Document:

Document

Execution
Exhibit 10.15

			
	

TERM LOAN AGREEMENT
dated as of
September 24, 2020 between
NEUROPACE, INC.
as Borrower,
The SUBSIDIARY GUARANTORS from Time to Time Party Hereto,
The Lenders from time to time party hereto
and
CRG SERVICING LLC,
as Administrative Agent and Collateral Agent
U.S. $60,000,000
			
	

TABLE OF CONTENTS
									
			Page
			
	SECTION 1 DEFINITIONS
	1

			
		1.01    Certain Defined Terms
	1
			
		1.02    Accounting Terms and Principles
	22

			
		1.03    Interpretation
	22

			
		1.04    Changes to GAAP
	23

			
		1.05    Divisions
	24

			
	SECTION 2 THE COMMITMENT
	24

			
		2.01    Commitments
	24

			
		2.02    Borrowing Procedures
	24

			
		2.03    Fees
	24

			
		2.04    Use of Proceeds
	24

			
		2.05    Defaulting Lenders
	24

			
		2.06    Substitution of Lenders
	25

			
		2.07    Non-Disturbance Agreements
	26

			
		2.08    Termination or Reduction of Commitments
	26

			
	SECTION 3 PAYMENTS OF PRINCIPAL AND INTEREST
	26

			
		3.01    Repayment
	26

			
		3.02    Interest
	27

			
		3.03    Prepayments
	27

			
	SECTION 4 PAYMENTS, ETC
	28

		4.01    Payments
	28

			
		4.02    Computations
	29

			
		4.03    Notices
	29

			
		4.04    Set-Off
	29

			
		4.05    Pro Rata Treatment
	29

			
	SECTION 5 YIELD PROTECTION, ETC
	31

			
		5.01    Additional Costs
	31

			
		5.02    Illegality
	32

			
		5.03    Taxes
	32

			
	SECTION 6 CONDITIONS PRECEDENT
	35

			
		6.01    Conditions to the Closing Date
	35

			
		6.02    Additional Conditions to Specific Borrowings
	37

			
		6.03    Conditions to Each Borrowing
	38

			

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	SECTION 7 REPRESENTATIONS AND WARRANTIES
	39

			
		7.01    Power and Authority
	39

			
		7.02    Authorization; Enforceability
	39

			
		7.03    Governmental and Other Approvals; No Conflicts
	39

			
		7.04    Financial Statements; Material Adverse Change
	39

			
		7.05    Properties
	40

			
		7.06    No Actions or Proceedings
	43

			
		7.07    Compliance with Laws and Agreements
	43

			
		7.08    Taxes
	43

			
		7.09    Full Disclosure
	44

			
		7.10    Regulation
	44

			
		7.11    Solvency
	44

			
		7.12    Subsidiaries
	44

			
		7.13    Indebtedness and Liens
	45

			
		7.14    Material Agreements
	45

			
		7.15    Restrictive Agreements
	45

			
		7.16    Real Property
	45

			
		7.17    Pension Matters
	46

			
		7.18    Collateral; Security Interest
	46

			
		7.19    Regulatory Approvals
	46

			
		7.20    Update of Schedules
	46

			
	SECTION 8 AFFIRMATIVE COVENANTS
	46

			
		8.01    Financial Statements and Other Information
	47

			
		8.02    Notices of Material Events
	49

			
		8.03    Existence; Conduct of Business
	51

			
		8.04    Payment of Obligations
	51

			
		8.05    Insurance
	51

			
		8.06    Books and Records; Inspection Rights
	51

			
		8.07    Compliance with Laws and Other Obligations
	53

			
		8.08    Maintenance of Properties, Etc
	53

			
		8.09    Licenses
	54

			
		8.10    Action under Environmental Laws
	55

			
		8.11    Use of Proceeds
	55

			
		8.12    Certain Obligations Respecting Subsidiaries; Further Assurances
	55

			
		8.13    Termination of Non-Permitted Liens
	57

			

ii

									
		8.14    Intellectual Property
	57

			
		8.15    Board Observation Rights
	57

		8.16    Post-Closing Items
	57

			
	SECTION 9 NEGATIVE COVENANTS
	58

			
		9.01    Indebtedness
	58

			
		9.02    Liens
	59

			
		9.03    Fundamental Changes and Acquisitions
	61

			
		9.04    Lines of Business
	61

			
		9.05    Investments
	61

			
		9.06    Restricted Payments
	62

			
		9.07    Payments of Indebtedness
	63

			
		9.08    Change in Fiscal Year
	63

			
		9.09    Sales of Assets, Etc
	63

			
		9.10    Transactions with Affiliates
	65

			
		9.11    Restrictive Agreements
	65

			
		9.12    Amendments to Material Agreements; Organizational Documents
	65

			
		9.13    Operating Leases
	65

			
		9.14    Sales and Leasebacks
	66

			
		9.15    Hazardous Material
	66

			
		9.16    Accounting Changes
	66

			
		9.17    Compliance with ERISA
	66

			
		9.18    Use of Proceeds
	66

			
		9.19    Ownership of Subsidiaries
	66

			
	SECTION 10 FINANCIAL COVENANTS
	66

			
		10.01    Minimum Liquidity
	66

			
		10.02    Minimum Revenue
	66

			
	SECTION 11 EVENTS OF DEFAULT
	67

			
		11.01    Events of Default
	67

			
		11.02    Remedies
	70

			
	SECTION 12 ADMINISTRATIVE AGENT
	72

			
		12.01    Appointment and Duties
	72

			
		12.02    Binding Effect
	73

			
		12.03    Use of Discretion
	73

			
		12.04    Delegation of Rights and Duties
	73

			
		12.05    Reliance and Liability
	73

			
		12.06    Administrative Agent Individually
	74

			

iii

									
		12.07    Lender Credit Decision
	74

			
		12.08    Expenses; Indemnities
	75

			
		12.09    Resignation of Administrative Agent
	75

			
		12.10    Release of Collateral or Guarantors
	76

			
		12.11    Additional Secured Parties
	76

			
	SECTION 13 MISCELLANEOUS
	76

			
		13.01    No Waiver
	76

			
		13.02    Notices
	77

			
		13.03    Expenses, Indemnification, Etc
	77

			
		13.04    Amendments, Etc
	78

			
		13.05    Successors and Assigns
	79

			
		13.06    Survival
	80

			
		13.07    Captions
	81

			
		13.08    Counterparts
	81

			
		13.09    Governing Law
	81

			
		13.10    Jurisdiction, Service of Process and Venue
	81

			
		13.11    Waiver of Jury Trial
	81

			
		13.12    Waiver of Immunity
	81

			
		13.13    Entire Agreement
	82

			
		13.14    Severability
	82

			
		13.15    No Fiduciary Relationship
	82

			
		13.16    Confidentiality
	82

			
		13.17    USA PATRIOT ACT
	82

			
		13.18    Maximum Rate of Interest
	82

			
		13.19    Redemption Price
	83

			
		13.20    Certain Waivers
	83

			
		13.21    Original Issue Discount
	84

			
		13.22    Releases of Guarantees and Liens
	84

			
	SECTION 14 GUARANTEE
	85

			
		14.01    The Guarantee
	85

			
		14.02    Obligations Unconditional; Subsidiary Guarantor Waivers
	85

			
		14.03    Reinstatement
	86

			
		14.04    Subrogation
	86

			
		14.05    Remedies
	86

			
		14.06    Instrument for the Payment of Money
	86

iv

									
			
		14.07    Continuing Guarantee
	87

			
		14.08    Rights of Contribution
	87

			
		14.09    General Limitation on Guarantee Obligations
	87

SCHEDULES AND EXHIBITS
									
	Schedule 1	-	Commitments and Warrant Shares
	Schedule 7.05(b)	-	Certain Intellectual Property
	Schedule 7.05(c)	-	Material Intellectual Property
	Schedule 7.12	-	Information Regarding Subsidiaries
	Schedule 7.13(a)	-	Existing Indebtedness of Borrower and its Subsidiaries
	Schedule 7.13(b)	-	Liens Granted by the Obligors
	Schedule 7.14	-	Material Agreements of Obligors
	Schedule 7.15	-	Restrictive Agreements
	Schedule 7.16	-	Real Property Owned or Leased by Borrower or any Subsidiary
	Schedule 7.17	-	Pension Matters
	Schedule 9.05	-	Existing Investments
	Schedule 9.10	-	Transactions with Affiliates
	Schedule 9.14	-	Permitted Sales and Leasebacks
			
	Exhibit A	-	Form of Guarantee Assumption Agreement
	Exhibit B	-	Form of Notice of Borrowing
	Exhibit C	-	Form of U.S. Tax Compliance Certificate
	Exhibit D	-	Form of Compliance Certificate
	Exhibit E	-	Form of Landlord Consent
	Exhibit F	-	Form of Intercreditor Agreement

v

This TERM LOAN AGREEMENT is entered into as of September 24, 2020 (this “Agreement”), among NEUROPACE, INC., a Delaware corporation (“Borrower”), the SUBSIDIARY GUARANTORS from time to time party hereto, the Lenders from time to time party hereto and CRG SERVICING LLC, a Delaware limited liability company (“CRG Servicing”), as administrative agent and collateral agent for the Lenders (in such capacities, together with its successors and assigns, the “Administrative Agent”).
WITNESSETH:
Borrower has requested the Lenders to make term loans to Borrower, and the Lenders are prepared to make such term loans on and subject to the terms and conditions hereof;
NOW THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:
SECTION 1
DEFINITIONS
1.01Certain Defined Terms.  As used herein, the following terms have the following respective meanings:
“acceleration” and “Acceleration” have the meanings set forth in Section 11.02.
“Acceleration Premium” has the meaning set forth in Section 11.02(c).
“Accounting Change Notice” has the meaning set forth in Section 1.04(a).
“Act” has the meaning set forth in Section 13.17.
“Acquisition” means any transaction, or any series of related transactions, by which any Person directly or indirectly, by means of a take-over bid, tender offer, amalgamation, merger, purchase of assets, or similar transaction having the same effect as any of the foregoing, (a) acquires any business or any division, product or line of business or all or substantially all of the assets, in each case, of any Person, (b) acquires control of securities of a Person representing more than 50% of the ordinary voting power for the election of directors or other governing body if the business affairs of such Person are managed by a board of directors or other governing body, or (c) acquires control of more than 50% of the ownership interest in any Person that is not managed by a board of directors or other governing body.
“Affected Lender” has the meaning set forth in Section 2.06(a).
“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.
“Agreement” has the meaning set forth in the introduction hereto.
“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Obligor, its Subsidiaries or Affiliates from time to time concerning or relating to bribery or corruption, including the United States Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder.

“Anti-Money Laundering Laws” means any and all laws, statutes, regulations or obligatory government orders, decrees, ordinances or rules applicable to an Obligor, its Subsidiaries or Affiliates related to terrorism financing or money laundering, including any applicable provision of the Act and The Currency and Foreign Transaction Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§5311-5330 and 12 U.S.C. §§ 1818(s), 1820(b) and 1951-1959).
“Asset Sale” has the meaning set forth in Section 9.09.
“Asset Sale Net Proceeds” means the aggregate amount of the cash proceeds received from any Asset Sale plus, with respect to any non-cash proceeds of an Asset Sale, the fair market value of such non-cash proceeds as determined by Borrower, acting reasonably, net of (a) any bona fide fees, costs and reasonable out-of-pocket expenses incurred in connection with such Asset Sale, (b) income, franchise, sales and other applicable taxes paid or required to be paid (as reasonably estimated in good faith by Borrower) in connection with such Asset Sale in respect of the taxable year such Asset Sale is consummated, the computation of which shall, in each case take into account the reduction in tax liability resulting from any available operating losses, net operating loss carryovers, tax credits, tax carry forwards or similar tax attributes, or deductions and any tax sharing arrangements, (c) amounts required to be applied to repay principal, interest and prepayment premiums and penalties on Indebtedness (other than the Obligations) secured by a Permitted Priority Lien on the asset which is the subject of such Asset Sale and (d) amounts required to be reserved in accordance with GAAP against liabilities associated with assets disposed of in such Asset Sale.
“Assignment and Assumption” means an assignment and assumption entered into by a Lender and an assignee of such Lender.
“Back-End Facility Fee” has the meaning set forth in the Fee Letter.
“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy.”
“Benefit Plan” means any of: (a) an “employee benefit plan” (as defined in 3(3) of ERISA) that is subject to Title I of ERISA; (b) a “plan” as defined in, and subject to, Section 4975 of the Code; or (c) any Person whose assets include (for purposes of Section 3(42) of ERISA, or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee benefit plan” or “plan”.
“Board” means (a) with respect to a corporation, the board of directors of the corporation or any committee thereof to the extent duly authorized to act on behalf of such board, (b) with respect to a partnership, the board of directors of the general partner of the partnership, (c) with respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof or if not member-managed, the managers thereof, or any committee of managing members or managers thereof to the extent duly authorized to act on behalf of such Persons, and (d) with respect to any other Person, the board or committee of such Person serving a similar function.
“Borrower” has the meaning set forth in the introduction hereto.
“Borrower Facility” means the premises located at 455 N. Bernardo Avenue, Mountain View, CA 94043, which are leased by Borrower pursuant to the Borrower Lease.
“Borrower Landlord” means BP MV Research Park LLC, a Delaware limited liability company, or as its successor in interest under the Borrower Lease, BXP Research Park LLC.
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“Borrower Lease” means the Office Lease, dated August 24, 2011, by and between Borrower and Borrower Landlord.
“Borrower Party” has the meaning set forth in Section 13.03(b).
“Borrowing” means a borrowing consisting of Loans made on the same day by the Lenders according to their respective Commitments (including a borrowing of a PIK Loan).
“Borrowing Date” means, with respect to any Borrowing, the date of such Borrowing.
“Borrowing Notice Date” means, (a) in the case of the Borrowing on the Closing Date, a date that is at least one (1) Business Day prior to the Closing Date and, (b) in the case of a subsequent Borrowing (other than with respect to a PIK Loan), a date that is at least twenty (20) Business Days (or such shorter period as shall be acceptable to Administrative Agent) prior to the Borrowing Date of such Borrowing.
“Business Day” means a day (other than a Saturday or Sunday) on which commercial banks are not authorized or required to close in New York City.
“Capital Lease Obligations” means, as to any Person, the obligations of such Person to pay rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or personal Property which obligations are required to be classified and accounted for as a capital lease on a balance sheet of such Person under GAAP and, for purposes of this Agreement, the amount of such obligations shall be the capitalized amount thereof, determined in accordance with GAAP (subject to Section 1.03(b)).
“Change of Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group of Persons acting jointly or otherwise in concert of capital stock representing more than 50% (or after a Qualified IPO, 25%) of the aggregate ordinary voting power represented by the issued and outstanding capital stock of Borrower, (b) during any period of twelve (12) consecutive calendar months, the occupation of a majority of the seats (other than vacant seats) on the Board of Borrower by Persons who were neither (i) nominated by the Board of Borrower, nor (ii) appointed by directors so nominated, or (c) the acquisition of direct or indirect Control of Borrower by any Person or group of Persons acting jointly or otherwise in concert; in each case whether as a result of a tender or exchange offer, open market purchases, privately negotiated purchases or otherwise; provided, however, that, the occurrence of a Qualified IPO shall be deemed not to constitute a Change of Control.
“Claims” means any claims, demands, complaints, grievances, actions, applications, suits, causes of action, orders, charges, indictments, prosecutions, informations (brought by a public prosecutor without grand jury indictment) or other similar processes, assessments or reassessments.
“Closing Date” means September 24, 2020.
“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.
“Collateral” means any Property in which a Lien is purported to be granted under any of the Security Documents (or all such Property, as the context may require).
“Commitment” means, with respect to each Lender, the obligation of such Lender to make Loans to Borrower pursuant to Section 2.01 in accordance with the terms and conditions of this Agreement, which commitment is in the principal amount set forth opposite such Lender’s name on Schedule 1 under the caption “Commitment”, as such Schedule may be amended from time to time.  The aggregate amount of
3

the Commitments on the Closing Date is $60,000,000.00.  For purposes of clarification, the amount of any PIK Loans shall not reduce the amount of the available Commitment.
“Commitment Period” means the period from and including the first date on which all of the conditions precedent set forth in Section 6.01 have been satisfied (or waived by the Lenders) and through and including March 31, 2022.
“Commodity Account” has the meaning set forth in the Security Agreement.
“Compliance Certificate” has the meaning given to such term in Section 8.01(c).
“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.
“Contracts” means contracts, licenses, leases, agreements, obligations, promises, undertakings, understandings, arrangements, documents, commitments, entitlements or engagements under which a Person has, or will have, any liability or contingent liability (in each case, whether written or oral, express or implied).
“Control” means, in respect of a particular Person, the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ability to exercise voting power, by contract or otherwise.  “Controlling” and “Controlled” have meanings correlative thereto.
“Controlled Foreign Corporation” means a “controlled foreign corporation” as defined in Section 957 of the Code.
“Copyright” is defined in the Security Agreement.
“Default” means any Event of Default and any event that, upon the giving of notice, the lapse of time or both, would constitute an Event of Default.
“Default Rate” has the meaning set forth in Section 3.02(b).
“Defaulting Lender” means, subject to Section 2.05, any Lender that (a) has failed to perform any of its funding obligations hereunder, including in respect of its Loans, within three (3) Business Days of the date required to be funded by it hereunder, (b) has notified Borrower or any Lender that it does not intend to comply with its funding obligations or has made a public statement to that effect with respect to its funding obligations hereunder or under other agreements in which it commits to extend credit, or (c) has, or has a direct or indirect parent company that has, (i) become the subject of an Insolvency Proceeding, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment; provided, that, a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority.
“Deposit Account” is defined in the Security Agreement.
“Disqualified Equity Interest” means, with respect to any Person, any Equity Interest of such Person which, by its terms (or by the terms of any security into which it is convertible or for which it is 
4

