REQUESTS), (c) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF 

  
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AVAILABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY IF THE COMPANY
SO REQUESTS), (2) TO THE COMPANY OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES AND ANY OTHER
APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE
MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY.” 
 (B) Notwithstanding the foregoing, any Global Note or Physical Note issued pursuant to subparagraph (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.07 (and all
Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 
 (2)
Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 
 “THIS NOTE IS A
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY
OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (A NEW YORK CORPORATION) (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Physical 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 2.12 hereof. 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 Physical 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 Depositary 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 Depositary at the direction of the Trustee to reflect such increase. 
 (i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Global Notes and Physical Notes upon receipt of an Authentication Order in accordance with Section 2.03 hereof or at the Registrar’s request. 

  
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 (2) No service charge shall be made to a holder of a beneficial interest in
a Global Note or to a Holder of a Physical Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other
than any such transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.08, 2.11, 3.06, 4.10, 4.13 and 8.04 hereof). 

(3) Neither the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All
Global Notes and Physical Notes issued upon any registration of transfer or exchange of Global Notes or Physical Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture,
as the Global Notes or Physical Notes surrendered upon such registration of transfer or exchange. 
 (5) The
Company shall not be required (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the mailing of a notice of redemption and ending at the close of business on
the day of such mailing, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to
exchange a Note between a Record Date and the next succeeding Interest Payment Date. 
 (6) Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of
principal of (and premium, if any) and interest (including Additional Interest, if any) on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(7) Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to
Section 4.02 hereof, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount. 
 (8) At the option of the Holder, Notes may be exchanged for other Notes of any
authorized denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency; provided that such exchange is made in accordance with Section 2.03 hereof. Whenever any
Global Notes or Physical Notes are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the replacement Global Notes and Physical Notes which the Holder making the exchange is entitled to in
accordance with the provisions of Section 2.03 hereof. 
 (9) All certifications, certificates and Opinions
of Counsel required to be submitted to the Registrar pursuant to this Section 2.07 to effect a registration of transfer or exchange may be submitted by facsimile. 

(10) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer that may be imposed under this Indenture with respect to the Notes pursuant to the terms hereof or under applicable law (including any transfer between or among Depositary participants or beneficial owners of interests in any Global
Note), other than to require delivery of such certificates, documentation or other evidence as are expressly required by, and to do so if and when expressly required by, this Indenture or the terms of the Notes. Neither the Trustee nor any Agent
shall have any responsibility or liability for any actions taken or not taken by the Depositary. 
 Section 2.08 Replacement
Notes. 
 If a mutilated Note is surrendered to the Registrar or the Trustee, or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Company issue and the Trustee shall upon Company order authenticate a replacement Note if the Holder of such Note furnishes to the Company and the Trustee evidence

  
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reasonably acceptable to each of them of the ownership and the destruction, loss or theft of such Note and if the requirements of Section 8-405 of the New York Uniform Commercial Code as in
effect on the date of this Indenture are met. An indemnity bond shall be posted, sufficient in the judgment of the Company and the Trustee to protect the Company, the Trustee or any Paying Agent from any loss that any of them may suffer if such Note
is replaced. The Company may charge such Holder for the Company’s reasonable out-of-pocket expenses in replacing such Note and the Trustee may charge the Company for the Trustee’s expenses (including, without limitation, attorneys’
fees and disbursements) in replacing such Note. Every replacement Note shall constitute a contractual obligation of the Company. 
 Section 2.09 Outstanding Notes. 
 The Notes outstanding at any time are all
Notes that have been authenticated by the Trustee except for (a) those canceled by it, (b) those delivered to it for cancellation, (c) to the extent set forth in Sections 9.01 and 9.02 hereof, on or after the date on which the
conditions set forth in Section 9.01 or 9.02 hereof have been satisfied, those Notes theretofore authenticated and delivered by the Trustee hereunder and (d) those described in this Section 2.09 as not outstanding. Subject to
Section 2.10 hereof, a Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note. 

If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a bona fide purchaser in whose hands such Note is a legal, valid and binding obligation of the Company. 
 If the Paying Agent holds, in its capacity as such, on any Maturity Date, money sufficient to pay all accrued interest and principal with respect to the Notes payable on that date and is not prohibited
from paying such money to the Holders thereof pursuant to the terms of this Indenture, then on and after that date such Notes cease to be outstanding and interest on them ceases to accrue. 

Section 2.10 Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any declaration of acceleration or notice of default or direction, waiver or consent or any amendment,
modification or other change to this Indenture, Notes owned by the Company or any other Affiliate of the Company shall be disregarded as though they were not outstanding, except that for the purposes of determining whether the Trustee shall be
protected in conclusively relying on any such direction, waiver or consent or any amendment, modification or other change to this Indenture, only Notes as to which a Responsible Officer of the Trustee has actually received an Officers’
Certificate stating that such Notes are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee established to the satisfaction of the Trustee the pledgee’s right so to act
with respect to the Notes and that the pledgee is not the Company or any other obligor on the Notes or any of their respective Affiliates. 
 Section 2.11 Temporary Notes. 
 Until definitive Notes are prepared and
ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary
Notes. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Until such exchange, temporary Notes shall be entitled to the same rights, benefits and privileges as
definitive Notes. 
 Section 2.12 Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such Notes in accordance with its customary procedures. The Company may not

  
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reissue or resell, or issue new Notes to replace Notes that the Company has redeemed or paid, or that have been delivered to the Trustee for cancellation (other than in accordance with this
Indenture). 
 Section 2.13 Defaulted Interest. 
 If the Company defaults on a payment of interest on the Notes, it shall pay the defaulted interest, plus (to the extent permitted by law) any interest payable on the defaulted interest, in
accordance with the terms hereof, to the Persons who are Holders on a subsequent special record date, which date shall be at least five Business Days prior to the payment date. The Company shall fix such special record date and payment date in a
manner satisfactory to the Trustee. At least 10 days before such special record date, the Company shall mail to each Holder a notice that states the special record date, the payment date and the amount of defaulted interest, and interest payable on
defaulted interest, if any, to be paid. The Company may make payment of any defaulted interest in any other lawful manner not inconsistent with the requirements (if applicable) of any securities exchange on which the Notes may be listed and, upon
such notice as may be required by such exchange, if, after written notice given by the Company to the Trustee of the proposed payment pursuant to this sentence, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.14 CUSIP Number. 
 The Company in issuing the Notes may use a “CUSIP,” “ISIN” or other similar number, and if so, such CUSIP, ISIN or other similar number shall be included in notices of redemption or
exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or other similar number printed in the notice or on the Notes, and that reliance
may be placed only on the other identification numbers printed on the Notes. The Company shall promptly notify the Trustee in writing of any such CUSIP, ISIN or other similar number used by the Company in connection with the issuance of the Notes
and of any change in the CUSIP, ISIN or other similar number. 
 Section 2.15 Deposit of Moneys. 

Prior to 11:00 a.m., New York City time, on each Interest Payment Date and Maturity Date, the Company shall have deposited with the
Paying Agent in immediately available funds money sufficient to make cash payments, if any, due on such Interest Payment Date or Maturity Date, as the case may be. The principal and interest on a Global Note shall be payable by the Trustee to the
Depositary of such Global Note or its nominee, as the case may be, as the sole registered owner and the sole Holder of the Notes represented thereby. The principal and interest on Physical Notes shall be payable, either in person or by mail, at the
office of the Paying Agent. 
 Section 2.16 Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

ARTICLE 3 

REDEMPTION AND PREPAYMENT 
 Section 3.01 Election To Redeem; Notices to Trustee. 
 If the Company
elects to redeem Notes, pursuant to this Article 3, at least 30 days prior to the Redemption Date but not more than 60 days prior to the Redemption Date, the Company shall notify the Trustee in writing of the Redemption Date and the principal amount
of such Notes to be redeemed and the Redemption Price, and deliver to the Trustee, no later than two Business Days prior to the Redemption Date, an Officers’ Certificate stating that such redemption will comply with the conditions contained
this Article 3. Notice given to the Trustee pursuant to this Section 3.01 may, at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 

  
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 Section 3.02 Selection by Trustee of Notes To Be Redeemed. 

If less than all of the Notes are to be redeemed, the Trustee will select the Notes or portions thereof in authorized denominations to be
redeemed by lot, pro rata or by any other method reasonably acceptable to the Trustee (subject to DTC procedures). No Notes of $1,000 principal amount or less shall be redeemed in part and no redemption shall result in a Holder holding a Note
of less than $1,000 in principal amount. 
 The Trustee shall promptly notify the Company of the Notes selected for redemption
and, in the case of any partial redemption, the principal amount thereof to be redeemed. For all purposes of this Indenture unless the context otherwise requires, provisions of this Indenture that apply to Notes called for redemption also apply to
portions of Notes called for redemption. 
 Section 3.03 Notice of Redemption. 

Notices of redemption shall be sent electronically to DTC, in the case of Global Notes, or shall be mailed by first-class mail, in the
case of Physical Notes (and, to the extent permitted by applicable procedures or regulations, electronically) upon not less than 30 nor more than 60 days before the Redemption Date to each Holder of Notes to be redeemed at its registered address.

 The notice shall identify the Notes to be redeemed (including the CUSIP numbers thereof) and shall state: 

(1) the Redemption Date; 
 (2) the Redemption Price; 
 (3) if any Note is to be redeemed in
part only, the portion of the principal amount of such Note to be redeemed and that, after the Redemption Date and upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued; 

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

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

(6) that unless the Company defaults in making the redemption payment, interest on Notes called for redemption will cease
to accrue on and after the Redemption Date; 
 (7) if such notice is conditioned upon the occurrence of one or
more conditions precedent, the nature of such conditions precedent; 
 (8) the aggregate principal amount of
Notes that are being redeemed; 
 (9) the paragraph of the Notes and/or Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; and 
 (10) that no representation is made as to the
correctness or accuracy of the CUSIP number, ISIN number or other similar number, if any, listed in such notice or printed on the Notes. 
 If the Company requests that the Trustee deliver the redemption notice in the Company’s name, the Company shall give such request in writing to the Trustee at least fifteen days prior to the date on
which notice is to be given, and the Trustee shall deliver the redemption notice at the Company’s sole expense. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Once the notice of redemption described in Section 3.03 hereof is mailed or given electronically in the manner provided in
Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the Redemption Date and at the Redemption Price plus interest accrued to the Redemption Date. Upon surrender to the Paying Agent, such Notes shall be paid at
the Redemption Price plus interest accrued to the Redemption Date; provided that (a) if the Redemption Date is after a regular record date and on or prior to the Interest Payment Date, the accrued interest shall be payable to the Holder
of the redeemed Notes registered on the relevant record date; and (b) if a Redemption Date is a Legal Holiday, payment shall be made on the next succeeding Business Day and no interest shall accrue for the period from such Redemption Date to
such succeeding Business Day. Such notice, if mailed or given electronically in the manner provided in Section 3.03 hereof, shall be conclusively presumed to have been given whether or not the Holder receives such notice. 

Section 3.05 Deposit of Redemption Price. 
 On or prior to 11:00 A.M., New York City time, on each Redemption Date, the Company shall deposit with the Paying Agent in immediately available funds money sufficient to pay the Redemption Price of,
and accrued interest on, all Notes to be redeemed on that date other than Notes or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation. 

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

Section 3.06 Notes Redeemed in Part. 
 In the case of Physical Notes redeemed in part, a new Note in principal amount equal to the unredeemed portion of the original Note will be issued in the name of the Holder thereof upon surrender for
cancellation of the original Note. In the case of Global Notes redeemed in part, the outstanding balance of any such Global Note shall be adjusted by the Trustee to reflect such redemption. On and after the Redemption Date, interest ceases to accrue
on Notes or portions of them called for redemption. Notwithstanding any other provision in this Indenture to the contrary, neither an Opinion of Counsel nor an Officers’ Certificate is required for the Trustee to authenticate any such new Note.

 Section 3.07 Optional Redemption. 
 (a) The Notes may be redeemed, in whole or in part, at any time prior to February 1, 2016, at the option of the Company upon not less than 30 nor more than 60 days’ prior notice mailed by
first-class mail to each Holder’s registered address or sent in accordance with the procedures of DTC for Global Notes, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as
of, and accrued and unpaid interest, if any, to, but not including, the applicable Redemption Date (subject to the right of holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date). 

(b) In addition, the Notes may be redeemed, in whole or in part, at any time on or after February 1, 2016, at the option of the
Company upon not less than 30 nor more than 60 days’ notice at the following Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but not
including, the Redemption Date (subject to the right of Holders of record on the relevant regular record date to receive interest due on an Interest Payment Date that is on or prior to the Redemption Date), if redeemed during the 12-month period
beginning on February 1 of the years indicated: 

  
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	 Year
	  	Redemption Price	 
	 2016
	  	 	103.313	% 
	 2017
	  	 	102.208	% 
	 2018
	  	 	101.104	% 
	 2019 and thereafter
	  	 	100.000	% 

 (c) In addition to the
optional redemption provisions of the Notes described in clauses (a) and (b) of this Section 3.07, on or prior to February 1, 2014, the Company may, at its option, with the net proceeds of one or more Qualified Equity Offerings,
redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a Redemption Price equal to 106.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not
including, the Redemption Date; provided that at least 65% of the aggregate principal amount of Notes originally issued under this Indenture (including Additional Notes) remains outstanding immediately after the occurrence of any such
redemption (excluding Notes held by the Company or its Subsidiaries) and that any such redemption occurs within 120 days following the closing of any such Qualified Equity Offering. Notice of any redemption using the proceeds of a Qualified
Equity Offering may, at the Company’s direction, be subject to one or more conditions precedent, including completion of the related Qualified Equity Offering. 
 (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

Section 3.08 Mandatory Redemption. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
 ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Principal, Premium and Interest. 
 The Company covenants and agrees that it will duly and punctually pay the principal of (and premium, if any) and interest on the Notes in accordance with the terms of the Notes and this Indenture.

 Section 4.02 Maintenance of Office or Agency. 

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

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

  
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 Section 4.03 Provision of Financial Information. 

(a) Whether or not required by the Commission, so long as any Notes are outstanding, the Company will furnish to the Holders of Notes and
the Trustee (including by posting on the Company’s website within one business day or filing electronically with the Commission through the Commission’s Electronic Data Gathering, Analysis and Retrieval System (or any successor system)),
within the time periods specified in the Commission’s rules and regulations (including any grace periods or extensions permitted by the Commission): 
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Company were required to file such Forms,
including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified
independent accountants; and 
 (2) all current reports that would be required to be filed (as opposed to
furnished) with the Commission on Form 8-K if the Company were required to file such reports. 
 (b) In addition, whether or not
required by the Commission, the Company will file a copy of all of the information and reports referred to in clauses (1) and (2) of Section 4.03(a) hereof with the Commission for public availability within the time periods specified
in the Commission’s rules and regulations, including any grace periods or extensions permitted by the Commission (unless the Commission will not accept such a filing), or otherwise make such information available to prospective investors. In
addition, for so long as any Notes remain outstanding, the Company and the Guarantors will furnish to the Holders and to prospective investors, upon their request, the information, if any, required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act. 
 (c) The Trustee shall have no obligation whatsoever to determine whether or not such information,
documents or reports have been filed pursuant to the “EDGAR” system or its successor. 
 (d) Delivery of such reports,
information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 
 Section 4.04 Corporate Existence. 
 Subject to Article 5 hereof, the Company
will do or cause to be done all things necessary to preserve and keep in full force and effect its existence as a corporation. 

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

(a) If the Company shall at any time act as its own Paying Agent with respect to the Notes, it will, on or before each Maturity Date or
Interest Payment Date on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of its action or failure so to act. 
 (b) Whenever the Company shall have a Paying Agent for the Notes, it will, prior to 11:00 a.m., New York City time, on each Maturity Date or Interest Payment Date on the Notes, deposit with the Paying
Agent in immediately available funds a sum sufficient to pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal, premium or interest, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee in writing of its action or failure so to act. 

  
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 (c) The Company will cause the Paying Agent, other than the Trustee, to execute and deliver
to the Trustee an instrument in which the Paying Agent shall agree with the Trustee, subject to the provisions of this Section 4.05, that the Paying Agent will: 

(1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest on the Notes in trust
for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 
 (2) give the Trustee written notice of any default by the Company (or any other obligor upon the Notes) in the making of any payment of principal (and premium, if any) or interest on the Notes; and

 (3) at any time during the continuance of any such default, upon the written request of the Trustee, forthwith
pay to the Trustee all sums so held in trust by the Paying Agent. 
 (d) The Company may at any time, for the purpose of
obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct the Paying Agent to pay, to the Trustee all sums held in trust by the Company or the Paying Agent, such sums to be held by the
Trustee upon the same trusts as those upon which such sums were held by the Company or the Paying Agent; and, upon such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to such
money. 
 (e) Any money deposited with the Trustee or the Paying Agent, or then held by the Company, in trust for the payment of
the principal of (and premium, if any) or interest on the Notes and remaining unclaimed for three years after such principal (and premium, if any) or interest has become due and payable shall be paid to the Company on Company Order, or (if then held
by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of the Trustee or the Paying Agent with respect to
such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or the Paying Agent, before being required to make any such repayment, shall at the expense of the
Company cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in New York, New York, notice that such money remains unclaimed and that, after a date
specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 
 Section 4.06 Payment of Taxes and Other Claims. 
 The Company will pay, and
shall cause each of its Restricted Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies, except such as are contested in good faith and by appropriate negotiations or proceedings or where the failure to
effect such payment is not adverse in any material respect to the Holders of the Notes. 
 Section 4.07 Limitation on
Restricted Payments. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, make any Restricted Payment unless, at the time of and after giving effect to the proposed Restricted Payment: 
 (1) no Default or Event of Default shall have occurred and be continuing; 
 (2) after giving effect to such Restricted Payment on a pro forma basis, the Company would be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to
Section 4.09(a) hereof; and 
 (3) after giving effect to such Restricted Payment on a pro forma
basis, the aggregate amount expended or declared for all Restricted Payments made on or after the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (7), (8), (10), (11), (12), (13) and (14) of
Section 4.07(b) hereof shall not exceed the sum (without duplication) of: 

  
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 (A) 50% of the Consolidated Net Income (or, if Consolidated Net Income shall
be a deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis during the period (taken as one accounting period) from the beginning of the first full fiscal quarter during which the Issue Date occurs and ending on the last
day of the fiscal quarter for which internal financial statements are available at the time of such proposed Restricted Payment, plus 
 (B) 100% of the aggregate net proceeds (including the Fair Market Value of property other than cash) received by the Company subsequent to the Issue Date either (i) as a contribution to its common
equity capital or (ii) from the issuance and sale (other than to a Subsidiary) of its Qualified Capital Interests, including Qualified Capital Interests issued upon the conversion of Debt or Redeemable Capital Interests of the Company, and from
the exercise of options, warrants or other rights to purchase such Qualified Capital Interests (other than, in each case, Capital Interests or Debt sold to a Subsidiary of the Company), plus 

(C) 100% of the net reduction in Investments (other than Permitted Investments), subsequent to the Issue Date, in any
Person, resulting from (i) payments of interest on Debt, dividends, repayments of loans or advances, or any sale or disposition of such Investments (but only to the extent such items are not included in the calculation of Consolidated Net
Income), in each case to the Company or any Subsidiary from any Person, or (ii) the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, not to exceed in the case of any Person the amount of Investments previously made by the
Company or any Restricted Subsidiary in such Person subsequent to the Issue Date. 
 (b) Notwithstanding Section 4.07(a)
hereof, the Company and its Restricted Subsidiaries may take the following actions; provided that, in the case of clauses (4) and (10) of this Section 4.07(b), immediately after giving effect to such action, no Default or Event
of Default has occurred and is continuing: 
 (1) the payment of any dividend on Capital Interests in the Company
or any of its Restricted Subsidiaries or the consummation or any irrevocable redemption within 90 days after declaration of such dividend or the giving of the redemption notice, as the case may be, if at such date payment was permitted by
Section 4.07(a) hereof; 
 (2) the purchase, repurchase, redemption, defeasance, acquisition or retirement
of any Capital Interests of the Company by conversion into, or by or in exchange for, Qualified Capital Interests, or out of net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Company) of Qualified
Capital Interests of the Company; 
 (3) the purchase, repurchase, redemption, defeasance, acquisition or
retirement for value of any Debt of the Company or a Guarantor that is subordinate in right of payment to the Notes or the applicable Note Guarantee by conversion into, or by or in exchange for, or out of the net cash proceeds of a substantially
concurrent issue and sale (other than to a Subsidiary of the Company) of (A) new subordinated Debt of the Company or such Guarantor, as the case may be, Incurred in accordance with this Indenture or (B) Qualified Capital Interests of the
Company; 
 (4) the purchase, redemption, retirement or other acquisition for value of Capital Interests in the
Company held by directors, former directors, employees or former employees of the Company or any Subsidiary (or their estates or beneficiaries under their estates) upon death, disability, retirement or termination of employment or of their seat on
the board of directors of the Company or alteration of employment status or pursuant to the terms of any agreement under which such Capital Interests were issued; provided that the aggregate cash consideration paid for such purchase,
redemption, retirement or other acquisition of such Capital Interests does not exceed $7.5 million in any calendar year; provided, however, that such amount in any calendar year may be increased by an amount not to exceed
(A) the cash proceeds received by the Company or any of its Restricted Subsidiaries from the sale of Qualified Capital Interests of the Company to employees of the Company and its Restricted Subsidiaries that occurs after the Issue Date;
provided, however, 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 4.07(a)(3) hereof;
plus (B) the cash proceeds of key man life insurance policies received by the Company and its Restricted Subsidiaries after the Issue Date (provided, however, that the Company may elect to apply all or any portion of the
aggregate increase contemplated by the proviso of this clause (4) in any calendar year and, to the extent any payment described under this clause (4) is made by delivery of Debt and not in cash, such payment shall

