Document:

EX-4.1

 Exhibit 4.1 
  

 
 CLEARWATER PAPER CORPORATION 

4.750% SENIOR NOTES DUE 2028 
  

 
 INDENTURE 

 
  

Dated as of August 18, 2020 

U.S. BANK NATIONAL ASSOCIATION 

Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	  	Definitions	  	 	1	 
	 Section 1.02
	  	Other Definitions	  	 	19	 
	 Section 1.03
	  	Application of Trust Indenture Act	  	 	19	 
	 Section 1.04
	  	Rules of Construction	  	 	19	 
		
	 ARTICLE 2 THE NOTES
	  	 	20	 
			
	 Section 2.01
	  	Form and Dating	  	 	20	 
	 Section 2.02
	  	Execution and Authentication	  	 	21	 
	 Section 2.03
	  	Registrar and Paying Agent	  	 	21	 
	 Section 2.04
	  	Paying Agent to Hold Money in Trust	  	 	22	 
	 Section 2.05
	  	Holder Lists	  	 	22	 
	 Section 2.06
	  	Transfer and Exchange	  	 	22	 
	 Section 2.07
	  	Replacement Notes	  	 	35	 
	 Section 2.08
	  	Outstanding Notes	  	 	35	 
	 Section 2.09
	  	Treasury Notes	  	 	36	 
	 Section 2.10
	  	Temporary Notes	  	 	36	 
	 Section 2.11
	  	Cancellation	  	 	36	 
	 Section 2.12
	  	Defaulted Interest	  	 	36	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	37	 
			
	 Section 3.01
	  	Notices to Trustee	  	 	37	 
	 Section 3.02
	  	Selection of Notes to Be Redeemed or Purchased	  	 	37	 
	 Section 3.03
	  	Notice of Redemption	  	 	38	 
	 Section 3.04
	  	Effect of Notice of Redemption	  	 	39	 
	 Section 3.05
	  	Deposit of Redemption or Purchase Price	  	 	39	 
	 Section 3.06
	  	Notes Redeemed or Purchased in Part	  	 	39	 
	 Section 3.07
	  	Optional Redemption	  	 	39	 
	 Section 3.08
	  	Mandatory Redemption	  	 	40	 
		
	 ARTICLE 4 COVENANTS
	  	 	40	 
			
	 Section 4.01
	  	Payment of Notes	  	 	40	 
	 Section 4.02
	  	Maintenance of Office or Agency	  	 	41	 
	 Section 4.03
	  	Reports	  	 	41	 
	 Section 4.04
	  	Compliance Certificate	  	 	42	 
	 Section 4.05
	  	Taxes	  	 	43	 
	 Section 4.06
	  	Stay, Extension and Usury Laws	  	 	43	 
	 Section 4.07
	  	Limitation on Liens	  	 	43	 
	 Section 4.08
	  	Limitation on Sale and Leaseback Transactions	  	 	44	 
	 Section 4.09
	  	Corporate Existence	  	 	45	 

  
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	 Section 4.10
	  	Offer to Repurchase Upon Change of Control Triggering Event	  	 	45	 
	 Section 4.11
	  	Additional Note Guarantees	  	 	47	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	47	 
			
	 Section 5.01
	  	Merger, Consolidation, or Sale of Assets	  	 	47	 
	 Section 5.02
	  	Successor Corporation Substituted	  	 	48	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	49	 
			
	 Section 6.01
	  	Events of Default	  	 	49	 
	 Section 6.02
	  	Acceleration	  	 	51	 
	 Section 6.03
	  	Other Remedies	  	 	51	 
	 Section 6.04
	  	Waiver of Past Defaults	  	 	51	 
	 Section 6.05
	  	Control by Majority	  	 	52	 
	 Section 6.06
	  	Limitation on Suits	  	 	52	 
	 Section 6.07
	  	Rights of Holders to Receive Payment	  	 	52	 
	 Section 6.08
	  	Collection Suit by Trustee	  	 	53	 
	 Section 6.09
	  	Trustee May File Proofs of Claim	  	 	53	 
	 Section 6.10
	  	Priorities	  	 	53	 
	 Section 6.11
	  	Undertaking for Costs	  	 	54	 
		
	 ARTICLE 7 TRUSTEE
	  	 	54	 
			
	 Section 7.01
	  	Duties of Trustee	  	 	54	 
	 Section 7.02
	  	Rights of Trustee	  	 	55	 
	 Section 7.03
	  	Individual Rights of Trustee	  	 	57	 
	 Section 7.04
	  	Trustee’s Disclaimer	  	 	57	 
	 Section 7.05
	  	Notice of Defaults	  	 	57	 
	 Section 7.06
	  	Compensation and Indemnity	  	 	57	 
	 Section 7.07
	  	Replacement of Trustee	  	 	58	 
	 Section 7.08
	  	Successor Trustee by Merger, etc.	  	 	59	 
	 Section 7.09
	  	Eligibility; Disqualification	  	 	59	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	59	 
			
	 Section 8.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	59	 
	 Section 8.02
	  	Legal Defeasance and Discharge	  	 	59	 
	 Section 8.03
	  	Covenant Defeasance	  	 	60	 
	 Section 8.04
	  	Conditions to Legal or Covenant Defeasance	  	 	61	 
	 Section 8.05
	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	  	 	62	 
	 Section 8.06
	  	Repayment to Company	  	 	62	 
	 Section 8.07
	  	Reinstatement	  	 	63	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	63	 
			
	 Section 9.01
	  	Without Consent of Holders	  	 	63	 

  
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	 Section 9.02
	  	With Consent of Holders	  	 	64	 
	 Section 9.03
	  	Revocation and Effect of Consents	  	 	66	 
	 Section 9.04
	  	Notation on or Exchange of Notes	  	 	66	 
	 Section 9.05
	  	Trustee to Sign Amendments, etc.	  	 	66	 
		
	 ARTICLE 10 NOTE GUARANTEES
	  	 	66	 
			
	 Section 10.01
	  	Guarantee	  	 	66	 
	 Section 10.02
	  	Limitation on Guarantor Liability	  	 	68	 
	 Section 10.03
	  	Execution and Delivery of Note Guarantee	  	 	68	 
	 Section 10.04
	  	Guarantors May Consolidate, etc., on Certain Terms	  	 	68	 
	 Section 10.05
	  	Releases	  	 	69	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	70	 
			
	 Section 11.01
	  	Satisfaction and Discharge	  	 	70	 
	 Section 11.02
	  	Application of Trust Money	  	 	71	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	72	 
			
	 Section 12.01
	  	Notices	  	 	72	 
	 Section 12.02
	  	Certificate and Opinion as to Conditions Precedent	  	 	73	 
	 Section 12.03
	  	Statements Required in Certificate or Opinion	  	 	74	 
	 Section 12.04
	  	Rules by Trustee and Agents	  	 	74	 
	 Section 12.05
	  	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	74	 
	 Section 12.06
	  	Governing Law; Jurisdiction; Waiver of Trial by Jury	  	 	75	 
	 Section 12.07
	  	No Adverse Interpretation of Other Agreements	  	 	75	 
	 Section 12.08
	  	Successors	  	 	75	 
	 Section 12.09
	  	Severability	  	 	75	 
	 Section 12.10
	  	Counterpart Originals	  	 	75	 
	 Section 12.11
	  	Table of Contents, Headings, etc.	  	 	76	 

 EXHIBITS 
  

			
	 Exhibit A
	 	 FORM OF 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 NOTATION OF GUARANTEE

  
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	 Exhibit F
	 	 FORM OF SUPPLEMENTAL INDENTURE

  
 iv 

 INDENTURE dated as of August 18, 2020 by and among Clearwater Paper Corporation, a
Delaware corporation, the Guarantors (as defined herein) 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 herein) of the 4.750% Senior Notes due 2028 (the “Notes”): 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

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

“Additional Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with
Section 2.02 hereof, as part of the same series as the Initial Notes, having identical terms and conditions as the Initial Notes, other than the issue price, the date of issuance and, under certain circumstances, the first interest payment date
and the date from which interest thereon will begin to accrue, whether or not they have the same CUSIP number as the Initial Notes. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. 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; provided that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Agent” means any Registrar, coregistrar, 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 the Note; and 

(2) the excess of (a) the present value at such redemption date of (1) the redemption price of such Note at
August 15, 2023 (such redemption price being set forth in Section 3.07(c) hereof) (excluding accrued but unpaid interest to the redemption date), plus (2) all scheduled interest payments due on such Note from the redemption date
through August 15, 2023, 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 the Note. 

 The Company shall determine the Applicable Premium and the Trustee shall have no duty to
calculate or verify any such determination. 
 “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. 

“Attributable Debt” means, with respect to a Sale and Leaseback Transaction, 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; provided, however, that if such Sale and Leaseback Transaction
results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capital Lease Obligation.” 

“Authentication Order” means a written order of the Company signed by an Officer to authenticate Notes that may be validly
issued under this Indenture. 
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the
relief of debtors. 
 “Below Investment Grade Rating Event” with respect to the Notes means that the rating of the Notes is
lowered by each of the Rating Agencies and the Notes are rated below Investment Grade by each of the Rating Agencies, and such lowering occurs on any date from the date of the public notice of the Company’s intention to effect a Change of
Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which 60-day period shall be extended so long as the rating
of the Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies as a result of the Change of Control); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a
particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event
hereunder) if the Rating Agency or Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee and the Company in writing at its or the Company’s
request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have
occurred at the time of the Below Investment Grade Rating Event). 
 “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 after the passage of time. 

  
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 “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 Board of Directors of the general partner of the partnership;

 (3) with respect to a limited liability company, the managing member or members or any controlling committee of managing
members thereof; and 
 (4) with respect to any other Person, the board or committee of such Person serving a similar
function. 
 “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
finance lease or an operating lease that would at that time be required to be included on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under
such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 
 “Capital
Stock” of any Person means: 
 (1) in the case of a corporation, corporate stock of the specified Person; 

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

(4) any other interest or participation that confers on another Person the right to receive a share of the profits and losses
of, or distributions of assets of, the specified Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock, of the
specified Person. 
 “Cash Equivalents” means: 

(1) U.S. dollars; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government 

  
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(provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition; 

(3) certificates of deposit and eurodollar time deposits with maturities of six months or less from the date of acquisition,
bankers’ acceptances with maturities not exceeding six months and overnight bank deposits, in each case, with any lender party to the Credit Agreements or with any 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 seven 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 six months after the date of acquisition; and 

(6) money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses
(1) through (5) of this definition. 
 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, lease, 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 Subsidiaries taken as a whole to any Person (including any “person” (as that term is used in
Section 13(d)(3) of the Exchange Act)); 
 (2) the adoption of a plan relating to the liquidation or dissolution of the
Company; 
 (3) the consummation of any transaction (including, without limitation, any merger or consolidation), the result
of which is that any Person (including any “person” (as defined above)) 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;
provided, however, such person shall not be deemed to be such a Beneficial Owner of shares tendered pursuant to a tender offer or exchange offer paid by or on behalf of that person or any Affiliate of that person until the tendered
shares are accepted for purchase or exchange; or 
 (4) the Company consolidates with, or merges with or into, any Person, or
any Person consolidates with, or merges with or into, 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 the Voting Stock of the Company outstanding immediately prior to such transaction constitutes or is converted into or exchanged for a majority of the outstanding shares of the Voting Stock of
such surviving or transferee 

  
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Person or the direct or indirect parent of such surviving or transferee Person (immediately after giving effect to such transaction). 

Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (a) the Company becomes a direct or indirect
wholly-owned Subsidiary of a holding company and (b)(1) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock
immediately prior to that transaction or (2) immediately following that transaction no Person (other than a holding company satisfying the requirements of this sentence) is the Beneficial Owner, directly or indirectly, of more than 50% of the
Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Below Investment Grade Rating Event. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has
actually been consummated. 
 “Clearstream” means Clearstream Banking, S.A. 

“Company” means Clearwater Paper Corporation, and any and all successors thereto. 

“Consolidated Current Liabilities” means, with respect to any specified Person as of any date of determination, the aggregate
amount of liabilities of such Person and its consolidated Subsidiaries which may properly be classified as current liabilities (including taxes accrued as estimated), after eliminating: 

(1) all intercompany items between such Person and any Subsidiary or between Subsidiaries; and 

(2) all current maturities of long-term debt. 

“Consolidated EBITDA” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person
for such period plus, without duplication: 
 (1) an amount equal to any extraordinary loss plus any net loss realized by the
specified Person or any of its Subsidiaries in connection with the sale, lease, conveyance or other disposition of any assets or rights by the Company or any of the Company’s Subsidiaries, to the extent such losses were deducted in computing
such Consolidated Net Income; plus 
 (2) provision for taxes based on income or profits of the specified Person and
its Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 

(3) the Fixed Charges and any expenses incurred in connection with the early extinguishment of Indebtedness of the specified
Person and its Subsidiaries for such period, in each case, to the extent that such Fixed Charges and expenses were deducted in computing such Consolidated Net Income; plus 

  
 5 

 (4) any foreign currency translation losses (including losses related to
currency remeasurements of Indebtedness) of the specified Person and its Subsidiaries for such period, to the extent that such losses were taken into account in computing such Consolidated Net Income; plus 

(5) business optimization expenses and other restructuring charges, reserves and expenses (which, for the avoidance of doubt,
shall include the effect of inventory optimization programs, facility closures, facility consolidations, retention, systems establishment costs, contract termination costs, future lease commitments and excess pension charges); plus 

(6) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that
were paid in a prior period) and other non-cash charges and expenses (including non-operating pension and other postemployment benefit expenses, impairments of goodwill,
intangibles or fixed assets and stock compensation that is not settled in cash and other similar non-cash charges) (excluding any such non-cash charge or expense to the
extent that it represents an accrual of or reserve for cash charges or expenses in any future period or amortization of a pre-paid cash charge or expense that was paid in a prior period) of the specified
Person and its 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; minus 

(7) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue in the ordinary course of business, 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 EBITDA of the Company only to the extent that a corresponding amount would be permitted at the date
of determination to be dividended 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. 
 For purposes
of this definition, whenever pro forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of such Person to the extent consistent with Regulation S-X under the Securities Act, including the amount of “run rate” cost savings and operating expense reductions for which specified actions were taken or committed to be taken within 12 months after the
closing date of such pro forma event and have been realized or are expected to be realized within 12 months after the closing date of such pro forma event (calculated on a pro forma basis as though such “run rate” cost savings and
operating expense reductions had been realized on the first day of such period and as if such “run rate” cost savings and operating expense reductions were realized during the entirety of such period) relating to such pro forma event, net
of the amount of actual benefits realized during such period from such actions; provided that (A) a duly 

  
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completed certificate signed by the chief financial officer of such Person shall be delivered to the Trustee certifying that and setting forth in detail (x) such cost savings and operating
expense reductions are reasonably expected and factually supportable in the good faith judgment of such Person, (y) such actions are to be taken within 12 months after the consummation of the acquisition or disposition, which is expected to
result in such cost savings and expense reductions, (B) no cost savings or operating expense reductions shall be added to the extent duplicative of any expense or charges otherwise added to Consolidated EBITDA, whether a pro forma adjustment or
otherwise, for such period, (C) the aggregate amount of “run rate” cost savings and operating expense reductions added pursuant to this definition in any period of four consecutive fiscal quarters shall not exceed 25% of Consolidated
EBITDA for such period and (D) projected amounts (and not yet realized) may no longer be added pursuant to this definition to the extent occurring more than four full fiscal quarters after the specified action take in order to realize such
projected cost savings and operating expense reductions. 
 “Consolidated Net Income” means, with respect to any specified
Person for any period, the aggregate of the net income (loss) of such Person and its Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP and without any reduction in respect of preferred stock dividends;
provided that: 
 (1) all extraordinary gains (but not losses) and all gains (but not losses) realized in connection
with any sale, lease, conveyance or other disposition of any assets or rights or the disposition of securities or the early extinguishment of Indebtedness, together with any related provision for taxes on any such gain, will be excluded; 

(2) the net income (but not loss) of any Person other than the specified Person that is not a Subsidiary or that is accounted
for by the equity method of accounting will be included only to the extent of the amount of dividends or similar distributions paid in cash to the specified Person or a Subsidiary of the specified Person; 

(3) the net income (but not loss) of any Subsidiary of the specified Person will be excluded to the extent that the declaration
or payment of dividends or similar distributions by that 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 Subsidiary or its stockholders; 

(4) the cumulative effect of a change in accounting principles will be excluded; and 

(5) non-cash gains and losses attributable to movement in the mark to market valuation
of Hedging Obligations pursuant to Financial Accounting Standards Board Statement No. 133 will be excluded. 
 “Consolidated
Net Tangible Assets” means, with respect to any specified Person as of any date of determination, the sum of the amounts that would appear on a consolidated balance sheet of such Person and its consolidated Subsidiaries as the total assets
(less accumulated depreciation 

  
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and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) of such Person and its Subsidiaries, after giving effect to purchase
accounting and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of (without duplication): 

(1) the excess of cost over Fair Market Value of assets or businesses acquired; 

(2) any revaluation or other write-up in book value of assets subsequent to the last
day of the fiscal quarter of such Person immediately preceding the date of this Indenture as a result of a change in the method of valuation in accordance with GAAP; 

(3) unamortized debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service
marks, trade names, copyrights, licenses, organization or developmental expenses and other intangible items; 
 (4) minority
interests in consolidated Subsidiaries held by Persons other than the specified Person or any Subsidiary; 
 (5) treasury
stock; and 
 (6) cash or securities set aside and held in a sinking or other analogous fund established for the purpose of
redemption or other retirement of Capital Stock to the extent such obligation is not reflected in Consolidated Current Liabilities. 

“continuing” means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured
or waived. 
 “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in Section 12.01
hereof or such other address as to which the Trustee may give notice to the Company. 
 “Credit Agreements” means that
certain (i) ABL Credit Agreement, dated as of July 26, 2019, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent for the lenders, and the lenders party thereto and (ii) Term Loan Credit Agreement, dated as of
July 26, 2019, by and among the Company, JPMorgan Chase Bank, N.A., as administrative agent for the lenders, and the lenders party thereto, including, in each case, any related notes, Guarantees, collateral documents, instruments and agreements
executed in connection therewith, and, in each case, as amended, restated, modified, renewed, refunded, replaced in any manner (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. 
 “Debt Facilities” means, one or more debt facilities
(including, without limitation, the Credit Agreements) or commercial paper facilities, in each case, with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables), letters of credit, indentures or similar agreements, in each case, as amended, restated, modified, renewed, refunded, replaced
in any manner (whether upon or 

  
 8 

 
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. 

“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
Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto or the
related footnote on the face thereof. 
 “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. 
 “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. 

“Domestic Subsidiary” means any 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. 

“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 a private or public
sale for cash after the date of this Indenture of Capital Stock of the Company (other than Disqualified Stock) to Persons who are not Subsidiaries of the Company other than (1) public offerings with respect to the Company’s common stock
registered on Form S-8 and (2) issuances upon exercise of options by employees of the Company or any of its Subsidiaries. 

“Euroclear” means Euroclear Bank, SA/NV, as operator of the Euroclear system. 

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

“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, 

  
 9 

 
determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture). 

“Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 

(1) the consolidated interest expense of such Person and its Subsidiaries for such period, whether paid or accrued, 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 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 in respect of interest rates; plus 
 (2) the
consolidated interest expense of such Person and its Subsidiaries that was capitalized during such period; plus 
 (3)
any interest on Indebtedness of another Person that is guaranteed by such Person or one of its Subsidiaries or secured by a Lien on assets of such Person or one of its Subsidiaries, whether or not such Guarantee or Lien is called upon; plus

 (4) the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred
stock of such Person or any of its Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Subsidiary of the Company, 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, determined on a consolidated basis 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 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 from time to time. 
 “Global Note Legend” means the
legend set forth in Section 2.06(f)(2) hereof, which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes
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 Section 2.01, 2.06(b)(3), 2.06(b)(4) or 2.06(d)(2) hereof. 

  
 10 

 “Government Securities” means direct obligations of, or obligations
guaranteed by, the United States of America (including any agency or instrumentality thereof) for the payment of which obligations or guarantees the full faith and credit of the United States of America is pledged and which are not callable or
redeemable at the issuer’s option. 
 “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 (whether arising by virtue of partnership arrangements, or by agreements to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

“Guarantors” means any Subsidiary of the Company that executes a Note Guarantee in accordance with the provisions of this
Indenture, and their respective successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 

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

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements; 
 (2) other agreements or arrangements designed to manage interest rates or interest rate
risk; and 
 (3) other agreements or arrangements designed to protect such Person against fluctuations in currency exchange
rates or commodity prices. 
 “Holder” means a Person in whose name a Note is registered. 

“IAI Global Note” means the global Note substantially in the form of Exhibit A hereto bearing the Global Note Legend and the
Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee that shall be issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited
Investors. 
 “Immaterial Subsidiary” means, as of any date, any Subsidiary whose book value of its total assets, as of
that date, is less than $500,000 and whose total revenues for the most recent 12-month period do not exceed $500,000; provided that a Subsidiary will not be considered to be an Immaterial Subsidiary if
it, directly or indirectly, guarantees or otherwise provides direct credit support for any Indebtedness of the Company. 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and
trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 

  
 11 

 (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 or Attributable Debt in respect of sale and leaseback transactions; 

(5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months
after such property is acquired or such services are completed; or 
 (6) representing any Hedging Obligations, 

if and to the extent any of the preceding items (other than letters of credit, Attributable Debt 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. Indebtedness shall be calculated without giving effect to the effects of Statement of
Financial Accounting Standards No. 133 and related interpretations to the extent such effects would otherwise increase or decrease an amount of Indebtedness for any purpose under this Indenture as a result of accounting for any embedded
derivatives created by the terms of such Indebtedness. 
 “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 $275,000,000 aggregate principal amount of Notes issued under this
Indenture on the date hereof. 
 “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. 
 “Investment
Grade” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P, or an equivalent rating by any other Rating Agency. 

“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. 
 “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 

  
 12 

 
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. 

“Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 

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

“Note Guarantee” means the Guarantee by each Guarantor of the Company’s obligations under this Indenture and the Notes,
executed pursuant to the provisions of this Indenture. 
 “Notes” has the meaning assigned to it in the preamble to this
Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional
Notes. 
 “Offering Memorandum” means the Company’s Offering Memorandum dated August 11, 2020 relating to the
initial offering of the Notes. 
 “Officer” means, with respect to any Person, the Chair 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 (whether or not designated by a number or numbers or word or words added
before or after the title “Vice President”) of such Person. 
 “Officers’ Certificate” means a certificate
signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 12.03 hereof. 
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee, that meets the requirements of Section 12.03 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“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 Bank Indebtedness” means any Indebtedness and associated obligations of the Company or any Subsidiary of the
Company pursuant to one or more Debt Facilities and Guarantees of such Indebtedness by the Company or any Subsidiary of the Company; provided that immediately after giving effect to the incurrence or issuance (including the pro forma
application of net proceeds therefrom) the aggregate principal amount of such Permitted Bank Indebtedness (which may be reborrowed) then outstanding does not exceed the greater of (i) $300.0 million plus the greater of (x) $250.0 million
and (y) the sum of (1) 85% of accounts receivable and (2) 65% of inventory, in each case as shown on the Company’s most recent 

  
 13 

 
balance sheet and (ii) the product of (x) 3.0 and (y) Consolidated EBITDA for the most recently ended four quarter period (for purposes of this clause (ii), Consolidated EBITDA will be
adjusted on a pro forma basis in the manner set forth in the definition of Consolidated EBITDA). 
 “Permitted Liens”
means: 
 (1) Liens securing Permitted Bank Indebtedness; 

(2) Liens in favor of the Company or the Guarantors; 

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

(4) Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any
Subsidiary of the Company; provided that such Liens were in existence prior to such acquisition and not incurred in contemplation of, such acquisition; 

(5) Liens or deposits made in the ordinary course of business to secure the performance of tenders, bids, leases, contracts
(except those related to borrowed money), statutory obligations, insurance, surety or appeal bonds, workers compensation obligations, performance bonds or other obligations of a like nature (including Liens to secure letters of credit issued to
assure payment of such obligations) or arising as a result of progress payments under government contracts; 
 (6) Liens
securing Indebtedness on any Principal Property existing at the time of its acquisition and Liens created contemporaneously with or within 180 days after (or created pursuant to firm commitment financing arrangements obtained within that period) the
later of (a) the acquisition or completion of construction or completion of reconstruction, renovation, remodeling, expansion or improvement (each, an “improvement”) of such Principal Property and (b) the placing in
operation of such Principal Property after the acquisition or completion of any such construction or improvement; 
 (7)
Liens existing on the date of this Indenture (with the exception of Liens securing the Credit Agreements on the date of this Indenture, which will be deemed incurred pursuant to clause (1) of this definition); 

(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; 

  
 14 

 (9) Liens imposed by law, such as carriers’, warehousemen’s,
suppliers’, landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 

(10) leases or subleases of real estate, survey exceptions, easements or reservations of, or rights of others for, licenses,
rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate
materially adversely affect the value of said properties or materially impair their use in the operation of the business of such Person; 

(11) Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees); 

(12) Liens on insurance policies and proceeds thereof, or other deposits, to secure insurance premium financings; 

(13) filing of Uniform Commercial Code financing statements as a precautionary measure in connection with operating leases;

 (14) bankers’ Liens, rights of setoff, Liens arising out of judgments or awards not constituting 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; 

(15) Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of
Indebtedness; 
 (16) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

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

(18) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered
into in the ordinary course of business; 
 (19) Liens in connection with escrow deposits made in connection with any
acquisition of assets; 
 (20) Liens arising in the ordinary course of business in favor of customs and revenue authorities
arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
 (21) Liens on
accounts receivable and related assets incurred in connection with a Receivables Facility; 

  
 15 

 (22) Liens securing (x) Hedging Obligations secured by the Credit
Agreements and (y) Hedging Obligations entered into in the ordinary course of business in an amount not to exceed $25 million; and 

(23) any extension, renewal or replacement, in whole or in part, of any Lien described in the foregoing clauses
(1) through (22); provided that (a) any such extension, renewal or replacement shall be no more restrictive in any material respect than the Lien extended, renewed or replaced and (b) such Lien is limited to (i) such item
of property originally covered by such Lien or by improvement thereof or additions or accessions thereto or (ii) property other than Principal Property or the Capital Stock of any Subsidiary of 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. 
 “Principal Property” means any
manufacturing, converting or other papermaking facility owned by the Company or any of its Subsidiaries located in the United States and having a net book value in excess of 1% of the Company’s Consolidated Net Tangible Assets at the time of
determination, except such as the Board of Directors of the Company by resolution determines in good faith (taking into account, among other things, the materiality of such property to the business, financial condition and earnings of the Company
and its Subsidiaries taken as a whole) not to be material to the business of the Company and its Subsidiaries, taken as a whole. 

“Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be placed on all Notes issued
under this Indenture except where otherwise permitted by the provisions of this Indenture. 
 “QIB” means a “qualified
institutional buyer” as defined in Rule 144A. 
 “Rating Agencies” means S&P and Moody’s, or any successor to
the respective rating agency business thereof, or if both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company which shall be substituted
for S&P or Moody’s or both, as the case may be. 
 “Receivables Facility” means any of one or more receivables
financing facilities as amended, supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations of which are non-recourse (except for customary representations, warranties,
covenants and indemnities made in connection with such facilities) to the Company or any of its Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Company or any of its Subsidiaries sells its accounts receivable to either
(A) a Person that is not a Subsidiary or (B) a Receivables Subsidiary that in turn sells its accounts receivable to (or finances its accounts receivable with) one or more Persons that are not Subsidiaries. 

“Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely engages only in, one or more
Receivables Facilities and other activities reasonably related thereto. 

  
 16 

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

 “Regulation S Global Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Note
Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of
Regulation S. 
 “Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust
Office 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 his knowledge of and familiarity with the particular subject and, in each case, 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 Period” means the 40-day distribution compliance period as defined in
Regulation S. 
 “Rule 144” means Rule 144 promulgated under the Securities Act. 

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

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

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

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

“S&P” means Standard & Poor’s Ratings Services and any successor to its rating agency business. 

“SEC” means the Securities and Exchange Commission. 

“Securities Act” means the Securities Act of 1933, as amended. 

“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. 

“Stated Maturity” means, with respect to any installment of interest or principal or other distribution on any Indebtedness
or any Disqualified Stock, the date on which the payment thereof was scheduled to be paid in the documentation governing such Indebtedness or 

  
 17 

 
Disqualified Stock as in effect on the date of its issuance, and will 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, 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 and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, 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 or limited liability company of which (a) more than 50% of the capital accounts, distribution rights,
total equity and voting interests or general and limited partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, whether
in the form of membership, general, special or limited partnership interests or otherwise, and (b) such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 

“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 August 15, 2023; provided, however, that if the period from the redemption date to
August 15, 2023 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” has the meaning provided in the preamble hereto until a successor replaces it in accordance with the applicable
provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Uniform Commercial Code” means the
New York Uniform Commercial Code as in effect from time to time. 
 “Unrestricted Definitive Note” means a Definitive Note
that does not bear and is not required to bear the Private Placement Legend. 
 “Unrestricted Global Note” means a Global
Note that does not bear and is not required to bear the Private Placement Legend. 
 “U.S. Person” means a U.S. Person as
defined in Rule 902(k) promulgated under the Securities Act. 

  
 18 

 “Voting Stock” of any specified 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. 
 Section 1.02 Other
Definitions. 
  

					
	 Term
	  	Defined in
Section	 
	 “Alternate Offer”
	  	 	4.10	 
	 “Change of Control Offer”
	  	 	4.10	 
	 “Change of Control Payment”
	  	 	4.10	 
	 “Change of Control Payment Date”
	  	 	4.10	 
	 “Covenant Defeasance”
	  	 	8.03	 
	 “DTC”
	  	 	2.03	 
	 “Event of Default”
	  	 	6.01	 
	 “Legal Defeasance”
	  	 	8.02	 
	 “Paying Agent”
	  	 	2.03	 
	 “Payment Default”
	  	 	6.01	 
	 “Registrar”
	  	 	2.03	 
	 “Sale and Leaseback Transaction”
	  	 	4.08	 
	 “TIA”
	  	 	1.03	 

 Section 1.03 Application of Trust Indenture Act. 

This Indenture is not and will not be qualified under the Trust Indenture Act of 1939, as amended (the “TIA”). Notwithstanding
anything in this Indenture to the contrary, the TIA shall not apply and none of the Company, the Guarantors or the Trustee shall be required to comply with the TIA. 

Section 1.04 Rules of Construction. 

Unless the context otherwise requires: 

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

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

(3) “or” is not exclusive; 

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

  
 19 

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

(6) provisions apply to successive events and transactions; 

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

(9) “including” or “include” means including or include without limitation; and 

(10) unless otherwise provided, references to agreements and other instruments shall be deemed to include all amendments and
other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture. 

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 in denominations of $2,000 and any larger amount that is an integral multiple of $1,000. 

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. 
 (b) Global Notes. Notes issued in global form will be
substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of
Exhibit A 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

  
 20 

 
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) 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 Global Note that are held by Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and Authentication. 

At least one Officer must sign the Notes for the Company by manual, electronic 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 an Authentication Order, authenticate Notes
for original issue that may be validly issued under this Indenture, including any Additional Notes. The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized for issuance by the
Company pursuant to one or more Authentication Orders, except as provided in Section 2.07 hereof. 
 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 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 coregistrar 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. 

  
 21 

 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 Holders. 
 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 exchangeable by the Company for Definitive Notes if: 
 (1) 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 90 days after
the date of such notice from the Depositary; 
 (2) subject to the Depositary’s rules, 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; or 

(3) there has occurred and is continuing a Default or Event of Default with respect to the Notes and any Holder shall have
requested the issuance of such Definitive Notes. 

  
 22 

 Upon the occurrence of any of the preceding events in (1), (2) or (3) 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. 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) or (c) 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 (1) or (2) below, as applicable, as well as one or more of the other
following subparagraphs, as applicable: 
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement
Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other
than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be
required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
 (2) All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must
deliver to the Registrar either: 
 (A) both: 

(i) 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 

(ii) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 

  
 23 

 (B) both: 

(i) 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 

(ii) 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. 
 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. 
 (3) Transfer of Beneficial Interests to Another Restricted Global
Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) 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 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 B hereto, including the certifications and certificates and Opinion of Counsel required by item (3) thereof, if applicable. 

(4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted
Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
beneficial interest in an 

  
 24 

 
Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

(B) 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 subparagraphs (A) and (B), if the Registrar so requests or if the Applicable Procedures so require, an
Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is effected pursuant to this
Section 2.06(b)(4) 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 this Section 2.06(b)(4). 

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. 
 (1) 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; 

  
 25 

 (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 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)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(2) Beneficial Interests in Restricted Global Notes to Unrestricted 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: 
 (A) 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 

(B) 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; 

  
 26 

 and, in each such case set forth in subparagraphs (A) and (B), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 

(3) Beneficial Interests in Unrestricted Global Notes to Unrestricted 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)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Unrestricted 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)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee 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)(3)
will not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(1) 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: 
 (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; 

  
 27 

 (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; or 
 (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, 

the Trustee will cancel the 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. 

(2) 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 the Registrar receives the following: 
 (A) 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 

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

and, in each such case set forth subparagraphs (A) and (B), 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)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

  
 28 

 (3) 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 Notes to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee 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 (2)(A), (2)(B) or (3) 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, 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). 
 (1) 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 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. 

(2) 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: 

  
 29 

 (A) 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 

(B) 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 Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act. 
 (3) Unrestricted 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 legend 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. 

