Document:

Indenture, dated as of March 18, 2011, by and among LBI Media, Inc.

 Exhibit 4.1 

 
  

 
  

LBI MEDIA, INC. 
  

 
 INDENTURE

 Dated as of March 18, 2011 
  

 
 U.S. Bank
National Association 
 Trustee 
  

 
  

 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
	
	 ARTICLE 1.
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	   

  
   

			
	 Section 1.01.
	    	 Definitions.
	  	 	1	  
	 Section 1.02.
	    	 Other Definitions.
	  	 	30	  
	 Section 1.03.
	    	 Rules of Construction.
	  	 	31	  
	 Section 1.04.
	    	 Intercreditor Agreement.
	  	 	31	  
	
	 ARTICLE 2.
 THE NOTES
	   

  

			
	 Section 2.01.
	    	 Form and Dating.
	  	 	32	  
	 Section 2.02.
	    	 Execution and Authentication.
	  	 	33	  
	 Section 2.03.
	    	 Registrar and Paying Agent.
	  	 	34	  
	 Section 2.04.
	    	 Paying Agent to Hold Money in Trust.
	  	 	34	  
	 Section 2.05.
	    	 Holder Lists.
	  	 	34	  
	 Section 2.06.
	    	 Transfer and Exchange.
	  	 	34	  
	 Section 2.07.
	    	 Replacement Notes.
	  	 	44	  
	 Section 2.08.
	    	 Outstanding Notes.
	  	 	45	  
	 Section 2.09.
	    	 Treasury Notes.
	  	 	45	  
	 Section 2.10.
	    	 Temporary Notes.
	  	 	45	  
	 Section 2.11.
	    	 Cancellation.
	  	 	45	  
	 Section 2.12.
	    	 Defaulted Interest.
	  	 	46	  
	
	 ARTICLE 3.
 REDEMPTION AND PREPAYMENT
	   

  

			
	 Section 3.01.
	    	 Notices to Trustee.
	  	 	46	  
	 Section 3.02.
	    	 Selection of Notes to Be Redeemed or Purchased.
	  	 	46	  
	 Section 3.03.
	    	 Notice of Redemption.
	  	 	47	  
	 Section 3.04.
	    	 Effect of Notice of Redemption.
	  	 	47	  
	 Section 3.05.
	    	 Deposit of Redemption or Purchase Price.
	  	 	48	  
	 Section 3.06.
	    	 Notes Redeemed or Purchased in Part.
	  	 	48	  
	 Section 3.07.
	    	 Optional Redemption.
	  	 	48	  
	 Section 3.08.
	    	 Mandatory Redemption; Open Market Purchases.
	  	 	49	  
	 Section 3.09.
	    	 Offer to Purchase by Application of Excess Proceeds.
	  	 	49	  
	
	 ARTICLE 4.
 COVENANTS
	   

  

			
	 Section 4.01.
	    	 Payment of Notes.
	  	 	51	  
	 Section 4.02.
	    	 Maintenance of Office or Agency.
	  	 	51	  
	 Section 4.03.
	    	 Reports.
	  	 	51	  
	 Section 4.04.
	    	 Compliance Certificate.
	  	 	53	  
	 Section 4.05.
	    	 Taxes.
	  	 	54	  
	 Section 4.06.
	    	 Stay, Extension and Usury Laws.
	  	 	54	  
	 Section 4.07.
	    	 Restricted Payments.
	  	 	54	  
	 Section 4.08.
	    	 Dividend and Other Payment Restrictions Affecting Subsidiaries.
	  	 	59	  
	 Section 4.09.
	    	 Incurrence of Indebtedness and Issuance of Preferred Stock.
	  	 	60	  
	 Section 4.10.
	    	 Asset Sales.
	  	 	64	  

  
 i 

							
	 Section 4.11.
	    	 Transactions with Affiliates.
	  	 	66	  
	 Section 4.12.
	    	 Liens.
	  	 	68	  
	 Section 4.13.
	    	 Corporate Existence.
	  	 	68	  
	 Section 4.14.
	    	 Business Activities.
	  	 	68	  
	 Section 4.15.
	    	 Offer to Repurchase Upon Change of Control.
	  	 	69	  
	 Section 4.16.
	    	 [Reserved].
	  	 	70	  
	 Section 4.17.
	    	 Additional Subsidiary Guarantees.
	  	 	70	  
	 Section 4.18.
	    	 Payments for Consent.
	  	 	71	  
	 Section 4.19.
	    	 Designation of Restricted and Unrestricted Subsidiaries.
	  	 	71	  
	 Section 4.20.
	    	 No Amendment of Subordination Provisions.
	  	 	71	  
	 Section 4.21.
	    	 Restrictions on Empire Burbank.
	  	 	71	  
	 Section 4.22.
	    	 Advances to Subsidiaries.
	  	 	72	  
	
	 ARTICLE 5.
 SUCCESSORS
	   

  

			
	 Section 5.01.
	    	 Merger, Consolidation, or Sale of Assets.
	  	 	72	  
	 Section 5.02.
	    	 Successor Corporation Substituted.
	  	 	73	  
	
	 ARTICLE 6.
 DEFAULTS AND REMEDIES
	   

  

			
	 Section 6.01.
	    	 Events of Default.
	  	 	73	  
	 Section 6.02.
	    	 Acceleration.
	  	 	75	  
	 Section 6.03.
	    	 Other Remedies.
	  	 	76	  
	 Section 6.04.
	    	 Waiver of Past Defaults.
	  	 	76	  
	 Section 6.05.
	    	 Control by Majority.
	  	 	76	  
	 Section 6.06.
	    	 Limitation on Suits.
	  	 	77	  
	 Section 6.07.
	    	 Rights of Holders of Notes to Receive Payment.
	  	 	77	  
	 Section 6.08.
	    	 Collection Suit by Trustee.
	  	 	77	  
	 Section 6.09.
	    	 Trustee May File Proofs of Claim.
	  	 	77	  
	 Section 6.10.
	    	 Priorities.
	  	 	78	  
	 Section 6.11.
	    	 Undertaking for Costs.
	  	 	78	  
	
	 ARTICLE 7.
 TRUSTEE
	   

  

			
	 Section 7.01.
	    	 Duties of Trustee.
	  	 	79	  
	 Section 7.02.
	    	 Rights of Trustee.
	  	 	80	  
	 Section 7.03.
	    	 Individual Rights of Trustee.
	  	 	80	  
	 Section 7.04.
	    	 Trustee’s Disclaimer.
	  	 	80	  
	 Section 7.05.
	    	 Notice of Defaults.
	  	 	80	  
	 Section 7.06.
	    	 Compensation and Indemnity.
	  	 	81	  
	 Section 7.07.
	    	 Replacement of Trustee.
	  	 	82	  
	 Section 7.08.
	    	 Successor Trustee by Merger, etc.
	  	 	83	  
	 Section 7.09.
	    	 Eligibility; Disqualification.
	  	 	83	  
	
	 ARTICLE 8.
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	   

  

			
	 Section 8.01.
	    	 Option to Effect Legal Defeasance or Covenant Defeasance.
	  	 	83	  
	 Section 8.02.
	    	 Legal Defeasance and Discharge.
	  	 	83	  
	 Section 8.03.
	    	 Covenant Defeasance.
	  	 	84	  
	 Section 8.04.
	    	 Conditions to Legal or Covenant Defeasance.
	  	 	84	  

  
 ii 

							
	 Section 8.05.
	    	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
	  	 	85	  
	 Section 8.06.
	    	 Repayment to Company.
	  	 	85	  
	 Section 8.07.
	    	 Reinstatement.
	  	 	86	  
	
	 ARTICLE 9.
 AMENDMENT, SUPPLEMENT AND WAIVER
	   

  

			
	 Section 9.01.
	    	 Without Consent of Holders of Notes.
	  	 	86	  
	 Section 9.02.
	    	 With Consent of Holders of Notes.
	  	 	87	  
	 Section 9.03.
	    	 Revocation and Effect of Consents.
	  	 	89	  
	 Section 9.04.
	    	 Notation on or Exchange of Notes.
	  	 	89	  
	 Section 9.05.
	    	 Trustee to Sign Amendments, etc.
	  	 	89	  
	
	 ARTICLE 10.
 SECURITY
	   

  

			
	 Section 10.01.
	    	 Security Interest.
	  	 	89	  
	 Section 10.02.
	    	 Equal and Ratable Sharing of Collateral by Holders of Priority Lien Debt.
	  	 	90	  
	 Section 10.03.
	    	 Relative Rights.
	  	 	90	  
	 Section 10.04.
	    	 Release of Security Interests in Respect of Notes.
	  	 	91	  
	 Section 10.05.
	    	 Release of Collateral.
	  	 	92	  
	 Section 10.06.
	    	 After-acquired property.
	  	 	92	  
	 Section 10.07.
	    	 Further assurances.
	  	 	92	  
	 Section 10.08.
	    	 Impairment of Security Interest.
	  	 	93	  
	 Section 10.09.
	    	 Real Property.
	  	 	93	  
	 Section 10.10.
	    	 Control Agreement.
	  	 	94	  
	
	 ARTICLE 11.
 SUBSIDIARY GUARANTEES
	   

  

			
	 Section 11.01.
	    	 Guarantee.
	  	 	94	  
	 Section 11.02.
	    	 [Intentionally Omitted]
	  	 	95	  
	 Section 11.03.
	    	 Limitation on Guarantor Liability.
	  	 	95	  
	 Section 11.04.
	    	 Execution and Delivery of Subsidiary Guarantee.
	  	 	95	  
	 Section 11.05.
	    	 Guarantors May Consolidate, etc., on Certain Terms.
	  	 	96	  
	 Section 11.06.
	    	 Releases Following Sale of Assets.
	  	 	96	  
	
	 ARTICLE 12.
 SATISFACTION AND DISCHARGE
	   

  

			
	 Section 12.01.
	    	 Satisfaction and Discharge.
	  	 	97	  
	 Section 12.02.
	    	 Application of Trust Money.
	  	 	98	  
	
	 ARTICLE 13.
 MISCELLANEOUS
	   

  

			
	 Section 13.01.
	    	 Notices.
	  	 	98	  
	 Section 13.02.
	    	 Certificate and Opinion as to Conditions Precedent.
	  	 	99	  
	 Section 13.03.
	    	 Statements Required in Certificate or Opinion.
	  	 	99	  
	 Section 13.04.
	    	 Rules by Trustee and Agents.
	  	 	100	  
	 Section 13.05.
	    	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	 	100	  
	 Section 13.06.
	    	 Governing Law.
	  	 	100	  
	 Section 13.07.
	    	 No Adverse Interpretation of Other Agreements.
	  	 	100	  
	 Section 13.08.
	    	 Successors.
	  	 	100	  
	 Section 13.09.
	    	 Severability.
	  	 	100	  

  
 iii

							
	 Section 13.10.
	    	 Counterpart Originals.
	  	 	101	  
	 Section 13.11.
	    	 Table of Contents, Headings, etc.
	  	 	101	  

 EXHIBITS 

 

			
	 Exhibit A-1
	  	FORM OF NOTE
		
	 Exhibit A-2
	  	FORM OF REGULATION S TEMPORARY GLOBAL NOTE
		
	 Exhibit B
	  	FORM OF CERTIFICATE OF TRANSFER
		
	 Exhibit C
	  	FORM OF CERTIFICATE OF EXCHANGE
		
	 Exhibit D
	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
		
	 Exhibit E
	  	FORM OF SUBSIDIARY GUARANTEE
		
	 Exhibit F
	  	FORM OF SUPPLEMENTAL INDENTURE
		
	 Exhibit G
	  	FORM OF SUBSIDIARY INTERCOMPANY NOTE

SCHEDULES 
  

			
	 Schedule I
	  	SCHEDULE OF GUARANTORS
		
	 Schedule II
	  	LIST OF ACCOUNTS

  
 iv 

 INDENTURE dated as of March 18, 2011 among LBI Media, Inc., a California corporation
(and its successors in interest) (the “Company”), the Guarantors listed on Schedule I hereto (the “Guarantors”) and U.S. Bank National Association, a national banking association, as trustee (the
“Trustee”). 
 The Company, the Guarantors and the Trustee agree as follows for the benefit
of each other and for the equal and ratable benefit of the Holders (as defined below) of the 9 1/4% Senior Secured Notes due 2019 (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-1 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.

 “Acquired Debt” means, with respect to any specified Person: (1) Indebtedness of any other Person
existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or
into, or becoming a Restricted Subsidiary of, such specified Person; and (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
 “Acquisition Debt” means Indebtedness, the proceeds of which are utilized solely to acquire all or a portion of the assets or a majority of the Voting Stock of an existing radio or
television broadcasting business or station or any other business engaged in a Permitted Business. 
 “Act of
Instructing Debtholders” means, as to any matter at any time, a direction in writing delivered to the Collateral Trustee by both (1) the Credit Agreement Agent and (2) the Priority Debt Representative of the holders of the Series
of Priority Lien Debt comprising the largest portion of the outstanding Priority Lien Debt. Notwithstanding the foregoing, if (a) any payment default occurs and is continuing beyond any applicable grace period, whether at maturity, upon any
redemption, by declaration or otherwise, of any principal of, interest on, unpaid drawings for letters of credit issued in respect of, or fees or other amounts payable or Obligations with respect to, the Priority Bank Debt (other than Indebtedness
incurred under the Specified Hedging Agreement) and (b) the Credit Agreement Agent gives notice of such default and its intention to exercise remedies with respect to the Collateral to the Collateral Trustee and the other Priority Debt
Representatives, then an Act of Instructing Debtholders shall only require a writing delivered to the Collateral Trustee by the Credit Agreement Agent with respect to any exercise of remedies with respect to the Collateral occurring thirty
(30) days or more following delivery of such notice so long as such payment default is continuing at such time. For purposes of this definition, neither the Specified Hedge Obligations, any Hedging Obligations owed to Non-Lender Hedge Providers
nor Secured Debt registered in the name of, or beneficially owned by, the Company or any Affiliate of the Company will be deemed to be outstanding and votes will be determined in accordance with the Intercreditor Agreement. 

  
 1 

 “Actionable Default” means the occurrence of any event of default under any
Secured Debt Document, the result of which is that: 
 (1) the holders of Priority Lien Debt under such Secured Debt Document
have the right to declare all of the Priority Lien Obligations thereunder to be due and payable prior to the stated maturity thereof; or 
 (2) such Priority Lien Obligations automatically become due and payable prior to the stated maturity thereof. 
 “Additional Notes” means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Sections 2.01(f) and 4.09 hereof. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person provided that OCM Principal Opportunities Fund III, L.P., a Delaware limited partnership, OCM Principal Opportunities Fund IIIA, L.P., a Delaware limited partnership, OCM OPPS
Broadcasting, LLC, a Delaware limited liability company, OCM Principal Opportunities Fund IV AIF (Delaware), L.P., Tinicum Capital Partners II, L.P., a Delaware limited partnership, Tinicum Capital Partners II Parallel Fund, L.P., a Delaware limited
partnership, and Tinicum Capital Partners II Executive Fund L.L.C., a Delaware limited liability company, and their Affiliates (excluding Parent, Holdings, the Company or any of its Subsidiaries) shall not be deemed to be Affiliates of Parent,
Holdings, the Company or any of its Subsidiaries so long as they collectively hold less than 10% of the voting power of the Voting Stock of any of Parent, Holdings or the Company. For purposes of this definition, “control,” as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
 “Applicable Premium” means, with respect to any Note on any redemption date, the greater of: 
  

	 	(1)	1.0% of the principal amount of such Note; and 

  

	 	(2)	the excess, if any of (a) the present value at such redemption date of (i) the redemption price of such Note at April 15, 2015 (such redemption price
being set forth in the tables appearing in Section 3.07), plus (ii) all required interest payments due on such Note through April 15, 2015 (excluding accrued but unpaid interest to the applicable redemption date), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over (b) the principal amount of such Note. 

 “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, Euroclear and
Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 

(1) the sale, lease, conveyance or other disposition of any assets or rights, other than in the ordinary course of
business; provided that the sale, conveyance or other disposition of all or substantially all of the assets (which term shall include Media Licenses) owned by the Company 

  
 2 

 
and its Subsidiaries taken as a whole will be governed by the provisions of Sections 4.15 and/or 5.01 and not by the provisions of Section 4.10; and 

(2) the issuance of Equity Interests by any Restricted Subsidiary or the sale of Equity Interests in any Restricted
Subsidiary. 
 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale: 

(1) any single transaction or series of related transactions that involves assets or rights having a fair market value of
less than $5.0 million; 
 (2) a transfer of assets or rights between or among the Company and its Restricted
Subsidiaries; 
 (3) an issuance of Equity Interests by a Subsidiary of the Company to the Company or to another
Subsidiary of the Company; 
 (4) the sale or lease of equipment, inventory, accounts receivable or other assets
or rights in the ordinary course of business; 
 (5) the disposition of obsolete, damaged or worn-out equipment
or other assets no longer used or useful in the business of the Company or any of its Restricted Subsidiaries; 

(6) the sale and leaseback of any assets within 90 days of the acquisition thereof; 

(7) the sale or other disposition of Cash Equivalents; 

(8) a Restricted Payment that is permitted by Section 4.07, or a Permitted Investment; 

(9) foreclosures on assets; 
 (10) Permitted Liens; 
 (11) the grant of any license of patents,
trademarks, registrations therefor and other similar intellectual property in the ordinary course of business; 

(12) the cancellation or forgiveness of any loan made by the Company or any of its Restricted Subsidiaries
(i) permitted by clause (10) of Section 4.07(b) or (ii) permitted by clauses (8), (9), (13), (15) or (17) of the definition of “Permitted Investments”; and 

(13) sales or other dispositions or transfers of Equity Interests in, or Indebtedness or other securities of, Unrestricted
Subsidiaries. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief
of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the
Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all
securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a

  
 3 

 
subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Board of Directors” means: 
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 

(2) with respect to a partnership, the general partner of which is a corporation, the board of directors of the general
partner of the partnership or any committee thereof duly authorized to act on behalf of such board; and 
 (3)
with respect to any other Person, the board or committee of such Person serving a similar function. 
 “Burbank Office
Property” means that certain real property located at 1845 West Empire Avenue, Burbank, California 91504. 

“Burbank Studio Property” means that certain real property owned in fee by the Company or the Guarantors located on
Hollywood Way in Burbank, California. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 
 (1) in the case of a corporation, corporate stock; 
 (2) in the
case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

(4) any other interest or participation that confers on a Person the right to receive a share of the profits and losses
of, or distributions of assets of, the issuing Person. 
 “Cash Equivalents” means: 

(1) United States dollars; 
 (2) securities issued or directly and fully guaranteed or insured by the United States government (provided that the full faith and credit of the United States is pledged in support of those
securities) or any agency or instrumentality of the United States government having maturities of not more than 24 months from the date of acquisition; 
 (3) certificates of deposit and Eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight
bank deposits, in each case, with any lender party to the Credit Facility or with any 

  
 4 

 
domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; 

(4) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in
clauses (2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 
 (5) commercial paper having one of the two highest ratings obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and in each case maturing within one year
after the date of acquisition; 
 (6) marketable short-term money market and similar securities having a rating
of at least P-2 or A-2 from either Moody’s or S&P, respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case maturing within 24
months after the date of creation thereof; and 
 (7) money market funds at least 95% of the assets of which
constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition. 
 “Change
of Control” means the occurrence of any of the following: 
 (1) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets (which term shall include Media Licenses) of the Company and its
Restricted Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than a Principal or a Related Party of a Principal; 

(2) the adoption of a plan relating to the liquidation or dissolution of the Company; or 

(3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which
is that any “person” (as defined above), other than the Principals and their Related Parties, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than
number of shares. 
 “Clearstream” means Clearstream Banking, S.A. 

“Collateral” means all assets, other than Excluded Collateral, now owned or hereafter acquired, of the Company, any
Guarantor, or any other Person, to the extent such assets are pledged or assigned or purported to be pledged or assigned, or are required to be pledged or assigned under the Secured Debt Documents to the Collateral Trustee, together with the
proceeds and products thereof. For purposes of clarification, the Collateral shall not include any assets released from the Liens of the Collateral Trustee in accordance with the Secured Debt Documents or with respect to which the Collateral Trustee
is required to release its Liens pursuant to the Intercreditor Agreement; provided, that, if such Liens are required to be released as a result of the sale, transfer or other disposition of any assets of the Company or any Guarantor, such
assets will cease to be excluded from the Collateral if the Company or any Guarantor thereafter acquires or reacquires such assets. 
 “Collateral Account” means any segregated account under the sole control of the Collateral Trustee for the benefit of the Priority Lien Secured Parties, and includes, to the extent
required under this 

  
 5 

 
Indenture or the Security Documents, all cash and Cash Equivalents received by the Trustee, Credit Agreement Agent, Collateral Trustee, or any other Priority Debt Representative from an Asset
Sale of Collateral, foreclosures on or sales of Collateral, or any other awards or proceeds pursuant to the Security Documents, including earnings, revenues, rents, issues, profits and income from such Collateral received pursuant to the Security
Documents, and interest earned thereon. 
 “Collateral Trustee” means Credit Suisse AG, Cayman Islands Branch,
acting as the collateral trustee under the Security Documents, together with its successors and permitted assigns under the Intercreditor Agreement and the other Security Documents. 

“Consolidated Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such
Person for such period plus: 
 (1) provision for taxes based on income or profits of such Person and the
Restricted Subsidiaries for such period (and to the extent not included in the foregoing, Permitted Tax Distributions), to the extent that such provision for taxes or Permitted Tax Distributions were deducted in computing such Consolidated Net
Income; plus  
 (2) Consolidated Interest Expense to the extent that any such expense was deducted in
computing such Consolidated Net Income; plus  
 (3) depreciation, amortization (including non-cash
employee and officer equity compensation expenses, amortization of goodwill and other intangibles, amortization of programming costs (net of program payments made or to be made), barter expenses and impairment charges under SFAS 142 for broadcast
licenses, goodwill or other indefinite lived intangible assets, but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that it represents
amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period, to the extent that such depreciation, amortization, impairment charges and other non-cash expenses were deducted
in computing such Consolidated Net Income; plus 
 (4) any costs or expense incurred by such Person or its
Restricted Subsidiaries pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such costs or expense are funded
with cash proceeds contributed to the capital of such Person or net cash proceeds of an issuance of Equity Interests of such Person (other than Disqualified Stock) and such net cash proceeds are excluded from the calculation set forth in clause
(c) of the first paragraph of Section 4.07 and are not treated as an Equity Offering for purposes of Section 3.07 or used to support an incurrence of Indebtedness under clause (xiv) of Section 4.09; plus 

(5) any extraordinary or non-recurring expenses and charges of such Person and the Restricted Subsidiaries for such
period, including, without limitation, transaction costs in respect of acquisitions, to the extent that such expenses and charges were deducted in computing such Consolidated Net Income; minus 

(6) non-cash items increasing such Consolidated Net Income for such period, other than the accrual of revenue in the
ordinary course of business; minus 

  
 6 

 (7) cash payments related to non-cash charges that increased Consolidated
Cash Flow in any prior period; minus 
 (8) barter revenues; 

in each case, on a consolidated basis and determined in accordance with GAAP. 
 Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the depreciation and amortization and other non-cash expenses of, a Subsidiary of the Company will be added to
Consolidated Net Income to compute Consolidated Cash Flow of the Company only to the extent that a corresponding amount would be permitted at the date of determination to be dividended, distributed or loaned to the Company by such Subsidiary without
prior governmental approval (that has not been obtained), and without direct or indirect restriction pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations
applicable to that Subsidiary or its stockholders. 
 “Consolidated Interest Expense” means, with respect to
any Person for any period, the sum, without duplication of: 
 (1) consolidated interest expense of such Person
and the Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to obligations with respect to any sale and leaseback transaction, fees, including but not
limited to agency fees, letter of credit fees, commitment fees, commissions, discounts and other fees and charges incurred in respect of Indebtedness and net of the effect of all payments made or received pursuant to Hedging Obligations); plus
 
 (2) the consolidated interest expense of such Person and the Restricted Subsidiaries that was capitalized
during such period; plus  
 (3) any interest on Indebtedness of another Person that is guaranteed by such
Person or any Restricted Subsidiary or secured by a Lien on assets of such Person or any Restricted Subsidiary whether or not such guarantee or Lien is called upon; plus  

(4) the product of: 
  

	 	(a)	all dividend payments on any series of Disqualified Stock of such Person or preferred stock of any Restricted Subsidiaries to Persons other than the Company or any of
the Restricted Subsidiaries (excluding any dividends paid in Capital Stock (other than Disqualified Stock)), 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, 

 in each case, on a consolidated basis and in accordance with
GAAP. 

  
 7 

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

(1) the Net Income of any Person that is not a Restricted Subsidiary will be included only to the extent of the amount of
dividends or similar distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person; 
 (2) the Net Income of any Restricted Subsidiary will be excluded to the extent that the declaration or payment of dividends or similar distributions or loans by that Restricted Subsidiary of that Net
Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders; and 
 (3)
the cumulative effect of a change in accounting principles will be excluded. 
 “Consolidated Secured Leverage
Ratio” means, as of any date of determination, the ratio of (1) total consolidated secured Indebtedness of the Company and its Restricted Subsidiaries as of such date, after giving effect to all incurrences and repayments of
Indebtedness on or about such date, to (2) Consolidated Cash Flow of the Company for the most recent four consecutive fiscal quarters for which financial statements are available ending prior to such date, in each case, with such pro forma and
other adjustments as are appropriate and consistent with the pro forma and other adjustment provisions set forth in the definition of Leverage Ratio. 
 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 13.01 hereof or such other address as to which the Trustee may give notice to the
Company. 
 “Credit Agreement” means that certain Amended and Restated Credit Agreement dated as of
March 18, 2011, by and among the Company, the guarantors party thereto, the lenders party thereto, Credit Suisse AG, Cayman Islands Branch, as administrative agent and as collateral trustee and the other parties thereto, including any related
notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, in each case, as further amended (including any amendment and restatement thereof), modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced from time to time, including any agreement extending the maturity of, consolidating or otherwise restructuring (including adding Subsidiaries of the Company as additional guarantors thereunder) all or any
portion of the Indebtedness under such agreement or any successor or replacement agreement and whether by the same or any other agent, lender or group and whether or not increasing the amount of Indebtedness that may be incurred thereunder;
provided that Credit Agreement shall exclude any replacement, refinancing or restructuring by means of sales of debt securities (it being understood that a revolving or term loan facility that is evidenced by a credit agreement pursuant to
customary documentation shall constitute a Credit Agreement); and provided, further that, for purposes of the Intercreditor Agreement, any replacement, refinancing or restructuring credit agreement shall constitute a “Credit
Agreement” only to the extent designated as Priority Lien Debt in accordance with the terms of the Intercreditor Agreement. 
 “Credit Agreement Agent” means any administrative agent under any Credit Agreement. 
 “Credit Facility” or “Credit Facilities” means, one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each
case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including 

  
 8 

 
through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended,
restated, modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time, including any agreement
extending the maturity of, consolidating or otherwise restructuring (including adding subsidiaries of the Company as additional guarantors thereunder) all or any portion of the Indebtedness under such agreement or any successor or replacement
agreement and whether by the same or any other agent, lender or group and whether or not increasing the amount of Indebtedness that may be incurred thereunder. 
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 

“Dallas Studio Property” means that certain real property owned in fee by the Company or the Guarantors located on
Gateway in Dallas, Texas. 
 “Default” means any event that is, or with the passage of time or the giving of
notice or both would be, an Event of Default. 
 “Definitive Note” means a certificated Note registered in the
name of the Holder thereof and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A-1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable
or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
 “Discount Notes” means the 11% Senior Discount Notes due 2013 issued
by Holdings. 
 “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation
or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would
constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control or an Asset Sale shall not constitute Disqualified Stock
if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with the provisions of Section 4.07. 

“Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States
or any state of the United States or the District of Columbia or that guarantees or otherwise provides direct credit support for any Indebtedness of the Company or any other Domestic Subsidiary of the Company. 

“Empire Burbank” means Empire Burbank Studios LLC, a California limited liability company. 

  
 9 

 “Empire Burbank Lease” means that certain Lease dated as of July 15,
1999 between Empire Burbank, as lessor, and LBCI, as lessee, relating to occupancy of the Burbank Office Property (or a replacement lease in substantially the same form except that the Company is the lessee and the term thereof is extended), as
modified by that certain First Amendment to Lease and Assignment and Assumption Agreement dated as of June 28, 2004 by and among Empire Burbank, LBCI and the Company and in each case as such lease may be further amended or modified in
accordance with the indenture. 
 “Empire Burbank Sublease” means that certain Sublease Agreement between LBCI,
as sublessor, and Empire Burbank, as sublessee, (or a replacement sublease in substantially the same form except that the Company is the sublessor and the term thereof is extended), in each case relating to occupancy of certain portions of the
Burbank Office Property by Empire Burbank, as modified by that certain First Amendment to Sublease Agreement and Assignment and Assumption dated as of June 28, 2004 by and among Empire Burbank, LBCI, and the Company and as such sublease may be
further amended or modified from time to time. 
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means the issuance and sale of Equity Interests of the Company or Parent; provided, however, that in the event of an Equity Offering by Parent, all or a
portion of the net proceeds therefrom are contributed to the Company, provided further, however, that in no event will any issuance or sale of Capital Stock used to support the incurrence of Indebtedness under clause (xiv) of the
second paragraph under Section 4.09 be deemed to be an Equity Offering. 
 “Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system. 
 “Exchange Act” means the Securities Exchange Act of
1934, as amended. 
 “Excluded Collateral” means each of the following: 

(1) any FCC License, except at such times and to the extent that a security interest in such FCC License is permitted under applicable
law; 
 (2) any Excluded Equity Interests; 
 (3) any United States Trademark applications filed on the basis of an Obligor’s intent-to-use such mark, in each case, unless and until evidence of the use of such Trademark in interstate commerce is
submitted to the United States Patent and Trademark Office, but only if and to the extent that the granting of a security interest in such application would result in the invalidation of such application; 

(4) any interest in leased real property (including, without limitation, any leasehold interests in real property); 

(5) any fee interest in real property (other than Mortgaged Property); 

(6) any assets subject to a permitted Lease Related Lien (in the case of a permitted refinancing in respect of the Indebtedness secured
by such Lease Related Lien) to the extent the documents governing such Lease Related Lien prohibit, or require a consent or approval in order for, such assets to be subject to the Liens created by the Secured Debt Documents; and 

  
 10 

 (7) any other Collateral to the extent and for so long as such grant of security interest,
(a) is prohibited by any Requirement of Law, (b) requires a filing with or consent from any Governmental Authority pursuant to any Requirement of Law that has not been made or obtained, or (c) constitutes a breach or default under or
results in the termination of, or requires any consent not obtained under, any program, lease, license (including, without limitation, any software license), contract or agreement, except to the extent that such Requirement of Law or provisions of
any such program, lease, license, contract or agreement is ineffective under applicable law or would be ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the New York Uniform Commercial Code to prevent the attachment of the security
interest granted hereunder; 
 provided, that, notwithstanding anything in this Indenture, the Notes or any other Security Document to
the contrary, the security interest granted pursuant to the Security Documents (x) shall attach at all times to all proceeds of the foregoing items to the extent that the assignment or encumbering of such proceeds is not prohibited by any
Requirement of Law, (y) shall attach to the foregoing items immediately and automatically (without need for any further grant or act) at such time as the condition described in the applicable clause (1) through (7) above ceases to
exist and (z) to the extent severable shall in any event attach to all rights in respect of the foregoing items that are not subject to the applicable condition described in clause (1) through (7) above. 

“Excluded Equity Interests” means, collectively, all shares of stock, partnership interests, limited liability
interests, and all other equity interests in (1) any Person (other than a Wholly Owned Subsidiary or a Subsidiary controlled by the Company or any Wholly Owned Subsidiary of the Company) to the extent a security interest granted thereon is not
permitted by the terms of such Person’s organizational or joint venture documents, (2) any voting Capital Stock in excess of 65% of the outstanding voting Capital Stock of any Foreign Subsidiary owned by an Obligor, (3) all Capital
Stock of a Foreign Subsidiary indirectly owned by any Obligor and (4) all Capital Stock of Domestic Subsidiaries of Foreign Subsidiaries (for purposes of this definition, “voting Capital Stock” means, with respect to any issuer, the
issued and outstanding shares of each class of stock of such issuer entitled to vote (within the meaning of Treasury Regulations §1.956-2(c)(2))); provided, however, that the provisions of this definition shall not apply to
Foreign Subsidiaries which are required to become an Obligor pursuant to the requirements of any Security Document. 

“Existing Indebtedness” means Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under
the Credit Agreement) in existence on the date of this Indenture. 
 “FCC” means the Federal Communications
Commission or any successor thereto. 
 “FCC Licenses” means all radio, broadcast or other licenses, permits,
certificates of compliance, franchises, approvals or authorizations granted or issued by the FCC to any Obligor that are necessary for the broadcast or other operations of the Company or any Subsidiary. 

“Foreign Subsidiary” means any Subsidiary of the Company or any Guarantor (other than Empire Burbank) that is not a
Domestic Subsidiary. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession, which are in effect on the date of this Indenture. 

  
 11 

 “Global Note Legend” means the legend set forth in
Section 2.06(f)(ii), 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 deposited with or on behalf of and registered in the name of the Depositary or its nominee, substantially in the form of
Exhibit A hereto and 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 Sections 2.01, 2.06(a), 2.06(c) or 2.06(d) hereof. 

“Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the
payment for which the United States pledges its full faith and credit. 
 “Governmental Authority” means the
government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government and the National Association of Insurance Commissioners. 
 “Guarantee” means a guarantee, other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 
 “Guarantors” means each of: 
 (1) the
Company’s Restricted Subsidiaries on the date of this Indenture; and 
 (2) any other subsidiary of the
Company that executes a Subsidiary Guarantee in accordance with the provisions of this Indenture; 
 and their respective successors and
assigns. 
 “Hedge Providers” means any Person who enters into a Hedging Agreement with the Company or any other
Obligor to the extent permitted under each applicable Secured Debt Document and who has complied with Section 3.8 of the Intercreditor Agreement or is a Lender Hedge Provider and includes, without limitation, any Specified Hedge Provider.

 “Hedging Agreement” means any interest rate swap agreement, commodity swap agreement, foreign exchange swap
agreement or any other derivative or similar agreement which is permitted under each applicable Secured Debt Document and, in each case, any confirmations executed in connection therewith. 

“Hedging Obligations” means the actual Indebtedness of the Company or any other Obligor to a Hedge Provider under or
pursuant to a Hedging Agreement to which it is a party. 
 “Holder” means a Person in whose name a Note is
registered. 
 “Holdings” means LBI Media Holdings, Inc., a Delaware corporation, or any successor. 

“Houston Studio Property” means that certain real property owned in fee by the Company or the Guarantors located at 3000
Bering Drive, Houston, Texas. 

  
 12 

 “IAI Global Note” means a Global Note substantially in the form of Exhibit
A-1 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 to Institutional Accredited Investors. 
 “Indebtedness” means, with respect to any specified
Person, any indebtedness of such Person, whether or not contingent: 
 (1) in respect of borrowed money;

 (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement
agreements in respect thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that
constitutes an accrued expense or trade payable incurred in the ordinary course of business; or 
 (6)
representing any Hedging Obligations (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at such time), 

if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear as a liability upon a balance sheet
of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the
specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any indebtedness of any other Person; provided that Indebtedness shall not include the pledge of the Capital Stock of an Unrestricted
Subsidiary securing Non-Recourse Debt of that Unrestricted Subsidiary. 
 The amount of any Indebtedness outstanding as of any
date will be: 
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original
issue discount; and 
 (2) the principal amount of the Indebtedness, together with any interest on the
Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 
 “Indenture” means
this Indenture, as amended or supplemented from time to time. 
 “Indirect Participant” means a Person who
holds a beneficial interest in a Global Note through a Participant. 
 “Initial Notes” means the first
$220,000,000 aggregate principal amount of Notes issued under this Indenture on the date hereof. 
 “Insolvency
Proceeding” means: 

  
 13 

 (1) any voluntary or involuntary case or proceeding under the Bankruptcy Code with respect
to any Obligor; 
 (2) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any
receivership, liquidation, reorganization or other similar case or proceeding, with respect to the Company or any other Obligor or with respect to a material portion of its assets; 

(3) any liquidation, dissolution, reorganization or winding up of the Company or any other Obligor, whether voluntary or involuntary and
whether or not involving insolvency or bankruptcy; or 
 (4) any assignment for the benefit of creditors or any other
marshalling of assets and liabilities of the Company or any other Obligor. 
 “Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 

“Intercreditor Agreement” means the Collateral Trust and Intercreditor Agreement, dated as of March 18, 2011, by
and among the Company, the guarantors from time to time party hereto, the trustee, Credit Suisse AG, Cayman Islands Branch, as administrative agent, the other Priority Debt Representatives from time to time party thereto, and the Collateral Trustee.

 “Investment Agreement” means the Investment Agreement, dated as of March 30, 2007, among Parents, the
investors named therein and the stockholders named therein. 
 “Investments” means, with respect to any Person,
all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding accounts receivable, trade credit and advances
to customers, commission, travel and similar advances to directors, officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of
any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the
date of any such sale or disposition equal to the fair market value of the Company’s Investments in such Restricted Subsidiary that were not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.07.
The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed to be an Investment by the Company or such Subsidiary in such third Person in an amount equal to the fair market
value of the Investments held by the acquired Person in such third Person in an amount determined as provided in the final paragraph of Section 4.07. Except as otherwise provided herein, the amount of an Investment will be determined at the
time the Investment is made and without giving effect to subsequent changes in value. 
 “Investor Rights
Agreement” means the Investor Rights Agreement, dated as of March 30, 2007, as amended by Amendment No. 1 to Investor Rights Agreement, by and among Parent and each of the stockholders of Parent listed on the signature page
thereto. 
 “LBCI” means Liberman Broadcasting of California LLC, a California limited liability company
(successor in interest to Liberman Broadcasting, Inc., a California corporation). 

  
 14 

 “LBI Media Intercompany Note” means, following a Qualifying IPO, to the
extent that Parent or Holdings may elect to complete the redemption or repurchase (including without limitation pursuant to a defeasance, satisfaction or discharge, retirement for value or other acquisition or prepayment and whether pursuant to the
optional redemption provisions, in open market transactions or otherwise) of any Discount Notes with proceeds from a Qualifying IPO, that certain promissory note that may be issued on or within 15 months after the Qualifying IPO closing date by the
Company, as borrower, to the order of Parent or Holdings in exchange for cash proceeds to be loaned to the Company pursuant thereto in an aggregate principal amount not to exceed the amount necessary to complete the redemption or repurchase of the
Discount Notes (including all or any portion of the outstanding principal amount of the Discount Notes and any premiums (including call premiums, early tender premiums or consent premiums) and interest thereon, which may consist of accrued interest,
plus, if applicable, an amount of interest calculated on the basis of the next succeeding contractual redemption or maturity date, and any other amounts owing with respect thereto) outstanding on the date of such promissory note. 

“Lease Related Lien” means (1) any interest or title of a lessor or sublessor under any lease of real estate or
personal property permitted by the Secured Debt Documents; and (2) any Uniform Commercial Code financing statements with respect to property leased by the Obligors. 
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law, regulation or executive order to
remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period 

“Lender Hedge Provider” means a Hedge Provider who enters into a Hedging Agreement that is permitted under the Secured
Debt Documents and who at the time of entering into such Hedging Agreement is either (1) a lender under a Credit Facility, or (2) an Affiliate of a lender under a Credit Facility. 

“Letters of Credit” shall mean letters of credit issued pursuant to the Credit Agreement. 

“Leverage Ratio” means the ratio of (1) the sum of (a) the aggregate outstanding amount of Indebtedness of
each of the Company and the Restricted Subsidiaries as of the last day of the most recently ended fiscal quarter for which financial statements are internally available as of the date of calculation on a combined consolidated basis in accordance
with GAAP, plus (b) the aggregate liquidation preference of all outstanding Disqualified Stock of the Company and preferred stock of the Restricted Subsidiaries (except preferred stock issued to the Company or a Restricted Subsidiary) as of the
last day of such fiscal quarter (in each case, subject to the terms described in the next paragraph) to (2) the aggregate Consolidated Cash Flow of the Company for the last four full fiscal quarters for which financial statements are internally
available ending on or prior to the date of determination (the “Reference Period”). 
 For purposes of this
definition, the aggregate outstanding principal amount of Indebtedness of the Company and the Restricted Subsidiaries and the aggregate liquidation preference of all outstanding preferred stock of the Restricted Subsidiaries for which such
calculation is made shall be determined on a pro forma basis as if the Indebtedness and preferred stock giving rise to the need to perform such calculation had been incurred and issued and the proceeds therefrom had been applied, and all other
transactions in respect of which such Indebtedness is being incurred or preferred stock is being issued had occurred, on the first day of such Reference Period. In addition to the foregoing, for purposes of this definition, the Leverage Ratio shall
be calculated on a pro forma basis after giving effect to (i) the incurrence of the Indebtedness of such Person and the Restricted Subsidiaries and the issuance of the 

  
 15 

 
preferred stock of such Subsidiaries (and the application of the proceeds therefrom) giving rise to the need to make such calculation and any incurrence (and the application of the proceeds
therefrom) or repayment of other Indebtedness or preferred stock, at any time subsequent to the beginning of the Reference Period and on or prior to the date of determination (including any such incurrence or issuance which is the subject of an
Incurrence Notice delivered to the Trustee during such period pursuant to clause (xi) of the definition of Permitted Debt; provided, however, that Indebtedness shall not include any Acquisition Debt that has been the subject of an
Incurrence Notice under clause (xi) of the definition of Permitted Debt at any time after such Incurrence Notice has been withdrawn or after the passage of 365 days following the giving of such Incurrence Notice if and to the extent such
Acquisition Debt has not then been incurred), as if such incurrence or issuance (and the application of the proceeds thereof), or the repayment, as the case may be, occurred on the first day of the Reference Period (except that, in making such
computation, the amount of Indebtedness under any revolving credit facility shall be computed based upon the average balance of such Indebtedness at the end of each month during such period) and (ii) any acquisition at any time on or subsequent
to the first day of the Reference Period and on or prior to the date of determination (including any such incurrence or issuance which is the subject of an Incurrence Notice delivered to the Trustee during such period pursuant to clause (xi) of
the definition of Permitted Debt subject to the proviso in clause (i) above), as if such acquisition (including the incurrence, assumption or liability for any such Indebtedness and the issuance of such preferred stock and also including any
Consolidated Cash Flow associated with such acquisition) occurred on the first day of the Reference Period giving pro forma effect to any non-recurring expenses, non-recurring costs and cost reductions within the first year after such acquisition
the Company reasonably anticipates in good faith if the Company delivers to the Trustee an Officer’s Certificate executed by an executive officer of the Company certifying to and describing and quantifying with reasonable specificity such
non-recurring expenses, non-recurring costs and cost reductions. Furthermore, in calculating consolidated interest expense for purposes of the calculation of Consolidated Cash Flow, (a) interest on Indebtedness determined on a fluctuating basis
as of the date of determination (including Indebtedness actually incurred on the date of the transaction giving rise to the need to calculate the Leverage Ratio) 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 Indebtedness as in effect on the date of determination and (b) notwithstanding (a) above, interest determined on a fluctuating basis, to the extent such interest is covered by
Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or
otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give
any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“LMA” means a local marketing arrangement, joint sales agreement, time brokerage agreement, shared service agreement,
management agreement or similar arrangement pursuant to which a Person, subject to customary preemption rights and other limitations, (i) obtains the right to sell a portion of the advertising inventory of a radio or television station of which
a third party is the licensee, (ii) obtains the right to exhibit programming and sell advertising time during a portion of the air time of a radio or television station or (iii) manages a portion of the operations of a radio or television
station. 
 “Management Incentive Contracts” means employment agreements between Parent and employees providing
for payments in the event that the net value of Parent exceeds certain thresholds. 

  
 16 

 “Media Licenses” means any license, permit, certificate, ordinance,
approval or other authorization, or any renewal or extension thereof, from the FCC that is necessary for the broadcast or other operations of the Company and its Subsidiaries. 
 “Moody’s” means Moody’s Investor Service, Inc. and any successor to its rating agency business. 
 “Mortgaged Property” means, (1) with respect to the Real Property Assets of the Company and the Guarantors (other than Empire Burbank) as of the issuance date of the Initial Notes,
the Burbank Studio Property, the Dallas Studio Property, the Houston Studio Property and (2) with respect to any fee ownership interest in any Real Property Asset acquired by the Company or any Guarantor (other than Empire Burbank) following
the issuance date of the Initial Notes, any other fee ownership interest in any Real Property Asset with a fair market value (as determined by the Company in its reasonable discretion as of the date of such acquisition or a date such Person becomes
a Subsidiary) in excess of $2,500,000. 
 “Mortgages” means the mortgages, deeds of trust, deeds to secure
Indebtedness or other similar documents securing Liens on the premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents. 

“Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance
with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: (1) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (a) any Asset Sale; or
(b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and (2) any extraordinary gain or loss, together
with any related provision for taxes on such extraordinary gain or loss. 
 “Net Proceeds” means the aggregate
cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale),
net of (i) the costs directly related to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, (ii) taxes
paid or estimated to be payable as a result of the Asset Sale (and to the extent not included in the foregoing, that portion of any Permitted Tax Distributions attributable thereto), in each case, after taking into account any available tax credits
or deductions and any tax sharing arrangements, (iii) amounts required to be applied to the repayment of Indebtedness and (iv) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP. 
 “Non-Lender Hedge Provider” means a Hedge Provider that is not a Lender Hedge Provider (and includes
any Lender Hedge Provider that is no longer a holder of other Priority Lien Debt, or an Affiliate of such holder, whether or not Section 3.8 of the Intercreditor Agreement has been complied with). 

“Non-Recourse Debt” means Indebtedness: 

(1) as to which neither the Company, the Guarantors, nor any of the Restricted Subsidiaries (a) provides credit
support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly liable as a guarantor or otherwise, or (c) constitutes the lender, in each case other than a pledge of the Equity
Interests of an Unrestricted Subsidiary; and 
 (2) no default with respect to which (including any rights that
the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would 

  
 17 

 
permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company, the Guarantors, or any of the Restricted Subsidiaries to declare a default on
such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its stated maturity. 

“Non-U.S. Person” means a Person who is not a U.S. Person. 

“Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes, the Additional Notes and
the Exchange Notes shall be treated as a single class for all purposes under this Indenture. 
 “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable (including post-petition interest) under the documentation governing any Indebtedness. 