  
 47 

 
be deemed to occur only when, and to the extent, the obligor on such Debt makes payments with respect to such Debt); 

(5) the repurchase of Capital Interests deemed to occur upon (A) (i) the exercise of stock options, warrants or other
convertible or exchangeable securities or (ii) the grant, award, vesting or distribution to employees or directors of Capital Interests, in each case, if such Capital Interests represent all or a portion of the exercise price thereof or
(B) the withholding of a portion of such Capital Interests to pay for the taxes payable by such Person on account of such grant or award; 
 (6) the extension of credit that constitutes intercompany Debt, the Incurrence of which was permitted pursuant to Section 4.09 hereof; 

(7) cash payment, in lieu of issuance of fractional shares in connection with the exercise of warrants, options, equity
derivatives or other securities convertible into or exchangeable for the Capital Interests of the Company or any of its Restricted Subsidiaries or in connection with any merger, consolidation, amalgamation or other combination involving the Company;

 (8) the declaration and payment of dividends to holders of any class or series of Redeemable Capital Interests
of the Company or any Restricted Subsidiary issued or Incurred in compliance with Section 4.09 hereof to the extent such dividends are included in the definition of Consolidated Fixed Charges of the Company; 

(9) the repurchase, redemption, defeasance or other acquisition or retirement for value of any subordinated Debt in
accordance with provisions substantially similar to those described in Sections 4.10 and 4.13 hereof; provided that all Notes tendered by Holders in connection with a Change of Control Offer or Asset Sale Offer, as applicable, have been
repurchased, redeemed or acquired for value; 
 (10) the making of any Restricted Payments if, at the time of the
making of such payments, and after giving effect thereto (including, without limitation, the Incurrence of any Debt to finance such payment), the Consolidated Total Leverage Ratio of the Company would not exceed 3.00 to 1.00; 

(11) payments or distributions to stockholders of the Company pursuant to appraisal rights required under applicable law
in connection with any consolidation, merger or transfer of assets that complies with the covenant described in Section 5.01 hereof; 
 (12) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value of any Debt of the Company or a Guarantor that is subordinate in right of payment to the Notes or the
applicable Note Guarantee as a result of the conversion or exchange of such Debt into Qualified Capital Interests of the Company including the making of cash payments in lieu of fractional shares; 

(13) the purchase, repurchase, redemption, acquisition or retirement for nominal value of common stock or preferred stock
purchase rights, in each case issued in connection with any shareholder rights plan that may be adopted by the Company; and 
 (14) the making of any other Restricted Payments not in excess of $75 million in the aggregate. 
 (c) If the Company makes a Restricted Payment which, at the time of the making of such Restricted Payment, in the good faith determination of the Company, would be permitted under the requirements of this
Indenture, such Restricted Payment shall be deemed to have been made in compliance with this Indenture notwithstanding any subsequent adjustment made in good faith to the Company’s financial statements affecting its Consolidated Net Income.

 (d) If any Person in which an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter
becomes a Restricted Subsidiary in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted Payments for purposes of calculating the aggregate

  
 48 

 
amount of Restricted Payments pursuant to Section 4.07(a)(3) hereof, in each case to the extent such Investments would otherwise be so counted. 

(e) For purposes of this Section 4.07, if a particular Restricted Payment involves a non-cash payment, including a distribution of
assets, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment, if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment. 

Section 4.08 Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, cause or suffer to exist or
become effective or enter into any encumbrance or restriction on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital Interests owned by the Company or any other Restricted Subsidiary or
pay any Debt or other obligation owed to the Company or any other Restricted Subsidiary, (ii) make loans or advances to the Company or any other Restricted Subsidiary or (iii) sell, lease or transfer any of its property or assets to the
Company or any of its other Restricted Subsidiaries. 
 (b) Section 4.08(a) hereof shall not apply to the following
encumbrances or restrictions existing under or by reason of: 
 (1) any encumbrance or restriction in existence
on the Issue Date, including those required by the Credit Agreement and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements, refinancings thereof; provided that the amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings, in the good faith judgment of the Company, are not materially more restrictive, taken as a whole, with respect to such dividend or other payment
restrictions than those contained in these agreements on the Issue Date or refinancings thereof; 
 (2) any
encumbrance or restriction pursuant to an agreement relating to an acquisition of property, so long as the encumbrances or restrictions in any such agreement relate solely to the property so acquired (and are not or were not created in anticipation
of or in connection with the acquisition thereof); 
 (3) any encumbrance or restriction which exists with
respect to a Person that becomes a Restricted Subsidiary or merges with or into a Restricted Subsidiary of the Company on or after the Issue Date, which is in existence at the time such Person becomes a Restricted Subsidiary, but not created in
connection with or in anticipation of such Person becoming a Restricted Subsidiary, and which is not applicable to any Person or the property or assets of any Person other than such Person or the property or assets of such Person becoming a
Restricted Subsidiary; 
 (4) any encumbrance or restriction pursuant to an agreement effecting a permitted
renewal, refunding, replacement, refinancing or extension of Debt issued pursuant to an agreement containing any encumbrance or restriction referred to in clauses (1) through (3) of this Section 4.08(b), so long as the encumbrances
and restrictions contained in any such refinancing agreement are, on the whole, no less favorable in any material respect to the Holders than the encumbrances and restrictions contained in the agreements governing the Debt being renewed, refunded,
replaced, refinanced or extended in the good faith judgment of the Company; 
 (5) customary provisions
restricting subletting or assignment of any lease, contract, or license of the Company or any Restricted Subsidiary or provisions in agreements that restrict the assignment of such agreement or any rights thereunder; 

(6) any encumbrance or restriction by reason of applicable law, rule, regulation or order; 

(7) any encumbrance or restriction under this Indenture, the Notes and the Note Guarantees; 

  
 49 

 (8) any encumbrance or restriction under the sale of assets or Capital
Interests, including, without limitation, any agreement for the sale or other disposition of a Subsidiary that restricts distributions by that Subsidiary, pending its sale or other disposition; 

(9) restrictions on cash and other deposits or net worth imposed by customers under contracts entered into the ordinary
course of business; 
 (10) customary provisions with respect to the disposition or distribution of assets or
property in Joint Venture agreements, partnership agreements, asset sale agreements, stock sale agreements, sale leaseback agreements and other similar agreements; 

(11) any instrument governing Debt or Capital Interests of a Person acquired by the Company or any of its Restricted
Subsidiaries as in effect at the time of such acquisition (except to the extent such Debt or Capital Interests was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any
Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided that, in the case of Debt, such Debt was permitted by the terms of this Indenture to be incurred;

 (12) purchase money obligations (including Capital Lease Obligations) for property acquired in the ordinary
course of business that impose restrictions on that property so acquired of the nature described in clause (iii) of Section 4.08(a) hereof; 
 (13) Liens securing Debt otherwise permitted to be incurred under this Indenture, including the provisions of Section 4.12 hereof that limit the right of the debtor to dispose of the assets subject
to such Liens; and 
 (14) any other agreement governing Debt entered into after the Issue Date that contains
encumbrances and restrictions that are not materially more restrictive, taken as a whole, with respect to any Restricted Subsidiary than those in effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on
the Issue Date. 
 (c) Nothing contained in this Section 4.08 shall prevent the Company or any Restricted Subsidiary from
(i) creating, incurring, assuming or suffering to exist any Liens otherwise permitted by Section 4.12 hereof or (ii) restricting the sale or other disposition of property or assets of the Company or any of its Restricted Subsidiaries
that secure Debt of the Company or any of its Restricted Subsidiaries Incurred in accordance with Sections 4.09 and 4.12 hereof. 
 Section 4.09 Limitation on Incurrence of Debt. 
 (a) The Company will not,
and will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt); provided that the Company and any Restricted Subsidiary may Incur Debt (including Acquired Debt), if, immediately after giving effect to the
Incurrence of such Debt and the receipt and application of the proceeds therefrom, (i) the Consolidated Fixed Charge Coverage Ratio of the Company and its Restricted Subsidiaries, determined on a pro forma basis as if any such Debt
(including any other Debt being Incurred contemporaneously), and any other Debt Incurred since the beginning of the Four Quarter Period had been Incurred and the proceeds thereof had been applied at the beginning of the Four Quarter Period, and any
other Debt repaid since the beginning of the Four Quarter Period had been repaid at the beginning of the Four Quarter Period, would be greater than 2.0:1.0 and (ii) no Default or Event of Default shall have occurred and be continuing at the
time or as a consequence of the Incurrence of such Debt. 
 (b) If, during the Four Quarter Period or subsequent thereto and
prior to the date of determination, the Company or any of its Restricted Subsidiaries shall have engaged in any Asset Sale or Asset Acquisition, Investments, mergers, consolidations, discontinued operations (as determined in accordance with GAAP) or
shall have designated any Restricted Subsidiary to be an Unrestricted Subsidiary or any Unrestricted Subsidiary to be a Restricted Subsidiary, Consolidated Cash Flow Available for Fixed Charges and Consolidated Interest Expense for the Four Quarter
Period shall be calculated on a pro forma basis giving effect to such Asset Sale or Asset 

  
 50 

 
Acquisition, Investments, mergers, consolidations, discontinued operations or designation, as the case may be, and the application of any proceeds therefrom as if such Asset Sale or Asset
Acquisition or designation had occurred on the first day of the Four Quarter Period. 
 (c) If the Debt which is the subject of
a determination under this provision is Acquired Debt, or Debt Incurred in connection with the simultaneous acquisition of any Person, business, property or assets, or Debt of an Unrestricted Subsidiary being designated as a Restricted Subsidiary,
then such ratio shall be determined by giving effect (on a pro forma basis, as if the transaction had occurred at the beginning of the Four Quarter Period) to (i) the Incurrence of such Acquired Debt or such other Debt by the Company or
any of its Restricted Subsidiaries and (ii) the inclusion, in the Company’s Consolidated Cash Flow Available for Fixed Charges, of the Consolidated Cash Flow Available for Fixed Charges of the acquired Person, business, property or assets
or redesignated Subsidiary. 
 (d) Notwithstanding the provisions of Section 4.09(a) hereof, the Company and its Restricted
Subsidiaries may Incur Permitted Debt. 
 (e) For purposes of determining any particular amount of Debt under this
Section 4.09, (i) Debt Incurred and outstanding under the Credit Agreement on the Issue Date shall at all times be treated as Incurred pursuant to clause (1) of the definition of “Permitted Debt” and (ii) Guarantees or
obligations with respect to letters of credit supporting Debt otherwise included in the determination of such particular amount shall not be included. For purposes of determining compliance with this Section 4.09, in the event that an item of
Debt meets the criteria of more than one of the types of Debt described above, including categories of Permitted Debt and under clause (i) of Section 4.09(a) hereof, the Company, in its sole discretion, may classify, and from time to time
may reclassify, all or any portion of such item of Debt in any manner such that the item of Debt would be permitted to be incurred at the time of such classification or reclassification, as applicable. 

(f) The accrual of interest, the accretion or amortization of original issue discount and the payment of interest or Debt in the form of
additional Debt or payment of dividends on Capital Interests in the form of additional shares of Capital Interests with the same terms will not be deemed to be an Incurrence of Debt or issuance of Capital Interests for purposes of this
Section 4.09. 
 (g) For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Debt, the U.S. dollar-equivalent principal amount of Debt denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Debt was incurred. Notwithstanding
any other provision of this Section 4.09, the maximum amount of Debt that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange
rates or currency values. 
 (h) The Company and any Guarantor will not Incur any Debt that pursuant to its terms is subordinate
or junior in right of payment to any Debt of the Company or such Guarantor unless such Debt is also subordinated in right of payment to the Notes and the Note Guarantees to the same extent; provided that Debt will not be considered
subordinate or junior in right of payment to any other Debt solely by virtue of being unsecured or secured to a greater or lesser extent or with greater or lower priority or by virtue of structural subordination. 

Section 4.10 Limitation on Asset Sales. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate, directly or indirectly, an Asset Sale, unless: 

(1) the Company or such Restricted Subsidiary, as the case may be, receives consideration at the time of such Asset Sale
at least equal to the Fair Market Value of the assets sold or otherwise disposed of; and 
 (2) except in
the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary, as the case may be, is in the form of cash or Eligible Cash Equivalents; provided that the amount of:

  
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 (A) any liabilities (as reflected in the Company’s or such Restricted
Subsidiary’s most recent balance sheet or in the footnotes thereto, or if Incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been shown on the Company’s or such Restricted Subsidiary’s
balance sheet or in the footnotes thereto if such Incurrence or accrual had taken place on the date of such balance sheet, as determined by the Company) of the Company or such Restricted Subsidiary, other than liabilities that are by their terms
subordinated to the Notes, that are assumed by the transferee of any such assets and for which the Company and all of its Restricted Subsidiaries have been validly released by all creditors in writing, 

(B) any securities, notes or other obligations or assets received by the Company or such Restricted Subsidiary from such
transferee that are converted by the Company or such Restricted Subsidiary into cash or Eligible Cash Equivalents (to the extent of the cash or Eligible Cash Equivalents received) within 180 days following the closing of such Asset
Sale, and 
 (C) any Designated Non-cash Consideration received by the Company or such Restricted Subsidiary
in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (C) that is at that time outstanding, no greater than the greater of (i) 3% of Total
Assets at the time of the receipt of such Designated Non-cash Consideration and (ii) $60 million, 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 for purposes of this provision and for no other purpose. 
 (b) Within
365 days after the receipt of any Net Proceeds of any Asset Sale, the Company or such Restricted Subsidiary, at its option, may apply the Net Proceeds from such Asset Sale: 

(1) to permanently reduce: 
 (A) obligations under Credit Facilities, or under any other senior Debt which is secured Debt permitted by this Indenture (and, to the extent the obligations being reduced constitute revolving credit
obligations, to correspondingly reduce commitments with respect thereto; provided that such commitments shall not be required to be reduced below $200 million); or 

(B) Debt of a Restricted Subsidiary that is not a Guarantor, other than Debt owed to the Company or another Restricted
Subsidiary (or any affiliate thereof); 
 (2) to make any combination of (A) an Investment in any one or
more businesses; provided that if such business is not a Restricted Subsidiary such Investment is in the form of the acquisition of Capital Interests and results in the Company or any of its Restricted Subsidiaries, as the case may be, owning
an amount of the Capital Interests of such business such that it constitutes a Restricted Subsidiary, (B) an Investment in properties, (C) capital expenditures or (D) acquisitions of other assets, in each of (A) through (D), that
are used or useful in a Similar Business or replace the businesses, properties and/or assets that are the subject of such Asset Sale; provided that, in the case of this clause (b) of Section 4.10, a binding commitment shall be
treated as a permitted application of the Net Proceeds from the date of such commitment so long as the Company or such other Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to
satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”); provided, further, that if any Acceptable Commitment is later cancelled or terminated for any reason before such Net Proceeds are
applied, then, to the extent the 365-day period referred to in the first sentence of this paragraph has lapsed, such Net Proceeds shall constitute Excess Proceeds (as defined in clause (c) of this Section 4.10); or 

(3) a combination of prepayment and investment permitted by the foregoing clauses (1) and (2). 

(c) Any Net Proceeds from Asset Sales that are not invested or applied as provided and within the time period described in clause
(b) of this Section 4.10 will be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $30 million, the Company shall make an offer to all Holders of the Notes, and, if required
or permitted by the terms of senior Debt, to the holders of such senior Debt (an “Asset Sale Offer”), to purchase the maximum aggregate principal amount of the Notes and such senior Debt that is a minimum

  
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of $1,000 or 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, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. The Company will commence an Asset Sale Offer with respect to
Excess Proceeds within 25 Business Days after the date that Excess Proceeds exceed $30 million by mailing the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. 

(d) To the extent that the aggregate amount of Notes and any other senior Debt tendered pursuant to an Asset Sale Offer is less than the
Excess Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of Notes or the senior Debt surrendered by such holders
thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and the agent for such other senior Debt, as applicable, shall select such other senior Debt to be purchased by lot, pro rata or by any other method customarily
authorized by clearing systems (so long as authorized denomination results therefrom) based on the accreted value or principal amount of the Notes or such other senior Debt tendered. Upon completion of any such Asset Sale Offer, the amount of Excess
Proceeds shall be reset at zero. Additionally, the Company may, at its option, make an Asset Sale Offer using proceeds from any Asset Sale at any time after consummation of such Asset Sale; provided that such Asset Sale Offer shall be in an
aggregate amount of not less than $10 million. Upon consummation of such Asset Sale Offer, any Net Proceeds not required to be used to purchase Notes or such other senior Debt shall not be deemed Excess Proceeds. 

(e) Pending the final application of any Net Proceeds pursuant to this Section 4.10, the holder of such Net Proceeds may apply such
Net Proceeds temporarily to reduce Debt outstanding under a revolving credit facility or otherwise invest such Net Proceeds in any manner not prohibited by this Indenture. 
 (f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder 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 Company 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. 
 Section 4.11 Limitation on Affiliate Transactions. 
 (a) The Company will
not, and will not permit any of its Restricted Subsidiaries to, 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 or make or amend any
transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless: 

(1) the Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and 
 (2) the Company delivers to the Trustee: 
 (A) with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $15.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such
Affiliate Transaction complies with this Section 4.11 and that such Affiliate Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Company; and 

(B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $50.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, valuation, appraisal or investment banking firm of
national standing. 

  
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 (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of clause (a) of this Section 4.11: 
 (1) any employment or other
compensation arrangement or agreement, employee or compensation benefit plan, officer, employee, consultant or director indemnification agreement or any similar arrangement entered into by the Company or any of its Restricted Subsidiaries in the
ordinary course of business and payments pursuant thereto; 
 (2) transactions between or among the Company
and/or its Restricted Subsidiaries; 
 (3) transactions with a Person (other than an Unrestricted Subsidiary of
the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, a Capital Interest in, or controls, such Person; 

(4) payment of reasonable directors’ fees to Persons who are not otherwise Affiliates of the Company and the payment
of customary indemnification to directors, officers, employees and agents of the Company and its Restricted Subsidiaries; 
 (5) any issuance of Capital Interests (other than Redeemable Capital Interests) in the Company to Affiliates of the Company; 

(6) Restricted Payments that do not violate the provisions of Section 4.07 hereof and the definition of
“Permitted Investment” (other than clause (10) of the definition thereof); 
 (7) the grant of
stock options, restricted stock, stock appreciation rights, phantom stock awards or similar rights or equity interests to directors, officers, employees and consultants that are approved by the Board of Directors of the Company or any of its
Restricted Subsidiaries in the ordinary course of business; 
 (8) the existence of, or the performance by the
Company or any of its Restricted Subsidiaries under the terms of, any agreement or instrument as in effect on the Issue Date or any amendment thereto (so long as any such agreement or instrument 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 or instrument as in effect on the Issue Date) or any transaction contemplated thereby; 

(9) contributions to the capital of Subsidiaries to the extent necessary to comply with laws or regulations mandating
solvency or minimum capitalization; 
 (10) transactions effected as part of any Permitted Securitization
Transaction; and 
 (11) any contribution to the capital of the Company. 

Section 4.12 Limitation on Liens. 
 The Company will not, and will not permit any of its Restricted Subsidiaries, directly or indirectly, to enter into, create, incur, assume or suffer to exist any Liens of any kind (other than Permitted
Liens), on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom, which Liens secure Debt, without securing the Notes and all other amounts due under this
Indenture equally and ratably with (or prior to) the Debt secured by such Lien until such time as such Debt is no longer secured by such Lien (at which time such Lien shall be automatically and unconditionally released and discharged);
provided that if the Debt so secured is subordinated by its terms to the Notes or a Note Guarantee, the Lien securing such Debt will also be so subordinated by its terms to the Notes and the Note Guarantees at least to the same extent.

  
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 Section 4.13 Purchase of Notes Upon a Change of Control. 