(1) 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: 
 “THIS SECURITY HAS NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE 

  
 30 

 
RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: SIX MONTHS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY
ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN
RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES 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, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER
AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF $250,000 OF SECURITIES OR (F) 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 PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE 

  
 31 

 
REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S.
PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED, IN ITS CORPORATE AND FIDUCIARY
CAPACITY, THAT (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF (X) AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR ANY OTHER ENTITY WHOSE UNDERLYING ASSETS ARE
CONSIDERED TO INCLUDE “PLAN ASSETS” UNDER ERISA, OR (Y) A PLAN WHICH IS SUBJECT TO U.S. OR NON-U.S. FEDERAL, STATE, LOCAL OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO ERISA AND/OR THE CODE
(“SIMILAR LAWS”) OR (2) ITS ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON- EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE AND IS NOT PROHIBITED UNDER ANY APPLICABLE SIMILAR LAWS.” 
 (B) Notwithstanding the foregoing, any Global
Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement
Legend. 
 (2) 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 (1) THE TRUSTEE MAY 

  
 32 

 
MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE
INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF CLEARWATER
PAPER CORPORATION. 
 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.” 

(g) Cancellation 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 

  
 33 

 
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.

 (h) General Provisions Relating to Transfers and Exchanges. 

(1) 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 or at the Registrar’s request. 
 (2) No service charge
will 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 2.10, 3.06, 4.10 and 9.04 hereof). 

(3) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole or
in part, except the unredeemed portion of any Note being redeemed in part. 
 (4) All Global Notes and 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. 
 (5) Neither the Registrar nor the Company
will 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 selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (C) to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date. 
 (6) Prior to due presentment for the registration of a transfer of any
Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of, premium, if any, 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. 

  
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 (7) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Sections 2.02 and 2.06(h) hereof. 
 (8) 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. 

(9) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for
ascertaining whether any transfer complies with the registration provisions of or exemptions from the Securities Act or applicable state securities laws. 

(10) Members of, or participants in, the Depositary shall have no rights under this Indenture with respect to any Note held on
their behalf by the Depositary, or the Custodian, or under such Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as
between the Depositary and Participants, the operation of customary practices governing the exercise of the rights of a Holder of any Note. 

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 may charge for its expenses in replacing a Note. 

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. 

  
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 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 by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with 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 actually 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 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, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, 

  
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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 may
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. 

Notwithstanding the foregoing, any interest which is paid prior to the expiration of the 30-day period
set forth in Section 6.01(a) shall be paid to Holders as of the record date for the interest payment date for which interest has not been 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 must furnish to the
Trustee, at least 45 days (unless a shorter period is acceptable to the Trustee) but not more than 60 days before a redemption date, an Officers’ Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price (including the Applicable Premium, if required). 

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 purchase on a pro rata basis (or, in the case of Notes issued as Global Notes, in accordance with the applicable procedures of the Depositary). 

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 principal amounts of $2,000 or integral multiples of $1,000 in excess of $2,000; except that if all of the
Notes of a Holder are to be redeemed or purchased, the entire outstanding principal amount of Notes held by such Holder, even if not a multiple of $2,000, will be redeemed or purchased and no Notes in principal amounts of $2,000 or less can be
redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to 

  
 37 

 
Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

At least 15 days but not more than 60 days before a redemption date, the Company will send or cause to be sent, a notice of redemption to each
Holder whose Notes are to be redeemed at its registered address (with a copy to the Trustee), except that redemption notices may be sent 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 11 hereof. 
 The notice will identify the Notes to be
redeemed and will state: 
 (1) the redemption date; 

(2) the redemption price (including the Applicable Premium, if required); 

(3) 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; 

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

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

(6) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to
accrue on and after the redemption date; 
 (7) the paragraph of the Notes or Section of this Indenture pursuant to which the
Notes called for redemption are being redeemed; 
 (8) 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; 
 (9) the condition or conditions to such
redemption, if any; and 
 (10) such other matters as the Company deems desirable or appropriate. 

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 45 days prior to the redemption date (unless a shorter period is acceptable to the Trustee), 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. 

  
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 Section 3.04 Effect of Notice of Redemption. 

Subject to the following sentence, 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. Any notice of any redemption may, at the Company’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of a
sale of common stock or other corporate transaction. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice will state that, in the discretion of the Company, the redemption date may be
delayed until such time as any or all of such conditions have been satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions have not been satisfied by the redemption date (as it may be
delayed). 
 Section 3.05 Deposit of Redemption or Purchase Price. 

One Business Day prior to the redemption 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 within two Business Days after such redemption date or purchase date 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, upon receipt of an Authentication Order, 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 August 15, 2023, the Company may on one or more occasions redeem up to 40% of the original aggregate principal
amount of Notes issued under this Indenture (calculated after giving effect to any issuance of Additional Notes) at a redemption price of 104.750% of the aggregate principal amount thereof, plus accrued and unpaid interest, if

  
 39 

 
any, to, but excluding, the applicable redemption date, with the net cash proceeds of an Equity Offering; provided that: 

(1) at least 60% of the aggregate principal amount of Notes issued under this Indenture (calculated after giving effect to any
issuance of Additional Notes, but excluding Notes held by the Company and its subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 

(2) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 

(b) At any time prior to August 15, 2023, the Company may on one or more occasions redeem all or a part of the Notes at a redemption price
equal to 100% of the principal amount of the Notes redeemed, plus the Applicable Premium as of, and accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. 

(c) On or after August 15, 2023, the Company may on one or more occasions redeem all or a part of the Notes at the redemption prices
(expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date, if redeemed during the 12-month period beginning on
August 15 of the years indicated below, subject to the rights of holders on the relevant record date to receive interest on the relevant interest payment date: 
  

					
	 Year
	  	Percentage	 
	 2023
	  	 	102.375	% 
	 2024
	  	 	101.188	% 
	 2025 and thereafter
	  	 	100.000	% 

 (d) Unless the Company defaults in the payment of the redemption price, interest will cease to accrue on the
Notes or portions thereof called for redemption on the applicable redemption date. 
 Section 3.08 Mandatory Redemption. 

The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of 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, if any will be considered paid on the date
due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money 

  
 40 

 
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 1% per annum in excess of 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 coregistrar) 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 fails to maintain any such required office or agency or fails 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; provided, however, that the Trustee shall not be deemed an agent of the Company for service of legal
process. 
 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 hereof. 
 Section 4.03 Reports. 

(a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company will furnish to Holders
(or file with the SEC for public availability), within the time periods specified in the SEC’s rules and regulations: 

(1) all quarterly and annual reports that would be required to be filed with the SEC on Forms
10-Q and 10-K if the Company were required to file such reports; and 

(2) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports. 
 All such reports will be prepared in all material respects in accordance with all of the
rules and regulations applicable to such reports. Each annual report on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s certified

  
 41 

 
independent accountants. In addition, the Company will file a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within the time
periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and will post the reports on its website within those time periods. 

If at any time the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company will
post the reports referred to in the preceding paragraphs on its website within the time periods that would apply if the Company were required to file those reports with the SEC. 

(b) For so long as any Notes remain outstanding, if at any time they are not required to file with the SEC the reports required by paragraph
(a) of this Section 4.03, the Company and the Guarantors will furnish to Holders and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act. 
 (c) Notwithstanding the foregoing, the Company will be deemed to have furnished the reports referred to in this
Section 4.03 to the Trustee and Holders if the Company has filed such reports with the SEC via the EDGAR filing system (or any successor thereto, including Interactive Data Electronic Applications) and such reports are publicly available. 

(d) If any direct or indirect parent of the Company is or becomes a Guarantor, the Company will be deemed to have furnished the reports
referred to in this Section 4.03 to the Trustee and Holders by furnishing financial information relating to such direct or indirect parent; provided that the same is accompanied by consolidating information that explains in reasonable
detail the differences between the information relating to such direct or indirect parent and any of its Subsidiaries other than the Company and its Subsidiaries, on the one hand, and the information relating to the Company, the Guarantors and the
other Subsidiaries of the Company on a standalone basis, on the other hand. 
 (e) Delivery of such reports, information and documents to the
Trustee is for informational purposes only, and the Trustee’s receipt thereof shall not constitute actual or constructive notice of any information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants under this Indenture (as to which the Trustee is entitled to certificates). The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s
compliance with the covenants or with respect to any reports or other documents filed with the SEC or EDGAR or any website under this Indenture, or participate in any conference calls. 

Section 4.04 Compliance Certificate. 

(a) The Company and each Guarantor shall deliver to the Trustee, no later than March 31 of each year, an Officers’ 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 each such Officer signing such certificate, that to the best of his or her knowledge the Company 

  
 42 

 
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is 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 has 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)
and that to the best of 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 is taking or proposes to take with respect thereto. 
 (b) So long as any of the Notes are outstanding,
the Company will deliver to the Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto. 
 Section 4.05 Taxes. 

The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency, all material 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 Holders. 

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
Limitation on Liens. 
 The Company will not, nor will it permit any of its Subsidiaries to, create, incur or assume any Lien (other
than Permitted Liens) upon any Principal Property or upon the Capital Stock of any of its Subsidiaries that owns any Principal Property, in each case to secure Indebtedness of the Company, any Subsidiary of the Company or any other Person, without
securing the notes (together with, at the option of the Company, any other Indebtedness of the Company or any Subsidiary ranking equally in right of payment with the notes) equally and ratably with or, at the option of the Company, prior to such
other Indebtedness for so long as such other Indebtedness is so secured. Any Lien that is granted to secure the notes under this covenant shall be automatically released and discharged at the same time as the release of the Lien that gave rise to
the obligation to secure the notes under this covenant. 

  
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 Notwithstanding the foregoing, the Company and any of its Subsidiaries may create, incur or
assume any Lien to secure Indebtedness of the Company, any Subsidiary of the Company or any other Person, without securing the notes, if, after giving effect thereto and any concurrent retirement of Indebtedness, the aggregate amount (without
duplication) of (a) all Indebtedness secured by Liens (other than any Indebtedness secured by Permitted Liens) plus (b) all Attributable Debt with respect to any Sale and Leaseback Transaction (except any such Sale and Leaseback
Transaction permitted pursuant to Section 4.08 below other than by virtue of the last paragraph thereunder) does not at such time exceed the greater of (1) $300 million and (2) 20% of the Company’s Consolidated Net Tangible Assets.

 Section 4.08 Limitation on Sale and Leaseback Transactions 

The Company will not, nor will it permit any of its Subsidiaries to, enter into any arrangement with any other Person pursuant to which the
Company or any of its Subsidiaries leases any Principal Property that has been or is to be sold or transferred by the Company or such Subsidiary to such other Person (a “Sale and Leaseback Transaction”), except that the Company or
any of its Subsidiaries may enter into a Sale and Leaseback Transaction if the Company or such Subsidiary would be entitled to incur Indebtedness secured by a Lien on the Principal Property to be leased, without equally and ratably securing the
notes, in an aggregate principal amount equal to the Attributable Debt with respect to such Sale and Leaseback Transaction. 
 In addition,
the following Sale and Leaseback Transactions are not subject to the limitation above: 
 (1) temporary leases for a term,
including renewals at the option of the lessee, of not more than three years; 
 (2) leases between only the Company and a
Subsidiary of the Company or only between Subsidiaries of the Company; 
 (3) leases where the proceeds from the sale of the
subject property are at least equal to the Fair Market Value of the subject property and the Company applies an amount equal to the net proceeds of the sale to the retirement of the notes or other long-term Indebtedness or the purchase,
construction, development, expansion or improvement of other property or equipment used or useful in its business, within 270 days of the effective date of such sale; provided that in lieu of applying such amount to the retirement of the
notes or other long-term Indebtedness, the Company may deliver notes or other debt securities to the trustee for cancellation; and 

(4) leases of property executed by the time of, or within 270 days after the latest of, the acquisition, the completion of
construction, development, expansion or improvement, or the commencement of commercial operation, of the subject property. 