“Obligor” means the Company, the Guarantors (other than Empire Burbank) and each other Person (if any) that at any time
provides collateral security for any Priority Lien Obligations. 
 “Offering” means the offering of the Notes
by the Company. 
 “Offering Circular” means the confidential offering circular, dated March 11, 2011,
related to the Notes. 
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President or Executive Vice President of such Person. 

“Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of the Company, who must
be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that meets the requirements of Section 13.03 hereof. 

“Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 13.03 hereof. Such counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
 “Other Priority Lien Debt” means Priority Lien Debt other than Priority Bank Debt. 
 “Other Priority Lien Secured Parties” means Secured Parties other than Priority Bank Debt Secured Parties. 
 “Parent” means Liberman Broadcasting, Inc., a Delaware corporation, or any successor. 
 “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect
to DTC, shall include Euroclear and Clearstream). 
 “Permitted Asset Swap” means, with respect to any Person,
the substantially concurrent exchange of assets of such Person (including Equity Interests of a Restricted Subsidiary) for assets of another Person, which assets are useful in a Permitted Business. 

  
 18 

 “Permitted Business” means any business activity engaged in by the Company
or its Restricted Subsidiaries as of the date of this Indenture or any business similar, reasonably related, incidental, ancillary or complementary thereto. 
 “Permitted Investments” means: 
 (1) any
Investment in the Company or in a Restricted Subsidiary; 
 (2) any Investment in Cash Equivalents; 

(3) any Investment by the Company or any Restricted Subsidiary in a Person, if as a result of such Investment: 

(a) such Person becomes a Restricted Subsidiary of the Company; 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 dissolved into, the Company or a Restricted Subsidiary of the Company; 
 and, in
each case, any Investment held by such Person at the time it becomes a Restricted Subsidiary or is merged or consolidated with the Company or any of its Restricted Subsidiaries; provided that such Investment was not acquired by such Person in
contemplation of such acquisition, merger or consolidation or transfer; 
 (4) any Investment made or held as a
result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10 or any other disposition not constituting an Asset Sale; 

(5) any acquisition of assets (including Investments in Unrestricted Subsidiaries) to the extent the payment for which
consists of Equity Interests (other than Disqualified Stock) of the Company or Parent; 
 (6) any Investments
received in compromise of obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade
creditor or customer; 
 (7) Hedging Obligations; 

(8) loans and advances to employees of the Company and its Restricted Subsidiaries and loans to Affiliates of the Company
and other Persons not in excess of $5.0 million in aggregate principal amount at any time outstanding and the cancellation or forgiveness thereof; provided, however, that no such cancellation or forgiveness shall increase the aggregate amount
of loans or advances otherwise permitted under this clause (8); 
 (9) the receipt by the Company of notes from
one or more employees of the Company or any Restricted Subsidiary of the Company in connection with such employees’ acquisition of shares of Parent’s common stock and any cancellation or forgiveness thereof, so long as no cash is advanced
by the Company or any Restricted Subsidiary of the Company to 

  
 19 

 
such officers or employees or Parent in connection with the acquisition of any such obligations or the cancellation or forgiveness thereof; 

(10) escrow deposits made pursuant to Investments permitted hereunder or acquisitions; 

(11) Investments relating to LMAs entered into in connection with independently owned broadcast properties, not to exceed
an aggregate of $10.0 million; 
 (12) Investments in joint ventures that will own assets, such as transmission
towers or studio space, or provide programming or other services, such as news or advertising, that may be used by the Company or a Restricted Subsidiary in the ordinary course of business, not in excess of $3.0 million at any time outstanding;

 (13) Investments in existence on the date of this Indenture; 

(14) Investments in the ordinary course of business consisting of endorsements for collection or deposit; 

(15) the loans to Lenard Liberman made on December 20, 2001, June 14, 2002 and July 9, 2002 in the
principal amount of $243,095, $32,000 and $1,916,563, respectively, the loans made to Jose Liberman on December 20, 2001 and July 29, 2002 in the principal amount of $146,590 and $75,000, respectively, the loans made to Winter Horton on
November 20, 1998, November 22, 2002, November 29, 2002 and April 8, 2006 in the principal amount of $30,000, $36,000, $349,000 and $275,000, respectively, and any cancellation or forgiveness thereof; 

(16) guarantees issued in accordance with Section 4.09; and 

(17) other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was
made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (17) that are at the time outstanding not to exceed the greater of (a) $10.0 million or
(b) 5.0% of Total Assets. 
 “Permitted Liens” means: 

(1) Liens of the Company and any Guarantor securing Priority Bank Debt and all related Priority Bank Debt Obligations
permitted by the terms of this Indenture to be incurred; 
 (2) Liens in favor of the Company or any Restricted
Subsidiary; 
 (3) Liens on property of a Person existing at the time such Person is merged with or into or
consolidated with the Company or any Restricted Subsidiary; provided that such Liens were not incurred in contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated
with the Company or the Restricted Subsidiary; 
 (4) Liens on property existing at the time of acquisition of
the property by the Company or any Restricted Subsidiary; provided that such Liens were not incurred in contemplation of such acquisition; 

  
 20 

 (5) Liens to secure the performance of statutory obligations, surety or
appeal bonds, performance bonds or other obligations of a like nature incurred in the ordinary course of business; 
 (6) Liens to secure Obligations under Indebtedness (including Capital Lease Obligations) permitted by clause (iv) of the second paragraph of Section 4.09 covering only the assets acquired,
constructed or improved with such Indebtedness; 
 (7) Liens existing on the date of this Indenture; 

(8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested
in good faith by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(9) Liens on assets of Unrestricted Subsidiaries that secure Non-Recourse Debt of Unrestricted Subsidiaries; 

(10) Liens created for the benefit of the Notes or the Subsidiary Guarantees; 

(11) Liens securing Permitted Refinancing Indebtedness where the Liens securing indebtedness being refinanced were
permitted under this Indenture; 
 (12) easements, rights-of-way, zoning and similar restrictions and other
similar encumbrances or title defects incurred or imposed, as applicable, in the ordinary course of business and consistent with industry practices; 
 (13) any interest or title of a lessor under any Capital Lease Obligation; 
 (14) Liens securing reimbursement obligations with respect to letters of credit which encumber documents and other property relating to letters of credit and products and proceeds thereof; 

(15) Liens encumbering deposits made to secure statutory, regulatory, contractual or warranty obligations, including
rights of offset and set-off; 
 (16) Liens securing Hedging Obligations permitted under this Indenture;
provided, that, each of the parties thereto shall have agreed to be bound by or otherwise subject to the terms of the Security Documents in accordance with their terms; 

(17) leases or subleases granted to others; 

(18) Liens under licensing agreements; 

(19) Liens arising from filing Uniform Commercial Code financing statements regarding leases; 

(20) judgment Liens not giving rise to an Event of Default; 

(21) Liens encumbering property of the Company or a Restricted Subsidiary consisting of carriers, warehousemen, mechanics,
materialmen, repairmen and landlords, and other Liens arising by operation of law and incurred in the ordinary course of business for sums 

  
 21 

 
that are not overdue or that are being contested in good faith by appropriate proceedings and (if so contested) for which appropriate reserves with respect thereto have been established and
maintained on the books of the Company or a Restricted Subsidiary in accordance with GAAP; 
 (22) Liens
encumbering property of the Company or a Restricted Subsidiary incurred in the ordinary course of business in connection with workers’ compensation, unemployment insurance, or other forms of governmental insurance or benefits, or to secure
performance of bids, tenders, statutory obligations, leases, and contracts (other than for Indebtedness for borrowed money) entered into in the ordinary course of business of the Company or a Restricted Subsidiary; 

(23) Liens on property or assets used to defease or to satisfy and discharge Indebtedness; provided that
(a) the incurrence of such Indebtedness was not prohibited by this Indenture and (b) such defeasance or satisfaction and discharge is not prohibited by this Indenture; 

(24) Liens (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the
course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions arising as a matter of law encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 
 (25) Liens deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.09; provided that such Liens do not extend to any assets other than those that are
the subject of such repurchase agreement; 
 (26) customary Liens for the fees, costs and expenses of trustees
and escrow agents pursuant to this Indenture, escrow agreements and similar agreements; 
 (27) bankers’
Liens in the nature of rights of setoff arising in the ordinary course of business of the Company or any of its Restricted Subsidiaries; 
 (28) Liens incurred in the ordinary course of business of the Company or its Restricted Subsidiaries with respect to Obligations that do not exceed $5.0 million at any one time outstanding; and

 (29) Liens securing (a) Priority Lien Debt or other Indebtedness of the Company or any Guarantor that are
pari passu with the Liens securing Priority Lien Debt; provided that, after giving effect to the granting of such Liens, the Consolidated Secured Leverage Ratio (excluding Indebtedness secured by Liens that are subordinated or junior to the
Liens securing the Priority Lien Debt) would be no greater than 4.0 to 1.0, and (b) Indebtedness of the Company or any Guarantor that is subordinated or junior to the Liens securing Priority Lien Debt; provided that, after giving effect to the
granting of such Liens, the Consolidated Secured Leverage Ratio would be no greater than 5.0 to 1.0; provided further that any such Liens under clause (b) are subject to subordination provisions or an intercreditor agreement in a form
acceptable to the Credit Agreement Agent. 
 “Permitted Refinancing Indebtedness” means any Indebtedness of the
Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, 

  
 22 

 
renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 

(1) the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection
therewith); 
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final
maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is contractually subordinated
in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of Notes
as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and 
 (4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.

 “Permitted Tax Distributions” means, for so long as the Company is a member of a group filing a consolidated
or combined tax return with the Parent and/or Holdings, cash distributions or loans to the Parent and/or Holdings (including through Holdings) in respect of the allocable portion of the tax liabilities of such group that is attributable to the
Company and its Subsidiaries (“Tax Payments”). The Tax Payments for any given tax period shall not exceed the lesser of (i) the amount of the relevant tax (including any penalties and interest) that the Company would owe if the
Company were filing a separate tax return (or a separate consolidated or combined return with its Subsidiaries that are members of the consolidated or combined group for tax purposes), taking into account any carryovers and carrybacks of tax
attributes (such as net operating losses) of the Company and such Subsidiaries from other taxable years to the extent such tax attributes actually offset any tax liability in such tax period and (ii) the net amount of the relevant tax that the
Parent actually owes to the appropriate taxing authority. Any Tax Payments from the Company shall be paid over to the appropriate taxing authority within 30 days of the Parent’s and/or Holdings’ receipt of such Tax Payments or contributed
or repaid to the Company. 
 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Principals” means Jose Liberman and Lenard Liberman. 

“Priority Bank Debt” means (1) any Indebtedness incurred under the Credit Agreement pursuant to
Section 4.09(i) in respect of which the Priority Debt Representative has agreed to be bound by or is otherwise subject to the terms of the Intercreditor Agreement in accordance with its terms and (2) Indebtedness incurred under the
Specified Hedging Agreement in accordance with the second paragraph of Section 4.09 in respect of which the Specified Hedge Provider has agreed to be bound by or is otherwise subject to the terms of the Intercreditor Agreement in accordance
with its terms; provided that the Indebtedness incurred under the Specified Hedging Agreement may not exceed $3.0 million; 

  
 23 

 
provided, further, that the sum of (a) the principal amount of Priority Bank Debt incurred under clause (1) above plus (b) Indebtedness incurred under the Specified
Hedging Agreement may not, in the aggregate, exceed (i) prior to the closing of a Qualifying IPO, $50.0 million and (ii) from and after the closing of a Qualifying IPO, $100.0 million. For the avoidance of doubt, the principal amount of
any Indebtedness incurred under the Credit Agreement or Indebtedness incurred under the Specified Hedging Agreement that is not Priority Bank Debt is Priority Lien Debt. 
 “Priority Bank Debt Documents” means the Credit Agreement, the guarantees of the Credit Agreement, the Specified Hedging Agreement, each Priority Debt Sharing Confirmation and the
Security Documents. 
 “Priority Bank Debt Obligations” means the Priority Bank Debt and all other Obligations
in respect thereof. 
 “Priority Bank Debt Secured Parties” means the holders of Priority Bank Debt Obligations
and the Credit Agreement Agent. 
 “Priority Debt Representatives” means: 

(1) in the case of the Notes and the Subsidiary Guarantees, the Trustee, or 

(2) in the case of any other Series of Priority Lien Debt, each Non-Lender Hedge Provider, the trustee, agent or representative of the
holders of such Series of Priority Lien Debt who maintains the transfer register for such Series of Priority Lien Debt and is appointed as a Priority Debt Representative (for purposes related to the administration of the Security Documents) pursuant
to the Credit Facility, indenture or other agreement governing such Series of Priority Lien Debt, and who has become a party to the Intercreditor Agreement. 
 “Priority Debt Sharing Confirmation” means, as to any Series of Priority Lien Debt, the written agreement of the holders of such Series of Priority Lien Debt, as set forth in the credit
agreement, indenture or other agreement governing such Series of Priority Lien Debt, for the benefit of all holders of each other existing and future Series of Priority Lien Debt and each existing and future Priority Debt Representative, that,
subject to the terms of the Intercreditor Agreement, all Priority Lien Obligations will be and are secured equally and ratably by all Liens at any time granted by the Company or any other Obligor to secure any Obligations in respect of such Series
of Priority Lien Debt, whether or not upon property otherwise constituting Collateral, that all such Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Priority Lien Obligations equally and ratably, and that the
holders of Obligations in respect of such Series of Priority Lien Debt are bound by the provisions in the Intercreditor Agreement relating to the order of application of proceeds from enforcement of such Liens, and consent to and direct the
Collateral Trustee to perform its obligations under the Intercreditor Agreement. 
 “Priority Lien” means a
Lien granted to the Collateral Trustee, for the benefit of the Priority Lien Secured Parties, upon any property of the Company or any other Obligor to secure Priority Lien Obligations. 

“Priority Lien Debt” means: 
 (1) the Notes and the Subsidiary Guarantees issued under this Indenture; 
 (2) the
Priority Bank Debt; 

  
 24 

 (3) Indebtedness under existing Hedging Agreements and any guarantees thereof that, in each
case, was permitted to be incurred and so secured under each applicable Secured Debt Document (or as to which the lenders obtained an officer’s certificate at the time of incurrence to the effect that such Indebtedness was permitted to be
incurred and secured by all applicable Secured Debt Documents); and 
 (4) Indebtedness under any other Credit Facility or other
Hedging Agreements or an issuance of debt securities that, in each case, is secured equally and ratably with the Notes by a Priority Lien that was permitted to be incurred and so secured under each applicable Secured Debt Document; provided,
in the case of each issue or series of Indebtedness referred to in this clause (4), that: 
 (a) on or before the date on which
such Indebtedness is incurred by the Company or any other Obligor, as the case may be, such Indebtedness is designated by the Company or any other Obligor, as the case may be, in an officer’s certificate delivered to each Priority Debt
Representative and the Collateral Trustee, as “Priority Lien Debt” for the purposes of the Secured Debt Documents; 

(b) such Indebtedness is governed by a credit agreement, an indenture or other agreement that includes a Priority Debt Sharing
Confirmation; and 
 (c) all requirements set forth in the Intercreditor Agreement as to the confirmation, grant or perfection of
the Collateral Trustee’s Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (4) will be conclusively established if the
Company or any other Obligor, as the case may be, delivers to the Collateral Trustee an officer’s certificate stating that such requirements and other provisions have been satisfied and that such Indebtedness is “Priority Lien Debt”).

 For the avoidance of doubt, in respect of any Hedging Obligation, the requirements in the foregoing clause (3) and clause (4), as
applicable, need be satisfied only once in respect of such Hedging Obligations and not, for the avoidance of doubt, on multiple occasions upon the execution of each confirmation executed in connection therewith. 

“Priority Lien Obligations” means the Priority Lien Debt and all other Obligations in respect thereof, including
Obligations owed to the Collateral Trustee under the Secured Debt Documents. 
 “Priority Lien Secured Parties”
means the holders of Priority Lien Obligations, any Priority Debt Representatives and the Collateral Trustee. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(i) to be placed on all Notes issued under
this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Public Equity
Offering” means an underwritten primary public offering of common stock of the Company or Parent. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Qualifying IPO” means the consummation by Parent of an initial public offering of common stock resulting in gross
proceeds to Parent (prior to the deduction of commissions) of $50,000,000 or more. 

  
 25 

 “Real Property Asset” means, at any time of determination, any fee
ownership or leasehold interest then owned by the Company or any Guarantor (other than Empire Burbank) in any real property. 

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

“Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as
appropriate. 
 “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1
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, issued in a denomination equal to the outstanding principal amount of the
Regulation S Temporary Global Note upon expiration of the Restricted Period. 
 “Regulation S Temporary Global
Note” means a temporary Global Note in the form of Exhibit A-2 hereto and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the
Notes initially sold in reliance on Rule 903 of Regulation S. 
 “Related Party” means: 

(1) any family member, spouse, heir, devisee, executor or similar legal representative of any Principal; or 

(2) any trust, corporation, partnership or other entity, the beneficiaries, stockholders, partners, owners or Persons
beneficially holding an 80% or more controlling interest of which consist of any one or more Principals and/or such other Persons referred to in the immediately preceding clause (1); or 

(3) to the extent not included in clause (1) or (2), any other Class B Permitted Transferee (as defined in the
Restated Certificate of Incorporation of Parent, as in effect on the date of this Indenture). 

“Representative” means, as the case may be, a trustee, agent or representative appointed for the holders of any Priority
Lien Debt under an agreement to which such Priority Lien Debt was issued. 
 “Requirement of Law” means to any
Person, any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is
subject. 
 “Responsible Officer” means with respect to any Person, its chief executive officer, president or
chief financial officer, but in any event, with respect to financial matters, the chief financial officer or, in each case, the person performing the functions associated with such titles. 

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

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

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

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

  
 26 

 “Restricted Subsidiary” means any Subsidiary of the Company that is not an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

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

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

“S&P” means Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. and any successor to its
rating agency business. 
 “SEC” means the Securities and Exchange Commission. 

“Secured Debt Documents” means collectively, the Priority Bank Debt Documents, this Indenture, the Notes, the Subsidiary
Guarantees, the Intercreditor Agreement (and related Security Documents), each Priority Debt Sharing Confirmation, all other agreements related to this Indenture, the Notes and the Subsidiary Guarantees and the indenture or agreement governing each
other Series of Priority Lien Debt and all other agreements governing, securing or relating to any Priority Lien Obligation. 

“Secured Parties” means the holders of Priority Lien Obligations, any Priority Debt Representatives and the Collateral
Trustee. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Security Documents” means the Intercreditor Agreement and one or more security agreements, debentures, pledge
agreements, collateral assignments, mortgages, collateral agency agreements, control agreements, deeds of trust or other grants or transfers for security executed and delivered by the Company and each other Guarantor (other than Empire Burbank)
creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee, for the benefit of the Priority Bank Debt Secured Parties, the Other Priority Lien Secured Parties or both of them, in each case, as amended, supplemented,
amended and restated or otherwise modified and in effect from time to time, in accordance with its terms. 
 “Senior
Subordinated Notes” means the 8.5% Senior Subordinated Notes due 2017 issued by the Company. 
 “Series of
Priority Lien Debt” means, severally, the Notes, the Subsidiary Guarantees, the Indebtedness under the Credit Agreement, the guarantees of the Credit Agreement and each other issue or series of Priority Lien Debt for which a single transfer
register is maintained, and for purposes of the Intercreditor Agreement, Hedging Obligations (other than the Specified Hedge Obligations) owed to Lender Hedge Providers will be treated as part of the same Series of Priority Lien Debt as the other
Priority Lien Debt owed to such Lender Hedge Provider or its Affiliate or which pursuant to any joinder to the Intercreditor Agreement are to be represented thereunder by a common Priority Debt Representative (in its capacity as such for such
Priority Lien Debt). 
 “Significant Subsidiary” means any Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 

  
 27 

 “Specified Hedge Obligations” means, so long as the Specified Hedge
Provider has executed and delivered a joinder to the Intercreditor Agreement in accordance with the terms thereof, the actual Indebtedness of the Company to the Specified Hedge Provider pursuant to the Specified Hedging Agreement. 

“Specified Hedge Provider” means, so long as it has executed a Collateral Trust Joinder (as defined in the
Interecreditor Agreement), Credit Suisse International. 
 “Specified Hedging Agreement” means, so long as the
Specified Hedge Provider has executed and delivered a Collateral Trust Joinder (as defined in the Intercreditor Agreement), that certain confirmation dated as of February 9, 2009 between the Company and the Specified Hedge Provider and the ISDA
Master Agreement related thereto, if any. 
 “Stated Maturity” means, with respect to any installment of
interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to
repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, limited liability company, association or other business entity of which more than 50% of the total
voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees or comparable governing body of the corporation, limited liability company, association
or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 

(2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a
Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
 “Subsidiary Guarantee” means the Guarantee by each Guarantor of the Company’s payment obligations under this Indenture and on the Notes, executed pursuant to the provisions of this
Indenture. 
 “Total Assets” means, as of any date, the total assets of the Company and the Restricted
Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such date, and, in the case of any determination relating to the incurrence of Indebtedness or any Permitted Investment, calculated on a pro forma basis
including any property or assets being acquired in connection therewith. 
 “Treasury Rate” means, as of any
redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to
April 15, 2015; provided, however, that (i) if the period from such redemption date to such date is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall
be obtained by linear interpolation of extrapolation (calculated to the nearest one twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given and (ii) if the period from the
redemption date to April 15, 2015 is less than 

  
 28 

 
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 Officer” when used with respect to the Trustee, means any officer within the corporate trust administration group
of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any such officers and also means, with respect to a particular corporate trust matter, any
other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance
with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Unrestricted
Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note that does not bear and is not required to bear the Private Placement Legend. 

“Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Company’s Board of
Directors as an Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
 (1) has no Indebtedness other than Non-Recourse Debt; 
 (2) is not
party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are not materially less favorable to the
Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company; 
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to
maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries. 

Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee
a certified copy of the resolution of the Company’s Board of Directors giving effect to such designation and an Officer’s Certificate certifying that such designation complied with the preceding conditions and was permitted by the terms of
Section 4.07 hereof. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any
Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date pursuant to Section 4.09, the Company will be in
default under such section. The Company’s Board of Directors may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will be deemed to be an incurrence of Indebtedness by a
Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will 

  
 29 

 
only be permitted if (1) such Indebtedness is permitted pursuant to Section 4.09, calculated on a pro forma basis as if such designation had occurred at the beginning of the
four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation. 

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

“Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote
in the election of the Board of Directors of such Person. 
 “Weighted Average Life to Maturity” means, when
applied to any Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products
obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by 
 (2) the then outstanding principal amount of such Indebtedness. 
 “Wholly
Owned Subsidiary” means, with respect to any Person at any date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing 100% of the equity or
ordinary voting power (other than directors’ qualifying shares) or, in the case of a partnership, 100% of the general partnership interests are, as of such date, directly or indirectly owned, controlled or held by such Person or one or more
Wholly Owned Subsidiaries of such Person or by such Person and one or more Wholly Owned Subsidiaries of such Person. 
 Section 1.02.
Other Definitions. 
  

			
	 Term
	  	Defined in
Section
	“Affiliate Transaction”	  	4.11
	“Asset Sale Offer”	  	3.09
	“Authentication Order”	  	2.02
	“Change of Control Offer”	  	4.15
	“Change of Control Payment”	  	4.15
	“Change of Control Payment Date”	  	4.15
	“Company”	  	Preamble
	“Covenant Defeasance”	  	8.03
	“DTC”	  	2.03
	“Event of Default”	  	6.01
	“Excess Proceeds”	  	4.10
	“incur”	  	4.09
	“Incurrence Notice”	  	4.09
	“Insignificant Subsidiaries”	  	6.01
	“Issue Date Mortgaged Properties”	  	10.09
	“Legal Defeasance”	  	8.02
	“Offer Amount”	  	3.09

  
 30 

			
	 Term
	  	Defined in
Section
	“Offer Period”	  	3.09
	“Paying Agent”	  	2.03
	“Payment Default”	  	6.01
	“Permitted Debt”	  	4.09
	“Purchase Date”	  	3.09
	“Registrar”	  	2.03
	“Restricted Payments”	  	4.07
	“Senior Debt”	  	4.22
	“Successor Person”	  	5.01
	“Tax Payments”	  	1.01

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

(a) a term has the meaning assigned to it; 
 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
 (c) “or” is not exclusive; 
 (d) words in the singular include the
plural, and in the plural include the singular; 
 (e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; and 
 (g) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted by the SEC from time to time. 

Section 1.04. Intercreditor Agreement. 
 (a) Each Holder, by accepting a Note, agrees, and the Trustee agrees, that this Indenture is subject to the terms of the Intercreditor Agreement, that such Holder’s and the Trustee’s rights and
benefits hereunder are limited accordingly, that such Holder’s and the Trustee’s rights and benefits are subject to all relevant provisions of the Intercreditor Agreement, and that such Holder shall comply with the provisions of the
Intercreditor Agreement applicable to such Holder in its capacity as such as if such Holder was a party thereto. In the event of any conflict between the terms of this Indenture and those of the Intercreditor Agreement with respect to the rights,
privileges, protections, indemnities and exemptions of the Trustee (in any of its capacities hereunder), the terms of this Indenture shall control. 
 (b) Each Holder, by accepting a Note, hereby authorizes and directs the Trustee to execute and deliver the Intercreditor Agreement and hereby agrees to be bound by the terms thereof, including, without
limitation, Section 3.5(c) thereof, which expressly authorizes the Collateral Trustee to execute and deliver any intercreditor agreement contemplated by clause (29) of the definition of Permitted Liens, on behalf of the Trustee and each
Holder, solely to the extent any such intercreditor agreement is satisfactory to the Credit Agreement Agent. 

  
 31 

 ARTICLE 2. 
 THE NOTES 
 Section 2.01. Form and Dating. 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be equal to $2000 or an integral multiple of $1,000 in excess thereof.

 The terms and provisions contained in the Notes will 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. Unless the context requires otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually
issued. 
 (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A-1 or A-2 attached
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 will be substantially in the form of Exhibit A-1 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 will represent such of the outstanding Notes as will be specified therein and each shall
provide that it represents the aggregate principal amount of outstanding 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
appropriate, to reflect exchanges and redemptions. 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 will be made by the Trustee or the
Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
 (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary Global Note, which will be deposited on behalf of
the purchasers of the Notes represented thereby with the Trustee, at its New York office, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on
behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Restricted Period will be terminated upon the receipt by the Trustee of: 

(i) a written certificate from the Depositary, together with copies of certificates from Euroclear and Clearstream
certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount of the Regulation S Temporary Global Note (except to the extent of any beneficial owners thereof who acquired an
interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who will take delivery of a beneficial ownership interest in a 144A Global Note or an IAI Global Note bearing a Private
Placement Legend, all as contemplated by Section 2.06(b) hereof); and 
 (ii) an Officer’s Certificate
from the Company. 
 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary
Global Note will be exchanged for beneficial interests in the Regulation S Permanent Global 

  
 32 

 
Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The
aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as
the case may be, in connection with transfers of interest as hereinafter provided. 
 (d) Euroclear and Clearstream
Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and
“Customer Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and the Regulation S Permanent Global Note that are held by Participants through Euroclear or Clearstream.

 (e) Terms. 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 will 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. 
 (f) Issuance of
Additional Notes. Additional Notes ranking pari passu with the Initial 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 Initial Notes and shall have the same terms as to status, redemption or otherwise as the Initial Notes; provided that the Company’s ability to issue Additional Notes shall be subject to the Company’s compliance with
Section 4.09 hereof. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 

Section 2.02. Execution and Authentication. 
 One Officer will sign the Notes for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive
evidence that the Note has been authenticated under this Indenture. 
 The Trustee will, upon receipt of a written order of the
Company signed by an Officer (an “Authentication Order”), authenticate Notes for original issue up to the aggregate principal amount stated in paragraph 4 of the Initial Notes plus the aggregate principal amount stated in paragraph
4 of any Additional Notes permitted to be issued under this Indenture. The aggregate principal amount of Notes outstanding at any time may not exceed such amount except as provided in Section 2.07 hereof. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate the Notes. An authenticating agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate
of the Company. 

  
 33 

 Section 2.03. Registrar and Paying Agent. 

The Company will maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The Company may appoint one or
more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee
shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The Company initially
appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
 The
Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes. 

Section 2.04. Paying Agent to Hold Money in Trust. 
 The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability
for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating
to the Company, the Trustee will serve as Paying Agent for the Notes. 
 Section 2.05. Holder Lists. 

The Trustee will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and
addresses of all Holders. If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven 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 of Notes. 
 Section 2.06. Transfer
and Exchange. 
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole 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.
All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (i) the Company delivers to the
Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the
Company within 120 days after the date of such notice from the Depositary; or 

  
 34 

 (ii) the Company in its sole discretion determines that the Global Notes (in
whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company for Definitive
Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. 

Upon the occurrence of either of the preceding events in (i) or (ii) above, Definitive Notes shall be issued in such names as
the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note except for Definitive Notes issued subsequent to any of the preceding events in
(i) or (ii) above and Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(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 will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the
Restricted Global Notes will 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 will require compliance with either
subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any 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 Temporary 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 or pursuant to Rule 144A). 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 2.06(b)(i). 
 (ii) 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 2.06(b)(i) above, 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 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 Definitive 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 Definitive Note shall be registered to effect the transfer or exchange referred to in
(1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note 

  
 35 

 
prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. 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 2.06(g) hereof. 
 (iii) 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 2.06(b)(ii) above 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; 

(B) if the transferee will take delivery in the form of a beneficial interest in the Regulation S Temporary Global Note or
the Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor
must deliver a certificate in the form of Exhibit D hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(iv) 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 2.06(b)(ii) above and the Registrar receives the following: 

(1) 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 in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(2) 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 subparagraph (1) or (2) above, 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. 

  
 36 

 If any such transfer is effected pursuant to clause (iv) 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 2.02 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 clause (iv) 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 Definitive Notes. 

(i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon 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 Definitive Note, a certificate from such holder 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 to the effect
set forth in 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 to the effect set forth in 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 to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in
subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; or 

(F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; 
 the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized
denomination or denominations as the holder of 

  
 37 

 
such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the
Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject
to all restrictions on transfer contained therein. 
 (ii) Beneficial Interests in Regulation S Temporary
Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(i)(A) and (C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery
thereof in the form of a Definitive Note prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case
of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if the Registrar receives the following: 

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

(2) 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 Definitive 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 subparagraph (1) or (2) above, 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. 
 (iv)
Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.06(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iv) will be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest instructs the Registrar through instructions to the Registrar from or through the Depositary and the Participant or Indirect Participant. The Trustee 

  
 38 

 
will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(iv) will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for
Beneficial Interests. 
 (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto,
including the certifications in item (2)(b) thereof; 
 (B) if such Restricted Definitive Note is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 

(C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
 (E) if such Restricted
Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item
(3)(b) thereof; or 
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
 the Trustee shall cancel such Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global Note,
in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes 

  
 39 

 delivery thereof in the form of a beneficial interest in an Unrestricted Global Note only if
the Registrar receives the following: 
 (1) if the Holder of such Definitive Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Definitive Note proposes to transfer such Note 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 in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (1) or (2) above, 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 2.06(d)(ii), the Trustee will cancel the Definitive Notes so transferred or exchanged and increase or cause to be increased the aggregate principal amount of the
applicable Unrestricted Global Note. 
 (iii) Unrestricted Definitive Notes to Beneficial Interests in
Unrestricted Global Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate
principal amount of one of the Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive
Note to a beneficial interest is effected pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in
accordance with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 

(e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such
Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 

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

  
 40 

 (A) if the transfer will be made pursuant to Rule 144A then the transferor
must deliver a certificate 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 in the form of Exhibit B hereto, including the certifications in item (2) thereof;
and 
 (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 in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

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

(1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
 (2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
 and, in each such case set
forth in this subparagraph (1) or (2) above, 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. 

(iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the
instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all Global Notes
and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Private Placement Legend. 
 (A) Except as
permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 

  
 41 

 “THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
THE UNITED STATES SECURITIES ACT OF 1933 (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS
HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 
 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) 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) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE UNITED
STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE.” 
 (B)
Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii) or (e)(iii) to this Section 2.06 (and all Notes issued in exchange therefor or
substitution thereof) will not bear the Private Placement Legend. 
 (ii) Global Note Legend. Each Global
Note will bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT
TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE
TRANSFERRED EXCEPT 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 OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS
MAY BE 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.”

 (iii) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note will bear a
legend in substantially the following form: 
 “THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM
REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.” 
 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has
been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 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 Definitive Notes, the principal amount of Notes represented by such Global Note
will be reduced accordingly and an endorsement will 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 will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such increase. 

  
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 (h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 
 (ii) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive 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 2.10, 3.06, 3.09, 4.10, 4.15 and 9.05
hereof). 
 (iii) The Registrar will not 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. 
 (iv) All
Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will 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 Definitive Notes surrendered upon such registration of transfer or exchange. 

(v) The Company will 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 day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (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. 
 (vi) 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 interest 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. 
 (vii) The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 

(viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07. Replacement Notes.

 If any mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction
of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the
Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a
Note is replaced. The Company or, if applicable, the Trustee may charge the Holder of any lost or mutilated Note 

  
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for its expenses in replacing a Note. In the event any such Note shall have matured, instead of issuing a replacement Note as provided above, the Trustee may pay the same upon receipt by the
Company and the Trustee of indemnity satisfactory to each of them. 
 Every replacement Note is an additional obligation of the
Company and will be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

Section 2.08. Outstanding Notes. 
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note
effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an
Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof. 

If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to
it that the replaced Note is held by a protected purchaser. 
 If the principal amount of any Note is considered paid under
Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue. 
 If the Paying Agent (other than
the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will
cease to accrue interest. 
 Section 2.09. Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company or any Guarantor, or any Affiliate of the
Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that the Trustee knows are so
owned will be so disregarded. 
 Section 2.10. Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication
Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11. Cancellation. 
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange
or payment. The Trustee and no one else will cancel all Notes surrendered for registration of 

  
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transfer, exchange, payment, replacement or cancellation and will destroy canceled Notes (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all
canceled Notes will be delivered to the Company. The Company may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12. Defaulted Interest. 
 If the Company defaults in a
payment of interest on the Notes, the Company will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each
case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or
cause to be fixed each such special record date and payment date, provided that no such special record date will be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record
date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the
amount of such interest to be paid. 
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
 Section 3.01. Notices to Trustee. 

If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it will furnish to the
Trustee, at least 35 days (or shorter period of time acceptable to the Trustee), but not more than 60 days before a redemption date, an Officer’s Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 

Section 3.02. Selection of Notes to Be Redeemed or Purchased. 
 If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select Notes for redemption or repurchase as follows: 

(a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or 
 (b) if the Notes are not listed on any national securities exchange, on a pro
rata basis, by lot or by such method as the Trustee deems fair and appropriate. 
 In the event of partial redemption or purchase by lot,
the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for
redemption or purchase. 
 The Trustee will promptly notify the Company in writing of the Notes selected for redemption or
purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in the amounts of $2,000 or whole multiples of $1,000 in excess
thereof; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, 

  
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shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes
called for redemption or purchase. 
 Section 3.03. Notice of Redemption. 

Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days before a redemption date, the Company
will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 or 12 of this Indenture. 
 The notice will identify the Notes to be redeemed and will state: 
 (a) the
redemption date; 
 (b) the redemption price; 
 (c) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal
amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 
 (d) the name and address of the
Paying Agent; 
 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 (f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes called for redemption are being redeemed; and 
 (h) that no representation is made as to the correctness or accuracy
of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Company’s request, the Trustee will
give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company has delivered to the Trustee, at least 5 Business Days before notice of redemption is required to be mailed to Holders pursuant
to this Section 3.03 (unless a shorter time is agreed to by the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding
paragraph. 
 Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of
redemption may not be conditional. The notice, if mailed in the manner provided herein, shall be conclusively presumed to have been given, whether or not the Holder received such notice. 

  
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 Section 3.05. Deposit of Redemption or Purchase Price. 

Prior to 11:00 a.m. (New York City time) on the redemption date or purchase date, the Company will deposit with the Trustee or with the
Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Company any money deposited
with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest, if any, on, all Notes to be redeemed or purchased. 

If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease
to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest
shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the
Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each
case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06. Notes Redeemed or Purchased in Part.

 Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and the Trustee will authenticate
for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered. 
 Section 3.07. Optional Redemption. 
 (a) At any time prior to
April 15, 2014, the Company may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of 109.25% of the principal amount thereof, plus accrued and unpaid
interest, if any, thereon to the applicable redemption date, with all or a portion of the net cash proceeds of one or more Equity Offerings; provided that: 

(i) at least 65% of the aggregate principal amount of Notes issued under this Indenture remains outstanding immediately
after the occurrence of such redemption (excluding Notes held by the Company and its Affiliates); and 
 (ii) the
redemption occurs within 90 days of the date of the closing of such Equity Offering. 
 (b) On or after April 15, 2015, the
Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the Notes
redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below: 

  
 48 

					
	Year	  	Percentage	 
	 2015
	  	 	104.625	% 
	 2016
	  	 	102.313	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time or from
time to time prior to April 15, 2015, the Company, at its option, may redeem the Notes, in whole or in part, at a price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, together with accrued and unpaid
interest thereon, if any, to the redemption date. The Company may provide that payment of such redemption price may be made by, and performance of the obligations in respect of such redemption may be performed by, another Person. 

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

 Section 3.08. Mandatory Redemption; Open Market Purchases. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. The Company may at any time
and from time to time purchase Notes in the open market or otherwise. 
 Section 3.09. Offer to Purchase by Application of Excess
Proceeds. 
 In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an offer to all
Holders to purchase Notes (an “Asset Sale Offer”), it will follow the procedures specified below. 
 The Asset
Sale Offer shall be made to all Holders and all holders of other Indebtedness that is pari passu with the Notes containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds
of sales of assets. The Asset Sale Offer will remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the
“Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of
Notes and such other pari passu indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so
purchased will be made in the same manner as interest payments are made. 
 If the Purchase Date is on or after an interest
record date and on or before the related interest payment date, any accrued and unpaid interest, if any, will be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional interest will be
payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
 Upon the commencement of an Asset Sale Offer, the
Company will send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale
Offer. The notice, which will govern the terms of the Asset Sale Offer, will state: 
 (a) that the Asset Sale Offer is being
made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer will remain open; 
 (b) the Offer Amount, the purchase price and the Purchase Date; 

  
 49 

 (c) that any Note not tendered or accepted for payment will continue to accrue interest;

 (d) that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer
will cease to accrue interest after the Purchase Date; 
 (e) that Holders electing to have a Note purchased pursuant to an
Asset Sale Offer may elect to have Notes purchased in denominations of $2,000 or an integral multiple of $1,000 in excess thereof; 
 (f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Note completed, or transfer by book-entry transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

(g) that Holders will be entitled to withdraw their election if the Company, the depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such
Holder is withdrawing his election to have such Note purchased; 
 (h) that, if the aggregate principal amount of Notes and
other pari passu Indebtedness, as the case may be, surrendered by Holders or holders of such pari passu Indebtedness exceeds the Offer Amount, the Company will select the Notes and other pari passu Indebtedness to be purchased
on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $2,000, or integral
multiples of $1,000 in excess thereof, will be purchased); and 
 (i) that Holders whose Notes were purchased only in part will
be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes and any pari passu
Indebtedness or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes and other pari passu Indebtedness tendered, and will deliver to the Trustee an Officer’s
Certificate stating that such Notes and pari passu Indebtedness or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09. The Company, the Depositary or the Paying Agent, as the case
may be, will promptly (but in any case not later than five days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase,
and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company will authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on the Purchase Date. 

Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to
the provisions of Sections 3.01 through 3.06 hereof. 

  
 50 

 ARTICLE 4. 
 COVENANTS 
 Section 4.01. Payment of Notes. 

The Company will pay or cause to be paid the principal of, premium, if any, and interest, if any, on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 12:00 p.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
 The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the
extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

Section 4.02. Maintenance of Office or Agency. 
 The Company will maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where
Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the 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 will fail to maintain any such required office or agency or will fail to furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The 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
will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York 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. 
 The Company hereby designates the Corporate
Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03. 
 Section 4.03. Reports

 (a) So long as any Notes are outstanding, the Company will cause to be furnished to the Holders and filed with the
Trustee: 
 (1) within 95 days after the end of each fiscal year: 

(A) audited year-end consolidated financial statements of either (i) the Company and its Subsidiaries or
(ii) Parent and its Subsidiaries (including balance sheets, statements of operations and statements of cash flows that would be required from an SEC registrant in an Annual Report on Form 10-K, including pursuant to Rule 3-10 of

  
 51 

 
Regulation S-K promulgated by the SEC) prepared in accordance with GAAP, including a report on the annual financial statements by certified independent accountants; 

(B) the information described in Item 303 of Regulation S-K under the Securities Act (“Management’s
Discussion and Analysis of Financial Condition and Results of Operations”) with respect to such period, to the extent such information would otherwise be required to be filed in an Annual Report on Form 10-K; and 

(C) a presentation of adjusted EBITDA, consistent in all material respects with the presentation of adjusted EBITDA in the
Offering Circular and derived from the financial statements described in (1)(A) above; 
 (2) within 50 days
after the end of each of the first three fiscal quarters of each fiscal year, 
 (A) unaudited quarterly
consolidated financial statements of either (i) the Company and its Subsidiaries or (ii) Parent and its Subsidiaries (including balance sheets, statements of operations and statements of cash flows) that would be required from an SEC
registrant in a Quarterly Report on Form 10-Q, and a SAS 100 review by certified independent accountants, prepared in accordance with GAAP, subject to normal year-end adjustments; 

(B) the information described in Item 303 of Regulation S-K under the Securities Act with respect to such period, to
the extent such information would otherwise be required to be filed in a Quarterly Report on Form 10-Q; and 

(C) a presentation of adjusted EBITDA, consistent in all material respects with the presentation of adjusted EBITDA in the
Offering Circular and derived from the financial statements described in (2)(A) immediately above; and 

(3) within 5 Business Days after the occurrence of each event that would have been required to be reported in a Current
Report on Form 8-K under the Exchange Act (other than with respect to information otherwise required or contemplated by Item 402 of Regulation S-K) if the Company had been a reporting company under the Exchange Act, current reports containing
substantially all of the information that would have been required to be contained in a Current Report on Form 8-K under the Exchange Act under such items if the Company had been a reporting company under the Exchange Act; provided,
however, that no such current report will be required to be furnished if the Company determines in its good faith judgment that such event is not material to Holders or the business, assets, operations, financial positions or prospects of the
Company and its Subsidiaries, taken as a whole. 
 Notwithstanding the foregoing, in no event will such reports be required to
(1) comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures
contained therein), or (2) contain the separate financial statements of Subsidiaries whose securities are pledged to secure the Notes as contemplated by Rule 3-16 of Regulation S-X promulgated by the SEC. 

(b) So long as any Notes are outstanding, the Company will also: 

  
 52 

 (1) within 10 Business Days after causing the annual report required by
clause (1) of Section 4.03(a) to be furnished to the Holders and filed with the Trustee, use commercially reasonable efforts to hold a conference call to discuss such report and the results of operations for the reporting period;

 (2) issue a press release to a nationally recognized wire service no fewer than three Business Days prior to
the date of the conference call required to be held in accordance with this Section 4.03(b), announcing the time and date of such conference call and either including all information necessary to access the call or directing Holders, beneficial
owners, prospective investors, broker-dealers and securities analysts to contact the appropriate person at the Company to obtain such information; and 
 (3) either (a) maintain a website (which may be non-public) to which Holders, beneficial owners that certify they are beneficial owners of the Notes, prospective investors that certify that they are
qualified institutional buyers, broker-dealers, securities analysts and market makers are given access and to which all of the information required by this Section 4.03 is posted; or (b) file such information with the SEC on its EDGAR
system (or any successor system). 
 (c) To the extent that the Company elects to furnish information in respect of Parent and
its Subsidiaries rather than the Company and its Subsidiaries, as provided in subparagraphs (1) and (2) of Section 4.03(a), the Company will include in such information to be provided pursuant to such subparagraphs (1) and
(2) above, a capitalization table in respect of the Company and its Subsidiaries consistent in all material respects with the presentation of the capitalization table in the Offering Circular. 

(d) If Parent or the Company, as the case may be, has complied with the reporting requirements of Section 13 or 15(d) of the
Exchange Act, if applicable, and has furnished the Holders, or filed electronically with the SEC’s EDGAR system (or any successor system) the reports described herein (but for clauses 1(C) and 2(C) only to the extent not prohibited by the rules
and regulations of the Exchange Act) with respect to Parent or the Company within the time period required pursuant to Section 13 or 15(d) of the Exchange Act, as the case may be, then the Company shall be deemed to be in compliance with the
provisions of Section 4.03(a). 
 (e) the Company shall provide S&P and Moody’s (and their respective successors)
with information on a periodic basis as S&P or Moody’s, as the case may be, shall reasonably require in order to maintain public ratings of the Notes. In addition, the Company shall furnish to Holders, prospective investors, broker-dealers
and securities analysts, upon their request, any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so long as the Notes are not freely transferable under the Securities Act. 

Section 4.04. Compliance Certificate. 
 (a) The Company and each Guarantor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate 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 Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and
further stating, as to such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and that there is no default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default will have 

  
 53 

 
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

(b) So long as the Notes are outstanding, deliver to the Trustee, within five Business Days of any Officer becoming aware of any Default
or Event of Default, an Officer’s Certificate specifying such Default or Event of Default. 
 Section 4.05. Taxes. 

The Company will pay, and will 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 4.06. Stay, Extension and Usury Laws. 
 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 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. 
 Section 4.07. Restricted Payments. 