(a) If a Change of Control occurs with respect to the Notes, unless the Company has previously or concurrently mailed a redemption notice
with respect to all the outstanding Notes pursuant to Section 3.07 hereof, the Company will make a written offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a Change of
Control Purchase Price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, subject to the right of Holders of record on the relevant Record Date
to receive interest due on the relevant Interest Payment Date. 
 (b) The Change of Control Offer will be sent by the Company,
in the case of Global Notes, through the facilities of DTC, and, in the case of Physical Notes, by first-class mail, postage prepaid, to each Holder at his address appearing in the security register on the date of the Change of Control Offer,
offering to purchase up to the aggregate principal amount of Notes set forth in such Change of Control Offer at the purchase price set forth in such Change of Control Offer (as determined pursuant to this Indenture). Unless otherwise required by
applicable law, the Change of Control Offer shall specify an expiration date (the “Change of Control Expiration Date”) which shall be, subject to any contrary requirements of applicable law, not less than 30 days or more than
60 days after the date of mailing of such Change of Control Offer and a settlement date (the “Change of Control Payment Date”) for purchase of Notes within five Business Days after the Change of Control Expiration Date. The
Company shall notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee), in the case of Global Notes, through the facilities of DTC, and, in the case of Physical Notes, prior to the mailing of the Change of
Control Offer of the Company’s obligation to make a Change of Control Offer, and the Change of Control Offer shall be mailed by the Company or, at the Company’s written request, by the Trustee in the name and at the expense of the Company.
The Change of Control Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer. The Change of Control Offer shall also state: 

(1) the Section of this Indenture pursuant to which the Change of Control Offer is being made; 

(2) the Change of Control Expiration Date and the Change of Control Payment Date; 

(3) the aggregate principal amount of the outstanding Notes offered to be purchased pursuant to the Change of Control
Offer (the “Change of Control Purchase Amount”); 
 (4) the purchase price to be paid by the
Company for each $1,000 principal amount of Notes accepted for payment (as specified pursuant to this Indenture) (the “Change of Control Purchase Price”); 

(5) that the Holder may tender all or any portion of the Notes registered in the name of such Holder and that any portion
of a Note tendered must be tendered in a minimum principal amount of $1,000 (and integral multiples of $1,000 in excess thereof); 
 (6) the place or places where Notes are to be surrendered for tender pursuant to the Change of Control Offer, if applicable; 

(7) that, unless the Company defaults in making such purchase, any Note accepted for purchase pursuant to the Change of
Control Offer will cease to accrue interest on and after the Change of Control Payment Date, but that any Note not tendered or tendered but not purchased by the Company pursuant to the Change of Control Offer will continue to accrue interest at the
same rate; 
 (8) that, on the Change of Control Payment Date, the Change of Control Purchase Price will become
due and payable upon each Note accepted for payment pursuant to the Change of Control Offer; 
 (9) that each
Holder electing to tender a Note pursuant to the Change of Control Offer will be required to surrender such Note or cause such Note to be surrendered at the place or places set forth in the Change of Control Offer prior to the close of business on
the Change of Control Expiration Date (such Note being, if the Company or 

  
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the Trustee so requires, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or his
attorney duly authorized in writing); 
 (10) that Holders will be entitled to withdraw all or any portion of
Notes tendered if the Company (or its paying agent) receives, not later than the close of business on the Change of Control Expiration Date, a facsimile transmission or letter setting forth the name of the Holder, the aggregate principal amount of
the Notes the Holder tendered, the certificate numbers of the Notes the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender; 

(11) that if Notes having an aggregate principal amount less than or equal to the Change of Control Purchase Amount are
duly tendered and not withdrawn pursuant to the Change of Control Offer, the Company shall purchase all such Notes; and 
 (12) if applicable, that, in the case of any Holder whose Note is purchased only in part, the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Note without
service charge, a new Note or Notes, of any authorized denomination as requested by such Holder, in the aggregate principal amount equal to and in exchange for the unpurchased portion of the aggregate principal amount of the Notes so tendered.

 (c) A Change of Control Offer shall be deemed to have been made by the Company with respect to the Notes if (i) within
60 days following the date of the consummation of a transaction or series of transactions that constitutes a Change of Control, the Company commences a Change of Control Offer for all outstanding Notes at the Change of Control Purchase Price
(provided that the running of such 60-day period shall be suspended, for up to a maximum of 30 days, during any period when the commencement of such Change of Control Offer is delayed or suspended by reason of any court’s or governmental
authority’s review of or ruling on any materials being employed by the Company to effect such Change of Control Offer, so long as the Company has used and continues to use its commercially reasonable efforts to make and conclude such Change of
Control Offer promptly) and (ii) all Notes properly tendered pursuant to the Change of Control Offer are purchased on the terms of such Change of Control Offer. 
 (d) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable
in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Company 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. 
 (e) The Company will not be required to make a Change of Control Offer with respect to the Notes upon a Change of Control if (i) a third party makes such Change of Control Offer contemporaneously
with or upon a Change of Control in the manner, at the times and otherwise in compliance with the requirements of this Indenture and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (ii) a notice of
redemption has been given pursuant to Section 3.07 hereof. 
 (f) A Change of Control Offer may be made in advance of a
Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of launching the Change of Control Offer. 

(g) On the Change of Control Payment Date, the Company will, to the extent permitted by law: 

(1) accept for payment all Notes issued by it or portions thereof properly tendered pursuant to the Change of Control
Offer; 
 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Purchase Price in
respect of all Notes or portions thereof so tendered; and 

  
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 (3) deliver, or cause to be delivered, to the Trustee for cancellation of
the Notes so accepted together with an Officers’ Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Company. 

Section 4.14 Additional Note Guarantees. 
 The Company will cause each of its Domestic Restricted Subsidiaries that Incurs any Debt pursuant to clause (1) of the definition of “Permitted Debt” after the Issue Date to enter into a
Supplemental Indenture pursuant to which such Domestic Restricted Subsidiary shall agree to guarantee the Notes. If any Guarantor ceases to be a Domestic Restricted Subsidiary, such Guarantor’s obligations under the Note Guarantees will be
released. 
 Section 4.15 Limitations on Creation of Unrestricted Subsidiaries. 

(a) The Company may designate any Subsidiary of the Company to be an “Unrestricted Subsidiary” as provided below, in which
event such Subsidiary and each other Person that is then or thereafter becomes a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary. 
 (b) The Company may designate any Subsidiary to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Interests in, or owns or holds any Lien on any property of, any other Restricted
Subsidiary of the Company, provided that either: 
 (1) the Subsidiary to be so designated has Total
Assets of $1,000 or less; or 
 (2) the Company could make a Restricted Payment at the time of designation
in an amount equal to the greater of the Fair Market Value or book value of such Subsidiary pursuant to Section 4.07 hereof and such amount is thereafter treated as a Restricted Payment for the purpose of calculating the amount available for
Restricted Payments thereunder. 
 (c) An Unrestricted Subsidiary may be designated as a Restricted Subsidiary if (i) all
the Debt of such Unrestricted Subsidiary could be Incurred under Section 4.09 hereof and (ii) all the Liens on the property and assets of such Unrestricted Subsidiary could be incurred pursuant to Section 4.12 hereof. 

Section 4.16 Covenant Termination Event. 
 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 (the
occurrence of the events described in the foregoing clauses (i) and (ii) being collectively referred to as a “Covenant Termination Event”), then commencing on such date and at all times thereafter regardless of any
subsequent change in the ratings of the Notes, the Company and its Restricted Subsidiaries will not be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11 and 4.15 hereof. 
 Section 4.17 Compliance Certificate. 
 (a) The Company and each Guarantor
shall deliver to the Trustee, within 120 days after the end of each fiscal year, a certificate of the principal executive officer, principal financial officer or principal accounting officer stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing officer with a view to determining whether the Company has complied in all material respects with all conditions and covenants under this Indenture
(such compliance to be determined without regard to any period of grace or requirement of notice provided under this Indenture). 
 (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee, reasonably promptly after the principal executive officer, the principal financial officer, the principal
accounting officer, any corporate executive vice president or the treasurer of the Company becomes aware that a Default or Event of Default has occurred and is continuing, an Officers’ Certificate specifying such Default or Event of Default and
what action the Company is taking or proposes to take with respect thereto. 

  
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 Section 4.18 Stay, Extension and Usury Laws. 

Each of the Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and
each of the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 
 ARTICLE 5 
 SUCCESSORS 

Section 5.01 Consolidation, Merger and Sale of Assets. 
 (a) The Company will not in any transaction or series of transactions, consolidate with or merge into any other Person (other than a merger of a Subsidiary into the Company in which the Company is the
continuing Person or the merger of a Restricted Subsidiary into or with another Restricted Subsidiary or another Person that as a result of such transaction becomes or merges into a Restricted Subsidiary), or sell, assign, convey, transfer, lease or
otherwise dispose of all or substantially all of the assets of the Company and its Restricted Subsidiaries, taken as a whole, to any other Person, unless: 
 (1) either: 
 (A) the Company shall be the continuing Person; or

 (B) the Person (if other than the Company) formed by such consolidation or into which the Company is merged,
or the Person that acquires, by sale, assignment, conveyance, transfer, lease or other disposition, all or substantially all of the property and assets of the Company and its Restricted Subsidiaries, taken as a whole (such Person, the
“Surviving Entity”), (i) shall be a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the United States, any political subdivision thereof or any state
thereof or the District of Columbia and (ii) shall expressly assume, by a Supplemental Indenture, the due and punctual payment of all amounts due in respect of the principal of (and premium, if any) and interest on all the Notes and the
performance of the covenants and obligations of the Company under this Indenture; provided that at any time the Company or the Surviving Entity is not a corporation, there shall be a co-issuer of the Notes that is a corporation; 

(2) immediately after giving effect to such transaction or series of transactions on a pro forma basis (including,
without limitation, any Debt Incurred or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall have occurred and be continuing; and 

(3) the Company delivers, or causes to be delivered, to the Trustee, in form satisfactory to the Trustee, an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, assignment, transfer, lease or other disposition complies with the requirements of this Indenture and that such supplemental
indenture constitutes the legal, valid and binding obligation of the Surviving Entity subject to customary exceptions. 
 (b)
Notwithstanding the foregoing, failure to satisfy the requirements of clause (2) of Section 5.01(a) hereof will not prohibit: 
 (1) a merger between the Company and a Restricted Subsidiary that is a wholly owned Subsidiary of the Company or a sale, assignment, conveyance, transfer, lease or other disposition of all or
substantially all of the assets of the Company and its Restricted Subsidiaries, taken as a whole, to a Restricted Subsidiary that is a wholly owned Subsidiary of the Company; or 

  
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 (2) a merger between the Company and an Affiliate incorporated solely for
the purpose of converting the Company into a corporation organized under the laws of the United States or any political subdivision or state thereof; so long as, in each case, the amount of Debt of the Company and its Restricted Subsidiaries is not
increased thereby. 
 (c) For all purposes of this Indenture and the Notes, Subsidiaries of any Surviving Entity will, upon such
transaction or series of transactions, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture and all Debt, and all Liens on property or assets, of the Surviving Entity and its Subsidiaries that was not
Debt, or were not Liens on property or assets, of the Company and its Subsidiaries immediately prior to such transaction or series of transactions shall be deemed to have been Incurred upon such transaction or series of transactions. 

(d) Upon any transaction or series of transactions that are of the type described in, and are effected in accordance with, conditions
described in clauses (a), (b) and (c) of this Section 5.01, the Surviving Entity shall succeed to, and be substituted for, and may exercise every right and power of, the Company, under this Indenture with the same effect as if such
Surviving Entity had been named as the Company therein; and when a surviving Person duly assumes all of the obligations and covenants of the Company pursuant to this Indenture and the Notes, except in the case of a lease, the predecessor Person
shall be relieved of all such obligations. 
 (e) Each Guarantor (other than any Guarantor whose Guarantee is to be released in
accordance with the terms of the Note Guarantee and this Indenture in connection with any transaction complying with the provisions of Section 4.10 hereof) will not, and the Company will not cause or permit any Guarantor to, consolidate with or
merge with or into any Person other than the Company or any other Guarantor unless: 
 (1) the entity formed by
or surviving any such consolidation or merger (if other than the Guarantor) or to which such sale, lease, conveyance or other disposition shall have been made is a corporation organized and existing under the laws of the United States or any State
thereof or the District or Columbia; 
 (2) such entity assumes by Supplemental Indenture all of the obligations
of the Guarantor on the Note Guarantee; and 
 (3) immediately after giving effect to such transaction, no
Default or Event of Default shall have occurred and be continuing. 
 (f) Any merger or consolidation of a Guarantor with and
into the Company (with the Company being the surviving entity) or another Restricted Subsidiary of the Company that is a Guarantor need only comply with Section 5.01(a)(3) hereof. 

ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01 Events of Default. 
 Each of the following is an
“Event of Default” under this Indenture: 
 (1) default in the payment in respect of the
principal of (or premium, if any, on) any Note when due and payable (whether at Stated Maturity or upon repurchase, acceleration, optional redemption or otherwise); 

(2) default in the payment of any interest (including any Additional Interest) upon any Note when it becomes due and
payable, and continuance of such default for a period of 30 days; 
 (3) except as permitted by this
Indenture, any Note Guarantee of any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) shall for any reason cease to be, or it shall be asserted by any Guarantor or the
Company not to be, in full force and effect and enforceable in accordance with its terms; 

  
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 (4) default in the performance, or breach, of any other covenant or
agreement of the Company or any Guarantor in this Indenture (other than a covenant or agreement a default in whose performance or whose breach is specifically dealt with in clauses (1), (2) or (3) of this Section 6.01), and
continuance of such default or breach for a period of 60 days after written notice thereof (or 180 days in the case of such a default or breach under Section 4.03 hereof) has been given to the Company by the Trustee or to the Company and
the Trustee by the Holders of at least 25% in aggregate principal amount of the outstanding Notes; 
 (5) the
failure to pay at final maturity (giving effect to any applicable grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company (other than the Notes), or the
acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the
aggregate principal amount of such Indebtedness, together with the principal amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been accelerated (in each case with respect to which the
30-day period described above has elapsed), aggregates $50 million or more at any time; 
 (6) the entry against
the Company or any Restricted Subsidiary that is a Significant Subsidiary of a final judgment or final judgments (to the extent not covered by independent third party insurance as to which the insurer does not dispute coverage) for the payment of
money in an aggregate amount in excess of $50 million, by a court or courts of competent jurisdiction, which judgments remain undischarged, unwaived, unstayed, unbonded or unsatisfied for a period of 60 consecutive days after such judgment or
judgments become final and nonappealable; 
 (7) the Company or any Significant Subsidiary (or any group of
Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary): 
 (A) commences a
voluntary insolvency proceeding; 
 (B) consents to the entry of an order for relief against it in an involuntary
insolvency proceeding or consents to its dissolution or winding up; 
 (C) consents to the appointment of a
Custodian of it or for any substantial part of its property; 
 (D) makes a general assignment for the benefit of
its creditors; 
 (E) an admission by the Company in writing of its inability to pay its debts as they become
due; or 
 (F) takes any comparable action under any foreign laws relating to insolvency; 

provided, however, for the avoidance of doubt, that the dissolution or liquidation of any Restricted Subsidiary the Company or into another
Restricted Subsidiary, other than as part of a credit reorganization, shall not constitute an Event of Default under this Section 6.01(7); and 
 (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
 (A) is for relief against the Company or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) in an involuntary insolvency
proceeding; 
 (B) appoints a Custodian of the Company or any Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken together, would constitute a Significant Subsidiary) or for any substantial part of their property; 

  
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 (C) orders the winding-up, liquidation or dissolution of the Company or any
Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary); or 
 (D) orders the presentation of any plan or arrangement, compromise or reorganization of the Company or any Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would
constitute a Significant Subsidiary); 
 and in each such case the order or decree remains undischarged, unstayed
and in effect for 60 days. 
 The foregoing will constitute Events of Default whatever the reason for any such Event of Default
and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body. 

Section 6.02 Acceleration of Maturity; Rescission. 
 (a) If an Event of Default (other than an Event of Default specified in clause (7) or (8) of Section 6.01 hereof with respect to the Company) occurs and is continuing, then and in every
such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare the principal of the Notes and any accrued interest on the Notes to be due and payable immediately by a notice in writing to
the Company (and to the Trustee if given by Holders); provided, however, that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount of the outstanding
Notes may rescind and annul such acceleration if (i) the rescission would not conflict with any judgment or decree and (ii) all Events of Default, other than the nonpayment of accelerated principal of or interest (including Additional
Interest, if any) on the Notes, have been cured or waived as provided in this Indenture. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

(b) In the event of a declaration of acceleration of the Notes solely because an Event of Default described in clause (5) of
Section 6.01 hereof has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default or payment default triggering such Event of Default pursuant to clause
(5) of Section 6.01 hereof shall be remedied or cured by the Company or any of its Restricted Subsidiaries of the Company or waived by the holders of the relevant Debt within 20 Business Days after the declaration of acceleration with
respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes. 

(c) If an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs with respect to the Company, the
principal of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

Section 6.03 Other Remedies. 
 (a) If an Event of Default occurs and is continuing, the Trustee is authorized to pursue any available remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any,
and interest on the Notes, as the case may be, or to enforce the performance of any provision of the Notes or this Indenture and may take any necessary action requested of it as Trustee to settle, compromise, adjust or otherwise conclude any
proceedings to which it is a party. 
 (b) The Trustee is authorized to maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. Any such proceeding instituted by the Trustee may be brought in its own name and as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the
compensation, expenses, disbursements of the Trustee and its counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. A delay or omission by the Trustee or any Holder in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All

  
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available remedies are cumulative, to the extent permitted by law. Any costs, including attorneys’ fees and expenses, associated with actions taken by the Trustee under this
Section 6.03 shall be reimbursed to the Trustee by the Company. 
 Section 6.04 Waiver of Past Defaults and Events of
Default. 
 The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on behalf of
the Holders of all the Notes waive any past Default under this Indenture and its consequences, except a Default: 

(1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which
is required to have been purchased pursuant to a Change of Control Offer or Asset Sale Offer which has been made by the Company); or 
 (2) in respect of a covenant or provision of this Indenture which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

Section 6.05 Control by Majority. 
 The Holders of a majority in principal amount of the outstanding Notes will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee, subject to receipt by the Trustee of security and indemnity satisfactory to the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or
that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits. 
 No Holder of any Note will have any
right to institute any proceeding with respect to this Indenture or for any remedy hereunder, unless such Holder shall have previously given to the Trustee written notice of a continuing Event of Default and unless also the Holders of at least 25%
in aggregate principal amount of the outstanding Notes shall have made written request to the Trustee, and provided security and indemnity satisfactory to the Trustee, to institute such proceeding as Trustee, and the Trustee shall not have received
from the Holders of a majority in aggregate principal amount of the outstanding Notes a direction inconsistent with such request and shall have failed to institute such proceeding within 60 days. Such limitations do not apply, however, to a suit
instituted by a Holder of a Note directly (as opposed to through the Trustee) for enforcement of payment of the principal of (and premium, if any) or interest on such Note on or after the respective due dates expressed in such Note. 

Section 6.07 Rights of Holders To Receive Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of the principal of (and premium, if any) or interest on such Note or to bring suit for the
enforcement of any such payment, on or after the due date expressed in the Notes shall not be impaired or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 
 If an Event of Default specified
in clause (1) or (2) of Section 6.01 hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company (or any other obligor on the Notes) for the
whole amount of unpaid principal and accrued interest remaining unpaid. 
 Section 6.09 Trustee May File Proofs of Claim.

 The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in
order to have the claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under

  
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Section 7.06 hereof) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and, unless prohibited
by law, shall be entitled and empowered to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same after deduction of its charges and expenses to the extent that any such charges and
expenses are not paid out of the estate in any such proceedings and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making
of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06
hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, and any other amounts due the Trustee under Section 7.06 hereof out of the estate in any such proceeding, shall be denied for
any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in
liquidation or under any plan of reorganization or arrangement or otherwise. 
 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 thereof, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceedings. All rights of action and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders in respect of which such judgment has been recovered. 
 Section 6.10 Priorities. 
 Any money or property collected by the Trustee
pursuant to this Article 6, and any money or other property distributable in respect of the Company’s obligations under this Indenture after an Event of Default shall be applied in the following order: 

FIRST: to the Trustee (including any predecessor Trustee) for amounts due under Section 7.06 hereof; 

SECOND: to Holders for amounts due and unpaid on the affected Notes for principal, premium, if any, and interest as to
each, ratably, without preference or priority of any kind, according to the amounts due and payable on the affected Notes; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for
any payment to Holders pursuant to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or
omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by
a Holder pursuant to Section 6.07 hereof or a suit by Holders of more than 10% in aggregate principal amount of the Notes then outstanding. 
 Section 6.12 Delay or Omission Not Waiver. 
 No delay or omission of the
Trustee or of any Holder of any Notes to exercise any right or remedy occurring upon an Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default

  
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or an acquiescence therein. Every right and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be. 
 ARTICLE 7 

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

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture but, in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the same to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts, statements, opinions or conclusions stated therein). 