Notwithstanding the foregoing, the Company or any of its Subsidiaries may enter into a Sale and Leaseback Transaction if, after giving effect
thereto and any concurrent retirement of Indebtedness, the aggregate amount (without duplication) of (a) all Attributable Debt with respect to any Sale and Leaseback Transaction (except any such Sale and Leaseback Transaction permitted as
described above) plus (b) all Indebtedness secured by Liens (other than any 

  
 44 

 
Indebtedness secured by Permitted Liens as described under Section 4.07 above) does not at such time exceed the greater of (1) $300 million and (2) 20% of the Company’s
Consolidated Net Tangible Assets. 
 Section 4.09 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: 

(1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with
the respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 

(2) the rights (charter and statutory), licenses and franchises of the Company and its 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 Subsidiaries, if the 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, and that the loss thereof is not adverse in any material respect to Holders. 

Section 4.10 Offer to Repurchase Upon Change of Control Triggering Event. 

(a) Upon the occurrence of a Change of Control Triggering Event, 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 that Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest, if any, on the Notes repurchased to the date of repurchase, 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”). Within ten days following any Change of Control Triggering Event, the Company will mail a notice to each Holder (with a copy to the Trustee) describing the transaction or transactions that constitute or will constitute the Change
of Control Triggering Event and stating: 
 (1) that the Change of Control Offer is being made pursuant to this
Section 4.10 and that all Notes tendered will be accepted for payment; 
 (2) the purchase price and the purchase date,
which shall be no earlier than 15 days and no later than 60 days from the later of (a) the date such notice is mailed and (b) the date of such Change of Control Triggering Event (the “Change of Control Payment Date”); 

(3) that any Note not tendered will continue to accrue interest; 

(4) 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; 

  
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 (5) 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” attached to 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; 
 (6) 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, an electronic or 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 

(7) 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 or an integral multiple of $1,000 in excess thereof in principal amount. 

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 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 provisions of this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.10
by virtue of such compliance. 
 (b) On the Change of Control Payment Date, the Company will, to the extent lawful: 

(1) accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 

(2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes
properly tendered; and 
 (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
 The
Paying Agent will promptly mail (but in any case not later than five days after the Change of Control Payment Date) 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. 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. 
 (c) Notwithstanding anything to the contrary in this Section 4.10,
the Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (1) in connection with or in contemplation of any Change of Control Triggering Event, it has

  
 46 

 
made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all
Notes properly tendered in accordance with the terms of such Alternate Offer, (2) 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 4.10
and purchases all Notes properly tendered and not withdrawn under the Change of Control Offer, or (3) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until there is a Default in payment of the applicable
redemption price. Notwithstanding anything to the contrary in this Section 4.10, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditioned upon the occurrence of such Change of Control Triggering
Event, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made. 
 (d) If Holders of
not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as
described above, purchases all of the Notes validly tendered and not withdrawn by such holders, the Company or such third party will have the right, upon not less than 15 nor more than 60 days’ prior notice (provided that such notice is given
not more than 30 days following such purchase pursuant to the Change of Control Offer described above) to redeem (with respect to the Company) or purchase (with respect to a third party) all Notes that remain outstanding following such purchase at a
price in cash equal to 101% of the aggregate principal amount of such Notes, plus accrued and unpaid interest, if any, on the Notes that remain outstanding, to, but excluding, the redemption date or purchase date, subject to the right of holders of
record on the relevant record date to receive interest due on the relevant interest payment date falling on or prior to the redemption date or purchase date. 

Section 4.11 Additional Note Guarantees. 

If the Company or any of its Subsidiaries acquires or creates another Subsidiary that is a Domestic Subsidiary after the date of this
Indenture, then the Company will cause that newly acquired or created Subsidiary to execute a Note Guarantee pursuant to a supplemental indenture and deliver an Opinion of Counsel to the Trustee within 10 Business Days of the date on which it was
acquired or created stating that such supplemental indenture has been duly authorized, executed and delivered by that Subsidiary and constitutes a valid and binding agreement of that Subsidiary, enforceable in accordance with its terms (subject to
customary exceptions); provided that any such Subsidiary that is either a Receivables Subsidiary or constitutes an Immaterial Subsidiary need not become a Guarantor until such time as it ceases to be an Immaterial Subsidiary. The form of such
Note Guarantee is attached as Exhibit E hereto and the form of supplemental indenture is attached as Exhibit F hereto. 
 ARTICLE 5 

SUCCESSORS 
 Section 5.01 Merger,
Consolidation, or Sale of Assets. 
 The Company shall not, directly or indirectly: (i) consolidate or merge with or into another
Person (whether or not the Company is the surviving corporation); or (2) sell, assign, 

  
 47 

 
transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole, in one or more related transactions, to another
Person, unless: 
 (1) 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 an entity organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) 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 has been made assumes all the obligations of the Company under the Notes and this Indenture pursuant to a supplemental indenture; 

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

(4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel providing that such
consolidation, merger, sale, conveyance, transfer or lease, as the case may be, and supplemental indenture (if any) comply with this Indenture and that all conditions precedent hereto have been satisfied and an Opinion of Counsel stating that the
Notes and this Indenture are valid and binding obligations of the resulting, surviving or transferee person (if not the Company). 
 In
addition, the Company shall not, directly or indirectly, lease all or substantially all of the properties or assets of it and its Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 

This Section 5.01 shall not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among
the Company and its Subsidiaries. 
 Clauses (3) of the first paragraph of this Section 5.01 shall not apply to any merger or
consolidation of the Company (a) with or into one of its Subsidiaries for any purpose or (b) with or into an Affiliate solely for the purpose of reincorporating the Company in another jurisdiction. 

Section 5.02 Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the
properties or assets of the Company in a transaction that is subject to, and that complies with the provisions of, 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, 

  
 48 

 
sale, assignment, transfer, lease, 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 this Indenture 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 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. 

Each of the following is an “Event of Default”: 

(1) default for 30 days in the payment when due of interest on the Notes; 

(2) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, or premium, if any, on,
the Notes; 
 (3) failure by the Company or any of its Subsidiaries to comply with the provisions of Sections 4.10 or 5.01
hereof, which failure cannot be remedied or, if such failure can be remedied, is not remedied within 30 days after the date on which notice thereof requiring the Company to remedy the same has been given to the Company by the Trustee or the Holders
of at least 25% in aggregate outstanding principal amount of the Notes then outstanding voting as a single class; 
 (4)
failure by the Company or any of its Subsidiaries for 60 days (or 120 days in respect of the provisions of Section 4.03 hereof) after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes
then outstanding voting as a single class to comply with any of the other agreements in this Indenture; 
 (5) default 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 its Subsidiaries (or the payment of which is guaranteed by the Company
or any of its Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: 

(A) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness prior to the expiration
of the 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 $50.0 million or more; 

  
 49 

 (6) failure by the Company or any of its Subsidiaries to pay, bond,
discharge or have stayed final nonappealable judgments entered by a court or courts of competent jurisdiction aggregating in excess of $50.0 million, which judgments are not paid, bonded, discharged or stayed for a period of 60 days; 

(7) the Company or any of its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Company that,
taken 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) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

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

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

(A) is for relief against the Company or any of its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries
of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
 (B) appoints a
custodian of the Company or any of its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the
Company or any of its Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 

(C) orders the liquidation of the Company or any of its Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; 
 and the order or decree remains unstayed and
in effect for 60 consecutive days; and 
 (9) except as permitted by this Indenture, any Note Guarantee is held in any
judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Note Guarantee. 

  
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 Section 6.02 Acceleration. 

In the case of an Event of Default specified in clause (7) or (8) of Section 6.01 hereof, with respect to the Company, any Subsidiary
of the Company that is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken 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, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. 

In the event of any Event of Default specified in clause (5) of Section 6.01 hereof, such Event of Default and all consequences
thereof (excluding, however, any resulting payment default) will be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if within 30 days after such Event of Default arose the Company
delivers an Officers’ Certificate to the Trustee stating that (x) the Indebtedness or Guarantee that is the basis for such Event of Default has been discharged, (y) the Holders thereof have rescinded or waived the acceleration, notice
or action (as the case may be) giving rise to such Event of Default or (z) the default that is the basis for such Event of Default has been cured, it being understood that in no event shall an acceleration of the principal amount of the Notes
as described above be annulled, waived or rescinded upon the happening of any such events. 
 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, if any, that has become due solely because of the acceleration) 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, 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 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 all
Holders waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, 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 may rescind an acceleration and its consequences, including any related payment default that resulted
from such acceleration. Upon 

  
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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 aggregate 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 or this Indenture that the Trustee determines may be
unduly prejudicial to the rights of other Holders or that may involve the Trustee in personal liability. 
 Section 6.06 Limitation on Suits.

 A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 

(2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes make a written request to the Trustee
to pursue the remedy; 
 (3) such Holder or Holders offer and, if requested, provide to the Trustee security or indemnity
reasonably satisfactory to the Trustee against any loss, liability or expense; 
 (4) the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (5) during such 60-day period, Holders of a majority in aggregate principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with such 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 to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, 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. 

  
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 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) 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 of, 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. 

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 Holders allowed in any judicial proceedings relative to the Company (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 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, it shall pay out the money in the following order: 

First: to the Trustee, its agents and counsel for amounts due under Section 7.06 hereof, including payment of all
compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

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

  
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 Third: to the Company 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 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 aggregate principal amount of the then outstanding Notes. 
 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: 

(1) 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 

(2) in the absence of gross negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee 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 grossly negligent action, its own grossly negligent failure to act, or its own willful misconduct, except that: 
 (1)
this paragraph does not limit the effect of paragraph (b) of this Section 7.01; 

  
 54 

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

(3) 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 this Section 7.01 and Section 7.02. 
 (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. 

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 Officers’ 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 Officers’ 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 have offered to the Trustee indemnity or security satisfactory to it against the losses,
liabilities and expenses that might be incurred by it in compliance with such request or direction. 

  
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 (g) The permissive rights of the Trustee shall not be construed as duties. 

(h) In no event shall the Trustee be responsible or liable for special, indirect, punitive, incidental or consequential damages 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 Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond, debenture, note or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see
fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney, at the expense of the Issuer and shall Incur
no liability of any kind by reason of such inquiry or investigation. 
 (j) The rights, privileges, protections, immunities and benefits
given to the Trustee, including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(k) Any action taken, or omitted to be taken, by the Trustee in good faith pursuant to this Indenture upon the request or authority or consent
of any person who, at the time of making such request or giving such authority or consent, is the holder of any Note shall be conclusive and binding upon future holders of Notes and upon Notes executed and delivered in exchange therefor or in place
thereof. 
 (l) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any Person authorized to sign an Officers’ Certificate, including any Person specified as so
authorized in any such certificate previously delivered and not superseded. 
 (m) The Trustee shall not be required to give any bond or
surety in respect of the execution of the trusts and powers under this Indenture. 
 (n) The Trustee shall not be responsible or liable for
any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, any act or provision of any present or future law or
regulation or governmental authority; acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotage; epidemics; pandemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software)
or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility. 