putable or exchangeable), or upon the happening of any event, (a) matures (excluding any maturity as the result of an optional redemption by the issuer thereof) or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, prior to the ninety-first (91st) day after the Stated Maturity Date, (b) requires the payment of any cash dividends at any time prior to the ninety-first (91st) day after the Stated Maturity Date, (c) contains any repurchase obligation which may come into effect prior to the Stated Maturity Date, or (d) is convertible into or exchangeable (unless at the sole option of the issuer thereof) for (i) debt securities or (ii) any Equity Interests referred to in clause (a), (b) or (c) above, at any time prior to the ninety-first (91st) day after the Stated Maturity Date; provided, that (x) any Equity Interests that would not constitute Disqualified Equity Interests but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests are convertible, exchangeable or exercisable) the right to require the issuer thereof to redeem or repurchase such Equity Interests upon the occurrence of a change in control or an asset sale occurring prior to the ninety-first (91st) day after the Stated Maturity Date shall not constitute Disqualified Equity Interests to the extent that such Equity Interests provide that the issuer thereof will not redeem or repurchase any such Equity Interests pursuant to such provisions prior to the termination of all Commitments and repayment in full of the Obligations (other than contingent indemnification obligations for which no claim has been made) and (y) if any Equity Interest is issued to any current or former employee, director or consultant or to any plan for the benefit of current or former employees, directors or consultants of Borrower or any of its Subsidiaries or by any such plan to such current or former employees, directors or consultants, such Equity Interest will not constitute Disqualified Equity Interests solely because it may be required to be repurchased by Borrower or any of its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.
“Dollars” and “$” means lawful money of the United States of America.
“Domestic Subsidiary” means any Subsidiary that is organized under the laws of any state of the United States or the District of Columbia.
“Eligible Transferee” means and includes a commercial bank, an insurance company, a finance company, a financial institution, any investment fund that invests in loans or any other “accredited investor” (as defined in Regulation D of the Securities Act) that is principally in the business of managing investments or holding assets for investment purposes; provided, that, at any time that no Event of Default has occurred and is continuing, such Person is approved by Borrower, such approval not to be unreasonably withheld.  Notwithstanding the foregoing, (x) in connection with assignments by a Lender due to a forced divestiture at the request of any regulatory agency, the restrictions set forth herein shall not apply and Eligible Transferee shall mean any Person or party (and any further assignee of any such Person) and (y) in connection with a Lender’s own financing, borrowing facilities or securitization transactions, the restrictions set forth herein shall not apply and Eligible Transferee shall mean any Person or party providing such financing or formed to undertake such securitization transaction, any affiliate of such Person and any transferee of such Person or party (and any further assignee of any such Person); provided, that, no such sale, transfer, pledge or assignment under this clause (y) shall release such Lender from any of its obligations hereunder or substitute any such Person or party for such Lender as a party hereto until the Majority Lenders shall have received and accepted an effective assignment agreement from such Person or party in form satisfactory to the Majority Lenders executed, delivered and fully completed by the applicable parties thereto, and shall have received such other information regarding such Eligible Transferee as the Majority Lenders reasonably shall require.
“Environmental Law” means any federal, state, provincial or local governmental law, rule, regulation, order, writ, judgment, injunction or decree relating to pollution or protection of the environment or the treatment, storage, disposal, release, threatened release or handling of hazardous materials, and all
5