(c) No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own
negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the
effect of clause (b) or (d) of this Section 7.01; 
 (2) the Trustee shall not be liable for any
error of judgment made in good faith by a Responsible Officer or Responsible Officers of the Trustee, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction of the Holders of a majority in aggregate principal amount of the outstanding Notes, determined as provided herein, relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Notes. 
 (d) No provision of
this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless
such Holders have offered to the Trustee security and indemnity satisfactory to it against any cost, loss, liability or expense. 
 (e) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Trustee shall be subject to the
provisions of this Section 7.01. 
 (f) The Trustee shall not be liable for interest or earnings on any money received by
it except as the Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by the law. 

  
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 (g) The Trustee shall not be responsible for the application of any money by any Paying
Agent other than the Trustee. 
 Section 7.02 Rights of Trustee. 

Subject to Section 7.01 hereof: 
 (a) The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document (whether in its original or facsimile form) believed in good faith by it to be genuine and to have been signed or presented by the proper person. The
Trustee need not investigate any fact or matter stated in the document. 
 (b) Any request or direction of the Company mentioned
herein shall be sufficiently evidenced by a Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a board resolution. 
 (c) Whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder, the Trustee
(unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate or an Opinion of Counsel or both. 

(d) The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
attorneys or agents and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent appointed with due care by it hereunder. 
 (e) The Trustee shall not be liable for any action taken, suffered, or omitted to be taken in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it
by this Indenture. 
 (f) The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion
of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder in good faith and in reliance thereon. 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and indemnity satisfactory to the Trustee against the costs, losses, expenses and liabilities which might be incurred by it in
compliance with such request or direction and then only to the extent required by the terms of this Indenture. 
 (h) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder. 
 (i) The Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records, and
premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

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

  
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 (k) The Trustee may request that the Company 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. 
 (l) Anything
in this Indenture notwithstanding, in no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit), even if the Trustee has been advised
as to the likelihood of such loss or damage and regardless of the form of action. 
 (m) The Trustee shall not be responsible or
liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, any provision of any law or regulation
or any act of any governmental authority; natural catastrophes or other acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions; loss or malfunctions of utilities, computer
(hardware or software) or communication services; accidents; labor disputes; acts of civil or military authority and governmental action. 
 (n) The permissive right of the Trustee to take or refrain from taking action hereunder shall not be construed as a duty. 
 (o) 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 such Officers’ Certificate or Opinion of Counsel; provided, that the Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act or its own willful misconduct.

 (p) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may make loans to, accept deposits from,
perform services for or otherwise deal with the Company or any Affiliate thereof with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest within the meaning of
Section 310(b)(1) of the Trust Indenture Act, it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as Trustee (if this Indenture has been qualified under the Trust Indenture Act) or resign.

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

Section 7.04 Trustee’s Disclaimer. 
 The recitals contained herein and in the Notes, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and the Trustee assumes no responsibility for
their correctness. The Trustee shall not be responsible for and makes no representations as to the validity, sufficiency or adequacy of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Company of
Notes or the proceeds thereof. The Trustee shall not be responsible to make any calculation with respect to any matter under this Indenture. The Trustee shall have no duty to monitor or investigate the Company’s compliance with or the breach
of, or cause to be performed or observed, any representation, warranty or covenant made in this Indenture. 
 Section 7.05
Notice of Defaults. 
 Within 90 days after the occurrence thereof, and if actually known to a Responsible Officer of the
Trustee, the Trustee shall give to the Holders of the Notes a notice of each Default or Event of Default with respect to the Notes known to the Trustee, by transmitting such notice to Holders at their addresses as the same shall then appear on the
register of the Notes kept by the Registrar, unless such Default shall have been cured or waived before the giving of 

  
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such notice and a Responsible Officer of the Trustee has actual knowledge of such cure or waiver. Except in the case of a Default or Event of Default in payment of the principal of (and premium,
if any) or interest on any of the Notes when and as the same shall become payable, or to make any payments pursuant to a redemption or repurchase of the Notes pursuant to the provisions of this Indenture), the Trustee may withhold from Holders
notice of any Default, if the Trustee in good faith determines that withholding notice is in the interests of Holders. 

Section 7.06 Compensation and Indemnity. 
 (a) The Company shall pay to the Trustee and Agents from time to time such compensation for their services hereunder (which compensation shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust) as shall be agreed upon in writing. The Company shall reimburse the Trustee and Agents upon request for all disbursements, expenses and advances incurred or made by them in connection with the
Trustee’s duties under this Indenture, including the compensation, disbursements and expenses of the Trustee’s agents and external counsel, except any such expense, disbursement or advance as may be attributable to its willful misconduct
or negligence. 
 (b) The Company and the Guarantors, jointly and severally, shall fully indemnify each of the Trustee and their
officers, agents and employees and any predecessor Trustee for, and hold each of them harmless against, any and all loss, damage, claim, liability or expense, including, without limitation, attorneys’ fees and expenses incurred by each of them
in connection with the acceptance or performance of its duties under this Indenture including the costs and expenses of defending itself against any claim (whether asserted by the Company, the Guarantors or any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder (including, without limitation, settlement costs). The Trustee or Agent shall notify the Company in writing promptly of any claim of which a
Responsible Officer of the Trustee has actual knowledge asserted against the Trustee or Agent for which it may seek indemnity; provided that the failure by the Trustee or Agent to so notify the Company shall not relieve the Company or the
Guarantors of their obligations hereunder. The Trustee may have separate counsel with respect to the defense of any such claim and the Company and the Guarantors, jointly and severally, shall pay the reasonable fees and expenses of such counsel;
provided, however, that the Company and the Guarantors shall not be required to pay such fees and expenses if they assume the Trustee’s defense and, in the Trustee’s reasonable judgment, there is no conflict of interest
between (i) the Company and the Guarantors, as applicable and (ii) the Trustee in connection with such defense or potential harm to the Trustee’s business. 
 (c) Notwithstanding the foregoing, the Company need not reimburse the Trustee for any expense or indemnify it against any loss or liability to have been incurred by the Trustee through its own willful
misconduct or negligence. 
 (d) To secure the payment obligations of the Company in this Section 7.06, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee and such money or property held in trust to pay principal of and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this
Indenture. 
 (e) The obligations of the Company under this Section 7.06 to compensate and indemnify the Trustee, Agents
and each predecessor Trustee and to pay or reimburse the Trustee, Agents and each predecessor Trustee for expenses, disbursements and advances shall be the liability of the Company and the Lien provided for under this Section 7.06 and shall
survive the resignation or removal of the Trustee and the satisfaction, discharge or other termination of this Indenture for any reason, including any termination or rejection hereof under any Bankruptcy Law. 

(f) In addition to, but without prejudice to its other rights under this Indenture, when the Trustee incurs expenses or renders services
after an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs, the expenses (including the reasonable charges and expenses of its agents and counsel) and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law. 
 (g) For purposes of this Section 7.06, the term
“Trustee” shall include any predecessor Trustee; provided, however, that the negligence, willful misconduct or bad faith of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 

  
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 Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign, and be discharged
from the trust hereby created, at any time by so notifying the Company in writing no later than 15 Business Days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the outstanding Notes may remove the
Trustee by notifying the Company and the removed Trustee in writing and may appoint a successor Trustee with the Company’s written consent, which consent shall not be unreasonably withheld. The Company may remove the Trustee at its election if:

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

(2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under
Bankruptcy Law; 
 (3) a receiver or other public officer takes charge of the Trustee or its property; or

 (4) the Trustee otherwise becomes incapable of acting. 

(c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly
appoint a successor Trustee. 
 (d) If a successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in principal amount of the outstanding Notes may petition at the expense of the Company any court of competent jurisdiction for the appointment of a successor
Trustee. 
 (e) If the Trustee fails to comply with Section 7.09 hereof, any Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (f) A successor Trustee shall deliver
a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately following such delivery, the retiring Trustee shall, subject to the Lien and its rights under Section 7.06 hereof, transfer all property held by it
as Trustee to the successor Trustee, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall
mail notice of its succession to each Holder. Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Lien and Company’s obligations under Section 7.06 hereof shall continue for the benefit of the retiring
Trustee. 
 Section 7.08 Successor Trustee by Consolidation, Merger, etc. 

Any Person into which the Trustee or any successor to it in the trusts created by this Indenture shall be merged or converted, or any
Person with which it or any successor to it shall be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Trustee or any such successor to it shall be a party, or any Person to which the Trustee or any
successor to it shall sell or otherwise transfer all or substantially all of the corporate trust business of the Trustee, shall be the successor Trustee under this Indenture without the execution or filing of any paper or any further act on the part
of any of the parties hereto; provided that such Person shall be otherwise qualified and eligible under this Article 7. In case at the time such successor to the Trustee shall succeed to the trusts created by this Indenture with respect to
the Notes, any of such Notes shall have been authenticated but not delivered by the Trustee then in office, any successor to such Trustee may adopt the certificate of authentication of any predecessor Trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor Trustee;
provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall apply only to its successor or successors by merger, conversion
or consolidation. 

  
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 Section 7.09 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a Person (i) organized and doing business under the laws of the United States
of America or of any state thereof, (ii) authorized under such laws to exercise corporate trustee power and (iii) subject to supervision or examination by federal or state authorities. The Trustee (together with its corporate parent) shall
have a combined capital and surplus of at least $50.0 million as set forth in the most recent applicable published annual report of condition. 
 ARTICLE 8 
 AMENDMENT, SUPPLEMENT AND WAIVER 

Section 8.01 Without Consent of Holders. 
 Without the consent of any Holders, at any time and from time to time, the Company, the Guarantors and the Trustee may enter into one or more Supplemental Indentures and the Note Guarantees for any of the
following purposes: 
 (1) to evidence the succession of another Person to the Company and the assumption by any
such successor of the covenants of the Company in this Indenture and the Note Guarantees and in the Notes; 
 (2)
to secure the Notes, to add to the covenants of the Company for the benefit of the Holders, or to surrender any right or power conferred upon the Company in this Indenture; 

(3) to add additional Events of Default; 

(4) to provide for uncertificated Notes in addition to or in place of the Physical Notes; 

(5) to evidence and provide for the acceptance of appointment under this Indenture by a successor Trustee; 

(6) to provide for or confirm the issuance of Additional Notes in accordance with the terms of this Indenture; 

(7) to add a Guarantor or to release a Guarantor in accordance with the terms of this Indenture; 

(8) to cure or reform any ambiguity, defect, omission, mistake, manifest error or inconsistency or to conform this
Indenture or the Notes to any provision of the “Description of Notes” set forth in the Offering Memorandum as evidenced in an Officers’ Certificate delivered to the Trustee; 

(9) to comply with any requirements of the Commission with respect to the qualification of this Indenture under the Trust
Indenture Act; or 
 (10) to provide additional rights or benefits to the Holders or to make any change that
does not adversely affect the rights of any Holder. 
 Upon the written request of the Company accompanied by a board resolution
of the Board of Directors of the Company authorizing the execution of any such supplemental indenture and upon receipt by the Trustee of the documents described in Section 8.05 hereof, the Trustee shall join with the Company in the execution of
such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture.

  
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 Section 8.02 With Consent of Holders. 

(a) With the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Company, the
Guarantors and the Trustee may enter into one or more supplemental indentures to this Indenture for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or the Notes or of modifying
in any manner the rights of the Holders of the Notes under this Indenture, including the definitions therein; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each outstanding Note
affected thereby: 
 (1) change the Stated Maturity of any Note or of any installment of interest on any Note, or
reduce the amount payable in respect of the principal thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount that would be due and payable on acceleration of the maturity thereof, or change the Place of Payment
where, or the coin or currency in which, any Note or any premium or interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof, or change the date on which any
Notes may be subject to redemption or reduce the Redemption Price therefor; 
 (2) reduce the percentage in
aggregate principal amount of the Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture; 
 (3) modify the obligations of the
Company to make a Change of Control Offer or an Asset Sale Offer upon a Change of Control or Asset Sale, as the case may be, if such modification was done after the occurrence of such event; 

(4) modify or change any provision of this Indenture affecting the ranking of the Notes or any Note Guarantee in a manner
adverse to the Holders of the Notes; 
 (5) modify any of the provisions of this Indenture described in this
Section 8.02(a) or provisions relating to waiver of defaults or certain covenants, except to increase any such percentage required for such actions or to provide that certain other provisions of this Indenture cannot be modified or waived
without the consent of the Holder of each outstanding Note affected thereby; or 
 (6) release any Note
Guarantees required to be maintained under this Indenture (other than in accordance with the terms of this Indenture). 
 (b)
The Holders of not less than a majority in aggregate principal amount of the outstanding Notes may on behalf of the Holders of all the Notes waive any past Default under this Indenture and its consequences, except a Default: 

(1) in any payment in respect of the principal of (or premium, if any) or interest on any Notes (including any Note which
is required to have been purchased pursuant to a Change of Control Offer or Asset Sale Offer which has been made by the Company); or 
 (2) in respect of a covenant or provision of this Indenture which under this Indenture cannot be modified or amended without the consent of the Holder of each outstanding Note affected. 

(c) It is not necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed
amendment, supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 (d) After an amendment
that requires the consent of the Holders becomes effective, the Company shall mail to each registered Holder at such Holder’s address appearing in the security register a notice briefly describing such amendment. However, the failure to give
such notice to all Holders, or any defect therein, shall not impair or affect the validity of the amendment. 

  
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 (e) Upon the written request of the Company accompanied by a board resolution of the Board
of Directors of the Company authorizing the execution of any Supplemental Indenture described in Section 8.02(a)(1)-(6) hereof, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the
Holders as aforesaid and upon receipt by the Trustee of the documents described in Section 8.05 hereof, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the
Trustee’s own rights, duties or immunities under this Indenture, in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture. 
 Section 8.03 Revocation and Effect of Consents. 
 (a) After an amendment,
supplement, waiver or other action becomes effective, a consent to it by a Holder of a Note is a continuing consent conclusive and binding upon such Holder and every subsequent Holder of the same Note or portion thereof, and of any Note issued upon
the transfer thereof or in exchange therefor or in place thereof, even if notation of the consent is not made on any such Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee
receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective with respect to the Notes in accordance with its terms and thereafter binds every
Holder of Notes. 
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the
Holders entitled to consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding clause (a) of this Section 8.03, those Persons who were Holders at such record date (or their duly designated proxies),
and only such Persons, shall be entitled to consent to such amendment, supplement, or waiver or to revoke any consent previously given, whether or not such Persons continue to be Holders after such record date. No such consent shall be valid or
effective for more than 90 days after such record date unless the consent of the requisite number of Holders has been obtained. 

Section 8.04 Notation on or Exchange of Notes. 
 If an amendment, supplement, or waiver changes the terms a Note, the Trustee (in accordance with the specific written direction of the Company) shall request the Holder of the Note (in accordance with the
specific written direction of the Company) to deliver it to the Trustee. In such case, the Trustee shall place an appropriate notation on the Note about the changed terms and return it to the Holder. 

Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee shall
authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 

Section 8.05 Trustee To Sign Amendments, etc. 
 The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article 8 if the amendment, supplement or waiver does not affect the rights, duties, liabilities or immunities
of the Trustee. If it does affect the rights, duties, liabilities or immunities of the Trustee, the Trustee may, but need not, sign such amendment, supplement or waiver. In signing or refusing to sign such amendment, supplement or waiver the Trustee
shall receive and, subject to Section 7.01 hereof, shall be fully protected in conclusively relying upon an Officers’ Certificate and an Opinion of Counsel stating, in addition to the matters required by Section 11.03 hereof, that
such amendment, supplement or waiver is authorized or permitted by this Indenture and that such amendment is the legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms. 

Section 8.06 Compliance with Trust Indenture Act. 
 Every amendment to or supplement of this Indenture or the Notes shall be set forth in an amendment or supplement that complies with the Trust Indenture Act as then in effect. 

  
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 ARTICLE 9 
 SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE 
 Section 9.01 Satisfaction
and Discharge of Liability on Notes; Defeasance. 
 (a) The Company may terminate its obligations and the obligations of the
Guarantors with respect to the Notes and the related Note Guarantees under this Indenture, except for those which expressly survive by the terms of this Indenture, when: 

(1) either: 
 (A) all Notes theretofore authenticated and delivered have been delivered to the Trustee for cancellation, or 
 (B) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable or (ii) will become due and payable within one year or are to be called for
redemption within one year (a “Discharge”) under irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, and the Company has
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 to the Stated Maturity or Redemption Date; 
 (2) no Default or Event of Default shall have occurred and
be continuing on the date of the deposit or will occur as a result of the deposit and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by
which the Company or any Guarantor is bound; 
 (3) the Company has paid or caused to be paid all other sums then
due and payable under this Indenture by the Company; 
 (4) with respect to clause (1)(B) of this
Section 9.01(a), the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 

(5) with respect to clause (1)(B) of this Section 9.01(a), the Company has delivered irrevocable instructions to
the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the Redemption Date, as the case may be; and 

(6) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel in form and substance
reasonably acceptable to the Trustee, each stating that all conditions precedent under this Indenture relating to the Discharge have been complied with. 
 (b) The Company may elect, at its option, to have its obligations and the obligations of the Guarantors discharged with respect to the outstanding Notes and the related Note Guarantees (“Legal
Defeasance”). Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by the outstanding Notes, except for: 

(1) the rights of Holders of such Notes to receive payments in respect of the principal of and any premium and interest on
such Notes when payments are due; 
 (2) the Company’s obligations with respect to such Notes concerning
issuing temporary Notes under Section 2.11 hereof, registration of Notes under Section 2.04 hereof, mutilated, destroyed, lost or stolen Notes under Section 2.08 hereof, and the maintenance of an office or agency for payment under
Section 2.04 hereof and money for security payments held in trust under Section 2.05 hereof; 

  
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 (3) the rights, powers, trusts, duties, and immunities of the Trustee; and

 (4) clauses (a) and (b) of this Section 9.01. 

(c) In addition, the Company may elect, at its option, to have its obligations and the obligations of the Guarantors released with
respect to Sections 4.03, 4.07 through 4.15, 4.17 and 5.01 hereof (“Covenant Defeasance”). In the event Covenant Defeasance occurs, Sections 6.01(3), (4), (5) and (6) hereof will no longer constitute Event of Defaults with
respect to the Notes. 
 (d) If the Company exercises its Legal Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default with respect thereto. 
 (e) Upon satisfaction of the conditions set forth herein and upon
request of the Company, the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (f) Notwithstanding clauses (a) and (b) of this Section 9.01, the Company’s obligations in Sections 2.04, 2.06, 2.07, 2.08, 7.06, 9.03, 9.05 and 9.06 hereof and the rights and
immunities of the Trustee under this Indenture shall survive until such time as the Notes have been paid in full. Thereafter, the Company’s obligations in Sections 7.06, 9.03, 9.05 and 9.06 hereof and the rights and immunities of the Trustee
under this Indenture shall survive. 
 Section 9.02 Conditions to Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance with respect to the outstanding Notes: 

(a) the Company must irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the Holders of such Notes: (1) money in an amount, or (2) U.S. Government Obligations, which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment, money in an amount or (3) a combination thereof, in each case sufficient without reinvestment, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee and in form and substance reasonably acceptable to the Trustee, to pay and discharge, and which shall be applied by
the Trustee to pay and discharge, the entire indebtedness in respect of the principal of and premium, if any, and interest on such Notes on the Stated Maturity thereof or (if the Company has made irrevocable arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name and at the expense of the Company) the Redemption Date thereof, as the case may be, in accordance with the terms of this Indenture and the Notes; 

(b) in the case of Legal Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably satisfactory to the
Trustee stating that (1) the Company has 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 United States federal income
tax law, in either case of (1) or (2) to the effect that, and based thereon such opinion shall confirm that, the Holders of the Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit
and Legal Defeasance to be effected with respect to such Notes and will be subject to United States federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Legal Defeasance were not to
occur; 
 (c) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel
reasonably satisfactory to the Trustee to the effect that the Holders of such outstanding Notes will not recognize gain or loss for United States federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Notes and will be subject to United States federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur; 

(d) no Event of Default pursuant to Section 6.01(7) hereof shall have occurred and be continuing on the date of such deposit or
during the 91-day period thereafter; 

  
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 (e) such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all Notes are in default within the meaning of such Act); 
 (f) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture) to
which the Company is a party or by which the Company is bound; and 
 (g) the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel in form and substance reasonably acceptable to the Trustee, each stating that all conditions precedent with respect to such Legal Defeasance or Covenant Defeasance have been complied with.