(a) The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its
Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company and other than dividends or
distributions payable to the Company or a Restricted Subsidiary of the Company and pro rata dividends or distributions payable to minority stockholders of any Restricted Subsidiary); 

(ii) purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any
merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than any such Equity Interests owned by the Company or any of its Restricted Subsidiaries); 

(iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness that is contractually subordinated to the Notes or the Subsidiary Guarantees, except: 
 (A) a
payment of interest or principal at the Stated Maturity thereof; 

  
 54 

 (B) a payment into a trust within one year of the Stated Maturity of any
such subordinated Indebtedness which payment effects a defeasance or discharge of such Indebtedness; 
 (C)
intercompany Indebtedness permitted under clause (vi) of Section 4.09 and 
 (D) the payment of
interest or principal in anticipation of satisfying a sinking fund obligation, mandatory redemption or final maturity, in each case, within one year of the due date thereof; or 

(iv) make any Restricted Investment (all such payments and other actions set forth in these clauses (i) through
(iv) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of and after
giving effect to such Restricted Payment: 
 (a) no Default or Event of Default has occurred and is continuing or
would occur as a consequence of such Restricted Payment; and 
 (b) the Company would, at the time of such
Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Leverage Ratio test set forth in the first paragraph of Section 4.09; and 
 (c) such Restricted Payment,
together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries after the date of this Indenture (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (7), (8), (9), (10),
(12), (13), (14), (16) and (17) and, to the extent that any payment made by Parent pursuant to the terms of the Management Incentive Contracts reduces Consolidated Net Income of the Company, (11) of Section 4.07(b)), is less than
the sum, without duplication, of: 
 (i)(A) 100% of the aggregate of the Company’s Consolidated Cash Flow (or, in the event
such Consolidated Cash Flow shall be a deficit, minus 100% of such deficit) accrued for the period beginning April 1, 2011 and ending on the last day of the most recently completed month for which internal consolidated financial information is
available to the Company at the time of such Restricted Payment, taken as one accounting period, less (B) 1.4 times Consolidated Interest Expense for the same period, plus  

(ii) 100% of the aggregate net cash proceeds and the fair market value, as determined in good faith by the Company’s Board of
Directors, of other assets used or useful in the business of the Company and its Restricted Subsidiaries received by the Company since the date of this Indenture from the issue or sale of Equity Interests of the Company (other than Disqualified
Stock) or Disqualified Stock or debt securities of the Company that have been converted into such Equity Interests (other than (x) Equity Interests (or Disqualified Stock or convertible debt securities) sold to a Restricted Subsidiary and
(y) Disqualified Stock or convertible debt securities that have been converted into Disqualified Stock), plus  

  
 55 

 (iii) 100% of the net cash proceeds and the fair market value, as determined in good faith
by the Company’s Board of Directors, of other assets used or useful in the business of the Company and its Restricted Subsidiaries received by the Company as bona fide equity capital contributions since the date of this Indenture, plus

 (iv) the aggregate amount returned in cash with respect to Restricted Investments made after the date of this Indenture to
the extent such dividends were not otherwise included in Consolidated Cash Flow, whether through interest payments, principal payments, dividends or other distributions, plus 

(v) the net cash proceeds and the fair market value, as determined in good faith by the Company’s Board of Directors, of other
assets used or useful in the business of the Company and its Restricted Subsidiaries received by the Company or any of its Restricted Subsidiaries from the disposition (other than to a Restricted Subsidiary), retirement or redemption of all or any
portion of Restricted Investments made after the date of this Indenture, less the cost of the disposition and net of taxes, plus 
 (vi) upon a redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary after the date of this Indenture, the fair market value, as determined in good faith by the Company’s Board of
Directors, of the Company’s or a Restricted Subsidiary’s Investment in such Unrestricted Subsidiary immediately following such redesignation, 
 provided, however, that the sum of clauses (iv) and (v) above shall not exceed the aggregate amount of all such Investments made subsequent to the date of this Indenture.

 (b) The provisions of Section 4.07(a) will not prohibit: 

(1) the payment of any dividend or the consummation of any irrevocable redemption within 60 days after the date of declaration of the
dividend or giving the redemption notice, as the case may be, if at the date of declaration or notice the dividend or redemption payment would have complied with the provisions of this Indenture; 

(2) the redemption, repurchase, retirement, defeasance or other acquisition of any subordinated Indebtedness of the Company or any
Guarantor or of any Equity Interests of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than
Disqualified Stock) or from any contribution to the Company’s common equity stock; provided that the amount of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement, defeasance or other acquisition
shall be excluded from clauses (c)(ii) and (c)(iii) of Section 4.07(a), as applicable; 
 (3) the defeasance, redemption,
repurchase or other acquisition of subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from an incurrence of Permitted Refinancing Indebtedness; 

  
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 (4) the declaration and payment of any dividend by a Restricted Subsidiary of the Company
to the holders of such Restricted Subsidiary’s Equity Interests on a pro rata basis; 
 (5) the declaration and payment of
dividends or distributions or the making of loans by the Company to Parent (including through Holdings) and/or Holdings in order to pay, and in an amount not to exceed, the Permitted Tax Distributions; 

(6) the declaration and payment of any dividends or distributions or the making of any loans by the Company or any of its Restricted
Subsidiaries to Parent (including through Holdings) to be used for, and in an amount equal to, the amount of any dividends or distributions paid or loans made by Parent to, or the repurchase of any Equity Interests of Parent from, the Principals or
their Related Parties, provided that the aggregate amount of all such dividends, distributions and loans to Parent do not exceed $1.0 million in any calendar year; 
 (7) the repurchase of Equity Interests of the Company or any of its Restricted Subsidiaries deemed to occur upon the exercise of stock options, warrants (to the extent equity interests represent a portion
of the exercise price of such options or warrants) or other convertible securities and cash payments in lieu of the issuance of fractional shares in connection with the exercise of warrants, options or other securities convertible into or
exchangeable for the Company’s or such Restricted Subsidiaries’ Equity Interests (including upon surrender of Equity Interests to pay the exercise price of such options, warrants or other convertible securities); 

(8) the declaration and payment of any dividends or distributions or the making of any loans to Parent (including through Holdings)
and/or Holdings to permit Parent and/or Holdings to pay franchise or similar taxes and corporate costs and expenses incurred in the ordinary course of business, including legal, accounting and other general corporate overhead costs and expenses of
Parent and Holdings actually incurred by Parent and/or Holdings, and customary salary, bonus and other benefits (other than payments permitted under clause (11) below) payable to, and indemnity provided on behalf of, directors, officers,
employees and consultants of Parent and/or Holdings; 
 (9) the retirement of any shares of Disqualified Stock of the Company by
conversion into, or by exchange for, shares of Disqualified Stock of the Company, or out of the net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Company) of other shares of Disqualified Stock of
the Company; provided that the Disqualified Stock of the Company that replaces the retired shares of Disqualified Stock of the Company shall not require the direct or indirect payment of the liquidation preference earlier in time than the
final stated maturity of the retired shares of Disqualified Stock of the Company; 
 (10) the cancellation or forgiveness of any
loan between the Company and/or its Affiliates existing on the date of this Indenture or any loan permitted by subparagraphs (5), (6) and (8) above and (11), (12), (13), (14), (16) and (17) below (it being understood that any
forgiveness or cancellation of such loans 

  
 57 

 
made in connection with any Permitted Tax Distribution shall not reduce the amount of subsequent Permitted Tax Distributions); 

(11) the declaration and payment of any dividends or distributions or the making of any loans to Parent (including through Holdings) for
payments required to be made pursuant to the terms of future Management Incentive Contracts in an aggregate amount not to exceed $20.0 million; 
 (12) the declaration and payment of any dividends or distributions or the making of any loans to Parent (including through Holdings) for payments required pursuant to indemnity claims arising under, or
amounts required to be paid to third parties pursuant to, the Investment Agreement and/or the Investor Rights Agreement in an aggregate amount not to exceed the amount of proceeds from any private equity issuance under the Investment Agreement and
Investor Rights Agreement that were actually contributed to the Company; 
 (13) any payment to be made with the proceeds of the
Notes as described in the Offering Circular under the caption “Use of Proceeds”; 
 (14) the purchase, redemption or
other acquisition or retirement for value of any Equity Interests of the Company or any direct or indirect parent companies of the Company, or the declaration and payment of any dividends or distributions or the making of any loans to any such
parent company (including through another parent company) to effect the purchase, acquisition or retirement of the Company’s or such parent’s Equity Interests, in each case that are held by any future, present or former director, employee
or consultant of the Company, any of its Restricted Subsidiaries or any of its direct or indirect parent companies pursuant to any equity subscription agreement, stock option agreement, shareholders’ agreement or similar agreement;
provided, that the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests may not exceed the sum of (a) $1.5 million in any calendar year, plus any unused amounts under this clause from prior calendar
years (including unused amounts accrued under the indenture governing the Senior Subordinated Notes prior to the date of this Indenture), plus (b) the net cash proceeds to the Company from any issuance or reissuance of Equity Interests of the
Company or a Restricted Subsidiary (other than Disqualified Stock) to members of management (which are excluded from the calculation set forth in clause (c)(ii) of Section 4.07(a)) and the net cash proceeds to the Company or any Restricted
Subsidiary of any “keyman” life insurance proceeds; 
 (15) [Reserved]; 

(16) other Restricted Payments since the date of this Indenture not to exceed $10.0 million; and 

(17) the declaration and payment of any dividends or distributions or the making of any loans by the Company or any of its Restricted
Subsidiaries to Holdings in order for Holdings to (a) make scheduled cash interest payments on the Discount Notes, and (b) redeem, repurchase, satisfy and discharge, defease, retire for value or otherwise acquire the Discount Notes and pay
any related 

  
 58 

 
interest, premium, fees, costs, expenses and other amounts owing thereunder with respect thereto. 
 The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the Restricted Payment of the assets or securities proposed to be transferred or issued by the Company
or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any assets or securities that are required to be valued by this Section 4.07 will be determined by the Company’s Board of
Directors whose resolution with respect thereto shall be delivered to the Trustee. 
 Section 4.08. Dividend and Other Payment
Restrictions Affecting Subsidiaries. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to,
directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
 (a) pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its
profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries; 
 (b) make loans or advances to the
Company or any of its Restricted Subsidiaries; or 
 (c) transfer any of its properties or assets to the Company or any of its
Restricted Subsidiaries. 
 However, the preceding restrictions will not apply to encumbrances or restrictions existing under or
by reason of: 
 (i) agreements governing Existing Indebtedness, the Discount Notes and Credit Facilities, other
agreements as in effect on the date of this Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements; provided that the amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are not materially more restrictive, taken as a whole, with respect to such encumbrances or restrictions, than those contained in those agreements
on the date of this Indenture; 
 (ii) agreements governing Priority Lien Debt permitted to be incurred under
this Indenture to the extent not permitted under another clause of this paragraph; provided, that provisions relating to such encumbrances or restrictions are not materially more restrictive, taken as a whole, than those contained in the
Credit Agreement on the date of this Indenture; 
 (iii) this Indenture, the Notes, the Subsidiary Guarantees and
the Security Documents; 
 (iv) applicable law, rule, regulation or order; 

(v) any instrument 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 Indebtedness or Capital Stock 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 Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; 

  
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 (vi) customary non-assignment provisions in leases and other agreements
entered into in the ordinary course of business; 
 (vii) purchase money obligations (including Capital Lease
Obligations) for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in clause (c) of the preceding paragraph; 

(viii) Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing
such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced; 

(ix) Liens securing Indebtedness or other obligations otherwise permitted to be incurred under the provisions of
Section 4.12 that limit the right of the debtor to dispose of the assets subject to such Liens; 
 (x)
provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business; 

(xi) restrictions on cash or other deposits or net worth imposed by customers under contracts or net worth provisions
contained in leases and other agreements entered into in the ordinary course of business; 
 (xii) customary
restrictions with respect to a Restricted Subsidiary pursuant to an agreement entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or
disposition; provided, that such restrictions apply solely to the Capital Stock or assets of the Restricted Subsidiary that is being sold; and 
 (xiii) any agreement for the sale or other disposition of assets, including the sale or other disposition of a Restricted Subsidiary, that restricts the disposition of such assets or distributions by that
Restricted Subsidiary pending the sale or other disposition of such assets. 
 Section 4.09. Incurrence of Indebtedness and Issuance of
Preferred Stock. 
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Company will not issue
any Disqualified Stock and will not permit any of its Restricted Subsidiaries to issue any shares of preferred stock; provided, however, that the Company or any Guarantor may incur Indebtedness (including Acquired Debt) or issue Disqualified
Stock or preferred stock if the Company’s Leverage Ratio at the time of incurrence of such Indebtedness or the issuance of such Disqualified Stock or such preferred stock, as the case may be, after giving pro forma effect to such incurrence or
issuance as of such date and to the use of proceeds therefrom, as if the same had occurred at the beginning of the most recently ended four fiscal quarter period of the Company for which internal financial statements are available, would have been
no greater than 7.0 to 1.0. 
 The provisions of the first paragraph of this Section 4.09 will not prohibit the incurrence
of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

  
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 (i) the incurrence by the Company or any Restricted Subsidiary of
Indebtedness and letters of credit under one or more Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (i) (with letters of credit being deemed to have a principal amount equal to the maximum
potential liability of the Company and its Subsidiaries thereunder) not to exceed (a)(i) prior to the closing of a Qualifying IPO, $50.0 million and (ii) from and after the closing of a Qualifying IPO, $100.0 million, less (b) the
aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any of its Restricted Subsidiaries after the date of this Indenture to repay any term Indebtedness under a Credit Facility or to repay any revolving credit Indebtedness
under a Credit Facility and effect a corresponding commitment reduction thereunder, in each case for both such term Indebtedness and such revolving credit Indebtedness pursuant to Section 4.10; 

(ii) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 

(iii) the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes and the related Subsidiary
Guarantees to be issued on the date of this Indenture; 
 (iv) the incurrence by the Company or any of its
Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or
improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary (whether through the direct purchase of assets or through the acquisition of at least a majority of the Voting Stock of any Person owning
such assets), in an aggregate principal amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (iv), not to exceed at any time outstanding the greater of
(a) $10.0 million or (b) 2.0% of Total Assets; 
 (v) the incurrence by the Company or any of its
Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace, Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be
incurred under the first paragraph of this Section 4.09 or any of clauses (ii), (iii), (iv), (v), (viii), (ix), (xi) or (xiv) of this paragraph; 
 (vi) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness or preferred stock between or among the Company and any of its Restricted Subsidiaries; provided,
however, that (a) if the Company or any Guarantor is the obligor on such Indebtedness, such Indebtedness must be (i) unsecured and (ii) if the obligee is neither the Company nor a Guarantor, expressly subordinated to the prior
payment in full in cash of all obligations with respect to the Notes (in the case of the Company) or the related Subsidiary Guarantee (in the case of a Guarantor), and (b) any subsequent issuance; event or transfer of Equity Interests that
results in any such Indebtedness or preferred stock being held by a Person other than the Company or a Restricted Subsidiary of the Company and any sale or other transfer of any such Indebtedness or preferred stock to a Person that is not either the
Company or a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (vi);

 (vii) Indebtedness under Hedging Obligations entered into for bona fide hedging purposes of the Company or any
Restricted Subsidiary not for the purpose of speculation; 

  
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 (viii) guarantees provided pursuant to Section 4.17 and the guarantee
by the Company or any Restricted Subsidiary of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; 

(ix) Indebtedness incurred by the Company or any of its Restricted Subsidiaries constituting reimbursement obligations
with respect to letters of credit issued in the ordinary course of business, including, without limitation, letters of credit in respect to workers’ compensation claims or self-insurance, or other Indebtedness with respect to reimbursement type
obligations regarding workers’ compensation claims; provided, however, that upon the drawing of such letters of credit or the incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such drawing
or incurrence; 
 (x) Obligations in respect of performance and surety bonds and completion guarantees provided
by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
 (xi) Acquisition Debt
of the Company or any Restricted Subsidiary if (w) such Acquisition Debt is incurred within 365 days after the date on which the related definitive acquisition agreement was entered into by the Company or such Restricted Subsidiary,
(x) the aggregate principal amount of such Acquisition Debt is no greater than the aggregate principal amount of Acquisition Debt set forth in a notice from the Company to the Trustee (an “Incurrence Notice”) within 30 days
after the date on which the related definitive acquisition agreement was entered into by the Company or such Restricted Subsidiary, which notice shall be executed on the Company’s behalf by an executive officer of the Company in such capacity
and shall describe in reasonable detail the acquisition that such Acquisition Debt will be incurred to finance, (y) after giving pro forma effect to the acquisition described in such Incurrence Notice, the Company or such Restricted Subsidiary
could have incurred such Acquisition Debt under this Indenture, including compliance with the first paragraph of this Section 4.09, as of the date upon which the Company delivers such Incurrence Notice to the Trustee and (z) such
Acquisition Debt is utilized solely to finance the acquisition described in such Incurrence Notice and any other pending acquisitions previously described in one or more Incurrence Notices and which satisfy the foregoing provisions (including to
repay or refinance indebtedness or other obligations incurred in connection with such acquisition and to pay related fees and expenses); provided, however, that any Incurrence Notice given hereunder may be withdrawn or the amount of
Acquisition Debt referred to therein may be reduced at any time prior to the incurrence of such Acquisition Debt; 
 (xii) the incurrence by the Company’s Unrestricted Subsidiaries of Non-Recourse Debt, provided, however, that if any such Indebtedness ceases to be Non-Recourse Debt of an Unrestricted
Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Company that was not permitted by this clause (xii); 

(xiii) the incurrence by the Company or any Restricted Subsidiary of Indebtedness arising from the honoring by a bank or
other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds in the ordinary course of business and such Indebtedness is extinguished within five Business Days after notice thereof; 

(xiv) the incurrence by the Company of Indebtedness in an aggregate principal amount not greater than two times the
aggregate amount of cash contributions (other than from the issuance of Disqualified Stock of the Company) made to the common equity capital of the Company after the date of this Indenture (whether through the issuance or sale of Capital Stock or

  
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through capital contributions from Parent or Holdings), provided, that (a) such Indebtedness is incurred within 180 days after the making of such cash contribution and is so
designated as contribution indebtedness pursuant to an Officer’s Certificate on the incurrence date thereof, and (b) any equity contribution that forms the basis for an incurrence of Indebtedness under this paragraph (xiv) will be
disregarded for purposes of all calculations called for by Section 4.07 and will not be considered to be an Equity Offering for purposes of Section 3.07; 

(xv) the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness in an aggregate
principal amount (or accreted value, as applicable) at any time outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance or replace any Indebtedness incurred pursuant to this clause (xv), not to exceed $15.0
million; 
 (xvi) agreements of the Company or any Restricted Subsidiary providing for indemnification,
adjustment of purchase price or similar customary obligations, in each case incurred or assumed in connection with the acquisition or disposition of any business or assets permitted by this Indenture; and 

(xvii) the incurrence by the Company of Indebtedness under the LBI Media Intercompany Note; provided that if Parent
or Holdings, as the case may be, irrevocably forgives or cancels all or any portion of such LBI Media Intercompany Note, the amount thereof so forgiven or cancelled shall at such time be treated as a capital contribution pursuant to clause (c)(iii)
of Section 4.07(a). 
 Notwithstanding the provisions of this Section 4.09, neither the Company nor any Restricted
Subsidiary will be permitted to incur any Indebtedness (including any Permitted Debt) any of the proceeds of which will be used to repay, redeem, repurchase or refinance any of the Discount Notes earlier than one year prior to the Stated Maturity
thereof (whether through any direct or indirect payment, including any dividend, distribution or loan to Holdings) unless such Indebtedness is (i) unsecured, (ii) pari passu or junior in right of payment to the Notes, and
(iii) otherwise permitted to be incurred pursuant to the provisions of this Section 4.09. 
 For purposes of
determining compliance with this Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xvii) above, or is entitled to
be incurred pursuant to the first paragraph of this Section 4.09, the Company will be permitted to classify such item of Indebtedness on the date of its incurrence, in any manner that complies with this Section 4.09. Indebtedness under the
Credit Facilities outstanding on the date on which Notes are first issued and authenticated under this Indenture will initially be deemed to have been incurred on such date in reliance on the exception provided by clause (i) of the definition
of Permitted Debt (but may later be reclassified in accordance with the following sentence). In addition, the Company may, at any time, change the classification of an item of Indebtedness, Disqualified Stock or preferred stock, or any portion
thereof, to any other clause of Permitted Debt or to the first paragraph of this Section 4.09, provided that the Company or a Restricted Subsidiary would be permitted to incur the item of Indebtedness, Disqualified Stock or preferred
stock, or portion thereof, under such other clause or the first paragraph of this Section 4.09, as the case may be, at the time of reclassification. The accrual of interest, the accretion or amortization of original issue discount, the payment
of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock or
preferred stock in the form of additional shares of the same class of Disqualified Stock or preferred stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock or preferred stock for purposes of this
Section 4.09; provided, in each such case, that the amount of any such accrual, accretion or payment shall 

  
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be included in Consolidated Interest Expense of the Company to the extent (and only to the extent) required by the definition of the term “Consolidated Interest Expense.” 

The Company will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually
subordinated in right of payment to any other Indebtedness of the Company or such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Subsidiary Guarantee at least to the same
extent; provided, however, that no Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a junior
priority basis. 
 Section 4.10. Asset Sales 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(i) the Company (or the Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at
least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of; 

(ii) the fair market value is determined in good faith by the Company’s Board of Directors and evidenced by a
resolution of the Board of Directors or by a Responsible Officer of the Company set forth in an Officer’s Certificate, in each case, delivered to the Trustee; 

(iii) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the
form of cash or Cash Equivalents except to the extent the Company is undertaking a Permitted Asset Swap. For purposes of this provision and subparagraph (z) below, each of the following shall be deemed to be cash: 

(A) any liabilities, as shown on the Company’s most recent consolidated balance sheet, of the Company or any
Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement
that releases the Company or such Restricted Subsidiary from further liability; and 
 (B) any securities, notes
or other obligations received by the Company or any such Restricted Subsidiary from such transferee converted by the Company or such Restricted Subsidiary within 180 days into cash or Cash Equivalents, to the extent of the cash or Cash Equivalents
received in that conversion; and 
 (iv) if such Asset Sale involves the transfer of Collateral: 

(A) such Asset Sale complies with the applicable provisions of the Security Documents; 

(B) to the extent required by the Security Documents, all consideration (including Cash Equivalents) received in such
Asset Sale shall be expressly made subject to Liens under the Security Documents; and 

  
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 (C) subject to application of Net Proceeds pursuant to the fourth paragraph
of this covenant, all of the Net Proceeds from such Asset Sale are deposited into the Collateral Account. 
 The 75% limitation
referred to in clause (iii) above will not apply to any Asset Sale in which the cash or Cash Equivalents portion of the consideration received therefrom, determined in accordance with the preceding provision, is equal to or greater than what
the after tax proceeds would have been had such Asset Sale complied with the aforementioned 75% limitation. 
 Notwithstanding
the foregoing, the Company or any Restricted Subsidiary will be permitted to consummate an Asset Sale without complying with the foregoing if: 
 (x) the Company or such Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets or other property sold, issued or otherwise
disposed of; 
 (y) the fair market value is determined in good faith by the Company’s Board of Directors
and evidenced by a resolution of the Board of Directors or by a Responsible Officer of the Company set forth in an Officer’s Certificate, in each case, delivered to the Trustee; and 

(z) at least 75% of the consideration for such Asset Sale constitutes a controlling interest in a Permitted Business,
assets used or useful in a Permitted Business and/or cash and Cash Equivalents; 
 provided, however, that any cash or Cash
Equivalents (other than any amount deemed cash under clause (iii)(A) of the first paragraph of this Section 4.10) received by the Company or such Restricted Subsidiary in connection with any Asset Sale permitted to be consummated under this
paragraph shall constitute Net Proceeds subject to the provisions of the next paragraph. 
 (b) Within 365 days after the
receipt of any Net Proceeds from an Asset Sale, the Company or such Restricted Subsidiary may apply those Net Proceeds at its option: 
 (i) to repay Priority Lien Debt and if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; 

(ii) to acquire all or substantially all of the assets of, or a majority of the Voting Stock of, a Permitted Business if,
after giving effect to any such acquisition of Voting Stock, the Permitted Business is or becomes a Restricted Subsidiary of or is merged with or into the Company or a Restricted Subsidiary; 

(iii) to make capital expenditures that are used or useful in a Permitted Business; or 

(iv) to acquire other assets that are used or useful in a Permitted Business. 

provided, that in the case of clauses (ii), (iii) and (iv) above, a binding commitment shall be treated as a permitted application of
the Net Proceeds as of the date of such commitment so long as the Company or such Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Proceeds will be applied to satisfy such commitment prior to the later
of (a) 180 days after the date of such commitment or (b) 365 days after the date of such Asset Sale and if such Net Proceeds are not so applied within that time frame, such Net Proceeds shall constitute “Excess Proceeds” and be
applied as provided below. Pending the final application of any Net Proceeds, the Company may temporarily 

  
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reduce revolving credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding paragraphs will constitute
“Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will make an Asset Sale Offer to all Holders and all holders of Other Priority Lien Debt containing provisions similar to those set
forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets to purchase the maximum principal amount of Notes and such Other Priority Lien Debt that may be purchased out of the Excess Proceeds. The offer
price in any Asset Sale Offer will be equal to 100% of the principal amount of Notes and such Other Priority Lien Debt plus accrued and unpaid interest, if any, to the date of purchase, and will be payable in cash. If the date of purchase is on or
after an interest record date and on or before the related interest payment date, accrued and unpaid interest, if any, will be paid to the Holder in whose name a Note is registered at the close of business on such record date, and no additional
interest will be payable to Holders who tender pursuant to the Asset Sale Offer. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Notes and Other Priority Lien Debt tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select such tendered Notes and such Other Priority Lien Debt to be
purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 

(c) 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 those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sale
provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Asset Sale provisions of this Indenture by virtue of such conflict.

 Section 4.11. Transactions with Affiliates. 
 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 (each, an “Affiliate Transaction”), unless:

 (a) 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 
 (b) the Company delivers to the Trustee: 
 (i) with respect to any
Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $10.0 million, a resolution of the Company’s Board of Directors set forth in an Officer’s 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 members of the Company’s Board of Directors, which approval, if the Company’s Board of Directors includes
disinterested members at such time, shall include the approval of at least one disinterested member; and 

  
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 (ii) with respect to any Affiliate Transaction or series of related
Affiliate Transactions involving aggregate consideration in excess of $20.0 million, an opinion as to the fairness to the Company of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking
firm of national standing. 
 The following items will not be deemed to be Affiliate Transactions and, therefore, will not be
subject to the provisions of the prior paragraph: 
 (a) any employment and consulting agreement or other compensation
arrangement entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business and the payment of compensation and the reimbursement of expenses pursuant thereto; 

(b) transactions between or among the Company and/or any of its Restricted Subsidiaries; 

(c) transactions with a Person that is an Affiliate of the Company solely because the Company owns an Equity Interest in, or controls,
such Person; 
 (d) payment of reasonable fees and expenses to directors; 

(e) indemnification of officers and directors of the Company or any Restricted Subsidiary pursuant to reasonable and customary
indemnification provisions; 
 (f) sales of Equity Interests (other than Disqualified Stock) to Affiliates of the Company;

 (g) Restricted Payments that are permitted by the provisions of Section 4.07, and Permitted Investments; 

(h) transactions under any contract or agreement of the Company or any Restricted Subsidiary in effect on the date of this Indenture, in
each case, as the same may be amended, modified or replaced from time to time so long as any such amendment, modification or replacement is not materially less favorable to the Company and its Restricted Subsidiaries than the contract or agreement
as in effect on the date of this Indenture; 
 (i) loans or advances to employees who are Affiliates in the ordinary course of
business not to exceed $2.5 million in the aggregate at any one time outstanding; 
 (j) the existence of, or the performance by
Parent, the Company or any of the Restricted Subsidiaries of obligations (including obligations resulting from Parent causing the Company or any of its Restricted Subsidiaries to take certain actions as required thereby) under the terms of, the
Investor Rights Agreement as in effect on date of this Indenture and as subsequently amended and any related agreements which it may enter into thereafter; provided, however, that the existence of, or the performance by Parent, the Company or
any of the Restricted Subsidiaries of obligations (including obligations resulting from Parent causing the Company or any of its Restricted Subsidiaries to take certain actions as required thereby) under any future amendment to any such existing
agreement or under any similar agreement entered into after the date of this Indenture shall only be permitted by this clause (j) to the extent that the terms of any such amendment or related agreement are not otherwise disadvantageous in any
material respect to the Holders, when taken as a whole; 
 (k) services provided to any Unrestricted Subsidiary in the ordinary
course of business, which the Company’s Board of Directors has determined, pursuant to a resolution thereof, are provided 

  
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on terms at least as favorable to the Company and its Restricted Subsidiaries as those that would have been obtained in a comparable transaction with an unrelated Person; 

(l) any transactions permitted under Section 5.01; 
 (m) tax sharing agreements, or payments pursuant thereto, between the Company or one or more Subsidiaries, on the one hand, and any other Person with which the Company or such Subsidiaries are required or
permitted to file a consolidated tax return or with which the Company or such Subsidiaries are part of a consolidated group for tax purposes to be used by such Person to pay taxes, and which payments by the Company and the Restricted Subsidiaries
are not in excess of the Permitted Tax Distributions; 
 (n) any merger of the Company and any direct or indirect parent company
of the Company; provided, however, that such merger is otherwise in compliance with the terms of this Indenture, including Section 5.01; 
 (o) L.D.L. Enterprises, Inc.’s use of advertising time on radio and television stations of the Company and its Subsidiaries as described in “Certain Relationships and Related Transactions”
in the Offering Circular; and 
 (p) the incurrence by the Company of Indebtedness under the LBI Media Intercompany Note and
payments of principal, interest and other amounts owing thereunder. 
 Section 4.12. Liens. 

The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer
to exist any Lien of any kind securing Indebtedness on any asset now owned or hereafter acquired, except Permitted Liens. 

Section 4.13. Corporate Existence. 
 Subject to Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 

(i) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; and 
 (ii) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided, however, that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Company’s Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries, taken as a whole. 
 Section 4.14. Business Activities. 

Until the consummation of a Public Equity Offering, the Company will not, and will not permit any Subsidiary to, engage in any business
other than Permitted Businesses, except to such extent as would not be material to the Company and its Subsidiaries taken as a whole. 

  
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 Section 4.15. Offer to Repurchase Upon Change of Control. 

(a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) to each
Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if
any, on the Notes repurchased, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”); provided, that the Company will not
be obligated to repurchase Notes in the event that it exercises its right to redeem all of the Notes as described in Section 3.07 hereof, unless and until there is a default in payment of the applicable redemption price. Within 30 days
following any Change of Control, the Company will mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and stating: 

(i) that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be
accepted for payment; 
 (ii) the purchase price and the purchase date, which shall be no earlier than 30 days
and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
 (iii) that any Note not tendered will continue to accrue interest; 

(iv) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 

(v) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender
the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on
the third Business Day preceding the Change of Control Payment Date; 
 (vi) that Holders will be entitled to
withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
 (vii) that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be
equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof. 
 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 and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control. To the
extent that the provisions of any securities laws or regulations conflict with the provisions of Sections 3.09 or 4.15 of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under Section 3.09 or this Section 4.15 by virtue of such conflict. 

  
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 (b) On the Change of Control Payment Date, the Company will, to the extent
lawful: 
 (i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect
of all Notes or portions thereof properly tendered; and 
 (iii) deliver or cause to be delivered to the Trustee
the Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 The Paying Agent will promptly mail or wire transfer to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause
to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of
$1,000 in excess thereof. If the Change of Control Payment Date is on or after an interest record date and on or before the related interest payment date, accrued and unpaid interest, if any, will be paid to the Holder in whose name a Note is
registered at the close of business on such record date, and no additional interest will be payable to Holders who tender pursuant to the Change of Control Offer. 
 (c) The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

(d) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.15 and Section 3.09 hereof and all other provisions
of this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer. The Company will not be obligated to make a Change of Control Offer if a
notice of redemption has been given pursuant to the terms of this Indenture as described in Section 3.07 unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a
Change of Control Offer may be commenced by the Company or a third party in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change
of Control Offer. 
 Section 4.16. [Reserved.] 
 Section 4.17. Additional Subsidiary Guarantees. 
 If the Company or any
of its Subsidiaries acquires or creates another Domestic Subsidiary after the date of this Indenture, excluding all Subsidiaries that have been properly designated as Unrestricted Subsidiaries in accordance with this Indenture for so long as they
continue to constitute Unrestricted Subsidiaries, then that newly acquired or created Domestic Subsidiary will become a Guarantor and execute a supplemental indenture to this Indenture, the form of which is attached as Exhibit E hereto, and
each applicable Security Document within fifteen Business Days of the date on which it was acquired or created. 

  
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 Section 4.18. Payments for Consent. 

The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to
or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders that consent,
waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

Section 4.19. Designation of Restricted and Unrestricted Subsidiaries 

The Company’s Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would
not cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated
will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 4.07(a) or one or more clauses of the definition of “Permitted Investments,” as
determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The Company’s Board of Directors
may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a Default. 

Section 4.20. No Amendment of Subordination Provisions. 
 (a) Without the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding, the Company will not amend, modify or alter the indenture governing the Senior
Subordinated Notes of the Company in any way to: 
 (i) increase the rate of or accelerate or shorten the time
for payment of interest on any Senior Subordinated Notes; 
 (ii) increase the principal of, shorten the final
maturity date of or shorten the Weighted Average Life to Maturity of any Senior Subordinated Notes; 
 (iii)
alter the redemption provisions in a manner that is adverse to the Holders of the Notes or increase the price or terms at which the Company is required to offer to purchase any Senior Subordinated Notes; or 

(iv) amend the provisions of Article 10 of the indenture governing the Senior Subordinated Notes. 

Section 4.21. Restrictions on Empire Burbank. 
 Empire Burbank will not own any assets other than the Burbank Office Property and any additions to such property, its interests under the Empire Burbank Lease and the Empire Burbank Sublease and certain
production and related equipment for use by third parties in connection with the subleasing of such sound stages and studios and additional assets necessary or advisable for the conduct of its business in the ordinary course. 

  
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 Section 4.22. Advances to Subsidiaries. 

(a) All advances to Restricted Subsidiaries (that are not otherwise Guarantors) made by the Company (or any Guarantor) after the date of
this Indenture will be evidenced by intercompany notes in favor of the Company or the applicable Guarantor. These intercompany notes will be pledged pursuant to the Security Documents as Collateral to secure the Priority Lien Obligations. Each
intercompany note will be payable upon demand and will bear interest at the same rate as the Notes and will be subordinated in right of payment to all existing Senior Debt of the non-Guarantor Restricted Subsidiary to which the loan is made.
“Senior Debt” of Subsidiaries for the purposes of the intercompany notes will be defined as all Indebtedness of the non-Guarantor Restricted Subsidiaries that is not specifically by its terms made pari passu with or junior to the
intercompany notes. A form of intercompany note is attached to this Indenture as Exhibit G hereto. Repayments of principal with respect to any intercompany notes will be required to be pledged pursuant to the Security Documents as Collateral
to secure the Notes until such amounts are advanced to a Subsidiary in accordance with this Indenture. 
 (b) The Company will
not permit any Restricted Subsidiary (that is not otherwise a Guarantor) in respect of which the Company is a creditor by virtue of an intercompany note to incur any Indebtedness that is subordinate or junior in right of payment to any Senior Debt
of such non-Guarantor Restricted Subsidiary and senior in any respect in right of payment to any intercompany note. 
 ARTICLE 5.

 SUCCESSORS 

Section 5.01. Merger, Consolidation, or Sale of Assets. 
 The Company will not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation); or (2) sell, assign, transfer,
convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person unless: 

(i) either: (a) the Company is the surviving corporation; or (b) the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation, limited liability company or partnership organized or existing under the laws of the
United States, any state of the United States or the District of Columbia (such other Person being herein called the “Successor Person”); 
 (ii) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale, assignment, transfer, conveyance or other disposition shall have been
made assumes all the obligations of the Company under the Notes, this Indenture and the Security Documents pursuant to agreements reasonably satisfactory to the Trustee; 

(iii) immediately after such transaction, no Default or Event of Default exists; 

(iv) the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to
which such sale, assignment, transfer, conveyance or other disposition has been made (a) would, on the date of such transaction after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the
beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Leverage Ratio test set forth in the first paragraph of Section 4.09 or

  
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(b) would have a lower Leverage Ratio immediately after the transaction, after giving pro forma effect to the transaction as if the transaction had occurred at the beginning of the applicable
four quarter period, than the Company’s Leverage Ratio immediately prior to the transaction; and 
 (v) if
the Successor Person is not a corporation, a Restricted Subsidiary of the Successor Person that is a corporation organized and existing under the laws of the United States of America, any State thereof or the District of Columbia, shall be a
co-obligor of the Notes pursuant to a supplemental indenture in a form reasonably acceptable to the Trustee. 
 In addition, the
Company may not, directly or indirectly, lease all or substantially all of its properties or assets, in one or more related transactions, to any other Person. This Section 5.01 will not prohibit (i) any sale, assignment, transfer,
conveyance or other disposition of assets between or among the Company and any of its Restricted Subsidiaries, (ii) any Restricted Subsidiary from consolidating with, merging into or transferring all or part of its assets to the Company or any
Restricted Subsidiary or (iii) the Company from merging with an Affiliate incorporated solely for the purpose of reincorporating the Company in another jurisdiction to realize tax or other benefits. 

Section 5.02. Successor Corporation Substituted. 
 Upon any consolidation, combination or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the assets of the Company in a transaction that is
subject to, and that complies with Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the provisions of this Indenture and the Security Documents referring to the “Company”
shall refer instead to the successor Person and not to the Company), and may exercise every right and power of the Company under this Indenture and the Security Documents with the same effect as if such successor Person had been named as the Company
herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale, assignment, transfer, conveyance or other disposition of all of
the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof. 
 ARTICLE 6. 
 DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. 
 An “Event of Default” occurs if: 
 (a) the Company defaults in
the payment when due of interest on the Notes and such default continues for a period of 30 days; 
 (b) the Company defaults in
the payment when due of principal of, and premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise; 

(c) the Company or any of its Restricted Subsidiaries fails to comply with the provisions of Section 4.15 or 5.01 hereof;

  
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 (d) the Company or any of its Restricted Subsidiaries fails to comply with the provisions of
Section 4.07, 4.09 or 4.10 hereof for 30 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

(e) the Company or any of its Restricted Subsidiaries fails to observe or perform any other covenant or other agreement in this
Indenture, the Security Documents or the Notes for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding; 

(f) a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of the Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of the Restricted Subsidiaries), other than Indebtedness owing to the Company or its
Restricted Subsidiaries, whether such Indebtedness or Guarantee now exists, or is created after the date hereof, if that default: 
 (i) is caused by a failure to pay principal of such Indebtedness at the final stated maturity thereof (giving effect to any applicable grace periods and any extensions thereof) (a “Payment
Default”); or 
 (ii) results in the acceleration of such Indebtedness prior to its express maturity

 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such
Indebtedness under which there has been and continues to be a Payment Default or the maturity of which has been and continues to be so accelerated, aggregates $10.0 million or more; 

(g) the Company or any of its Restricted Subsidiaries fails to pay final judgments aggregating in excess of $10.0 million (not covered by
insurance), which judgments are not paid, vacated, discharged, bonded or stayed for a period of 60 days; 
 (h) (i) any
Security Document is held in any judicial proceeding to be unenforceable or invalid in any material respect or ceases for any reason to be in full force and effect in any material respect, other than in accordance with the terms of the relevant
Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents, (ii) any security interest
created by any Security Document ceases to be in full force and effect (except as permitted by the terms of this Indenture or the Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was
required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents) with respect to Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million,
and such default continues for a period of 60 days after the Company receives notice thereof from the Trustee or from the Holders of at least 25% in principal amount of the Notes outstanding specifying such default or (iii) the Company or any
of its Restricted Subsidiaries, or any Person acting on behalf of any of them, asserts in writing that any Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million is not
subject to a valid, perfected security interest (except as permitted by the terms of this Indenture or the Security Documents); 

(i) except as permitted by this Indenture, any Subsidiary Guarantee of a Significant Subsidiary is held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor which is a Significant Subsidiary, or any Person acting on behalf of any Guarantor which is a Significant Subsidiary, shall deny or disaffirm its
obligations under its 

  
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Subsidiary Guarantee; provided, however, that an Event of Default will also be deemed to occur with respect to Subsidiary Guarantors that are not Significant Subsidiaries
(“Insignificant Subsidiaries”) if the Subsidiary Guarantees of such Insignificant Subsidiaries are held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or such
Insignificant Subsidiaries deny or disaffirm their obligations under their Subsidiary Guarantees (other than in accordance with the terms of such Subsidiary Guarantee), if when aggregated and taken as a whole the Insignificant Subsidiaries subject
to this clause (i) would meet the definition of a Significant Subsidiary; 
 (j) the Company or any of its Significant
Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, pursuant to or within the meaning of Bankruptcy Law: 

(i) commences a voluntary case, 
 (ii) consents to the entry of an order for relief against it in an involuntary case, 
 (iii) consents to the appointment of a custodian of it or for all or substantially all of its property, 
 (iv) makes a general assignment for the benefit of its creditors, 

(v) generally is not paying its debts as they become due; or 

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

(i) is for relief against the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a
whole, would constitute a Significant Subsidiary in an involuntary case; 
 (ii) appoints a custodian of the
Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of its Significant Subsidiaries or
any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or 
 (iii) orders
the liquidation of the Company or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02. Acceleration. 
 If any Event of Default (other than an Event of Default specified in clause (j) or (k) of Section 6.01 hereof with respect to the Company, any Significant Subsidiary or any group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary) occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable
immediately. Upon any such declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in clause (j) or (k) of Section 6.01 hereof occurs with respect to the
Company, any Restricted Subsidiary that is a Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further
action or notice. 

  
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The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or
waived. 
 In the event of a declaration of acceleration of the Notes because an Event of Default has occurred and is continuing
as a result of the acceleration of any Indebtedness described in clause (f) of Section 6.01, the declaration of acceleration of the Notes shall be automatically annulled if (a) the holders of any Indebtedness described in clause
(f) of Section 6.01 have rescinded or waived the declaration of acceleration in respect of the Indebtedness, (b) the Indebtedness that is the basis of such Event of Default has been discharged or (c) the default that is the basis
of such Event of Default has been cured, in each case within 30 days of the date of the declaration and if: (i) the annulment of the acceleration of Notes would not conflict with any judgment or decree of a court of competent jurisdiction; and
(ii) all existing Events of Default, except nonpayment of principal or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 
 Section 6.03. Other Remedies. 
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of principal and premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A
delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of interest on, or the principal of, the Notes (including in connection
with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration, if the rescission would not conflict with a judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that
has become due solely because of the acceleration) have been cured or waived. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
 Section 6.05. Control by
Majority. 
 Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law, this Indenture or any Security Document
that the Trustee determines in good faith 

  
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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. 
 A Holder of a Note may pursue a
remedy with respect to this Indenture, the Security Documents or the Notes only if: 
 (a) such Holder gives to the Trustee
written notice of a continuing Event of Default; 
 (b) the Holders of at least 25% in principal amount of the then outstanding
Notes make a written request to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of Notes offer and, if
requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the
Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
 (e) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request. 

A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority
over another Holder of a Note. 
 Section 6.07. Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal and premium, if
any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be
impaired or affected without the consent of such Holder. 
 Section 6.08. Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(a) or (b) 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 for the whole amount of principal and premium, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest
and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09. Trustee May File Proofs of Claim. 
 Subject to the Intercreditor Agreement, 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 reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company or any Guarantor (or any
other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial
proceeding is hereby authorized by 

  
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each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.06 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 6.10. Priorities. 
 If the Trustee collects any money pursuant to this Article 6 or any Security Document (but subject to the Intercreditor Agreement), it shall pay out the money in the following order: 

First: to the Trustee, its agents and attorneys for amounts due under Section 7.06 hereof, including payment
of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal and premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for principal and premium, if any and interest, respectively; and 
 Third:
to the Company, or any Guarantor, or to such party as a court of competent jurisdiction shall direct. 
 The Trustee may fix a
record date and payment date for any payment to Holders of Notes 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 a 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, 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 of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

  
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 ARTICLE 7. 
 TRUSTEE 
 Section 7.01. Duties of Trustee. 

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

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

(i) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liabilities for its own
negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this
paragraph does not limit the effect of paragraph (b) of this Section 7.01; 
 (ii) the Trustee will not
be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee will not be liable with respect to any action it takes or omits to take in good faith in accordance with
a direction received by it pursuant to Section 6.05 hereof. 
 (d) Whether or not therein expressly so provided, every
provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 
 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or 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 Holder has offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
 (f) The Trustee will not be liable for interest 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 law. 

  
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 Section 7.02. Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper
Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains
from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel.
The Trustee may consult with counsel and the written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good
faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for the
misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or
omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed by an Officer of the Company. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders unless such Holders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

Section 7.03. Individual Rights of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if
it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee or resign. Any Agent may do the same with like
rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 
 Section 7.04. Trustee’s Disclaimer.

 The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or
the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it will not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant
to this Indenture other than its certificate of authentication. 
 Section 7.05. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee will mail to Holders of Notes a
notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, and premium, if 

  
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any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of
the Holders of the Notes. 
 The Trustee shall not be required to take notice or be deemed to have notice of any Default
hereunder, except for Defaults arising from failure to make any required payments to the Trustee or Defaults of which the Trustee has actual knowledge, unless the Trustee is specifically notified in writing of such Default by the Company or the
Holders of twenty-five percent (25%) in aggregate principal amount of the Notes then outstanding, and all such notices or other instruments required to be delivered to the Trustee must be delivered to the Corporate Trust Office of the Trustee.

 Section 7.06. Compensation and Indemnity. 
 (a) The Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation will not be limited by any
law on compensation of a trustee of an express trust. The Company will reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such
expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b)
The Company will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of
enforcing this Indenture against the Company and the Guarantors (including this Section 7.06) and 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, except to the extent any such loss, liability or expense may be attributable to its gross negligence or bad faith. The Trustee will notify the Company promptly of any claim
for which it may seek indemnity. Such notice shall include a copy of any complaint that may have been filed with respect to that claim or any demand letter or other notification the Trustee has received which the Trustee believes will give rise to a
claim for which it may seek indemnification. Failure by the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder, except to the extent that such failure prejudices the availability of
defenses or counterclaims or otherwise adversely impacts the ability of the Company or any Guarantor to conduct the defense of such action. The Company or such Guarantor will defend the claim and shall have the right to make all decisions with
respect to conduct of any litigation or other proceedings with respect to that claim, including but not limited to determining the defenses or counterclaims to pursue and the right to settle any such claim. The Trustee shall cooperate with the
Company or any Guarantor in the Company’s or such Guarantor’s conduct of such defense. The Trustee may retain separate counsel to represent it in connection with that defense at the Trustee’s own expense; provided that, if the Trustee
can demonstrate that a conflict of interest exists between the Company or the applicable Guarantor and the Trustee which makes it impossible for the Company or such Guarantor to defend the Trustee in such matter or the Company refuses to conduct a
defense, the Company shall pay the Trustee’s reasonable legal expenses in conducting that defense. Neither the Company nor any Guarantor need pay for any settlement made without the Company’s consent, which consent will not be unreasonably
withheld. 
 (c) The obligations of the Company and the Guarantors under this Section 7.06 will survive the satisfaction
and discharge of this Indenture. 
 (d) To secure the Company’s payment obligations in this Section 7.06, the Trustee
will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in 

  
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trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction and discharge of this Indenture. 