local laws and regulations related to environmental matters and any specific agreements entered into with any competent authorities which include commitments related to environmental matters.
“Environmental Liability” means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) any violation of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Material, (c) any exposure to any Hazardous Material, (d) the release or threatened release of any Hazardous Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing.
“Equity Interest” means, with respect to any Person, any and all shares, interests, participations or other equivalents, including membership interests (however designated, whether voting or nonvoting), of equity of such Person, including, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of property of, such partnership, but excluding any debt securities convertible or exchangeable into such equity or other interests described in this definition unless and until such debt securities have been so converted into equity or other interests described in this definition.
“Equivalent Amount” means, with respect to an amount denominated in one currency, the amount in another currency that would be purchased by the amount in the first currency determined by reference to the Exchange Rate at the time of determination.
“ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended.
“ERISA Affiliate” means, collectively, any Obligor, Subsidiary thereof, and any Person under common control, or treated as a single employer, with any Obligor or Subsidiary thereof, within the meaning of Section 414(b), (c), (m) or (o) of the Code.
“ERISA Event” means (a) a reportable event as defined in Section 4043 of ERISA with respect to a Title IV Plan, excluding, however, such events as to which the PBGC by regulation has waived the requirement of Section 4043(a) of ERISA that it be notified within thirty (30) days of the occurrence of such event; (b) the applicability of the requirements of Section 4043(b) of ERISA with respect to a contributing sponsor, as defined in Section 4001(a)(13) of ERISA, to any Title IV Plan where an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA is reasonably expected to occur with respect to such plan within the following thirty (30) days; (c) a withdrawal by any Obligor or any ERISA Affiliate thereof from a Title IV Plan or the termination of any Title IV Plan resulting in liability under Sections 4063 or 4064 of ERISA; (d) the withdrawal of any Obligor or any ERISA Affiliate thereof in a complete or partial withdrawal (within the meaning of Section 4203 and 4205 of ERISA) from any Multiemployer Plan if there is any potential liability therefor, or the receipt by any Obligor or any ERISA Affiliate thereof of notice from any Multiemployer Plan that it is in insolvency pursuant to Section 4245 of ERISA; (e) the filing of a notice of intent to terminate, the treatment of a plan amendment as a termination under Section 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a Title IV Plan or Multiemployer Plan; (f) the imposition of liability on any Obligor or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of ERISA; (g) the failure by any Obligor or any ERISA Affiliate thereof to make any required contribution to a Plan, or the failure to meet the minimum funding standard of Section 412 of the Code with respect to any Title IV Plan (whether or not waived in accordance with Section 412(c) of the Code) or the failure to make by its due date a required installment under Section 430 of the Code with respect to any Title IV Plan or the failure to make any required contribution to a Multiemployer Plan; (h) the determination that any Title IV Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of
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Sections 430, 431 and 432 of the Code or Sections 303, 304 and 305 of ERISA; (i) an event or condition which might reasonably be expected to constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Title IV Plan or Multiemployer Plan; (j) the imposition of any liability under Title I or Title IV of ERISA, other than PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Obligor or any ERISA Affiliate thereof; (k) an application for a funding waiver under Section 303 of ERISA or an extension of any amortization period pursuant to Section 412 of the Code with respect to any Title IV Plan; (l) the occurrence of a non-exempt prohibited transaction under Sections 406 or 407 of ERISA for which any Obligor or any Subsidiary thereof may be directly or indirectly liable; (m) a violation of the applicable requirements of Section 404 or 405 of ERISA or the exclusive benefit rule under Section 401(a) of the Code by any fiduciary or disqualified person for which any Obligor or any ERISA Affiliate thereof may be directly or indirectly liable; (n) the occurrence of an act or omission which could give rise to the imposition on any Obligor or any ERISA Affiliate thereof of fines, penalties, taxes or related charges under Chapter 43 of the Code or under Sections 409, 502(c), (i) or (1) or 4071 of ERISA; (o) the assertion of a material claim (other than routine claims for benefits) against any Plan or the assets thereof, or against any Obligor or any Subsidiary thereof in connection with any such plan; (p) receipt from the IRS of notice of the failure of any Qualified Plan to qualify under Section 401(a) of the Code, or the failure of any trust forming part of any Qualified Plan to fail to qualify for exemption from taxation under Section 501(a) of the Code; (q) the imposition of any lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights, properties or assets of any Obligor or any ERISA Affiliate thereof, in either case pursuant to Title I or IV, including Section 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Code; or (r) the establishment or amendment by any Obligor or any Subsidiary thereof of any “welfare plan”, as such term is defined in Section 3(1) of ERISA, that provides post-employment welfare benefits in a manner that would increase the liability of any Obligor, other than those benefits required under the Consolidated Omnibus Budget Reconciliation Act.
“ERISA Funding Rules” means the rules regarding minimum required contributions (including any installment payment thereof) to Title IV Plans, as set forth in Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.
“Event of Default” has the meaning set forth in Section 11.01.
“Exchange Rate” means the rate at which any currency (the “Pre-Exchange Currency”) may be exchanged into another currency (the “Post-Exchange Currency”), as set forth on such date on the relevant Reuters screen at or about 11:00 a.m. (Central time) on such date. In the event that such rate does not appear on the Reuters screen, the “Exchange Rate” with respect to exchanging such Pre-Exchange Currency into such Post-Exchange Currency shall be determined by reference to such other publicly available service for displaying exchange rates as may be agreed upon by Borrower and Administrative Agent or, in the absence of such agreement, such Exchange Rate shall instead be determined by Administrative Agent by any reasonable method as they deem applicable to determine such rate, and such determination shall be conclusive absent manifest error.
“Excluded Subsidiary” means any Subsidiary that is (a) a Controlled Foreign Corporation, (b) a FSHCo or (c) a Subsidiary owned by a Subsidiary described in clause (a), and, in each case, is not itself a Subsidiary Guarantor.
“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient: (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), or (ii) that are Other Connection Taxes, (b) in the case of a Lender, U.S. Federal 
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withholding Taxes that are imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by Borrower under Section 5.03(g)) or (ii) such Lender changes its lending office, except in each case to the extent, pursuant to Section 5.03, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender immediately before it changed its lending office, (c) any withholding Taxes imposed under FATCA, and (d) Taxes attributable to such Recipient’s failure to comply with Section 5.03(e).
“Existing Loan Agreement” means that certain Term Loan Agreement, dated as of November 18, 2014, by and among Borrower, the subsidiary guarantors from time to time party thereto, and the lenders from time to time party thereto, as amended, restated, supplemented or otherwise modified prior to the Closing Date.
“Expense Cap” has the meaning set forth in the Fee Letter.
“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations promulgated thereunder or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, and any fiscal or regulatory legislation, rules, or practices adopted pursuant to any intergovernmental agreement, treaty, or convention among Governmental Authorities and implementing such Sections of the Code.
“Federal Funds Effective Rate” means, for any day, the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by Administrative Agent from three federal funds brokers of recognized standing selected by it.
“Fee Letter” means that fee letter agreement dated as of the Closing Date between Borrower and Administrative Agent.
“First-Tier Excluded Subsidiary” means an Excluded Subsidiary that is a direct Subsidiary of an Obligor and is not itself a Subsidiary Guarantor.
“Foreign Lender” means a Lender that is not a U.S. Person.
“Foreign Subsidiary” means a Subsidiary of Borrower that is not a Domestic Subsidiary.
“FSHCo” means any Subsidiary substantially all the assets of which consist of Equity Interests of (or Equity Interests of and debt obligations owed or treated as owed by) one or more Controlled Foreign Corporations.
“GAAP” means generally accepted accounting principles in the United States of America, as in effect from time to time, set forth in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants, in the statements and pronouncements of the Financial Accounting Standards Board and in such other statements by such other entity as may be in general use by significant segments of the accounting profession that are applicable to the circumstances as of the date of determination.  Subject to Section 1.02, all references to “GAAP” shall be to GAAP applied 
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consistently with the principles used in the preparation of the financial statements described in Section 7.04(a).
“Governmental Approval” means any consent, authorization, approval, order, license, franchise, permit, certificate, accreditation, registration, filing or notice, of, issued by, from or to, or other act by or in respect of, any Governmental Authority.
“Governmental Authority” means any nation, government, branch of power (whether executive, legislative or judicial), state, province or municipality or other political subdivision thereof and any entity exercising executive, legislative, judicial, monetary, regulatory or administrative functions of or pertaining to government, including regulatory authorities, governmental departments, agencies, commissions, bureaus, officials, ministers, courts, bodies, boards, tribunals and dispute settlement panels, and other law-, rule- or regulation-making organizations or entities of any State, territory, county, city or other political subdivision of the United States.
“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or obligation; provided, that, the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business or indemnification obligations incurred in the ordinary course of business or in connection with transactions permitted under this Agreement.  The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guarantor in good faith.
“Guarantee Assumption Agreement” means a Guarantee Assumption Agreement substantially in the form of Exhibit A by an entity that, pursuant to Section 8.12(a), is required to become a “Subsidiary Guarantor” hereunder.
“Guaranteed Obligations” has the meaning set forth in Section 14.01.
“Hazardous Material” means any substance, element, chemical, compound, product, solid, gas, liquid, waste, by-product, pollutant, contaminant or material which is hazardous or toxic, and includes, (a) asbestos, polychlorinated biphenyls and petroleum (including crude oil or any fraction thereof) and (b) any material classified or regulated as “hazardous” or “toxic” or words of like import pursuant to an Environmental Law.
“Hedging Agreement” means any interest rate exchange agreement, foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement.
“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar 
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instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) obligations under any Hedging Agreement currency swaps, forwards, futures or derivatives transactions, (k) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances, (l) all obligations of such Person under license or other similar agreements (excluding, for the avoidance of doubt, supply agreements and/or real property leases entered into by such Person with third parties on arms’ length terms in the ordinary course of business) containing a guaranteed minimum payment or purchase by such Person, and (m) all Disqualified Equity Interests of such Person. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor.
“Indemnified Party” has the meaning set forth in Section 13.03(b).
“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation (other than Warrant Obligations) and (b) to the extent not otherwise described in clause (a), Other Taxes.
“Insolvency Proceeding” means (a) any case, action or proceeding before any court or other Governmental Authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, or (b) any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other, similar arrangement in respect of any Person’s creditors generally or any substantial portion of such Person’s creditors, in each case undertaken under U.S. Federal, state or foreign law, including the Bankruptcy Code.
“Intellectual Property” means all Patents, Trademarks, Copyrights, Technical Information, domain names and URLs, and all other intellectual property or proprietary rights, whether registered or not, domestic and foreign.  Intellectual Property shall include all:
(a)applications and registrations relating to such Intellectual Property;
(b)rights and privileges arising under applicable Laws with respect to such Intellectual Property;
(c)rights to sue for past, present and future infringements of such Intellectual Property; and
(d)rights of the same or similar effect or nature in any jurisdiction corresponding to such Intellectual Property throughout the world.
“Interest-Only Period” means the period from and including the Closing Date and through and including the twelfth (12th) Payment Date following the first full fiscal quarter to occur after the Closing Date (i.e. September 30, 2023); provided, that, if a Qualified IPO has occurred on or prior to the twelfth (12th) Payment Date following the first full fiscal quarter to occur after the Closing Date (i.e. September 30,
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2023), at Borrower’s option (delivered in writing to Administrative Agent on or before such Payment Date), the Interest-Only Period shall continue to, but shall not include, the Maturity Date.
“Interest Period” means, with respect to each Borrowing, (a) initially, the period commencing on and including the Borrowing Date thereof and ending on and excluding the next Payment Date, and, (b) thereafter, each period beginning on and including the last day of the immediately preceding Interest Period and ending on and excluding the next succeeding Payment Date.
“Invention” means any novel, inventive and useful art, apparatus, method, process, machine (including article or device), system, manufacture or composition of matter, or any novel, inventive and useful improvement in any art, method, process, machine (including article or device), system, manufacture or composition of matter.
“Investment” means, for any Person, any direct or indirect acquisition or investment by such Person, whether by means of:  (a) the acquisition (whether for cash, property, services or securities or otherwise) of Equity Interests, bonds, notes, debentures, partnership or other ownership interests or other securities of any other Person or any agreement to make any such acquisition (including any “short sale” or any sale of any securities at a time when such securities are not owned by the Person entering into such sale); (b) the making of any deposit with, or advance, loan or other extension of credit to, any other Person (including the purchase of property from another Person subject to an understanding or agreement, contingent or otherwise, to resell such property to such Person), but excluding any such advance, loan or extension of credit having a term not exceeding ninety (90) days arising in connection with the sale of inventory or supplies by such Person in the ordinary course of business; (c) the entering into of any Guarantee of, or other contingent obligation with respect to, Indebtedness or other liability of any other Person and (without duplication) any amount committed to be advanced, lent or extended to such Person; (d) the entering into of any Hedging Agreement; or (e) an Acquisition.
“Involuntary Disposition” means any loss of, damage to or destruction of, or any condemnation or other taking for public use of, any property of Borrower or any Subsidiary.
“IRS” means the U.S. Internal Revenue Service or any successor agency, and to the extent relevant, the U.S. Department of the Treasury.
“Knowledge” means, with respect to any Person, the actual knowledge of any Responsible Officer of such Person and, including, in the case of Borrower or any Subsidiary, so long as he or she is employed by Borrower or any of its Subsidiaries, the actual knowledge of Mike Favet or Rebecca Kuhn.
“Landlord Consent” means a Landlord Consent substantially in the form of Exhibit E, or such other form as is reasonably acceptable to Administrative Agent.
“Laws” means, collectively, all international, foreign, federal, state, provincial, territorial, municipal and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law.
“Lender” means each Person listed as a “Lender” on a signature page hereto, together with its successors, and each permitted assignee of a Lender pursuant to Section 13.05(b).
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“Lien” means any mortgage, lien, pledge, charge or other security interest, or any lease, title retention agreement, mortgage, restriction, easement, right-of-way, option or adverse claim (of ownership or possession) or other encumbrance of any kind or character whatsoever or any preferential arrangement that has the practical effect of creating a security interest.
“Liquidity” means the balance of unencumbered (other than by Liens described in Section 9.02(a)) cash and Permitted Cash Equivalent Investments (which for greater certainty shall not include any undrawn credit lines) of the Obligors, in each case to the extent held in an account over which Administrative Agent, on behalf of the Secured Parties, has a perfected security interest.
“Loan” means (a) each loan advanced by a Lender pursuant to Section 2.01 and (b) each PIK Loan deemed to have been advanced by a Lender pursuant to Section 3.02(d).  For purposes of clarification, any calculation of the aggregate outstanding principal amount of Loans on any date of determination shall include both the aggregate principal amount of loans advanced pursuant to Section 2.01 and not yet repaid, and all PIK Loans deemed to have been advanced and not yet repaid, on or prior to such date of determination.
“Loan Documents” means, collectively, this Agreement, the Fee Letter, the Security Documents, each Warrant, the Management Rights Letter, the Perfection Certificate, any subordination agreement or any intercreditor agreement entered into by Administrative Agent (on behalf of the Lenders) with any other creditors of Obligors or any agent acting on behalf of such creditors, and any other present or future document, instrument, agreement or certificate executed by Obligors and delivered to Administrative Agent or any Secured Party in connection with or pursuant to this Agreement or any of the other Loan Documents, all as amended, restated, supplemented or otherwise modified.
“Loss” means judgments, debts, liabilities, expenses, costs, damages or losses, contingent or otherwise, whether liquidated or unliquidated, matured or unmatured, disputed or undisputed, contractual, legal or equitable, including loss of value, professional fees, including fees and disbursements of legal counsel on a full indemnity basis, and all costs incurred in investigating or pursuing any Claim or any proceeding relating to any Claim.
“Majority Lenders” means, at any time, Lenders having at such time in excess of fifty percent (50%) of the aggregate Total Credit Exposure of all Lenders at such time, ignoring, in such calculation, the Commitments of and outstanding Loans owing to any Defaulting Lender.
“Management Rights Letter” means that certain management rights letter dated as of the Closing Date delivered by Borrower in favor of each VCOC Lender.
“Margin Stock” means “margin stock” within the meaning of Regulations U and X.
“Material Adverse Change” and “Material Adverse Effect” mean a material adverse change in or effect on (a) the business, financial condition, operations, performance or Property of Borrower and its Subsidiaries taken as a whole, (b) the ability of the Obligors, taken as a whole, to perform their obligations under the Loan Documents or (c) the legality, validity, binding effect or enforceability of the Loan Documents or the rights and remedies of Administrative Agent or any Lender under any of the Loan Documents. For the avoidance of doubt, the following events, in and of themselves, shall not constitute a Material Adverse Change or a Material Adverse Effect: (t) a “going concern” or like qualification or “emphasis of matter” paragraph in an auditor’s opinion, (u) a claimed or notice of breach or termination of a Permitted Commercialization Arrangement, (v) negative or equivocal clinical trial results in respect of the Product or any other product, (w) inspection results from any regulatory authority with jurisdiction over the Product, (x) any voluntary or involuntary recall, (y) a non-coverage determination by any third party 
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payor providing reimbursement for procedures involving the Product, and (z) the mere filing of any claim for damages or injunctive relief, whether or not relating to the Intellectual Property of Borrower or any Subsidiary; it being understood, however, that the consequences of any such event might give rise to a Material Adverse Change or a Material Adverse Effect.
“Material Agreements” means (a) the agreements which are listed in Schedule 7.14 (as updated by Borrower from time to time in accordance with Section 7.21 to list all such agreements that meet the description set forth in clauses (b) and (c) of this definition), (b) material inbound and outbound license agreements and (c) all other agreements held by Borrower or any Subsidiary from time to time, the absence or termination of any of which would reasonably be expected to result in a Material Adverse Effect; provided, however, that, “Material Agreements” excludes all: (i) licenses implied by the sale of a product, (ii) paid-up licenses for commonly available software programs under which an Obligor is the licensee and (iii) customer agreements and commercial agreements entered into in the ordinary course of business with hospitals or similar health services providers for the sale of Borrower’s products.  “Material Agreement” means any one such agreement.
“Material Indebtedness” means, at any time, any Indebtedness of Borrower or any Subsidiary, the outstanding principal amount of which, individually or in the aggregate, exceeds $500,000 (or the Equivalent Amount in other currencies).
“Material Intellectual Property” means, the Obligor Intellectual Property described in Schedule 7.05(c) and any other Obligor Intellectual Property that is or becomes material to any Obligor’s business or assets.
“Maturity Date” means the earlier to occur of (a) the Stated Maturity Date, and (b) the date on which the Loans are accelerated pursuant to Section 11.02.
“Maximum Rate” has the meaning set forth in Section 13.18.
“Minimum Required Revenue” has the meaning set forth in Section 10.02.
“Multiemployer Plan” means any multiemployer plan, as defined in Section 400l(a)(3) of ERISA, to which any ERISA Affiliate incurs or otherwise has any obligation or liability, contingent or otherwise.
“Non-Consenting Lender” has the meaning set forth in Section 2.06(a).
“Non-Disclosure Agreement” has the meaning set forth in Section 13.16.
“Notice of Borrowing” has the meaning set forth in Section 2.02.
“Obligations” means, with respect to any Obligor, all amounts, obligations, liabilities, covenants and duties of every type and description owing by such Obligor to Administrative Agent, any Lender, any other indemnitee hereunder or any participant, arising out of, under, or in connection with, any Loan Document, whether direct or indirect (regardless of whether acquired by assignment), absolute or contingent, due or to become due, whether liquidated or not, now existing or hereafter arising and however acquired, and whether or not evidenced by any instrument or for the payment of money, including, without duplication, (a) all Loans, (b) all interest, whether or not accruing after the filing of any petition in bankruptcy or after the commencement of any insolvency, reorganization or similar proceeding, and whether or not a claim for post-filing or post-petition interest is allowed in any such proceeding, and (c) all other fees, expenses (including fees, charges and disbursement of counsel), interest, commissions, charges,
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costs, disbursements, indemnities and reimbursement of amounts paid and other sums chargeable to such Obligor under any Loan Document.
“Obligor Intellectual Property” means Intellectual Property owned by or licensed to any of the Obligors.
“Obligors” means, collectively, Borrower and the Subsidiary Guarantors and their respective successors and permitted assigns.
“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury.
“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).
“Other Taxes” means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 5.03(g)).
“Participant” has the meaning set forth in Section 13.05(e).
“Participant Register” has the meaning set forth in Section 13.05(f).
“Patents” has the meaning set forth in the Security Agreement.
“Payment Date” means each March 31, June 30, September 30, December 31 and the Maturity Date, commencing on the first such date to occur following the first Borrowing Date; provided, that, if any such date shall occur on a day that is not a Business Day, the applicable Payment Date shall be the next preceding Business Day.
“PBGC” means the United States Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.
“Perfection Certificate” means that certain Perfection Certificate, dated as of the Closing Date delivered by the Obligors to Administrative Agent.
“Permitted Acquisition” means any Acquisition by any Obligor; provided, that:
(a)immediately prior to, and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or would result therefrom;
(b)all transactions in connection therewith shall be consummated, in all material respects, in accordance with all applicable Laws and in conformity with all applicable Governmental Approvals;
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(c)in the case of the Acquisition of the Equity Interests of any Person, all of the Equity Interests (except for any such securities in the nature of directors’ qualifying shares required pursuant to applicable Law) acquired or otherwise issued or issuable by such Person, and any Subsidiary of Borrower formed in connection with such Acquisition, shall be owned 100% by an Obligor or any other Subsidiary, and Borrower shall have taken, or caused to be taken, within thirty (30) days (or such longer period to which Administrative Agent may agree) of the date such Person becomes a Subsidiary of Borrower, each of the actions set forth in Section 8.12, if applicable;
(d)Borrower and its Subsidiaries shall be in compliance with the financial covenants set forth in Section 10.01 and Section 10.02 on a pro forma basis after giving effect to such Acquisition; and