 Notwithstanding the foregoing, the Opinion of Counsel required by clause (b) of this Section 9.02 with respect to a
Legal Defeasance need not to be delivered if all Notes not previously delivered to the Trustee for cancellation (x) have become due and payable, or (y) will become due and payable within one year at Stated Maturity or are to be called for
redemption within one year under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company. 

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

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

(b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to clause (a) of Section 9.02 hereof or the principal, premium, if any, and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
Holders of the outstanding Notes; it being understood that the Trustee shall bear no responsibility for any such tax, fee or other charge which by law is payable by or on behalf of the Holders. 

(c) Anything in this Article 9 to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time
upon a request of the Company any money or U.S. Government Obligations held by it as provided in clause (a) of Section 9.02 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee in form and substance reasonably satisfactory to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect an equivalent Legal Defeasance or
Covenant Defeasance. 
 Section 9.04 Reinstatement. 

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

  
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 Section 9.05 Moneys Held by Paying Agent. 

In connection with the satisfaction and discharge of this Indenture, all moneys then held by any Paying Agent under the provisions of
this Indenture shall, upon written demand of the Company, be paid to the Trustee, or if sufficient moneys have been deposited pursuant to clause (a) of Section 9.02 hereof, to the Company upon a request of the Company, and thereupon the
Paying Agent shall be released from all further liability with respect to such moneys. 
 Section 9.06 Moneys Held by
Trustee. 
 Any moneys deposited with the Trustee or any Paying Agent or then held by the Company in trust for the payment
of the principal of, or premium, if any, or interest on any Note that are not applied but remain unclaimed by the Holder of such Note for two years after the date upon which the principal of, or premium, if any, or interest on such Note shall have
respectively become due and payable shall be repaid to the Company upon a request of the Company, or if such moneys are then held by the Company in trust, such moneys shall be released from such trust; and the Holder of such Note entitled to receive
such payment shall thereafter, as an unsecured general creditor, look only to the Company for the payment thereof, and all liability of the Trustee or the Paying Agent with respect to such trust money shall thereupon cease; provided that the
Trustee or the Paying Agent, before being required to make any such repayment, shall, at the expense of the Company either mail to each Holder affected, at the address shown in the register of the Notes maintained by the Registrar pursuant to
Section 2.04 hereof, or cause to be published once a week for two successive weeks, in a newspaper published in the English language, customarily published each Business Day and of general circulation in the City of New York, New York, a notice
that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such mailing or publication, any unclaimed balance of such moneys then remaining will be repaid to the Company. After
payment to the Company or the release of any money held in trust by the Company, Holders entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned property law designates another Person.

 ARTICLE 10 
 GUARANTEES 
 Section 10.01 Guarantee. 

(a) Each Guarantor, hereby jointly and severally, absolutely, unconditionally and irrevocably guarantees the Notes and obligations of the
Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee, and to the Trustee on behalf of such Holder, that (i) the principal of (and premium, if any) and interest on the Notes will be
paid in full when due, whether at Stated Maturity, by acceleration or otherwise (including, without limitation, the amount that would become due but for the operation of any automatic stay provision of any Bankruptcy Law), together with interest on
the overdue principal, if any, and interest on any overdue interest, to the extent lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be paid in full or performed, all in accordance with the
terms hereof and thereof and (ii) in case of any extension of time of payment or renewal of any Notes or of any such other obligations, the same will be paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 10.03 hereof. 

Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of Notes with respect to any provisions hereof or thereof, any release of any other Guarantor, the recovery of any
judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 

(b) Each Guarantor hereby waives (to the extent permitted by law) the benefits of diligence, presentment, demand for payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company or any other Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such
Guarantor shall not be discharged as to the Notes, except 

  
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by complete performance of the obligations contained in the Notes, this Indenture and such Note Guarantee. Each Guarantor acknowledges that the Note Guarantee is a guarantee of payment and not of
collection. Each of the Guarantors hereby agrees that, in the event of a default in payment of principal (or premium, if any) or interest on any Note, whether at its Stated Maturity, by acceleration, purchase or otherwise, legal proceedings may be
instituted by the Trustee on behalf of, or by, the Holder of such Note, subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such Guarantor’s Note Guarantee without first proceeding
against the Company or any other Guarantor. Each Guarantor agrees that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are prevented by applicable law from exercising their respective
rights to accelerate the maturity of the Notes, to collect interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor will pay to the Trustee for the account of the Holders, upon demand
therefor, the amount that would otherwise have been due and payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to
either the Company or any Guarantor, any amount paid by any of them to the Trustee or such Holder, the Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor
further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the other hand, (i) subject to this Article 10, the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6
hereof for the purposes of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (ii) in the event of any acceleration of
such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by each Guarantor for the purpose of the Note Guarantee of such Guarantor. 

(d) Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes, whether as a “voidable preference”, “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

(e) To evidence its Note Guarantee, each Guarantor hereby agrees that a Notation of Guarantee substantially in the form attached as
Exhibit D hereto will be endorsed by an officer of such Guarantor on each Note authenticated and delivered to the Trustee and that this Indenture or a supplemental indenture to this Indenture will be executed on behalf of such Guarantor by
one of its officers. Each Guarantor hereby agrees that its Note Guarantee will remain in full force and effect notwithstanding any failure to endorse on each Note a Notation of Guarantee. The delivery of any Note by the Trustee, after the
authentication thereof hereunder, will be deemed to constitute due delivery of the Notation of Guarantee set forth in this Indenture by the Guarantors. If an officer whose signature is on this Indenture or on the Notation of Guarantee no longer
holds that office at the time the Trustee authenticates the Note on which a Notation of Guarantee is endorsed, the Notation of Guarantee will be valid nevertheless. 
 Section 10.02 Severability. 
 In case any provision of any Note Guarantee
shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.03 Limitation of Liability. 
 Each Guarantor and by its
acceptance hereof each Holder confirms that it is the intention of all such parties that the guarantee by each such Guarantor pursuant to its Note Guarantee not constitute a fraudulent transfer or

  
 76 

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

Section 10.04 Contribution. 
 In order to provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that in the event any payment or distribution is made by any Guarantor under a Note
Guarantee, such Guarantor will be entitled to a contribution from any other Guarantor in a pro rata amount based on the net assets of each Guarantor determined in accordance with GAAP. 

Section 10.05 Subrogation. 
 Each Guarantor shall be subrogated to all rights of Holders against the Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01 hereof; provided,
however, that if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments arising out of, or based upon, such right of subrogation until all amounts then due and payable by the
Company under this Indenture or the Notes shall have been paid in full. 
 Section 10.06 Reinstatement. 

Each Guarantor hereby agrees (and each Person who becomes a Guarantor shall agree) that the Note Guarantee provided for in
Section 10.01 hereof shall continue to be effective or be reinstated, as the case may be, if at any time, payment, or any part thereof, of any obligations or interest thereon is rescinded or must otherwise be restored by a Holder to the Company
upon the bankruptcy or insolvency of the Company or any Guarantor. 
 Section 10.07 Release of a Guarantor. 

In the event of a sale or other transfer or disposition of all of the Capital Interests in any Guarantor to any Person that is not an
Affiliate of the Company in compliance with the terms of this Indenture, or in the event all or substantially all the assets or Capital Interests of a Guarantor are sold or otherwise transferred, by way of merger, consolidation or otherwise, to a
Person that is not an Affiliate of the Company in compliance with the terms of this Indenture, then such Guarantor (or the Person concurrently acquiring such assets of such Guarantor) shall be deemed automatically and unconditionally released and
discharged of any obligations under its Note Guarantee and the Registration Rights Agreement in support thereof, as evidenced by a Supplemental Indenture executed by the Company, the Guarantors and the Trustee, without any further action on the part
of the Trustee or any Holder. 
 Section 10.08 Benefits Acknowledged. 

Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this
Indenture and that its respective Note Guarantee and waiver pursuant to its respective Note Guarantee is knowingly made in contemplation of such benefits. 
 ARTICLE 11 
 MISCELLANEOUS 

Section 11.01 Trust Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by the Trust Indenture Act, the imposed duties shall control. 

  
 77 

 Section 11.02 Notices. 

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

Valassis Communications, Inc. 
 19975 Victor Parkway 
 Livonia, MI 48152 

Facsimile: (734) 462-2513 
 Attention: Lorne Groe 
 With a copy (which shall not constitute notice) to:

 McDermott Will & Emery LLP 
 340 Madison Avenue 
 New York, New York 10173 

Facsimile: (212) 547-5514 
 Attention: Amy S. Leder, Esq. 
 If to the Trustee: 

Wells Fargo Bank, National Association 
 Corporate Trust Services 
 MAC N9311-110 

625 Marquette Avenue South 
 Minneapolis, MN 55479 
 Facsimile: (612) 667-9825 

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

The Company, and Guarantor or the Trustee by written notice to the others may designate additional or different addresses for subsequent
notices or communications. 
 The Trustee shall have the right, but shall not be required, to rely upon and comply with
instructions and directions sent by email, facsimile and other similar unsecured electronic methods by persons believed by the Trustee to be authorized to give instructions and directions on behalf of the Company. The Trustee shall have no duty or
obligation to verify or confirm that the person who sent such instructions or directions is, in fact, a person authorized to give instructions on behalf of the Company; and the Trustee shall have no liability for any losses, liabilities, costs or
expenses incurred or sustained by the Company as a result of such reliance upon or compliance with such instructions or directions; provided that such reliance was in good faith. The Company agrees to assume all risks arising out of the use
of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and all the risk of interception and misuse by third parties. 

Unless otherwise expressly provided in this Indenture, any notice or communication mailed to a Holder shall be mailed to him by
first-class mail, postage prepaid, at his address shown on the register kept by the Registrar. 
 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 to a Holder is mailed in the manner provided above, it shall be deemed duly given, whether or not the
addressee receives it. 

  
 78 

 If the Company mails a notice or communication to Holders, it will mail a copy to the
Trustee and each Agent at the same time. 
 In case by reason of the suspension of regular mail service, or by reason of any
other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of the Trustee shall constitute a sufficient mailing of such notice. 

Section 11.03 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture (other than the authentication and
delivery of the Initial Notes), if so requested by the Trustee, the Company shall furnish to the Trustee: 
 (1)
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 11.04 hereof) stating that, in the opinion of the signers, all conditions precedent, if any,
provided for in this Indenture relating to the proposed action have been complied with; and 
 (2) an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 11.04 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been complied with.

 Section 11.04 Statements Required in Certificate and Opinion. 

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

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

 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements
or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such
Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

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

 Section 11.05 Rules by Trustee and Agents. 
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 11.06 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, manager, officer, employee, stockholder, member, general or limited partner or incorporator, past, present or future, of the
Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Company or the Guarantors under the Notes, any Note Guarantee or this Indenture by reason of his, her or its status as such
director, manager, officer, employee, stockholder, member, general or limited partner or incorporator. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the
issuance of the Notes and Note Guarantees. 

  
 79 

 Section 11.07 Governing Law; Waiver of Jury Trial. 

THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, OR IN CONNECTION
WITH THIS INDENTURE. 
 Section 11.08 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.09
Successors. 
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of
the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.07 hereof. 

Section 11.10 Separability. 
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 
 Section 11.11 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original
Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section 11.12 Table of Contents, Headings, etc. 
 The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or
provisions hereof. 
 Section 11.13 Qualification of Indenture. 

The Company and the Guarantors shall qualify this Indenture under the Trust Indenture Act in accordance with the terms and conditions of
the Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Company and the Guarantors any such Officers’ Certificates, Opinions of Counsel or other
documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

  
 80 

 Section 11.14 U.S.A. Patriot Act 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial
institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify and record information that identifies each person or legal entity that establishes a relationship or opens an account with the
Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

[Signatures on following page] 

  
 81 

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

			
	COMPANY:
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	/s/ Todd Wiseley
		 	Name: Todd Wiseley
		 	Title: General Counsel, Senior Vice President, Administration and Secretary
	
	GUARANTORS:
		
		 	VALASSIS DIRECT MAIL, INC.
		 	MAILCOUPS, INC.
		 	MAILCOUPS DIRECT, INC.
		 	NCH MARKETING SERVICES, INC.
		 	NCH NUWORLD SPAIN, INC.
		 	PROMOTION WATCH, INC.
		 	VALASSIS COUPON CLEARING, INC.
		 	VALASSIS DATA MANAGEMENT, INC.
		 	VALASSIS INTERNATIONAL, INC.
		 	VALASSIS MANUFACTURING COMPANY
		 	VALASSIS SALES & MARKETING SERVICES, INC.
		 	VALASSIS INTERACTIVE, INC.
		 	VCI ENTERPRISES, INC.
		
	By:	 	/s/ Todd Wiseley
		 	Name: Todd Wiseley
		 	Title: Vice President, and with respect to NCH Marketing Services, Inc., Secretary
	
	VALASSIS RELATIONSHIP MARKETING SYSTEMS, LLC
		
	By:	 	/s/ Todd Wiseley
		 	Name: Todd Wiseley
		 	Title: General Manager
	
	VALASSIS IN-STORE SOLUTIONS, INC.
	PERIMETER MARKETING COMPANY
		
	By:	 	/s/ Lorne Groe
		 	Name: Lorne Groe
		 	Title: Vice President

 [Signature
Page to the Indenture] 

 
			
	VC HOLDINGS, LLC
		
	By:	 	/s/ Lorne Groe
		 	Name: Lorne Groe
		 	Title: President
	
	TRUSTEE:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Lynn M. Steiner
		 	Name: Lynn M. Steiner
		 	Title: Vice President

  
 2 

 EXHIBIT A 
 [Face of Note] 
 [Insert the Global Note Legend, if applicable pursuant to the
provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture]

  
 A-1-1

 CUSIP No. 
 ISIN No. 
 [RULE 144A] [REGULATION S] [GLOBAL] NOTE 

6 
5/8% SENIOR NOTE DUE 2021. 

No.
                                         
                                         
                                         
                                         
                        $ 
 VALASSIC COMMUNICATIONS, INC., 
 a Delaware corporation (the “Company”)

 promises to pay to [CEDE & CO. or registered assigns]1[           
 ]2, the principal sum [set forth on the Schedule
of Exchanges of Interests in the Global Note attached hereto]1 [of              United States Dollars]2 on February 1, 2021. 
 Interest Payment Dates: February 1 and August 1. 
 Record Dates:
January 15 and July 15. 
 Reference is made to the further provisions of this Note contained herein, which will for
all purposes have the same effect as if set forth at this place. 
  

	1	 If the Note is issued in global form. 

	2	 If the Note is issued in certificated form. 

  
 A-1-2

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

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

 Certificate of Authentication

 This is one of the 6 5/8% Senior Notes due 2021 referred to in the within-mentioned Indenture. 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION as Trustee
		
	By:	 	 
		 	Authorized Signatory

 Dated: 

  
 A-1-3

 [FORM OF REVERSE OF NOTE] 

VALASSIS COMMUNICATIONS, INC. 
 6 5/8% SENIOR NOTE DUE 2021 
 1. Interest. VALASSIS
COMMUNICATIONS, INC., a Delaware corporation, as issuer (the “Company”), promises to pay, until the principal hereof is paid or made available for payment, interest on the principal amount set forth on the face hereof at a rate of 6
5/8% per annum [and shall pay the Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below.]3 Interest [and Additional Interest, if any,]3 shall be payable in arrears on each February 1 and August 1 (each an “Interest Payment
Date”). Interest on the 6 5/8% Senior Notes due 2021 (the “Notes”) will accrue from and including the most recent date to which interest has been paid or, if no interest has been paid, from and including [January 28,
2011]4 to but excluding the date on which interest is
paid; provided that the first Interest Payment Date shall be [August 1, 2011]4. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. The Company shall pay interest on overdue principal and on overdue interest (to the full extent permitted by
law) at the rate borne by the Notes. 
 2. Method of Payment. The Company will pay interest to those persons who were
holders of record on the January 15 and July 15, as the case may be, immediately preceding each Interest Payment Date. Principal of and premium, if any, and interest on the Notes will be payable, and the Notes will be exchangeable and
transferable, at the office or agency of the Company maintained for such purposes, which, initially, will be the Corporate Trust Office of the Trustee located in Minneapolis, Minnesota; provided, however, that payment of interest with
respect to the Notes may be made at the option of the Company by check mailed to the Person entitled thereto as shown on the security register or in accordance with the procedures of DTC for global book-entry Notes. 

3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association (the “Trustee”) will act as a
Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

4. Indenture. The Company issued the Notes under an Indenture dated as of January 28, 2011 (the “Indenture”)
among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are
referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.
Capitalized and certain other terms used and not otherwise defined herein have the meanings set forth in the Indenture. 
 5.
Make-Whole Redemption of Notes. The Notes may be redeemed, in whole or in part, at any time prior to February 1, 2016, at the option of the Company upon not less than 30 nor more than 60 days’ prior notice mailed by first-class
mail to each Holder’s registered address or sent in accordance with the procedures of DTC for Global Notes, at a Redemption Price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued
and unpaid interest, if any, to, but not including, the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

6. Optional Redemption. In addition, the Notes may be redeemed, in whole or in part, at any time on or after February 1,
2016, at the option of the Company upon not less than 30 nor more than 60 days’ notice at the following Redemption Prices (expressed as percentages of the principal amount to be redeemed) set forth below, plus accrued and unpaid
interest, if any, to, but not including, the Redemption Date (subject to the right of Holders of record on 
  

	3	 Will not be included in the Exchange Notes. 

	4	 With respect to the Initial Notes. 

  
 A-1-4

 the relevant regular record date to receive interest due on an Interest Payment Date that is on or prior to
the Redemption Date), if redeemed during the 12-month period beginning on February 1 of the years indicated: 
  

					
	 Year
	  	Redemption
Price	 
	 2016
	  	 	103.313	% 
	 2017
	  	 	102.208	% 
	 2018
	  	 	101.104	% 
	 2019 and thereafter
	  	 	100.000	% 

 “Applicable
Premium” means, with respect to any Note on any applicable Redemption Date, 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 February 1, 2016
(such Redemption Price being set forth in the table above) plus (ii) all required remaining scheduled interest payments due on the Note through February 1, 2016 (excluding accrued but unpaid interest), computed using a discount rate
equal to the applicable Treasury Rate as of such Redemption Date plus 50 basis points; over 
 (B) the then
outstanding principal amount of the Note. 
 “Treasury Rate” means, as of the applicable Redemption Date, the
yield to maturity as of such Redemption Date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (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 February 1, 2016;
provided, however, that if the period from such Redemption Date to February 1, 2016 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. 
 7. Redemption of Notes with Net Proceeds of Qualified Equity Offerings. On or prior to February 1,
2014, the Company may, at its option, with the net proceeds of one or more Qualified Equity Offerings, redeem up to 35% of the aggregate principal amount of the outstanding Notes (including Additional Notes) at a Redemption Price equal
to 106.625% of the principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not including, the Redemption Date; provided that at least 65% of the aggregate principal amount of Notes originally issued under the
Indenture (including Additional Notes) remains outstanding immediately after the occurrence of any such redemption (excluding Notes held by the Company or its Subsidiaries) and that any such redemption occurs within 120 days following the closing of
any such Qualified Equity Offering. Notice of any redemption using proceeds of a Qualified Equity Offering may, at the Company’s direction, be subject to one or more conditions precedent, including completion of the related Qualified Equity
Offering. 
 “Qualified Equity Offering” means (i) a public equity offering of Qualified Capital Interests
pursuant to an effective registration statement under the Securities Act or (ii) a private equity offering of Qualified Capital Interests of the Company, or any direct or indirect parent company of the Company other than (x) any such
public or private sale to an entity that is a Subsidiary of the Company and (y) any public offerings registered on Form S-8; provided that, in the case of an offering or sale by a direct or indirect parent company of the Company,
such parent company contributes to the capital of the Company the portion of the net cash proceeds of such offering or sale necessary to pay the aggregate Redemption Price (plus accrued interest to the Redemption Date) of the Notes to be
redeemed pursuant to clause (c) of Section 3.07 of the Indenture. 
 8. Redemption Procedures. If less than all
of the Notes are to be redeemed, the Trustee will select the Notes or portions thereof in authorized denominations to be redeemed by lot, pro rata or by any other method customarily authorized by the clearing systems (subject to DTC
procedures). No Notes of principal amount of $1,000 or less shall be redeemed in part and no redemption shall result in a Holder holding a Note of less than $1,000 in principal 

  
 A-1-5

 
amount. For all purposes of the Indenture unless the context otherwise requires, provisions of the Indenture that apply to Notes called for redemption also apply to portions of Notes called for
redemption. 
 9. Notice of Redemption. Notices of redemption shall be sent electronically to DTC, in the case of Global
Notes, or shall be mailed by first-class mail, in the case of Physical Notes (and, to the extent permitted by applicable procedures or regulations, electronically) upon not less than 30 nor more than 60 days before the Redemption Date to each Holder
of Notes to be redeemed at its registered address. If any Note is to be redeemed in part only, the notice of redemption that relates to that Note shall state the portion of the principal amount thereof to be redeemed. 