(e) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(j) or (k) hereof
occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

Section 7.07. Replacement of Trustee. 
 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.

 The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company.
The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(a) the Trustee fails to comply with Section 7.09 hereof; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 

(c) a custodian or public officer takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. Within one year after the successor Trustee
takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

If a successor Trustee does not take office within 60 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 then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with
Section 7.09, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 A successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will become effective,
and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly transfer all property held by it as
Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.07,
the Company’s obligations under Section 7.06 hereof will continue for the benefit of the retiring Trustee. 

  
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 Section 7.08. Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee. 
 Section 7.09. Eligibility;
Disqualification. 
 There will at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital
and surplus of at least $100 million as set forth in its most recent published annual report of condition. 
 ARTICLE 8.

 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 

The Company may, at the option of its Board of Directors evidenced by a resolution set forth in an Officer’s Certificate, at any
time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
 Section 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from their obligations with respect to all outstanding Notes (including the Subsidiary Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that the Company and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Subsidiary Guarantees), which will thereafter be deemed to be
“outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all their other obligations under such Notes, the Subsidiary
Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged
hereunder: 
 (a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or
premium, if any, on such Notes when such payments are due from the trust referred to below; 
 (b) the Company’s
obligations with respect to the Notes concerning issuing temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust;

 (c) the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s and the Guarantor’s
obligations in connection therewith; and 
 (d) this Article 8. 

  
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 Subject to compliance with this Article 8, the Company may exercise its option under this
Section 8.02 notwithstanding the prior existence of its option under Section 8.03 hereof. 
 Section 8.03. Covenant
Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, the Company and the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08,
4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.16, 4.17, 4.18, 4.19, 4.20, 4.21 and 4.22 hereof and clause (iv) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04
are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose,
Covenant Defeasance means that, with respect to the outstanding Notes and Subsidiary Guarantees, the Company and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not
constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Subsidiary Guarantees will be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(c) through 6.01(i) hereof will not constitute Events of
Default. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in United States dollars,
non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of, interest and premium, if any, on the
outstanding Notes on the stated maturity thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(b) in the case of an election under Section 8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel confirming
that (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the date hereof, there has been a change in the applicable federal income tax law, in either case to the effect
that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
 (c) in the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income,
gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had
not occurred; 

  
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 (d) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 
 (e)
such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a
party or by which the Company or any of its Restricted Subsidiaries is bound; 
 (f) the Company must deliver to the Trustee an
Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over the other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding creditors of the
Company or others; and 
 (g) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel,
which opinion may be subject to customary assumptions and exclusions, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 

Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the
Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes will 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 (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04
hereof or the principal 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. 

Anything in this Article Eight to the contrary notwithstanding, the Trustee will deliver or pay to the Company from time to time upon the
request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 Section 8.06. Repayment to Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, and premium, if any, or interest on any Note and remaining unclaimed
for two years after such principal, and premium, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will
thereafter look only to the Company for payment thereof, and 

  
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all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease. 

Section 8.07. Reinstatement. 
 If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Subsidiary Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as
the case may be; provided, however, that, if the Company makes any payment of principal of, and premium, if any, or interest on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the
Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE 9. 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01. Without Consent of Holders of Notes. 
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes, any Subsidiary Guarantee, the Intercreditor Agreement or
any Security Document without the consent of any Holder of a Note: 
 (a) to cure any ambiguity, defect or inconsistency;

 (b) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(c) to provide for the assumption of the Company’s obligations to the Holders of the Notes by a successor to the Company pursuant to
Article 5 hereof; 
 (d) to make any change that would provide any additional rights or benefits to the Holders of the Notes or
that does not adversely affect the legal rights under this Indenture, any Subsidiary Guarantee, the Intercreditor Agreement or any Security Document of any such Holder; 
 (e) [intentionally omitted] 
 (f) to provide for the issuance of Additional Notes
in accordance with the limitations set forth in this Indenture as of the date hereof; 
 (g) to conform the text of this
Indenture, the Security Documents, the Intercreditor Agreement, the Subsidiary Guarantees or Notes to any provision of the Offering Circular under the caption “Description of Notes” to the extent such provisions in the “Description of
Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Security Documents, the Intercreditor Agreement, Subsidiary Guarantees or the Notes; 
 (h) to enter into additional or supplemental Security Documents, including Security Documents adding additional Priority Lien Secured Parties and Priority Lien Obligations to any Security Document or the
Intercreditor Agreement; 

  
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 (i) to release a Guarantor from its obligations under its Subsidiary Guarantees, the Notes
or this Indenture in accordance with the applicable provisions of this Indenture; 
 (j) to release Collateral in accordance
with the terms of this Indenture, the Security Documents or the Intercreditor Agreement; 
 (k) to evidence and provide for the
acceptance and appointment under this Indenture of a successor trustee thereunder pursuant to the requirements thereof; 
 (l)
to make, complete or confirm any grant of Collateral permitted or required by this Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth in this Indenture, any of the Security Documents or the
Intercreditor Agreement; 
 (m) to allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with
respect to the Notes; or 
 (n) to secure any Priority Lien Debt under the Security Documents and to appropriately include the
same in the Intercreditor Agreement. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company and the Guarantors in the execution of any
amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into such amended
or supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
 Section 9.02. With
Consent of Holders of Notes. 
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture (including, without limitation, Section 3.09, 4.10 and 4.15 hereof) and the Notes (including the Subsidiary Guarantees) with the consent of the Holders of at least a majority in principal amount of the outstanding
Notes (including Additional Notes, if any) voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof,
any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, and premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or
compliance with any provision of this Indenture, the Subsidiary Guarantees or the Notes (including the obligation of the Company to make an offer to repurchase the Notes as a result of a Change of Control) may be waived with the consent of the
Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, the
Notes). Without the consent of at least 75% in principal amount of the Notes then outstanding (including consents obtained in connection with a tender offer or exchange offer for, or purchase of, such Notes), no waiver or amendment to
this Indenture may make any change relating to any release of any Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture, except in accordance with the terms of this Indenture. Sections 2.08 and 2.09 hereof shall
determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. In addition, without the consent of at least 66 2/3% in principal amount of the Notes then outstanding (including consents retained in
connection with a tender offer or exchange offer for, or purchase of, such Notes) no waiver or amendment to the provisions of this Indenture or any Security 

  
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Document has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes. 
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon the filing with the Trustee of
evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Company in the execution of such amended
or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be
obligated to, enter into such amended or supplemental indenture. 
 It is not necessary for the consent of the Holders of Notes
under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07
hereof, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without
the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (b) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes except as provided above with respect to Sections 3.09, 4.10 and
4.15 hereof; 
 (c) reduce the rate of or change the time for payment of interest, including default interest, on any Note;

 (d) waive a Default or Event of Default in the payment of principal of, or interest or premium, if any, on the Notes (except
a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such acceleration); 

(e) make any Note payable in money other than that stated in the Notes; 

(f) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of, principal of or interest or premium, if any, on the Notes; 
 (g) waive a redemption payment with respect to any
Note except as provided above with respect to Sections 3.09, 4.10 and 4.15 hereof; or 
 (h) make any change in the foregoing
amendment and waiver provisions. 

  
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 Section 9.03. Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of
a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any 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 waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its
terms and thereafter binds every Holder. 
 Section 9.04. Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company
in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver. 
 Section 9.05. Trustee to Sign Amendments, etc. 
 The Trustee will sign
any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or
supplemental indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in
addition to the documents required by Section 13.02 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

Notwithstanding the foregoing, an Opinion of Counsel shall not be required in connection with the addition of a Guarantor under this
Indenture upon execution and delivery by such Guarantor and the Trustee of a supplemental indenture to this Indenture, the form of which is attached as Exhibit E hereto. 
 ARTICLE 10. 
 SECURITY 
 Section 10.01. Security Interest. 
 Effective upon the execution of the
Security Documents by the parties thereto, the obligations of the Company and the Guarantors (other than Empire Burbank) with respect to the Notes and the Subsidiary Guarantees, all obligations under any future Priority Lien Debt, all other Priority
Lien Obligations and the performance of all other obligations of the Company and the Guarantors (other than Empire Burbank) under the Secured Debt Documents shall, subject to the Intercreditor Agreement, be secured equally and ratably by first
priority security interests (subject to Permitted Liens) on all Collateral granted to the Collateral Trustee for the benefit of the holders of the Priority Lien Obligations, all as more fully set forth in the Security Documents. Notwithstanding the
foregoing, pursuant to the Intercreditor Agreement and as further described in Section 1.04(a) hereof, the holder of any Priority Bank Debt or other Priority Bank Debt Obligations shall effectively rank senior to the Holders of the Notes, the
Subsidiary Guarantees, and all obligations under any future Other Priority Lien Debt and other Priority 

  
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 Lien Obligations in the right to receive any payments following the occurrence and during the continuance of
an Actionable Default from any proceeds (whether cash or non-cash) received by the Collateral Trustee upon any collection, sale, foreclosure or other enforcement or realization upon the Collateral, whether or not any Insolvency Proceeding has been
commenced by or against the Company or any Guarantor. 
 Section 10.02. Equal and Ratable Sharing of Collateral by Holders of Priority
Lien Debt. 
 (a) Notwithstanding: 
 (i) anything to the contrary contained in the Security Documents, 

(ii) the time of incurrence of any Series of Priority Lien Debt, 

(iii) the order or method of attachment or perfection of any Liens securing any Series of Priority Lien Debt, 

(iv) the time or order of filing or recording of financing statements, Mortgages or other documents filed or recorded to
perfect any Lien upon any Collateral, 
 (v) the time of taking possession or control over any Collateral,

 (vi) that any Priority Lien may not have been perfected or may be or have become subordinated, by equitable
subordination or otherwise, to any other Lien, or 
 (vii) the rules for determining priority under any law
governing relative priorities of Liens: 
 (A) all Liens at any time granted to secure any of the Priority Lien
Debt will secure, equally and ratably, all present and future Priority Lien Obligations; 
 (B) and all
proceeds of all Liens at any time granted to secure any of the Priority Lien Debt and other Priority Lien Obligations will be allocated and distributed equally and ratably on account of the Priority Lien Debt and other Priority Lien Obligations,
subject to the provisions of the Intercreditor Agreement; provided, that in the absence of an Actionable Default, the Company shall be entitled to utilize cash proceeds of Collateral in the ordinary course of its business or as may be required by
its financing agreements. 
 (b) Section 10.02(a) is intended for the benefit of, and will be enforceable as a third party
beneficiary by, each present and future holder of Priority Lien Obligations, each present and future Priority Debt Representative and the Collateral Trustee as holder of Priority Liens. No other Person will be entitled to rely on, have the benefit
of or enforce this provision. The Priority Debt Representative of each future Series of Priority Lien Debt will be required to deliver a Priority Debt Sharing Confirmation to, among others, the Collateral Trustee and the Trustee at the time of
incurrence of such Series of Priority Lien Debt. 
 Section 10.03. Relative Rights. 

(a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Security Documents and the Intercreditor
Agreement (including, without limitation, the provisions 

  
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providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and directs the Trustee and/or
the Collateral Trustee, as applicable, to enter into the Intercreditor Agreement and the other Security Documents and to perform its respective obligations and exercise its respective rights thereunder in accordance therewith. 

(b) Nothing in this Indenture, any Note or any Security Document will: 

(i) impair, as between the Company and the Holders of the Notes, the obligation of the Company to pay principal of, or
premium or interest, if any, on the notes in accordance with their terms or any other obligation of the Company or any other Obligor under this Indenture, any Note or any Security Document; 

(ii) affect the relative rights of Holders of the Notes as against any other creditors of the Company or any other Obligor
under this Indenture, any Note or any Security Document (other than holders of other Priority Liens); 
 (iii)
restrict the right of any Holder of Notes to sue for payments that are then due and owing in a manner not prohibited by the Intercreditor Agreement; 
 (iv) restrict or prevent any Holder of Notes or holder of other Priority Lien Obligations, the Trustee, the Collateral Trustee or other Person on their behalf from exercising any of its rights or remedies
upon a Default or Event of Default not specifically prohibited or restricted by the Intercreditor Agreement; or 

(v) restrict or prevent any Holder of Notes or holder of other Priority Lien Obligations, the Trustee, the Collateral
Trustee or any other Person on their behalf from taking any lawful action in a bankruptcy, insolvency or liquidation proceeding not specifically prohibited or restricted by the Intercreditor Agreement. 

Section 10.04. Release of Security Interests in Respect of Notes. 
 The Collateral Trustee’s Liens upon the Collateral will no longer secure the Notes outstanding under this Indenture or any other Obligations under this Indenture, and the rights of the Holders of the
Notes and such Obligations to the benefits and proceeds of the Collateral Trustee’s Liens on Collateral will terminate and be discharged: 
 (i) upon satisfaction and discharge of this Indenture pursuant to Section 12.01 hereof; 
 (ii) upon a Legal Defeasance or Covenant Defeasance of the Notes pursuant to Section 8.02 hereof; 
 (iii) upon payment in full and discharge of all Notes outstanding under this Indenture and all Obligations that are outstanding, due and payable under this Indenture at the time the Notes are paid in full
and discharged; 
 (iv) in whole or in part, with the consent of the Holders of the requisite percentage of Notes
in accordance with the provisions described in Article 9 hereof; or 
 (v) as otherwise required by
Section 5.01 of the Intercreditor Agreement. 

  
 91 

 Section 10.05. Release of Collateral. 

(a) The Collateral subject to the Security Documents may be released from the Lien and security interest created by the Security Documents
at any time or from time to time in accordance with the provisions of this Indenture, the Security Documents, the Intercreditor Agreement and any additional intercreditor agreement. 

(b) The release of any Collateral shall not be deemed to impair the security in contravention of the provisions of this Indenture if and
to the extent such assets are released pursuant to the terms of this Indenture, the Security Documents, the Intercreditor Agreement and any additional intercreditor agreement. 
 (c) In the event that the Company seeks to release the Collateral, the Company shall deliver an Officers’ Certificate to the Trustee and the Collateral Trustee setting forth that the specified
release complies with the terms of this Indenture, the Security Documents, the Intercreditor Agreement and any additional intercreditor agreement. 
 (d) Subject to the terms and conditions of the relevant Security Documents and Intercreditor Agreement and any additional intercreditor agreement, the Trustee shall, if so requested by the Company or the
Collateral Trustee, authorize the Collateral Trustee to execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to evidence the release of any Collateral permitted to be released pursuant to this
Indenture or the Security Documents and the Intercreditor Agreement and any additional intercreditor agreement. 
 Section 10.06.
After-acquired property. 
 Subject to Permitted Liens, and the terms of the Security Documents and Section 10.09
hereof, upon the acquisition by the Company or any Guarantor (other than Empire Burbank) after the date of issuance of the Initial Notes of any assets, including, but not limited to, any after-acquired owned real property, which has a fair market
value (as determined in good faith by the Company’s Board of Directors) of $2,500,000 or greater at the time of acquisition, the Company or such Guarantor shall execute and deliver such mortgages, deeds of trust, security instruments, and
financing statements, certificates and opinions of counsel (where applicable) as may be necessary to vest in the Collateral Trustee or the Trustee, as the case may be, a perfected security interest, subject only to Permitted Liens, in such
after-acquired property and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture, the Notes and the Security Documents relating to the Collateral shall be deemed to relate to such
after-acquired property to the same extent and with the same force and effect, including the delivery of title insurance, surveys and opinions of counsel (where applicable) with respect to such after-acquired owned real property that has a fair
market value (as determined in good faith by the Company’s Board of Directors) of $2,500,000 or greater at the time of acquisition. 

Section 10.07. Further assurances. 
 The Company shall, and shall cause each of the Guarantors (other than Empire Burbank) to, at their sole cost and expense, execute and deliver to the Collateral Trustee such certificates and other
documents, amendments or instruments and take or cause to be taken all such other action as may be deemed reasonably necessary by the Collateral Trustee to carry out the intent and purposes of the Security Documents or to perfect, preserve or from
time to time renew the security interests granted thereby, including, without limitation, such financing statements and amendments thereto, certificates, and other documents as may be necessary to perfect a security interest in any additional
Collateral acquired after the 

  
 92 

 
original issue date of the Notes by the Company or such Guarantor or in any replacements or proceeds thereof. 
 Section 10.08. Impairment of Security Interest. 
 Neither the Company
nor any Guarantor will take or omit to take any action which would materially adversely affect or impair the Liens in favor of the Collateral Trustee and the Holders of the Notes with respect to the Collateral. Except as permitted by this Indenture,
the Notes or the Security Documents neither the Company nor any of the Restricted Subsidiaries shall grant to any Person, or permit any Person to retain (other than the Collateral Trustee or the Trustee), any interest whatsoever in the Collateral,
other than Permitted Liens (including Liens securing the Credit Agreement). Neither the Company nor any of the Restricted Subsidiaries will enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to
repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person, other than as permitted by this Indenture, the Notes or the Security Documents. The Company shall, and shall cause each Guarantor to, at their sole cost and
expense, execute and deliver all such agreements and instruments as necessary to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured by the Security Documents. 

Section 10.09. Real Property. 
 (a) Within sixty (60) days of the issue date of the Initial Notes (which may be extended in the reasonable discretion of the Credit Agreement Agent), the Company shall deliver to the Collateral
Trustee (i) Mortgages for each of the Burbank Studio Property, Dallas Studio Property and Houston Studio Property (the “Issue Date Mortgaged Properties”), (ii) a mortgagee’s title insurance policy reasonably acceptable to
the Credit Agreement Agent (it being understood that such title policy shall not be required to include a survey endorsement) insuring a First Priority (as defined in the Credit Agreement) lien with respect to each Issue Date Mortgaged Property,
(iii) to the extent reasonably available to the Company or any Guarantor as of the issue date of the Initial Notes, (A) surveys, (B) phase one environmental reports, (C) appraisals; and (D) other material due diligence
reasonably requested by the Credit Agreement Agent, in each case related to the Issue Date Mortgaged Properties, and (iv) a customary opinion of local counsel relating to the enforceability of the Mortgages. 

(b) If after the issue date of the Initial Notes (i) the Company or any Guarantor acquires, or (ii) at the time any Person
becomes a Subsidiary after the issue date of the Initial Notes (other than a Subsidiary that is not required to become a Guarantor), such Person holds, any Material Leasehold Property (as defined in the Credit Agreement), the Company, such Guarantor
or such Person, as applicable, shall use commercially reasonable efforts (which shall not include the payment of money) to cause such Material Leasehold Property to be a Conforming Leasehold Interest (as defined in the Credit Agreement) but
excluding any Material Leasehold Property where, in the Credit Agreement Agent’s reasonable discretion, the costs of causing such property to become a Conforming Leasehold Interest is excessive in relation to the value of the benefit to be
afforded to the Holders thereby or where such property is not material to the business and operations of the Company, such Guarantor or such Person, as applicable. 
 (c) If after the issue date of the Initial Notes (i) the Company or any Guarantor acquires, or (ii) at the time any Person becomes a Subsidiary after the issue date of the Initial Notes (other
than a Subsidiary that is not required to become a Guarantor), such Person holds, a fee ownership interest in any Real Property Asset with a Fair Market Value (as defined in the Credit Agreement) as of the date of such acquisition or the date such
Person becomes a Subsidiary in excess of $2,500,000, the Company, such Guarantor or such Person, as applicable, shall execute and deliver as soon as practicable thereafter a 

  
 93 

 
Mortgage with respect thereto, together with a title insurance policy from a financially sound and reputable insurer with respect to such Mortgaged Property, the documents listed in clause
(a) above of this Section 10.09 that are reasonably available to the Company or any Guarantor as of the date of such acquisition or the date such Person becomes a Subsidiary, as applicable, and a customary local counsel legal opinion with
respect to the Mortgage for such Mortgaged Property listed in clause (a) of this Section 10.09. 
 Section 10.10. Control
Agreement. 
 Within sixty (60) days of the date of the Initial Notes, the Company shall deliver to the Collateral
Trustee either (i) a Control Agreement or (ii) for those accounts subject to a Control Agreement as of the date of the Initial Notes, an amendment to such existing Control Agreement, in each case, in form and substance reasonably
satisfactory to the Credit Agreement Agent, for the deposit accounts and securities accounts listed on Schedule II other than those accounts noted on such schedule as not being subject to a Control Agreement. 

ARTICLE 11. 

SUBSIDIARY GUARANTEES 

Section 11.01. Guarantee. 
 Subject to this Article 11, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the Security Documents or the obligations of the Company hereunder or thereunder, that: (a) the principal of, and premium, if any, and
interest on the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of
such other obligations, that 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. Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a Guarantee of payment and not a Guarantee of collection.

 The Guarantors hereby agree that their obligations hereunder are 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 the Notes with respect to any provisions hereof or thereof, 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. Each Guarantor hereby waives diligence, presentment, demand of 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, protest, notice and all demands whatsoever and covenant that this Subsidiary Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture. 
 If any Holder or the Trustee is required by any
court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this
Subsidiary Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 

  
 94 

 Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and
payable by the Guarantors for the purpose of this Subsidiary Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the
Guarantee. 
 Section 11.02. [Intentionally Omitted] 
 Section 11.03. Limitation on Guarantor Liability. 
 Each Guarantor, and
by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby
irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 11, result in the obligations of
such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 11.04. Execution and
Delivery of Subsidiary Guarantee. 
 To evidence its Subsidiary Guarantee set forth in Section 11.01, each Guarantor
hereby agrees that a notation of such Subsidiary Guarantee substantially in the form included in Exhibit E will be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture will be
executed on behalf of such Guarantor by one of its Officers. 
 Each Guarantor hereby agrees that its Subsidiary Guarantee set
forth in Section 11.01 will remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
 If an Officer whose signature is on this Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary Guarantee is endorsed,
the Subsidiary Guarantee will be valid nevertheless. 
 The delivery of any Note by the Trustee, after the authentication
thereof hereunder, will constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Guarantors. 
 In the event that the Company creates or acquires any new Domestic Subsidiary after the date of this Indenture, if required by Section 4.17 hereof, the Company will cause such Domestic Subsidiary to
comply with the provisions of Section 4.17 hereof and this Article 11, to the extent applicable. 

  
 95 

 Section 11.05. Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 11.06, no Guarantor may sell or otherwise dispose of all or substantially all of its assets
to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 
 (a) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (b) either: 
 (i) subject to Section 11.06 hereof, the Person
acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture, its Subsidiary Guarantee and the Security Documents
pursuant to a supplemental indenture substantially in the form of Exhibit E hereto and appropriate Security Documents satisfactory to the Trustee; or 
 (ii) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture. 

In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Subsidiary Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Subsidiary Guarantees
to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Subsidiary Guarantees so issued will in all respects have the same legal rank and benefit under
this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses (a) and (b) above, nothing contained in this
Indenture or in any of the Notes will prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an
entirety to the Company or another Guarantor. 
 Section 11.06. Releases Following Sale of Assets. 

In the event (a) of a sale or other disposition of all or substantially all of the assets of any Guarantor (including by way of
merger or consolidation) or a sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving effect to such transaction) a Restricted Subsidiary of the Company,
provided that the Net Proceeds of such sale or other disposition are applied in accordance with Section 4.10 hereof, (b) the Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in
accordance with the applicable provisions of this Indenture, including without limitation, Section 4.19 hereof, or (c) of defeasance of the Notes as described below under Section 8.02 or Section 8.03 or satisfaction and discharge
of this Indenture as described below under Section 12.01, then such Guarantor will be automatically and unconditionally released and discharged of any obligations under its Subsidiary Guarantee. Upon delivery by the Company to the Trustee of an
Officer’s Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this 

  
 96 

 
Indenture, including without limitation Section 4.10 hereof, the Trustee will execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations
under its Subsidiary Guarantee. 
 Any Guarantor not released from its obligations under its Subsidiary Guarantee will remain
liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 11. 
 ARTICLE 12. 
 SATISFACTION AND DISCHARGE 

Section 12.01. Satisfaction and Discharge. 
 This Indenture and the Security Documents will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(a) either: 
 (i) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter
repaid to the Company) have been delivered to the Trustee for cancellation; or 
 (ii) all Notes that have not
been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of
any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal and premium, if any, and accrued interest to the date of maturity or redemption; 

(b) no Default or Event of Default (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such
deposits) has occurred and is continuing on the date of such deposit or will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other material instrument to which the
Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 
 (c) the Company or any Guarantor has
paid or caused to be paid all sums payable by it under this Indenture; and 
 (d) 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 the redemption date, as the case may be. 
 In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel, which opinion may be subject to customary assumptions and exclusions, to the Trustee stating that all
conditions precedent to satisfaction and discharge have been satisfied. 

  
 97 

 Notwithstanding the satisfaction and discharge of this Indenture, if money has been
deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section 12.01, the provisions of Section 12.02 and Section 8.06 will survive. 
 Section 12.02. Application of Trust Money. 
 Subject to the provisions
of Section 8.06, all money deposited with the Trustee pursuant to Section 12.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes, the Security Documents and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been
deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 
 If
the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 12.01 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 and any Guarantor’s obligations under this Indenture, the Security Documents and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to
Section 12.01; provided that if the Company has made any payment of principal of, premium, if any, or 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 Government Securities held by the Trustee or Paying Agent. 
 ARTICLE
13.
 MISCELLANEOUS 

Section 13.01. Notices. 
 Any notice or communication by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return
receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Company
and/or any Guarantor: 
 LBI Media, Inc. 
 1845 West Empire Avenue 
 Burbank, CA 91504 

Telecopier No.: (818) 729-5678 
 Attention: Lenard D. Liberman 
 With a copy to: 

O’Melveny & Myers LLP 
 400 South Hope Street 
 Los Angeles, CA 90071 

Telecopier No.: (213) 430-6000 
 Attention: Joseph K. Kim 

  
 98 

 If to the Trustee: 
 U.S. Bank National Association 
 1420 Fifth Avenue, 7th Floor 

Seattle, WA 98101 

Telecopier No.: (206) 344-4630 
 Attention: Corporate Trust Services 
 The Company, any Guarantor or the Trustee,
by notice to the others may designate additional or different addresses for subsequent notices or communications. 
 All notices
and communications (other than those sent to Holders) will 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 the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders.

 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or
not the addressee receives it. 
 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. 
 Section 13.02. 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, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee (which will include
the statements set forth in Section 13.03 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(b) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 Section 13.03. Statements Required in Certificate or Opinion. 

Each certificate or Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture will
include: 
 (a) a statement that the Person making such certificate or rendering such opinion has read such covenant or
condition; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statements or
opinions contained in such certificate or opinion are based; 

  
 99 

 (c) a statement that, in the opinion of such Person, he or she has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
 Section 13.04. Rules by Trustee and Agents. 
 The Trustee may make
reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
 Section 13.05. No Personal Liability of Directors, Officers, Employees and Shareholders. 
 No director, officer, employee, incorporator, member, manager, partner or shareholder of the Company or any Guarantor, as such, will have any liability for any obligations of the Company or the Guarantors
under the Notes, the Subsidiary Guarantees, the Security Documents, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 13.06. Governing Law. 
 THE INTERNAL LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY 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. 
 Section 13.07. 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 13.08. Successors.

 All agreements of the Company in this Indenture, the Security Documents 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 11.06. 

Section 13.09. Severability. 
 In case any provision in this Indenture or in the Notes is be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or
impaired thereby. 

  
 100

 Section 13.10. Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the
same agreement. 
 Section 13.11. Table of Contents, Headings, etc. 

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

  
 101

 SIGNATURES 
 Dated as of March 18, 2011 

					
	LBI MEDIA, INC.
		
	By:	 	/s/ Wisdom Lu
		 	Name:	 	Wisdom Lu
		 	Title:	 	Chief Financial Officer

  

			
	 GUARANTORS:
  

LIBERMAN TELEVISION LLC
 LIBERMAN BROADCASTING OF
CALIFORNIA LLC
 LBI RADIO LICENSE LLC

KRCA LICENSE LLC
 KRCA TELEVISION LLC

EMPIRE BURBANK STUDIOS LLC
 KZJL LICENSE
LLC
 LIBERMAN TELEVISION OF HOUSTON LLC

LIBERMAN BROADCASTING OF HOUSTON LLC
 LIBERMAN
BROADCASTING OF HOUSTON LICENSE LLC
 LIBERMAN BROADCASTING OF DALLAS LLC
 LIBERMAN BROADCASTING OF DALLAS LICENSE LLC
 LIBERMAN TELEVISION OF DALLAS LLC

LIBERMAN TELEVISION OF DALLAS LICENSE LLC

					
		
	 By:
	 	 /s/ Wisdom Lu

		 	 Name:
	 	 Wisdom Lu

		 	 Title:
	 	 As Chief Financial Officer of each of the
 entities listed above

	
	U.S. BANK NATIONAL ASSOCIATION
		
	 By:
	 	 /s/ Thomas Zrust

		 	 Name:
	 	Thomas Zrust
		 	 Title:
	 	 Vice President

 EXHIBIT A-1 
 [Face of Note] 
  
  

CUSIP/CINS                     

 9 1/4% Senior Secured Notes due 2019 
  

			
	 No.             
	  	$                    

LBI MEDIA, INC. 
 promise
to pay to
                                         
                                         
                                       or registered
assigns, the principal sum of
                                         
                                         
                                       Dollars on
April 15, 2019. 
 Interest Payment Dates: April 15 and October 15 
 Record Dates: April 1 and October 1 
 Dated:
                     

					
	LBI MEDIA, INC.
		
	 By:
	 	  

		 	 Name:
	 	
		 	 Title:
	 	

  

			
	This is one of the Notes referred to in the within-mentioned Indenture: 
	
	 U.S. BANK NATIONAL ASSOCIATION

as Trustee

		
	By:	 	  

		 	Authorized Signatory

  

 
  
  

  
 A-1-1

 [Back of Note] 

9 
1/4% Senior Secured Notes due 2019 
 [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] 

Capitalized terms used herein will have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. LBI Media, Inc., a California corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 9 1/4% per annum from March 18, 2011 until maturity. The Company will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be October 15, 2011. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest)
to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment
Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal and premium, if any, and interest at the office or agency of the Company maintained for such purpose within
or without the City and State of New York, or, at the option of the Company, payment of interest, if any, may be made by check mailed on the Interest Payment Date to the Holders at their addresses set forth in the register of Holders,
provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire
transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National
Association, a national banking association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act
in any such capacity. 
 4. INDENTURE. The Company issued the Notes under an Indenture dated
as of March 18, 2011 (the “Indenture”) among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such
terms, and Holders are referred to the Indenture for a statement of 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

  
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and be controlling. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 
 5. OPTIONAL REDEMPTION. 
 (a)
Except as set forth in subparagraphs (b) or (c) of this Paragraph 5, the Company will not have the option to redeem the Notes prior to April 15, 2015. Thereafter, the Company will have the option to redeem the Notes, in whole or in
part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest, if any, on the Notes to be redeemed, to the applicable
redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2015
	  	 	104.625	% 
	 2016
	  	 	102.313	% 
	 2017 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the
provisions of subparagraph (a) of this Paragraph 5, at any time prior to April 15, 2014, the Company may on one or more occasions redeem Notes with all or a portion of the net cash proceeds of one or more Equity Offerings at a redemption
price equal to 109.250% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the applicable redemption date; provided that at least 65% of the aggregate principal amount of the Notes issued under the Indenture
remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Affiliates) and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 

(c) At any time or from time to time prior to April 15, 2015, the Company, at its option, may redeem the Notes, in whole or in part,
at a price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, together with accrued and unpaid interest thereon, if any, to the redemption date. The Company may provide that payment of such redemption price may
be made by, and performance of the obligations in respect of such redemption may be performed by, another Person. 
 6.
MANDATORY REDEMPTION; OPEN MARKET PURCHASES. 

The Company will not be required to make mandatory redemption or sinking fund payments with respect to the Notes. The Company may at any
time and from time to time purchase Notes in the open market or otherwise. 
 7. REPURCHASE AT
THE OPTION OF HOLDERS. 
 (a) If there is a
Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase
price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment
Date (the “Change of Control Payment”); provided, that the Company will not be obligated to repurchase Notes in the event that it exercises its right to redeem all of the Notes as described in Section 3.07 of the Indenture, unless and
until there is a default in payment of the applicable redemption price. Within 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by
the Indenture. 

  
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 (b) If the Company or a Subsidiary consummates any Asset Sales, within ten Business Days of
each date on which the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will commence an offer to all Holders of Notes and all holders of Other Priority Lien Debt containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (as “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes (including any Additional
Notes) 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, if any, to the date fixed for the closing of such offer, in accordance
with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes (including any Additional Notes) and Other Priority Lien Debt tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or
such Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount of Notes and Other Priority Lien Debt surrendered by Holders thereof exceeds the amount of Excess Proceeds, the
Trustee shall select such tendered Notes and such other tendered Other Priority Lien Debt to be purchased on a pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company
prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes. 

8. NOTICE OF REDEMPTION. Notice of redemption will be mailed at least
30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all
of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples
of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the
corresponding Interest Payment Date. 
 10. PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
 11.
AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented with the consent
of the Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class, and any existing default or compliance with any provision of the Indenture, the Subsidiary Guarantees, or
the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the
Subsidiary Guarantees, the Intercreditor Agreement, the Security Documents or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated
Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation or sale of all or substantially all of the Company’s assets, to make any change that would provide any
additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture, any Subsidiary Guarantee, the Intercreditor Agreement or any Security Document of any such Holder, to provide for the
Issuance of Additional Notes 

  
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in accordance with the limitations set forth in the Indenture, to conform the text of this Indenture, the Security Documents, the Intercreditor Agreement, the Subsidiary Guarantees or Notes to
any provision of the Offering Circular under the caption “Description of Notes” to the extent such provisions in the “Description of Notes” was intended to be a verbatim recitation of a provision of this Indenture, the Subsidiary
Guarantees, the Security Documents, the Intercreditor Agreement or the Notes, to enter into additional supplemental Security Documents, including Security Documents adding additional Priority Lien Secured Parties and Priority Lien Obligations to any
Security Document or the Intercreditor Agreement, to release a Guarantor from its obligations under its Subsidiary Guarantee, the Notes or the Indenture in accordance with the applicable provisions of the Indenture, to release Collateral in
accordance with the terms of the Indenture, the Security Documents or the Intercreditor Agreement, to evidence and provide for the acceptance and appointment under this Indenture of a successor trustee thereunder pursuant to the requirements
thereof, to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth in the Indenture, any of the Security Documents or
the Intercreditor Agreement, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the Notes, or to secure any Priority Lien Debt under the Security Documents and to appropriately
include the same in the Intercreditor Agreement. 
 12. DEFAULTS AND
REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of, or premium, if any, on the Notes when the
same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Section 4.15 or 5.01 of the
Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding to comply with
Section 4.07, 4.09 or 4.10 of the Indenture; (v) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then
outstanding to observe or perform any other covenant, representation, warranty or other agreement in the Indenture, the Security Documents or the Notes; (vi) default under certain other agreements relating to Indebtedness of the Company which
default is caused by a failure to pay principal of such Indebtedness at the final stated maturity thereof (giving effect to any applicable grace periods and any extensions thereof) or results in the acceleration of such Indebtedness prior to its
express maturity; (vii) certain final judgments for the payment of money that remain undischarged, unpaid, unrestricted, unbonded or unstayed for a period of 60 days; (viii) (x) any Security Document is held in any judicial proceeding
to be unenforceable or invalid in any material respect or ceases for any reason to be in full force and effect in any material respect, other than in accordance with the terms of the relevant Security Documents and except solely as a result of any
action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents, (y) any security interest created by any Security Document ceases to be in full force
and effect (except as permitted by the terms of the Indenture or the Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee
pursuant to the Security Documents) with respect to Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million, and such default continues for a period of 60 days after the
Company receives notice thereof from the Trustee or from the Holders of at least 25% in principal amount of the Notes outstanding specifying such default or (z) the Company or any of its Restricted Subsidiaries, or any Person acting on behalf
of any of them, asserts in writing that any Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million is not subject to a valid, perfected security interest (except as
permitted by the terms of the Indenture or Security Documents); (ix) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries; and (x) except as permitted by the Indenture, any
Subsidiary Guarantee of a Significant Subsidiary shall be held in any judicial proceeding 

  
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to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor which is a Significant Subsidiary or any Person acting on its behalf shall deny or
disaffirm its obligations under its Subsidiary Guarantee, provided, however, that an Event of Default will also be deemed to occur with respect to Subsidiary Guarantors that are not Significant Subsidiaries if the Subsidiary Guarantees
of such Insignificant Subsidiaries are held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or such Insignificant Subsidiaries deny or disaffirm their obligations under their
Subsidiary Guarantees (other than in accordance with the terms of such Subsidiary Guarantee), if when aggregated and taken as a whole such Insignificant Subsidiaries would meet the definition of a Significant Subsidiary. If any Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from
certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations,
Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, or the principal of, the
Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement
specifying such Default or Event of Default. 
 13. TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
 14. NO RECOURSE AGAINST
OTHERS. A director, officer, employee, incorporator, member, manager, partner or shareholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or such
Guarantor under the Notes, the Subsidiary Guarantees, the Security Documents or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 15.
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 16. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the 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). 
 17. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be
printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-1-6

 18. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW
YORK WILL GOVERN AND BE USED TO CONSTRUE THE NOTES 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. 

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

 LBI Media, Inc. 
 1845 West Empire
Avenue 
 Burbank, CA 91504 
 Attention:
Lenard D. Liberman 

  
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 ASSIGNMENT FORM 

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

                    
                                         
                                       (Insert
assignee’s legal name) 
   

 
 (Insert assignee’s soc. sec.
or tax I.D. no.) 
  
  

 
  
  

 
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             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*:                             

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
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 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 

 ̈  Section
4.10                                
 ̈  Section 4.15 
 If you want to elect to have only part of the
Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased: 
 $                                 
    
 Date:
                     
  

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

	
	Tax Identification No.:
                                         
       

 Signature Guarantee*:
                                         
                
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-1-9

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a
part of another Global Note or Definitive 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
officer of Trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

	*	This schedule should be included only if the Note is issued in global form. 

 

  
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 EXHIBIT A-2 
 [Face of Regulation S Temporary Global Note] 
  

CUSIP/CINS                  

9 
1/4% Senior Secured Notes due 2019 
  

			
	 No.         
	  	$                

LBI MEDIA, INC. 
 promise
to pay to
                                         
                                         
   or registered assigns, the principal sum of
                                         
                                    Dollars on April 15, 2019.

 Interest Payment Dates: April 15 and October 15 
 Record Dates: April 1 and October 1 
 Dated:
                 

					
	LBI MEDIA, INC.
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 This is one of the Notes referred to 
 in the within-mentioned Indenture:  
 U.S. BANK NATIONAL ASSOCIATION 

as Trustee 

			
		
	By:	 	  

		 	Authorized Signatory

  

 

  
 A-2-1

 [Back of Regulation S Temporary Global Note] 

9 
1/4% Senior Secured Notes due 2019 
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).
NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY
PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a)
OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT 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 OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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. 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 THE HOLDER
OF THIS NOTE AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS NOTE MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) 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) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN 

  
 A-2-2

 
“ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION
OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 904 UNDER THE SECURITIES ACT, (IV) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (V) IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 

Capitalized terms used herein will have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 1. INTEREST. LBI Media, Inc., a California corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 9 1/4% per annum from March 18, 2011 until maturity. The Company will pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be October 15, 2011. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall
not be entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 

2. METHOD OF PAYMENT. The Company will pay interest on the Notes
(except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the April 1 or October 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal and premium, if any, and interest at the office or agency of the Company
maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest, if any, may be made by check mailed on the Interest Payment Date to the Holders at their addresses set forth in the
register of Holders, provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on, all Global Notes and all other Notes the Holders of which will have

  
 A-2-3

 
provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. 
 3. PAYING AGENT AND
REGISTRAR. Initially, U.S. Bank National Association, a national banking association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar
without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 4.
INDENTURE. The Company issued the Notes under an Indenture dated as of March 18, 2011 (the “Indenture”) among the Company, the guarantors party thereto (the “Guarantors”) and the Trustee.
The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of 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. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

5. OPTIONAL REDEMPTION. 

(a) Except as set forth in subparagraphs (b) or (c) of this Paragraph 5, the Company will not have the option to redeem the
Notes prior to April 15, 2015. Thereafter, the Company will have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal
amount) set forth below plus accrued and unpaid interest, if any, on the Notes to be redeemed, to the applicable redemption date, if redeemed during the twelve-month period beginning on August 1 of the years indicated below: 

 

					
	 Year
	  	Percentage	 
	 2015
	  	 	104.625	% 
	 2016
	  	 	102.313	% 
	 2017 and thereafter
	  	 	100.000	% 

 (b) Notwithstanding the
provisions of subparagraph (a) of this Paragraph 5, at any time prior to April 15, 2014, the Company may on one or more occasions redeem Notes with all or a portion of the net cash proceeds of one or more Equity Offerings at a redemption
price equal to 109.250% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the applicable redemption date; provided that at least 65% of the aggregate principal amount of the Notes issued under the Indenture
remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company and its Affiliates) and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 

(c) At any time or from time to time prior to April 15, 2015, the Company, at its option, may redeem the Notes, in whole or in part,
at a price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, together with accrued and unpaid interest thereon, if any, to the redemption date. The Company may provide that payment of such redemption price may
be made by, and performance of the obligations in respect of such redemption may be performed by, another Person. 

  
 A-2-4

 6. MANDATORY REDEMPTION; OPEN
MARKET PURCHASES. 
 The Company will not be required to make mandatory
redemption or sinking fund payments with respect to the Notes. The Company may at any time and from time to time purchase Notes in the open market or otherwise. 
 7. REPURCHASE AT THE OPTION OF HOLDERS. 

(a) If there is a Change of Control, the Company will be required to make an offer (a “Change of Control Offer”) to repurchase
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date (the “Change of Control Payment”); provided, that the Company will not be obligated to repurchase Notes in
the event that it exercises its right to redeem all of the Notes as described in Section 3.07 of the Indenture, unless and until there is a default in payment of the applicable redemption price. Within 30 days following any Change of Control,
the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
 (b) If the Company or a Subsidiary consummates any Asset Sales, within ten Business Days of each date on which the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company will commence an
offer to all Holders of Notes and all holders of Other Priority Lien Debt containing provisions similar to those set forth in the Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets (as “Asset Sale
Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount of Notes (including any Additional Notes) 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, if any, to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes (including any
Additional Notes) and Other Priority Lien Debt tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company (or such Subsidiary) may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the
aggregate principal amount of Notes and Other Priority Lien Debt surrendered by Holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select such tendered Notes and such other tendered Other Priority Lien Debt to be purchased on a
pro rata basis. Holders of Notes that are the subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Notes. 
 8. NOTICE OF
REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for
redemption. 
 9. DENOMINATIONS, TRANSFER, EXCHANGE. The
Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company 

  
 A-2-5

 
need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding
Interest Payment Date. 
 This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global
Notes only (i) on or after the termination of the 40-day restricted period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2 of the
Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note. 
 10. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

11. AMENDMENT, SUPPLEMENT AND WAIVER. Subject to
certain exceptions, the Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as
a single class, and any existing default or compliance with any provision of the Indenture, the Subsidiary Guarantees, or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Subsidiary Guarantees, the Intercreditor Agreement, the Security Documents or the Notes may be amended or supplemented to cure any
ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s obligations to Holders of the Notes in case of a merger or consolidation or
sale of all or substantially all of the Company’s assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture, any Subsidiary
Guarantee, the Intercreditor Agreement or any Security Document of any such Holder, to provide for the Issuance of Additional Notes in accordance with the limitations set forth in the Indenture, to conform the text of this Indenture, the Security
Documents, the Intercreditor Agreement, the Subsidiary Guarantees or Notes to any provision of the Offering Circular under the caption “Description of Notes” to the extent such provisions in the “Description of Notes” was
intended to be a verbatim recitation of a provision of this Indenture, the Subsidiary Guarantees, the Security Documents, the Intercreditor Agreement or the Notes, to enter into additional supplemental Security Documents, including Security
Documents adding additional Priority Lien Secured Parties and Priority Lien Obligations to any Security Document or the Intercreditor Agreement, to release a Guarantor from its obligations under its Subsidiary Guarantee, the Notes or the Indenture
in accordance with the applicable provisions of the Indenture, to release Collateral in accordance with the terms of the Indenture, the Security Documents or the Intercreditor Agreement, to evidence and provide for the acceptance and appointment
under this Indenture of a successor trustee thereunder pursuant to the requirements thereof, to make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Security Documents or any release of Collateral
that becomes effective as set forth in the Indenture, any of the Security Documents or the Intercreditor Agreement, to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the Notes,
or to secure any Priority Lien Debt under the Security Documents and to appropriately include the same in the Intercreditor Agreement. 
 12. DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest on the Notes;
(ii) default in payment when due of principal of, or premium, if any, on the Notes when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise, (iii) failure by the
Company or any of its Restricted Subsidiaries to comply with Section 4.15 or 5.01 of the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 days after notice to the Company by the Trustee or the Holders of
at least 25% in principal amount of the Notes then outstanding to comply with Section 4.07, 4.09 or 4.10 of the 

  
 A-2-6

 
Indenture; (v) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the
Notes then outstanding to observe or perform any other covenant, representation, warranty or other agreement in the Indenture, the Security Documents or the Notes; (vi) default under certain other agreements relating to Indebtedness of the
Company which default is caused by a failure to pay principal of such Indebtedness at the final stated maturity thereof (giving effect to any applicable grace periods and any extensions thereof) or results in the acceleration of such Indebtedness
prior to its express maturity; (vii) certain final judgments for the payment of money that remain undischarged, unpaid, unrestricted, unbonded or unstayed for a period of 60 days; (viii) (x) any Security Document is held in any
judicial proceeding to be unenforceable or invalid in any material respect or ceases for any reason to be in full force and effect in any material respect, other than in accordance with the terms of the relevant Security Documents and except solely
as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the Collateral Trustee pursuant to the Security Documents, (y) any security interest created by any Security Document ceases to
be in full force and effect (except as permitted by the terms of the Indenture or the Security Documents and except solely as a result of any action taken or not taken by the Collateral Trustee that was required to be taken or not taken by the
Collateral Trustee pursuant to the Security Documents) with respect to Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million, and such default continues for a period
of 60 days after the Company receives notice thereof from the Trustee or from the Holders of at least 25% in principal amount of the Notes outstanding specifying such default or (z) the Company or any of its Restricted Subsidiaries, or any
Person acting on behalf of any of them, asserts in writing that any Collateral having a fair market value, as determined in good faith by the Company’s Board of Directors, in excess of $10.0 million is not subject to a valid, perfected security
interest (except as permitted by the terms of the Indenture or Security Documents); (ix) certain events of bankruptcy or insolvency with respect to the Company or any of its Significant Subsidiaries; and (x) except as permitted by the
Indenture, any Subsidiary Guarantee of a Significant Subsidiary shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor which is a Significant Subsidiary
or any Person acting on its behalf shall deny or disaffirm its obligations under its Subsidiary Guarantee, provided, however, that an Event of Default will also be deemed to occur with respect to Subsidiary Guarantors that are not
Significant Subsidiaries if the Subsidiary Guarantees of such Insignificant Subsidiaries are held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or such Insignificant
Subsidiaries deny or disaffirm their obligations under their Subsidiary Guarantees (other than in accordance with the terms of such Subsidiary Guarantee), if when aggregated and taken as a whole such Insignificant Subsidiaries would meet the
definition of a Significant Subsidiary. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except
as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes
notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate
principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of
Default in the payment of interest on, or the principal of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or
Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

  
 A-2-7

 13. TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
 14. NO RECOURSE AGAINST
OTHERS. A director, officer, employee, incorporator, member, manager, partner or shareholder of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or such
Guarantor under the Notes, the Subsidiary Guarantees, the Security Documents or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Notes. 
 15.
AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 16. ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the
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). 
 17. CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance
may be placed only on the other identification numbers placed thereon. 
 18. GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE NOTES 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. 
 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 LBI Media, Inc. 
 1845 West Empire Avenue 
 Burbank, CA 91504 

Attention: Lenard D. Liberman 

  
 A-2-8

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	                           
                                         
                                         
                                         
                       
		 	(Insert assignee’s legal name)

                         
                                         
                                         
                                         
                                         
                                         
                            
 (Insert assignee’s soc. sec. or tax I.D. no.) 