(e)such Person (in the case of an Acquisition of Equity Interests) or assets (in the case of an Acquisition of assets or a division or line of business) shall be engaged or used, as the case may be, in the same or similar business or lines of business, or business ancillary thereto, in which Borrower and/or its Subsidiaries are engaged.
“Permitted Cash Equivalent Investments” means (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency or any State thereof having maturities of not more than two (2) years from the date of acquisition, (b) commercial paper maturing no more than one (1) year after its creation and having the highest rating from either Standard & Poor’s Ratings Group or Moody’s Investors Service, Inc., (c) Dollar-denominated time deposits, insured certificates of deposit, overnight bank deposits or bankers’ acceptances issued or accepted by any commercial bank that is organized under the laws of the United States, any state thereof or the District of Columbia and (d) money market funds publicly traded or regulated by a Governmental Authority at least ninety five percent (95%) of the assets of which are invested in cash equivalents of the type described in clauses (a) through (c) above.
“Permitted Commercialization Arrangement” means such commercialization, research and development, co-marketing and other collaborative arrangements, including joint ventures, in each case where (a) such arrangements provide for licenses to Patents, Trademarks, Copyrights or other Intellectual Property rights and assets of Borrower with Persons with a primary line of business in the development, commercialization or manufacture of medical or pharmaceutical products or devices; provided, that, (i) such licenses must be bona fide arms’-length licenses of the right to use such Intellectual Property that do not have the economic substance of a sale, (ii) the terms of such licenses, on their face, do not provide for a sale or assignment of any Intellectual Property, (iii) Borrower retains legal ownership of such Intellectual Property, and (iv) such licenses do not interfere in any respect with the ordinary conduct of, or materially detract from, the value of the business or assets of Borrower and its Subsidiaries, and (b) all upfront payments, royalties, milestone payments or other proceeds arising from such licensing agreements that are payable to Borrower or any of its Subsidiary Guarantors are paid only to Deposit Accounts that are governed by control agreements in favor of Administrative Agent on behalf of the Secured Parties.
“Permitted Commercialization Arrangement Vehicle” means an entity, which may be a joint venture enterprise, engaged in the business of a Permitted Commercialization Arrangement and in which Borrower or its Subsidiaries have substantial representation in the governing body of such entity.
“Permitted Indebtedness” means any Indebtedness permitted under Section 9.01.
“Permitted Liens” means any Liens permitted under Section 9.02.
“Permitted Priority Debt” means Indebtedness of Borrower, in an amount not to exceed at any time the sum of (a) eighty percent (80%) of the face amount at such time of Borrower’s non delinquent accounts receivable and (b) fifty percent (50%) of the fair market value of Borrower’s eligible inventory at the time
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of any advance; provided, that, (i) such Indebtedness, if secured, is secured solely by (A) accounts, (B) inventory, (C) cash and cash equivalents, (D) deposit and investment accounts, (E) to the extent evidencing, governing, securing or otherwise related to accounts or inventory, general intangibles (excluding Intellectual Property), chattel paper, instruments and documents (excluding investments and documents relating to capital stock of subsidiaries), (F) to the extent not held as the direct proceeds of Collateral in which Administrative Agent has a first priority security interest in a segregated account, cash proceeds of Collateral, and (G) proceeds of insurance policies covering Borrower’s accounts and inventory received with respect to such accounts and inventory; provided, further, that, for purposes of clarification, notwithstanding the foregoing, in no event shall “Permitted Priority Debt” be secured by (i) any right, title or interest of any Obligor in any Intellectual Property, any licenses, or any proceeds of the sale or licensing of any Intellectual Property or licenses, (ii) equipment, (iii) to the extent evidencing, governing, securing or otherwise related to equipment, any general intangibles, chattel paper, instruments or documents, or (iv) proceeds of equipment or proceeds of insurance policies with respect to equipment, and (b) the holders or lenders thereof shall have executed and delivered to Administrative Agent an intercreditor agreement in substantially the form of Exhibit F and with such changes thereto as shall be mutually satisfactory to Administrative Agent and the provider of such Indebtedness.
“Permitted Priority Liens” means (a) Liens permitted under Section 9.02(d), (e), (f), (g), (h), (j) and (n), and (b) Liens permitted under Section 9.02(b) provided, that, such Liens are also of the type described in Section 9.02(d), (e), (f), (g), (h), (j) and (n).
“Permitted Refinancing” means, with respect to any Indebtedness, any extensions, renewals, refinancings and replacements of such Indebtedness; provided, that, such extension, renewal, refinancing or replacement (a) shall not increase the outstanding principal amount of such Indebtedness, (b) contains terms relating to outstanding principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms taken as a whole no less favorable in any material respect to Borrower and its Subsidiaries or the Secured Parties than the terms of any agreement or instrument governing such existing Indebtedness, (c) shall have an applicable interest rate which does not exceed the rate of interest of the Indebtedness being replaced by more than two percent (2.00%) per annum, (d) shall not contain any new requirement to grant any lien or security or to give any guarantee that was not an existing requirement of such Indebtedness and (e) shall not have a maturity date earlier than that of such existing Indebtedness.
“Person” means any individual, corporation, company, voluntary association, partnership, limited liability company, joint venture, trust, unincorporated organization or Governmental Authority or other entity of whatever nature.
“PIK Loan” has the meaning set forth in Section 3.02(d).
“PIK Period” means the period beginning on the first Borrowing Date through and including the earlier to occur of (a) the twentieth (20th) Payment Date after the first Borrowing Date and (b) the date on which any Default shall have occurred (provided, that, if such Default shall have been cured or waived, the PIK Period shall resume until the earlier to occur of the next Default and the twentieth (20th) Payment Date after the first Borrowing Date).
“Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA.
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“PPP Loan” means that certain unsecured Indebtedness of Borrower under the Small Business Administration’s Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act, in an aggregate principal amount of up to $4,048,890.
“Prepayment Premium” means, if the prepayment occurs:
(a)on or prior to the fifth (5th) Payment Date, the Prepayment Premium shall be an amount equal to twenty percent (20%) of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date;
(b)after the fifth (5th) Payment Date, and on or prior to the ninth (9th) Payment Date, the Prepayment Premium shall be an amount equal to ten percent (10%) of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date; and
(c)after the ninth (9th) Payment Date, the Prepayment Premium shall be an amount equal to zero percent (0.00%) of the aggregate outstanding principal amount of the Loans being prepaid on such Redemption Date;
provided, that, to determine the aggregate outstanding principal amount of the Loans, and how many Payment Dates have occurred, as of any Redemption Date for purposes of this definition:
(i)if, as of such Redemption Date, Borrower shall have made only one Borrowing, the number of Payment Dates shall be deemed to be the number of Payment Dates that shall have occurred following the Closing Date; and
(ii)if, as of such Redemption Date, Borrower shall have made more than one Borrowing, then the Prepayment Premium shall equal the sum of multiple Prepayment Premiums calculated with respect to the Loans of each Borrowing, each of which Prepayment Premiums shall be calculated based on solely the aggregate outstanding principal amount of the Loans borrowed in such Borrowing (and PIK Loans subsequently borrowed in respect of interest payments thereon), as though the applicable number of Payment Dates equals the number of Payment Dates that shall have occurred following the applicable Borrowing Date.  In the case of any partial prepayment, the amount of such prepayment shall be allocated to Loans made in the various Borrowings (and PIK Loans in respect thereof) in the order in which such Borrowings were made.
The Prepayment Premium payable upon any prepayment shall be in addition to any payments required pursuant to the Fee Letter.
“Product” means the NeuroPace RNS System, and each of its successors.
“Property” of any Person means any property or assets, or interest therein, of such Person.
“Proportionate Share” means, (a) at any time during the Commitment Period, the percentage obtained by dividing (i) the sum of (A) the unused Commitment of such Lender then in effect plus (B) the aggregate outstanding principal amount of the Loans of such Lender at such time by (ii) the sum of (A) the unused Commitments of all Lenders then in effect plus (B) the aggregate outstanding principal amount of the Loans of all Lenders at such time and (b) at any time thereafter, the percentage obtained by dividing (i) the aggregate outstanding principal amount of the Loans of such Lender at such time by (ii) the aggregate outstanding principal amount of the Loans of all Lenders at such time.
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“Publicly Reporting Company” means an issuer generally subject to the public reporting requirements of the Securities and Exchange Act of 1934.
“Qualified IPO” means (a) an underwritten initial public offering of the Equity Interests of Borrower or any direct or indirect parent of Borrower which generates cash proceeds of at least $50,000,000 and results in a listing of such entity’s Equity Interests on a recognized public securities exchange at a post-money valuation of at least $200,000,000 or (b) a Qualified SPAC Transaction.
“Qualified Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (a) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was ever obligated to make, contributions, and (b) that is intended to be tax qualified under Section 401(a) of the Code.
“Qualified SPAC Transaction” means an acquisition, merger or other business combination between Borrower or any direct or indirect parent of Borrower, on the one hand, and a special purpose acquisition company on the other, provided, that, (a) the surviving entity shall be Borrower or a direct or indirect parent of Borrower, as applicable, (b) the transaction shall result in a listing of such entity’s Equity Interests on a recognized public securities exchange at a post-money valuation of at least $200,000,000, and (c) Borrower shall have provided at least five (5) Business Days’ (or such shorter time period as Administrative Agent may agree) prior written notice of the transaction to Administrative Agent, and Administrative Agent shall have received copies of the material documents entered into to effect such Qualified SPAC Transaction, together with any documents that Administrative Agent may reasonably request to maintain Administrative Agent’s security interest in the Collateral.
“Real Property Security Documents” means the Landlord Consent and any mortgage or deed of trust or any other real property security document executed or required hereunder to be executed by any Obligor and granting a security interest in real Property owned or leased (as tenant) by any Obligor in favor of the Secured Parties.
“Recipient” means Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any Obligation.
“Redemption Date” means, as the context may require, (a) the Payment Date on which an optional prepayment is made pursuant to Section 3.03(a), (b) the date of an Asset Sale or Change of Control in connection with which a prepayment is required pursuant to Section 3.03(b), (c) the date mandated by a Requirement of Law as described in Section 5.02(b) and (d) in the event that Loans become due and payable prior to the Stated Maturity Date for any reason not related to the foregoing clauses (a) through (c) (other than by reason of the Loans becoming due and payable pursuant to an Acceleration), the date on which a prepayment is due.
“Redemption Price” means an amount equal to the aggregate principal amount of the Loans being prepaid plus the Prepayment Premium plus any accrued but unpaid interest and any fees then due and owing pursuant to the Loan Documents (including the Back-End Facility Fee).
“Register” has the meaning set forth in Section 13.05(d).
“Regulation T” means Regulation T of the Board of Governors of the Federal Reserve System, as amended.
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“Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System, as amended.
“Regulation X” means Regulation X of the Board of Governors of the Federal Reserve System, as amended.
“Regulatory Approvals” means any registrations, licenses, authorizations, permits or approvals issued by any Governmental Authority and applications or submissions related to any of the foregoing.
“Related Person” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates.
“Representative” has the meaning set forth in Section 8.15.
“Requirement of Law” means, as to any Person, any statute, law, treaty, rule or regulation or determination, order, injunction or judgment of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its Properties or revenues.
“Responsible Financial Officer” of any Person means each of the president, chief executive officer, and chief financial officer of such Person.
“Responsible Officer” of any Person means each of the president, chief executive officer, chief financial officer, chief development officer and chief technology officer of such Person.
“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interest of Borrower or any of its Subsidiaries, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such Equity Interests of Borrower or any of its Subsidiaries or any option, warrant or other right to acquire any such Equity Interests of Borrower or any of its Subsidiaries.
“Restrictive Agreement” has the meaning set forth in Section 7.15.
“Revenue” of a Person means all revenue properly recognized under GAAP, consistently applied, less all rebates, discounts and other price allowances.
“Sanctions” means any international economic sanction administered or enforced by the United States Government (including OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or other relevant sanctions authority.
“Sanctioned Jurisdiction” means any country or territory to the extent that such country or territory is the subject of any Sanction.
“Sanctioned Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC, the U.S. Department of State, the United Nations Security Council, the European Union, Her Majesty’s Treasury, or other relevant sanctions authority, (b) any Person operating, organized or resident in a Sanctioned Jurisdiction or (c) any Person owned or Controlled by any such person or Persons described in clauses (a) and (b).
“SEC” means the U.S. Securities and Exchange Commission.
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“Secured Parties” means the Lenders, Administrative Agent, each other Indemnified Party, each other holder of any Obligation and each co-agent and sub-agent appointed by Administrative Agent from time to time pursuant to Section 12.04.
“Security Agreement” means the Security Agreement, dated as of the Closing Date, among the Obligors and Administrative Agent, granting a security interest in the Obligors’ personal Property in favor of Administrative Agent, for the benefit of the Secured Parties.
“Security Documents” means, collectively, the Security Agreement, each Short-Form IP Security Agreement, each Real Property Security Document, and each other security document, control agreement or financing statement required or recommended to perfect Liens in favor of the Secured Parties.
“Securities Account” has the meaning set forth in the Security Agreement.
“Short-Form IP Security Agreements” means short-form copyright, patent or trademark (as the case may be) security agreements, entered into by one or more Obligors in favor of Administrative Agent, for the benefit of the Secured Parties, each in form and substance reasonably satisfactory to Administrative Agent (and as amended, modified or replaced from time to time).
“Solvent” means, with respect to any Person at any time, that (a) the present fair saleable value of the Property of such Person is greater than the total amount of liabilities (including contingent liabilities) of such Person, (b) the present fair saleable value of the Property of such Person is not less than the amount that will be required to pay the probable liability of such Person on its debts as they become absolute and matured and (c) such Person has not incurred and does not intend to, and does not believe that it will, incur debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature.
“Stated Maturity Date” means the twentieth (20th) Payment Date following the first full fiscal quarter to occur after the Closing Date (i.e. September 30, 2025).
“Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than fifty percent (50%) of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than fifty percent (50%) of the general partnership interests are, as of such date, owned, controlled or held by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent or (b) that is, as of such date, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.  Unless the context requires otherwise, “Subsidiary” refers to a Subsidiary of Borrower.
“Subsidiary Guarantors” means each of the Subsidiaries identified under the caption “SUBSIDIARY GUARANTORS” on the signature pages hereto and each Subsidiary that becomes, or is required to become, a “Subsidiary Guarantor” after the Closing Date pursuant to Section 8.12(a) or (b).
“Substitute Lender” has the meaning set forth in Section 2.06(a).
“Tax Affiliate” means (a) Borrower and its Subsidiaries, (b) each other Obligor and (c) any Affiliate of an Obligor with which such Obligor files or is eligible to file consolidated, combined or unitary Tax returns.
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“Tax Returns” has the meaning set forth in Section 7.08.
“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.
“Technical Information” means all trade secrets and other proprietary or confidential information, which may include information of a scientific, technical, or business nature in any form or medium, standards and specifications, conceptions, ideas, innovations, discoveries, Inventions, Invention disclosures, all documented research, developmental, demonstration or engineering work, data, plans, specifications, reports, summaries, experimental data, manuals, models, samples, know-how, technical information, systems, methodologies, computer programs or information technology.
“Title IV Plan” means an employee benefit plan (as defined in Section 3(3) of ERISA) other than a Multiemployer Plan (a) that is or was at any time maintained or sponsored by any Obligor or any ERISA Affiliate thereof or to which any Obligor or any ERISA Affiliate thereof has ever made, or was obligated to make, contributions, and (b) that is or was subject to Section 412 of the Code, Section 302 of ERISA or Title IV of ERISA.
“Total Credit Exposure” means, as to any Lender at any time, the unused Commitments of such Lender at such time and the aggregate outstanding principal amount of all Loans of such Lender at such time.
“Trademarks” is defined in the Security Agreement.
“Transactions” means (a) the execution, delivery and performance by each Obligor of this Agreement and the other Loan Documents to which such Obligor is a party and the Borrowings contemplated hereby, (b) the repayment in full of all existing Indebtedness (other than contingent indemnification obligations for which no claim has been submitted) of Borrower and its Subsidiaries under the Existing Loan Agreement and the termination of all Liens with respect thereto (other than Liens permitted under Sections 9.02(b) and (c)) and all commitments thereunder), in each case, on the Closing Date and (c) the payment of related fees, costs and expenses in connection with the matters described in clauses (a) and (b).
“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Code.
“U.S. Tax Compliance Certificate” has the meaning set forth in Section 5.03(e)(ii)(B)(3).
“United States” and “U.S.” mean the United States of America.
“VCOC Lender” means CRG PARTNERS IV L.P., CRG PARTNERS IV – CAYMAN LEVERED L.P., and each other Affiliate of Administrative Agent that is intended to qualify as a “venture capital operating company” for purposes of ERISA and that is or becomes a Lender under this Agreement.
“Warrant” means each warrant, including any amendments, restatements, supplements or other modifications thereto, to purchase Equity Interests of Borrower, issued by Borrower to the Lenders in connection with the Transactions, per the Warrant Shares table on Schedule I.
“Warrant Obligations” means, with respect to any Obligor, all Obligations arising out of, under or in connection with, any Warrant.
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“Withdrawal Liability” means, at any time, any liability incurred (whether or not assessed) by any ERISA Affiliate and not yet satisfied or paid in full at such time with respect to any Multiemployer Plan pursuant to Section 4201 of ERISA.
“Withholding Agent” means any Obligor and Administrative Agent.
1.02Accounting Terms and Principles.  All accounting determinations required to be made pursuant hereto shall, unless expressly otherwise provided herein, be made in accordance with GAAP.  All components of financial calculations made to determine compliance with this Agreement, including Section 10, shall be adjusted to include or exclude, as the case may be, without duplication, such components of such calculations attributable to any Acquisition, Asset Sale or Involuntary Disposition, in each case, consummated after the first day of the applicable period of determination and prior to the end of such period, as determined in good faith by Borrower based on assumptions expressed therein and that were reasonable based on the information available to Borrower at the time of preparation of the Compliance Certificate setting forth such calculations.
1.03Interpretation.  (a) For all purposes of this Agreement, except as otherwise expressly provided herein or unless the context otherwise requires, (i) the terms defined in this Agreement include the plural as well as the singular and vice versa; (ii) words importing gender include all genders; (iii) any reference to a Section, Annex, Schedule or Exhibit refers to a Section of, or Annex, Schedule or Exhibit to, this Agreement; (iv) any reference to “this Agreement” refers to this Agreement, including all Annexes, Schedules and Exhibits hereto, and the words herein, hereof, hereto and hereunder and words of similar import refer to this Agreement and its Annexes, Schedules and Exhibits as a whole and not to any particular Section, Annex, Schedule, Exhibit or any other subdivision; (v) references to days, months and years refer to calendar days, months and years, respectively; (vi) all references herein to “include” or “including” shall be deemed to be followed by the words “without limitation”; (vii) the word “from” when used in connection with a period of time means “from and including” and the word “until” means “to but not including”; (viii) accounting terms not specifically defined herein shall be construed in accordance with GAAP (except for the term “property”, which shall be interpreted as broadly as possible, including, in any case, cash, securities, other assets, rights under contractual obligations and permits and any right or interest in any property, except where otherwise noted) and (ix) any reference to any law shall include all statutory and regulatory rules, regulations, orders and provisions consolidating, amending, replacing or interpreting such law and any reference to any law, rule or regulation shall, unless otherwise specified, refer to such law, rule or regulation as amended, modified, extended, restated, replaced or supplemented from time to time.  Unless otherwise expressly provided herein, references to organizational documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all permitted subsequent amendments, restatements, extensions, supplements and other modifications thereto.
(b)Notwithstanding any other provision contained in this Agreement, all terms of an accounting or financial nature used herein shall be construed, and all computations of amounts and ratios referred to herein shall be made, without giving effect to (i) other than with respect to the preparation of financial statements in accordance with GAAP (it being understood that, if requested by Administrative Agent or any Lender, Borrower shall provide to Administrative Agent and the Lenders financial statements and other documents setting forth a reconciliation between the applicable calculations, amounts and definitions set forth herein both with and without giving effect to such change), any change to GAAP occurring after December 31, 2017 as a result of ASU 2016-02, Leases (Topic 842) by the Financial Accounting Standards Board or any other proposals issued by the Financial Accounting Standards Board in connection therewith, in each case if such change would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) was not required to be so treated under GAAP as in effect on December 31, 2017, (ii) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement of Financial Accounting
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Standards 159) (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of Borrower or any Subsidiary at “fair value,” as defined therein and (iii) any treatment of Indebtedness in respect of convertible debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount thereof.
(c)Notwithstanding any provision in this Agreement or any other Loan Document to the contrary, the Lenders are not assuming any liability or obligation of any Obligor or any of its Affiliates of whatever nature, whether presently in existence or arising or asserted hereafter.  All such liabilities and obligations shall be retained by and remain obligations and liabilities of the Obligors and/or their Affiliates as the case may be.  Without limiting the foregoing, the Lenders are not assuming and shall not be responsible for any liabilities or Claims of Obligors or their Affiliates, whether present or future, absolute or contingent and whether or not relating to the Obligors, the Obligor Intellectual Property, and/or the Material Agreements, and Borrower shall indemnify and save harmless the Lenders from and against all such liabilities, Claims and Liens.
(d)In the event that the Obligors acquire Obligor Intellectual Property during the term of this Agreement, then the provisions of this Agreement shall automatically apply thereto and any such Obligor Intellectual Property shall automatically constitute part of the Collateral under the Security Documents, without further action by any party, in each case from and after the date of such acquisition (except that any representations or warranties of any Obligor shall apply to any such Obligor Intellectual Property only from and after the date, if any, subsequent to such acquisition that such representations and warranties are brought down or made anew as provided herein).
1.04Changes to GAAP.  If, after the Closing Date, any change occurs in GAAP or in the application thereof and such change would cause any amount required to be determined for the purposes of the covenants to be maintained or calculated pursuant to Section 8, Section 9 or Section 10 to be materially different than the amount that would be determined prior to such change, then:
(a)Borrower will, and Majority Lenders may elect to, provide a detailed notice of such change (an “Accounting Change Notice”) to Administrative Agent, which, for any such Accounting Change Notice delivered by Borrower, shall be delivered concurrently with the delivery of the next Compliance Certificate;
(b)either Borrower or the Majority Lenders may indicate within ninety (90) days following the date of the Accounting Change Notice that they wish to revise the method of calculating such financial covenants or amend any such amount, in which case the parties will in good faith attempt to agree upon a revised method for calculating the financial covenants;
(c)until Borrower and the Majority Lenders have reached agreement on such revisions, (i) such financial covenants or amounts will be determined without giving effect to such change and (ii) all financial statements, Compliance Certificates and similar documents provided hereunder shall be provided together with a reconciliation between the calculations and amounts set forth therein before and after giving effect to such change in GAAP;
(d)if no party elects to revise the method of calculating the financial covenants or amounts, then the financial covenants or amounts will not be revised and will be determined in accordance with GAAP without giving effect to such change; and
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(e)any Event of Default arising as a result of such change which is cured by operation of this Section 1.04 shall be deemed to be of no effect ab initio.
1.05Divisions.  For all purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time.
SECTION 2
THE COMMITMENT
2.01Commitments.  Each Lender agrees severally, on and subject to the terms and conditions of this Agreement (including Section 6), to make up to two term loans (provided, that, PIK Loans shall be deemed not to constitute “term loans” for purposes of this Section 2.01) to Borrower, in each case on a Business Day during the Commitment Period in Dollars and in an aggregate principal amount for such Lender not to exceed such Lender’s then unfunded Commitment; provided, however, that, no Lender shall be obligated to make a term loan in excess of such Lender’s Proportionate Share of the applicable Borrowing.  Amounts of Loans repaid may not be reborrowed.
2.02Borrowing Procedures.  Subject to the terms and conditions of this Agreement (including Section 6), each Borrowing (other than a Borrowing of PIK Loans) shall be made on written notice in the form of Exhibit B given by Borrower to Administrative Agent not later than 4:00 p.m. (Central time) on the Borrowing Notice Date (a “Notice of Borrowing”).
2.03Fees.  Borrower shall pay to Administrative Agent and/or the Lenders, as applicable, such fees as described in the Fee Letter.
2.04Use of Proceeds.  Borrower shall use the proceeds of the Loans for repayment of all outstanding Indebtedness and obligations under the Existing Loan Agreement, general working capital and corporate purposes and to pay fees, costs and expenses incurred in connection with the Transactions; provided, that, the Lenders shall have no responsibility as to the use of any proceeds of Loans.
2.05Defaulting Lenders.
(a)Adjustments.  Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by applicable law:
(i)Waivers and Amendments.  Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in Section 13.04.
(ii)Reallocation of Payments.  Any payment of principal, interest, fees or other amounts received by the Lenders or Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 11 or otherwise), shall be applied at such time or times as follows: first, as Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement; second, if so determined by the Majority Lenders and Borrower, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of such Defaulting Lender to fund Loans
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under this Agreement; third, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fourth, so long as no Default exists, to the payment of any amounts owing to Borrower as a result of any judgment of a court of competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and fifth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided, that, if (A) such payment is a payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share and (B) such Loans were made at a time when the conditions set forth in Section 6 were satisfied or waived, such payment shall be applied solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender.  Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender pursuant to this Section 2.05(a)(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto.
(b)Defaulting Lender Cure.  If Borrower and the Majority Lenders agree in writing in their sole discretion that a Defaulting Lender should no longer be deemed to be a Defaulting Lender, that Lender will, to the extent applicable, purchase that portion of outstanding Loans of the other Lenders or take such other actions as necessary to cause the Loans to be held on a pro rata basis by the Lenders in accordance with their Proportionate Share, whereupon that Lender will cease to be a Defaulting Lender; provided, that, no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf of Borrower while that Lender was a Defaulting Lender; provided, further, that, except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.
2.06Substitution of Lenders.
(a)Substitution Right.  If any Lender (an “Affected Lender”), (i) becomes a Defaulting Lender or (ii) does not consent to any amendment, waiver or consent to any Loan Document for which the consent of the Majority Lenders is obtained but that requires the consent of other Lenders (a “Non-Consenting Lender”), then (x) Borrower may elect to pay in full such Affected Lender with respect to all Obligations (other than Warrant Obligations) due to such Affected Lender (which for the avoidance of doubt, shall not include any Prepayment Premium due) or (y) either Borrower or Administrative Agent shall identify any willing Lender or Affiliate of any Lender or Eligible Transferee (in each case, a “Substitute Lender”) to substitute for such Affected Lender; provided, that, any substitution of a Non-Consenting Lender shall occur only with the consent of Administrative Agent.
(b)Procedure.  To substitute such Affected Lender or pay in full all Obligations (other than Warrant Obligations) owed to such Affected Lender, Borrower shall deliver a notice to such Affected Lender.  The effectiveness of such payment or substitution shall be subject to the delivery by Borrower (or, as may be applicable in the case of a substitution, by the Substitute Lender) of (i) payment for the account of such Affected Lender, of, to the extent accrued through, and outstanding on, the effective date for such payment or substitution, all Obligations (other than Warrant Obligations) owing to such Affected Lender (which for the avoidance of doubt, shall not include any Prepayment Premium) and (ii) in the case of a substitution, an Assignment and Assumption executed by the Substitute Lender, which shall thereunder, among other things, agree to be bound by the terms of the Loan Documents; provided, however, that, if the Affected Lender does not execute such Assignment and Assumption within ten (10) Business Days of delivery of the notice required hereunder, such Affected Lender shall be deemed to have executed such Assignment and Assumption.
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(c)Effectiveness.  Upon satisfaction of the conditions set forth in Sections 2.06(a) and (b), Administrative Agent shall record such substitution or payment in the Register, whereupon (i) in the case of any payment in full of all Obligations owing to an Affected Lender, such Affected Lender’s Commitments shall be terminated and (ii) in the case of any substitution of an Affected Lender, (A) such Affected Lender shall sell and be relieved of, and the Substitute Lender shall purchase and assume, all rights and claims of such Affected Lender under the Loan Documents, except that the Affected Lender shall retain such rights under the Loan Documents that expressly provide that they survive the repayment of the Obligations and the termination of the Commitments, (B) such Affected Lender shall no longer constitute a “Lender” hereunder and such Substitute Lender shall become a “Lender” hereunder and (C) such Affected Lender shall execute and deliver an Assignment and Assumption to evidence such substitution; provided, however, that, the failure of any Affected Lender to execute any such Assignment and Assumption shall not render such sale and purchase (or the corresponding assignment) invalid.
2.07Non-Disturbance Agreements.  Lenders agree not to unreasonably withhold consent in entering into a mutually acceptable non-disturbance agreement in connection with any exclusive license of Intellectual Property otherwise permitted under this Agreement for (a) clinical indications for epilepsy outside the United States or (b) clinical indications other than epilepsy.
2.08Termination or Reduction of Commitments.
(a)Voluntary.  Borrower may, upon notice to Administrative Agent during the Commitment Period, on any Payment Date, terminate in part or in full the then unfunded Commitments; provided, that, any such notice shall be received by Administrative Agent not later than 4:00 p.m. (Central time) five (5) Business Days prior to the date of termination.  Upon any partial termination of the Commitments, the Commitments of each Lender shall be reduced by such Lender’s Proportionate Share of such reduction amount.
(b)Mandatory.  The Commitments shall be automatically and permanently reduced (i) on the Closing Date, by the amount of the Borrowing made on such date, and (ii) on the earlier to occur of (A) the Borrowing Date for a Borrowing made in accordance with Section 6.02(b) and (B) March 31, 2022, by $10,000,000.00.  Additionally, the Commitments shall be automatically and permanently reduced to zero on the date that the Commitment Period shall end.  Upon any reduction of the Commitments, the Commitments of each Lender shall be reduced by such Lender’s Proportionate Share of such reduction amount.
SECTION 3
PAYMENTS OF PRINCIPAL AND INTEREST
3.01Repayment.
(a)Repayment.  During the Interest-Only Period, no scheduled payments of principal of the Loans shall be due.  Borrower agrees to repay to the Lenders the outstanding principal amount of the Loans, on each Payment Date occurring after the Interest-Only Period, in equal installments.  The amounts of such installments shall be calculated by dividing (i) the sum of the aggregate principal amount of the Loans outstanding on the first day following the end of the Interest-Only Period, by (b) the number of Payment Dates remaining prior to (and including) the Maturity Date. To the extent not previously paid, the principal amount of the Loans (including, for the avoidance of doubt, PIK Loans), together with all other outstanding Obligations (other than Warrant Obligations), shall be due and payable on the Maturity Date.
(b)Application.  Any optional prepayment of the Loans after the Interest-Only Period shall be applied to the installments thereof under Section 3.01(a) in the order directed by Borrower or, if
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Borrower does not provide direction, in direct order of maturity. Any mandatory prepayment of the Loans occurring after the Interest-Only Period shall be applied to the installments thereof under Section 3.01(a) in the inverse order of maturity.
3.02Interest.
(a)Interest Generally.  Subject to Section 3.02(d), Borrower agrees to pay to the Lenders interest on the unpaid principal amount of the Loans (including, for the avoidance of doubt, PIK Loans) and the amount of all other outstanding Obligations (other than the Warrant Obligations), in the case of the Loans, for the period from the applicable Borrowing Date, and in the case of any other Obligation (other than Warrant Obligations), from the date such other Obligation (other than Warrant Obligations) is due and payable, in each case, to and including the date such Loan or Obligation is paid in full, at a rate per annum equal to twelve and one half of one percent (12.50%).
(b)Default Interest.  Notwithstanding the foregoing, automatically upon the occurrence and during the continuance of any Event of Default under Section 11.01(a), Section 11.01(i), Section 11.01(j), or Section 11.01(k), and after written notice from Administrative Agent upon the occurrence and during the continuance of any other Event of Default, the interest payable pursuant to Section 3.02(a) shall increase by four percent (4.00%) per annum (such aggregate increased rate, the “Default Rate”).  Notwithstanding any other provision herein (including Section 3.02(d)), if interest is required to be paid at the Default Rate, it shall be paid entirely in cash.
(c)Interest Payment Dates.  Subject to Section 3.02(d), accrued interest on the Loans shall be payable in arrears on each Payment Date with respect to the most recently completed Interest Period in cash, and upon the payment or prepayment of the Loans (on the principal amount being so paid or prepaid); provided, that, interest payable at the Default Rate shall be payable from time to time on demand.
(d)Paid In-Kind Interest.  Notwithstanding Section 3.02(a), at any time during the PIK Period, Borrower may elect to pay the interest on the outstanding principal amount of the Loans payable pursuant to Section 3.01 as follows: (i) for the period commencing on the Closing Date and continuing through December 31, 2020, entirely as compounded interest, added to the aggregate principal amount of the Loans (the amount of any such compounded interest being a “PIK Loan”), and (ii) thereafter (A) seven and one half of one percent (7.50%) per annum interest in cash and (B) five percent (5.00%) per annum interest as a PIK Loan.  The principal amount of each PIK Loan shall accrue interest in accordance with the provisions of this Agreement applicable to the Loans.  For purposes of clarification, Borrower may only elect to pay interest as provided in this Section 3.02(d) for Interest Periods that are entirely within the PIK Period (such that interest for the entirety of any Interest Period in which a Default exists and is continuing must be paid in cash in accordance with Section 3.02(a)).
3.03Prepayments.
(a)Optional Prepayments.  Upon prior written notice to Administrative Agent delivered pursuant to Section 4.03, Borrower shall have the right to optionally prepay in whole or in part the outstanding principal amount of the Loans on any Payment Date for the Redemption Price as of such Payment Date.  No partial prepayment shall be made under this Section 3.03(a) in connection with any event described in Section 3.03(b).
(b)Mandatory Prepayments.
(i)Asset Sales.  In the event of any contemplated Asset Sale or series of Asset Sales (other than any Asset Sale permitted under Section 9.09(a), (d), (f) or (g)) yielding Asset Sale Net Proceeds
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in excess of $1,000,000 in the aggregate, Borrower shall provide thirty (30) days’ prior written notice of such Asset Sale to Administrative Agent and, if within such notice period Majority Lenders or Administrative Agent advise Borrower in writing that the Majority Lenders require a prepayment pursuant to this Section 3.03(b)(i), Borrower shall: (x) if the assets sold represent substantially all of the consolidated assets or Revenues of Borrower and its Subsidiaries, or represent any specific line of business which either on its own or together with other lines of business sold over the term of this Agreement account for Revenue generated by such lines of business exceeding ten percent (10%) of the Revenue of Borrower and its Subsidiaries in the immediately preceding year, prepay the aggregate outstanding principal amount of the Loans in an amount equal to the Redemption Price applicable on the date of such Asset Sale, and (y) in the case of all other Asset Sales not described in the foregoing clause (x), prepay the Loans in an amount equal to the entire amount of the Asset Sale Net Proceeds of such Asset Sale, plus any accrued but unpaid interest, Prepayment Premium and any fees (including the Back-End Facility Fee) then due and owing, plus any Claims or Losses referred to in Section 13.03 then due and owing, credited in the following order:
(A)first, in reduction of Borrower’s obligation to pay any unpaid interest, Prepayment Premium and any fees then due and owing;
(B)second, in reduction of Borrower’s obligation to pay any Claims or Losses referred to in Section 13.03 then due and owing;
(C)third, in reduction of Borrower’s obligation to pay any amounts due and owing on account of the unpaid principal amount of the Loans;
(D)fourth, in reduction of any other Obligation (other than a Warrant Obligation) then due and owing; and
(E)fifth, to Borrower or such other Persons as may lawfully be entitled to or directed by Borrower to receive the remainder.
(ii)Change of Control.  In the event of a Change of Control, Borrower shall immediately provide notice of such Change of Control to Administrative Agent and, if within ten (10) days of receipt of such notice the Majority Lenders or Administrative Agent advise Borrower that the Majority Lenders require a prepayment pursuant to this Section 3.03(b)(ii), Borrower shall prepay the aggregate outstanding principal amount of the Loans in an amount equal to the Redemption Price applicable on the date of such Change of Control and pay any fees payable (including the Back-End Facility Fee).
(c)Prepayment Premiums.  Notwithstanding anything to the contrary in this Agreement or any other Loan Document, if all or any portion of the Loans are prepaid, or required to be prepaid, pursuant to this Section 3, then, in all cases, Borrower shall pay to the Lenders, for their respective ratable accounts, on the date on which such prepayment is paid or required to be paid, in addition to (but without duplication of) the other Obligations so prepaid or required to be prepaid, the applicable Prepayment Premium.
SECTION 4
PAYMENTS, ETC.
4.01Payments.
(a)Payments Generally.  Each payment of principal, interest and other amounts to be made by the Obligors under this Agreement or any other Loan Document shall be made in Dollars, in immediately available funds, without deduction, set off or counterclaim, to an account to be designated by Administrative Agent by notice to Borrower, not later than 4:00 p.m. (Central time) on the date on which
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such payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day).
(b)Application of Payments.  To the extent the order of application is not otherwise specified by another provision hereof, each Obligor shall, at the time of making each payment under this Agreement or any other Loan Document, specify to Administrative Agent the amounts payable by such Obligor hereunder to which such payment is to be applied (and in the event that Obligors fail to so specify, or if an Event of Default has occurred and is continuing, the Lenders may apply such payment in the manner they determine to be appropriate).
(c)Non-Business Days.  If the due date of any payment under this Agreement (other than of principal of or interest on the Loans) would otherwise fall on a day that is not a Business Day, such date shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension.
4.02Computations.  All computations of interest and fees hereunder shall be computed on the basis of a year of 360 days and actual days elapsed during the period for which payable.
4.03Notices.  Each notice of optional prepayment shall be effective only if received by Administrative Agent not later than 4:00 p.m. (Central time) on the date five (5) Business Days (or such shorter period as may be agreed to in Administrative Agent’s sole discretion) prior to the date of prepayment.  Each notice of optional prepayment shall specify the amount to be prepaid and the date of prepayment and may be conditioned upon the consummation of other transactions.
4.04Set-Off.
(a)Set-Off Generally.  Upon the occurrence and during the continuance of any Event of Default, each of Administrative Agent, each Lender and each of their Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by Administrative Agent, any Lender or any of their Affiliates to or for the credit or the account of any Obligor against any and all of the Obligations (other than Warrant Obligations), whether or not such Person shall have made any demand and although such obligations may be unmatured.  Administrative Agent and each Lender agree promptly to notify Borrower after any such set-off and application; provided, that, the failure to give such notice shall not affect the validity of such set-off and application.  The rights of Administrative Agent, each Lender and each of their Affiliates under this Section 4.04 are in addition to other rights and remedies (including other rights of set-off) that such Persons may have.
(b)Exercise of Rights Not Required.  Nothing contained herein shall require Administrative Agent, any Lender or any of their respective Affiliates to exercise any such right or shall affect the right of such Person to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of any Obligor.
4.05Pro Rata Treatment.
(a)Unless Administrative Agent shall have been notified in writing by any Lender prior to the proposed date of any Borrowing that such Lender will not make the amount that would constitute its share of such Borrowing available to Administrative Agent, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such date in accordance with Section 2, and Administrative Agent may, in reliance upon such assumption, make available to Borrower a corresponding amount.  If such amount is not in fact made available to Administrative Agent by the required time on the
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applicable Borrowing Date therefor, such Lender and Borrower severally agree to pay to Administrative Agent forthwith, on demand, such corresponding amount with interest thereon, for each day from and including the date on which such amount is made available to Borrower but excluding the date of payment to Administrative Agent, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate reasonably determined by Administrative Agent in accordance with banking industry rules on interbank compensation.  If Borrower and such Lender shall pay such interest to Administrative Agent for the same or an overlapping period, Administrative Agent shall promptly remit to Borrower the amount of such interest paid by Borrower for such period.  If such Lender pays its share of the applicable borrowing to Administrative Agent, then the amount so paid shall constitute such Lender’s Loan included in such borrowing.  Any payment by Borrower shall be without prejudice to any claim Borrower may have against a Lender that shall have failed to make such payment to Administrative Agent.
(b)Unless Administrative Agent shall have received notice from Borrower prior to the date on which any payment is due to Administrative Agent for the account of the Lenders hereunder that Borrower will not make such payment, Administrative Agent may assume that Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due.  In such event, if Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to Administrative Agent forthwith on demand the amount so distributed to such Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by Administrative Agent in accordance with banking industry rules on interbank compensation.  Nothing herein shall be deemed to limit the rights of Administrative Agent or any Lender against any Obligor.
(c)If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of set-off, or otherwise) on account of the principal of or interest on any Loan made by it or other obligations hereunder, as applicable (other than pursuant to a provision hereof providing for non-pro rata treatment), in excess of its Proportionate Share, of such payment on account of the Loans, such Lender shall (i) notify Administrative Agent of the receipt of such payment, and (ii) within five (5) Business Days of such receipt, purchase (for cash at face value) from the other Lenders, as applicable (directly or through Administrative Agent), without recourse, such participations in the Loans made by them or make such other adjustments as shall be equitable, as shall be necessary to cause such purchasing Lender to share the excess payment ratably with each of the other Lenders in accordance with their respective Proportionate Shares, as applicable; provided, however, that (A) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest and (B) the provisions of this paragraph shall not be construed to apply to (x) any payment made by Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Lender) or (y) any payment obtained by a Lender as consideration for the assignment or sale of a participation in any of its Loans to any assignee or participant, other than to Borrower or any of its Affiliates (as to which the provisions of this paragraph shall apply).  Borrower agrees that any Lender so purchasing a participation from another Lender pursuant to this Section 4.05(c) may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Lender were the direct creditor of Borrower in the amount of such participation.  No documentation other than notices and the like referred to in this Section 4.05(c) shall be required to implement the terms of this Section 4.05(c).  Administrative Agent shall keep records (which shall be conclusive and binding in the absence of manifest error) of participations purchased pursuant to this Section 4.05(c) and shall in each case notify the Lenders following any such purchase.  Borrower consents on behalf of itself and each other Obligor to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may
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exercise against each Obligor rights of setoff and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of each Obligor in the amount of such participation.
SECTION 5
YIELD PROTECTION, ETC.
5.01Additional Costs.
(a)Change in Requirements of Law Generally.  If, on or after the Closing Date, the adoption of any Requirement of Law, or any change in any Requirement of Law, or any change in the interpretation or administration thereof by any court or other Governmental Authority charged with the interpretation or administration thereof, or compliance by any of the Lenders (or their respective lending office) with any request or directive (whether or not having the force of law) of any such Governmental Authority made or issued after the Closing Date, (i) shall impose, modify or deem applicable any reserve (including any such requirement imposed by the Board of Governors of the Federal Reserve System), special deposit, contribution, insurance assessment or similar requirement, in each case that becomes effective after the Closing Date, against assets of, deposits with or for the account of, or credit extended by, a Lender (or its lending office), (ii) shall subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Excluded Taxes and (C) Connection Income Taxes) on its Loans, loan principal, Commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, or (iii) shall impose on a Lender (or its lending office) any other condition affecting its Loans or its Commitments, and the result of any of the foregoing is to increase the cost to such Lender of making or maintaining its Loans, or to reduce the amount of any sum received or receivable by such Lender under this Agreement or any other Loan Document, by an amount deemed by such Lender to be material, then Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender for such increased cost or reduction.  Borrower shall not be required to compensate any Lender for any increased cost or reduction in payment incurred or arising more than one hundred eighty (180) days prior to the date such Lender notifies Borrower of the change giving rise to such increased cost or payment reduction; provided, that, such Lender has actual knowledge of such change during such one hundred eighty (180) day period.