10. Denominations, Transfer, Exchange. The Notes shall be issuable only in fully registered form without coupons in denominations
of $1,000 and integral multiples thereof. 
 11. Persons Deemed Owners. The Depositary may be treated by the Company, the
Trustee and any agent of the Company or the Trustee as the absolute owner of a Global Note for all purposes whatsoever. 
 12.
Unclaimed Money. If money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request or, if such money is then held by the Company in trust, such
money shall be released from such trust. After that, Holders entitled to the money must look only to the Company for payment as general creditors unless applicable abandoned property law designates another Person. 

13. Amendment, Supplement, Waiver, Etc. Without the consent of any Holders, at any time and from time to time, the Company, the
Guarantors and the Trustee may enter into one or more Indentures supplemental to the Indenture and the Note Guarantees to, among other things, cure or reform any ambiguity, defect, omission, mistake, manifest error or inconsistency or to conform the
Indenture or the Notes to any provision of the “Description of Notes” contained in the Offering Memorandum and to provide additional rights or benefits to the Holders or to make any change that does not adversely affect the rights of any
Holder. With the consent of the Holders of not less than a majority in aggregate principal amount of the outstanding Notes, the Company, the Guarantors and the Trustee may enter into an indenture or indentures supplemental to the Indenture to make
other amendments or modifications, subject to certain exceptions requiring the consent of the Holder of each outstanding Note affected thereby. 
 14. Purchase of Notes Upon a Change of Control. If a Change of Control occurs, unless the Company has previously or concurrently mailed a redemption notice with respect to all the outstanding Notes
pursuant to Section 3.07 of the Indenture, the Company will make a written offer to purchase all of the Notes pursuant to a Change of Control Offer at a Change of Control Purchase Price in cash equal to 101% of the aggregate principal amount
thereof plus accrued and unpaid interest to the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date. 

15. Successor Entity. When a successor entity duly assumes all of the obligations and covenants of the Company pursuant to the
Indenture and the Notes, except in the case of a lease, the predecessor entity shall be relieved of all such obligations. 
 16.
Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in the Indenture, if an Event of Default with respect to the Notes (other than an Event of Default described in clause (7) or
(8) of Section 6.01 of the Indenture with respect to the Company) occurs and is continuing, the Trustee or the Holders of not less than 25% in aggregate principal amount of the outstanding Notes may declare to be immediately due and
payable the principal of the Notes and any accrued interest on the Notes to be due and payable immediately. If an Event of Default described in clause (7) or (8) of Section 6.01 of the Indenture occurs with respect to the Company, the
principal amount of and any accrued interest on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Trustee shall be under no
obligation to exercise any of its rights or powers under the Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee security and indemnity satisfactory to the Trustee. Except in the case of a
Default or Event of Default in payment of the principal of, premium, if any, or interest on any Note (including payments pursuant to a redemption or repurchase of the Notes pursuant to the provisions of the Indenture), the Trustee may withhold the
notice if and so long as the board of directors, the 

  
 A-1-6

 
executive committee or a trust committee of its directors and/or Responsible Officers in good faith determines that withholding the notice is in the interests of Holders. 

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

18. No Recourse Against Others. No director, manager, officer, employee, stockholder, member, general or limited partner or
incorporator, past, present or future, of the Company or any of its Subsidiaries, as such or in such capacity, shall have any personal liability for any obligations of the Company or the Guarantors under the Notes, any Note Guarantee or the
Indenture by reason of his, her or its status as such director, manager, officer, employee, stockholder, member, general or limited partner or incorporator. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes and Note Guarantees. 
 19. Discharge. The
Company’s obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain sections thereof, subject to the terms of the Indenture, upon the payment or cancellation of all the Notes or upon the irrevocable
deposit with the Trustee of 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 to the Stated Maturity or
Redemption Date. 
 20. Guarantees. The Company’s obligations under the Notes are jointly and severally, fully and
unconditionally guaranteed, to the extent set forth in the Indenture, by each of the Guarantors. 
 21. Covenant Termination
Event. In the event of the occurrence of a Covenant Termination Event, as defined in the Indenture, the Company and its Restricted Subsidiaries will no longer be subject to Sections 4.07, 4.08, 4.09, 4.10, 4.11 and 4.15 of the Indenture with
respect to the Notes. 
 22. Authentication. This Note shall not be valid until the Trustee manually signs the
certificate of authentication on this Note. 
 [23. Additional Rights of Holders of Restricted Global
Notes and Restricted Physical Notes. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Physical Notes shall have all the rights set forth in the Registration Rights
Agreement, dated as of January 28, 2011, among Valassis Communications, Inc., the Guarantors named therein and Merrill Lynch, Pierce, Fenner & Smith Incorporated (the “Registration Rights Agreement”), including the
right to receive Additional Interest (as defined in the Registration Rights Agreement).]5 
 24. Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN
AND BE USED TO CONSTRUE THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

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

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

  
  

	5	 Will not be
included in the Exchange Notes. 

  
 A-1-7

 Valassis Communications, Inc. 

19975 Victor Parkway 
 Livonia, MI 48152 
 Facsimile: (734) 462-2513 

Attention: Lorne Groe 
 With a
copy (which shall not constitute notice) to: 
 McDermott Will & Emery LLP 

340 Madison Avenue 
 New York, New York 10173 
 Facsimile: (212) 547-5514 

Attention: Amy S. Leder, Esq. 

  
 A-1-8

 ASSIGNMENT 
 I or we assign and transfer this Note to: 
  

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

(Print or type name, address and zip code of assignee) 
 and irrevocably appoint: 
 as Agent to transfer this Note on the books of the
Company. The Agent may substitute another to act for him. 
  

					
			
	Date:                    	 	Your Signature	 	  
		 		 	(Sign exactly as your name appears on the face of this Note)

 Signature Guarantee:                      

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

  
 A-1-9

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 (Asset Sale) or Section 4.13 (Change
of Control) of the Indenture, check the appropriate box below: 
  

			
	 ̈	  	 ̈
	Asset Sale	  	Change of Control

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.10 or Section 4.13 of the
Indenture, state the principal amount (in denominations of $1,000 and integral multiples thereof): 

$             
 Date:                     
Your Signature:                     
 (Sign exactly as your name appears on the other side of the Note) 

Signature Guarantee*:                    

  

	*	Signature must be guaranteed by a participant in a recognized Signature Guaranty Medallion Program or other signature guarantor acceptable to the Trustee

  
 A-1-10

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The initial outstanding principal amount of this Global Note is $            . The following exchanges of a part of this Global
Note for interest in another Global Note or for a Physical Note, or exchanges of a part of another Global or Physical Note for an interest in this Global Note, have been made: 

 

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

  
 A-1-11

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Valassis Communications, Inc. 

19975 Victor Parkway 
 Livonia, MI 48152

 Facsimile: (734) 462-2513 

Attention: Lorne Groe 
 Wells Fargo Bank –
DAPS Reorg. 
 MAC N9303-121 
 608 2nd
Avenue South 
 Minneapolis, MN 55479 

Telephone No.: (877) 872-4605 
 Facsimile:
(866) 969-1290 
 Email: DAPSReorg@wellsfargo.com 
 Re:
6 5/8% Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of January 28, 2011 (the “Indenture”), among Valassis
Communications, Inc., the Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
             (the “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex
A hereto, in the principal amount of $             in such Note[s] or interests (the “Transfer”), to
            (the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 

[CHECK ALL THAT APPLY] 
 1.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR A PHYSICAL NOTE PURSUANT TO RULE 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or
Physical Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Physical Note for its own account, or for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance with any applicable
blue sky securities laws of any state of the United States. 
 2.  ̈ CHECK IF
TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A PHYSICAL NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and,
accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). The Restricted Period shall be terminated upon the receipt by the Trustee of an Officers’
Certificate certifying that the Restricted Period may be terminated in accordance with Regulation S. Upon 

  
 B-1

 
consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will be subject to the restrictions on Transfer
enumerated in the Indenture and the Securities Act. 
 3.  ̈ CHECK AND COMPLETE
IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE RESTRICTED PHYSICAL NOTE PURSUANT TO ANY PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer
restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Physical Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and
accordingly the Transferor hereby further certifies that (check one): 
  

	 	(a)	 ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 or 
  

	 	(b)	 ̈ such Transfer is being effected to the Company or a subsidiary thereof; 

or 
  

	 	(c)	 ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in
compliance with the prospectus delivery requirements of the Securities Act. 

 4.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED PHYSICAL NOTE. 

 

	 	(a)	 ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to and in accordance with
Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or
Physical Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Physical Notes and in the Indenture. 

 

	 	(b)	 ̈ CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Physical Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Physical Notes and in the Indenture.

  
 B-2

	 	(c)	 ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected pursuant to and in
compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws
of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Physical Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Physical Notes and in the Indenture. 

 This certificate and the statements contained herein are made
for your benefit and the benefit of the Company. 
  
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 B-3

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

The transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended, and,
accordingly, the transferor hereby further certifies that the beneficial interest or certificated Note is being transferred to a Person that the transferor reasonably believed and believes is purchasing the beneficial interest or certificated Note
for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a
transaction meeting the requirements of Rule 144A and such transfer is in compliance with any applicable securities laws of any state of the United States. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or certificated Note will be subject to the restrictions on transfer enumerated on the Rule 144A Notes and/or the certificated Note and in the Indenture and the Securities Act. 

 

					
			
	Dated:                    	 		 	  
		 		 	NOTICE: To be executed by an executive officer

  
 B-4

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	1.	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)] 
  

	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP 918866 AS3), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP U9098F AE7), or 

 

	(b)	 ̈ a Restricted Physical Note. 

 

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	(a)	 ̈ a beneficial interest in the: 

 

	 	(i)	 ̈ 144A Global Note (CUSIP 918866 AS3), or 

 

	 	(ii)	 ̈ Regulation S Global Note (CUSIP U9098F AE7), or 

 

	 	(iii)	 ̈ Unrestricted Global Note (CUSIP 918866 AU8); or 

 

	(b)	 ̈ a Restricted Definitive Note; or 

 

	(c)	 ̈ an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 B-5

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 Valassis Communications, Inc. 

19975 Victor Parkway 
 Livonia, MI 48152

 Facsimile: (734) 462-2513 

Attention: Lorne Groe 
 Wells Fargo Bank –
DAPS Reorg. 
 MAC N9303-121 
 608 2nd
Avenue South 
 Minneapolis, MN 55479 

Telephone No.: (877) 872-4605 
 Facsimile:
(866) 969-1290 
 Email: DAPSReorg@wellsfargo.com 
 Re:
6 5/8% Senior Notes due 2021 

Reference is hereby made to the Indenture, dated as of January 28, 2011 (the “Indenture”), among Valassis
Communications, Inc., the Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
             (the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the
principal amount of $             in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies that: 

1) EXCHANGE OF RESTRICTED PHYSICAL NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED PHYSICAL NOTES OR
BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 
 a)  ̈ CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest
in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 b)  ̈ CHECK
IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED PHYSICAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Physical Note, the Owner
hereby certifies (i) the Physical Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Physical Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 c)  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED PHYSICAL NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange
of a 

  
 C-1

 
Restricted Physical Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account
without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Physical Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws
of any state of the United States. 
 d)  ̈ CHECK IF EXCHANGE IS
FROM RESTRICTED PHYSICAL NOTE TO UNRESTRICTED PHYSICAL NOTE. In connection with the Owner’s Exchange of a Restricted Physical Note for an Unrestricted Physical Note, the Owner hereby certifies (i) the Unrestricted Physical Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Physical Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Unrestricted Physical Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States. 
 2) EXCHANGE OF RESTRICTED PHYSICAL NOTES OR
BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED PHYSICAL NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES 
 a)  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO RESTRICTED PHYSICAL NOTE. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted Physical Note with an equal principal amount, the Owner hereby certifies that the Restricted Physical Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Physical Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Physical Note and in the Indenture and the Securities Act. 
 b)
 ̈ CHECK IF EXCHANGE IS FROM RESTRICTED PHYSICAL NOTE TO BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Physical Note for a beneficial
interest in the [CHECK ONE] [            ] 144A Global Note [            ] Regulation S Global Note, with an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities Act. 

This certificate and the statements contained herein are made for your benefit and the benefit of the Company and are
dated                     . 
  

			
	[Insert Name of Transferor]
		
	By:	 	 
		 	Name:
		 	Title:

 Dated:
                     

  
 C-2

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

The transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act of 1933, as amended, and,
accordingly, the transferor hereby further certifies that (i) the transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the transferee was outside the United States or such transferor
and any Person acting on its behalf reasonably believed and believes that the transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither
such transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b)
of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
restricted period under Regulation S, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an initial purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or certificated Note will be subject to the restrictions on transfer enumerated on the Regulation S Notes and/or the certificated Note and in the Indenture and the Securities Act. 

 

					
			
	Dated:                    	 		 	  
		 		 	NOTICE: To be executed by an executive officer

  
 C-3

 EXHIBIT D 
 [FORM OF NOTATION OF GUARANTEE] 
 Each of the undersigned (collectively, the
“Guarantors”) have guaranteed, jointly and severally, fully and unconditionally (such guarantee by each Guarantor being referred to herein as the “Guarantee”) (i) the due and punctual payment of the principal
of and interest on the 6 5/8% Senior Notes due 2021 (the “Notes”) issued by Valassis Communications, Inc., a Delaware corporation (the “Company”), whether at maturity, by acceleration or otherwise, the due and
punctual payment of interest on the overdue principal and interest, if any, on the Notes, to the extent lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the
terms set forth in Article 10 of the Indenture and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
 No director, manager,
officer, employee, stockholder, member, general or limited partner or incorporator, past, present or future, of the Guarantors, as such or in such capacity, shall have any personal liability for any obligations of the Guarantors under the Guarantees
by reason of his, her or its status as such director, manager, officer, employee, stockholder, member, general or limited partner or incorporator. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for the issuance of the Guarantees. 
 Each holder of a Note by accepting a Note agrees
that any Guarantor named below shall have no further liability with respect to its Guarantee if such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. 

Capitalized terms used herein without definition shall have the meanings assigned to them in the Notes. 

  
 D-1

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

 

			
	VALASSIS DIRECT MAIL, INC.
	MAILCOUPS, INC.
	MAILCOUPS DIRECT, INC.
	NCH MARKETING SERVICES, INC.
	NCH NUWORLD SPAIN, INC.
	PROMOTION WATCH, INC.
	VALASSIS COUPON CLEARING, INC.
	VALASSIS DATA MANAGEMENT, INC.
	VALASSIS INTERNATIONAL, INC.
	VALASSIS MANUFACTURING COMPANY
	VALASSIS SALES & MARKETING SERVICES, INC.
	VALASSIS INTERACTIVE, INC.
	VCI ENTERPRISES, INC.
		
	By:	 	 
		 	Name: Todd Wiseley
		 	Title: Vice President, Vice President, and with
		 	respect to NCH Marketing Services, Inc., Secretary

  

			
	VALASSIS RELATIONSHIP MARKETING SYSTEMS, LLC
		
	By:	 	 
		 	Name: Todd Wiseley
		 	Title: General Manager

  

			
	VALASSIS IN-STORE SOLUTIONS, INC.
	PERIMETER MARKETING COMPANY
		
	By:	 	 
		 	 Name: Lorne Groe
 Title:
Vice President

  

			
	VC HOLDINGS, LLC
		
	By	 	 
		 	 Name: Lorne Groe
 Title:
President

  
 D-2

 EXHIBIT E 
 [FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”),
dated                     as of , among             (the
“Guaranteeing Subsidiary”), a subsidiary of Valassis Communications, Inc., a Delaware corporation (or its permitted successor) (the “Company”), the Company and Wells Fargo Bank, National Association, as trustee
under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Indenture”),
dated as of January 28, 2011 providing for the issuance of 6 5/8% Senior Notes due 2021 (the “Notes”); 
 WHEREAS, the Indenture
provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall agree to guarantee the Notes on the terms and conditions set
forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 8.01 of the Indenture, the
parties hereto are authorized to execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the
foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

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

 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and
subject to the conditions set forth in the Guarantee and in the Indenture including but not limited to Article 10 thereof. 
 3.
NO RECOURSE AGAINST OTHERS. No director, manager, officer, employee, stockholder, member, general or limited partner or incorporator, past, present or future, of the Guarantors, as such or in such capacity, shall have any personal liability for any
obligations of the Guarantors under the Guarantees by reason of his, her or its status as such director, manager, officer, employee, stockholder, member, general or limited partner or incorporator. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for the issuance of the Guarantees. 
 4. NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF
ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 5. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes. 
 6. EFFECT OF HEADINGS. The Section headings herein are for
convenience only and shall not affect the construction hereof. 

  
 E-1

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

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

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	 
		 	Name:
		 	Title:

  
 E-2Registration Rights Agreement

 Exhibit 4.2 
  

 
 REGISTRATION RIGHTS AGREEMENT

 Dated as of January 28, 2011 
 By and Among 
 VALASSIS COMMUNICATIONS, INC., 

THE GUARANTORS NAMED HEREIN 
 and 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

 
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into as of January 28, 2011, by and among
Valassis Communications, Inc., a Delaware corporation (the “Company”), the entities listed on the signature pages hereof as “Guarantors” (collectively, the “Guarantors”), and Merrill Lynch, Pierce, Fenner &
Smith Incorporated, as representative of the several Initial Purchasers named on Schedule A hereto (collectively, the “Initial Purchasers”), each of whom has agreed to purchase the Company’s 6 5/8% Senior Notes due 2021 (the
“Initial Notes”), fully and unconditionally guaranteed by the Guarantors (the “Guarantees”), pursuant to the Purchase Agreement (as defined below). The Initial Notes and the Guarantees attached thereto are herein collectively
referred to as the “Initial Securities.” 
 This Agreement is made pursuant to the Purchase Agreement, dated
January 13, 2011 (the “Purchase Agreement”), by and among the Company, the Guarantors and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as representative of the Initial Purchasers, (i) for the benefit of the
Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to purchase the Initial Securities, the Company has agreed to
provide the registration rights set forth in this Agreement. The execution and delivery of this Agreement is a condition to the obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase Agreement. 

The parties hereby agree as follows: 
 Section 1. Definitions. As used in this Agreement, the following capitalized terms shall have the following meanings: 

Broker-Dealer: Any broker or dealer registered under the Exchange Act. 

Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which banking institutions or trust
companies located in New York, New York are authorized or obligated to be closed. 
 Closing Date: The date of this
Agreement. 
 Commission: The Securities and Exchange Commission. 

Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this Agreement upon the occurrence
of (i) the filing and effectiveness under the Securities Act of the Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the Exchange Offer, (ii) the maintenance of such Registration Statement
continuously effective and the keeping of the Exchange Offer open for a period not less than the minimum period required pursuant to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture of
Exchange Securities in the same aggregate principal amount as the aggregate principal amount of Initial Securities that were tendered by Holders thereof pursuant to the Exchange Offer. 

EDGAR: The Electronic Data Gathering, Analysis and Retrieval system of the Commission. 

 Effectiveness Target Date: As defined in Section 5 hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended. 

Exchange Offer: The offer to exchange and issuance by the Company of a principal amount of Exchange Securities (which shall be
registered pursuant to the Exchange Offer Registration Statement under the Securities Act) equal to the outstanding principal amount of Transfer Restricted Securities that are properly tendered and not subsequently withdrawn by such Holders in
connection with such offer to exchange and issuance, pursuant to which the Company offers the Holders of all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding Transfer Restricted Securities held by such
Holders for Exchange Securities in an aggregate principal amount equal to the aggregate principal amount of the Transfer Restricted Securities tendered in such exchange offer by such Holders. 

Exchange Offer Registration Statement: The Registration Statement relating to the Exchange Offer, including the related
Prospectus. 
 Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Initial Securities to
certain “qualified institutional buyers,” as such term is defined in Rule 144A under the Securities Act and to certain non-U.S. persons pursuant to Regulation S under the Securities Act. 

Exchange Securities: The 6 5/8% Senior Notes due 2021 and the related guarantees thereof, of the same series under the Indenture
as the Initial Notes and the Guarantees attached thereto, to be issued to Holders in exchange for Transfer Restricted Securities pursuant to this Agreement. 
 FINRA: Financial Industry Regulatory Authority, Inc. 
 Guarantees:
As defined in the preamble hereto. 
 Holders: As defined in Section 2(b) hereof. 

Indemnified Holder: As defined in Section 8(a) hereof. 

Indenture: The Indenture, dated as of January 28, 2011, by and among the Company, the Guarantors and Wells Fargo Bank,
National Association, as trustee (the “Trustee”), pursuant to which the Securities are to be issued, as such Indenture is amended or supplemented from time to time in accordance with the terms thereof. 