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    

                         
                                         
                                         
                                         
                                         
                                         
                            
                                  
                                         
                                         
                                         
                                         
                                         
                    
 (Print or
type assignee’s name, address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             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*:	 	                           
                           

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-9

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.15 of the Indenture, check the appropriate box below: 

 ̈  Section
4.10                         ̈  Section 4.15 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.15 of the
Indenture, state the amount you elect to have purchased: 
 $
                     
 Date:
                     
  

			
	Your Signature:	 	  

	(Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:
                                         
       

  

			
	Signature Guarantee*:	 	                           
                           

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-2-10

 SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE 

The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note, or of other
Restricted Global Notes for an interest in this Regulation S Temporary 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
officer of Trustee or
Custodian	 
		  		  				  				  			
		  		  				  				  			
		  		  				  				  			
		  		  				  				  			

  
 A-2-11

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 LBI Media, Inc. 

1845 West Empire Avenue 
 Burbank, CA 91504

 U.S. Bank National Association 
 1420 Fifth Avenue, 7th Floor 
 Seattle, WA 98101 

 

			
	Re:	 	 9 1/4% Senior Secured Notes due 2019

 Reference is hereby made to the Indenture, dated as of March 18, 2011 (the “Indenture”), between LBI Media, Inc., a California corporation, as issuer (the
“Company”), the Guarantors party thereto, and U.S. Bank National Association, a national banking association, as 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 Restricted Definitive Note Pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive 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. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

2.  ̈ Check if Transferee will take delivery of a beneficial interest in the
Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted Definitive 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 

  
 B-1

 
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 Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act. 
 3.  ̈
Check and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive 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 Definitive 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; 
 or 

(d)  ̈ such Transfer is being effected to an Institutional Accredited
Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation
within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements of the exemption
claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than
$250,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or
the Restricted Definitive Notes and in the Indenture and the Securities Act. 
 4.
 ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive 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 

  
 B-2

 
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 Definitive 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 Definitive 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 Definitive 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 Definitive Notes and
in the Indenture. 
 (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 Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive 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

 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             ), or

  

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

  

	 	(iii)	 ̈ IAI Global Note (CUSIP             ), or

  

	 	(b)	 ̈ a Restricted Definitive Note. 

 

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

	 	(a)	 ̈ a beneficial interest in the: 

 

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

  

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

  

	 	(ii)	 ̈ IAI Global Note (CUSIP             ), or

  

	 	(iv)	 ̈ Unrestricted Global Note (CUSIP             ); or

  

	 	(b)	 ̈ a Restricted Definitive Note; or 

 

	 	(c)	 ̈ an Unrestricted Definitive Note, 

 

	 	  	in accordance with the terms of the Indenture. 

  
 B-4

 EXHIBIT C 
 FORM OF CERTIFICATE OF EXCHANGE 
 LBI Media, Inc. 

1845 West Empire Avenue 
 Burbank, CA 91504

 U.S. Bank National Association 
 1420 Fifth Avenue, 7th Floor 
 Seattle, WA 98101 

 

			
	Re:	 	 9 1/4% Senior Secured Notes due 2019

 (CUSIP) 
 Reference is hereby made to the Indenture, dated as of March 18,
2011 (the “Indenture”), between LBI Media, Inc., a California corporation, as issuer (the “Company”), the Guarantors party thereto, and U.S. Bank National Association, a national banking association, as 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 Definitive Notes or Beneficial
Interests in a Restricted Global Note for Unrestricted Definitive 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 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 Definitive Note. In connection with the Exchange of
the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive 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 Definitive 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 Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for 

  
 C-1

 
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 Definitive 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 Definitive
Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive 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 Definitive 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 Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or
Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive 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 Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Definitive Note and in the Indenture and the Securities Act. 
 (b)
 ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE]  ̈ 144A Global Note,  ̈ Regulation S Global Note,  ̈ IAI 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. 

  
 C-2

 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:
                     

  
 C-3

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

LBI Media, Inc. 
 1845 West Empire Avenue

 Burbank, CA 91504 
 U.S. Bank
National Association 
 1420 Fifth Avenue, 7th Floor 

Seattle, WA 98101 
  

			
	Re:	 	 9 1/4% Senior Secured Notes due 2019

 Reference is hereby made to the Indenture, dated as of March 18, 2011 (the “Indenture”), between LBI Media, Inc., a California corporation, as issuer (the
“Company”), the Guarantors party thereto, and U.S. Bank N.A., a national banking association, as Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of
$                     aggregate principal amount of: 
 (a)  ̈ a beneficial interest in a Global Note, or 
 (b)  ̈ a Definitive Note, 
 we
confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain
restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the
Securities Act of 1933, as amended (the “Securities Act”). 
 2. We understand that the offer and sale of the
Notes have not been registered under the Securities Act, and that the Notes and any interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are
acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified
institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the
Company a signed letter substantially in the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000, an Opinion of Counsel in form reasonably acceptable to the Company to
the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities
Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 

  
 D-1

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein,
we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further
understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and
risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited investor”) as to each
of which we exercise sole investment discretion. 
 You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. 

							
	  

	[Insert Name of Accredited Investor]
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Dated:
                     

  
 D-2

 EXHIBIT E 
 FORM OF NOTATION OF GUARANTEE 
 For value received, each Guarantor (which term
includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of March 18, 2011 (the
“Indenture”) among LBI Media, Inc., the Guarantors listed on Schedule I thereto and U.S. Bank National Association, a national banking association, as Trustee (the “Trustee”), (a) the due and punctual payment
of the principal of, premium, if any, and interest on the Notes (as defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal and premium, and, to the
extent permitted by law, interest, 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 of the Indenture and (b) 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. The
obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article 11 of the Indenture and reference is hereby made to the Indenture for the precise
terms of the Subsidiary Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee, on behalf of such Holder, to take such action as may be necessary
or appropriate to effectuate the subordination as provided in the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose; provided, however, that the Indebtedness evidenced by this Subsidiary Guarantee
shall cease to be so subordinated and subject in right of payment upon any defeasance of this Note in accordance with the provisions of the Indenture. 
 GUARANTORS: 
 LIBERMAN TELEVISION LLC 

LIBERMAN BROADCASTING OF CALIFORNIA LLC 
 LBI
RADIO LICENSE LLC 
 KRCA LICENSE LLC 

KRCA TELEVISION LLC 
 EMPIRE BURBANK STUDIOS LLC

 KZJL LICENSE LLC 
 LIBERMAN
TELEVISION OF HOUSTON LLC 
 LIBERMAN BROADCASTING OF HOUSTON LLC 
 LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC 
 LIBERMAN BROADCASTING OF DALLAS LLC 

LIBERMAN BROADCASTING OF DALLAS LICENSE LLC 

LIBERMAN TELEVISION OF DALLAS LLC LIBERMAN TELEVISION OF DALLAS LICENSE LLC 

			
		
	 By:
	 	 
		 	 Name:

Title:

  
 E-1

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

 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
            , 20            among             (the
“Guaranteeing Subsidiary”), a subsidiary of LBI Media, Inc. (or its permitted successor), a California corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein)
and U.S. Bank National Association, a national banking 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 March 18, 2011 providing for the issuance of
9 1/4% Senior Secured Notes due 2019 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing
Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and
conditions set forth herein (the “Subsidiary Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is 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 Guaranteeing Subsidiary and the Trustee 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 Subsidiary Guarantee and in the Indenture including, but not limited to Article 11 thereof. 

3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder, member, manager, partner or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes, any Subsidiary Guarantees,
the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

4. GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL 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. 

  
 F-1

 5. COUNTERPARTS. The parties may sign any number of copies of this
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 6.
EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 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. 

  
 F-2

 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:	 	

  

			
	LBI MEDIA, INC.
		
	By:	 	 
	Name: Title:	 	

 GUARANTORS: 

 

	
	 LIBERMAN TELEVISION LLC

LIBERMAN BROADCASTING OF CALIFORNIA
LLC

LBI RADIO LICENSE LLC

KRCA LICENSE LLC
 KRCA TELEVISION LLC
 EMPIRE BURBANK STUDIOS LLC

KZJL LICENSE LLC
 LIBERMAN TELEVISION OF HOUSTON LLC
 LIBERMAN BROADCASTING
OF HOUSTON LLC
 LIBERMAN BROADCASTING OF HOUSTON
LICENSE LLC

LIBERMAN BROADCASTING OF DALLAS LLC

LIBERMAN BROADCASTING OF DALLAS

LICENSE LLC
 LIBERMAN TELEVISION OF DALLAS LLC
 LIBERMAN TELEVISION OF
DALLAS LICENSE
LLC

  

			
	By:	 	 
	Name: Title:	 	
	
	 U.S. BANK NATIONAL ASSOCIATION
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

  
 F-3

 EXHIBIT G 
 FORM OF SUBSIDIARY INTERCOMPANY NOTE 
 INTERCOMPANY NOTE 

Los Angeles, California 
 [                    ,     ] , 20[    ]

 FOR VALUE RECEIVED, each of the undersigned, as Maker, severally and not jointly, hereby unconditionally promises to
pay to the order of each of the undersigned, as Payee, advances of principal (“Advances”) made from time to time by such Payee to such Maker as shown on the books and records of such Maker, together with interest from the date of
the making of any such Advance, whether or not such Advance is made prior to or on or after the date hereof, on the unpaid principal thereof until paid in full at the interest rate per annum equal to the per annum interest rate applicable to the
Senior Notes. 
 The unpaid principal of any Advances and all accrued and unpaid interest thereon, owing by any Maker to any
Payee shall be due and payable on demand of such Payee. 
 Whenever any payment on this Intercompany Note (this
“Note”) shall be stated to be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and such extension of time shall be included in the computation of the payment of interest on
this Note. 
 Except as provided herein, Maker reserves the right to prepay the outstanding principal amount of this Note, in
whole or in part, at any time and from time to time, without premium or penalty; provided that interest shall be paid on the amount prepaid to and including the date of prepayment. 

This Note is one of the promissory notes contemplated by that certain Indenture, dated as of March 18, 2011 (as it may be amended,
restated, supplemented or otherwise modified, the “Indenture”), by and among the LBI Media Inc., a California corporation, the guarantors party thereto and U.S. Bank National Association, as trustee (together with its
successor and assigns, the “Trustee”). Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in that certain Collateral Trust and Intercreditor Agreement, dated as of March 18, 2011
(as it may be amended, restated, supplemented or otherwise modified, the “Intercreditor Agreement”), by and among the Company, the Trustee, the other Priority Debt Representatives party thereto and Credit Suisse AG, Cayman
Islands Branch, as collateral trustee (together with its successor and assigns, in such capacity, the “Collateral Trustee”) and administrative agent. 
 Each Maker shall be entitled to deem and treat any Payee, or such person who has been so identified by the transferor in writing to such Maker as the holder of this Note, as the owner and holder of this
Note. This Note will, forthwith upon its issuance by the Makers, be endorsed in blank and such endorsement undated; provided, however, that, subject to the terms of the Intercreditor Agreement, nothing contained herein or of the
endorsement hereof shall allow the Collateral Trustee, to demand payment under this Note unless an Actionable Default has occurred and is continuing. 
 In addition to, and not in limitation of, the foregoing, Makers agree, jointly and severally, to pay all reasonable costs and expenses, including reasonable attorneys’ fees, incurred in connection
with the collection and enforcement of this Note. 
 Each Maker, for itself and any of its successors and assigns, hereby waives
diligence, presentment, protest and demand, (other than as set forth herein) and notice of protest, demand (other than as set forth herein), dishonor and nonpayment of this Note. 

  
 G-1

 No delay on the part of any Payee in the exercise of any right or remedy shall operate as a
waiver thereof, and no single or partial exercise by such Payee, of any right or remedy shall preclude any other or further exercise of any other right or remedy. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF MAKERS AND PAYEES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT
REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF THAT WOULD REQUIRE THE APPLICATION OF LAWS OTHER THAN THOSE OF THE STATE OF NEW YORK. 
 In case any provision in or obligation under this Note shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations,
or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 [Remainder
of page intentionally left blank.] 

  
 G-2

 IN WITNESS WHEREOF, each of the undersigned has caused this Intercompany Note to be
duly executed and delivered by its officer thereunto duly authorized as of the date and at the place first above written. 
  

			
	
[                    
]

		
	By:	 	  

	 Name:
	 	
	Title:	 	

  
 G-3

 ALLONGE 
 This Allonge is attached to and made a part of that certain Intercompany Note dated as of [            , __] , 20[__] (as it may be amended,
restated or modified from time to time, the “Note”) made by and between each of the undersigned, as Maker, and each of the undersigned, as Payee (each in such capacity, a “Payee”). The outstanding principal amount
owing from time to time under the Note is evidenced on the books and records of the Payees, as more fully set forth in the Note. 
 Each of the undersigned, as a Payee, hereby assigns and transfers its rights under the Note 
  

			
		  	to the order of
		
		  	                             
                               

Dated as of
                    , 20             

[Signature page follows] 

  
 G-4

 EXHIBIT G 

 

			
	[                    ]
		
	By:	 	 
	 Name:
 Title:
	 	

  
 G-5

 Schedule I 
 SCHEDULE OF GUARANTORS 
 The following schedule lists each Guarantor under the
Indenture as of the Closing Date: 
 GUARANTORS: 
 LIBERMAN TELEVISION LLC 
 LIBERMAN BROADCASTING OF CALIFORNIA LLC 

LBI RADIO LICENSE LLC 
 KRCA LICENSE LLC

 KRCA TELEVISION LLC 
 EMPIRE BURBANK
STUDIOS LLC 
 KZJL LICENSE LLC 

LIBERMAN TELEVISION OF HOUSTON LLC 
 LIBERMAN
BROADCASTING OF HOUSTON LLC 
 LIBERMAN BROADCASTING OF HOUSTON LICENSE LLC 
 LIBERMAN BROADCASTING OF DALLAS LLC 
 LIBERMAN BROADCASTING OF DALLAS LICENSE LLC 

LIBERMAN TELEVISION OF DALLAS LLC 
 LIBERMAN
TELEVISION OF DALLAS LICENSE LLC 

 Schedule II 
 LIST OF ACCOUNTS 
 The accounts listed on Schedule 5.1(e)(iii) to the Credit
Agreement.Indenture, dated as of March 16, 2011

 Exhibit 4.1 

 
  

 
 Execution Version

 Windstream Corporation 
 7.50% SENIOR NOTES DUE 2023 
  

 
 Indenture

 Dated as of March 16, 2011 

 
  

U.S. Bank National Association 
 Trustee 
  

 
  

 
  

 CROSS-REFERENCE TABLE* 

 

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	 310 (a)(1)
	  	7.10
	        (a)(2)
	  	7.10
	        (a)(3)
	  	N.A.
	        (a)(4)
	  	N.A.
	        (a)(5)
	  	7.10
	        (b)
	  	7.10
	        (c)
	  	N.A.
	 311 (a)
	  	7.11
	        (b)
	  	7.11
	        (c)
	  	N.A.
	 312 (a)
	  	2.06
	        (b)
	  	12.03
	        (c)
	  	12.03
	 313 (a)
	  	7.06
	        (b)(1)
	  	N.A.
	        (b)(2)
	  	7.06, 7.07
	        (c)
	  	7.06, 12.02
	        (d)
	  	7.06
	 314 (a)(4)
	  	12.05
	        (b)
	  	N.A.
	        (c)(1)
	  	N.A.
	        (c)(2)
	  	N.A.
	        (c)(3)
	  	N.A.
	        (d)
	  	N.A.
	        (e)
	  	12.05
	        (f)
	  	N.A.
	 315 (a)
	  	N.A.
	        (b)
	  	N.A.
	        (c)
	  	N.A.
	        (d)
	  	N.A.
	        (e)
	  	N.A.
	 316 (a) (last sentence)
	  	N.A.
	        (a)(1)(A)
	  	N.A.
	        (a)(1)(B)
	  	6.04
	        (a)(2)
	  	N.A.
	        (b)
	  	N.A.

  

	*	N.A. means not applicable. 

     This Cross-Reference Table is not part of this Indenture 

			
	 Trust Indenture
 Act Section
	  	Indenture Section
	        (c)
	  	12.14
	 317 (a)(1)
	  	N.A.
	        (a)(2)
	  	N.A.
	        (b)
	  	N.A.
	 318 (a)
	  	N.A.
	        (b)
	  	N.A.
	        (c)
	  	12.01

 TABLE OF CONTENTS 

 

					
	 	  	Page	 
	 ARTICLE ONE
 DEFINITIONS AND INCORPORATION
 BY REFERENCE
	  			
		
	 Section 1.01. Definitions
	  	 	1	  
	 Section 1.02. Other Definitions
	  	 	26	  
	 Section 1.03. Incorporation by Reference of Trust Indenture Act
	  	 	27	  
	 Section 1.04. Rules of Construction
	  	 	27	  
		
	 ARTICLE TWO
 THE NOTES
	  			
		
	 Section 2.01. Form and Dating
	  	 	28	  
	 Section 2.02. Execution and Authentication
	  	 	29	  
	 Section 2.03. Methods of Receiving Payments on the Notes
	  	 	30	  
	 Section 2.04. Registrar and Paying Agent
	  	 	30	  
	 Section 2.05. Paying Agent to Hold Money in Trust
	  	 	30	  
	 Section 2.06. Holder Lists
	  	 	31	  
	 Section 2.07. Transfer and Exchange
	  	 	31	  
	 Section 2.08. Replacement Notes
	  	 	43	  
	 Section 2.09. Outstanding Notes
	  	 	44	  
	 Section 2.10. Treasury Notes
	  	 	44	  
	 Section 2.11. Temporary Notes
	  	 	44	  
	 Section 2.12. Cancellation
	  	 	45	  
	 Section 2.13. Defaulted Interest
	  	 	45	  
	 Section 2.14. CUSIP Numbers
	  	 	45	  
		
	 ARTICLE THREE
 REDEMPTION AND OFFERS TO
 PURCHASE
	  			
		
	 Section 3.01. Notices to Trustee
	  	 	46	  
	 Section 3.02. Selection of Notes to Be Redeemed
	  	 	46	  
	 Section 3.03. Notice of Redemption
	  	 	46	  
	 Section 3.04. Effect of Notice of Redemption
	  	 	47	  
	 Section 3.05. Deposit of Redemption Price
	  	 	47	  
	 Section 3.06. Notes Redeemed in Part
	  	 	48	  
	 Section 3.07. Optional Redemption
	  	 	48	  
	 Section 3.08. Repurchase Offers
	  	 	49	  
	 Section 3.09. No Sinking Fund
	  	 	51	  

  
 i 

					
	 ARTICLE FOUR
 COVENANTS
	  			
	 Section 4.01. Payment of Notes
	  	 	51	  
	 Section 4.02. Maintenance of Office or Agency
	  	 	51	  
	 Section 4.03. Reports
	  	 	52	  
	 Section 4.04. Compliance Certificate
	  	 	53	  
	 Section 4.05. Taxes
	  	 	54	  
	 Section 4.06. Stay, Extension and Usury Laws
	  	 	54	  
	 Section 4.07. Restricted Payments
	  	 	54	  
	 Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	  	 	57	  
	 Section 4.09. Incurrence of Indebtedness
	  	 	59	  
	 Section 4.10. Asset Sales
	  	 	62	  
	 Section 4.11. Transactions with Affiliates
	  	 	64	  
	 Section 4.12. Liens
	  	 	66	  
	 Section 4.13. Business Activities
	  	 	66	  
	 Section 4.14. Offer to Repurchase upon a Change of Control
	  	 	66	  
	 Section 4.15. [INTENTIONALLY LEFT BLANK]
	  	 	67	  
	 Section 4.16. Designation of Restricted and Unrestricted Subsidiaries
	  	 	67	  
	 Section 4.17. Payments for Consent
	  	 	69	  
	 Section 4.18. Guarantees
	  	 	69	  
	 Section 4.19. Sale and Leaseback Transactions
	  	 	69	  
	 Section 4.20. [INTENTIONALLY LEFT BLANK]
	  	 	70	  
	 Section 4.21. Termination of Applicability of Certain Covenants if Notes Rated Investment Grade
	  	 	70	  
		
	 ARTICLE FIVE
 SUCCESSORS
	  			
		
	 Section 5.01. Merger, Consolidation or Sale of Assets
	  	 	70	  
	 Section 5.02. Successor Corporation Substituted
	  	 	71	  
		
	 ARTICLE SIX
 DEFAULTS AND REMEDIES
	  			
		
	 Section 6.01. Events of Default
	  	 	71	  
	 Section 6.02. Acceleration
	  	 	73	  
	 Section 6.03. Other Remedies
	  	 	74	  
	 Section 6.04. Waiver of Past Defaults
	  	 	74	  
	 Section 6.05. Control by Majority
	  	 	75	  
	 Section 6.06. Limitation on Suits
	  	 	75	  
	 Section 6.07. Rights of Holders of Notes to Receive Payment
	  	 	75	  
	 Section 6.08. Collection Suit by Trustee
	  	 	75	  
	 Section 6.09. Trustee May File Proofs of Claim
	  	 	76	  
	 Section 6.10. Priorities
	  	 	76	  
	 Section 6.11. Undertaking for Costs
	  	 	77	  

  
 ii 

					
	 ARTICLE SEVEN
 TRUSTEE
	  			
	 Section 7.01. Duties of Trustee
	  	 	77	  
	 Section 7.02. Certain Rights of Trustee
	  	 	78	  
	 Section 7.03. Individual Rights of Trustee
	  	 	79	  
	 Section 7.04. Trustee’s Disclaimer
	  	 	79	  
	 Section 7.05. Notice of Defaults
	  	 	80	  
	 Section 7.06. Reports by Trustee to Holders of the Notes
	  	 	80	  
	 Section 7.07. Compensation and Indemnity
	  	 	80	  
	 Section 7.08. Replacement of Trustee
	  	 	82	  
	 Section 7.09. Successor Trustee by Merger, Etc.
	  	 	83	  
	 Section 7.10. Eligibility; Disqualification
	  	 	83	  
	 Section 7.11. Preferential Collection of Claims Against Company
	  	 	83	  
		
	 ARTICLE EIGHT
 DEFEASANCE AND COVENANT DEFEASANCE
	  			
		
	 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	83	  
	 Section 8.02. Legal Defeasance and Discharge
	  	 	83	  
	 Section 8.03. Covenant Defeasance
	  	 	84	  
	 Section 8.04. Conditions to Legal or Covenant Defeasance
	  	 	84	  
	 Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	86	  
	 Section 8.06. Repayment to the Company
	  	 	86	  
	 Section 8.07. Reinstatement
	  	 	87	  
		
	 ARTICLE NINE
 AMENDMENT, SUPPLEMENT AND WAIVER
	  			
		
	 Section 9.01. Without Consent of Holders of Notes
	  	 	87	  
	 Section 9.02. With Consent of Holders of Notes
	  	 	88	  
	 Section 9.03. Compliance with Trust Indenture Act
	  	 	90	  
	 Section 9.04. Revocation and Effect of Consents
	  	 	90	  
	 Section 9.05. Notation on or Exchange of Notes
	  	 	90	  
	 Section 9.06. Trustee to Sign Amendments, Etc.
	  	 	90	  
		
	 ARTICLE TEN
 NOTE GUARANTEES
	  			
		
	 Section 10.01. Guarantee
	  	 	91	  
	 Section 10.02. Limitation on Guarantor Liability
	  	 	92	  
	 Section 10.03. Execution and Delivery of Note Guarantee
	  	 	92	  
	 Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms
	  	 	92	  
	 Section 10.05. Release of Guarantor
	  	 	93	  

  
 iii

					
	 ARTICLE ELEVEN
 SATISFACTION AND DISCHARGE
	  			
		
	 Section 11.01. Satisfaction and Discharge
	  	 	94	  
	 Section 11.02. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	  	 	95	  
	 Section 11.03. Repayment to the Company
	  	 	95	  
		
	 ARTICLE TWELVE
 MISCELLANEOUS
	  			
		
	 Section 12.01. Trust Indenture Act Controls
	  	 	96	  
	 Section 12.02. Notices
	  	 	96	  
	 Section 12.03. Communication by Holders of Notes with Other Holders of Notes
	  	 	97	  
	 Section 12.04. Certificate and Opinion as to Conditions Precedent
	  	 	97	  
	 Section 12.05. Statements Required in Certificate or Opinion
	  	 	98	  
	 Section 12.06. Rules by Trustee and Agents
	  	 	98	  
	 Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	98	  
	 Section 12.08. Governing Law
	  	 	98	  
	 Section 12.09. Consent to Jurisdiction
	  	 	98	  
	 Section 12.10. No Adverse Interpretation of Other Agreements
	  	 	99	  
	 Section 12.11. Successors
	  	 	99	  
	 Section 12.12. Severability
	  	 	99	  
	 Section 12.13. Counterpart Originals
	  	 	99	  
	 Section 12.14. Acts of Holders
	  	 	99	  
	 Section 12.15. Benefit of Indenture
	  	 	101	  
	 Section 12.16. Table of Contents, Headings, Etc.
	  	 	101	  

 EXHIBITS

  

			
		
	Exhibit A	  	FORM OF 2023 NOTE
		
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER
		
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE
		
	Exhibit D	  	FORM OF CERTIFICATE FROM ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
		
	Exhibit E	  	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS

  
 iv 

 INDENTURE dated as of March 16, 2011 among Windstream Corporation, a Delaware
corporation, the Guarantors (as defined below) listed on the signature pages hereto and U.S. Bank National Association, a national banking association organized under the laws of the United States, as Trustee. 

The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its 7.50%
Senior Notes due 2023 as provided in this Indenture. The Guarantors have duly authorized the execution and delivery of this Indenture to provide for a guarantee of the Notes and of certain of the Company’s obligations hereunder. All things
necessary to make this Indenture a valid agreement of the Company and the Guarantors, in accordance with its terms, have been done. 
 The Company (as defined below), the Guarantors and the Trustee (as defined below) agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of
the Company’s 7.50% Senior Notes due 2023: 
 ARTICLE ONE 

DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
 Section 1.01. Definitions “144A Global Note”
means a global note substantially in the form of Exhibit A, as applicable, 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
shall be issued in a denomination equal to the outstanding principal amount at maturity of the Notes sold in reliance on Rule 144A. 
 “Acquired Debt” means Indebtedness of a Person existing at the time such Person merges with or into or becomes a Restricted Subsidiary and not Incurred in connection with, or in
contemplation of, such Person merging with or into or becoming a Restricted Subsidiary. 
 “Additional
Interest” means all additional interest owing on the Notes pursuant to the Registration Rights Agreement. 

“Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than the Notes issued on the
date hereof) issued under this Indenture in accordance with Sections 2.02 and 4.09 and having the same terms in all respects as the Notes, or similar in all respects to the Notes, except that interest will accrue on the Additional Notes from their
date of issuance. 
 “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” shall have correlative meanings. 

  
 1 

 “Agent” means any Registrar or Paying Agent. 

“Alltel” means Alltel Corporation, a corporation organized under the laws of Delaware. 

“Applicable Premium” means, at any date of redemption, the greater of (i) 1.0% of the principal amount of such Note
and (ii) the excess of (A) the present value at such date of redemption of (1) the principal amount of such Note plus the premium thereon as set out in the table in Section 3.07 on April 1, 2016, plus
(2) all remaining required interest payments due on such Note through April 1, 2016 (excluding accrued but unpaid interest to the date of redemption), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over
(B) the principal amount of such Note. 
 “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, Euroclear and Clearstream that apply to such transfer or exchange. 
 “Asset Sale” means: 
  

	 	(1)	the sale, lease, conveyance or other disposition of any assets, other than a transaction governed by Section 4.14 and/or Section 5.01; and

  

	 	(2)	the issuance of Equity Interests by any of the Company’s Restricted Subsidiaries or the sale by the Company or any Restricted Subsidiary thereof of Equity
Interests in any of its Subsidiaries (other than directors’ qualifying shares and shares issued to foreign nationals to the extent required by applicable law). 

Notwithstanding the preceding, the following items shall be deemed not to be Asset Sales: 

 

	 	(1)	any single transaction or series of related transactions that involves assets or Equity Interests having a Fair Market Value of less than $25.0 million;

  

	 	(2)	a transfer of assets or Equity Interests between or among the Company and its Restricted Subsidiaries; 

 

	 	(3)	an issuance of Equity Interests by a Restricted Subsidiary of the Company to the Company or to another Restricted Subsidiary thereof; 

 

	 	(4)	the sale or lease of equipment, inventory, accounts receivable or other assets in the ordinary course of business; 

 

	 	(5)	the sale or other disposition of Cash Equivalents; 

  

	 	(6)	dispositions of accounts receivable in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy or similar
proceedings; 

  
 2 

	 	(7)	a Restricted Payment that is permitted by Section 4.07 and any Permitted Investment; 

 

	 	(8)	any sale or disposition of any property or equipment that has become damaged, worn out or obsolete; 

 

	 	(9)	the creation of a Lien not prohibited by this Indenture; 

  

	 	(10)	any sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary; 

 

	 	(11)	licenses of intellectual property; 

  

	 	(12)	any disposition of Designated Noncash Consideration; provided that such disposition increases the amount of Net Proceeds of the Asset Sale that resulted in such
Designated Noncash Consideration; and 

  

	 	(13)	any foreclosure upon any assets of the Company or any of its Restricted Subsidiaries pursuant to the terms of a Lien not prohibited by the terms of this Indenture;
provided that such foreclosure does not otherwise constitute a Default under this Indenture. 

“Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present
value of the obligation of the lessee for net 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 or may, at the option of the lessor, be
extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. 
 “Bankruptcy Law” means title 11 of the United States Code or any similar federal or state law for the relief of debtors. 

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except
that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such
“person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and
“Beneficially Owned” shall have a corresponding meaning. 
 “Board of Directors” means: 

 

	 	(14)	with respect to a corporation, the board of directors of the corporation or, except in the context of the definitions of “Change of Control” and
“Continuing Directors,” a duly authorized committee thereof; 

  

	 	(15)	with respect to a partnership, the Board of Directors of the general partner of the partnership; and 

  
 3 

	 	(16)	with respect to any other Person, the board or committee of such Person serving a similar function. 

“Board Resolution” means a resolution certified by the Secretary or an Assistant Secretary of the Company to have been
duly adopted by the Board of Directors of the Company and to be in full force and effect on the date of such certification. 

“Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligation” means, at the time any determination thereof is to be made, the amount of the liability in
respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Capital Stock” means: 
  

	 	(17)	in the case of a corporation, corporate stock; 

  

	 	(18)	in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;

  

	 	(19)	in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and 

 

	 	(20)	any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing
Person. 

 “Cash Equivalents” means: 

 

	 	(21)	U.S. dollars and foreign currency received in the ordinary course of business or exchanged into U.S. dollars within 180 days; 

 

	 	(22)	securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof (provided that the full
faith and credit of the United States is pledged in support thereof), maturing, unless such securities are deposited to defease any Indebtedness, not more than one year from the date of acquisition; 

 

	 	(23)	certificates of deposit and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not
exceeding one year and overnight bank deposits, in each case, with any lender party under the Credit Agreement or any domestic commercial bank having capital and surplus in excess of $500.0 million and a rating at the time of acquisition thereof of
P-1 or better from Moody’s or A-1 or better from S&P; 

  

	 	(24)	repurchase obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the
qualifications specified in clause (3) above; 

  
 4 

	 	(25)	commercial paper issued by a corporation (other than an Affiliate of the Company) rated at least “A-2” or higher from Moody’s or S&P and in each case
maturing within one year after the date of acquisition; 

  

	 	(26)	securities issued and fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority
thereof, rated at least “A” by Moody’s or S&P and having maturities of not more than one year from the date of acquisition; and 

  

	 	(27)	money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition.

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

 

	 	(28)	the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of
all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act); 

 

	 	(29)	the adoption of a plan relating to the liquidation or dissolution of the Company; 

 

	 	(30)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the Beneficial Owner, directly or
indirectly, of 50% or more of the voting power of the Voting Stock of the Company; 

  

	 	(31)	the first day on which a majority of the members of the Board of Directors of the Company are not Continuing Directors; or 

 

	 	(32)	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into the Company or a Subsidiary of the Company,
in any such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction where (A) the
Voting Stock of the Company outstanding immediately prior to such transaction continues as, or is converted into or exchanged for Voting Stock (other than Disqualified Stock) of the surviving or transferee Person constituting a majority of the
outstanding shares of such Voting Stock of such surviving or transferee Person (immediately after giving effect to such issuance) and (B) immediately after such transaction, no “person” or “group” (as such terms are used in
Section 13(d) and 14(d) of the Exchange Act) becomes, directly or indirectly, the Beneficial Owner of 50% or more of the voting power of the Voting Stock of the surviving or transferee Person. 

“Change of Control Triggering Event” means the occurrence of a Change of Control (x) that is accompanied or
followed by a downgrade of the Notes within the Ratings Decline Period by each of Moody’s and S&P or, if either S&P and Moody’s is not providing a rating on the Notes at any time for reasons outside the control of the Company, the
equivalent of 

  
 5 

 
such ratings by another nationally recognized statistical ratings organization selected by the Company (as certified by a resolution of the Board of Directors of the Company), and (y) the
rating of the Notes on any day during such Ratings Decline Period is below the lower of the rating by such nationally recognized statistical ratings organization in effect (i) immediately preceding the first public announcement of the Change of
Control (or occurrence thereof if such Change of Control occurs prior to public announcement) and (ii) on the Issue Date. 

“Clearstream” means Clearstream Banking S.A. and any successor thereto. 

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

“Common Stock” means, with respect to any Person, any Capital Stock (other than Preferred Stock) of such Person, whether
outstanding on the Issue Date or issued thereafter. 
 “Company” means Windstream Corporation, a Delaware
corporation, until a successor replaces it pursuant to Article Five and thereafter means the successor. 
 “Consolidated
Cash Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 

 

	 	(33)	provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted
in computing such Consolidated Net Income; plus 

  

	 	(34)	Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that any such Fixed Charges were deducted in computing such Consolidated Net
Income; plus 

  

	 	(35)	depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), goodwill
impairment charges and other non-cash expenses (excluding any such non-cash expense to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior
period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation, amortization and other non-cash charges or expenses were deducted in computing such Consolidated Net Income; plus

  

	 	(36)	the amount of any minority interest expense deducted in computing such Consolidated Net Income; plus 

 

	 	(37)	any non-cash compensation charge arising from any grant of stock, stock options or other equity-based awards, to the extent deducted in computing such Consolidated Net
Income; plus 

  

	 	(38)	any non-cash SFAS 133 income (or loss) related to hedging activities, to the extent deducted in computing such Consolidated Net Income; minus

  
 6 

	 	(39)	non-cash items increasing such Consolidated Net Income for such period, other than (a) the accrual of revenue consistent with past practice and (b) the
reversal in such period of an accrual of, or cash reserve for, cash expenses in a prior period, to the extent such accrual or reserve did not increase Consolidated Cash Flow in a prior period; 

in each case, on a consolidated basis and determined in accordance with GAAP. 
 Notwithstanding the preceding, the provision for taxes based on the income or profits of, the Fixed Charges of and the depreciation and amortization and other non-cash expenses of, a Restricted Subsidiary
of the Company shall be added to Consolidated Net Income to compute Consolidated Cash Flow of the Company (A) in the same proportion that the Net Income of such Restricted Subsidiary was added to compute such Consolidated Net Income of the
Company and (B) only to the extent that a corresponding amount would be permitted at the date of determination to be dividended or distributed to the Company by such Restricted Subsidiary without direct or indirect restriction pursuant to the
terms of its charter and all agreements and instruments applicable to that Subsidiary or its stockholders. 

“Consolidated Leverage Ratio” means, as of any date of determination, the ratio of: 

 

	 	(40)	the aggregate outstanding amount of Indebtedness of the Company and its Restricted Subsidiaries as of such date of determination on a consolidated basis (subject to the
terms described in paragraph (2) below) after giving pro forma effect to the incurrence of the Indebtedness giving rise to the need to make such calculation (including a pro forma application of the use of proceeds therefrom) on such date, to

  

	 	(41)	the Consolidated Cash Flow of the Company for the most recent four full fiscal quarters for which internal financial statements are available immediately prior to such
date of determination. 

 For purposes of this definition: 

 

	 	(a)	 Consolidated Cash Flow shall be calculated on a pro forma basis after giving effect to (A) the incurrence of the Indebtedness of the Company and
its Restricted Subsidiaries (and the application of the proceeds therefrom) giving rise to the need to make such calculation and any incurrence (and the application of the proceeds therefrom) or repayment of other Indebtedness on the date of
determination, and (B) any acquisition or disposition of a Person, division or line of business (including, without limitation, any acquisition giving rise to the need to make such calculation as a result of the Company or one of its Restricted
Subsidiaries (including any Person that becomes a Restricted Subsidiary as a result of such acquisition) incurring, assuming or otherwise becoming liable for Indebtedness) at any time on or subsequent to the first day of the applicable four-quarter
period specified in clause (2) of the preceding 

  
 7 

	 	 
paragraph and on or prior to the date of determination, as if such acquisition or disposition (including the incurrence or assumption of any such Indebtedness and also including any Consolidated
Cash Flow associated with such acquisition or disposition) occurred on the first day of such four-quarter period; and 

  

	 	(b)	pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. 

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

	 	(42)	the Net Income of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting shall be included only to the extent of the
amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary thereof (and the net loss of any such Person shall be included only to the extent that such loss is funded in cash by the specified Person or a
Restricted Subsidiary thereof); 

  

	 	(43)	the Net Income of any Restricted Subsidiary shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted
Subsidiary of that Net Income is not at the date of determination permitted directly or indirectly, by operation of the terms of its charter or any agreement or instrument applicable to that Restricted Subsidiary or its equityholders;

  

	 	(44)	the Net Income of any Person acquired during the specified period for any period prior to the date of such acquisition shall be excluded; 

 

	 	(45)	the cumulative effect of a change in accounting principles shall be excluded; and 

 

	 	(46)	notwithstanding clause (1) above, the Net Income or loss of any Unrestricted Subsidiary shall be excluded, whether or not distributed to the specified Person or
one of its Subsidiaries. 

 “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors of the Company who: 
  

	 	(47)	was a member of such Board of Directors on the Issue Date; or 

  

	 	(48)	was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors
at the time of such nomination or election. 

 “Corporate Trust Office of the Trustee” shall be
at the address of the Trustee specified in Section 12.02 or such other address as to which the Trustee may give notice to the Company. 

  
 8 

 “Credit Agreement” means that certain Amended and Restated Credit Agreement
dated as of October 19, 2009, as amended by Amendment No. 1 to Credit Agreement and Amendment No. 1 to Security Agreement, dated as of September 17, 2010, among the Company, certain lenders party thereto, JPMorgan Chase Bank,
N.A., as Administrative Agent and Collateral Agent, and Bank of America, N.A., Citibank, N.A. and Wells Fargo Bank, N.A. (as successor to Wachovia Bank, National Association), as Co-Documentation Agents, and J.P. Morgan Securities Inc., as Sole
Bookrunner and Lead Arranger, including any related notes, Guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from
time to time after the Issue Date (including increases in the amounts available for borrowing thereunder), regardless of whether such amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the same financial
institutions or otherwise. 
 “Credit Facilities” means one or more debt facilities (including, without
limitation, the Credit Agreement and indentures or debt securities) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving credit loans, term debt, receivables financing (including through the
sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or
in part from time to time, including any refunding, replacement or refinancing thereof through the issuance of debt securities. 

“Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 “Default” means any event that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Sections 2.02 and 2.07, substantially in the form of Exhibit A, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.04 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

 “Designated Noncash Consideration” means the Fair Market Value of noncash consideration received by the
Company or one of its Restricted Subsidiaries in connection with an Asset Sale that is so designated as Designated Noncash Consideration pursuant to an Officers’ Certificate, setting forth the basis of such valuation, less the amount of Cash
Equivalents received in connection with a subsequent sale of such Designated Noncash Consideration. 
 “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder thereof), or upon the happening of any event, matures
or is mandatorily 

  
 9 

 
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 123 days after the date
on which the Notes mature; provided, however, that only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such dates
shall be deemed to be Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Company to repurchase such Capital Stock
upon the occurrence of a change of control or an asset sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless
such repurchase or redemption complies with Section 4.07. The term “Disqualified Stock” shall also include any options, warrants or other rights that are convertible into Disqualified Stock or that are redeemable at the option of the
holder, or required to be redeemed, prior to the date that is 123 days after the date on which the Notes mature. 

“Domestic Restricted Subsidiary” means any Restricted Subsidiary of the Company other than a Restricted Subsidiary that
is (1) a “controlled foreign corporation” under Section 957 of the Internal Revenue Code (a) whose primary operating assets are located outside the United States and (b) that is not subject to tax under
Section 882(a) of the Internal Revenue Code because of a trade or business within the United States or (2) a Subsidiary of an entity described in the preceding clause (1). 

“Earn-out Obligation” means any contingent consideration based on future operating performance of the acquired entity or
assets or other purchase price adjustment or indemnification obligation, payable following the consummation of an acquisition based on criteria set forth in the documentation governing or relating to such acquisition. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Equity Offering” means any
public or private placement of Capital Stock (other than Disqualified Stock) of the Company to any Person (other than (i) to any Subsidiary thereof and (ii) issuances of equity securities pursuant to a registration statement on Form S-8 or
otherwise relating to equity securities issuable under any employee benefit plan of the Company). 

“Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system, and any successor thereto. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Exchange Notes” means the Notes issued in the Exchange Offer in accordance with Section 2.07(f). 

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

  
 10 

 “Exchange Offer Registration Statement” has the meaning set forth in the
Registration Rights Agreement. 
 “Existing Indebtedness” means the aggregate principal amount of Indebtedness
of the Company and its Restricted Subsidiaries (other than Indebtedness under the Credit Agreement or under the Notes and the related Note Guarantees) in existence on the Issue Date after giving effect to the application of the proceeds of the Notes
until such amounts are repaid. 
 “Fair Market Value” means the price that would be paid in an
arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy, as determined in good faith by a responsible officer of the Company, whose determination,
unless otherwise specified below, shall be conclusive if evidenced by an Officers’ Certificate. Notwithstanding the foregoing, the responsible officer’s determination of Fair Market Value must be evidenced by an Officers’ Certificate
delivered to the Trustee if the Fair Market Value exceeds $25.0 million. 
 “Fixed Charges” means, with respect
to any specified Person for any period, the sum, without duplication, of: 
  

	 	(49)	the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, original issue
discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions,
discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments made or received pursuant to Hedging Obligations, but excluding the amortization or write-off
of debt issuance costs; plus 

  

	 	(50)	the consolidated interest of such Person and its Restricted Subsidiaries that was capitalized during such period; plus 

 

	 	(51)	any interest expense on Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such
Person or one of its Restricted Subsidiaries (other than a pledge of Equity Interests of an Unrestricted Subsidiary to secure Non-Recourse Debt of such Unrestricted Subsidiary), whether or not such Guarantee or Lien is called upon; plus

  

	 	(52)	 the product of (a) all dividends, whether paid or accrued (but, in the case of accrued, only in the case of (x) Preferred Stock of any
Restricted Subsidiary of such Person that is not a Guarantor or (y) Disqualified Stock of such Person or of any of its Restricted Subsidiaries) and whether or not in cash, on any series of Disqualified Stock of such Person or on any series of
Preferred Stock of such Person’s Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests (other than Disqualified Stock) of such Person or to such Person or to a Restricted Subsidiary of such Person,
times (b) a fraction, the 

  
 11 

	 	 
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,

 in each case, on a consolidated basis and in accordance with GAAP. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants, the opinions and pronouncements of the Public Company Accounting Oversight Board and in the statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on July 17, 2006. 
 “Global Note Legend” means the legend set forth in Section 2.07(g)(ii), 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, issued in accordance with Section 2.01 or Section 2.07. 