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

The Trustee will not be charged with knowledge of an Event of Default unless a Responsible Officer has actual knowledge thereof or unless
written notice of any event which is in fact such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office and such notice states that it is a notice of Default or Event of Default. If a Default or Event of Default
occurs and is continuing and if it is actually known to a Responsible Officer the Trustee, the Trustee will mail to Holders 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, premium, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a Responsible Officer in good faith determines that withholding the notice is in the interests of Holders. 

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, except any such disbursements, advances or expenses as may be attributable to its gross negligence or willful misconduct. Such expenses will include the reasonable compensation, disbursements and
expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify and hold harmless the Trustee against any and all
losses, liabilities, actions, suits or proceedings at law or equity, and any other fees, charges or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including
attorneys’ fees and including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.06) and defending itself against any claim (whether asserted by the Company, any Holder or any other Person) or
liability in connection with the exercise or performance of any of its powers or duties hereunder, except 

  
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to the extent any such loss, liability or expense may be attributable to its gross negligence or willful misconduct. The Trustee will notify the Company promptly of any third party claim for
which it may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company of its obligations hereunder. The Company will defend any third party claim and the Trustee will cooperate in the defense. The Trustee may have
separate counsel and the Company will pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent will not be unreasonably withheld. 

(c) The obligations of the Company under this Section 7.06 will survive the satisfaction and discharge of this Indenture and the
resignation or removal of the Trustee. 
 (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 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(7) or (8) hereof occurs,
the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute administrative expenses under any Bankruptcy Law. 

Section 7.07 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.07. 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing at least 30 days prior to the
requested date of removal. The Company may remove the Trustee if: 
 (1) the Trustee fails to comply with Section 7.09
hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the
Trustee under any Bankruptcy Law; 
 (3) a custodian or public officer takes charge of the Trustee or its property; or 

(4) 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 will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company. 

  
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 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee (at the Company’s expense), the Company, or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition 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 7.09 hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) A successor Trustee 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. 

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
$100.0 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 any time, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate,
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 

  
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obligations with respect to all outstanding Notes (including the Note 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 Note 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 clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the 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 will survive until otherwise terminated or discharged hereunder:

 (1) 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 in Section 8.04 hereof; 
 (2) the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and 

(4) this Article 8. 

Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise
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 each of the
Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10 and 4.11 hereof with respect to the
outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof 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 Note 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
Note 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

  
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Section 8.04 hereof, Sections 6.01(3) through 6.01(6) hereof and Section 6.01(9) 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 under either Section 8.02 or 8.03 hereof: 

(1) the Company must irrevocably deposit with the Trustee, in trust, 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, in the opinion of a nationally recognized investment bank, appraisal firm, or firm of independent public
accountants, to pay the principal of, premium, if any, and interest on, the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being
defeased to such stated date for payment or to a particular redemption date; 
 (2) in the case of an election under
Section 8.02 hereof, the Company must deliver 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 of this
Indenture, there has been a change in the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders and beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) 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 and beneficial owners of the outstanding Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) 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) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party
or by which the Company or any Guarantor is bound; 
 (5) 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 

  
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than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to which the Company or any of its Subsidiaries is a party or by which the Company
or any of its Subsidiaries is bound; 
 (6) 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 Holders over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company or others; and 

(7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, 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. 
 Notwithstanding anything in this Article 8 to the
contrary, 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(1) 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. 
 Subject to applicable law, 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, or interest on, any Note and remaining unclaimed for two years after such principal, 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 be permitted to look only to the Company for payment thereof, and all liability of the

  
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Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however, that the Trustee or such
Paying Agent, before being required to make any such repayment, may at the direction and 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 will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

Section 8.07 Reinstatement. 
 If the
Trustee or Paying Agent is unable to apply any U.S. 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 Note 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, 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. 

Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or the
Notes or the Note Guarantees without the consent of any Holder of Note: 
 (1) to cure any ambiguity, defect or
inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Company’s or a Guarantor’s obligations to Holders and Note Guarantees by a
successor to the Company or such Guarantor pursuant to Article 5 or Article 10 hereof; 
 (4) to make any change that would
provide any additional rights or benefits to Holders or that does not adversely affect the legal rights hereunder of any Holder; 

(5) to conform the text of this Indenture, the Note Guarantees or the Notes to any provision of the “Description of
Notes” section of the Offering Memorandum to the extent that such provision in that “Description of Notes” was intended to be a verbatim 

  
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recitation of a provision of this Indenture, the Note Guarantees or the Notes, which intent may be evidenced by an Officers’ Certificate to that effect; 

(6) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture as of the
date hereof; or 
 (7) to allow any Guarantor to execute a supplemental indenture or a Note Guarantee with respect to the
Notes. 
 Upon the request of the Company accompanied by either (i) a resolution of its Board of Directors authorizing the execution of
any such amended or supplemental indenture or (ii) an Officers’ Certificate certifying that its Board of Directors has authorized the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents
described in Sections 7.02 and 9.05 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. 

Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without
limitation, Section 4.10 hereof) and the Notes and the Note Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, 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, 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 or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including, without limitation, 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). Section 2.08 hereof shall determine which Notes are considered to be “outstanding” for purposes of
this Section 9.02. 
 Upon the request of the Company accompanied by either (i) a resolution of its Board of Directors authorizing
the execution of any such amended or supplemental indenture or (ii) an Officers’ Certificate certifying that its Board of Directors has authorized 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 as aforesaid, and upon receipt by the Trustee of the documents described in Sections 7.02 and 9.05 hereof, the Trustee will join with the Company and the Guarantors in the
execution of such amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties 

  
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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 be necessary for the consent of Holders under this Section 9.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it is sufficient if such consent approves the substance thereof. 
 After an amendment, supplement or waiver under
this Section 9.02 becomes effective, the Company will mail to Holders 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 or the Note Guarantees. However, without the consent of each Holder affected, an amendment, supplement or waiver under this
Section 9.02 may not (with respect to any Notes held by a nonconsenting Holder): 
 (1) reduce the principal amount of
Notes whose Holders must consent to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the fixed
maturity of any Note or alter or waive any of the provisions with respect to the redemption of the Notes (except as provided above with respect to Section 4.10 hereof); 

(3) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

(4) waive a Default or Event of Default in the payment of principal of, or premium, if any, or interest 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); 

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

(6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders to
receive payments of principal of, or interest or premium, if any, on, the Notes; 
 (7) waive a redemption payment with
respect to any Note (other than a payment required by Section 4.10 hereof); 
 (8) release any Guarantor from any of its
obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture; or 
 (9) make
any change in the preceding 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 amendment, supplement or waiver 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 Company (or the Trustee, acting at the Company’s direction) 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 amended or supplemental indenture until the Board of Directors of the Company approves it (which approval may be certified by an
Officers’ Certificate). 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 12.02 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 

ARTICLE 10 
 NOTE GUARANTEES 

Section 10.01 Guarantee. 
 (a)
Subject to this Article 10, 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 or the obligations of the Company hereunder or thereunder, that: 

(1) the principal of, 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

  
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or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(2) 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. 

(b) 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 Note Guarantee will 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 either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the extent
theretofore discharged, will be reinstated in full force and effect. 
 (d) 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, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof 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 (2) 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 Note 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 Note Guarantee. 
 (e) Each Guarantor assumes all responsibility for being and
keeping itself informed of the Company’s financial condition and assets, and of all other circumstances bearing upon the risk of nonpayment of the its obligations hereunder and the nature, scope and extent of the risks that each Guarantor
assumes and incurs under its Note Guarantee, and agrees that neither the 

  
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Trustee nor any Holder shall have any duty to advise any Guarantor of information known to it regarding those circumstances or risks. 

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
any 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 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 10, 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. 

To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees that a notation of such Note Guarantee
substantially in the form attached as Exhibit E hereto 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 Note Guarantee set forth in Section 10.01 hereof will remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
 If an Officer whose signature is on this
Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Note Guarantee set
forth in this Indenture on behalf of the Guarantors. 
 In the event that the Company or any of its Subsidiaries creates or acquires any
Domestic Subsidiary after the date of this Indenture, if required by Section 4.18 hereof, the Company will cause such Domestic Subsidiary to comply with the provisions of Section 4.18 hereof and this Article 10, to the extent applicable.

 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

Except as otherwise provided in Section 10.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets
to, or consolidate with or merge with or 

  
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into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 

(1) immediately after giving effect to such transaction, no Default or Event of Default exists; 

(2) subject to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person
formed by or surviving any such consolidation or merger unconditionally assumes all the obligations of that Guarantor under this Indenture and its Note Guarantee on the terms set forth herein or therein, pursuant to a supplemental indenture; and

 (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel providing that such
disposition, consolidation or merger as the case may be and supplemental indenture (if any) comply with this Indenture and that all conditions precedent thereto have been satisfied and an Opinion of Counsel stating that the Notes and the Indenture
are the valid and binding obligations of the resulting, surviving or transferee person (if other than the Guarantor). 
 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 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 Note 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 Note Guarantees so issued will 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. 
 Except as set forth in Articles 4 and 5 hereof, and notwithstanding
clauses 2(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 10.05 Releases. 

(a) In the event of any sale or other disposition of all or substantially all of the assets of any Guarantor, by way of merger, consolidation
or otherwise, 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 transactions) the Company or a Subsidiary of the Company, then such
Guarantor (in the event of a sale or other disposition, by way of merger, consolidation or otherwise, of all of the Capital Stock of such Guarantor) or the corporation acquiring the 

  
 69 

 
property (in the event of a sale or other disposition of all or substantially all of the assets of such Guarantor) will be released and relieved of any obligations under its Note Guarantee. Upon
delivery by the Company to the Trustee of an Officers’ 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 Indenture, the Trustee will execute
any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
 (b)
Upon Legal Defeasance in accordance with Article 8 hereof or satisfaction and discharge of this Indenture in accordance with Article 11 hereof, each Guarantor will be released and relieved of any obligations under its Note Guarantee. 

Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 10.05 will remain liable for the
full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 

Notwithstanding the foregoing, each Guarantor will be released and discharged from its obligations under its Note Guarantee on any date
selected by the Company or such Guarantor that occurs on or after the date that such Guarantor is released and discharged from all its obligations in respect of the payment of amounts due and payable under each Debt Facility. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect as to all Notes issued hereunder, when: 

(1) 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, if any, and accrued interest to the date of maturity or redemption; 

  
 70 

 (2) in respect of clause 1(B), no Default or Event of Default has occurred
and is continuing on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit and any similar deposit relating to other Indebtedness and, in each case, the granting of
Liens to secure such borrowings) and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound
(other than with respect to the borrowing of funds to be applied concurrently to make the deposit required to effect such satisfaction and discharge and any similar concurrent deposit relating to other Indebtedness, and in each case the granting of
Liens to secure such borrowings); 
 (3) the Company or any Guarantor has paid or caused to be paid all sums payable by it
under this Indenture; and 
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 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. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(B) of clause (1) of this Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of Section 7.06 hereof, that, by
their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02 Application of Trust Money. 

Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes 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 11.01 hereof by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Guarantor’s obligations under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 hereof; 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 

  
 71 

 
receive such payment from the money or Government Securities held by the Trustee or Paying Agent. 