Initial Notes: As defined in the preamble hereto. 
 Initial Placement: The issuance and sale by the Company of the Initial Securities to the Initial Purchasers pursuant to the Purchase Agreement. 

Initial Purchasers: As defined in the preamble hereto. 
 Initial Securities: As defined in the preamble hereto. 

  
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 Person: An individual, partnership, corporation, trust or unincorporated
organization, or a government or agency or political subdivision thereof. 
 Prospectus: The prospectus included in a
Registration Statement, at the time such Registration Statement is declared effective, as amended or supplemented by any prospectus supplement and by all other amendments thereto, including post-effective amendments, and all material incorporated by
reference into such Prospectus. 
 Registration Default: As defined in Section 5 hereof. 

Registration Statement: Any registration statement of the Company relating to (a) an offering of Exchange Securities pursuant
to the Exchange Offer or (b) the registration for resale of Transfer Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the provisions of this Agreement, in each case, including the Prospectus
included therein, all amendments and supplements thereto (including post-effective amendments) and all exhibits and material incorporated by reference therein. 
 Securities: The Initial Securities and the Exchange Securities, collectively. 
 Securities Act: The Securities Act of 1933, as amended. 
 Shelf Filing
Deadline: As defined in Section 4(a) hereof. 
 Shelf Registration Statement: As defined in Section 4(a)
hereof. 
 Transfer Restricted Securities: Each (A) Initial Security, until the earliest to occur of (i) the
date on which such Initial Security is exchanged in the Exchange Offer for an Exchange Security entitled to be resold to the public by the Holder thereof without complying with the prospectus delivery requirements of the Securities Act,
(ii) the date on which such Initial Security has been effectively registered under the Securities Act, and disposed of in accordance with a Shelf Registration Statement, (iii) the date on which such Initial Security is distributed to the
public pursuant to Rule 144 under the Securities Act and (iv) the date immediately following the Consummation of the Exchange Offer if such Initial Security was eligible to be exchanged in the Exchange Offer and (B) Exchange Security held
by a Broker Dealer until the date on which such Exchange Security is disposed of by a Broker-Dealer pursuant to the “Plan of Distribution” contemplated by the Exchange Offer Registration Statement (including delivery of the Prospectus
contained therein). 
 Trust Indenture Act: The Trust Indenture Act of 1939, as amended. 

Underwritten Registration or Underwritten Offering: A registration in which securities of the Company are sold to an underwriter
for reoffering to the public. 
 Section 2. Securities Subject to this Agreement. 

(a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement are the Transfer Restricted
Securities. 

  
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 (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of
Transfer Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities. 

Section 3. Registered Exchange Offer. 
 (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied with), each of the Company
and the Guarantors shall (i) cause to be filed with the Commission no later than 180 days after the Closing Date (or if such 180th day is not a Business Day, the next succeeding Business Day), a Registration Statement under the Securities Act
relating to the Exchange Securities and the Exchange Offer, (ii) use its commercially reasonable efforts to cause such Registration Statement to become effective at the earliest possible time, but no later than 240 days after the Closing Date
(or if such 240th day is not a Business Day, the next succeeding Business Day), (iii) in connection with the foregoing, (A) file all pre-effective amendments to such Registration Statement as may be necessary in order to cause such
Registration Statement to become effective, (B) if applicable, file a post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities Act and (C) cause all necessary filings in connection with the
registration and qualification of the Exchange Securities to be made under the state securities or blue sky laws of such jurisdictions as are necessary to permit Consummation of the Exchange Offer; provided, that the Company and the
Guarantors shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process or taxation in any jurisdiction where it is not
then so subject; and (iv) promptly after the effectiveness of such Registration Statement, commence the Exchange Offer. The Exchange Offer shall be on the appropriate form permitting registration of the Exchange Securities to be offered in
exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held by Broker-Dealers as contemplated by Section 3(c) hereof. 
 (b) The Company and the Guarantors shall use commercially reasonable efforts to cause the Exchange Offer Registration Statement to be effective continuously and shall keep the Exchange Offer open for a
period of not less than the minimum period required under applicable federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no event shall such period be less than 20 Business Days after the date notice
of the Exchange Offer is mailed to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal and state securities laws. No securities other than the Exchange Securities shall be included in the Exchange Offer
Registration Statement. The Company shall use its commercially reasonable efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the Exchange Offer Registration Statement has become effective, but in no event
later than 30 Business Days after the effective date of the Exchange Offer Registration Statement. 
 (c) The Company shall
indicate in a “Plan of Distribution” section contained in the Prospectus forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds Initial Securities that are Transfer Restricted Securities and that were
acquired for its own account as a result of market-making activities or other trading activities (other than Transfer Restricted Securities acquired directly from the Company), may exchange such Initial

  
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Securities pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter” within the meaning of the Securities Act and must, therefore, deliver a
prospectus meeting the requirements of the Securities Act in connection with any resales of the Exchange Securities received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be satisfied by the delivery by such
Broker-Dealer of the Prospectus contained in the Exchange Offer Registration Statement. Such “Plan of Distribution” section shall also contain all other information with respect to such resales by Broker-Dealers that the Commission may
require in order to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such Broker-Dealer or disclose the amount of Initial Securities held by any such Broker-Dealer except to the extent required by
the Commission as a result of a change in policy after the date of this Agreement. 
 Each of the Company and the Guarantors
shall permit the use of the Prospectus contained in the Exchange Offer Registration Statement by any such Broker-Dealer to satisfy its prospectus delivery requirement. To the extent necessary to ensure that the prospectus contained in the Exchange
Offer Registration Statement is available for resales of Exchanges Securities by Broker-Dealers, each of the Company and the Guarantors agree to use its commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously
effective, supplemented and amended and current as required by and subject to the provisions of Section 6(c) hereof to the extent necessary to ensure that it is available for resales of Initial Securities acquired by Broker-Dealers for their
own accounts as a result of market-making activities or other trading activities, and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as announced from
time to time, for a period ending on the earlier of (i) 180 days from the date on which the Exchange Offer Registration Statement is declared effective, (ii) the date on which a Broker-Dealer is no longer required to deliver a prospectus
in connection with market-making or other trading activities and (iii) such shorter period as will terminate when all Transfer Restricted Securities covered by such Registration Statement have been sold pursuant thereto. 

The Company shall provide sufficient copies of the latest version of such Prospectus to Broker-Dealers promptly upon request at any time
during such 180-day (or shorter as provided in the foregoing sentence) period in order to facilitate such resales. 
 Section
4. Shelf Registration. 
 (a) Shelf Registration. If (i) the Company is not required
to file the Exchange Offer Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a) hereof have been complied
with), (ii) for any reason the Exchange Offer is not Consummated within 30 Business Days after the effective date of the Exchange Offer Registration Statement, or (iii) with respect to any Holder of Transfer Restricted Securities
(A) such Holder is prohibited by applicable law or Commission policy from participating in the Exchange Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange Offer to the public without delivering
a prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales by such Holder, or (C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from
the Company or one of its affiliates, then, upon such Holder’s request, the Company and the Guarantors shall 

  
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 (x) cause to be filed a shelf registration statement pursuant to Rule 415 under the
Securities Act, which may be an amendment to the Exchange Offer Registration Statement (in either event, the “Shelf Registration Statement”) as soon as practicable but in any event on or prior to 30 days after the date specified for
Consummation of the Exchange Offer in this Agreement (or if such 30th day is not a Business Day, the next succeeding Business Day) (such date being the “Shelf Filing Deadline”), which Shelf Registration Statement shall provide for resales
of all Transfer Restricted Securities the Holders of which shall have provided the information required pursuant to Section 4(b) hereof; and 
 (y) use their commercially reasonable efforts to cause such Shelf Registration Statement to be declared effective by the Commission on or before the 90th day after the Shelf Filing Deadline (or if such
90th day is not a Business Day, the next succeeding Business Day). 
 Each of the Company and the Guarantors shall use
commercially reasonable efforts to keep such Shelf Registration Statement continuously effective, supplemented and amended as required by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is available for
resales of Initial Securities by the Holders of Transfer Restricted Securities entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements of this Agreement, the Securities Act and the policies, rules and
regulations of the Commission as announced from time to time, for a period of at least two years following the effective date of such Shelf Registration Statement (or shorter period that will terminate when all the Initial Securities covered by such
Shelf Registration Statement have been sold pursuant to such Shelf Registration Statement). 
 (b) Provision by Holders of
Certain Information in Connection with the Shelf Registration Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted Securities in any Shelf Registration Statement pursuant to this Agreement unless and
until such Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request therefor, such information as the Company may reasonably request for use in connection with any Shelf Registration Statement or Prospectus or
preliminary Prospectus included therein. No Holder of Transfer Restricted Securities shall be entitled to liquidated damages pursuant to Section 5 hereof unless such Holder shall have provided all such information within the required time
period. Each Holder as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Company all information required to be disclosed in order to make the information previously furnished to the Company by such Holder
not materially misleading. 
 Section 5. Additional Interest. If (i) any of the
Registration Statements required by this Agreement is not filed with the Commission on or prior to the date specified for such filing in this Agreement, (ii) any of such Registration Statements has not been declared effective by the Commission
on or prior to the date specified for such effectiveness in this Agreement (the “Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 Business Days after the Effectiveness Target Date with respect
to the Exchange Offer Registration Statement or (iv) any Registration Statement required by this Agreement is filed and declared effective but shall thereafter cease to be effective or fail to be usable for its intended purpose without being
succeeded promptly by a post-effective amendment to such Registration 

  
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Statement that cures such failure and that is itself promptly declared effective (each such event referred to in clauses (i) through (iv), a “Registration Default”), the Company
hereby agrees that the interest rate borne by the Transfer Restricted Securities shall be increased by 0.25% per annum during the 90-day period immediately following the occurrence of any Registration Default and shall increase by
0.25% per annum at the end of each subsequent 90-day period, but in no event shall such increase in the aggregate exceed 1.00% per annum (any such increase, “Additional Interest”); provided, that the Company and the
Guarantors shall in no event be required to pay liquidated damages for more than one Registration Default at any given time. Following the cure of all Registration Defaults relating to any particular Transfer Restricted Securities, the interest rate
borne by the relevant Transfer Restricted Securities will be reduced to the original interest rate borne by such Transfer Restricted Securities; provided, however, that, if after any such reduction in interest rate, a different Registration
Default occurs, the interest rate borne by the relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing provisions. A Registration Default shall be deemed not to have occurred or be continuing in relation to a Shelf
Registration Statement or the related Prospectus if (i) such Registration Default has occurred as a result of a material event or events relating to the Company or the Guarantors that the Company has determined in good faith and based on the
advice of counsel would need to be disclosed in such Shelf Registration Statement or the related Prospectus and the Company determines in good faith that such disclosure would materially adversely affect it (or a proposed transaction it is seeking
to engage in) and (ii) the Company has provided, or caused to be provided, written notice to the Holders that such an event or events have occurred and that a Registration Default would have occurred but for the provisions of this
Section 5; provided, however, that in any case if such Registration Default occurs for a continuous period in excess of 30 days, Additional Interest shall be payable in accordance with this Section 5 from and including the
31st day after such Registration Default originally occurred. Notwithstanding anything contained herein or in the Indenture to the contrary, the payment of Additional Interest shall be the only remedy available to holders of Notes for any
Registration Default. 
 All obligations of the Company and the Guarantors set forth in the preceding paragraph that are
outstanding with respect to any Transfer Restricted Security at the time such security ceases to be a Transfer Restricted Security shall survive until such time as all such obligations with respect to such security shall have been satisfied in full.

 Section 6. Registration Procedures. 

(a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company and the Guarantors shall, subject to
the provisions of Section 5 hereof, comply with all of the provisions of Section 6(c) hereof, shall use their commercially reasonable efforts to effect such exchange to permit the sale of Transfer Restricted Securities being sold in
accordance with the intended method or methods of distribution thereof, and shall comply with all of the following provisions: 
 (i) If in the reasonable opinion of counsel to the Company there is a question as to whether the Exchange Offer is permitted by applicable law, each of the Company and the Guarantors hereby agrees to use
commercially reasonable efforts to seek a no-action letter or other favorable decision from the Commission allowing the Company and 

  
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the Guarantors to Consummate the Exchange Offer for such Initial Securities. Each of the Company and the Guarantors hereby agrees to pursue the issuance of such a decision to the Commission staff
level but shall not be required to take commercially unreasonable action to effect a change of Commission policy. Each of the Company and the Guarantors hereby agrees, however, to use commercially reasonable efforts to (A) participate in
telephonic conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by counsel to the Company setting forth the legal bases, if any, upon which such counsel has concluded that the Exchange Offer should be
permitted and (C) diligently pursue a favorable resolution by the Commission staff of such submission. 

(ii) As a condition to its participation in the Exchange Offer pursuant to the terms of this Agreement, each Holder of
Transfer Restricted Securities (including, without limitation, any Holder who is a Broker-Dealer) shall furnish, upon the request of the Company, prior to the Consummation thereof, a written representation to the Company (which may be contained in
the letter of transmittal contemplated by the Exchange Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company, (B) it is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange Securities to be issued in the Exchange Offer, and (C) it is acquiring the Exchange Securities in its ordinary course of business. In addition, all such Holders of
Transfer Restricted Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer. Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using the Exchange Offer to participate in a
distribution of the securities to be acquired in the Exchange Offer (1) could not under Commission policy as in effect on the date of this Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co., Inc.
(available June 5, 1991) and Exxon Capital Holdings Corporation (available May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July 2, 1993, and similar no-action letters (which
may include any no-action letter obtained pursuant to clause (i) above), and (2) must comply with the registration and prospectus delivery requirements of the Securities Act in connection with a secondary resale transaction and that such a
secondary resale transaction should be covered by an effective registration statement containing the selling security holder information required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange Securities
obtained by such Holder in exchange for Initial Securities acquired by such Holder directly from the Company. 
 (b) Shelf
Registration Statement. In connection with the Shelf Registration Statement, each of the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof and shall use its commercially reasonable efforts to effect such
registration to permit the sale of the Transfer Restricted Securities being sold in accordance with the intended method or methods of distribution thereof (as indicated in the information furnished to the Company pursuant to Section 4(b)
hereof), and pursuant thereto each of the Company and the Guarantors will prepare and file with the Commission a Registration Statement relating to the registration on any appropriate form under the Securities Act, which form shall be available for
the sale of the Transfer Restricted Securities in accordance with the intended method or methods 

  
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of distribution thereof within the time periods and otherwise in accordance with the provisions hereof. 
 (c) General Provisions. In connection with any Registration Statement and any Prospectus required by this Agreement to permit the sale or resale of Transfer Restricted Securities (including,
without limitation, any Registration Statement and the related Prospectus required to permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantors shall, subject to the provisions of Section 5 hereof:

 (i) use its commercially reasonable efforts to keep such Registration Statement continuously effective and
provide all requisite financial statements (including, if required by the Securities Act or any regulation thereunder, financial statements of the Guarantors) for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence
of any event that would cause any such Registration Statement or the Prospectus contained therein (A) to contain an untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading or (B) not to be effective and usable for resale of Transfer Restricted Securities during the period required by this Agreement, the Company shall file
promptly an appropriate amendment to such Registration Statement, in the case of clause (A), correcting any such untrue statement or omission, and, in the case of either clause (A) or (B), use its commercially reasonable efforts to cause such
amendment to be declared effective and such Registration Statement and the related Prospectus to become usable for their intended purpose(s) as soon as practicable thereafter; 

(ii) prepare and file with the Commission such amendments and post-effective amendments to the applicable Registration
Statement as may be necessary to keep the Registration Statement effective for the applicable period set forth in Section 3 or 4 hereof, as applicable, or such shorter period as will terminate when all Transfer Restricted Securities covered by
such Registration Statement have been sold; cause the Prospectus to be supplemented by any required Prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable
provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement during the applicable period
in accordance with the intended method or methods of distribution by the sellers thereof set forth in such Registration Statement or supplement to the Prospectus; 

(iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested by such Persons, to confirm such
advice in writing, (A) when the Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to any Registration Statement or any post-effective amendment thereto, when the same has become effective,
(B) of any request by the Commission for amendments to the Registration Statement or amendments or supplements to the Prospectus or for additional information relating thereto, (C) of the issuance by the Commission of any stop order
suspending the effectiveness of the Registration Statement under the Securities Act or of the suspension by any state securities commission of the qualification of the Transfer 

  
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Restricted Securities for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the preceding purposes, and (D) of the existence of any fact or the happening
of any event that makes any statement of a material fact made in the Registration Statement, the Prospectus, any amendment or supplement thereto, or any document incorporated by reference therein untrue, or that requires the making of any additions
to or changes in the Registration Statement or the Prospectus in order to make the statements therein, in light of the circumstances under which they were made, not misleading. If at any time the Commission shall issue any stop order suspending the
effectiveness of the Registration Statement, or any state securities commission or other regulatory authority shall issue an order suspending the qualification or exemption from qualification of the Transfer Restricted Securities under state
securities or blue sky laws, each of the Company and the Guarantors shall use its commercially reasonable efforts to obtain the withdrawal or lifting of such order at the earliest possible time; 

(iv) furnish without charge to each of the Initial Purchasers, each selling Holder named in any Registration Statement
that has requested copies, if any, and each of the underwriter(s), if any, before filing with the Commission, a reasonable number of copies of any Registration Statement or any Prospectus included therein or any amendments or supplements to any such
Registration Statement or Prospectus (including, if requested, all documents incorporated by reference after the initial filing of such Registration Statement if such documents are not publicly available on EDGAR), which documents will be subject to
the review and comment of such Holders and underwriter(s) in connection with such sale, if any, for a period of at least three Business Days, and the Company will not file any such Registration Statement or Prospectus or any amendment or supplement
to any such Registration Statement or Prospectus (including all such documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted Securities covered by such Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within three Business Days after the receipt thereof (such objection to be deemed timely made upon confirmation of telecopy transmission within such period as specified in Section 12(e) hereof). The objection of an
Initial Purchaser or underwriter, if any, shall be deemed to be reasonable if such Registration Statement, amendment, Prospectus or supplement, as applicable, as proposed to be filed, contains an untrue statement of a material fact or omits to state
any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(v) make the Company’s and the Guarantors’ representatives available at reasonable times to the Initial
Purchasers and the underwriter(s), if any, for customary due diligence matters; 
 (vi) make available at
reasonable times for inspection by the Initial Purchasers, the managing underwriter(s), if any, participating in any disposition pursuant to such Registration Statement and any attorney or accountant retained by such Initial Purchasers or any of the
underwriter(s), all financial and other records, pertinent corporate documents and properties of each of the Company and the Guarantors reasonably requested by any such Person, and cause the Company’s and the Guarantors’ officers,
directors and employees to supply all information reasonably requested by any such 

  
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Holder, underwriter, attorney or accountant in connection with such Registration Statement or any post-effective amendment thereto subsequent to the filing thereof and prior to its effectiveness
and to participate in meetings with investors to the extent reasonably requested by the managing underwriter(s), if any; provided, however, that any information that is designated in writing by the Company or the Guarantors as
confidential at the time of delivery of such information shall be kept confidential by the Holders or any such attorney or accountant, unless such disclosure is made in connection with a court proceeding or required by law; 

(vii) if requested by any selling Holders in connection with such exchange or sale or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a supplement or post-effective amendment if necessary, such information as such selling Holders and underwriter(s), if any, may reasonably request to have included therein,
including, without limitation, information relating to the “Plan of Distribution” of the Transfer Restricted Securities, information with respect to the principal amount of Transfer Restricted Securities being sold to such underwriter(s),
the purchase price being paid therefor and any other terms of the offering of the Transfer Restricted Securities to be sold in such offering; and make all required filings of such Prospectus supplement or post-effective amendment as soon as
practicable after the Company is notified of the matters to be included in such Prospectus supplement or post-effective amendment; 
 (viii) cause the Transfer Restricted Securities covered by the Registration Statement to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in aggregate principal
amount of Securities covered thereby or the underwriter(s), if any; 
 (ix) furnish to each Initial Purchaser,
each selling Holder and each of the underwriter(s), if any, without charge, at least one copy of the Registration Statement, as first filed with the Commission, and of each amendment thereto, including financial statements and schedules, all
documents incorporated by reference therein and all exhibits (including exhibits incorporated therein by reference), unless, in each case, publicly available on EDGAR; 

(x) deliver to each selling Holder and each of the underwriter(s), if any, without charge, as many copies of the
Prospectus (including each preliminary prospectus) and any amendment or supplement thereto as such Persons reasonably may request; each of the Company and the Guarantors hereby consents to the use in accordance with law of the Prospectus and any
amendment or supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in connection with the offering and the sale of the Transfer Restricted Securities covered by the Prospectus or any amendment or supplement
thereto; 
 (xi) enter into such agreements (including an underwriting agreement), and make such representations
and warranties, and take all such other actions in connection therewith in order to expedite or facilitate the disposition of the Transfer Restricted Securities pursuant to any Registration Statement contemplated by this Agreement, all to