(b)Change in Capital Requirements.  If a Lender shall have determined that, on or after the Closing Date, the adoption of any Requirement of Law regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority charged with the interpretation or administration thereof, or any request or directive regarding capital adequacy (whether or not having the force of law) of any such Governmental Authority, in each case that becomes effective after the Closing Date, has or would have the effect of reducing the rate of return on capital of a Lender (or its parent) as a consequence of a Lender’s obligations hereunder or the Loans to a level below that which a Lender (or its parent) could have achieved but for such adoption, change, request or directive by an amount reasonably deemed by it to be material, then Borrower shall pay to such Lender on demand such additional amount or amounts as will compensate such Lender (or its parent) for such reduction.
(c)Notification by Lender.  Each Lender (directly or through Administrative Agent) will promptly notify Borrower of any event of which it has knowledge, occurring after the Closing Date, which will entitle such Lender to compensation pursuant to this Section 5.01. Before giving any such notice pursuant to this Section 5.01(c) such Lender shall designate a different lending office if such designation (x) will, in the reasonable judgment of such Lender, avoid the need for, or reduce the amount of, such compensation and (y) will not, in the reasonable judgment of such Lender, be materially disadvantageous to such Lender.  A certificate of the Lender claiming compensation under this Section 5.01, setting forth in reasonable detail the additional amount or amounts to be paid to it hereunder, shall be conclusive and binding on Borrower in the absence of manifest error.
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(d)Notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to constitute a change in Requirements of Law for all purposes of this Section 5.01, regardless of the date enacted, adopted or issued.
5.02Illegality.  Notwithstanding any other provision of this Agreement, in the event that on or after the Closing Date the adoption of or any change in any Requirement of Law or in the interpretation or application thereof by any competent Governmental Authority shall make it unlawful for a Lender or its lending office to make or maintain the Loans (and, in the opinion of such Lender, the designation of a different lending office would either not avoid such unlawfulness or would be disadvantageous to such Lender), then such Lender shall promptly notify Borrower thereof following which (a) the Lender’s Commitment shall be suspended until such time as such Lender may again make and maintain its Loans hereunder and (b) if such Requirement of Law shall so mandate, the Loans of such Lender shall be prepaid by Borrower on or before such date as shall be mandated by such Requirement of Law in an amount equal to the Redemption Price applicable on the date of such prepayment.
5.03Taxes.
(a)Payments Free of Taxes.  Any and all payments by or on account of any Obligation shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 5.03) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made.
(b)Payment of Other Taxes by Borrower. The Obligors shall timely pay to the relevant Governmental Authority in accordance with applicable law, or at the option of Administrative Agent and/or each Lender, timely reimburse it for, Other Taxes.
(c)Evidence of Payments.  As soon as practicable after any payment of Taxes by any Obligor to a Governmental Authority pursuant to this Section 5.03, such Obligor shall deliver to Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment.
(d)Indemnification.  The Obligors shall jointly and severally reimburse and indemnify each Recipient, within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.03) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority; provided, that the Obligors shall not be required to indemnify a Recipient pursuant to this Section 5.03(d) to the extent that such Recipient fails to notify Borrower of its intent to make a claim for indemnification under this Section 5.03(d) within one hundred eighty (180) days of the later of (i) the date on which the 
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Indemnified Taxes are due to be paid by Recipient, or (ii) the date on which the relevant Governmental Authority asserts a claim for such Indemnified Taxes against Recipient. A certificate as to the amount of such payment or liability delivered to Borrower by Administrative Agent or any Lender shall be conclusive absent manifest error.
(e)Status of Lenders.
(i)Any Lender that is entitled to an exemption from, or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to Borrower (directly or through Administrative Agent), at the time or times reasonably requested by Borrower or Administrative Agent, such properly completed and executed documentation reasonably requested by Borrower or Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.  In addition, any Lender shall deliver (directly or through Administrative Agent) such other documentation prescribed by applicable law as reasonably requested by Borrower or Administrative Agent as will enable Borrower or Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements.  Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.03(e)(ii)(A), (B) or (D)) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender.
(ii)Without limiting the generality of the foregoing, in the event that Borrower is a U.S. Person:
(A)any Lender that is a U.S. Person shall deliver to Borrower (directly or through Administrative Agent) on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. Federal backup withholding tax;
(B)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (directly or through Administrative Agent and in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), whichever of the following is applicable:
(1)in the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form) establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;
(2)executed originals of IRS Form W-8ECI (or successor form);
(3)in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit C-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section
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881(c)(3)(A) of the Code, a “10 percent shareholder” of Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form); or
(4)to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY (or successor form), accompanied by IRS Form W-8ECI (or successor form), IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable (or successor form), a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-2 or Exhibit C-3, IRS Form W-9 (or successor form), and/or other certification documents from each beneficial owner, as applicable; provided, that, if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit C-4 on behalf of each such direct and indirect partner.
(C)any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to Borrower (directly or through Administrative Agent and in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of Borrower), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit Borrower to determine the withholding or deduction required to be made; and
(D)if a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to Borrower and Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Borrower or Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by Borrower or Administrative Agent as may be necessary for Borrower and Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment.  Solely for purposes of this clause (D), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.
(iii)Each Lender agrees that if any form or certification it previously delivered becomes obsolete or inaccurate in any respect, or if Borrower notifies such Lender that any form or certification such Lender previously delivered has expired or becomes obsolete in any respect, such Lender shall update such form or certification or promptly notify Borrower in writing of its legal inability to do so.
(f)Treatment of Certain Refunds.  If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been indemnified pursuant to this Section 5.03 (including by the payment of additional amounts pursuant to this Section 5.03), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments made under this Section 5.03 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (plus any penalties, interest or other charges imposed by the relevant Governmental
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Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority.  Notwithstanding anything to the contrary in this Section 5.03(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.03(f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 5.03(f) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person.
(g)Mitigation Obligations.  If Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or to any Governmental Authority for the account of any Lender pursuant to Section 5.01 or this Section 5.03, then such Lender shall (at the request of Borrower) use commercially reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign and delegate its rights and obligations hereunder to another of its offices, branches or Affiliates if, in the sole reasonable judgment of such Lender, such designation or assignment and delegation would (i) eliminate or reduce amounts payable pursuant to Section 5.01 or this Section 5.03, as the case may be, in the future, (ii) not subject such Lender to any unreimbursed cost or expense and (iii) not otherwise be disadvantageous to such Lender. Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment and delegation.
SECTION 6
CONDITIONS PRECEDENT
6.01Conditions to the Closing Date.  This Agreement shall not become effective, and the obligation of each Lender to make a Loan as part of the Borrowing on the Closing Date shall not become effective, in each case, until the following conditions precedent shall have been satisfied or waived in writing by the Lenders:
(a)Terms of Material Agreements, Etc.  Lenders shall be reasonably satisfied with the terms and conditions of all Material Agreements.
(b)No Law Restraining Transactions.  No applicable law or regulation shall restrain, prevent or, in the reasonable judgment of the Lenders, impose materially adverse conditions upon the Transactions.
(c)Payment of Fees.  The Lenders shall be satisfied with the arrangements to deduct the fees set forth in the Fee Letter that are payable as of the Closing Date (including without limitation the financing fee required pursuant to the Fee Letter) from the proceeds advanced on the Closing Date.
(d)Lien Searches.  The Lenders shall be satisfied with Lien searches regarding Borrower and its Subsidiaries made prior to the Closing Date.
(e)Required Equity Financing. Borrower shall have received cash proceeds from the issuance of its Series B’ Preferred Stock (which shall not, for the avoidance of doubt, be Disqualified Equity Interests) in an aggregate amount of at least $33,000,000 as of the Closing Date with a committed second tranche of at least $27,000,000 available to be drawn thereafter at Borrower’s sole option.
(f)Documentary Deliveries.  The Lenders shall have received the following documents, each of which shall be in form and substance satisfactory to the Lenders:
(i)Agreement.  This Agreement duly executed and delivered by Borrower and each of the other parties hereto.
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(ii)Security Documents.
(A)The Security Agreement, duly executed and delivered by each of the Obligors.
(B)Each of the Short-Form IP Security Agreements, duly executed and delivered by the applicable Obligor.
(C)With respect to all Equity Interests owned by the Obligors required to be pledged under the Loan Documents, (1) to the extent that such Equity Interests are certificated or required to be certificated pursuant to the applicable issuer’s organizational documents, original share certificates or other documents or evidence of title, together with share transfer documents, undated and executed in blank and (2) to the extent that such Equity Interests are uncertificated and permitted to be uncertificated pursuant to the applicable issuer’s organizational documents, an issuer’s acknowledgment in form and substance reasonably satisfactory to Administrative Agent.
(D)UCC-1 financing statements in proper form for filing against each Obligor in its jurisdiction of formation or incorporation, as the case may be.
(E)Without limitation, all other documents and instruments reasonably required to perfect the Liens of Administrative Agent, for the benefit of the Secured Parties, and security interests in, the Collateral required to be delivered on the Closing Date shall have been duly executed and delivered and be in proper form for filing, and shall create in favor of Administrative Agent, for the benefit of the Secured Parties, a perfected Lien on, and security interest in, the Collateral, subject to no Liens other than Permitted Liens.
(iii)Warrants.  For the Lenders, pro rata in accordance with their Proportionate Shares, the ten-year Warrants, duly executed by Borrower, for the purchase of Series B’ Preferred Stock of Borrower in an amount equal to 2.00% of the Equity Interests of Borrower on a fully diluted basis (inclusive of the issuance of such Warrants) with an exercise price equal to $2.50515 per share (such number of shares, as indicated on Schedule 1).
(iv)Perfection Certificate.  The Perfection Certificate duly executed and delivered by a Responsible Financial Officer of the Obligors.
(v)Approvals.  Certified copies of all material licenses, consents, authorizations and approvals of, and notices to and filings and registrations with, any Governmental Authority (including all foreign exchange approvals), and of all third-party consents and approvals, necessary in connection with the execution, delivery and performance by the Obligors of the Loan Documents and the Transactions.
(vi)Corporate Documents.  Certified copies of (A) the constitutive documents of each Obligor (if publicly available in such Obligor’s jurisdiction of formation), (B) resolutions of the Board (and/or shareholders, if applicable) of each Obligor authorizing the making and performance by it of the Loan Documents to which it is a party and (C) good standing certificates (or their equivalent) of each Obligor dated as of a recent date.
(vii)Incumbency Certificate.  A certificate of each Obligor as to the authority, incumbency and specimen signatures of the Responsible Officers and Responsible Financial Officers who have executed the Loan Documents and any other documents in connection herewith on behalf of the Obligors.
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(viii)Officer’s Certificate.  A certificate, dated as of the Closing Date and signed by a Responsible Financial Officer of Borrower, confirming compliance with the conditions set forth in Section 6.01(b), Section 6.01(e) and Section 6.03.
(ix)Opinions of Counsel.  A favorable opinion, dated as of the Closing Date, of counsel to each Obligor in form acceptable to the Lenders and their counsel.
(x)Insurance.  Certificates of insurance evidencing the existence of all insurance required to be maintained by the Obligors and their respective Subsidiaries pursuant to Section 8.05 and the designation of Administrative Agent as the lenders’ loss payee or additional named insured, as the case may be, thereunder.
(xi)Management Rights Letter.  Borrower shall have executed and delivered to Administrative Agent the Management Rights Letter.
(xii)Payoff Letter.  A duly executed and delivered payoff letter with respect to the Existing Loan Agreement, in form and substance reasonably satisfactory to Administrative Agent.
6.02Additional Conditions to Specific Borrowings.  The obligation of each Lender to make a Loan (except in the case of a PIK Loan) as part of a Borrowing is subject to the following conditions additional precedent, which shall have been satisfied or waived in writing by the Lenders:
(a)Closing Date Borrowing:
(i)Borrowing Date and Amount. Such Borrowing shall occur on the Closing Date in an amount equal to $50,000,000.00.
(ii)Fees. Administrative Agent shall have received, for the account of each Lender, as applicable, the fees payable pursuant to the Fee Letter.
(b)Additional Tranche.  One subsequent Borrowing shall be subject to the following conditions precedent, which shall have been satisfied or waived in writing by the Lenders:
(i)Borrowing Date and Amount.  Such Borrowing shall occur on or prior to March 31, 2022 in an amount equal to $10,000,000.00 (or, if requested by Borrower to be less than $10,000,000.00, in an amount equal to $7,500,000.00, $5,000,000.00 or $2,500,000.00).
(ii)Borrowing Milestone.  Administrative Agent shall have received evidence in form and substance reasonably satisfactory to Administrative Agent demonstrating that consolidated Revenues for Borrower and its Subsidiaries for any three (3) consecutive month period ending after the Closing Date but on or prior to December 31, 2021 were greater than or equal to $15,000,000.
(iii)Notice of Milestone Achievement and Audit.  Borrower shall have delivered to Administrative Agent a notice certifying satisfaction of the condition set forth in Section 6.02(b)(ii) no later than thirty (30) days thereafter, and Administrative Agent shall have been reasonably satisfied with the results of its audit of such Revenues of Borrower and its Subsidiaries by examining Borrower’s books and records.
(iv)Notice of Borrowing.  A Notice of Borrowing shall have been received no later than sixty (60) calendar days after satisfaction of the condition set forth in Section 6.02(b)(ii).
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(v)Additional Tranche Warrants. For the Lenders, pro rata in accordance with their Proportionate Shares, the ten-year Warrants, duly executed by Borrower, for the purchase of Series B’ Preferred Stock of Borrower in the amount required to cause the Lenders, in the aggregate taken together with the Warrants issued on the Closing Date, to have been issued 2.00% of the Equity Interests of Borrower on a fully diluted basis (inclusive of the issuance of such Warrants) with an exercise price equal to $2.50515 per share.
(vi)Fees. Administrative Agent shall have received, for the account of each Lender, as applicable, the fees payable pursuant to the Fee Letter.
6.03Conditions to Each Borrowing. The obligation of each Lender to make a Loan as part of any Borrowing (including the initial Borrowing made on the Closing Date) is also subject to satisfaction of the following further conditions precedent on the applicable Borrowing Date, which shall have been satisfied or waived in writing by the Lenders:
(a)No Default; Representations and Warranties; No Material Adverse Effect. Both immediately prior to the making of such Loan and after giving effect thereto and to the intended use of the proceeds thereof:
(i)no Default shall have occurred and be continuing or would result from such proposed Loan or the application of proceeds thereof;
(ii)with respect to any Loan (other than any PIK Loan), the representations and warranties in Section 7 and in the other Loan Documents shall be true and correct in all material respects (an in all respects if such representation or warranty is qualified by materiality or reference to Material Adverse Change or Material Adverse Effect) on and as of the Borrowing Date, and immediately after giving effect to the application of the proceeds of the Borrowing, with the same force and effect as if made on and as of such date (except that the representation regarding representations and warranties that refer to a specific earlier date shall be that they were true and correct in all material respects (and in all respects if such representation or warranty is qualified by materiality or reference to Material Adverse Change or Material Adverse Effect) on such earlier date); and
(iii)no Material Adverse Effect has occurred or is reasonably likely to occur after giving effect to such proposed Borrowing or the application of the proceeds thereof; provided, that, solely for purposes of the Borrowing on the Closing Date, the direct impacts of the COVID-19 pandemic on the business, financial condition, operations, performance or Property of Borrower and its Subsidiaries that were disclosed in writing to Administrative Agent prior to the Closing Date, including, without limitation, in Board materials or presentations delivered to Administrative Agent, shall be disregarded.
(b)Notice of Borrowing. Except in the case of any PIK Loan, the Agent shall have received a Notice of Borrowing as and when required pursuant to Section 2.02.
Each Borrowing shall constitute a certification by Borrower to the effect that the conditions set forth in this Section 6.03 have been fulfilled as of the applicable Borrowing Date.
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SECTION 7
REPRESENTATIONS AND WARRANTIES
Each Obligor represents and warrants to Administrative Agent and the Lenders that:
7.01Power and Authority.  Each of Borrower and its Subsidiaries (a) is duly organized and validly existing under the laws of its jurisdiction of organization, (b) has all requisite corporate or other equivalent power, and has all material governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted except to the extent that failure to have the same could not reasonably be expected to have a Material Adverse Effect, (c) is qualified to do business and is in good standing in all jurisdictions in which the nature of the business conducted by it makes such qualification necessary and where failure so to qualify could (either individually or in the aggregate) have a Material Adverse Effect, and (d) has full power, authority and legal right to make and perform each of the Loan Documents to which it is a party and, in the case of Borrower, to borrow the Loans hereunder.
7.02Authorization; Enforceability.  The Transactions are within each Obligor’s corporate or equivalent powers and have been duly authorized by all necessary corporate or equivalent action and, if required, by all necessary shareholder action.  This Agreement has been duly executed and delivered by each Obligor and constitutes, and each of the other Loan Documents to which it is a party when executed and delivered by such Obligor will constitute, a legal, valid and binding obligation of such Obligor, enforceable against each Obligor in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law).
7.03Governmental and Other Approvals; No Conflicts.   The Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or any third party, except for (i) such as have been obtained or made and are in full force and effect and (ii) filings and recordings in respect of the Liens created pursuant to the Security Documents, (b) will not violate any applicable law or regulation or the charter, bylaws or other organizational documents of Borrower and its Subsidiaries, (c) will not violate any order of any Governmental Authority in any material respect, (d) will not violate or result in a default under any indenture, agreement or other instrument binding upon Borrower and its Subsidiaries or assets, or give rise to a right thereunder to require any payment to be made by any such Person, and (e) will not result in the creation or imposition of any Lien (other than Permitted Liens) on any asset of Borrower and its Subsidiaries.
7.04Financial Statements; Material Adverse Change.
(a)Financial Statements.  Borrower has heretofore furnished to the Lenders certain financial statements as provided for in Section 8.01.  Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of Borrower and its Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the previously-delivered statements of the type described in Section 8.01(a).  Neither Borrower nor any of its Subsidiaries has any material contingent liabilities or unusual forward or long-term commitments not disclosed in the aforementioned financial statements.
(b)No Material Adverse Change.  Since December 31, 2019, there has been no Material Adverse Change; provided, that, the direct impacts of the COVID-19 pandemic on the business, financial condition, operations, performance or Property of Borrower and its Subsidiaries that were disclosed in
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writing to Administrative Agent prior to the Closing Date, including, without limitation, in Board materials or presentations delivered to Administrative Agent, shall be disregarded.
7.05Properties.
(a)Property Generally.  Each Obligor has good title to, or valid leasehold interests in, all its real and personal Property material to its business, subject only to Permitted Liens and except as would not reasonably be expected to interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes.
(b)Intellectual Property.
(i)Schedule 7.05(b)(i) (as amended from time to time by Borrower in accordance with Section 7.21) contains:
(A)a complete and accurate list of all applied for or registered Patents, owned by any Obligor, including the jurisdiction and patent number;
(B)a complete and accurate list of all applied for or registered Trademarks, owned by any Obligor, including the jurisdiction, trademark application or registration number and the application or registration date;
(C)a complete and accurate list of all applied for or registered Copyrights, owned by any Obligor; and
(D)a complete and accurate list of all material common-law Trademarks used by Borrower or any Subsidiary;
(E)a complete and accurate list of all trade names used by Borrower or any Subsidiary;
(F)a complete and accurate list of all material domain names and URLs owned by Borrower or any Subsidiary; and
(G)a complete and accurate list of each material inbound and outbound license of Borrower or any Subsidiary.
(ii)Each Obligor is the absolute beneficial owner of all right, title and interest in and to (except with respect to any in-licensed Obligor Intellectual Property) and has the right to use its Obligor Intellectual Property with no breaks in chain of title, with good and marketable title, free and clear of any Liens or Claims of any kind whatsoever other than Permitted Liens.  Without limiting the foregoing, and except as set forth in Schedule 7.05(b)(ii):
(A)other than with respect to the Material Agreements, or as permitted by Section 9.09, the Obligors have not transferred ownership of Material Intellectual Property, in whole or in part, to any other Person who is not an Obligor;
(B)other than (i) the Material Agreements, (ii) customary restrictions in in-bound licenses of Intellectual Property and non-disclosure agreements, or (iii) as would have been or is permitted by Section 9.09, there are no judgments, covenants not to sue, permits, grants, licenses, Liens (other than Permitted Liens), Claims, or other agreements or arrangements relating to the Material
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Intellectual Property, including any development, submission, services, research, license or support agreements, which bind, obligate or otherwise restrict the Obligors;
(C)the use of any of the Obligor Intellectual Property and the conduct of the Obligors’ business, to any Obligor’s Knowledge, does not breach, violate, infringe or interfere with or constitute a misappropriation of any valid rights arising under any Intellectual Property of any other Person;
(D)there are no pending or, to any Obligor’s Knowledge, threatened in writing Claims against the Obligors asserted by any other Person relating to the Obligor Intellectual Property, including any Claims of adverse ownership, invalidity, infringement, misappropriation, violation or other opposition to or conflict with such Intellectual Property; no Obligor has received any written notice from any Person that any Obligor’s business, the use of the Obligor Intellectual Property, or the manufacture, use or sale of any product or the performance of any service by any Obligor infringes upon, violates or constitutes a misappropriation of, or may infringe upon, violate or constitute a misappropriation of, or otherwise interfere with, any other Intellectual Property of any other Person;
(E)no Obligor has any Knowledge that the Obligor Intellectual Property is being infringed, violated, misappropriated or otherwise used by any other Person without the express authorization of the Obligors.  Without limiting the foregoing, no Obligor has put any other Person on notice of actual or potential infringement, violation or misappropriation of any of the Obligor Intellectual Property; no Obligor has initiated the enforcement of any Claim with respect to any of the Obligor Intellectual Property;