ARTICLE 12 
 MISCELLANEOUS 

Section 12.01 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 by first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air
courier guaranteeing next day delivery, to the others’ address: 
 If to the Company or any Guarantor: 

Clearwater Paper Corporation 
 601
West Riverside, Suite 1100 
 Spokane, Washington 99201 

Facsimile No.: (509) 342-2544 

Attention: Chief Financial Officer 

With a copies to: 
 Clearwater
Paper Corporation 
 601 West Riverside, Suite 1100 

Spokane, Washington 99201 

Facsimile No.: (509) 342-2551 

Attention: General Counsel 
 and

 Pillsbury Winthrop Shaw Pittman LLP 

Four Embarcadero Center, 22nd Floor 

San Francisco, California 94111 

Facsimile No.: (415) 983-1200 

Attention: Justin Hovey, Esq. 

If to the Trustee: 
 U.S. Bank
National Association 
 Global Corporate Trust 

1420 Fifth Avenue, 7th Floor, PD-WA-T7CT 

Seattle, Washington 98101 

Telephone: (206) 344-4682 

Facsimile No.: (206) 344-4630 

Attention: Christine Ok 

  
 72 

 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 receipt acknowledged, if transmitted by facsimile; 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. 
 Notwithstanding
any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event (including any notice of redemption) to a Holder of a Note (whether by mail or otherwise), such notice shall be sufficiently given
when delivered to the Depositary for such Note (or its designee) pursuant to the customary procedures of such Depositary. 
 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. 

All notices, approvals, consents, requests and any communications hereunder must be in writing (provided that any communication sent to the
Trustee hereunder must be in the form of a document that is signed manually or by way of a digital signature provided by DocuSign (or such other digital provider as specified in writing to Trustee by the authorized representative), in English. The
Trustee may, in its sole discretion, agree to accept and act upon instructions or directions pursuant to this Indenture sent by e-mail, facsimile transmission or other similar electronic methods. If the party
elects to give the Trustee e-mail or facsimile instructions (or instructions by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s
understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions
notwithstanding such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and
directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized instructions, and the risk or interception and misuse by third parties. 

Section 12.02 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: 

  
 73 

 (1) an Officers’ Certificate in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.03 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 
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 12.03 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 12.03 Statements Required in Certificate or Opinion. 

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

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

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

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

Section 12.04 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 12.05 No Personal Liability of Directors, Officers, Employees and Stockholders. 

 
 No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, will 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 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. 

  
 74 

 Section 12.06 Governing Law; Jurisdiction; Waiver of Trial by Jury. 

THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW
YORK. 
 The parties hereby (i) irrevocably submit to the non-exclusive jurisdiction of any
federal or state court sitting in the Borough of Manhattan, The City of New York, (ii) waive any objection to laying of venue in any such action or proceeding in such courts, and (iii) waive any objection that such courts are an
inconvenient forum or do not have jurisdiction over any party. 
 Each of the parties hereto hereby waives the right to trial by jury with
respect to any litigation directly or indirectly arising out of, under or in connection with this Indenture. 
 Section 12.07 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 12.08 Successors. 
 All
agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as
otherwise provided in Section 10.05 hereof. 
 Section 12.09 Severability. 

In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions will not in any way be affected or impaired thereby. 
 Section 12.10 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, or an electronic copy or facsimile thereof,
but all of them together represent the same agreement. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in
connection with this Indenture shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

  
 75 

 Section 12.11 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] 

  
 76 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
 Dated as of August 18, 2020 
  

			
	 CLEARWATER PAPER CORPORATION

	 CELLU TISSUE HOLDINGS, INC.

	 CELLU TISSUE CORPORATION—NEENAH

	 CELLU TISSUE CORPORATION – OKLAHOMA CITY

	 CLEARWATER FIBER, LLC

	 TRULY BRANDS, LLC

	 MANCHESTER INDUSTRIES INC. OF VIRGINIA

		
	By:	 	 /s/ Michael J. Murphy

		 	Name: Michael J. Murphy
		 	Title: Senior Vice President and Chief Financial Officer

 Signature Page – Clearwater Indenture 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	 By:
	 	 /s/ Christine Ok

		 	 Name: Christine Ok

		 	 Title: Vice President

 Signature Page – Clearwater Indenture 

 EXHIBIT A 

[Face of Note] 

CUSIP/ISIN _________1 

4.750% Senior Notes due 2028 
 No.
_______$______________* 
 CLEARWATER PAPER CORPORATION 

promises to pay to ______________________ or registered assigns, the principal sum of ________________________________ DOLLARS on August 15, 2028. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 
 Dated:
________________ 
  

			
	 CLEARWATER PAPER CORPORATION

		
	By:	 	  

		 	 Name:

Title:

 This is one of the Notes referred to in the within mentioned Indenture: 

Dated: ___________________ 
  

			
	 U.S. Bank National Association, as Trustee

		
	 By:
	 	  

		 	 Authorized Signatory

  

	1 	 144A CUSIP: 18538R AJ2 Reg. S CUSIP: U18510 AE4 IAI CUSIP: 18538R AK9 144A ISIN: US18538RAJ23 Reg. S ISIN:
USU18510AE44 IAI ISIN: US18538RAK95 

	* 	 This Global Note represents the aggregate principal amount of outstanding Notes from time to time endorsed
thereon, the initial amount of which is specified on the “Schedule of Exchanges of Interests in the Global Note” attached hereto, which may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.

  
 A-1 

 [Back of Note] 

4.750% Senior Notes due 2028 
 [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 have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) INTEREST. Clearwater Paper Corporation, a Delaware corporation (the
“Company”), promises to pay interest on the principal amount of this Note at 4.750% per annum from __________________until maturity. The Company will pay interest semi-annually in arrears on February 15 and August 15 of
each year (each, an “Interest Payment Date”), or if any such day is not a Business Day, on the next succeeding Business Day as if made on such 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 __________________. 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 a rate that is 1% per annum in excess of 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, if any, (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), if any, to the Persons
who are registered Holders at the close of business on the February 1 or August 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, 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 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, 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 at least 10
Business Days prior to any applicable payment date. 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. 

  
 A-2 

 (3) PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National
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 August 18, 2020 (the
“Indenture”) between the Company, the Guarantors from time to time party thereto 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 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 Notes are senior unsecured
obligations of the Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

(5) REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of a Change of
Control Offer, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

(6) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and
any larger amount that is an integral multiple of $1,000. 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 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. 
 (7) PERSONS DEEMED OWNERS. The registered Holder
of a Note may be treated as its owner for all purposes. 
 (8) AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the
Note Guarantees or the Notes may be amended or supplemented as provided in the Indenture. 
 (9) DEFAULTS AND
REMEDIES. The Events of Default relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Guarantors, the Trustee and the Holders shall be
as set forth in the applicable provisions of the Indenture. 
 (10) 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. 

  
 A-3 

 (11) NO RECOURSE AGAINST OTHERS. A director, officer, employee,
incorporator, stockholder or agent of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees 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. 

(12) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (13) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TENENT (= 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). 

(14) 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. 

(15) GOVERNING LAW. THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES SHALL BE GOVERNED BY, AND WILL BE CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 The Company will furnish to any Holder upon written request and without charge a copy
of the Indenture. Requests may be made to: 
 Clearwater Paper Corporation 

601 West Riverside, Suite 1100 

Spokane, Washington 99201 

Attention: Corporate Secretary 

  
 A-4 

 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-5 

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

	☐	 Section 4.10 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 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*: 

Signature Guarantee*: 
  

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

  
 A-6 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE 
 The initial aggregate principal
amount of Notes evidenced by the Global Note to which this Schedule is attached is $_________. 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

  
 A-7 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 
 Clearwater
Paper Corporation 
 601 West Riverside, Suite 1100 
 Spokane,
Washington 99201 
 U.S. Bank National Association 
 Global
Corporate Trust 
 1420 Fifth Avenue, 7th Floor, PD-WA-T7CT 

Seattle, Washington 98101 
 Re: 4.750% Senior
Notes due 2028 
 Reference is hereby made to the Indenture, dated as of August 18, 2020 (the “Indenture”), between
Clearwater Paper Corporation, as issuer (the “Company”), the guarantors party thereto from time to time 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 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 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 or the Restricted 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 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

  
 B-1 

 
being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its
behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the
transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). 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 Global Note or the Restricted Definitive Note and in the Indenture and the Securities Act. 

3. ☐ Check 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 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 

  
 B-2 

 
Placement Legend printed on the IAI Global Note 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 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: 

 

	(b)	 ☐ 144A Global Note (CUSIP             ), or

  

	(c)	 ☐ Regulation S Global Note (CUSIP            
), or 

  

	(d)	 ☐ IAI Global Note (CUSIP             ), or

  

	(e)	 ☐ a Restricted Definitive Note. 

 

	 	2.	 After the Transfer the Transferee will hold: 

[CHECK ONE] 
  

	(a)	 ☐ a beneficial interest in the: 

 

	(b)	 ☐ 144A Global Note (CUSIP             ), or

  

	(c)	 ☐ Regulation S Global Note (CUSIP            
), or 

  

	(d)	 ☐ IAI Global Note (CUSIP             ), or

  

	(e)	 ☐ Unrestricted Global Note (CUSIP            
); or 

  

	(f)	 ☐ a Restricted Definitive Note; or 

 

	(g)	 ☐ an Unrestricted Definitive Note, 

in accordance with the terms of the Indenture. 

  
 B-4 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Clearwater
Paper Corporation 
 601 West Riverside, Suite 1100 
 Spokane,
Washington 99201 
 Attention: Treasurer 
 U.S. Bank National
Association 
 Global Corporate Trust 
 1420 Fifth Avenue, 7th
Floor, PD-WA-T7CT 
 Seattle, Washington 98101 

Re: 4.750% Senior Notes due 2028 

(CUSIP     ) 

Reference is hereby made to the Indenture, dated as of August 18, 2020 (the “Indenture”), between Clearwater Paper Corporation,
as issuer (the “Company”), the guarantors party thereto from time to time 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 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 

  
 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, 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, IAI Global Note, Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i)

  
 C-2 

 
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. 

 

			
	  

		 	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                        
                                         
    

  
 C-3 

 EXHIBIT D 

FORM OF CERTIFICATE FROM 

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR 

Clearwater Paper Corporation 
 601 West Riverside, Suite 1100

 Spokane, Washington 99201 
 Attention: Treasurer 

U.S. Bank National Association 
 Global Corporate Trust Services

 1420 Fifth Avenue, 7th Floor, PD-WA-T7CT 

Seattle, Washington 98101 
 Re: 4.750% Senior
Notes due 2028 
 Reference is hereby made to the Indenture, dated as of August 18, 2020 (the “Indenture”), between
Clearwater Paper Corporation, as issuer (the “Company”), the guarantors party thereto from time to time 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)	 ☐ 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 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 

  
 D-1 

 
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(d) 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 such
certifications, legal opinions and other information as you 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 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 August 18, 2020 (the “Indenture”) among Clearwater Paper Corporation, (the “Company”), the
Guarantors party thereto and U.S. Bank National Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest on, the Notes, whether at maturity, by acceleration,
redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Company to 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 Holders and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in Article 10 of
the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. 
 Capitalized terms used but not
defined herein have the meanings given to them in the Indenture. 
  

			
	[Name of Guarantor(s)]
		
	By:	 	  

		 	Name:
		 	Title:

 Dated:
                                        
                                         
    

  
 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 Clearwater Paper Corporation (or its permitted successor), a Delaware corporation (the “Company”), the Company, any Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National
Association, as trustee under the Indenture referred to below (the “Trustee”). 
 W I T N E S S E T H 

WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture dated as of August 18, 2020 (the
“Indenture”), providing for the issuance of 4.750% Senior Notes due 2028 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s
obligations under the Notes and the Indenture on the terms and conditions set forth herein (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 Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of
Holders 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 Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 

3. NO RECOURSE AGAINST OTHERS. No past, present or future director, officer,
employee, incorporator, stockholder 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 Note 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 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. 