“Government Securities” means securities that are direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged. 
 “Guarantee” means, as to any Person, a guarantee
other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement
agreements in respect thereof, of all or any part of any Indebtedness of another Person. 
 “Guarantors” means:

  

	 	(53)	each direct and indirect Restricted Subsidiary of the Company that Guarantees any Indebtedness under the Credit Agreement on the Issue Date; and

  

	 	(54)	any other Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this Indenture; 

and their respective successors and assigns until released from their obligations under their Note Guarantees and this Indenture in accordance with the
terms of this Indenture. 
 “Hedging Obligations” means, with respect to any specified Person, the obligations
of such Person under: 
  

	 	(55)	interest rate swap agreements, interest rate cap agreements, interest rate collar agreements and other agreements or arrangements with respect to interest rates;

  

	 	(56)	commodity swap agreements, commodity option agreements, forward contracts and other agreements or arrangements with respect to commodity prices; and

  
 12 

	 	(57)	foreign exchange contracts, currency swap agreements and other agreements or arrangements with respect to foreign currency exchange rates. 

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

“Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become directly
or indirectly liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness (and “Incurrence” and “Incurred” shall have meanings correlative to the foregoing); provided
that (1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary of the Company shall be deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary of the Company
and (2) neither the accrual of interest nor the accretion of original issue discount nor the payment of interest in the form of additional Indebtedness with the same terms and the payment of dividends on Disqualified Stock or Preferred Stock in
the form of additional shares of the same class of Disqualified Stock or Preferred Stock (to the extent provided for when the Indebtedness or Disqualified Stock or Preferred Stock on which such interest or dividend is paid was originally issued)
shall be considered an Incurrence of Indebtedness; provided that in each case the amount thereof is for all other purposes included in the Fixed Charges and Indebtedness of the Company or its Restricted Subsidiary as accrued. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:

  

	 	(58)	in respect of borrowed money; 

  

	 	(59)	evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof); 

 

	 	(60)	in respect of banker’s acceptances; 

  

	 	(61)	in respect of Capital Lease Obligations and Attributable Debt; 

  

	 	(62)	in respect of the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense or trade
payable; provided that Indebtedness shall not include any Earn-out Obligation or obligation in respect of purchase price adjustment, except to the extent that the contingent consideration relating thereto is not paid within 15 Business Days
after the contingency relating thereto is resolved; 

  

	 	(63)	representing Hedging Obligations; 

  

	 	(64)	representing Disqualified Stock valued at the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued dividends; or

  

	 	(65)	 in the case of a Subsidiary of such Person, representing Preferred Stock valued at the greater of its voluntary or involuntary maximum fixed repurchase
price plus accrued dividends, 

  
 13 

	 	 
if and to the extent any of the preceding items (other than letters of credit and other than pursuant to clauses (4), (5), (6), (7) or (8)) would appear as a liability upon a balance
sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is
assumed by the specified Person) other than a pledge of Equity Interests of an Unrestricted Subsidiary to secure Non-Recourse Debt of such Unrestricted Subsidiary, provided that the amount of such Indebtedness shall be the lesser of
(A) the Fair Market Value of such asset at such date of determination and (B) the amount of such Indebtedness, and (y) to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other
Person, provided further that any obligation of the Company or any Restricted Subsidiary in respect of minimum guaranteed commissions, or other similar payments, to clients, minimum returns to clients or stop loss limits in favor of clients
or indemnification obligations to clients, in each case pursuant to contracts to provide services to clients entered into in the ordinary course of business, shall be deemed not to constitute Indebtedness. For purposes hereof, the “maximum
fixed repurchase price” of any Disqualified Stock or Preferred Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock, as applicable, as if such
Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture. 

 The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation, and shall be: 
  

	 	(66)	the accreted value thereof, in the case of any Indebtedness issued with original issue discount; and 

 

	 	(67)	the principal amount thereof, together with any interest thereon that is more than 30 days past due, in the case of any other Indebtedness. 

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

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 “Initial Purchasers” means the initial purchasers of the Notes under the Purchase Agreement. 

“Insignificant Subsidiary” means any Subsidiary of the Company that has total assets of not more than $1.0 million and
that is designated by the Company as an “Insignificant Subsidiary;” provided that the total assets of all Subsidiaries that are so designated, as reflected on the Company’s most recent consolidating balance sheet prepared in
accordance with GAAP, may not in the aggregate at any time exceed $10.0 million. 
 “Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, which is not also a QIB. 

  
 14 

 “Investment Grade “ means both BBB- or higher by S&P and Baa3 or higher
by Moody’s, or the equivalent of such ratings by S&P or Moody’s, or, if either S&P and Moody’s is not providing a rating on the Notes at any time, the equivalent of such rating by another nationally recognized statistical
ratings organization. 
 “Investments” means, with respect to any Person, all direct or indirect investments by
such Person in other Persons (including Affiliates) in the form of loans or other extensions of credit (including Guarantees), advances, capital contributions (by means of any transfer of cash or other property to others or any payment for property
or services for the account or use of others), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet
prepared in accordance with GAAP. 
 If the Company or any of its Restricted Subsidiaries sells or otherwise disposes of any
Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company shall be deemed to have made
an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Investment in such Subsidiary not sold or disposed of. The acquisition by the Company or any of its Restricted Subsidiaries of a Person that holds an
Investment in a third Person shall be deemed to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investment held by the acquired Person in such third Person.

 “Issue Date” means the date of original issuance of the Notes under this Indenture. 

“Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City of New York or at a place
of payment are authorized or required by law, regulation or executive order to remain closed. 
 “Legended Regulation S
Global Note” means a global Note in the form of Exhibit A, 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, issued in
a denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of Regulation S. 
 “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.

 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

  
 15 

 “Moody’s” means Moody’s Investors Service, Inc. and its
successors. 
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however: 
  

	 	(68)	any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (a) any sale of assets outside the ordinary
course of business of such Person; or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and

  

	 	(69)	any extraordinary or non-recurring gain, loss, expense or charge (including any one-time expenses related to the Transactions), together with any related provision for
taxes. 

 “Net Proceeds” means the aggregate cash proceeds, including payments in respect of
deferred payment obligations (to the extent corresponding to the principal, but not the interest component, thereof) received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of (1) the direct costs relating to such Asset Sale and the sale or other disposition of any such non-cash consideration, including,
without limitation, legal, accounting, investment banking and brokerage fees, and sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes paid or payable as a result thereof, in each case, after taking into
account any available tax credits or deductions and any tax sharing arrangements, (3) amounts required to be applied to the repayment of Indebtedness or other liabilities secured by a Lien on the asset or assets that were the subject of such
Asset Sale or required to be paid as a result of such sale, (4) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP, (5) in the case of any Asset Sale by a Restricted
Subsidiary of the Company, payments to holders of Equity Interests in such Restricted Subsidiary in such capacity (other than such Equity Interests held by the Company or any Restricted Subsidiary thereof) to the extent that such payment is required
to permit the distribution of such proceeds in respect of the Equity Interests in such Restricted Subsidiary held by the Company or any Restricted Subsidiary thereof and (6) appropriate amounts to be provided by the Company or its Restricted
Subsidiaries as a reserve against liabilities associated with such Asset Sale, including, without limitation, pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any
indemnification obligations associated with such Asset Sale, all as determined in accordance with GAAP; provided that (a) excess amounts set aside for payment of taxes pursuant to clause (2) above remaining after such taxes have
been paid in full or the statute of limitations therefor has expired and (b) amounts initially held in reserve pursuant to clause (6) no longer so held, shall, in the case of each of subclause (a) and (b), at that time become Net
Proceeds. 
 “Non-Recourse Debt” means Indebtedness: 

  
 16 

	 	(70)	as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument
that would constitute Indebtedness) other than a pledge of the Equity Interests of the Unrestricted Subsidiary that is the obligor thereunder, (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender;

  

	 	(71)	no default with respect to which (including any rights that the holders thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit
upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or
payable prior to its stated maturity; and 

  

	 	(72)	as to which either (a) the explicit terms provide that there is no recourse against any of the assets of the Company or any Restricted Subsidiary thereof or
(b) the lenders have been notified in writing that they shall not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries, in each case other than recourse against the Equity Interests of the Unrestricted
Subsidiary that is the obligor thereunder. 

 “Non-U.S. Person” means a Person who is not a U.S.
Person. 
 “Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture. 

“Notes” means the 7.50% Senior Notes due 2023 of the Company issued on the date hereof and any Additional Notes,
including any Exchange Notes issued in exchange therefor. The Notes and the Additional Notes (including any Exchange Notes issued in exchange therefor), if any, shall be treated as a single class for all purposes under this Indenture. 

“Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other
liabilities payable under the documentation governing any Indebtedness. 
 “Offering Memorandum” means the
final offering memorandum, dated March 2, 2011, relating to the Notes. 
 “Officer” means, with respect to
any Person, the Chairman of the Board, the President, the Chief Financial Officer, any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Company by at least two Officers of the
Company, one of whom must be the principal executive officer, the principal financial officer or the principal accounting officer of the Company, that meets the requirements of this Indenture. 

  
 17 

 “Opinion of Counsel” means an opinion from legal counsel who is reasonably
acceptable to the Trustee (who may be counsel to or an employee of the Company) that meets the requirements of this Indenture. 

“Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the
Depositary, Euroclear or Clearstream, respectively (and with respect to DTC, shall include Euroclear and Clearstream). 

“Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

“Permitted Business” means any business conducted or proposed to be conducted (as described in the Offering Memorandum)
by the Company and its Restricted Subsidiaries on the Issue Date and other businesses reasonably related thereto or a reasonable extension or expansion thereof. 
 “Permitted Investments” means: 
  

	 	(73)	any Investment in the Company or in a Restricted Subsidiary of the Company; 

 

	 	(74)	any Investment in Cash Equivalents; 

  

	 	(75)	any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment: 

 

	 	(a)	such Person becomes a Restricted Subsidiary of the Company; 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 into, the Company or a
Restricted Subsidiary of the Company; 

  

	 	(76)	any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10;

  

	 	(77)	Hedging Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to
reverse or amend any such agreements previously made for such purposes), and not for speculative purposes; 

  

	 	(78)	any Investment acquired by the Company or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts receivable held by the Company or
any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable or (b) as a result of a foreclosure by the Company or
any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

  
 18 

	 	(79)	advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits
on the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business; 

  

	 	(80)	Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or purchases of contract rights or licenses or leases of
intellectual property, in each case in the ordinary course of business; 

  

	 	(81)	advances to employees not in excess of $5.0 million outstanding at any one time in the aggregate; 

 

	 	(82)	commission, payroll, travel and similar advances to officers and employees of the Company or any of its Restricted Subsidiaries that are expected at the time of such
advance ultimately to be recorded as an expense in conformity with GAAP; 

  

	 	(83)	Investments consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons; 

 

	 	(84)	other Investments in any Person other than any Unrestricted Subsidiary of the Company (provided that any such Person is either (i) not an Affiliate of the Company
or (ii) is an Affiliate of the Company (A) solely because the Company, directly or indirectly, owns Equity Interests in, or controls, such Person or (B) engaged in bona fide business operations and is an Affiliate solely
because it is under common control with the Company) having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments
made pursuant to this clause (12) since July 17, 2006 and then outstanding, not to exceed the greater of (x) 5.0% of Total Assets and (y) $375.0 million at the time of such Investment; provided, however, that if an
Investment pursuant to this clause (12) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of the Investment and such Person becomes a Restricted Subsidiary of the Company after such date, such
Investment shall thereafter be deemed to have been made pursuant to clause (1) above, and shall cease to have been made pursuant to this clause (12); and 

 

	 	(85)	Investments in Unrestricted Subsidiaries having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to
subsequent changes in value), when taken together with all other Investments made pursuant to this clause (13) since July 17, 2006, not to exceed $25.0 million (but, to the extent that any Investment made pursuant to this clause
(13) since July 17, 2006 is sold or otherwise liquidated for cash or designated as a Restricted Subsidiary, minus the lesser of (a) the cash return of capital with respect to such Investment (less the cost of disposition, if any) or
the Fair Market Value of such Unrestricted Subsidiary at the time of redesignation, as applicable, and (b) the initial amount of such Investment). 

  
 19 

 “Permitted Liens” means: 

 

	 	(86)	Liens securing obligations in an amount when created or Incurred, together with the amount of all other obligations secured by a Lien under this clause (1) at that
time outstanding (and any Permitted Refinancing Indebtedness Incurred in respect thereof) and (in the case of clause (B) only) any Liens securing obligations in respect of the 6.75% Notes due 2028 of Windstream Holding of the Midwest, Inc., not
to exceed the greater of (A) the sum of (i) the amount of Indebtedness Incurred and outstanding at such time under Section 4.09(b)(i), (iv) and (xv) plus (ii) the amount of Indebtedness available for Incurrence
at such time under Section 4.09(b)(i), (iv) and (xv) and (B) the product of (x) 2.50 and (y) the Company’s Consolidated Cash Flow for the most recent four fiscal quarters for which internal financial statements are
available at such time, which Consolidated Cash Flow shall be calculated on a pro forma basis in the manner set out in clause (a) of the definition of “Consolidated Leverage Ratio”; 

 

	 	(87)	Liens in favor of the Company or any Guarantor; 

  

	 	(88)	Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary thereof;
provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary;

  

	 	(89)	Liens on property existing at the time of acquisition thereof by the Company or any Restricted Subsidiary thereof; provided that such Liens were in existence
prior to the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Company or the Restricted Subsidiary; 

 

	 	(90)	Liens securing the Notes and the Note Guarantees in respect thereof; 

  

	 	(91)	Liens existing on the Issue Date (excluding any such Liens securing Indebtedness under the Credit Agreement); 

 

	 	(92)	Liens securing Permitted Refinancing Indebtedness; provided that such Liens do not extend to any property or assets other than the property or assets that secure
the Indebtedness being refinanced; 

  

	 	(93)	pledges of Equity Interests of an Unrestricted Subsidiary securing Non-Recourse Debt of such Unrestricted Subsidiary; 

 

	 	(94)	Liens on cash or Cash Equivalents securing Hedging Obligations of the Company or any of its Restricted Subsidiaries (a) that are Incurred for the purpose of
fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or amend any such agreements previously made for such purposes), and not for speculative purposes, or (b) securing letters of
credit that support such Hedging Obligations; 

  
 20 

	 	(95)	Liens incurred or deposits made in the ordinary course of business in connection with worker’s compensation, unemployment insurance or other social security
obligations; 

  

	 	(96)	Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of Indebtedness), leases, or other similar
obligations arising in the ordinary course of business; 

  

	 	(97)	survey exceptions, encumbrances, easements or reservations of, or rights of other for, rights of way, zoning or other restrictions as to the use of properties, and
defects in title which, in the case of any of the foregoing, were not incurred or created to secure the payment of Indebtedness, and which in the aggregate do not materially adversely affect the value of such properties or materially impair the use
for the purposes of which such properties are held by the Company or any of its Restricted Subsidiaries; 

  

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

  

	 	(99)	Liens, deposits or pledges to secure public or statutory obligations, surety, stay, appeal, indemnity, performance or other similar bonds or obligations; and Liens,
deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or obligations, or to secure letters of credit in lieu of or supporting the payment of such bonds or obligations; 

 

	 	(100)	Liens in favor of collecting or payor banks having a right of setoff, revocation, refund or chargeback with respect to money or instruments of the Company or any
Subsidiary thereof on deposit with or in possession of such bank; 

  

	 	(101)	any interest or title of a lessor, licensor or sublicensor in the property subject to any lease, license or sublicense (other than any property that is the subject of a
Sale Leaseback Transaction); 

  

	 	(102)	Liens for taxes, assessments and governmental charges not yet delinquent or being contested in good faith and for which adequate reserves have been established to the
extent required by GAAP; 

  

	 	(103)	Liens arising from precautionary UCC financing statements regarding operating leases or consignments; and 

 

	 	(104)	Liens securing obligations that do not exceed $15.0 million at any one time outstanding. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued
in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the 

  
 21 

 
Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness); provided that: 
  

	 	(105)	the amount of such Permitted Refinancing Indebtedness does not exceed the amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded
(plus all accrued and unpaid interest thereon and the amount of any reasonably determined premium necessary to accomplish such refinancing and such reasonable expenses incurred in connection therewith); 

 

	 	(106)	such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater
than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

  

	 	(107)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes or the Note Guarantees, such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of the Notes and is subordinated in right of payment to the Notes or the Note Guarantees, as applicable, on terms at least as favorable, taken as a
whole, to the Holders of Notes as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

 

	 	(108)	if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is pari passu in right of payment with the Notes or any Note Guarantees,
such Permitted Refinancing Indebtedness is pari passu with, or subordinated in right of payment to, the Notes or such Note Guarantees; 

  

	 	(109)	and such Indebtedness is Incurred either (a) by the Company or any Guarantor or (b) by the Restricted Subsidiary that is the obligor on the Indebtedness being
extended, refinanced, renewed, replaced, defeased or refunded. 

 “Person” means any individual,
corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
 “Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions upon liquidation. 
 “Private Placement Legend” means the legend set forth in
Section 2.07(g)(i) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “Purchase Agreement” means the Purchase Agreement dated March 2, 2011 among the Company, the Guarantors and Citigroup Global Markets Inc., as representative of the several Initial
Purchasers. 

  
 22 

 “QIB” means a “qualified institutional buyer” as defined in Rule
144A. 
 “Ratings Decline Period” means the period that (i) begins on the earlier of (a) the date of
the first public announcement of the occurrence of a Change of Control or of the intention by the Company or a shareholder of the Company, as applicable, to effect a Change of Control or (b) the occurrence thereof and (ii) ends 60 days
following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable rating agency, is under publicly announced consideration for downgrade by the
applicable rating agency. 
 “Registration Rights Agreement” means (1) with respect to the Notes issued on
the Issue Date, the Registration Rights Agreement, to be dated the Issue Date, among the Company, the Guarantors and Citigroup Global Markets Inc., as representative of the several Initial Purchasers, and (2) with respect to any Additional
Notes, any registration rights agreement between the Company and the other parties thereto relating to the registration by the Company of such Additional Notes under the Securities Act. 

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

“Regulation S Global Note” means a Legended Regulation S Global Note or an Unlegended Regulation S Global Note, as
appropriate. 
 “Replacement Assets” means (1) non-current assets (including any such assets acquired by
capital expenditures) that shall be used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business or the Voting Stock of any Person engaged in a Permitted Business that is or shall become on the date of
acquisition thereof a Restricted Subsidiary of the Company. 
 “Responsible Officer,” when used with respect to
the Trustee, means any officer within the corporate trust department of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such 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. 
 “Restricted Definitive Note” means a
Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a Global Note bearing
the Private Placement Legend. 
 “Restricted Investment” means an Investment other than a Permitted Investment.

 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

  
 23 

 “Restricted Subsidiary” of a Person means any Subsidiary of such Person
that is not an Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act.

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

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

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

“S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc., and its successors.

 “Sale and Leaseback Transaction” means, with respect to any Person, any transaction involving any of the
assets or properties of such Person whether now owned or hereafter acquired, whereby such Person sells or otherwise transfers such assets or properties and then or thereafter leases such assets or properties or any part thereof or any other assets
or properties which such Person intends to use for substantially the same purpose or purposes as the assets or properties sold or transferred. 
 “Securities Act” means the Securities Act of 1933, as amended. 

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

 “Significant Subsidiary” means any Restricted Subsidiary that would constitute a “significant
subsidiary” within the meaning of Article 1 of Regulation S-X of the Securities Act. 
 “Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not
include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
 “Subordinated Debt” means any Indebtedness of the Company or any Guarantor which is subordinated in right of payment to the Notes or the related Note Guarantees, as applicable, pursuant
to a written agreement to that effect. 
 “Subsidiary” means, with respect to any specified Person: 

 

	 	(110)	any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a combination
thereof); and 

  
 24 

	 	(111)	any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general
partners of which are such Person or one or more Subsidiaries of such Person (or any combination thereof). 

“Total Assets” means the total assets of the Company and its Restricted Subsidiaries on a consolidated basis, as shown
on the most recent balance sheet of the Company prepared in conformity with GAAP but excluding the value of any outstanding Restricted Investments or Investments made under clause (12) of the definition of Permitted Investments. 

“TIA” means the Trust Indenture Act of 1939, as amended, as in effect on the date on which this Indenture is qualified
under the TIA. 
 “Transactions” means the contribution of all of Alltel’s wireline assets to the Company
in exchange for, among other things, senior notes and all of the stock of the Company, the distribution of such stock to Alltel’s shareholders and exchange of notes for other debt securities of Alltel, the merger of the Company with and into
Valor, and the entry into the Credit Agreement and the borrowings thereunder on June 17, 2006 and the offering of notes each as described under the heading “Description of the Transactions” in the offering memorandum dated
June 28, 2006 relating to the issuance of such notes. 
 “Treasury Rate” means the yield to maturity at
the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days
prior to the date fixed for prepayment (or, if such Statistical Release is no longer published, any publicly available source for similar market data)) most nearly equal to the then remaining term of the Notes to April 1, 2016; provided,
however, that if the then remaining term of the Notes to April 1, 2016 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the then remaining term of the Notes to April 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 shall be used. 
 “Trustee” means U.S. Bank National Association, until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving
hereunder. 
 “Unlegended Regulation S Global Note” means a permanent global Note in the form of Exhibit
A, bearing the Global Note Legend, deposited with or on behalf of and registered in the name of the Depositary or its nominee and issued upon expiration of the Restricted Period. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the
Private Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note substantially in the form
of Exhibit A, that bears the Global Note Legend, that has the “Schedule of Exchanges of 

  
 25 

 
Interests in the Global Note” attached thereto, that is deposited with or on behalf of and registered in the name of the Depositary and that does not bear the Private Placement Legend.

 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors
of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution in compliance with Section 4.16 and any Subsidiary of such Subsidiary. 
 “U.S. Person” means a U.S. person as defined in Rule 902(k) under the Securities Act. 
 “Valor” means Valor Communications Group, Inc., a Delaware corporation. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is ordinarily entitled to vote in the election of the Board of Directors of such Person.

 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: 
  

	 	(112)	the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by 

 

	 	(113)	the then outstanding principal amount of such Indebtedness. 

 Section 1.02. Other Definitions. 
  

					
	 Term
	  	Defined in
Section	 
	 “Act”
	  	 	12.14	  
	 “Affiliate Transaction”
	  	 	4.11	  
	 “Asset Sale Offer”
	  	 	4.10	  
	 “Authentication Order”
	  	 	2.02	  
	 “Basket Period”
	  	 	4.07	  
	 “Change of Control Offer”
	  	 	4.14	  
	 “Change of Control Payment”
	  	 	4.14	  
	 “Change of Control Payment Date”
	  	 	4.14	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Credit Facility Refinancing”
	  	 	4.09	  
	 “DTC”
	  	 	2.01	  
	 “Event of Default”
	  	 	6.01	  
	 “Excess Proceeds”
	  	 	4.10	  
	 “Excess Proceeds Trigger Date”
	  	 	4.10	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Offer Amount”
	  	 	3.08	  
	 “Offer Period”
	  	 	3.08	  

  
 26 

					
	 Term
	  	Defined in
Section	 
	 “offshore transaction”
	  	 	2.07	  
	 “Paying Agent”
	  	 	2.04	  
	 “Payment Default”
	  	 	6.01	  
	 “Permitted Debt”
	  	 	4.09	  
	 “Purchase Date”
	  	 	3.08	  
	 “Registrar”
	  	 	2.04	  
	 “Related Proceedings”
	  	 	12.09	  
	 “Repurchase Offer”
	  	 	3.08	  
	 “Restricted Payments”
	  	 	4.07	  
	 “Specified Courts”
	  	 	12.09	  

 Section 1.03. Incorporation
by Reference of Trust Indenture Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. 
 The following TIA terms used in this Indenture have the
following meanings: 
 “indenture securities” means the Notes and the Note Guarantees; 

“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 means the Company, the Guarantors and any successor obligor upon the Notes or the Note
Guarantees. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute
or defined by Commission rule under the TIA have the meanings so assigned to them. 
 Section 1.04. Rules of Construction.

 Unless the context otherwise requires: 
  

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

  

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

 

	 	(c)	“or” is not exclusive; 

  

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

  
 27 

	 	(e)	“herein”, “hereof” and other word of similar import refer to this Indenture as a whole and not to any particular Section, Article or other
subdivision; 

  

	 	(f)	all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of or to this Indenture unless otherwise indicated; and

  

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

 ARTICLE TWO 
 THE NOTES 
 Section 2.01. Form and Dating. General. The Notes and the
Trustee’s certificate of authentication shall be substantially in the form of Exhibit A. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its
authentication. The Notes shall be issued in registered form without interest coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 
 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. 
 (b) Global Notes. The Notes issued in global form shall be substantially in the form of Exhibit A,
(and shall include the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). The Notes issued in definitive form shall be substantially in the form of Exhibit A (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 therein and each shall provide
that it represents the aggregate principal amount of outstanding 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 appropriate,
to reflect exchanges and redemptions. 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, if the Custodian and
the Trustee are not the same Person, by the Custodian at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.07 hereof. 

(c) Regulation S Global Notes. The Notes offered and sold in reliance on Regulation S shall be issued initially in the form of one
or more Legended Regulation S Global Note, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for The Depository Trust Company (“DTC”) in New York, New York, and
registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the Company 

  
 28 

 
and authenticated by the Trustee as hereinafter provided. Following the termination of the Restricted Period, beneficial interests in the Legended Regulation S Global Note may be exchanged for
beneficial interests in Unlegended Regulation S Global Notes pursuant to Section 2.07 and the Applicable Procedures. Simultaneously with the authentication of Unlegended Regulation S Global Notes, the Trustee shall cancel the Legended
Regulation S Global Note. The aggregate principal amount of the Regulation S Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee, as the case may be, in
connection with transfers of interest as hereinafter provided. 
 (d) Euroclear and Clearstream Procedures Applicable.
The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook”
of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
 (e) Form of Initial Notes. The Notes issued on the date of this Indenture shall initially be issued in the form of one or more Restricted Global Notes. 

Section 2.02. Execution and Authentication. 
 One Officer of the Company shall sign the Notes for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

A Note shall not be valid until authenticated by the manual signature of the Trustee. Such signature shall be conclusive evidence that
the Note has been authenticated under this Indenture. 
 The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited. 
 The Company may, subject to Article Four of this Indenture and applicable law,
issue Additional Notes under this Indenture, including Exchange Notes. The Notes issued on the Issue Date and any Additional Notes subsequently issued shall be treated as a single class for all purposes under this Indenture. Furthermore, in the case
of Additional Notes having the same “CUSIP” number as the Notes issued on the date hereof, such Additional Notes shall be fungible with all other Notes for U.S. federal income tax purposes. 

At any time and from time to time after the execution of this Indenture, the Trustee shall, upon receipt of a written order of the
Company signed by an Officer of the Company (an “Authentication Order”), authenticate Notes for (i) original issue in an aggregate principal amount specified in such Authentication Order and (ii) Additional Notes in such
amounts as may be specified from time to time without limit, so long as such issuance is permitted under Article Four of this Indenture and applicable law. The Authentication Order shall specify the amount of Notes to be authenticated and the date
on which the Notes are to be 

  
 29 

 
authenticated. In addition, the Trustee shall issue upon receipt of an Authentication Order other Notes issued in exchange therefor from time to time. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.03. Methods of Receiving Payments on the Notes. 

If a Holder has given wire transfer instructions to the Company, the Company shall pay all principal, interest and premium and Additional
Interest, if any, on that Holder’s Notes in accordance with those instructions. All other payments on Notes shall be made at the office or agency of the Paying Agent and Registrar within the United States of America unless the Company elects to
make interest payments by check mailed to the Holders at their addresses set forth in the register of Holders. 
 Section 2.04.
Registrar and Paying Agent. 
 (a) The Company shall maintain a registrar with an office or agency where Notes may be
presented for registration of transfer or for exchange (“Registrar”) and a paying agent with an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the
Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any
additional paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall promptly notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the
Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

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

(c) The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the
Global Notes. 
 Section 2.05. Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest on the Notes, and shall promptly notify the Trustee of any default by the Company in making any
such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent (if other than the Company or one of its Subsidiaries) shall have 

  
 30 

 
no further liability for the money. If the Company or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money
held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 
 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 all Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee
at least seven 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 of
Notes and the Company shall otherwise comply with TIA Section 312(a). 
 Section 2.07. Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except 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. All Global Notes shall be
exchanged by the Company for Definitive Notes if (i) the Depositary (A) notifies the Company that it is unwilling or unable to continue as Depositary for the Global Notes or (B) has ceased to be a clearing agency registered under the
Exchange Act, and in each case the Company fails to appoint a successor Depositary within 90 days after the date of such notice from the Depositary; (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the
issuance of Definitive Notes, subject to the procedures of the Depositary; provided that in no event shall the Legended Regulation S Global Note be exchanged by the Company for Definitive Notes other than in accordance with
Section 2.07(c)(ii); or (iii) there shall have occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. In addition, beneficial interests in a Global Note may be exchanged for Definitive Notes upon request of a Participant (for itself or on behalf of a beneficial owner) by
written notice given to the Trustee by or on behalf of the Depositary in accordance with the customary procedures of the Depositary and in compliance with this Section 2.07. 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 as provided in this Section 2.07. A Global Note may not be exchanged for another Note other than as provided in this Section 2.07(a); 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

  
 31 

 
beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable: 
 (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any 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 Legended 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)(i). 
 (ii) 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)(i) above, 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 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 Definitive 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 Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange
of beneficial interests in the Legended Regulation S Global Note other than in accordance with Section 2.07(c)(ii). Upon consummation of an Exchange Offer by the Company in accordance with Section 2.07(f), the requirements of this
Section 2.07(b)(ii) 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 at
maturity of the relevant Global Notes pursuant to Section 2.07(i). 
 (iii) 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)(ii) above and the Registrar receives the following: 

  
 32 

 (A) if the transferee shall 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, including the certifications in item (1) thereof; and 

(B) if the transferee shall take delivery in the form of a beneficial interest in a Legended Regulation S Global Note,
then the transferor must deliver a certificate in the form of Exhibit B, including the certifications in item (2) thereof. 
 (iv) 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)(ii) above 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 (1) it is not an affiliate (as defined in Rule 144) of the Company, (2) 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 Notes to be issued in the Exchange Offer and (3) it is acquiring the Exchange Notes in its ordinary course of 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 Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in
accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

(1) 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 in the form of Exhibit C, including the certifications in item (1)(a) thereof; or 

(2) 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, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so
require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company to the 

  
 33 

 
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 2.02 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 Definitive
Notes. 
 (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any
holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted
Definitive Note, then, upon 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 Definitive Note, a certificate from such holder in the form of Exhibit C, including the certifications in item (2)(a) thereof;

 (B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A under the
Securities Act, a certificate to the effect set forth in Exhibit B, including the certifications in item (1) thereof; 
 (C) [INTENTIONALLY OMITTED]; 
 (D) [INTENTIONALLY OMITTED];

 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an
exemption from the registration requirements of the Securities Act other than that listed in subparagraph (B) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable; or 
 (F) if such beneficial interest is being
transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(a) thereof, 

  
 34 

 the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any
Definitive 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 deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

 (ii) Beneficial Interests in Legended Regulation S Global Note to Definitive Notes. A beneficial
interest in the Legended Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to the expiration of the Restricted Period, except in the case
of a transfer pursuant to an exemption from the registration requirements of the Securities Act other than Rule 903 or Rule 904. 
 (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive 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 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 (1) it is not an affiliate (as defined in Rule 144) of the
Company, (2) 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 Notes to be issued in the Exchange Offer and (3) it is acquiring
the Exchange Notes in its ordinary course of 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 Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

  
 35 

 (1) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit C, including the certifications in item (1)(b) thereof; or

 (2) 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 Definitive Note that does not bear the Private Placement Legend, a certificate from such Holder in the form of Exhibit B, including the certifications in item
(4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if
the Applicable Procedures so require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company 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. 
 (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.07(b)(ii), the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.07(i), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) 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 deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not bear the Private Placement Legend. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes 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: 

  
 36 

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

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B, including the certifications in item (1) thereof; 
 (C) if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an “offshore transaction” in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B, including the certifications in
item (2) thereof; or 
 (D) if such Restricted Definitive Note is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B, including the certifications in item (3)(a) thereof, 
 the Trustee shall cancel the Restricted Definitive Note, and increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate Restricted Global
Note, in the case of clause (B) above, the appropriate 144A Global Note, and in the case of clause (C) above, the appropriate Regulation S Global Note. 

(ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of a Restricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive 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 (1) it is not an affiliate (as defined in Rule 144) of the Company,
(2) 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 Notes to be issued in the Exchange Offer and (3) it is acquiring the
Exchange Notes in its ordinary course of 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 Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 

  
 37 

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

(4) if the Holder of such Restricted Definitive Note proposes to transfer such Note 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 in the form of Exhibit B, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar or the Company so requests or if the Applicable Procedures so
require, an opinion of counsel in form reasonably acceptable to the Registrar and the Company 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)(ii), the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the applicable Unrestricted Global
Note. 
 (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Unrestricted Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected
pursuant to subparagraphs (i), (ii)(B), (ii)(D) or (iii) above at a time when a Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.07(e),
the Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a
written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and
information, as applicable, required pursuant to the following provisions of this Section 2.07(e). 

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

(A) if the transfer shall be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B, including the certifications in item (1) thereof; 
 (B)
[INTENTIONALLY OMITTED]; and 
 (C) if the transfer shall be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable.

 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may
be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive 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 (1) it is not an affiliate (as defined in Rule 144) of the Company, (2) 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 Notes to be issued in the Exchange Offer and (3) it is acquiring the Exchange Notes in its
ordinary course of 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 Participating
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
 (D) the Registrar receives the following: 
 (5) if the Holder of
such Restricted Definitive Note proposes to exchange such Note for an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit C, including the certifications in item (1)(d) thereof; or 

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

  
 39 

 and, in each such case set forth in this subparagraph (D), if the Registrar or the Company
so requests, an opinion of counsel in form reasonably acceptable to the Registrar and the Company 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. 
 (iii)
Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request
to register such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in
accordance with Section 2.02, 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 (x) they are not affiliates (as defined in Rule 144) of the Company, (y) they are not engaged in, and do not intend to engage in, and have no arrangement or
understanding with any Person to participate in, a distribution of the Exchange Notes to be issued in the Exchange Offer and (z) they are acquiring the Exchange Notes in their ordinary course of business and (ii) Unrestricted Definitive
Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. Concurrently with the issuance of such 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 deliver to the Persons designated by the Holders of Restricted Global Notes so accepted Unrestricted Global
Notes in the appropriate principal amount. 
 (g) Legends. The following legends shall appear on the face of all Global
Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
 (i) Private Placement Legend. Except as permitted below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in
substantially the following form: 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO 

  
 40 

 
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF
THE COMPANY WAS THE OWNER OF THIS NOTE HEREON (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT
OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE 40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE
(E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A
CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv), (c)(iii),
(c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH 

  
 41 

 
NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III)
THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

(h) Regulation S Global Note Legend. The Regulation S Global Note shall bear a legend in substantially the following form:

 THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). 
 (i) Cancellation and/or Adjustment of Global
Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be
returned to or retained and canceled by the Trustee in accordance with Section 2.12 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 shall take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the
Trustee or by the 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 shall 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. 

(j) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon the Company’s order or at the Registrar’s request. 
 (ii) No
service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive 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 2.11, 3.06, 3.08, 4.10, 4.14 and 9.05). 

  
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 (iii) The Registrar shall not 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. 
 (iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid and legally binding obligations of the Company,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 

(v) 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 day of mailing of a notice of redemption of Notes under Section 3.02 and ending at the close of business on the day of 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, (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date
or (D) to register the transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of Control Offer or an Asset Sale Offer. 
 (vi) 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 interest 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. 

(vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of
Section 2.02. 
 (viii) 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. 
 (ix) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to
any transfer of any interest in any Note (including any transfers between or among depositary participants or beneficial owners of interests in any Global Note) other than to require delivery by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (x) Neither the Trustee nor any Agent shall have the responsibility for any actions taken or not taken by the Depositary. 
 Section 2.08. Replacement Notes. 
 (a) If any mutilated Note is
surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the 

  
 43 

 
Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. An indemnity bond must be supplied
by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for
their expenses in replacing a Note. 
 (b) Every replacement Note is an additional obligation of the Company and shall be
entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Section 2.09.
Outstanding Notes. 
 (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set
forth in Section 2.10, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a Subsidiary thereof shall not be deemed to be outstanding for purposes of
Section 3.07(c). 
 (b) If a Note is replaced pursuant to Section 2.08, it ceases to be outstanding unless the Trustee
receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser or protected purchaser. 
 (c) If the
principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue. 
 (d) If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of any of the foregoing) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on
that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 

Section 2.10. Treasury Notes. 
 In determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company, shall be considered as though 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, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. 
 Section 2.11. Temporary Notes. 
 (a) Until certificates representing
Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have

  
 44 

 
variations that the Company consider appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee
shall authenticate definitive Notes in exchange for temporary Notes. 
 (b) Holders of temporary Notes shall be entitled to all
of the benefits of this Indenture. 
 Section 2.12. Cancellation. 

The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee
any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of
canceled Notes in accordance with its customary procedures for the disposition of canceled securities in effect as of the date of such disposition (subject to the record retention requirement of the Exchange Act). Certification of the disposition of
all canceled Notes shall be delivered to the Company. The Company may not issue new Notes to replace Notes that they have paid or that have been delivered to the Trustee for cancellation. 
 Section 2.13. Defaulted Interest. 
 If the Company defaults in a
payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at
the rate provided in the Notes and in Section 4.01. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be
fixed each such special record date and payment date, provided that no such special record date shall be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the
Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of
such interest to be paid. 
 Section 2.14. CUSIP Numbers. 
 The Company in issuing the Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to
Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the
other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

  
 45 

 ARTICLE THREE 
 REDEMPTION AND OFFERS TO PURCHASE 
 Section 3.01. Notices to Trustee.

 If the Company elects to redeem Notes pursuant to the optional redemption provisions of Section 3.07, they shall furnish
to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date,
(iii) the principal amount of Notes to be redeemed and (iv) the redemption price. 
 Section 3.02. Selection of Notes to Be
Redeemed. 
 (a) If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be
redeemed among the Holders of the Notes in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed or, if the Notes are not so listed, on a pro rata basis, by lot or in accordance
with any other method the Trustee deems fair and appropriate. In the case of Global Notes, the Notes to be redeemed shall be selected in accordance with the Applicable Procedures. In the event of partial redemption by lot, the particular Notes to be
redeemed shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 

(b) The Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected
for partial redemption, the principal amount at maturity thereof to be redeemed. No Notes in amounts of $2,000 or less shall be redeemed in part. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in
excess of $2,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided in the preceding sentence,
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. 
 (a) At least 30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be
redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture.

 The notice shall identify the Notes to be redeemed and shall state: 

(i) the redemption date; 
 (ii) the redemption price; 

  
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 (iii) if any Note is being redeemed in part, the portion of the principal
amount at maturity of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note shall be issued in the name of the Holder
thereof upon cancellation of the original Note; 
 (iv) the name and address of the Paying Agent; 

(v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price and become
due on the date fixed for redemption; 
 (vi) that, unless the Company defaults in making such redemption
payment, interest, if any, on Notes called for redemption ceases to accrue on and after the redemption date; 

(vii) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are
being redeemed; 
 (viii) the CUSIP number, or any similar number, if any, printed on the Notes being redeemed;
and 
 (ix) that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed
in such notice or printed on the Notes. 
 (b) At the Company’s request, the Trustee shall give the notice of redemption in
the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such
notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. The notice, if mailed in the manner provided herein shall be presumed to have been given, whether or not the Holder receives such notice.

 Section 3.04. Effect of Notice of Redemption. 
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Interest, if
any, on Notes called for redemption ceases to accrue on and after the redemption date, unless the Company defaults in making the applicable redemption payment. A notice of redemption may not be conditional. 

Section 3.05. Deposit of Redemption Price. 
 (a) Not later than 12:00 p.m. (noon) Eastern Time on the redemption date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued
and unpaid interest and Additional Interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be redeemed. 

  
 47 

 (b) If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid
interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Company to
comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until such principal is paid and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided
in the Notes and in Section 4.01. 
 Section 3.06. Notes Redeemed in Part. 

Upon surrender and cancellation of a Note that is redeemed in part, the Company shall issue and the Trustee shall authenticate for the
Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. No Notes in denominations of $2,000 or less shall be redeemed in part. 

Section 3.07. Optional Redemption. 
 (a) At any time prior to April 1, 2016, the Company may redeem all or part of the Notes upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of
(i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, to the date of redemption. 

(b) At any time on or after April 1, 2016, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60
days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable redemption date, if redeemed during the
twelve-month period beginning on April 1 of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2016
	  	 	103.750	% 
	 2017
	  	 	102.500	% 
	 2018
	  	 	101.250	% 
	 2019 and thereafter
	  	 	100.000	% 

  
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 (c) At any time prior to April 1, 2014, the Company may redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 107.500% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, thereon to the
redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: (1) at least 65% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) must remain outstanding
immediately after the occurrence of such redemption (excluding Notes held by the Company or its Subsidiaries); and (2) the redemption must occur within 90 days of the date of the closing of such Equity Offering. 

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

 Section 3.08. Repurchase Offers. 
 In the event that, pursuant to Section 4.10 or Section 4.14, the Company shall be required to commence an offer to all Holders to purchase all or a portion of their respective Notes (a
“Repurchase Offer”), they shall follow the procedures specified in such Sections and, to the extent not inconsistent therewith, the procedures specified below. 

The Repurchase Offer shall remain open for a period of no less than 30 days and no more than 60 days following its commencement, except
to the extent that a longer period is required by applicable law (the “Offer Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall purchase
the principal amount of Notes required to be purchased pursuant to Section 4.10 or 4.14 hereof (the “Offer Amount”) or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Repurchase Offer.
Payment for any Notes so purchased shall be made in the same manner as interest payments are made. 
 If the Purchase Date is on
or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the close of business on such record date, and no additional
interest shall be payable to Holders who tender Notes pursuant to the Repurchase Offer. 
 Upon the commencement of a Repurchase
Offer, the Company shall send, by first class mail, a notice to the Trustee and each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the
Repurchase Offer. The Repurchase Offer shall be made to all Holders. The notice, which shall govern the terms of the Repurchase Offer, shall state: 
 (i) that the Repurchase Offer is being made pursuant to this Section 3.08 and Section 4.10 or Section 4.14 hereof, and the length of time the Repurchase Offer shall remain open; 

(ii) the Offer Amount, the purchase price and the Purchase Date; 

  
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 (iii) that any Note not tendered or accepted for payment shall continue to
accrue interest and Additional Interest, if any; 
 (iv) that, unless the Company defaults in making such
payment, any Note (or portion thereof) accepted for payment pursuant to the Repurchase Offer shall cease to accrue interest and Additional Interest, if any, after the Purchase Date; 

(v) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may elect to have Notes purchased in
minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000; 
 (vi) that Holders
electing to have a Note purchased pursuant to any Repurchase Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry
transfer, to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least three days before the Purchase Date; 

(vii) that Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the
case may be, receives, not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is
withdrawing his election to have such Note purchased; 
 (viii) that, if the aggregate amount of Notes
surrendered by Holders exceeds the Offer Amount, the Trustee shall, subject in the case of a Repurchase Offer made pursuant to Section 4.10 to the provisions of Section 4.10, select the Notes to be purchased on a pro rata basis (with such
adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be purchased); and 

(ix) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the
unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On the Purchase Date, the Company
shall, to the extent lawful, subject in the case of a Repurchase Offer made pursuant to Section 4.10 to the provisions of Section 4.10, accept for payment on a pro rata basis to the extent necessary, the Offer Amount of Notes (or portions
thereof) tendered pursuant to the Repurchase Offer, or if less than the Offer Amount has been tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating that such Notes (or portions thereof) were accepted
for payment by the Company in accordance with the terms of this Section 3.08. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than three days after the Purchase Date) mail or
deliver to each tendering Holder an amount equal to the purchase price of Notes tendered by such Holder, as the case may be, and accepted by the Company for purchase, and the Company shall promptly issue a new Note. The Trustee, upon written request
from the Company shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to 

  
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any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the respective Holder thereof. The Company shall publicly
announce the results of the Repurchase Offer on the Purchase Date. 
 The Company shall 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 Repurchase Offer. To the extent that the
provisions of any securities laws or regulations conflict with Section 3.08, 4.10 or 4.14, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under
Section 3.08, 4.10 or 4.14 by virtue of such compliance. 
 Section 3.09. No Sinking Fund. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE FOUR 
 COVENANTS 
 Section 4.01. Payment of Notes. 

(a) The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or one of its Subsidiaries, holds as of 12:00 p.m. (noon) Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the
amounts set forth in the Registration Rights Agreement. 
 (b) The Company shall pay interest (including post-petition interest
in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest, and Additional Interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
 Section 4.02. Maintenance of Office or Agency. 
 (a) The Company shall
maintain in the United States of America an office or agency (which may be an office of the Trustee or Registrar or agent of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such 

  
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presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 (b) 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 their obligation to maintain an office or agency in the United States of America for such purposes. The Company
shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 (c) The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04 of this Indenture. 

Section 4.03. Reports. 
 (a) The Company shall furnish to the Trustee and, upon request, to beneficial owners and prospective investors a copy of all of the information and reports referred to in clauses (i) and
(ii) below within the time periods specified in the Commission’s rules and regulations: 
 (i) all
quarterly and annual financial information that is required to be contained in a filing with the Commission on Forms 10-Q and 10-K, 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 
 (ii) all current reports that are required to be filed with the Commission on Form 8-K. 
 Whether or not required by the Commission, the Company shall comply with the periodic reporting requirements of the Exchange Act and shall file the reports specified in Section 4.03(a)(i) and
Section 4.03(a)(ii) with the Commission within the time periods specified above unless the Commission shall not accept such a filing. The Company agrees that it shall not take any action for the purpose of causing the Commission not to accept
any such filings. If, notwithstanding the foregoing, the Commission shall not accept the Company’s filings for any reason, the Company shall post the reports referred to in the preceding paragraph on its website within the time periods that
would apply if the Company were required to file those reports with the Commission. 
 (b) If the Company has designated any of
its Subsidiaries as Unrestricted Subsidiaries, then the quarterly and annual financial information required by this Section 4.03 shall include a reasonably detailed presentation, either on the face of the financial statements or in the
footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the
financial condition and results of operations of the Company’s Unrestricted Subsidiaries. 

  
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 (c) The Company and the Guarantors, for so long as any Notes remain outstanding, shall
furnish to the Holders and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (d) Delivery of such reports, information and documents to the Trustee pursuant to the provisions of this Section 4.03 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 Officers’ Certificates). 
 Section 4.04. Compliance Certificate. 