(F)to the Knowledge of the Obligors, all relevant current and former employees and independent contractors of each Obligor have executed written confidentiality and Intellectual Property assignment Contracts with such Obligor that irrevocably assign to such Obligor or its designee all of their rights to any Intellectual Property relating to any Obligor’s business;
(G)to the Knowledge of the Obligors, the Obligor Intellectual Property is all the Intellectual Property necessary for the operation of Obligors’ business as it is currently conducted or as currently contemplated to be conducted;
(H)each Obligor has taken reasonable precautions to protect the secrecy, confidentiality and value of its Obligor Intellectual Property consisting of trade secrets and confidential information;
(I)each Obligor has delivered to Administrative Agent accurate and complete copies of all Material Agreements relating to the Obligor Intellectual Property; and
(J)there are no pending or, to the Knowledge of any of the Obligors, Claims threatened in writing against the Obligors asserted by any other Person relating to the Material Agreements, including any Claims of breach or default under such Material Agreements.
(K)no Obligor has made any assignment or agreement in conflict in any material respect with, and no license agreement with respect to, any Obligor Intellectual Property conflicts in any material respect with the Lien on and security interest in the Intellectual Property granted to Administrative Agent, for the benefit of the Secured Parties, pursuant to the terms of the Security Documents; and
(L)the consummation of the transactions contemplated hereby and the exercise by Administrative Agent or any Secured Party of any right or protection set forth in the Loan 
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Documents will not constitute a breach or violation of, or otherwise affect the use or enforceability of, any inbound or outbound licenses associated with any Obligor Intellectual Property in any material respect;
provided, that, the representations in Section 7.05(b)(ii) are made solely as of the Closing Date, each Borrowing Notice Date and each Borrowing Date.
(iii)With respect to the Obligor Intellectual Property, except as set forth in Schedule 7.05(b)(ii), and without limiting the representations and warranties in Section 7.05(b)(ii):
(A)each item of Material Intellectual Property is subsisting and, to Obligors’ Knowledge, is valid and enforceable;
(B)the inventors of each Patent that constitutes Material Intellectual Property claimed in such Patents have executed written Contracts with an Obligor or its predecessor-in-interest that properly and irrevocably assign to an Obligor or predecessor-in-interest all of their rights to any of the Inventions claimed in such Patents to the extent permitted by applicable law;
(C)none of the Material Intellectual Property has been abandoned or dedicated to the public except as a result of intentional, commercially reasonable decisions made by the applicable Obligor;
(D)to any Obligor’s Knowledge, all prior art material to Patents constituting Material Intellectual Property was adequately disclosed to or considered by the respective patent offices during prosecution of such Patents to the extent required by applicable law or regulation;
(E)subsequent to the issuance of the Patents constituting Material Intellectual Property, neither any Obligor nor its predecessors in interest have filed any disclaimer or filed any other voluntary reduction in the scope of the Inventions claimed in such Patents;
(F)no allowable or allowed subject matter of the Patents constituting Material Intellectual Property, to any Obligor’s Knowledge, is subject to any competing conception claims of allowable or allowed subject matter of any patent applications or patents of any third party and have not been the subject of any interference, re-examination, inter partes review, post grant review or opposition proceedings, nor are the Obligors aware of any basis for any such interference, re-examination, inter partes review, post grant review or opposition proceedings;
(G)no Material Intellectual Property has ever been finally adjudicated to be invalid, unpatentable or unenforceable for any reason in any administrative, arbitration, judicial or other proceeding, and, with the exception of rejections issued by a Governmental Authority in the ordinary course of prosecuting Patent or Trademark applications, and no Obligor has received any notice asserting that any Material Intellectual Property is invalid, unpatentable or unenforceable; if any of Patents constituting Material Intellectual Property are terminally disclaimed to another patent or patent application, all patents and patent applications subject to such terminal disclaimer are included in the Collateral;
(H)there is no fact or circumstance known to the Obligors that would cause them to reasonably conclude that any of the issued patents constituting Material Intellectual Property is invalid or unenforceable;
(I)no Obligor has any Knowledge that any Obligor or any prior owner of any Patents constituting Material Intellectual Property or their respective agents or representatives have engaged
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in any conduct, or omitted to perform any necessary act, the result of which would invalidate or render unpatentable or unenforceable any such Patents; and
(J)all maintenance fees, renewal fees, annuities, and the like due or payable on the Material Intellectual Property have been timely paid, and all other acts required to maintain the same in full force and effect have been performed, except where the failure to so pay (1) was the result of an intentional, commercially reasonable decision by the applicable Obligor or (2) could not reasonably be expected to result in a Material Adverse Change.
(iv)None of the foregoing representations and statements of fact contains any untrue statement of material fact or omits to state any material fact necessary to make any such statement or representation not misleading to a prospective Lender seeking full information as to the Obligor Intellectual Property and the Obligors’  business.
(c)Material Intellectual Property.  Schedule 7.05(c) (as amended from time to time by Borrower in accordance with Section 7.21) contains an accurate list of the Obligor Intellectual Property that is material to any Obligor’s business with an indication as to whether the applicable Obligor owns or has an exclusive or non-exclusive license to such Obligor Intellectual Property.
7.06No Actions or Proceedings.
(a)Litigation.  There is no litigation, investigation or proceeding pending or, to any Obligor’s Knowledge, threatened in writing with respect to Borrower and its Subsidiaries by or before any Governmental Authority or arbitrator (i) that either individually or in the aggregate could reasonably be expected to have a Material Adverse Effect, or (ii) that involves this Agreement or the Transactions.
(b)Environmental Matters.  The operations and Property of Borrower and its Subsidiaries comply with all applicable Environmental Laws, except to the extent the failure to so comply (either individually or in the aggregate) could not reasonably be expected to have a Material Adverse Effect.
(c)Labor Matters.  Borrower and its Subsidiaries have not engaged in unfair labor practices and there are no labor actions or disputes involving the employees of Borrower or its Subsidiaries that could reasonably be expected to have a Material Adverse Effect.
7.07Compliance with Laws and Agreements. Each of the Obligors is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.  No Default has occurred and is continuing.
7.08Taxes.  All federal income and other material Tax returns, reports and statements (collectively, the “Tax Returns”) required to be filed by any Tax Affiliate have been timely filed with the appropriate Governmental Authorities, all such Tax Returns are true, correct and complete in all material respects, and all material Taxes reflected therein or otherwise due and payable have been timely paid (except to the extent the amount or validity of any such Taxes are contested in good faith by appropriate proceedings diligently conducted and for which adequate reserves are maintained on the books of the appropriate Tax Affiliate in accordance with GAAP).  No Tax Return is under audit or examination by any Governmental Authority and no notice of any material audit or examination or any assertion of any claim for Taxes has been given or made by any Governmental Authority that has not been fully resolved or otherwise settled.  Proper and accurate amounts have been withheld by each Tax Affiliate from their respective employees for all periods in full and complete compliance with the Tax, social security and unemployment withholding provisions
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of applicable Laws and such withholdings have been timely paid to the respective Governmental Authorities.  No Tax Affiliate has participated in a “listed transaction” within the meaning of Treasury Regulation Section 1.6011-4(b)(2).
7.09Full Disclosure.  Obligors have disclosed to Administrative Agent and the Lenders all Material Agreements to which Borrower or any Subsidiary is subject, and all other matters to any Obligor’s Knowledge, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect.  None of the reports, financial statements, certificates or other information furnished by or on behalf of Borrower or any Subsidiary to Administrative Agent or any Lender in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished) contains any material misstatement of material fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, that, with respect to projected financial information, the Obligors represent only that such information was prepared in good faith based upon assumptions believed to be reasonable at the time.
7.10Regulation.
(a)Investment Company Act.  Neither Borrower nor any of its Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940.
(b)Margin Stock.  Neither Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of the Loans will be used to buy or carry any Margin Stock in violation of Regulation T, U or X.
(c)OFAC; Sanctions, Etc. Neither Borrower nor any of its Subsidiaries or, to the knowledge of any Obligor, any Related Person (i) is currently the subject of any Sanctions or is a Sanctioned Person, (ii) is located (or has its assets located), organized or residing in any Sanctioned Jurisdiction, (iii) is or has been (within the previous five (5) years) engaged in any impermissible transaction with any Person who is now or was then the subject of Sanctions or who is located, organized or residing in any Sanctioned Jurisdiction, (iv) directly or indirectly derives revenues from investments in, or transactions with, Sanctioned Persons, (v) has taken any action, directly or indirectly, that would result in a violation by such Persons of any Anti-Corruption Laws, or (vi) has violated any Anti-Money Laundering Laws. No Loan, nor the proceeds from any Loan, has been or will be used, directly or indirectly, to lend, contribute or provide to, or has been or will be otherwise made available to fund, any impermissible activity or business of any Person located, organized or residing in any Sanctioned Jurisdiction or who is the subject of any Sanctions, or in any other manner that will result in any violation by any Person (including the Lender and its Affiliates) of Sanctions or otherwise in violation of any Anti-Corruption Laws or Anti-Money Laundering Laws. Each of Borrower and its Subsidiaries has implemented and maintains in effect policies and procedures designed to promote compliance by Borrower and its Subsidiaries and their respective directors, officers, employees, agents and Related Persons with the Anti-Corruption Laws.
7.11Solvency.  Borrower is, and the Obligors on a consolidated basis are, and, immediately after giving effect to each Borrowing and the use of proceeds thereof Borrower will be, and the Obligors on a consolidated basis will be, Solvent.
7.12Subsidiaries.   Set forth on Schedule 7.12 is a complete and correct list of all Subsidiaries as of the Closing Date.  Each such Subsidiary is duly organized and validly existing under the jurisdiction of its organization shown in said Schedule 7.12, and the percentage ownership by Borrower of each such Subsidiary is as shown in said Schedule 7.12.
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7.13Indebtedness and Liens. Set forth on Part I of Schedule 7.13(a) is a complete and correct list of all Material Indebtedness of each Obligor outstanding as of the Closing Date.  Part I of Schedule 7.13(b) is a complete and correct list of all Liens either (a) affirmatively granted by Borrower and other Obligors or (b) of which Borrower or any other Obligor has Knowledge, in each case, with respect to their respective Property and outstanding as of the Closing Date.
7.14Material Agreements. Set forth on Schedule 7.14 (as amended from time to time by Borrower in accordance with Section 7.21) is a complete and correct list of (i) each Material Agreement and (ii) each agreement (other than the Loan Documents) creating or evidencing any Material Indebtedness.  Neither Borrower nor any Subsidiary is in default under any such Material Agreement or agreement creating or evidencing any Material Indebtedness.  Except as otherwise disclosed on Schedule 7.14, all material vendor purchase agreements and provider contracts of Borrower and its Subsidiaries are in full force and effect without material modification from the form in which the same were disclosed to Administrative Agent  and the Lenders.
7.15Restrictive Agreements.   Neither Borrower nor any Subsidiary is subject to any indenture, agreement, instrument or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of Borrower or any Subsidiary to create, incur or permit to exist any Lien upon any of its property or assets (other than (x) customary provisions in contracts (other than any such contracts relating to Material Intellectual Property) restricting the assignment thereof, (y) restrictions or conditions imposed by any agreement governing secured Permitted Indebtedness permitted under Section 9.01(h), to the extent that such restrictions or conditions apply only to the property or assets securing such Indebtedness or (z) as such may apply to the interest of any Obligor in a Permitted Commercialization Arrangement Vehicle), or (b) the ability of any Subsidiary to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to Borrower or any other Subsidiary or to Guarantee Indebtedness of Borrower or any other Subsidiary (each, a “Restrictive Agreement”), except those listed on Schedule 7.15 or otherwise permitted under Section 9.11; provided, that, none of the following shall constitute Restrictive Agreements: (i) customary restrictions and conditions contained in agreements relating to the sale or other disposition of a Subsidiary or assets pending such sale or other disposition, provided, that, such restrictions and conditions apply only to the Subsidiary or assets that are to be sold or otherwise disposed of and such sale or other disposition is permitted hereunder and (ii) any stockholder agreement, charter, bylaws or other organizational documents of Borrower or any Subsidiary as in effect on the Closing Date, a copy of which has been provided to Administrative Agent.
7.16Real Property.
(a)Generally.  Neither Borrower nor any of its Subsidiaries owns or leases (as tenant thereof) any real property, except as described on Schedule 7.16 (as amended from time to time by Borrower in accordance with Section 7.21).
(b)Borrower Lease.   Borrower has delivered a true, accurate and complete copy of the Borrower Lease to Administrative Agent.
(ii)The Borrower Lease is in full force and effect and no default has occurred under the Borrower Lease and, to the Knowledge of Borrower, there is no existing condition which, but for the passage of time or the giving of notice, could reasonably be expected to result in a default under the terms of the Borrower Lease.
(c)Borrower is the tenant under the Borrower Lease and has not transferred, sold, assigned, conveyed, disposed of, mortgaged, pledged, hypothecated, or encumbered any of its interest in, the Borrower Lease.
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7.17Pension Matters.  Schedule 7.17 sets forth, as of the Closing Date, a complete and correct list of, and that separately identifies, (a) all Title IV Plans, (b) all Multiemployer Plans and (c) all material Benefit Plans.  Each Benefit Plan, and each trust thereunder, intended to qualify for tax exempt status under Section 401 or 501 of the Code or other Requirements of Law so qualifies.  Except for those that could not, in the aggregate, have a Material Adverse Effect, (x) each Benefit Plan is in compliance with applicable provisions of ERISA, the Code and other Requirements of Law, (y) there are no existing or pending (or to the Knowledge of any Obligor or Subsidiary thereof, threatened in writing) claims (other than routine claims for benefits in the normal course), sanctions, actions, lawsuits or other proceedings or investigation involving any Benefit Plan to which any Obligor or Subsidiary thereof incurs or otherwise has or could have an obligation or any liability or Claim and (z) no ERISA Event is reasonably expected to occur.  Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each Title IV Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained.  As of the most recent valuation date for any Title IV Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%, and neither Borrower nor any of its ERISA Affiliates knows of any facts or circumstances that could reasonably be expected to cause the funding target attainment percentage to fall below 60% as of the most recent valuation date.  As of the Closing Date, no ERISA Event has occurred in connection with which obligations and liabilities (contingent or otherwise) remain outstanding.  As of the Closing Date, Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans or the Commitments.  No ERISA Affiliate would have any Withdrawal Liability as a result of a complete withdrawal from any Multiemployer Plan on the date this representation is made.
7.18Collateral; Security Interest.  Each Security Document is effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral subject thereto and each such security interest is perfected to the extent required by (and has the priority required by) the applicable Security Document.  The Security Documents collectively are effective to create in favor of Administrative Agent for the benefit of the Secured Parties a legal, valid and enforceable security interest in the Collateral, which security interests are first-priority (subject only to Permitted Priority Liens).
7.19Regulatory Approvals.  Borrower and its Subsidiaries hold, and will continue to hold, either directly or through licensees and agents, all Regulatory Approvals, licenses, permits and similar governmental authorizations of a Governmental Authority necessary or required for Borrower and its Subsidiaries to conduct their operations and business in the manner currently conducted.
7.20Update of Schedules.   Each of Schedules 7.05(b)(i), 7.05(c), 7.14 and 7.16 may be updated by Borrower from time to time in order to ensure the continued accuracy of such Schedule as of any upcoming date on which representations and warranties are made incorporating the information contained on such Schedule.  Such update may be accomplished by Borrower providing to Administrative Agent, in writing (including by electronic means), a revised version of such Schedule in accordance with the provisions of Section 13.02.  Each such updated Schedule shall be effective immediately upon the receipt thereof by Administrative Agent.
SECTION 8
AFFIRMATIVE COVENANTS
Each Obligor covenants and agrees with Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than Warrant Obligations and contingent indemnification obligations for which no claim has been made) have been paid in full indefeasibly in cash:
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8.01Financial Statements and Other Information.  Borrower will furnish to Administrative Agent (and, in the case of Sections 8.01(a) through (b), (d), (i) and (k), each VCOC Lender):
(a)(i) so long as Borrower is not a Publicly Reporting Company, as soon as available and in any event within forty five (45) days (or ninety (90) days, in the case of the fourth fiscal quarter) after the end of each fiscal quarter of each fiscal year, the consolidated balance sheets of Borrower and its Subsidiaries as of the end of such quarter, and the related consolidated statements of income and cash flows of Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with a certificate of a Responsible Financial Officer of Borrower stating that such financial statements fairly present the financial condition of Borrower and its Subsidiaries as at such date and the results of operations of Borrower and its Subsidiaries for the period ended on such date and have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the absence of footnotes; and
(ii)after Borrower becomes a Publicly Reporting Company, as soon as available and in any event within five (5) days following the date Borrower files the Quarterly Report on Form 10-Q with the SEC, the consolidated balance sheets of Borrower and its Subsidiaries as of the end of such quarter, and the related consolidated statements of income and cash flows of Borrower and its Subsidiaries for such quarter and the portion of the fiscal year through the end of such quarter, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the corresponding period in the preceding fiscal year, together with a certificate of a Responsible Financial Officer of Borrower stating that such financial statements fairly present the financial condition of Borrower and its Subsidiaries as at such date and the results of operations of Borrower and its Subsidiaries for the period ended on such date and have been prepared in accordance with GAAP consistently applied, subject to changes resulting from normal, year-end audit adjustments and except for the absence of footnotes;
(b)(i) so long as Borrower is not a Publicly Reporting Company, as soon as available and in any event within two hundred and seventy (270) days after the end of each fiscal year, the consolidated balance sheets of Borrower and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income, shareholders’ equity and cash flows of Borrower and its Subsidiaries for such fiscal year, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied by a report and opinion thereon of PricewaterhouseCoopers LLP or another firm of independent certified public accountants of recognized national standing reasonably acceptable to the Lenders; provided, that any of the “big four” accounting firms shall be reasonably acceptable to the Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern’ or like qualification or exception or any qualification or exception as to the scope of such audit except to the extent such “going concern” or like qualification or exception or  “emphasis of matter” paragraph relates expressly solely to (x) Borrower’s projected need for additional funding to continue operations, (y) any potential inability to satisfy the financial covenants set forth in Section 10 on a future date or in a future period and/or (z) a current maturity of the Loans;
(ii)after Borrower becomes a Publicly Reporting Company, as soon as available and in any event within five (5) days following the date Borrower files the Annual Report on Form 10-K with the SEC, the consolidated balance sheets of Borrower and its Subsidiaries as of the end of such fiscal year, and the related consolidated statements of income, shareholders’ equity and cash flows of Borrower and its Subsidiaries for such fiscal year, prepared in accordance with GAAP consistently applied, all in reasonable detail and setting forth in comparative form the figures for the previous fiscal year, accompanied by a report containing the opinion of PricewaterhouseCoopers LLP or another firm of independent certified public
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accountants of recognized national standing reasonably acceptable to the Lenders; provided, that any of the “big four” accounting firms shall be reasonably acceptable to the Lenders, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern’ or like qualification or exception or any qualification or exception as to the scope of such audit except to the extent such “going concern” or like qualification or exception or  “emphasis of matter” paragraph relates expressly solely to (x) Borrower’s projected need for additional funding to continue operations, (y) any potential inability to satisfy the financial covenants set forth in Section 10 on a future date or in a future period and/or (z) a current maturity of the Loans;
(c)together with the financial statements required pursuant to Sections 8.01(a) and (b), a compliance certificate of a Responsible Financial Officer of Borrower as of the end of the applicable accounting period (which delivery may, unless a Lender requests executed originals, be by electronic communication including fax or email and shall be deemed to be an original authentic counterpart thereof for all purposes) in the form of Exhibit D (a “Compliance Certificate”) including details of any issues that are material that are raised by auditors and including (solely to the extent not previously disclosed on Schedule 7.05(b)(i) or a Compliance Certificate with respect to a prior period): (i) a complete and accurate list of all applied for or registered Patents, owned by any Obligor, including the jurisdiction and patent number, (ii) a complete and accurate list of all applied for or registered Trademarks, owned by any Obligor, including the jurisdiction, trademark application or registration number and the application or registration date, (iii) a complete and accurate list of all applied for or registered Copyrights, owned by any Obligor, (iv) a complete and accurate list of all material common-law Trademarks used by Borrower or any Subsidiary, (v) a complete and accurate list of all trade names used by Borrower or any Subsidiary, (vi) a complete and accurate list of all material domain names and URLs owned by Borrower or any Subsidiary, and (vii) a complete and accurate list of each material inbound and outbound license of Borrower or any Subsidiary;
(d)as soon as available, but in no event later than February 28th of each fiscal year of Borrower, a consolidated financial forecast for Borrower and its Subsidiaries for the following two (2) fiscal years (including, for the avoidance of doubt, the fiscal year in which such forecast is delivered), including forecasted consolidated balance sheets, consolidated statements of income and cash flows of Borrower and its Subsidiaries, it being recognized by the Lenders that such forecasts as they relate to future events are not to be viewed as fact and that factual results during the period or periods covered by such forecasts may differ from such forecasts;
(e)promptly after the same are released, copies of all press releases;
(f)promptly, and in any event within five (5) Business Days after receipt thereof by Borrower or any Subsidiary, copies of each notice or other correspondence received from any securities regulator or exchange to the authority of which Borrower or any Subsidiary may become subject from time to time concerning any investigation or possible investigation or other inquiry by such agency regarding financial or other operational results of Borrower or any Subsidiary;
(g)the information regarding insurance maintained by the Obligors and their respective Subsidiaries as required under Section 8.05;
(h)promptly following Administrative Agent’s request at any time, evidence of Borrower’s compliance with Section 10.01;
(i)within five (5) days of delivery, copies of all statements, reports and notices (including board kits) made available to Borrower’s Board, or holders of Borrower’s Equity Interests; provided, that, 
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any such material may be redacted by Borrower to exclude information relating to the Lenders (including Borrower’s strategy regarding the Loans)