  
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such extent as customary for offerings of such type and as may be reasonably requested by any Initial Purchaser or by any Holder of Transfer Restricted Securities or underwriter in connection
with any sale or resale pursuant to any Registration Statement contemplated by this Agreement; and whether or not an underwriting agreement is entered into and whether or not the registration is an Underwritten Registration, each of the Company and
the Guarantors shall: 
 (A) furnish to each Initial Purchaser and each underwriter, if any, in such substance
and scope as they may request and as are customarily made by issuers to underwriters in primary underwritten offerings, upon the date of the effectiveness of the Shelf Registration Statement: 

(1) an opinion, dated the date of effectiveness of the Shelf Registration Statement, of counsel for the Company and the
Guarantors, covering the matters such parties may reasonably request; and 
 (2) a customary comfort letter,
dated the date of effectiveness of the Shelf Registration Statement, from the Company’s independent accountants, in the customary form and covering matters of the type customarily requested to be covered in comfort letters by underwriters in
connection with primary underwritten offerings, and covering or affirming the matters set forth in the comfort letters delivered pursuant to Section 5(a) of the Purchase Agreement; 

(B) set forth in full or incorporate by reference in the underwriting agreement, if any, the indemnification provisions
and procedures of Section 8 hereof with respect to all parties to be indemnified pursuant to said Section; and 
 (C) deliver such other documents and certificates as may be reasonably requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and with any customary conditions contained in
the underwriting agreement or other agreement entered into by the Company or any of the Guarantors pursuant to this Section 6(c)(xi), if any. 
 If at any time during which the Shelf Registration Statement is required to be kept effective pursuant hereto the representations and warranties of the Company and the Guarantors contemplated in
Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Company or the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and each selling Holder promptly and, if requested by such Persons, shall confirm
such advice in writing; 
 (xii) prior to any public offering of Transfer Restricted Securities, cooperate with
the selling Holders, the underwriter(s), if any, and their respective counsel in connection with the registration and qualification of the Transfer Restricted Securities under the state securities or blue sky laws of such jurisdictions as the
selling Holders or underwriter(s), if any, may reasonably request and do any and all other commercially reasonable acts or things necessary or advisable to enable the disposition in such 

  
 -12-

 
jurisdictions of the Transfer Restricted Securities covered by the Shelf Registration Statement but in no event for longer than 365 days from the effective date of the Shelf Registration
Statement; provided, however, that neither the Company nor any of the Guarantors shall be required to register or qualify as a foreign entity where it is not then so qualified or to take any action that would subject it to the service of
process in suits or to taxation, other than as to matters and transactions relating to the Registration Statement, in any jurisdiction where it is not then so subject; 

(xiii) in connection with any sale of Transfer Restricted Securities that will result in such securities no longer being
Transfer Restricted Securities, reasonably cooperate with the selling Holders and the underwriter(s), if any, to facilitate the timely preparation and delivery of certificates representing Transfer Restricted Securities to be sold and not bearing
any restrictive legends; and enable such Transfer Restricted Securities to be in such denominations and registered in such names as the Holders or the underwriter(s), if any, may reasonably request at least two Business Days prior to any sale of
Transfer Restricted Securities made by such Holders or underwriter(s); 
 (xiv) use its commercially reasonable
efforts to cause the Transfer Restricted Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the seller or sellers thereof or the
underwriter(s), if any, to consummate the disposition of such Transfer Restricted Securities, subject to the proviso contained in Section 6(c)(xii) hereof; 
 (xv) if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or have occurred, prepare a supplement or post-effective amendment to the Registration Statement or related
Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered to the purchasers of Transfer Restricted Securities, the Prospectus will not contain an untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(xvi) provide a CUSIP number for all Securities not later than the effective date of the Registration Statement covering
such Securities and provide the Trustee under the Indenture with one or more global notes for such Securities which are in a form eligible for deposit with the Depository Trust Company and take all other action necessary to ensure that all such
Securities are eligible for deposit with the Depository Trust Company; 
 (xvii) reasonably cooperate and assist
in any filings required to be made with FINRA and in the performance of any due diligence investigation by any underwriter (including any “qualified independent underwriter”) that is required to be retained in accordance with the rules and
regulations of FINRA; 
 (xviii) otherwise use its commercially reasonable efforts to comply in all material
respects with all applicable rules and regulations of the Commission, and make generally available to its security holders, as soon as practicable, a consolidated earnings statement 

  
 -13-

 
meeting the requirements of Rule 158 under the Securities Act (which need not be audited) for the twelve-month period (A) commencing at the end of any fiscal quarter in which Transfer
Restricted Securities are sold to underwriters in a firm commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such an offering, beginning with the first month of the Company’s first fiscal quarter
commencing after the effective date of the Registration Statement; 
 (xix) cause the Indenture to be qualified
under the Trust Indenture Act not later than the effective date of the first Registration Statement required by this Agreement, and, in connection therewith, cooperate with the Trustee and the Holders of Securities to effect such changes to the
Indenture as may be required for such Indenture to be so qualified in accordance with the terms of the Trust Indenture Act; and to execute and use its commercially reasonable efforts to cause the Trustee to execute, all documents that may be
required to effect such changes and all other forms and documents required to be filed with the Commission to enable such Indenture to be so qualified in a timely manner; and 

(xx) if not publicly available on EDGAR, provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act. 
 Each Holder agrees by
acquisition of a Transfer Restricted Security that, upon receipt of any notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D) hereof, such Holder will forthwith discontinue disposition of Transfer
Restricted Securities pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised in writing (the
“Advice”) by the Company that the use of the Prospectus may be resumed, and has received copies of any additional or supplemental filings that are incorporated by reference in the Prospectus. If so directed by the Company, each Holder will
either (i) destroy any Prospectuses, other than permanent file copies, then in such Holder’s possession which have been replaced by the Company with more recently dated Prospectuses or (ii) deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession, of the Prospectus covering such Transfer Restricted Securities that was current at the time of receipt of such notice. In the event the
Company shall give any such notice, the time period regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as applicable, shall be extended by the number of days during the period from and including the
date of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when each selling Holder covered by such Registration Statement shall have received the copies of the supplemented or amended Prospectus
contemplated by Section 6(c)(xvi) hereof or shall have received the Advice; provided, however, that no such extension shall be taken into account in determining whether Additional Interest is due pursuant to Section 5 hereof or the
amount of such Additional Interest, it being agreed that the Company’s option to suspend use of a Registration Statement pursuant to this paragraph may be treated as a Registration Default to the extent provided for by Section 5 hereof.

  
 -14-

 Section 7. Registration Expenses. 

(a) All expenses incident to the Company’s and each Guarantor’s performance of or compliance with this Agreement will be borne
by the Company and the Guarantors, jointly and severally, regardless of whether a Registration Statement becomes effective, including, without limitation: (i) all registration and filing fees and expenses (including filings made by any Initial
Purchaser or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all fees and expenses of
compliance with federal securities and state securities or blue sky laws; (iii) all expenses of printing (including printing certificates for the Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger
and delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the Guarantors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; and (v) all fees and disbursements of
independent certified public accountants of the Company and the Guarantors (including the expenses of any special audit and comfort letters required by or incident to such performance). 

Each of the Company and the Guarantors will, in any event, bear its internal expenses (including, without limitation, all salaries and
expenses of its officers and employees performing legal or accounting duties), the expenses of any annual audit and the fees and expenses of any Person, including special experts, retained by the Company or the Guarantors. 

(b) In connection with any Registration Statement required by this Agreement (including, without limitation, the Exchange Offer
Registration Statement and the Shelf Registration Statement), the Company and the Guarantors, jointly and severally, will reimburse the Initial Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer and/or
resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable fees and disbursements of not more than one
counsel, who shall be Paul, Hastings, Janofsky & Walker LLP or such other counsel as may be chosen by the Holders of a majority in principal amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being
prepared. 
 Section 8. Indemnification. 

(a) The Company and the Guarantors, jointly and severally, agree to indemnify and hold harmless (i) each Holder (including, for the
avoidance of doubt, each Initial Purchaser who may be a Holder) and (ii) each Person, if any, who controls (within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons
referred to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the respective officers, directors, partners, employees, representatives and agents of any Holder or any controlling person (any
Person referred to in clause (i), (ii) or (iii) may hereinafter be referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all losses, claims, damages, liabilities, judgments, actions and
expenses (including, without limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing, pursuing, settling, compromising, paying or defending any claim or action, or any investigation or proceeding by any
governmental agency or body, commenced or threatened, including the reasonable fees and 

  
 -15-

 
expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly caused by, related to, based upon, arising out of or in connection with, (i) any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading, (ii) or any untrue statement or alleged untrue statement of a material fact contained in any Prospectus (or any amendment or supplement thereto), or any omission or alleged omission to
state therein a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages, liabilities or expenses are
caused by an untrue statement or omission or alleged untrue statement or omission that is made in reliance upon and in conformity with information relating to any of the Holders furnished in writing to the Company by any of the Holders expressly for
use therein. This indemnity agreement shall be in addition to any liability which the Company or any of the Guarantors may otherwise have. 
 In case any action or proceeding (including any governmental or regulatory investigation or proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to which indemnity
may be sought against the Company or the Guarantors, such Indemnified Holder (or the Indemnified Holder controlled by such controlling person) shall promptly notify the Company and the Guarantors in writing; provided, however, that the
failure to give such notice shall not relieve any of the Company or the Guarantors of its obligations pursuant to this Agreement, except to the extent that the Company or such Guarantor, as applicable, has been materially prejudiced by such failure
(through the forfeiture of substantive rights and defenses), and shall not relieve any of the Company or the Guarantors from any liability that they may have to an Indemnified Holder other than under this Agreement. In case any such action is
brought against any Indemnified Holder, and it notifies an indemnifying party of the commencement thereof, the Company or the Guarantors will be entitled to participate therein, and may elect by written notice delivered to the Indemnified Holder
promptly after receiving the aforesaid notice from such Indemnified Holder, to assume the defense thereof with counsel reasonably satisfactory to such Indemnified Holder. 
 Such Indemnified Holder shall have the right to employ its own counsel in any such action but the fees and expenses of such counsel shall be at the expense of the Indemnified Holder unless (i) the
employment of such counsel shall have been specifically authorized in writing by the indemnifying party, (ii) the indemnifying party shall have failed to assume the defense of such action or employ counsel reasonably satisfactory to the
Indemnified Holder or (iii) the named parties to any such action (including any impleaded parties) include both the Indemnified Holder and the indemnifying party, and the Indemnified Holder shall have been advised by such counsel that there may
be one or more legal defenses available to it which are different from or additional to those available to the Indemnifying Holder (in which case the Indemnifying Holder shall not have the right to assume the defense of such action on behalf of the
Indemnified Holder), paid, as incurred, by the Company and the Guarantors. The Company and the Guarantors shall not, in connection with any one such action or proceeding or separate but substantially similar or related actions or proceedings in the
same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to any one local counsel) at any time for such Indemnified
Holders, which firm shall be designated in writing by a majority of the 

  
 -16-

 
Holders. The Company and the Guarantors shall be liable for any settlement of any such action or proceeding effected with the Company’s and the Guarantors’ prior written consent, which
consent shall not be withheld unreasonably, and each of the Company and the Guarantors agrees to indemnify and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or expense by reason of any settlement of any
action effected with the written consent of the Company and the Guarantors. The Company and the Guarantors shall not, without the prior written consent of each Indemnified Holder, settle or compromise or consent to the entry of judgment in or
otherwise seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not any Indemnified Holder is a party thereto), unless such
settlement, compromise, consent or termination (x) includes an unconditional release of each Indemnified Holder from all liability for claims that are the subject matter of such action, claim, litigation or proceeding and (y) does not
include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Holder. No indemnifying party shall be liable for any settlement on its behalf, effectuated without its consent, which shall
not be unreasonably withheld. 
 (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company and the Guarantors, their respective directors, officers of the Company and the Guarantors who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) the Company or any of the Guarantors, and the respective officers, directors, partners, employees, representatives and agents of each such Person, to the same extent as the foregoing indemnity from the
Company and the Guarantors to each of the Indemnified Holders, but only with respect to claims and actions based on information relating to such Holder furnished in writing by such Holder expressly for use in any Registration Statement. In case any
action or proceeding shall be brought against the Company, the Guarantors or their respective directors or officers or any such controlling person in respect of which indemnity may be sought against a Holder of Transfer Restricted Securities, such
Holder shall have the rights and duties given the Company and the Guarantors, and the Company, the Guarantors, their respective directors and officers and such controlling person shall have the rights and duties given to each Holder by the preceding
paragraph. 
 (c) If the indemnification provided for in this Section 8 is unavailable to an indemnified party under
Section 8(a) or (b) hereof (other than by reason of exceptions provided in those Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or expenses referred to therein, then each applicable indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such losses, claims, damages, liabilities or expenses in such proportion as is appropriate to reflect the
relative benefits received by the Company and the Guarantors, on the one hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the Company and the Guarantors shall be deemed to be equal to the total gross
proceeds to the Company and the Guarantors from the Initial Placement), the amount of Additional Interest which did not become payable as a result of the filing of the Registration Statement resulting in such losses, claims, damages, liabilities,
judgments actions or expenses, and such Registration Statement, or if such allocation is not permitted by applicable law, the relative fault of the Company and the Guarantors, on the one hand, and the Holders, on the other hand, in connection

  
 -17-

 
with the statements or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as any other relevant equitable considerations. The relative fault of the Company
and the Guarantors on the one hand and of the Indemnified Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Company or any of the Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’ relative intent, knowledge, access to information and opportunity to correct
or prevent such statement or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject to the limitations set forth in the second
paragraph of Section 8(a) hereof, any legal or other fees or expenses reasonably incurred by such party in connection with investigating or defending any action or claim. 
 The Company, the Guarantors and each Holder of Transfer Restricted Securities agree that it would not be just and equitable if contribution pursuant to this Section 8(c) were determined by pro rata
allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or
payable by an indemnified party as a result of the losses, claims, damages, liabilities or expenses referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such indemnified party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section 8, none of the Holders (or any of their related Indemnified Holders)
shall be required to contribute, in the aggregate, any amount in excess of the amount by which the total discount received by such Holder with respect to the Initial Securities exceeds the amount of any damages which such Holder has otherwise been
required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to contribute pursuant to this Section 8(c) are several in proportion to the respective principal amount of Initial Securities held by each
of the Holders hereunder and not joint. 
 Section 9. Rule 144A. Each of the Company and the
Guarantors hereby agrees with each Holder, for so long as any Transfer Restricted Securities remain outstanding, and during any period the Company (i) is not subject to Section 13 or 15(d) of the Exchange Act, to make available to any
Holder or beneficial owner of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the information required by Rule 144A(d)(4)
under the Securities Act in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act or (ii) is subject to Section 13 or 15(d) of the Exchange Act, to make all filings required
thereunder in a timely manner in order to permit resales of such Transfer Restricted Securities pursuant to Rule 144A under the Securities Act. 
 Section 10. Participation in Underwritten Registrations. No Holder may participate in any Underwritten Registration hereunder unless such Holder (a) agrees
to sell such Holder’s Transfer Restricted Securities on the basis provided in any underwriting arrangements approved 

  
 -18-

 
by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up
letters and other documents required under the terms of such underwriting arrangements. 
 Section 11. Selection of
Underwriters. The Holders of Transfer Restricted Securities covered by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted Securities in an Underwritten Offering. In any such
Underwritten Offering, the investment banker(s) and managing underwriter(s) that will administer such offering will be selected by the Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included in such
offering; provided, however, that such investment banker(s) and managing underwriter(s) must be reasonably satisfactory to the Company and all of the discounts or commissions of the underwriters shall be paid by the Holders of the Transfer
Restricted Securities. 
 Section 12. Miscellaneous. 

(a) Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of this Agreement and hereby agree to waive the defense in any action for specific performance that a remedy at law would be adequate. 

(b) No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after the date of this Agreement enter into
any agreement with respect to its securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. Neither the Company nor any of the Guarantors has previously entered into
any agreement granting any registration rights with respect to its securities to any Person pursuant to which any such Person would have the right to include any securities in any Registration Statement to be filed with the Commission as required
under this Agreement. The rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under any agreement in
effect on the date hereof. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified
or supplemented, and waivers or consents to or departures from the provisions hereof may not be given unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the written consent of Holders of all
outstanding Transfer Restricted Securities and (ii) in the case of all other provisions hereof, obtained the written consent of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities (excluding any Transfer
Restricted Securities held by the Company or its Affiliates). Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that relates exclusively to the rights of Holders whose securities are being tendered pursuant
to the Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a majority of the outstanding principal amount
of Transfer Restricted Securities being tendered or registered; provided, however, that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser hereunder, the Company shall obtain the written
consent, not to be unreasonably withheld or delayed, of each such Initial Purchaser with 

  
 -19-

 
respect to which such amendment, qualification, supplement, waiver, consent or departure is to be effective. 
 (d) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, first-class mail (registered or certified, return receipt
requested), telex, telecopier, or air courier guaranteeing overnight delivery: 
 (i) if to a Holder, at the
address set forth on the records of the Registrar under the Indenture, with a copy to the Registrar under the Indenture; 
 (ii) if to the Company or a Guarantor: 
 Valassis Communications, Inc. 

19975 Victor Parkway 
 Livonia, MI 48152 
 Facsimile: (734) 462-2513 

Attention: Lorne Groe 
 with a copy to: 
 McDermott Will & Emery LLP 

340 Madison Avenue 
 New York, New York 10173 
 Facsimile: (212) 547-5514 

Attention: Amy Leder, Esq.; and 
 (iii) if to an Initial Purchaser, at the address set forth in the Purchase Agreement. 
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid,
if mailed; when answered back, if telexed; when receipt acknowledged, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery. 
 Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee at the address specified in the Indenture. 

(e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties, including, without limitation, and without the need for an express assignment, subsequent Holders of Transfer Restricted Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a
successor or assign of a Holder unless and to the extent such successor or assign acquired Transfer Restricted Securities from such Holder, and nothing herein shall be deemed to permit any assignment, transfer or other disposition of Transfer
Restricted Securities in violation of the terms hereof or of the Purchase Agreement or the Indenture. 

  
 -20-

 (f) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

(g) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF. 
 (i) Severability. In the event that any
one or more of the provisions contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining
provisions contained herein shall not be affected or impaired thereby. 
 (j) Entire Agreement. This Agreement is
intended by the parties as a final expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the registration rights granted by the Company with respect to the Transfer Restricted Securities. This Agreement supersedes all
prior agreements and understandings between the parties with respect to such subject matter. 

  
 -21-

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	COMPANY:
		
		 	VALASSIS COMMUNICATIONS, INC.
		
	By:	 	/s/ Todd Wiseley
		 	Name:	 	Todd Wiseley
		 	Title:	 	General Counsel, Senior Vice President, Administration and Secretary
	
	VALASSIS DIRECT MAIL, INC.
	MAILCOUPS, INC.
	MAILCOUPS DIRECT, INC.
	NCH MARKETING SERVICES, INC.
	NCH NUWORLD SPAIN, INC.
	PROMOTION WATCH, INC.
	VALASSIS COUPON CLEARING, INC.
	VALASSIS DATA MANAGEMENT, INC.
	VALASSIS INTERNATIONAL, INC.
	VALASSIS MANUFACTURING COMPANY
	VALASSIS SALES & MARKETING SERVICES, INC.
	VALASSIS INTERACTIVE, INC.
	VCI ENTERPRISES, INC.
		
	By:	 	/s/ Todd Wiseley
		 	Name:	 	Todd Wiseley
		 	Title:	 	Vice President and with respect to NCH Marketing Services, Inc., Secretary
	
	VALASSIS RELATIONSHIP MARKETING SYSTEMS, LLC
		
	By:	 	/s/ Todd Wiseley
		 	Name:	 	Todd Wiseley
		 	Title:	 	General Manager
	
	VALASSIS IN-STORE SOLUTIONS, INC.
	PERIMETER MARKETING COMPANY
		
	By:	 	/s/ Lorne Groe
		 	Name:	 	Lorne Groe
		 	Title:	 	Vice President

 [Signature Page to Registration Rights Agreement] 

 
					
	VC HOLDINGS, LLC
		
	By:	 	/s/ Lorne Groe
		 	Name:	 	Lorne Groe
		 	Title:	 	President

 [Signature Page to Registration Rights Agreement] 

 The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written: 
  

					
	MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED
		
	By:	 	Merrill Lynch, Pierce, Fenner & Smith Incorporated
			
		 	By:	 	/s/ John McCusker
		 		 	Managing Director

 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE A 
 Initial Purchasers 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated

 J.P. Morgan Securities LLC 
 Credit
Suisse Securities (USA) LLC 

  
 Schedule A-1

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