(a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within
120 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company’s and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers
with a view to determining whether the Company and Guarantors have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to his or her knowledge,
the Company and Guarantors have kept, observed, performed and fulfilled their obligations under this Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default
or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company and the Guarantors are taking or propose to take with respect thereto) and that to his or
her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the
Company and the Guarantors are taking or propose to take with respect thereto. 
 (b) So long as not contrary to the then
current recommendations of the American Institute of Certified Public Accountants or the Public Company Accounting Oversight Board, the year-end financial statements delivered pursuant to Section 4.03(a)(i) above shall be accompanied by a
written statement of the Company’s independent public accountants (which shall be a firm of established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their
attention that would lead them to believe that the Company or the Guarantors have failed to comply with the provisions of Article Four or Article Five hereof in so far as they relate to financial or accounting matters or, if an event of
noncompliance has come to their attention, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such
violation. 
 (c) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 30 days after
any Officer becomes aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company and the Guarantors are taking or propose to take with respect thereto. 

  
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 Section 4.05. Taxes. 
 The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, any taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate
proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes. 

Section 4.06. Stay, Extension and Usury Laws. 
 Each of the Company and Guarantors covenant (to the extent that it may lawfully do so) that it shall 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 Guarantors (to the extent that it may lawfully do so)
hereby expressly waive all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution
of every such power as though no such law has been enacted. 
 Section 4.07. Restricted Payments. 

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

(i) declare or pay (without duplication) any dividend or make any other payment or distribution on account of the
Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or
indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends, payments or distributions (x) payable in Equity Interests (other than Disqualified Stock) of
the Company or (y) to the Company or a Restricted Subsidiary of the Company); 
 (ii) purchase, redeem or
otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) any Equity Interests of the Company or any Restricted Subsidiary
thereof held by Persons other than the Company or any of its Restricted Subsidiaries; 
 (iii) make any payment
on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value Subordinated Debt, except (a) a payment of interest or principal at the Stated Maturity thereof or (b) the purchase, repurchase or other
acquisition of any such Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of such purchase, repurchase or other acquisition; or 

(iv) make any Restricted Investment 

  
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 (all such payments and other actions set forth in Section 4.07(a)(i) through
(iv) above being collectively referred to as “Restricted Payments”), 
 unless, at the time of and after
giving effect to such Restricted Payment: 
 (A) no Default or Event of Default shall have occurred and be
continuing or would occur as a consequence thereof; 
 (B) the Company would, after giving pro forma effect to
such Restricted Payment as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set
forth in Section 4.09(a); and 
 (C) such Restricted Payment, together with the aggregate amount of all
other Restricted Payments made by the Company and its Restricted Subsidiaries on or after July 17, 2006 (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6), (8), (9) (only in connection with any calculation made for
purposes of making a Restricted Payment on or prior to July 17, 2007; any payments made under such clause (9), even prior to such date, will be included as Restricted Payments for purposes of making any calculation after such date),
(10) and (11) of Section 4.07(b)), is less than the sum, without duplication, of: 
 (1) an
amount equal to the Company’s Consolidated Cash Flow for the period (taken as one accounting period) from October 1, 2006 to the end of the Company’s most recently ended fiscal quarter for which internal financial statements are
available (the “Basket Period”) less 1.4 times the Company’s Fixed Charges for the Basket Period, plus 
 (2) 100% of the aggregate net cash proceeds received by the Company after July 17, 2006 as a contribution to its common equity capital or from the issue or sale of Equity Interests (other than
Disqualified Stock) of the Company or from the Incurrence of Indebtedness (including the issuance of Disqualified Stock) of the Company or any of its Restricted Subsidiaries that has been converted into or exchanged for such Equity Interests (other
than Equity Interests sold to, or Indebtedness held by, a Subsidiary of the Company and except to the extent converted into or exchanged for Disqualified Stock), plus 

(3) with respect to Restricted Investments made by the Company and its Restricted Subsidiaries after July 17, 2006
pursuant to this Section 4.07(a), (i) the aggregate amount of cash equal to the return from such Restricted Investments in any Person resulting from repayments of loans or advances, or other transfers of assets, in each case to the Company
or any Restricted Subsidiary or from the net proceeds received in cash from the sale of any such Restricted Investment (except, in each case, to the extent any such payment or proceeds are included in the

  
 55 

 
calculation of Consolidated Net Income) or (ii) in the case of redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, the Fair Market Value of the Restricted Investments
therein at the time of such redesignation. 
 (b) Section 4.07(a) shall not prohibit, so long as, in the case of
Section 4.07(b)(5), (7) and (8), no Default has occurred and is continuing or would be caused thereby: 

(1) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration such
payment would have complied with the provisions of this Indenture; 
 (2) the payment of any dividend or other
distribution by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis; 
 (3) the making of any Restricted Payment in exchange for, or out of the net cash proceeds of a contribution to the common equity of the Company or a substantially concurrent sale (other than to a
Subsidiary of the Company) of, Equity Interests (other than Disqualified Stock) of the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded from
Section 4.07(a)(C)(2); 
 (4) the defeasance, redemption, repurchase or other acquisition of Indebtedness
subordinated to the Notes or the Note Guarantees with the net cash proceeds from an Incurrence of Permitted Refinancing Indebtedness; 
 (5) the declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of the Company or any Preferred Stock of its Restricted Subsidiaries issued or
incurred in accordance with Section 4.09; 
 (6) the repurchase of Equity Interests deemed to occur upon the
exercise of options or warrants to the extent that such Equity Interests represent all or a portion of the exercise price thereof; 
 (7) the repurchase of Equity Interests of the Company constituting fractional shares in an aggregate amount since July 17, 2006 not to exceed $300,000; 

(8) the repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any
of its Restricted Subsidiaries held by any current or former employee, consultant or director of the Company or any of its Restricted Subsidiaries pursuant to the terms of any employee equity subscription agreement, stock option agreement or similar
agreement; provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests in any fiscal year shall not exceed the sum of: (i) $20.0 million, with unused amounts pursuant to this subclause
(i) being carried over to succeeding fiscal years; plus (ii) the aggregate net cash proceeds received by the Company since July 17, 2006 as a contribution to its common equity capital or from the issue or sale of Equity
Interests (other than Disqualified Stock) of the Company to any current or former employee, consultant or director of the Company or 

  
 56 

 
any of its Restricted Subsidiaries; provided that the amount of any such net cash proceeds that are used to permit a repurchase, redemption or other acquisition under this subclause
(ii) shall be excluded from Section 4.07(a)(C)(2); 
 (9) dividends paid by the Company on its Common
Stock in an amount not to exceed $237.5 million in the aggregate for the first two quarterly dividend payments immediately following July 17, 2006 and any dividend declared by Valor, prior to July 17, 2006 and paid thereafter; 

(10) the repurchase of any Subordinated Debt at a purchase price not greater than 101% of the principal amount thereof in
the event of (x) a change of control pursuant to a provision no more favorable to the holders thereof than Section 4.14 hereof or (y) an Asset Sale pursuant to a provision no more favorable to the holders thereof than
Section 4.10 hereof, provided that, in each case, prior to the repurchase, the Company has made a Change of Control Offer or Asset Sale Offer, as the case may be, and repurchased all Notes issued under the Indenture that were validly tendered
for payment in connection therewith; 
 (11) Restricted Payments made on July 17, 2006 as part of the
Transactions as described in the offering memorandum dated June 28, 2006; and 
 (12) other Restricted
Payments in an aggregate amount not to exceed $50.0 million. 
 (c) The amount of all Restricted Payments (other than cash)
shall be the Fair Market Value on the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued to or by the Company or such Subsidiary, as the case may be, pursuant to the Restricted Payment. Not later than
the date of making any Restricted Payment, the Company shall deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this
Section 4.07 were computed, together with a copy of any opinion or appraisal required by this Indenture. 
 (d) For the
purposes of this covenant, any payment made on or after July 17, 2006, but prior to the Issue Date shall be deemed to be a “Restricted Payment” to the extent that such payment would have been a Restricted Payment had the Indenture
been in effect at the time of such payment (and, to the extent that such Restricted Payment would have been permitted by clauses (b)(1) through (b)(12) above, such Restricted Payment may be deemed by the Company to have been made pursuant
to such clause). 
 Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist
or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

  
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 (i) pay dividends or make any other distributions on its Capital Stock (or
with respect to any other interest or participation in, or measured by, its profits) to the Company or any of its Restricted Subsidiaries or pay any liabilities owed to the Company or any of its Restricted Subsidiaries; 

(ii) make loans or advances to the Company or any of its Restricted Subsidiaries; or 

(iii) transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 

(b) However, the preceding restrictions shall not apply to encumbrances or restrictions: 

(i) existing under, by reason of or with respect to the Credit Agreement, Existing Indebtedness or any other agreements in
effect on the Issue Date and any amendments, modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof, provided that the encumbrances and restrictions in any such amendments,
modifications, restatements, renewals, extensions, supplements, refundings, replacement or refinancings are, in the good faith judgment of the Company’s Board of Directors, no more restrictive, taken as a whole, than those contained in the
Credit Agreement, Existing Indebtedness or such other agreements, as the case may be, as in effect on the Issue Date; 
 (ii) set forth in this Indenture, the Notes and the Note Guarantees; 
 (iii) existing under, by reason of or with respect to applicable law, rule regulation or order; 
 (iv) with respect to any Person or the property or assets of a Person acquired by the Company or any of its Restricted Subsidiaries existing at the time of such acquisition and not 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 and any amendments,
modifications, restatements, renewals, extensions, supplements, refundings, replacements or refinancings thereof, provided that the encumbrances and restrictions in any such amendments, modifications, restatements, renewals, extensions,
supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, than those in effect on the date of the acquisition; 
 (v) in the case of Section 4.08(a)(iii): 
 (1) that restrict
in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract or similar property or asset, 

  
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 (2) existing by virtue of any transfer of, agreement to transfer, option or
right with respect to, or Lien on, any property or assets of the Company or any Restricted Subsidiary thereof not otherwise prohibited by this Indenture, 
 (3) purchase money obligations for property acquired in the ordinary course of business that impose restrictions on the property so acquired, or 

(4) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not,
individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary thereof in any manner material to the Company or any Restricted Subsidiary thereof; 

(vi) existing under, by reason of or with respect to any agreement for the sale or other disposition of all or
substantially all of the Capital Stock of, or property and assets of, a Restricted Subsidiary that restrict distributions by that Restricted Subsidiary pending such sale or other disposition; 

(vii) on cash or other deposits or net worth imposed by customers or required by insurance, surety or bonding companies,
in each case, under contracts entered into in the ordinary course of business; 
 (viii) existing under, by
reason of or with respect to Permitted Refinancing Indebtedness; provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than those contained in
the agreements governing the Indebtedness being refinanced; 
 (ix) existing under, by reason of or with respect
to provisions with respect to the disposition or distribution of assets or property, in each case contained in joint venture agreements, limited liability company agreements and other similar agreements and which the Company’s Board of
Directors determines shall not adversely affect the Company’s ability to make payments of principal or interest payments on the Notes; and 
 (x) existing under, by reason of or with respect to Indebtedness of any Guarantor; provided that the Company’s Board of Directors determines in good faith at the time such encumbrances or
restrictions are created that they do not adversely affect the Company’s ability to make payments of principal or interest payments on the Notes. 
 Section 4.09. Incurrence of Indebtedness. 
 (a) The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness; provided, however, that the Company or any of its Restricted Subsidiaries that are Guarantors may Incur Indebtedness, if the
Company’s Consolidated Leverage Ratio at the time of the Incurrence of such additional Indebtedness, and after giving effect thereto, is less than 4.50 to 1. 
 (b) Section 4.09(a) shall not prohibit the Incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 

  
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 (i) the Incurrence by the Company or any of its Restricted Subsidiaries of
Indebtedness under Credit Facilities in an aggregate principal amount at any one time outstanding pursuant to this clause (i) not to exceed $2.8 billion, less the aggregate amount of all Net Proceeds of Asset Sales applied by the Company or any
Restricted Subsidiary thereof to permanently repay any such Indebtedness pursuant to Section 4.10; 
 (ii)
the Incurrence of Existing Indebtedness; 
 (iii) the Incurrence by the Company of Indebtedness represented by
the Notes to be issued on the Issue Date and the Guarantees of Notes (including Additional Notes) by the Guarantors; 
 (iv) the Incurrence by the Company or any Restricted Subsidiary thereof of Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money obligations, in each case, Incurred
for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property (real or personal), plant or equipment used in the business of the Company or such Restricted Subsidiary (whether through the
direct acquisition of such assets or the acquisition of Equity Interests of any Person owning such assets), in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness Incurred to refund, refinance or
replace any Indebtedness Incurred pursuant to this clause (iv), not to exceed the greater of (x) 3.0% of Total Assets and (y) $250.0 million; 
 (v) the Incurrence by the Company or any Restricted Subsidiary thereof of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund, refinance or replace
Indebtedness (other than intercompany Indebtedness) that was permitted by this Indenture to be Incurred under Section 4.09(a) or clauses (ii), (iii), (iv), (v), (xiv) or (xv) of this Section 4.09(b); 

(vi) the Incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness owing to and held by
the Company or any of its Restricted Subsidiaries; provided, however, that (A) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted
Subsidiary thereof and (B) any sale or other transfer of any such Indebtedness to a Person that is not either the Company or a Restricted Subsidiary thereof, shall be deemed, in each case, to constitute an Incurrence of such Indebtedness by the
Company or such Restricted Subsidiary, as the case may be, that was not permitted by this Section 4.09(b)(vi); 
 (vii) the Guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or a Restricted Subsidiary thereof that was permitted to be Incurred by another provision of this
Section 4.09; 
 (viii) the Incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations that are Incurred for the purpose of fixing, hedging or swapping interest rate, commodity price or foreign currency exchange rate risk (or to reverse or 

  
 60 

 
amend any such agreements previously made for such purposes), and not for speculative purposes; 
 (ix) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from agreements providing for indemnification, adjustment of purchase price or similar obligations, or
Guarantees or letters of credit, surety bonds or performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with the disposition of any business,
assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal
amount does not exceed the gross proceeds actually received by the Company or any Restricted Subsidiary thereof in connection with such disposition; 
 (x) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn
against insufficient funds in the ordinary course of business, provided, however, that such Indebtedness is extinguished within five Business Days of its Incurrence; 

(xi) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness constituting reimbursement
obligations with respect to letters of credit in respect of workers’ compensation claims or self-insurance obligations or bid, performance, appeal or surety bonds (in each case other than for an obligation for borrowed money); 

(xii) the Incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness constituting reimbursement
obligations with respect to letters of credit issued in the ordinary course of business; provided that, upon the drawing of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days
following such drawing or Incurrence; 
 (xiii) the Incurrence by the Company or any Guarantor of Indebtedness to
the extent that the net proceeds thereof are promptly deposited to defease or to satisfy and discharge the Notes; 
 (xiv) the Incurrence of Acquired Debt, provided that after giving effect to the Incurrence thereof, the Company could Incur at least $1.00 of Indebtedness under the Consolidated Leverage Ratio set
forth in Section 4.09(a) hereof; and 
 (xv) the Incurrence by the Company or any of its Restricted
Subsidiaries of additional Indebtedness in an aggregate principal amount at any time outstanding, including all Permitted Refinancing Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred pursuant to this
Section 4.09(b)(xv), not to exceed $250.0 million. 
 For purposes of determining compliance with this Section 4.09,
in the event that any proposed Indebtedness meets the criteria of more than one of the categories of Permitted 

  
 61 

 
Debt described in Section 4.09(b)(i) through (xv) above, or is entitled to be Incurred pursuant to Section 4.09(a), the Company shall be permitted to classify such item of
Indebtedness at the time of its Incurrence in any manner that complies with this Section 4.09; provided that any refinancing (a “Credit Facility Refinancing”) of amounts Incurred in reliance on the exception provided by
Section 4.09(b)(i) shall be deemed to have been Incurred in reliance on such Section 4.09(b)(i). Indebtedness under the Credit Agreement outstanding on the Issue Date shall be deemed to have been Incurred on such date in reliance on the
exception provided by Section 4.09(b)(i). Additionally, all or any portion of any item of Indebtedness (other than Indebtedness under the Credit Agreement Incurred on the Issue Date and Credit Facility Refinancings, which at all times shall be
deemed to have been Incurred under Section 4.09(b)(i) above) may later be reclassified as having been Incurred pursuant to Section 4.09(a) or under any one of the categories of Permitted Debt described in Section 4.09(b)(i) through
(xv) so long as such Indebtedness is permitted to be Incurred pursuant to such provision at the time of reclassification. 

(c) Notwithstanding any other provision of Section 4.09, the maximum amount of Indebtedness that may be Incurred pursuant to
Section 4.09 shall not be deemed to be exceeded with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange rates of currencies. 
 (d) The Company shall not Incur any Indebtedness that is contractually subordinate in right of payment to any other Indebtedness of the Company unless it is contractually subordinate in right of payment
to the Notes to the same extent. No Guarantor shall Incur any Indebtedness that is contractually subordinate in right of payment to any other Indebtedness of such Guarantor unless it is contractually subordinate in right of payment to such
Guarantor’s Note Guarantee to the same extent. For purposes of the foregoing, no Indebtedness shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or any Guarantor, as applicable, solely
by reason of any Liens or Guarantees arising or created in respect thereof or by virtue of the fact that the holders of any secured Indebtedness have entered into intercreditor agreements giving one or more of such holders priority over the other
holders in the collateral held by them. 
 Section 4.10. Asset Sales. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless: 

(i) the Company (or the 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 or Equity Interests issued or sold or otherwise disposed of; and 
 (ii) at least 75% of the consideration therefor received by the Company or such Restricted Subsidiary is in the form of cash, Cash Equivalents or Replacement Assets or a combination of both. For purposes
of this Section 4.10(a)(ii), each of the following shall be deemed to be cash: 

  
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 (A) any liabilities (as shown on the Company’s or such Restricted
Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary (other than contingent liabilities, Indebtedness that is by its terms subordinated to the Notes or any Note Guarantee and liabilities to the extent owed
to the Company or any Subsidiary of the Company) that are assumed by the transferee of any such assets or Equity Interests pursuant to a written assignment and assumption agreement that releases the Company or such Restricted Subsidiary from further
liability therefor; 
 (B) any securities, notes or other obligations received by the Company or any such
Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into Cash Equivalents or Replacement Assets within 180 days of the receipt thereof (to the extent of the Cash Equivalents or Replacement
Assets received in that conversion); 
 (C) any Designated Noncash Consideration received by the Company or any
of its Restricted Subsidiaries in such Asset Sale having an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause (C) that is at that time outstanding, not to exceed the
greater of (x) 1.5% of Total Assets or (y) $100.0 million (with the Fair Market Value of each item of Designated Noncash Consideration being measured at the time received and without giving effect to subsequent changes in value).

 (b) Within 365 days after the receipt by the Company or any of its Restricted Subsidiaries of any Net Proceeds from an Asset
Sale, the Company or such Restricted Subsidiary may apply such Net Proceeds at its option: 
 (i) to repay
(x) Indebtedness secured by assets of the Company or its Restricted Subsidiaries (to the extent of the value of the assets securing such Indebtedness), (y) Obligations under the Credit Agreement or (z) Indebtedness of a Restricted
Subsidiary of the Company that is not a Guarantor (to the extent of the value of the assets of such Restricted Subsidiary); or 
 (ii) to purchase Replacement Assets. 
 Pending the final application of any such Net Proceeds, the
Company or such Restricted Subsidiary may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. 

(c) On the 366th day after an Asset Sale or such earlier date, if any, as the Company determines not to apply the Net Proceeds relating
to such Asset Sale as set forth in Section 4.10(b) (each such date being referred as an “Excess Proceeds Trigger Date”), such aggregate amount of Net Proceeds that has not been applied on or before the Excess Proceeds Trigger
Date as permitted pursuant to Section 4.10(b) (“Excess Proceeds”) shall be applied by the Company to make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness that is
pari passu with the Notes or any Note Guarantee containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of 

  
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sales of assets, to purchase the maximum principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset
Sale Offer shall be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, and shall be payable in cash. 

(d) The Company may defer the Asset Sale Offer until there are aggregate unutilized Excess Proceeds equal to or in excess of $30.0
million resulting from one or more Asset Sales, at which time the entire unutilized amount of Excess Proceeds (not only the amount in excess of $30.0 million) shall be applied as provided in Section 4.10(c). If any Excess Proceeds remain after
consummation of an Asset Sale Offer, the Company and its Restricted Subsidiaries may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and such other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of Notes and such other pari
passu Indebtedness tendered. Upon completion of each Asset Sale Offer, the Excess Proceeds subject to such Asset Sale shall no longer be deemed to be Excess Proceeds. 
 (e) The Company shall 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 and regulations are applicable in
connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the Asset Sales provisions of this Indenture, the Company shall comply with the
applicable securities laws and regulations and shall not be deemed to have breached their obligations under the Asset Sale provisions of this Indenture by virtue of such compliance. 
 Section 4.11. Transactions with Affiliates. 
 (a) The Company shall
not, and shall 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, make, amend, renew or
extend any transaction, contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), unless: 

(i) such Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary
than those that would have been obtained in a comparable arm’s-length transaction by the Company or such Restricted Subsidiary with a Person that is not an Affiliate of the Company or any of its Restricted Subsidiaries; and 

(ii) the Company delivers to the Trustee: 

(1) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $25.0 million, a Board Resolution set forth in an Officers’ Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.11 and that such

  
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Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Company (if any); and 

(2) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate
consideration in excess of $100.0 million, an opinion as to the fairness to the Company or such Restricted Subsidiary of such Affiliate Transaction or series of related Affiliate Transactions from a financial point of view issued by an independent
accounting, appraisal or investment banking firm of national standing. 
 (b) The following items shall not be deemed to be
Affiliate Transactions and, therefore, shall not be subject to the provisions of Section 4.11(a): 
 (i)
transactions between or among the Company and/or its Restricted Subsidiaries or any Person that shall become a Restricted Subsidiary as part of any such transactions (but excluding any such transaction to the extent that any payments thereunder made
by the Company or any of its Restricted Subsidiaries to such Person are substantially concurrently paid by such Person to any other Affiliate of the Company, except to the extent that any such transaction would not be prohibited by this
Section 4.11); 
 (ii) payment of reasonable and customary fees to, and reasonable and customary
indemnification and similar payments on behalf of, directors of the Company; 
 (iii) Permitted Investments and
Restricted Payments that are permitted by the provisions of Section 4.07; 
 (iv) any sale of Equity
Interests (other than Disqualified Stock) of the Company; 
 (v) transactions pursuant to agreements or
arrangements in effect on the Issue Date, or any amendment, modification, or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a whole, is not more
disadvantageous to the Company and its Restricted Subsidiaries than the original agreement or arrangement in existence on the Issue Date; 
 (vi) any employment, consulting, service or termination agreement, or reasonable and customary indemnification arrangements, entered into by the Company or any of its Restricted Subsidiaries with officers
and employees of the Company or any of its Restricted Subsidiaries and the payment of compensation to officers and employees of the Company or any of its Restricted Subsidiaries (including amounts paid pursuant to employee benefit plans, employee
stock option or similar plans), so long as such agreement or payment has been approved by a majority of the disinterested members of the Board of Directors of the Company; 

  
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 (vii) payments or loans to employees or consultants in the ordinary course
of business which are approved by a majority of the disinterested members of the Board of Directors of the Company in good faith; 
 (viii) transactions with a Person that is an Affiliate of the Company solely because the Company, directly or indirectly, owns Equity Interests in, or controls, such Person; and 

(ix) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted Subsidiaries in the determination of a majority of the disinterested members of the Board of Directors or the
senior management of the Company, or are on terms at least as favorable as might reasonably have been obtained at such time from an unaffiliated party. 
 Section 4.12. Liens. 
 The Company shall not, and shall not permit any
of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind securing Indebtedness (other than Permitted Liens) upon any of their property or assets, now owned or hereafter
acquired, unless all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the obligations so secured (or, in the case of Indebtedness subordinated to the Notes or the related Note Guarantees, prior or senior
thereto, with the same relative priority as the Notes shall have with respect to such subordinated Indebtedness) until such time as such obligations are no longer secured by a Lien. 
 Section 4.13. Business Activities. 
 The Company shall not, and shall
not permit any Restricted Subsidiary thereof to, engage in any business other than Permitted Businesses, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole. 

Section 4.14. Offer to Repurchase upon a Change of Control. 
 (a) If a Change of Control Triggering Event occurs, each Holder of Notes shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in
excess of $2,000) of that Holder’s Notes pursuant to an offer by the Company (a “Change of Control Offer”) at an offer price (a “Change of Control Payment”) in cash equal to not less than 101% of the aggregate
principal amount of the Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, thereon, to the date of repurchase (the “Change of Control Payment Date”). Within 30 days following any Change of Control
Triggering Event (unless the Company has exercised its right to redeem the Notes pursuant to Section 3.07 hereof), the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control
and offering to repurchase Notes on the Change of Control Payment Date specified in such notice, which date shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures described in
Section 3.08 (including the notice required thereby). The Company 

  
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shall 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 and regulations are applicable in
connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions of this Indenture, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under the Change of Control provisions of this Indenture by virtue of such compliance. 

(b) On the Change of Control Payment Date, the Company shall, to the extent lawful: 

(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer;

 (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or
portions thereof so tendered; and 
 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted
together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions thereof being purchased by the Company. 
 (c) The Paying Agent shall promptly mail or wire transfer to each Holder of Notes so tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause
to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be in a principal amount of $2,000 or an integral
multiple $1,000 in excess of $2,000. 
 (d) The Company shall publicly announce the results of the Change of Control Offer on or
as soon as practicable after the Change of Control Payment Date. 
 (e) Notwithstanding anything to the contrary in this
Section 4.14, the Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.14 and all other provisions of this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes tendered and not withdrawn under such Change of Control Offer.

 Section 4.15. [INTENTIONALLY LEFT BLANK]. 
 Section 4.16. Designation of Restricted and Unrestricted Subsidiaries. 

(a) The Board of Directors of the Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary;
provided that: 
 (i) any Guarantee by the Company or any Restricted Subsidiary thereof of any
Indebtedness of the Subsidiary being so designated shall be deemed to be an 

  
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Incurrence of Indebtedness by the Company or such Restricted Subsidiary (or both, if applicable) at the time of such designation, and such Incurrence of Indebtedness would be permitted under
Section 4.09; 
 (ii) the aggregate Fair Market Value of all outstanding Investments owned by the Company
and its Restricted Subsidiaries in the Subsidiary being so designated (including any Guarantee by the Company or any Restricted Subsidiary thereof of any Indebtedness of such Subsidiary) shall be deemed to be a Restricted Investment made as of the
time of such designation and that such Investment would be permitted under Section 4.07; 
 (iii) the
Subsidiary being so designated: 
 (1) is not party to any agreement, contract, arrangement or understanding with
the Company or any Restricted Subsidiary thereof unless either (A) such agreement, contract, arrangement or understanding is with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course
of business and otherwise in compliance with the terms of this Indenture, which are fair to the Company and its Restricted Subsidiaries in the determination of a majority of the disinterested members of the Board of Directors or the senior
management of the Company, or (B) the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not
Affiliates of the Company; 
 (2) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (A) to subscribe for additional Equity Interests or (B) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating
results; and 
 (3) has not Guaranteed or otherwise directly or indirectly provided credit support for any
Indebtedness of the Company or any of its Restricted Subsidiaries, except (A) to the extent such Guarantee or credit support would be released upon such designation or (B) a pledge of the Equity Interests of the Unrestricted Subsidiary
that is the obligor thereunder; and 
 (iv) no Default or Event of Default would be in existence following such
designation. 
 (b) Any designation of a Restricted Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced
to the Trustee by filing with the Trustee the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by this Indenture. If, at
any time, any Unrestricted Subsidiary would fail to meet any of the preceding requirements described in Section 4.16(a)(iii), it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness,
Investments, or Liens on the property, of such Subsidiary shall be deemed to be Incurred or made by a Restricted Subsidiary of the Company as of such date 

  
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and, if such Indebtedness, Investments or Liens are not permitted to be Incurred or made as of such date under this Indenture, the Company shall be in default under this Indenture. 

(c) The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary;
provided that: 
 (i) such designation shall be deemed to be an Incurrence of Indebtedness by a Restricted
Subsidiary of the Company of any outstanding Indebtedness (including any Non-Recourse Debt) of such Unrestricted Subsidiary and such designation shall only be permitted if such Indebtedness is permitted under Section 4.09; 

(ii) all outstanding Investments owned by such Unrestricted Subsidiary shall be deemed to be made as of the time of such
designation and such designation shall only be permitted if such Investments would be permitted under Section 4.07; 
 (iii) all Liens upon property or assets of such Unrestricted Subsidiary existing at the time of such designation would be permitted under Section 4.12; and 

(iv) no Default or Event of Default would be in existence following such designation. 

Section 4.17. Payments for Consent. 
 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as
an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the
time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
 Section 4.18. Guarantees.

 The Company shall not permit any of its Restricted Subsidiaries (other than any Insignificant Subsidiary), directly or
indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company or any Domestic Restricted Subsidiary unless such Restricted Subsidiary is a Guarantor or simultaneously executes and delivers to the
Trustee an Opinion of Counsel and a supplemental indenture, substantially in the form of Exhibit E-1 hereto, providing for the Guarantee of the payment of the Notes by such Restricted Subsidiary, which Guarantee shall be senior to or pari
passu with such Subsidiary’s Guarantee of such other Indebtedness. 
 Section 4.19. Sale and Leaseback Transactions.

 The Company shall not, and shall not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback
Transaction; provided that the Company or any Restricted Subsidiary thereof may enter into a Sale and Leaseback Transaction if: 

  
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 (i) the Company or such Restricted Subsidiary, as applicable, could have
(A) Incurred Indebtedness in an amount equal to the Attributable Debt relating to such Sale and Leaseback Transaction pursuant to Section 4.09 and (B) incurred a Lien to secure such Indebtedness pursuant to Section 4.12 in which
case such Indebtedness and Lien shall be deemed to have been so Incurred; 
 (ii) the gross cash proceeds of that
Sale and Leaseback Transaction are at least equal to the Fair Market Value of the property that is the subject of that Sale and Leaseback Transaction; and 
 (iii) the transfer of assets in that Sale and Leaseback Transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section 4.10. 

Section 4.20. [INTENTIONALLY LEFT BLANK]. 
 Section 4.21. Termination of Applicability of Certain Covenants if Notes Rated Investment Grade. 
 Notwithstanding the foregoing, the Company’s and its Restricted Subsidiaries’ obligations to comply with this Article Four (except for Sections 4.01, 4.02, 4.03, 4.04, 4.05, 4.06, 4.12, 4.14,
4.18 and 4.19) and Section 5.01(a)(iii) will terminate with respect to the Notes and cease to have any further effect from and after the first date when the Notes are rated Investment Grade. 

ARTICLE FIVE 
 SUCCESSORS 
 Section 5.01. Merger, Consolidation or Sale of Assets. 

(a) The Company shall not, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Company
is the surviving corporation) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties and assets of the Company and its Restricted Subsidiaries taken as a whole, in one or more related
transactions, to another Person, unless: 
 (i) either: (1) the Company is the surviving corporation; or
(2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or other disposition shall have been made (A) is a corporation or limited liability
company organized or existing under the laws of the United States, any state thereof or the District of Columbia (provided that, if the Person formed by or surviving such consolidation or merger, or the transferee of such properties or
assets, is a limited liability company, then there shall be a Restricted Subsidiary of such Person which shall be a corporation organized in the jurisdictions permitted by this Section 5.01(a)(i) and a co-obligor of the Notes) and
(B) assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee; 

  
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 (ii) immediately after giving effect to such transaction, no Default or
Event of Default exists; 
 (iii) immediately after giving effect to such transaction on a pro forma basis, the
Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition shall have been made, shall either (x) be permitted to Incur
at least $1.00 of additional Indebtedness pursuant to the Consolidated Leverage Ratio test set forth in Section 4.09(a) or (y) have a Consolidated Leverage Ratio that is lower than the Consolidated Leverage Ratio of the Company immediately
prior to such transaction; and 
 (iv) each Guarantor, unless such Guarantor is the Person with which the Company
has entered into a transaction under this Section 5.01, shall have by amendment to its Note Guarantee confirmed that its Note Guarantee shall apply to the obligations of the Company or the surviving Person in accordance with the Notes and this
Indenture. 
 (b) In addition, the Company and its Restricted Subsidiaries may not, directly or indirectly, lease all or
substantially all of the properties or assets of the Company and its Restricted Subsidiaries considered as one enterprise, in one or more related transactions, to any other Person. Section 5.01(a)(ii) and (iii) shall not apply to
(i) any merger, consolidation or sale, assignment, transfer, conveyance or other disposition of assets between or among the Company and any of its Restricted Subsidiaries or (ii) any transaction if, in the good faith determination of the
Board of Directors of the Company, the sole purpose of the transaction is to reincorporate the Company in another state of the United States. 

Section 5.02. Successor Corporation Substituted. 
 Upon any consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof,
the successor Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the
date of such consolidation, merger, sale, assignment, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor Person and not to the Company), and may exercise every
right and power of, the Company under the Indenture with the same effect as if such successor Person had been named as the Company in this Indenture. In the event of any such transfer (other than any transfer by way of lease), the predecessor
Company will be released and discharged from all liabilities and obligations in respect of the Notes and the Indenture and the predecessor Company may be dissolved, wound up or liquidated at any time thereafter. 

ARTICLE SIX 

DEFAULTS AND REMEDIES 

Section 6.01. Events of Default. 
 (a) Each of the following is an “Event of Default” with respect to the Notes: 

  
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 (i) default for 30 days in the payment when due of interest on, or
Additional Interest with respect to, the Notes; 
 (ii) default in payment when due (whether at maturity, upon
acceleration, redemption, required repurchase or otherwise) of the principal of, or premium, if any, on the Notes; 
 (iii) failure by the Company or any of its Restricted Subsidiaries to comply with Article Five; 
 (iv) failure by the Company or any of its Restricted Subsidiaries for 30 days after written notice by the Trustee or Holders representing 25% or more of the aggregate principal amount of Notes then
outstanding to comply with Section 4.10 or Section 4.14 (other than a failure to purchase Notes in connection therewith, which shall constitute an Event of Default under clause (ii) above); 

(v) failure by the Company or any of its Restricted Subsidiaries for 60 days after written notice by the Trustee or
Holders representing 25% or more of the aggregate principal amount of Notes then outstanding to comply with any of the other agreements in this Indenture; 
 (vi) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness by the Company or any of its Restricted Subsidiaries
(or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default: 

(A) is caused by a failure to make any principal payment when due at the final maturity of such Indebtedness and prior to
the expiration of any grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (B) results in the acceleration of such Indebtedness prior to its express maturity, 

and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under
which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $75.0 million or more; 
 (vii) failure by the Company or any of its Restricted Subsidiaries to pay final judgments (to the extent such judgments are not paid or covered by insurance provided by a reputable carrier that has the
ability to perform) aggregating in excess of $75.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; 
 (viii) except as permitted by this Indenture, any Note Guarantee with respect to the Notes shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in
full force and effect or any Guarantor, or any Person acting 

  
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on behalf of any Guarantor, shall deny or disaffirm its obligations under its Note Guarantee with respect to the Notes; 

(ix) the Company or any Significant Subsidiary of the Company (or any Restricted Subsidiaries that together would
constitute a Significant Subsidiary) pursuant to or within the meaning of Bankruptcy Law: 
 (A) commences a
voluntary case, 
 (B) consents to the entry of an order for relief against it in an involuntary case,

 (C) makes a general assignment for the benefit of its creditors, or 

(D) generally is not paying its debts as they become due; and 

(x) 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 of the Company (or Restricted Subsidiaries that
together would constitute a Significant Subsidiary), in an involuntary case; or 
 (B) appoints a custodian of
the Company or any Significant Subsidiary of the Company (or Restricted Subsidiaries that together would constitute a Significant Subsidiary) or for all or substantially all of the property of the Company or any Significant Subsidiary of the Company
(or Restricted Subsidiaries that together would constitute a Significant Subsidiary); or 
 (C) orders the
liquidation of the Company or any Significant Subsidiary of the Company (or Restricted Subsidiaries that together would constitute a Significant Subsidiary); 
 and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02. Acceleration . 
 (a) In the case of an Event of Default specified in clauses (ix) and (x) of Section 6.01(a) above with respect to (i) the Company or (ii) any Significant Subsidiary of the Company
(or any Restricted Subsidiaries that together would constitute a Significant Subsidiary), all outstanding Notes shall become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing with
respect to Notes, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. Upon such
declaration, the Notes, together with accrued and unpaid interest (including Additional Interest), shall become due and payable immediately. 

  
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 (b) In the event of a declaration of acceleration of the Notes because an Event of Default
has occurred and is continuing as a result of the acceleration of any Indebtedness described in Section 6.01(a)(vi), the declaration of acceleration of the Notes shall be automatically annulled if the holders of all Indebtedness described in
Section 6.01(a)(vi) have rescinded the declaration of acceleration in respect of such Indebtedness within 30 Business Days of the date of such declaration, and if the annulment of the acceleration of the Notes would not conflict with any
judgment or decree of a court of competent jurisdiction, and all existing Events of Default with respect to Notes, except non-payment of principal or interest on the Notes that became due solely because of the acceleration of the Notes, have been
cured or waived. 
 (c) In the case of any Event of Default occurring by reason of any willful action or inaction taken or not
taken by or on behalf of the Company or any of its Restricted Subsidiaries with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem Notes pursuant to Section 3.07, an
equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 

Section 6.03. Other Remedies. 
 (a) If an Event of Default occurs and is continuing with respect to the Notes, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, interest, and Additional
Interest, if any, with respect to, the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

(b) The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding.
A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04. Waiver of Past Defaults. 

Holders of a majority in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders
of all of the Notes waive any existing Default or Event of Default and its consequences hereunder except a continuing Default or Event of Default in the payment of interest or Additional Interest on, or the principal of, the Notes. 

The Company shall deliver to the Trustee an Officers’ Certificate stating that the requisite percentage of Holders have consented to
such waiver and attaching copies of such consents. In case of any such waiver, the Company, the Trustee and the Holders of Notes shall be restored to their former positions and rights hereunder and under the Notes, respectively. This
Section 6.04 shall be in lieu of Section 316(a)(1)(B) of the TIA and such Section 316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the Notes, as permitted by the TIA. Upon any such waiver, such Default with
respect to the affected Notes shall cease to exist, and any Event of Default with respect to such Notes arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such waiver shall extend to any subsequent or
other Default or impair any right consequent thereon. 

  
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 Section 6.05. Control by Majority. 

The Holders of a majority in principal amount of the then outstanding Notes shall have the right to direct the time, method and place of
conducting any proceeding for exercising any remedy available to the Trustee with respect to the Notes, or exercising any trust or power conferred upon the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction and
may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 
 Section 6.06.
Limitation on Suits. 
 (a) A Holder of a Note may not pursue any remedy with respect to this Indenture or the Notes
unless: 
 (i) the Holder gives the Trustee written notice of a continuing Event of Default with respect to
Notes; 
 (ii) the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written
request to the Trustee to pursue the remedy; 
 (iii) such Holder or Holders offer the Trustee indemnity
satisfactory to the Trustee against any costs, liability or expense; 
 (iv) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of indemnity; and 
 (v) during such 60-day
period, the Holders of a majority in aggregate principal amount of the outstanding Notes do not give the Trustee a direction that is inconsistent with the request. 
 (b) A Holder of a Note may not use this Indenture to affect, disturb or prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note (it being
understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holder). 
 Section 6.07. Rights of Holders of Notes 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, premium
or Additional Interest, 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 the Holder. 

Section 6.08. Collection Suit by Trustee. 
 If an Event of Default specified in Section 6.01(a)(i) or (a)(ii) occurs and is continuing with respect to the Notes, the Trustee is authorized to recover judgment in its own

  
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name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, interest, and Additional Interest, if any, remaining unpaid on the Notes and
interest on overdue principal and premium, if any, and, to the extent lawful, interest and Additional Interest, if any, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 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 reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes then outstanding allowed in any
judicial proceedings relative to any of the Company or Guarantors (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other securities or property
payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the
extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section 7.07 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, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.10. Priorities. 
 (a) If the Trustee collects any money
pursuant to this Article Six, it shall pay out the money in the following order: 
 First: to the Trustee,
its agents and attorneys for amounts due under Section 7.07, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes in respect of which such money was collected for amounts due and unpaid on the Notes for
principal, premium, if any, interest and Additional Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, interest, and Additional Interest, if
any, respectively; and 

  
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 Third: to the Company or to such party as a court of competent jurisdiction
shall direct. 
 (b) The Trustee may fix a record date and payment date for any payment to Holders of Notes 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 a 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 of a Note pursuant to Section 6.07 hereof, or a suit by
Holders of more than 10% in principal amount of the then outstanding Notes. 
 ARTICLE SEVEN 

TRUSTEE 

Section 7.01. Duties of Trustee. 
 Except to the extent, if any, provided otherwise in the TIA (as from time to time in effect): 
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its
exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 
 (i) the
duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations
shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the
Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case
of any certificates or opinions required to be delivered hereunder, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein). 
 (c) The Trustee may not be relieved from
liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

  
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 (i) this paragraph does not limit the effect of paragraph (b) of this
Section 7.01; 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Section 6.05. 
 (d) Whether or not therein expressly so
provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01. 

(e) No provision of this Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The
Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, costs,
liability or expense that might be incurred by it in connection with the request or direction. 
 (f) Money held
in trust by the Trustee need not be segregated from other funds except to the extent required by law. The Trustee (acting in any capacity) shall be under no liability for interest on any money received by it hereunder unless otherwise agreed in
writing with the Company. 
 Section 7.02. Certain Rights of Trustee. 

(a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting upon any document believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. 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, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the willful misconduct or negligence of any agent appointed with due care. 

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within
the rights or powers conferred upon it by this Indenture. 

  
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 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company shall be sufficient if signed by an Officer of the Company. 
 (f) 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 unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities that might be incurred by it in compliance with such request or direction. 
 (g) The Trustee shall not
be deemed to have notice of any Default or Event of Default (except any Event of Default occurring pursuant to Sections 6.01(a)(i), 6.01(a)(ii) and 4.01) unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of such event is sent to the Trustee in accordance with Section 12.02, and such notice references the Notes and this Indenture. 
 (h) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of
whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 (i) The
rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder. 
 (j) The Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

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 become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the same rights
it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest as described in the TIA (as in effect at such time), it must eliminate such conflict within 90 days, apply to the Commission for
permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
 Section 7.04. Trustee’s Disclaimer. 
 The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the
Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, it shall not be responsible for any statement or recital herein
or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication, and it shall not be responsible for the compliance by the Company

  
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or any Holder with any federal or state securities laws or the determination as to which beneficial owners are entitled to receive notices hereunder. 

Notwithstanding anything else herein to the contrary, the Trustee shall not have (a) any responsibility with respect to (i) the
accuracy of the records of any Depositary or any other Person with respect to any beneficial interest in Global Notes or (ii) the selection of the particular portions of a Global Note to be redeemed or refunded in the event of a partial
redemption or refunding of part of the Notes Outstanding that are represented by Global Notes, or (b) any obligation to (i) deliver to any Person, other than a Holder, any notice with respect to Global Notes, including any notice of
redemption or refunding or (ii) make payment to any Person, other than a Holder, of any amount with respect to the principal of, redemption premium, if any, or interest on Global Notes. 
 Section 7.05. Notice of Defaults. 
 If a Default or an Event of
Default occurs and is continuing with respect to the Notes and if a Responsible Officer of the Trustee has notice of such Default or Event of Default as described in Section 7.02(g), the Trustee shall mail to Holders of Notes a notice of the
Default or Event of Default within 90 days after it occurs; provided, however, that in any event the Trustee shall not be required to mail such notice prior to 10 days after a Responsible Officer receives notice of such default or Event of Default
as described in Section 7.02(g). Except in the case of a Default or Event of Default relating to the payment of principal or interest or Additional Interest on any Note then outstanding, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. 

Section 7.06. Reports by Trustee to Holders of the Notes. 
 (a) Within 60 days after each May 15 beginning with the May 15 following the date hereof, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief
report dated as of such reporting date that complies with TIA Section 313(a) (but if no event described in TIA Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee
also shall comply with TIA Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA Section 313(c). 
 (b) A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the Company and filed with the Commission and each stock exchange on which the Notes are listed in
accordance with TIA Section 313(d). The Company shall promptly notify the Trustee in writing when the Notes are listed on any stock exchange or any delisting thereof. 
 Section 7.07. Compensation and Indemnity. 
 (a) The Company shall pay
to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder in accordance with a written schedule provided by the Trustee to the Company. The Trustee’s compensation shall not be limited
by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and 

  
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expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel. 
 (b) The Company and the Guarantors shall fully indemnify the Trustee against any and all losses, liabilities or
expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company and the Guarantors (including this
Section 7.07) and defending itself against any claim (whether asserted by either of the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to
the extent any such loss, liability or expense may be attributable to its negligence, bad faith or willful misconduct. The Trustee shall notify the Company and the Guarantors promptly of any claim for which it may seek indemnity. Failure by the
Trustee to so notify the Company shall not relieve the Company of its obligations hereunder unless the failure to notify the Company impairs the Company’s ability to defend such claim. The Company shall defend the claim and the Trustee shall
cooperate in the defense. The Company does not need to pay for any settlement made without its consent. The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee as a result of the violation of
this Indenture by the Trustee if such violation arose from the Trustee’s negligence, bad faith or willful misconduct. 

(c) The obligations of the Company and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge of this
Indenture and resignation or removal of the Trustee. 
 (d) To secure the Company’s payment obligations in this
Section 7.07, the Trustee shall have a Lien prior to the Notes, which it may exercise by right of set-off, on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes.
Such Lien shall survive the satisfaction and discharge of this Indenture and resignation or removal of the Trustee. 
 (e) When
the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(ix) and (x) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 
 (f) The Trustee shall comply with
the provisions of TIA Section 313(b)(2) to the extent applicable. 
 (g) Any amounts due and owing to the Trustee hereunder
(whether in the nature of fees, expenses, indemnification payments or reimbursements for advances) which have not been paid by or on behalf of the Company within 30 days following written notice thereof given to the Company shall bear interest at an
interest rate equal to the Trustee’s announced prime rate in effect from time to time, plus two percent (2%) per annum. 