  
 F-1 

 4. NEW YORK LAW TO
GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND WILL BE CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 

5. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, or an electronic copy or facsimile thereof, 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: ___________, 20__ 

 

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	CLEARWATER PAPER CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

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

		 	Name:
		 	Title:

  
 F-3Exhibit 4.1

 

NEITHER THIS DEBENTURE NOR THE SECURITIES
INTO WHICH THIS DEBENTURE IS CONVERTIBLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE, IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.

 

 

	No. ____________________	$____________________

 

WORLDWIDE SPECIALTY CHEMICALS INC.

 

8% Convertible Debenture

 

This 8%
Convertible Debenture (this “Debenture”) is issued by Worldwide Specialty Chemicals Inc., a
Delaware corporation (the “Obligor”), this ____ day of February, 2020, to _________ (such
person or his/her/its assigns, the “Holder”). This Debenture is issued pursuant to a $750,000
offering of Debentures.

 

In consideration of
the investment by the Holder of the principal sum of __________ Dollars ($__,000), the Obligor hereby promises to (i)
issue or arrange for the issuance to the Holder, upon conversion of this Debenture, shares of common stock of the Obligor or shares
of common stock of the parent company of Obligor, in either instance on or before June 15, 2020 (the “Maturity Date”),
and (ii) pay accrued but unpaid interest on the principal sum of __________ Dollars ($__,000) on or before the Maturity
Date, in accordance with the following terms:

 

Interest Rate.
Interest shall accrue on the outstanding principal balance hereof at an annual rate equal to eight percent (8%). Interest shall
be calculated on the basis of a 365-day year and the actual number of days elapsed from receipt of funds to the Maturity Date.
Interest hereunder will be paid to the Holder or its assignee in whose name this Debenture is registered on the records of the
Obligor regarding registration and transfers of Debentures.

 

Interest Payments.
The Obligor shall make payment of accrued interest on or before the Maturity Date. All payments in respect of the indebtedness
evidenced hereby shall be made in immediately available funds. Notwithstanding the foregoing, this Debenture shall become due and
immediately payable upon an Event of Default (as defined in Section 2 hereof). All payments hereunder shall be payable in
lawful money of the United States of America which shall be legal tender for public and private debts at the time of payments.

 

Prepayment.
The Obligor shall have the right to prepay the amount outstanding under this Debenture, in full but not in part. The Obligor shall
provide written notice to the Holder of a proposed prepayment at least 30 days in advance of such proposed prepayment.

 

***

 

 

 

    	 	1	 

     

    

 

This Debenture is
subject to the following additional provisions:

 

Section
1.     This Debenture is exchangeable for an equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service charge will be made for such registration of
transfer or exchange.

 

Section 2.     Events
of Default.

 

(a)       An
“Event of Default”, wherever used herein, means any one of the following events (whatever the reason and whether
it shall be voluntary or involuntary or effected by operation of law or pursuant to any judgment, decree or order of any court,
or any order, rule or regulation of any administrative or governmental body):

 

(i)       any
default in the payment of the interest on or other charges in respect of this Debenture, as and when the same shall become due
and payable (whether on the Maturity Date or otherwise), and such default is not fully cured within fifteen (15) days after the
occurrence thereof; or

 

(ii)       the
Obligor shall fail to observe or perform any covenant or agreement contained in this Debenture (except as set forth in Section
2(a)(i) or (ii) hereof) and such default is not fully cured within 30 days after the Obligor receives notice of such failure;
or

 

(iii)       the
Obligor shall (i) apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or
liquidator of itself or of all or a substantial part of its property or assets, (ii) make a general assignment for the benefit
of its creditors, (iii) commence a voluntary case under the United States Bankruptcy Code (as now or hereafter in effect) or under
the comparable laws of any jurisdiction (foreign or domestic), (iv) file a petition seeking to take advantage of any bankruptcy,
insolvency, moratorium, reorganization or other similar law affecting the enforcement of creditors’ rights generally, (v)
acquiesce in writing to any petition filed against it in an involuntary case under United States Bankruptcy Code (as now or hereafter
in effect) or under the comparable laws of any jurisdiction (foreign or domestic), (vi) issue a notice of bankruptcy or winding
down of its operations or issue a press release regarding same, or (vii) take any action under the laws of any jurisdiction (foreign
or domestic) analogous to any of the foregoing; or

 

(iv)       a
proceeding or case shall be commenced in respect of the Obligor, without its application or consent, in any court of competent
jurisdiction, seeking (i) the liquidation, reorganization, moratorium, dissolution, winding up, or composition or readjustment
of its debts, (ii) the appointment of a trustee, receiver, custodian, liquidator or the like of it or of all or any substantial
part of its assets in connection with the liquidation or dissolution of the Obligor or (iii) similar relief in respect of it under
any law providing for the relief of debtors, and such proceeding or case described in clause (i), (ii) or (iii) shall continue
undismissed, or unstayed and in effect, for a period of sixty (60) days or any order for relief shall be entered in an involuntary
case under United States Bankruptcy Code (as now or hereafter in effect) or under the comparable laws of any jurisdiction (foreign
or domestic) against the Obligor or action under the laws of any jurisdiction (foreign or domestic) analogous to any of the foregoing
shall be taken with respect to the Obligor and shall continue undismissed, or unstayed and in effect for a period of sixty (60)
days.

 

(b)       During
the time that any portion of this Debenture is outstanding, if any Event of Default has occurred, the full principal amount of
this Debenture, together with interest and other amounts owing in respect thereof, shall become at the Holder’s election,
immediately due and payable in cash.

 

Section 3.     Mandatory
Conversion; Notices.

 

(a)       This
Debenture shall be convertible into shares of common stock of the Obligor or shares of common stock of the parent company of Obligor,
upon the earlier to occur of (a) the Maturity Date or (b) at the option of the Obligor, no earlier than ten (10) Business Days
following a Change of Control (as defined below). Upon conversion of this Debenture, the Holder will be entitled to receive interest
for the period to the Conversion Date. The number of shares of common stock of the Obligor or shares of common stock of the parent
company of Obligor issuable upon a conversion hereunder shall be calculated in accordance with the following formula: [(principal
amount of this Debenture) ÷ ($0.86)].

 

 

 

    	 	2	 

     

    

 

(b)       The
Holder is not required to physically surrender this Debenture to the Obligor in order to effect conversion. The Holder and the
Obligor shall maintain records showing the principal amount converted and the date of such conversion.

 

(c)       All
notices, consents, waivers or other communications required or permitted to be given under the terms hereof must be in writing
and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by facsimile
(provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii)
one (1) trading day after deposit with a nationally recognized overnight delivery service, in each case properly addressed to the
party to receive the same. The addresses and facsimile numbers for such communications shall be:

 

	If to the Obligor, to:	Worldwide Specialty Chemicals Inc.
	 	
        145 Rose Lane, Suite 102

        Frisco, TX 75034

	 	Attention: E. Thomas Layton
	 	Telephone: 214.695.4252
	 	 
	If to the Holder:	_______________
	 	
        _______________

        _______________

	 	Attention: _______________
	 	Telephone: _______________
	 	 

 

or at such other address
and/or to the attention of such other person as the recipient party has specified by written notice given to each other party three
(3) Business Days prior to the effectiveness of such change.

 

Section 4.     Definitions.
For the purposes hereof, the following terms shall have the following meanings:

 

“Business
Day” means any day except Saturday, Sunday and any day which shall be a federal legal holiday in the United States or
a day on which banking institutions are authorized or required by law or other government action to close.

 

“Change of Control”
means the occurrence of one or more of the following events:

 

(a)       a
merger or consolidation of the Obligor with any corporation or other entity;

 

(b)       a
change in ownership of the Obligor through a transaction or series of transactions, such that any person or entity is or becomes
the beneficial owner, directly or indirectly, of common stock of the Obligor representing 50% or more of the combined voting power
of the Obligor’s then outstanding common stock; or

 

(c)       the
sale or disposition of all or substantially all of the Obligor’s assets; or

 

(d)       the
dissolution of the Obligor.

 

 

 

    	 	3	 

     

    

 

Section 5.     Except
as expressly provided herein, no provision of this Debenture shall alter or impair the obligations of the Obligor, which are absolute
and unconditional, to convert the principal of this Debenture, or to pay the interest and other charges (if any) on, this Debenture
at the time, place, and rate, and in the currency, herein prescribed. This Debenture is a direct obligation of the Obligor. This
Debenture ranks pari passu with all other Debentures now or hereafter issued under the terms set forth herein.

 

Section 6.     This
Debenture shall not entitle the Holder to any of the rights of a stockholder of the Obligor, including without limitation, the
right to vote, to receive distributions, or to receive any notice of, or to attend, meetings of stockholders of the Obligor, unless
and to the extent converted into shares of common stock of the Obligor in accordance with the terms hereof. Further, this Debenture
shall not entitle the Holder to any of the rights of a stockholder of the parent company of Obligor, including without limitation,
the right to vote, to receive distributions, or to receive any notice of, or to attend, meetings of stockholders of the parent
company of Obligor, unless and to the extent converted into shares of common stock of the parent company of Obligor in accordance
with the terms hereof.

 

Section 7.     If
this Debenture is mutilated, lost, stolen or destroyed, the Obligor shall execute and deliver, in exchange and substitution for
and upon cancellation of the mutilated Debenture, or in lieu of or in substitution for a lost, stolen or destroyed Debenture, a
new Debenture for the principal amount of this Debenture so mutilated, lost, stolen or destroyed but only upon receipt of evidence
of such loss, theft or destruction of such Debenture, and of the ownership hereof, and indemnity, if requested, all reasonably
satisfactory to the Obligor.

 

Section 9.     This
Debenture shall be governed by and construed in accordance with the laws of the State of Texas, without giving effect to conflicts
of laws thereof. Venue for any action relating to, construing or enforcing this Agreement shall lie in Collin County, Texas.

 

Section 10.     If
the Obligor fails to strictly comply with the terms of this Debenture, then the Obligor shall reimburse the Holder promptly for
all fees, costs and expenses, including, without limitation, attorneys’ fees and expenses incurred by the Holder in any action
in connection with this Debenture.

 

Section 11.     Any
waiver by the Holder of a breach of any provision of this Debenture shall not operate as or be construed to be a waiver of any
other breach of such provision or of any breach of any other provision of this Debenture. The failure of the Holder to insist upon
strict adherence to any term of this Debenture on one or more occasions shall not be considered a waiver or deprive the Holder
of the right thereafter to insist upon strict adherence to that term or any other term of this Debenture. Any waiver must be in
writing.

 

Section 12.     Whenever
any payment or other obligation hereunder shall be due on a day other than a Business Day, such payment shall be made on the next
succeeding Business Day.

 

[Signature
Page Follows]

 

 

 

 

 

 

 

 

 

 

 

 

    	 	4	 

     

    

 

IN WITNESS WHEREOF,
the Obligor has caused this Debenture to be duly executed by a duly authorized officer as of the date set forth above.

 

 

	 	
        Worldwide
        Specialty Chemicals Inc.

         

	 	 
	 	
         

        By: /s/ E. Thomas Layton

	 	Name: E. Thomas Layton
	 	Title: Chairman & CEO

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	5

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