  
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 Section 7.08. Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign in writing at any
time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee with respect to the Notes by so notifying the Trustee and the
Company in writing. The Company may remove the Trustee if: 
 (i) the Trustee fails to comply with
Section 7.10; 
 (ii) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered
with respect to the Trustee under any Bankruptcy Law; 
 (iii) a custodian or public officer takes charge of the
Trustee or its property; or 
 (iv) the Trustee 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. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee with respect to the Notes to replace the successor
Trustee appointed by the Company. 
 (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 then 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, after written request by any Holder who has been a Holder for at least six months,
fails to comply with Section 7.10, such Holder may, at the expense of the Company, 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. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07.
Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

  
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 Section 7.09. Successor Trustee by Merger, Etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
Person, the successor Person without any further act shall be the successor Trustee. 
 Section 7.10. Eligibility; Disqualification.

 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trust powers, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
least $50.0 million as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a
Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The Trustee is subject to TIA Section 310(b). 

Section 7.11. Preferential Collection of Claims Against Company. 
 The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA
Section 311(a) to the extent indicated therein. The Trustee hereby waives any right to set off any claim that it may have against the Company in any capacity (other than any capacity in which it serves under this Indenture) against any of the
assets of the Company held by the Trustee; provided, however, that if the Trustee is or becomes a lender of any other Indebtedness permitted hereunder to be pari passu with the Notes, then such waiver shall not apply to the
extent of such Indebtedness. 
 ARTICLE EIGHT 
 DEFEASANCE AND COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal
Defeasance or Covenant Defeasance. 
 The Company may, at the option of its Board of Directors evidenced by a resolution set
forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes and the Notes Guarantees related to the Notes upon compliance with the conditions set forth below in this Article
Eight. 
 Section 8.02. Legal Defeasance and Discharge. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding Notes and all obligations of the Guarantors shall be deemed to have been discharged with respect to their obligations under the Note
Guarantees related to the Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors shall be deemed to have paid
and discharged the entire Indebtedness represented by the outstanding Notes and Note Guarantees 

  
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related to the Notes, respectively, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to
in (a) and (b) below, and to have satisfied all their other obligations under such Notes, the related Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in
Section 8.04, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, interest and Additional Interest, if any, on such Notes when such payments are due, (b) the Company’s obligations
with respect to such Notes under Article Two concerning issuing temporary Notes, registration of Notes and mutilated, destroyed, lost or stolen Notes and the Company’s obligations under Section 4.02, (c) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith and (d) this Article Eight. Subject to compliance with this Article Eight, the Company may exercise their option
under this Section 8.02 notwithstanding the prior exercise of their option under Section 8.03 hereof. 
 Section 8.03.
Covenant Defeasance. 
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11,
4.12, 4.13, 4.14, 4.16, 4.17, 4.18, 4.19 and 5.01(a)(iii) with respect to the outstanding Notes and the Note Guarantees related to the Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes and the Notes Guarantees related to the Notes, the Company and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such
covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall
not constitute a Default or an Event of Default with respect to Notes under Section 6.01, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees shall be unaffected thereby. In addition, upon the
Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, Sections 6.01(a)(iii) through (viii) shall not constitute Events
of Default with respect to Notes. 
 Section 8.04. Conditions to Legal or Covenant Defeasance. 

(a) The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes: 

  
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 (i) the Company must irrevocably deposit with the Trustee, in trust, for the
benefit of the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay
the principal of, or interest and premium and Additional Interest, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to
maturity or to a particular redemption date; 
 (ii) in the case of Legal Defeasance, the Company shall have
delivered to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee confirming that (a) the Company has received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the Issue Date, there
has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal
income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(iii) in the case of Covenant Defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel reasonably
acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (iv) no Default or Event of Default shall have occurred and be continuing either: (a) on the date of such deposit; or (b) insofar as Events of Default from bankruptcy or insolvency events are
concerned, at any time in the period ending on the 123rd day after the date of deposit; 
 (v) such Legal
Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under any material agreement or instrument to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of
its Restricted Subsidiaries is bound; 
 (vi) the Company must have delivered to the Trustee
an Opinion of Counsel to the effect that assuming no intervening bankruptcy of either the Company or any Guarantor between the date of deposit and the 123rd day following the deposit and assuming that no Holder is an “insider” of the Company under applicable
bankruptcy law, after the 123rd day following the deposit,
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally, including Section 547 of the United States Bankruptcy Code, and
Section 15 of the New York Debtor and Creditor Law; 
 (vii) the Company must deliver to the Trustee an
Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders 

  
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over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding creditors of the Company or others; 

(viii) if the Notes are to be redeemed prior to their Stated Maturity, the Company must deliver to the Trustee irrevocable
instructions to redeem all of the Notes on the specified redemption date; and 
 (ix) the Company must deliver to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent (other than the expiration of the 123-day period referred to in Section 8.04(a)(vi)) relating to the Legal Defeasance or the
Covenant Defeasance have been complied with. 
 Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions. 
 (a) Subject to Section 8.06, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 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 (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest,
if any, and 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 cash or non-callable Government Securities deposited pursuant to Section 8.04 or the principal 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. 

(c) Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time
upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 Section 8.06. Repayment to the Company. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, interest, or Additional Interest, if any, on any Note
and remaining unclaimed for two years after such principal, and premium, if any, interest, or Additional Interest, if any, has become due and payable shall be paid to the Company on its written request or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, 

  
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however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the reasonable expense of the Company cause to be published once, in the New York
Times and The Wall Street Journal (national edition), 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 notification or publication, any unclaimed balance of
such money then remaining shall be repaid to the Company. 
 Section 8.07. Reinstatement. 

If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with
Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture, the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 and, in the case of a Legal Defeasance, the Guarantors’ obligations under their respective Note Guarantees shall be revised and
reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03, in each case until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03, as the case may be;
provided, however, that, if the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders of such
Notes to receive such payment from the money held by the Trustee or Paying Agent. 
 ARTICLE NINE 

AMENDMENT, SUPPLEMENT AND WAIVER 
 Section 9.01. Without Consent of Holders of Notes. 
 (a)
Notwithstanding Section 9.02, with respect to the Notes, the Company, the Guarantors, and the Trustee may amend or supplement this Indenture, the Notes or the Note Guarantees without the consent of any Holder of a Note: 

(i) to cure any ambiguity, defect or inconsistency; 

(ii) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(iii) to provide for the assumption of any of the Company’s or Guarantor’s obligations to Holders of Notes in
the case of a merger or consolidation or sale of all or substantially all of such the Company’s or Guarantor’s assets; 
 (iv) to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not materially adversely affect the legal rights under this Indenture of any such Holder;

 (v) to comply with requirements of the Commission in order to effect or maintain the qualification of this
Indenture under the TIA; 

  
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 (vi) to comply with Section 4.18; 

(vii) to evidence and provide for the acceptance of appointment by a successor Trustee; 

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

(ix) to conform the text of this Indenture or the Notes to any provision of the section of the Offering Memorandum
entitled “Description of Notes” to the extent that such provision in this Indenture or the Notes was intended to conform to the text of such “Description of Notes”. 

Upon the request of the Company accompanied by resolutions of its Board of Directors authorizing the execution of any such amended or
supplemental Indenture, and upon receipt by the Trustee of any documents requested under Section 7.02(b) hereof, the Trustee shall join with the Company in the execution of any amended or supplemental Indenture authorized or permitted by the
terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties,
protections, privileges, indemnities or immunities under this Indenture or otherwise. 
 Section 9.02. With Consent of Holders of
Notes. 
 (a) Except as otherwise provided in this Section 9.02, the Company, the Guarantors and the Trustee may amend
or supplement this Indenture or the Notes (and related Note Guarantees) with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes (and related Note Guarantees) may be waived
with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including Additional Notes, if any) (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes). 
 (b) The Company may, but shall not be obligated to, fix a record date for the purpose of determining the
Persons entitled to consent to any indenture supplemental hereto. If a record date is fixed, the Holders of Notes on such record date, or its duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental
indenture, whether or not such Holders remain Holders after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 90 days after
such record date, any such consent previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 
 (c) Upon the request of the Company accompanied by resolutions of its Board of Directors authorizing the execution of any such amendment or supplement to this Indenture, and upon the filing with the
Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in 

  
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Section 7.02(b), the Trustee shall join with the Company in the execution of such amendment or supplement unless such amendment or supplement directly affects the Trustee’s own rights,
duties, protections, privileges, indemnities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment or supplement. 

(d) It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
 (e)
After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver. Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including Additional Notes, if any) may waive compliance in a particular instance by the Company with any provision of this Indenture, or the Notes. However, with respect to the Notes, without the consent of each Holder affected,
an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
 (i) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
 (ii) reduce the principal of or change the fixed maturity of any Note or alter the provisions, or waive any payment, with respect to the redemption of the Notes other than provisions relating to Sections
4.10 and 4.14 (except to the extent provided in clause (ix) below); 
 (iii) reduce the rate of or change
the time for payment of interest on any Note; 
 (iv) waive a Default or Event of Default in the payment of
principal of, or interest or premium, or Additional Interest, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default
that resulted from such acceleration); 
 (v) make any Note payable in money other than U.S. dollars; 

(vi) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of
Notes to receive payments of principal of, or interest or premium or Additional Interest, if any, on the Notes; 

(vii) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance
with the terms of this Indenture; 
 (viii) impair the right to institute suit for the enforcement of any payment
on or with respect to the Notes or the Note Guarantees; 

  
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 (ix) amend, change or modify the obligation of the Company to make and
consummate an Asset Sale Offer with respect to any Asset Sale in accordance with Section 4.10 after the obligation to make such Asset Sale Offer has arisen, or the obligation of the Company to make and consummate a Change of Control Offer in
the event of a Change of Control Triggering Event in accordance with Section 4.14 after such Change of Control Triggering Event has occurred, including, in each case, amending, changing or modifying any definition relating thereto; 

(x) except as otherwise permitted under Section 4.18 and Section 5.01, consent to the assignment or transfer by
the Company or any Guarantor of any of their rights or obligations under this Indenture; 
 (xi) amend or modify
any of the provisions of this Indenture or the related definitions affecting the ranking of the Notes or any Note Guarantee in any manner adverse to the Holders of the Notes or any Note Guarantee; and 

(xii) make any change in the preceding amendment and waiver provisions. 

Section 9.03. Compliance with Trust Indenture Act. 
 Every amendment or supplement to this Indenture or the Notes shall be set forth in a document that complies with the TIA as then in effect. 
 Section 9.04. Revocation and Effect of Consents. 
 Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent is not made on any 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 waiver,
supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
 Section 9.05. Notation on or Exchange of Notes. 
 (a) The Trustee may
place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that
reflect the amendment, supplement or waiver. 
 (b) 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 9.06. Trustee to Sign Amendments, Etc.

 The Trustee shall sign any amendment or supplement to this Indenture or any Note authorized pursuant to this Article Nine if
the amendment or supplement does not adversely 

  
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affect the rights, duties, liabilities, protections, privileges, indemnities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture or Note until its Board
of Directors approve it. In executing any amendment or supplement or Note, the Trustee shall receive and (subject to Section 7.01) shall be fully protected in conclusively relying upon an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amendment or supplement is authorized or permitted by this Indenture. 
 ARTICLE TEN

 NOTE GUARANTEES 
 Section 10.01. Guarantee. 
 (a) Subject to this Article Ten, each of
the Guarantors hereby, jointly and severally, and fully and unconditionally, guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: (i) the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes will be promptly paid in full when
due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any applicable grace period
provided herein), and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full, 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 any of such other obligations, the same will be promptly paid in full when due in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment
when due of any amount so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that, to the maximum extent permitted under applicable law, their 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 the Notes with respect to any provisions hereof or
thereof, 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. Subject to Section 6.06, each
Guarantor hereby waives diligence, presentment, demand of 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, protest, notice and all demands
whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to any of
the Company or the Guarantors, any amount paid by any of them to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

  
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 (d) Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six hereof, such obligations (whether or not due and payable) shall forthwith become due and
payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note
Guarantee. 
 Section 10.02. Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note
Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
its Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount as will, after giving effect to all other
contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the
obligations of such other Guarantor under this Article Ten, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 10.03. Execution and Delivery of Note Guarantee. 
 (a) If an
Officer of a Guarantor whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Note Guarantee shall be valid nevertheless. 

(b) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note
Guarantee set forth in this Indenture on behalf of the Guarantors. 
 (c) If required by Section 4.18, the Company shall
cause such Subsidiaries to execute supplemental indentures to this Indenture in accordance with Section 4.18 and this Article Ten, to the extent applicable. 
 Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms. 

(a) A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into
(whether or not such Guarantor is the surviving Person), another Person, other than the Company or another Guarantor, unless: 

  
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 (i) immediately after giving effect to that transaction, no Default or Event
of Default exists; and 
 (ii) either: 

(A) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger (if other than the Guarantor) is organized or existing under the laws of the United States, any state thereof or the District of Columbia and assumes all the obligations of that Guarantor under this Indenture, its Note
Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture satisfactory to the Trustee; or 
 (B) such sale or other disposition or consolidation or merger complies with Section 4.10. 
 (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form
to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by a Guarantor, such successor Person shall succeed to and be substituted for a Guarantor with the
same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with
the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
 (c)
Except as set forth in Article Five, and notwithstanding clauses (i) and (ii) of Section 10.04(a), nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or into the
Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor. 
 Section 10.05. Release of Guarantor. 
 (a) The Note Guarantee of a
Guarantor shall be released: 
 (i) in connection with any transaction permitted by this Indenture after which
such Guarantor would no longer constitute a Restricted Subsidiary of the Company, if the sale of Capital Stock, if any, complies with Section 4.10; 
 (ii) if the Company properly designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary under this Indenture; 

(iii) upon satisfaction and discharge of the Notes as set forth under Section 11.01 or upon defeasance of the Notes
as set forth under Article 8; or 
 (iv) solely in the case of a Note Guarantee created pursuant to
Section 4.18, upon the release or discharge of the Guarantee which resulted in the creation of such 

  
 93 

 
Note Guarantee pursuant to this Section 4.18, except a discharge or release by or as a result of payment under such Guarantee. 

(b) Any Guarantor not released from its obligations under its Note Guarantee shall remain liable for the full amount of principal of and
interest and Additional Interest, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article Ten. 
 ARTICLE ELEVEN 
 SATISFACTION AND DISCHARGE 

Section 11.01. Satisfaction and Discharge. 
 (a) This Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when: 

(i) either: 
 (A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter
repaid to the Company) have been delivered to the Trustee for cancellation; or 
 (B) all Notes that have not
been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of
any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium and Additional Interest, if any, and accrued interest to the date of maturity or redemption;

 (ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit or shall
occur as a result of such deposit and such deposit shall not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor are a party or by which the Company or any Guarantor is bound;

 (iii) the Company or any Guarantor have paid or caused to be paid all sums payable by it under this Indenture;
and 
 (iv) 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 the redemption date, as the case may be. 

  
 94 

 (b) In addition, the Company must deliver an Officers’ Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
 (c)
Notwithstanding the above, the Trustee shall pay to the Company from time to time upon its request any cash or Government Securities held by it as provided in this section which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification delivered to the Trustee, are in excess of the amount thereof that would then be required to be deposited to effect a satisfaction and discharge under this Article Eleven. 

(d) After the conditions to discharge contained in this Article Eleven have been satisfied, and the Company has paid or caused to be paid
all other sums payable hereunder by the Company, and delivered to the Trustee an Officers’ Certificate and Opinion of Counsel, each stating that all conditions precedent to satisfaction and discharge have been satisfied, the Trustee upon
written request shall acknowledge in writing the discharge of the obligations of the Company and the Guarantors under this Indenture (except for those surviving obligations specified Section 11.01). 

Section 11.02. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 11.03 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with
the Trustee pursuant to Section 11.01 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 (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest, if any, and interest, but
such money need not be segregated from other funds except to the extent required by law. 
 Section 11.03. Repayment to the Company.

 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the
principal of, premium and Additional Interest, if any, or interest on any Note and remaining unclaimed for two years after such principal, and premium or Additional Interest, if any, or interest has become due and payable shall be paid to the
Company on their request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such 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 such Paying Agent, before being required to make any such repayment, may at the expense of
the Company cause to be published once, in the New York Times or The Wall Street Journal (national edition), 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 notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 

  
 95 

 ARTICLE TWELVE 
 MISCELLANEOUS 
 Section 12.01. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA Section 318(c), the imposed duties
shall control. 
 Section 12.02. Notices. 
 (a) Any notice or communication by the Company or any Guarantor, on the one hand, or the Trustee on the other hand, to the other is duly given if in writing and delivered in Person or mailed by first
class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 
 If to the Company and/or any Guarantor: 
 Windstream Corporation 

4001 Rodney Parham Road 
 Little Rock, Arkansas 72212-2442 
 Facsimile: (501) 748-7400 

Attention: John Fletcher 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 

New York, New York 10036 
 Facsimile: (917) 777-4112 
 Attention: Richard B. Aftanas 

If to the Trustee: 
 U.S. Bank National Association 
 Two Midtown Plaza 

1349 West Peachtree Street 
 Suite 1050 
 Atlanta, Georgia 30309 

Facsimile: (404) 898-8844 
 (b) The Company, the Guarantors or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 

(c) All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by
hand, if personally delivered; three Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt 

  
 96 

 
acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 

(d) Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by
overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA Section 313(c), to the extent required by the
TIA. 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. 
 (e) Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance on such waiver. 

(f) In case by reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such
notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 
 (g) If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it. 

(h) If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same time.

 Section 12.03. Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to their rights under this Indenture or the
Notes. The Company, the Trustee, the Registrar and any other Person shall have the protection of TIA Section 312(c). 
 Section 12.04.
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 (except in connection with the original issuance of the Notes), the Company shall furnish to the Trustee: 
 (i) an Officers’ Certificate (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and 
 (ii) an Opinion of
Counsel (which shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of such counsel (who may rely upon an Officers’ Certificate or certificates of public officials as to matters of fact), all such
conditions precedent and covenants have been satisfied. 

  
 97 

 Section 12.05. Statements Required in Certificate or Opinion. 

(a) Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a
certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 
 (i) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(iii) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
 Section 12.06. 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 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
 No director, officer, employee, incorporator, stockholder, member, manager or partner of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the
Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 Section 12.08. Governing Law. 
 THE LAWS OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES. 
 Section 12.09. Consent to Jurisdiction. 

Any legal suit, action or proceeding arising out of or based upon this Indenture or the transactions contemplated hereby
(“Related Proceedings”) may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York (collectively, the
“Specified Courts”), and each party irrevocably submits to the non-exclusive jurisdiction of such courts in 

  
 98 

 
any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute or rule of court) to such party’s address
set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding
in the Specified Courts and irrevocably and unconditionally waive and agree not to plead or claim in any such court has been brought in an inconvenient forum. 
 Section 12.10. 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 any of its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 12.11. Successors. 
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this
Indenture shall bind such Guarantor’s successors, except as otherwise provided in Section 10.04. 
 Section 12.12.
Severability. 
 In case any provision in this Indenture or the Notes 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 12.13.
Counterpart Originals. 
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 Section 12.14. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company if made in the manner provided in this Section 12.14. 
 (b) The fact
and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a 

  
 99 

 
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such witness, notary or
officer the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (c) Notwithstanding anything to the contrary contained in this Section 12.14, the principal amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be proved by
the register of the Notes maintained by the Registrar as provided in Section 2.04. 
 (d) If the Company shall solicit from
the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to resolutions of its Board of Directors, fix in advance a record date for the determination
of Holders of Notes entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the
record date specified in or pursuant to such resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders of Notes generally in connection therewith or the date of the most recent list of Holders of
Notes forwarded to the Trustee prior to such solicitation pursuant to Section 2.06 and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record of Notes at the close of business on such record date shall be deemed to be Holders of Notes for the purposes of determining whether Holders of the
requisite proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as
of such record date; provided that no such authorization, agreement or consent by the Holders of Notes on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than
eleven months after the record date. 
 (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act
of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration or transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be
done by the Trustee or the Company in reliance thereon, whether or not notation of such action is made upon such Note. 
 (f)
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents
each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

  
 100

 Section 12.15. Benefit of Indenture. 

Nothing in this Indenture or the Notes, express or implied, shall give to any Person, other than the parties hereto, any Paying Agent,
any Registrar and its successors hereunder, and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 12.16. 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 shall in no way modify or restrict any of the terms or provisions hereof. 
 [SIGNATURE PAGES FOLLOW]

  
 101

 IN WITNESS WHEREOF, the parties have executed this Indenture as of March 16, 2011.

  

			
	WINDSTREAM CORPORATION
		
	By	 	/s/ Robert G. Clancy, Jr.
	Name:	 	Robert G. Clancy, Jr.
	Title:	 	Senior Vice President and Treasurer

[Signature Page to the Indenture] 

 
					
	 GUARANTORS:

BISHOP COMMUNICATIONS CORPORATION
 BUFFALO VALLEY
MANAGEMENT SERVICES, INC.
 CINERGY COMMUNICATIONS COMPANY OF VIRGINIA
 COMMUNICATIONS SALES AND LEASING, INC.
 CONESTOGA ENTERPRISES, INC.

CONESTOGA MANAGEMENT SERVICES, INC.
 CT CELLULAR,
INC.
 CT COMMUNICATIONS, INC.
 CT
WIRELESS CABLE, INC.
 D&E COMMUNICATIONS, INC.
 D&E INVESTMENTS, INC.
 D&E MANAGEMENT SERVICES, INC.

D&E NETWORKS, INC.
 EQUITY LEASING,
INC.
 GABRIEL COMMUNICATIONS FINANCE COMPANY
 HEART OF THE LAKES CABLE SYSTEMS, INC.
 HOSTED SOLUTIONS CHARLOTTE, LLC

HOSTED SOLUTIONS RALEIGH, LLC
 IOWA TELECOM DATA
SERVICES, L.C.
 IOWA TELECOM TECHNOLOGIES, LLC
 IWA HOLDINGS, LLC
 IWA MN HOLDINGS, LLC
 IWA SERVICES, LLC
 KDL COMMUNICATIONS CORPORATION

KDL HOLDINGS, LLC
 KERRVILLE CELLULAR,
LLC
 KERRVILLE COMMUNICATIONS CORPORATION
 KERRVILLE MOBILE HOLDINGS, LLC
 KERRVILLE WIRELESS HOLDINGS, LLC

LAKEDALE COMMUNICATIONS, LLC
 LEXCOM
INC.
 NORLIGHT TELECOMMUNICATIONS OF VIRGINIA, INC.
 NUVOX, INC.
 OKLAHOMA WINDSTREAM, LLC
 PCS LICENSES, INC.
 PROGRESS PLACE REALTY HOLDING COMPANY, LLC

TELEVIEW, LLC
 TEXAS WINDSTREAM,
INC.

 
					
	 VALOR TELECOMMUNICATIONS ENTERPRISES FINANCE CORP.
 VALOR TELECOMMUNICATIONS ENTERPRISES II, LLC
 VALOR TELECOMMUNICATIONS ENTERPRISES, LLC

VALOR TELECOMMUNICATIONS INVESTMENTS, LLC
 VALOR
TELECOMMUNICATIONS OF TEXAS, LLC
 WINDSTREAM ALABAMA, LLC
 WINDSTREAM ARKANSAS, LLC
 WINDSTREAM BAKER SOLUTIONS, INC.

WINDSTREAM COMMUNICATIONS KERRVILLE, LLC

WINDSTREAM COMMUNICATIONS TELECOM, LLC

WINDSTREAM CTC INTERNET SERVICES, INC.

WINDSTREAM DIRECT, LLC
 WINDSTREAM EN-TEL,
LLC
 WINDSTREAM HOLDING OF THE MIDWEST, INC.
 WINDSTREAM HOSTED SOLUTIONS, LLC
 WINDSTREAM INTELLECTUAL PROPERTY SERVICES, INC.

WINDSTREAM IOWA COMMUNICATIONS, INC.
 WINDSTREAM
IOWA-COMM, INC.
 WINDSTREAM KDL-VA, INC.

WINDSTREAM KERRVILLE LONG DISTANCE, LLC

WINDSTREAM LAKEDALE LINK, INC.
 WINDSTREAM
LAKEDALE, INC.
 WINDSTREAM LEASING, LLC

WINDSTREAM LEXCOM ENTERTAINMENT, LLC
 WINDSTREAM
LEXCOM LONG DISTANCE, LLC
 WINDSTREAM LEXCOM WIRELESS, LLC
 WINDSTREAM MONTEZUMA, INC.
 WINDSTREAM NETWORK SERVICES OF THE MIDWEST, INC.

WINDSTREAM NORTHSTAR, LLC
 WINDSTREAM NUVOX
ARKANSAS, INC.
 WINDSTREAM NUVOX ILLINOIS, INC.
 WINDSTREAM NUVOX INDIANA, INC.
 WINDSTREAM NUVOX KANSAS, INC.

WINDSTREAM NUVOX OKLAHOMA, INC.
 WINDSTREAM
OKLAHOMA, LLC
 WINDSTREAM SHAL NETWORKS, INC.
 WINDSTREAM SHAL, LLC
 WINDSTREAM SOUTH CAROLINA, LLC

 
			
	 WINDSTREAM SUGAR LAND, INC.
 WINDSTREAM SUPPLY, LLC
 WIRELESS ONE OF NORTH CAROLINA, LLC

		
	By	 	/s/ Robert G. Clancy, Jr.
	Name:	 	Robert G. Clancy, Jr.
	Title:	 	Senior Vice President and Treasurer

[Signature Page to the Indenture] 

 
			
	GUARANTORS:
	
	SOUTHWEST ENHANCED NETWORK SERVICES, LP
		
	By:	 	Valor Telecommunications Enterprises, LLC, its general partner
		
	By:	 	/s/ Robert G. Clancy, Jr.
	Name:	 	Robert G. Clancy, Jr.
	Title:	 	Senior Vice President and Treasurer
	
	WINDSTREAM SOUTHWEST LONG DISTANCE, LP
		
	By:	 	Valor Telecommunications Enterprises, LLC, its general partner
		
	By:	 	/s/ Robert G. Clancy, Jr.
	Name:	 	Robert G. Clancy, Jr.
	Title:	 	Senior Vice President and Treasurer

[Signature Page to the Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ Muriel Shaw
	Name:	 	Muriel Shaw
	Title:	 	Assistant Vice President

[Signature Page to the Indenture] 

 EXHIBIT A 
 FORM OF NOTE 
 [Face of Note] 

[THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.] 
 THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION
OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE WHICH IS
ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE HEREON (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION
DATE”) ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE
IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT TO
ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER (i) PURSUANT TO CLAUSE (D) PRIOR TO THE END OF THE
40 DAY DISTRIBUTION COMPLIANCE PERIOD WITHIN THE MEANING OF REGULATION S 

 
UNDER THE SECURITIES ACT OR PURSUANT TO CLAUSE (E) PRIOR TO THE RESALE RESTRICTION TERMINATION DATE TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
SATISFACTORY TO EACH OF THEM, AND (ii) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THIS NOTE IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON
THE REQUEST OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 
 [Additional language for Regulation S Note to be
inserted after paragraph 1] 
 [THE RIGHTS ATTACHING TO THIS REGULATION S GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS
EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).] 

 CUSIP 
  

			
	 No.
	  	**$                **

WINDSTREAM CORPORATION 
 7.50% SENIOR NOTES DUE 2023 
 Issue Date: 

Windstream Corporation, a Delaware corporation, (the “Company,” which term includes any successor under the Indenture
hereinafter referred to), for value received, promises to pay to [                    ], or its registered assigns, the principal sum of
$[            ] on April 1, 2023. 
 Interest Payment Dates: April 1 and
October 1, commencing October 1, 2011. 
 Record Dates: March 15 and September 15. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the Company have caused this Note to be signed manually or by facsimile
by its duly authorized officer. 
  

			
	WINDSTREAM CORPORATION
		
	By:	 	 
	Name:	 	Robert G. Clancy, Jr.
	Title:	 	Senior Vice President and Treasurer

 (Trustee’s Certificate of Authentication) 

This is one of the 7.50% Senior Notes due 2023 described in the within-mentioned Indenture. 
 Dated:                      

 

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 
		 	Authorized Signatory

 [Reverse Side of Note] 

WINDSTREAM CORPORATION 
 7.50% SENIOR NOTES DUE 2023 
 Capitalized terms used herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. The Company
promises to pay interest on the principal amount of this Note at 7.50% per annum from the date hereof until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 2.5 of the Registration Rights Agreement
referred to below. The Company shall pay interest and Additional Interest, if any, semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an
“Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no
existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided further that the first Interest Payment Date shall be October 1, 2011. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal from time to time on demand
at a rate that is 1% per annum in excess of the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to
the Persons who are registered Holders of Notes at the close of business on the record date immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except
as provided in Section 2.13 of the Indenture with respect to defaulted interest. If a Holder has given wire transfer instructions to the Company, the Company shall pay all principal, interest and premium and Additional Interest, if any, on that
Holder’s Notes in accordance with those instructions. All other payments on Notes shall be made at the office or agency of the Paying Agent and Registrar within the United States of America unless the Company elects to make interest payments by
check mailed to the Holders at their addresses set forth in the register of Holders. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

 3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

 4. Indenture. The Company issued the Notes under an Indenture dated as of
March 16, 2011 (“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 of 1939,
as amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and such 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. The Indenture pursuant to which this Note is issued provides that an unlimited aggregate principal amount of Additional Notes may be issued thereunder. 

Optional Redemption. (a) At any time prior to April 1, 2016, the Company may redeem all or part of the Notes upon not
less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of redemption, plus (iii) accrued
and unpaid interest and Additional Interest, if any, to the date of redemption. 
 (b) At any time on or after April 1,
2016, the Company may redeem all or a part of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and Additional
Interest, if any, thereon, to the applicable redemption date, if redeemed during the twelve-month period beginning on April 1 of the years indicated below: 
  

					
	Year	  	Percentage	 
	 2016
	  	 	103.750	% 
	 2017
	  	 	102.500	% 
	 2018
	  	 	101.250	% 
	 2019 and thereafter
	  	 	100.000	% 

 (c) At any time prior to
April 1, 2014, the Company may redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture (including any Additional Notes) at a redemption price of 107.500% of the principal amount thereof, plus accrued and unpaid
interest and Additional Interest, if any, thereon to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: (1) at least 65% of the aggregate principal amount of Notes issued under the Indenture
(including any Additional Notes) remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the 

 
Company or its Subsidiaries); and (2) the redemption must occur within 90 days of the date of the closing of such Equity Offering. 

5. Repurchase at Option of Holder. (a) If a Change of Control Triggering Event occurs, each Holder of Notes shall have the
right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of that Holder’s Notes pursuant to an offer by the Company (a “Change of Control Offer”) at an
offer price (a “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, thereon, to the date of purchase. Within 30 days following
any Change of Control Triggering Event, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and offering to repurchase Notes on a date (the “Change of Control
Payment Date”) specified in such notice, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the procedures required by the Indenture and described in such notice. 

6. Asset Sales. Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company or Restricted Subsidiary of
the Company, as applicable, may apply such Net Proceeds at its option: to repay (A) Indebtedness secured by assets of the Company or its Restricted Subsidiaries (to the extent of the value of the assets securing such Indebtedness),
(B) Obligations under the Credit Agreement or (C) Indebtedness of a Restricted Subsidiary of the Company that is not a Guarantor (to the extent of the value of the assets of such Restricted Subsidiary); or to purchase Replacement Assets.
Pending the final application of any such Net Proceeds, the Company or its Restricted Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture.

 On the 366th day after an Asset Sale or such earlier date, if any, as the Company determines not to apply the Net Proceeds
relating to such Asset Sale as set forth in Section 4.10(b) (each such date being referred as an “Excess Proceeds Trigger Date”), such aggregate amount of Net Proceeds that has not been applied on or before the Excess Proceeds
Trigger Date as permitted pursuant to Section 4.10(b) (“Excess Proceeds”) shall be applied by the Company to make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other Indebtedness
that is pari passu with the Notes or any Note Guarantee containing provisions similar to those set forth in this Indenture with respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum principal amount of
Notes and such other pari passu Indebtedness that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of the principal amount of the Notes and such other pari passu Indebtedness
plus accrued and unpaid interest and Additional Interest, if any, to the date of purchase, and shall be payable in cash. The Company may defer the Asset Sale Offer until there are aggregate unutilized Excess Proceeds equal to or in excess of $30.0
million resulting from one or more Asset Sales, at which time the entire unutilized amount of Excess Proceeds (not only the amount in excess of $30.0 million) shall be applied as provided in Section 4.10(c) of the Indenture. If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company and its Restricted Subsidiaries may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and such other
pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess 

 
Proceeds, the Notes and such other pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of Notes and such other pari passu Indebtedness
tendered. Upon completion of each Asset Sale Offer, the Excess Proceeds subject to such Asset Sale shall no longer be deemed to be Excess Proceeds. 
 7. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. The transfer of Notes
may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay
any taxes and fees required by law or permitted by the Indenture. The Company is not required to transfer or exchange any Note selected for redemption. Also, the Company is not required to transfer or exchange any Note (1) for a period of 15
days before the mailing of a notice of redemption of Notes to be redeemed or (2) tendered and not withdrawn in connection with a Change of Control Offer or an Asset Sale Offer. Transfer may be restricted as provided in the Indenture.

 8. Persons Deemed Owners. The registered Holder of a Note will be treated as its owner for all purposes. 

9. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture, or the Notes may be amended or supplemented
with the consent of the Holders of at least a majority in principal amount of the Notes then outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any
existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes). Without the consent of any Holder of a Note, the Indenture, or the Notes may be amended or supplemented to, among other things, cure any ambiguity, defect or
inconsistency, or make any change that does not adversely affect the legal rights under the Indenture of any such Holder. 
 10.
Defaults and Remedies. In the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to (i) the Company or (ii) any Significant Subsidiary of the Company (or any Restricted Subsidiaries that
together would constitute a Significant Subsidiary), all outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing with respect to the Notes, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately by notice in writing to the Company specifying the Event of Default. In the event of a declaration of acceleration
of the Notes because an Event of Default has occurred and is continuing as a result of the acceleration of any Indebtedness described in Section 6.01(a)(vi) of the Indenture, the declaration of acceleration of the Notes shall be automatically
annulled if the holders of all Indebtedness described in Section 6.01(a)(vi) of the Indenture have rescinded the declaration of acceleration in respect of such Indebtedness within 30 Business Days of the date of such declaration, and if the
annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction, and all existing Events of Default, except non-payment of 

 
principal or interest on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the
Company or any of its Restricted Subsidiaries with the intention of avoiding payment of the premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to Section 3.07 of the Indenture, an
equivalent premium shall also become and be immediately due and payable to the extent permitted by law upon the acceleration of the Notes. 
 Holders of the Notes may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes
may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or
Additional Interest) if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. If certain conditions are satisfied, Holders of a majority in
aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture, except a continuing Default
or Event of Default in the payment of interest or Additional Interest on, or the principal of, the Notes. 
 11. Trustee
Dealings with Company. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may become a creditor of, or otherwise deal with the Company or any of its Affiliates, with the same rights it would have if
it were not Trustee. 
 12. No Recourse Against Others. No director, officer, employee, incorporator, stockholder,
member, manager or partner of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive
liabilities under the federal securities laws. 
 13. Authentication. This Note shall not be valid until authenticated by
the manual signature of the Trustee or an authenticating agent. 
 14. Additional Rights of Holders of Restricted Global
Notes and Restricted Definitive Notes. In addition to the rights provided to Holders under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement
dated as of the date of the Indenture, by and among the Company, the Guarantors and the parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional
Notes, one or more registration rights agreements between the Company and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from 

 
time to time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act (the “Registration Rights
Agreement”). 
 15. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 16. Guarantee. The Company’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, by the Guarantors. 

17. Copies of Documents. The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture
and/or the Registration Rights Agreement. Requests may be made to: 
 Windstream Corporation 

4001 Rodney Parham Road 
 Little Rock, Arkansas 72212-2442 
 Facsimile: (504) 748-7400 

Attention: John Fletcher 
 with a copy to: 
 Skadden, Arps, Slate, Meagher & Flom LLP 

Four Times Square 

New York, New York 10036 
 Facsimile: (917) 777-4112 
 Attention: Richard B. Aftanas 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	 
		  	(INSERT ASSIGNEE’S LEGAL NAME)

 
  
 (Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s
name, address and zip code) 
 and irrevocably appoint
                                         
                                         
                                         
                                         
             
 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*:
                                         
                    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the
appropriate box below: 

 ̈  Section 4.10          
       ̈  Section 4.14 
 If you want
to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased: 

$             
 Date:                      

 

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

 

			
	Tax Identification No.: 	 	 
		 	

 Signature Guarantee*:
                                         
                    
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

 [To be inserted for Rule 144A Global Note] 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE 
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in
this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of Decrease in
Principal Amount at
Maturity
of this Global Note	  	Amount of Increase in
Principal Amount at
Maturity
of this Global Note	  	Principal Amount at
Maturity
of this Global Note
Following
such
decrease (or increase)	  	Signature of
Authorized Signatory
of Trustee or
Custodian

[To be inserted for Regulation S Global Note] 
 SCHEDULE OF EXCHANGES OF REGULATION S GLOBAL NOTE 
 The following exchanges of a
part of this Regulation S Global Note for an interest in another Global Note or of other Restricted Global Notes for an interest in this Regulation S Global Note, have been made: 

 

									
	 Date of Exchange
	  	Amount of Decrease in
Principal Amount at
Maturity
of this Global Note	  	Amount of Increase in
Principal Amount at
Maturity
of this Global Note	  	Principal Amount at
Maturity
of this Global Note
Following
such
decrease (or increase)	  	Signature of
Authorized Signatory
of Trustee or
Custodian

 EXHIBIT B 
 FORM OF CERTIFICATE OF TRANSFER 
 Windstream Corporation 

4001 Rodney Parham Road 
 Little Rock, Arkansas
72212-2442 
 Facsimile: (501) 748-7400 
 Attention: John Fletcher 
 U.S. Bank National Association 

Two Midtown Plaza 
 1349 West Peachtree Street

 Suite 1050 
 Atlanta, Georgia 30309

 Facsimile: (404) 898-8844 
  

	 	Re:	7.50% Senior Notes due 2023 

Reference is hereby made to the Indenture, dated as of March 16, 2011 (the “Indenture”), among Windstream
Corporation, a Delaware corporation, (the “Company”), the Guarantors, and U.S. Bank National Association, as 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 at maturity 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 Definitive Note Pursuant to Rule 144A. The Transfer
is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive
Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive 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. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 

  
 B-1

  ̈ 2. Check if Transferee will take
delivery of a beneficial interest in a Legended Regulation S Global Note, or a Definitive 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) 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 Definitive Note will be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Legended Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  ̈ 3. Check and complete if Transferee will take delivery of a Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule
144, 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 Definitive 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 to the Company or a subsidiary thereof; or 
  ̈ (b) such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the
transfer restrictions applicable to Restricted Definitive Notes and the requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and
(2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the
proposed transfer in accordance with the terms of the Indenture, the transferred Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Definitive Notes and in the Indenture and the
Securities Act. 

  
 B-2

 4. Check if Transferee will take delivery of a beneficial interest in an Unrestricted
Global Note or of an Unrestricted Definitive 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 Definitive 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 Definitive 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,
in the case of a transfer from a Restricted Global Note or a Restricted Definitive Note, the Transferor hereby further certifies that (a) 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, (b) 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, (c) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and
(d) the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person, 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 Definitive 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 Definitive Notes and in the Indenture. 
  ̈ (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
Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

  
 B-3

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

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

  
 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 __________); or
			
		  	(ii)	 	Regulation S Global Note (CUSIP __________); or
			
	 ̈	  	(b)	 	a Restricted Definitive Note.

  

	2.	After the Transfer the Transferee will hold: 

 [CHECK ONE] 
  

					
	 ̈	  	(a)	 	a beneficial interest in the:
			
		  	(i)	 	144A Global Note (CUSIP __________); or
			
		  	(ii)	 	Regulation S Global Note (CUSIP __________); or
			
		  	(iii)	 	Unrestricted Global Note (CUSIP __________); 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 
 Windstream Corporation 

4001 Rodney Parham Road 
 Little Rock, Arkansas
72212-2442 
 Facsimile: (501) 748-7400 
 Attention: John Fletcher 
 U.S. Bank National Association 

Two Midtown Plaza 
 1349 West Peachtree Street

 Suite 1050 
 Atlanta, Georgia 30309

 Facsimile: (404) 898-8844 
  

	 	Re:	7.50% Senior Notes due 2023 

Reference is hereby made to the Indenture, dated as of March 16, 2011 (the “Indenture”), among Windstream
Corporation, a Delaware corporation, (the “Company”), the Guarantors, and U.S. Bank National Association, as 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 at maturity of $             in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. Exchange of Restricted
Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive 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 at maturity, 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 Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby 

  
 C-1

 
certifies (i) the Definitive 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 Definitive 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 Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s
Exchange of a Restricted Definitive 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 Definitive 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 Definitive Note to Unrestricted
Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive 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 Definitive 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 Definitive Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in
Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes 
  ̈ (a) Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global
Note for a Restricted Definitive Note with an equal principal amount at maturity, the Owner hereby certifies that the Restricted Definitive 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 Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the
Indenture and the Securities Act. 
  ̈ (b) Check if Exchange is from Restricted
Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]: 

 ̈ 144A Global Note, : 

  
 C-2

	 	 ̈	Regulation S Global Note, : 

 with an equal
principal amount at maturity, 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. 
  

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

  
 C-3

 EXHIBIT D 
 FORM OF CERTIFICATE FROM 
 ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Windstream Corporation 
 4001 Rodney Parham Road

 Little Rock, Arkansas 72212-2442 

Facsimile: (501) 748-7400 
 Attention: John
Fletcher 
 U.S. Bank National Association 
 Two Midtown Plaza 
 1349 West Peachtree Street 

Suite 1050 
 Atlanta, Georgia 30309 

Facsimile: (404) 898-8844 
  

	 	Re:	7.50% Senior Notes due 2023 

Reference is hereby made to the Indenture, dated as of March 16, 2011 (the “Indenture”), among Windstream
Corporation, a Delaware corporation, (the “Company”), the Guarantors, and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

In connection with our proposed purchase of $             aggregate
principal amount of: 

(a)     ̈    beneficial interest in a Global Note,
or 
 (b)     ̈    a Definitive Note,

 we confirm that: 
 1. We understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by,
and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 

2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any
interest therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we shall do so only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional
“accredited investor” (as defined below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the 

  
 D-1

 
Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the
Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration
statement under the Securities Act, and we further agree to provide to any person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the requirements of clauses (A) through (E) of this
paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
 3. We understand that, on
any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the
proposed sale complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect. 
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in
financial and business matters as to be capable of evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of
which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
 The
Trustee and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters
covered hereby. 
  

									
	Dated:                     	 		 	 
		 		 		 	[Insert Name of Accredited Investor]
					
		 		 		 	By:	 	 
		 		 		 		 	Name:
		 		 		 		 	Title:

  
 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 Windstream
Corporation, a Delaware corporation (or its permitted successor) (the “Company”), and U.S. Bank National Association, a national banking association organized under the laws of the United States (or its permitted successor), as
trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company and the other Guarantors party thereto have heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March 16, 2011 providing for the issuance of the Company’s 7.50% Senior Notes due 2023 (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, subject to Article Ten of the Indenture, unconditionally guarantee the Notes on the terms and conditions set forth therein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is 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 Company, the Guaranteeing Subsidiary and the Trustee agree as follows for the equal and ratable benefit of the Holders of the Notes: 
 1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. Agreement to Guarantee. 
 (a) Subject to Article Ten of the Indenture, the Guaranteeing Subsidiary fully and unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

(i) the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes will be promptly paid in
full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any applicable
grace period provided herein), and all other obligations of the 

  
 E-1

 
Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full, 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 any of such other obligations, the same will
be promptly paid in full when due in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. The Guaranteeing Subsidiary agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b) The Guaranteeing Subsidiary hereby agrees that, to the maximum extent permitted under applicable law, its obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, 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. 
 (c) The Guaranteeing Subsidiary, subject to Section 6.06 of the Indenture, hereby waives diligence, presentment, demand of 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, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged except by complete performance of the obligations
contained in the Notes and the Indenture. 
 (d) If any Holder or the Trustee is required by any court or otherwise to return to
the Company, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to any of the Company or the Guarantors, any amount paid by any of them to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, shall be reinstated in full force and effect. 
 (e) The Guaranteeing Subsidiary agrees that it shall
not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 

(f) The Guaranteeing Subsidiary agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six of the Indenture for the purposes of the Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article Six of the Indenture, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of the Note Guarantee. 

  
 E-2

 (g) The Guaranteeing Subsidiary shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Note Guarantee. 

(h) The Guaranteeing Subsidiary confirms, pursuant to Section 10.02 of the Indenture, that it is the intention of such Guaranteeing
Subsidiary that the Note Guarantee not constitute (i) a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the
extent applicable to the Note Guarantee or (ii) an unlawful distribution under any applicable state law prohibiting shareholder distributions by an insolvent subsidiary to the extent applicable to the Note Guarantee. To effectuate the foregoing
intention, the Guaranteeing Subsidiary and the Trustee hereby irrevocably agree that the obligations of the Guaranteeing Subsidiary will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of
such Guaranteeing Subsidiary that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under Article Ten of the Indenture, result in the obligations of the Guaranteeing Subsidiary under the Note Guarantee not constituting a fraudulent transfer or conveyance or such an unlawful shareholder distribution. 

3. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note Guarantee shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of the Note Guarantee. 
 4. Guaranteeing Subsidiary May
Consolidate, Etc., on Certain Terms. The Guaranteeing Subsidiary may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into, any Person other than as set forth in Section 10.04
of the Indenture. 
 5. Release. The Guaranteeing Subsidiary’s Note Guarantee shall be released as set forth in
Section 10.05 of the Indenture. 
 6. No Recourse Against Others. Pursuant to Section 12.07 of the Indenture,
no director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have any liability for any obligations of the Guaranteeing Subsidiary under the Notes, the Indenture, this Supplemental Indenture, the Note Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. This waiver and release are part of the consideration for the Note Guarantee. 
 7. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 

8. 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. 

  
 E-3

 9. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof. 
 10. 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. 

[SIGNATURE PAGE FOLLOWS] 

  
 E-4

 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. 
  

			
	[NAME OF GUARANTEEING SUBSIDIARY]
		
	By:	 	 
		 	Name:
		 	Title:
	
	WINDSTREAM CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:	 	 
		 	Name:
		 	Title:

  
 E-5

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