(j)after Borrower becomes a Publicly Reporting Company, within five (5) days of filing, provide access (via posting and/or links on Borrower’s web site) to all reports on Form 10-K and Form 10-Q filed with the SEC, any Governmental Authority succeeding to any or all of the functions of the SEC or with any national securities exchange; and within five (5) days of filing, provide notice and access (via posting and/or links on Borrower’s web site) to all reports on Form 8-K filed with the SEC, and copies of (or access to, via posting and/or links on Borrower’s web site) all other reports, proxy statements and other materials filed by Borrower with the SEC, any Governmental Authority succeeding to any of the functions of the SEC or with any national securities exchange; and
(k)promptly following Administrative Agent’s request from time to time, such other information respecting the operations, properties, business or condition (financial or otherwise) of the Obligors pursuant to or in response to any environmental, social and governance policies and questionnaires of Administrative Agent or any Lender.
Documents required to be delivered pursuant to Section 8.01(a)(ii), Section 8.01(b)(ii) or Section 8.01(i) may be delivered electronically and if so delivered, shall be deemed to have been delivered to, and received by, Administrative Agent and Lenders on the date (x) on which Borrower posts such documents, or provides a link thereto, on Borrower’s website on the Internet, (y) on which such documents are posted on Borrower’s behalf on Intralinks or another relevant website, if any, to which each Lender and Administrative Agent have access (whether a commercial or governmental third-party website or whether sponsored by Administrative Agent) or (z) on which Borrower has filed such reports with the SEC via the EDGAR filing system; provided, that, at the request of Administrative Agent, Borrower shall provide by electronic mail electronic versions (i.e., soft copies) of such documents.
8.02Notices of Material Events.
(a)Borrower will furnish to Administrative Agent written notice of the following promptly after a Responsible Officer of Borrower or any Subsidiary first learns of the existence of:
(i)the occurrence of any Default;
(ii)notice of the occurrence of any event with respect to an Obligor’s property or assets resulting in a Loss, to the extent not covered by insurance, aggregating $500,000 (or the Equivalent Amount in other currencies) or more;
(iii)(A) any proposed acquisition of stock, assets or property by Borrower or any Subsidiary that would reasonably be expected to result in environmental liability under Environmental Laws, and (B)(1) spillage, leakage, discharge, disposal, leaching, migration or release of any Hazardous Material required to be reported to any Governmental Authority under applicable Environmental Laws, and (2) all actions, suits, claims, notices of violation, hearings, investigations or proceedings pending, or to any Obligor’s Knowledge, threatened in writing against or affecting Borrower or any of its Subsidiaries or with respect to the ownership, use, maintenance and operation of their respective businesses, operations or properties, relating to Environmental Laws or Hazardous Material;
(iv)the assertion in writing of any environmental matter by any Person against, or with respect to the activities of, Borrower or any of its Subsidiaries and any alleged violation of or non-compliance with any Environmental Laws or any permits, licenses or authorizations which could reasonably be expected to involve damages in excess of $500,000 other than any environmental matter or 
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alleged violation that, if adversely determined, could not (either individually or in the aggregate) have a Material Adverse Effect;
(v)the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting Borrower or any of its Affiliates that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect;
(vi)(A) on or prior to any filing by any ERISA Affiliate of any notice of intent to terminate any Title IV Plan, a copy of such notice and (B) promptly, and in any event within ten days, after any Responsible Officer of any ERISA Affiliate knows or has reason to know that a request for a minimum funding waiver under Section 412 of the Code has been filed with respect to any Title IV Plan or Multiemployer Plan, a notice (which may be made by telephone if promptly confirmed in writing) describing such waiver request and any action that any ERISA Affiliate proposes to take with respect thereto, together with a copy of any notice filed with the PBGC or the IRS pertaining thereto;
(vii)(A) the termination of any Material Agreement (other than upon the expiration thereof in accordance with its terms); (B) the receipt by Borrower or any of its Subsidiaries of a notice under any Material Agreement, the  content of which could reasonably be expected to be materially adverse to Lenders or Administrative Agent; (C) the entering into of any new Material Agreement by Borrower or any Subsidiary; or (D) any amendment to a Material Agreement that is materially adverse to Lenders or Administrative Agent; provided, that, the notices required to be delivered pursuant to this clause (vii) may be delivered with Borrower’s immediately subsequent quarterly Compliance Certificate unless any of the foregoing events could reasonably be expected to have a Material Adverse Effect;
(viii)the reports and notices as required by the Security Documents;
(ix)concurrently with the delivery of any financial statements pursuant to Section 8.01, notice of any material change in accounting policies or financial reporting practices by Borrower or any Subsidiary;
(x)promptly after the occurrence thereof, notice of any labor controversy resulting in or reasonably expected to result in any strike, work stoppage, boycott, shutdown or other labor disruption against or involving an Obligor, in each case, which could reasonably be expected to result in a Material Adverse Effect;
(xi)a licensing agreement or arrangement entered into by Borrower or any Subsidiary in connection with any infringement or alleged infringement of the Intellectual Property of another Person; and
(xii)any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.
Each notice delivered under this Section 8.02(a) shall be accompanied by a statement of a financial officer or other executive officer of Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto.
(b)Borrower will furnish to Administrative Agent written notice of any change to any Obligor’s ownership of Deposit Accounts, Securities Accounts and Commodity Accounts, by delivering to Administrative Agent an updated Schedule 7 to the Security Agreement setting forth a complete and correct list of all such accounts within ten (10) days of such change.
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(c)Borrower promptly will furnish to Administrative Agent such other information respecting the operations, properties, business or condition (financial or otherwise) of Borrower and its Subsidiaries (including with respect to the Collateral) as Administrative Agent may from time to time reasonably request in writing.
8.03Existence; Conduct of Business.  Such Obligor will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and franchises material to the conduct of its business; provided, that, the foregoing shall not prohibit any merger, amalgamation, consolidation, liquidation or dissolution permitted under Section 9.03.
8.04Payment of Obligations.  Such Obligor will, and will cause each of its Subsidiaries to, pay and discharge its obligations, including (a) all federal income and other material Taxes, fees, assessments and governmental charges or levies imposed upon it or upon its properties or assets prior to the date on which penalties attach thereto, and all lawful claims for labor, materials and supplies which, if unpaid, could reasonably be expected to become a Lien upon any properties or assets of Borrower or any Subsidiary, except to the extent such federal income and other material Taxes, fees, assessments or governmental charges or levies, or such claims are being contested in good faith by appropriate proceedings and are adequately reserved against in accordance with GAAP; (b) all lawful claims which, if unpaid, would by law become a Lien upon its property not constituting a Permitted Lien; and (c) all Indebtedness other than Permitted Indebtedness, as and when due and payable, but subject to any subordination provisions contained in any instrument or agreement evidencing such Indebtedness.
8.05Insurance.  Such Obligor will, and will cause each of its Subsidiaries to, maintain insurance with financially sound and reputable insurance companies in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations, it being understood and agreed that the insurance held by Borrower on the Closing Date is deemed to fulfill this requirement on the Closing Date.  Upon the written request of Administrative Agent or the Majority Lenders, such Obligor shall furnish Administrative Agent from time to time with full information as to the insurance carried by it and its Subsidiaries and, if so requested, copies of all such insurance policies.  Such Obligor also shall furnish to Administrative Agent from time to time upon the request of Administrative Agent or the Majority Lenders a certificate from such Obligor’s insurance broker or other insurance specialist stating that all premiums then due on the policies relating to insurance on the Collateral have been paid and that such policies are in full force and effect.  Such Obligor shall use commercially reasonable efforts to ensure, or cause others to ensure, that all insurance policies required under this Section 8.05 shall provide that they shall not be terminated or cancelled without at least thirty (30) days’ (or ten (10) days’ in the case of nonpayment of premium) prior written notice to such Obligor and Administrative Agent.  Receipt of notice of termination or cancellation of any such insurance policies or reduction of coverages or amounts thereunder shall entitle the Secured Parties to renew any such policies, cause the coverages and amounts thereof to be maintained at levels required pursuant to the first sentence of this Section 8.05 or otherwise to obtain similar insurance in place of such policies, in each case at the expense of such Obligor (payable on demand). The amount of any such expenses shall accrue interest at the Default Rate if not paid on demand, and shall constitute “Obligations.”
8.06Books and Records; Inspection Rights.
(a)Such Obligor will, and will cause each of its Subsidiaries to, keep proper books of record and account in which full, true and correct entries are made sufficient for the preparation of financial statements in accordance with GAAP.
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(b)Such Obligor will, and will cause each of its Subsidiaries to, permit any representatives designated by Administrative Agent and each VCOC Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, to inspect its facilities and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and intervals (but not more often than once per quarter unless an Event of Default has occurred and is continuing) as Administrative Agent or a VCOC Lender, as applicable, may request; provided, that, Administrative Agent and each VCOC Lender shall use their commercially reasonable efforts to exercise their rights under this Section 8.06(b), together with any other rights under Section 8.06 and Section 8.15, in conjunction with Administrative Agent and each other Lender or VCOC Lender, as applicable.
(c)Administrative Agent and each VCOC Lender, and any representatives designated by Administrative Agent and each VCOC Lender (as applicable), shall be entitled to consult with and advise management of the Obligors on matters relating to the operation and business of such Obligors, including management’s proposed annual operating plans and budgets, and management will use commercially reasonable efforts to make itself available to meet with Administrative Agent or such VCOC Lender, or any representatives designated by Administrative Agent or such VCOC Lender, regularly during each year at the Obligors’ facilities at mutually agreeable times for such consultation and advice and to review progress in achieving said plans; provided, that, such meetings do not cause any material disruption of the business; provided, further, that, Administrative Agent and each VCOC Lender shall use their commercially reasonable efforts to exercise their rights under this Section 8.06(c), together with any other rights under Section 8.06 and Section 8.15, in conjunction with Administrative Agent and each other Lender or VCOC Lender, as applicable.
(d)Upon prior written request, such Obligor shall permit each VCOC Lender or any representative designated by each VCOC Lender to attend all meetings of its Board as a non-voting observer, except that such representative may be excluded from access to such meeting (or portion thereof) or any material during any such meeting if its Board determines in good faith, upon advice of counsel, that such exclusion is reasonably necessary to preserve attorney-client privilege or to protect highly confidential proprietary information of such Obligor.  Upon reasonable notice and at a scheduled meeting of its Board or such other time, if any, as such Board may determine in its sole discretion (but no more than one (1) time per year, unless an Event of Default has occurred and is continuing), such VCOC Lender or such representative may address its Board with respect to the applicable VCOC Lender’s concerns regarding significant business issues facing such Obligor; provided, that, each VCOC Lender shall use their commercially reasonable efforts to exercise their rights under this Section 8.06(d), together with any other rights under Section 8.06 and Section 8.15, in conjunction with Administrative Agent and each other Lender or VCOC Lender, as applicable.
(e)The Obligors shall pay all documented out-of-pocket costs of all such inspections and meetings; provided, that, so long as no Event of Default has occurred and is continuing, (i) in the case of inspections, the Obligors shall not be required to pay such expenses for more than one (1) inspection for each fiscal year and (ii) in the case of meetings, the Obligors shall not be obligated to pay such expenses for more than one (1) meeting per fiscal year.
(f)If Administrative Agent’s or any VCOC Lender’s outside counsel determines in writing that other rights of consultation are necessary under applicable legal authorities promulgated after the Closing Date to preserve the qualification of Administrative Agent’s, such VCOC Lender’s or any Lender’s investment as a “venture capital investment” for purposes of ERISA, the Obligors will work in good faith to agree to an amendment to this Section 8.06 to reflect such other rights at such VCOC Lender’s sole expense.
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8.07Compliance with Laws and Other Obligations.  Such Obligor will, and will cause each of its Subsidiaries to, (a) comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property (including Environmental Laws) and (b) comply in all material respects with all terms of Indebtedness and all other Material Agreements, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.
8.08Maintenance of Properties, Etc.
(a)Such Obligor shall, and shall cause each of its Subsidiaries to, maintain and preserve all of its properties necessary or useful in the proper conduct of its business in good working order and condition in accordance with the general practice of other Persons of similar character and size, ordinary wear and tear and damage from casualty or condemnation excepted.
(b)Without limiting the generality of Section 8.08(a), each Obligor shall comply with each of the following covenants with respect to the Borrower Lease:
(i)Borrower shall diligently perform and timely observe, in all material respects, all of the terms, covenants and conditions of the Borrower Lease on the part of Borrower to be performed and observed prior to the expiration of any applicable grace period therein provided and do everything necessary to preserve and to keep unimpaired and in full force and effect the Borrower Lease.
(ii)Borrower shall promptly notify Administrative Agent of the giving of any written notice by Borrower Landlord to Borrower of any default by Borrower thereunder, and promptly deliver to Administrative Agent a true copy of each such notice.
(iii)Subject to the terms and requirements of the Borrower Lease, within ten (10) days after receipt of written request by Administrative Agent or the Lenders, Borrower shall use reasonable efforts to obtain from Borrower Landlord under the Borrower Lease and furnish to Administrative Agent an estoppel certificate from Borrower Landlord stating the date through which rent has been paid and whether or not, to Borrower Landlord’s knowledge, there are any defaults thereunder and specifying the nature of such claimed defaults, if any, and such other matters as Administrative Agent or the Lenders may reasonably request or in the form required pursuant to the terms of the Borrower Lease. Borrower shall furnish to Administrative Agent all information that Administrative Agent or the Lenders may reasonably request from time to time, but in no event more than once per fiscal quarter unless an Event of Default has occurred and is continuing, in the possession of Borrower (or reasonably available to Borrower) concerning the Borrower Lease and Borrower’s compliance with the Borrower Lease.
(iv)Borrower, promptly upon learning that Borrower Landlord has failed to perform the material terms and provisions under the Borrower Lease and immediately upon learning of a rejection or disaffirmance or purported rejection or disaffirmance of the Borrower Lease pursuant to any state or federal bankruptcy law, shall notify Administrative Agent thereof.  Borrower shall promptly notify Administrative Agent of (A) any request that any party to the Borrower Lease makes for arbitration or other dispute resolution procedure pursuant to the Borrower Lease, (B) the commencement of any such arbitration or other dispute resolution procedure, and (C) material developments in such arbitration or other dispute resolution procedure.  Borrower hereby authorizes Administrative Agent and the Lenders to attend any such arbitration or dispute resolution, and upon the occurrence and during the continuance of an Event of Default participate in any such arbitration or dispute resolution but such participation shall not be to the exclusion of Borrower; provided, however, that, in any case, Borrower shall consult with Administrative Agent with respect to the matters related thereto.  Borrower shall deliver to Administrative Agent a copy of the determination of each such arbitration or dispute resolution mechanism promptly upon receipt thereof.
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(v)Promptly upon obtaining knowledge of any filing by or against Borrower Landlord of a petition under the Bankruptcy Code, Borrower shall notify Administrative Agent in writing, setting forth the court in which such petition was filed and the relief sought in such filing, in each case to the extent such information is available to Borrower.  Borrower shall promptly deliver to Administrative Agent any and all notices, summonses, pleadings, applications and other documents received by Borrower in connection with any such petition and any proceedings relating to such petition.
If Borrower shall be in default under the Borrower Lease, Administrative Agent and the Lenders shall have the right (but not the obligation) to cause the default or defaults under the Borrower Lease to be remedied and otherwise exercise any and all rights of Borrower under the Borrower Lease, as may be necessary to prevent or cure any default.  Administrative Agent and the Lenders shall have the right to enter all or any portion of the Property, at such times and in such manner as Administrative Agent or the Majority Lenders reasonably deem necessary, to prevent or to cure any such default.  Without limiting the foregoing, upon any such default, Borrower shall promptly execute, acknowledge and deliver to Administrative Agent such instruments as may reasonably be required of Borrower to permit Administrative Agent and the Lenders to cure any default under the Borrower Lease or permit Administrative Agent and the Lenders to take such other action required to enable Administrative Agent and the Lenders to cure or remedy the matter in default and preserve the security interest of the Administrative Agent, on behalf of the Secured Parties, under the Loan Documents with respect to the Borrower Facility.  Any amounts paid by Administrative Agent or any Lender pursuant to this Section 8.08(b) shall be payable on demand by Obligors, shall accrue interest at the Default Rate if not paid on demand, and shall constitute “Obligations” but shall not, for the avoidance of doubt, constitute “Loans” or be deemed to reduce the Commitments.  
If Administrative Agent, any Lender or any of their respective designees shall acquire or obtain a new Borrower Lease following a termination of the Borrower Lease, then Borrower shall have no right, title or interest whatsoever in or to such new Borrower Lease, or any proceeds or income arising from the estate arising under any such new Borrower Lease, including from any sale or other disposition thereof.  Administrative Agent, such Lender or such designee shall hold such new Borrower Lease free and clear of any right or claim of Borrower.
8.09Licenses.  (a) Such Obligor shall, and shall cause each of its Subsidiaries to, obtain, maintain and comply with all material licenses, authorizations, consents, filings, exemptions, registrations and other Governmental Approvals necessary in connection with the execution, delivery and performance of the Loan Documents, the consummation of the Transactions or the operation and conduct of its business and ownership of its properties, except where failure to do so could not reasonably be expected to have a Material Adverse Effect.
(b)Promptly after entering into or becoming bound by any inbound license or other similar agreement (other than over-the-counter software that is commercially available to the public), the failure, breach or termination of which could reasonably be expected to cause a Material Adverse Effect or a material adverse effect on the commercialization of any material product of, or performance of any material service by, such Obligor or any of its Subsidiaries, such Obligor shall: (i) provide written notice to Administrative Agent of the material terms of such license or agreement with a description of its likely impact on such Obligor’s or Subsidiary’s business or financial condition and (ii) if the party to such license or agreement is an Obligor, in good faith take such actions as Administrative Agent may reasonably request to obtain the consent of, or waiver by, any Person whose consent or waiver is necessary for (A) such Obligor’s interest in such licenses or contract rights to be deemed Collateral and for Administrative Agent to have a security interest therein that might otherwise be restricted by the terms of the applicable license or agreement, whether now existing or entered into in the future, and (B) Administrative Agent to have the ability in the event of a liquidation of any Collateral to dispose of such Collateral in accordance with Administrative Agent’s exercise of its rights and remedies under this Agreement and the other Loan
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Documents; provided, however, that, the failure to obtain any such consent or waiver shall not in and of itself constitute a Default under this Agreement.
8.10Action under Environmental Laws.  Such Obligor shall, and shall cause each of its Subsidiaries to, upon becoming aware of the presence of any Hazardous Materials or the existence of any environmental liability under applicable Environmental Laws with respect to their respective businesses, operations or properties, take all actions, at their cost and expense, as shall be necessary or advisable to investigate and clean up the condition of their respective businesses, operations or properties, including all required removal, containment and remedial actions, and restore their respective businesses, operations or properties to a condition in compliance with applicable Environmental Laws.
8.11Use of Proceeds.  Such Obligor will, and will cause each of its Subsidiaries to, use the proceeds of the Loans only as provided in Section 2.04.  Such Obligor will, and will cause each of its Subsidiaries to, ensure that no part of the proceeds of the Loans will be used, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulations T, U and X.
8.12Certain Obligations Respecting Subsidiaries; Further Assurances.
(a)Subsidiary Guarantors.  Such Obligor will take such action, and will cause each of its Subsidiaries to take such action, from time to time as shall be necessary to ensure that all Subsidiaries (other than any Excluded Subsidiary not required to be a Subsidiary Guarantor under Section 8.12(b)(i)), are “Subsidiary Guarantors” hereunder.  Without limiting the generality of the foregoing, in the event that Borrower or any of its Subsidiaries shall form or acquire any new Subsidiary (other than any new Excluded Subsidiary not required to be a Subsidiary Guarantor under Section 8.12(b)(i)), such Obligor and its Subsidiaries will promptly and in any event within thirty (30) days (or such longer time as consented to by the Majority Lenders in writing) of the formation or acquisition of such Subsidiary (it being understood that any Subsidiary ceasing to be an Excluded Subsidiary but remaining a Subsidiary shall be deemed to be the acquisition of a Subsidiary for purposes hereof):
(i)cause such new Subsidiary to become a “Subsidiary Guarantor” hereunder, and a “Grantor” under the Security Agreement, pursuant to a Guarantee Assumption Agreement;
(ii)take such action or cause such Subsidiary to take such action (including delivering such shares of stock together with undated transfer powers executed in blank) as shall be necessary to create and perfect valid and enforceable first priority (subject to Permitted Priority Liens) Liens on substantially all of the property of such new Subsidiary as collateral security for the obligations of such new Subsidiary hereunder;
(iii)to the extent that the parent of such Subsidiary is not a party to the Security Agreement or has not otherwise pledged Equity Interests in its Subsidiaries in accordance with the terms of the Security Agreement and this Agreement, cause the parent of such Subsidiary to execute and deliver a pledge agreement in favor of the Secured Parties in respect of all outstanding issued shares of such Subsidiary; and
(iv)deliver such evidence of corporate action, incumbency of officers, opinions of counsel and other documents as is consistent with those delivered by each Obligor pursuant to Section 6.01 or as Administrative Agent or the Majority Lenders shall have requested.
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(b)Excluded Subsidiaries.
(i)In the event that, at any time, Excluded Subsidiaries that are not Obligors have, in the aggregate, (A) total Revenues constituting five percent (5.00%) or more of the total Revenues of Borrower and its Subsidiaries on a consolidated basis, or (B) total assets constituting five percent (5.00%) or more of the total assets of Borrower and its Subsidiaries on a consolidated basis, promptly (and, in any event, within thirty (30) days after such time (or such longer time as consented to in writing by Administrative Agent)) Obligors shall cause one or more of such Excluded Subsidiaries to become Subsidiary Guarantors in the manner set forth in Section 8.12(a), such that, after such Subsidiaries become Subsidiary Guarantors, the non-guarantor Excluded Subsidiaries in the aggregate shall cease to have Revenues or assets, as applicable, that meet the thresholds set forth in clauses (A) and (B) above; provided, that, no Excluded Subsidiary shall be required to become a Subsidiary Guarantor if doing so would result in material adverse tax consequences for Borrower and its Subsidiaries, taken as a whole.
(ii)With respect to each First-Tier Excluded Subsidiary, such Obligor shall grant a security interest and Lien in sixty five percent (65.00%) of each class of voting Equity Interests and 100% of all other Equity Interests in such First-Tier Excluded Subsidiary in favor of the Secured Parties as Collateral for the Obligations, in each case including entering into any necessary local law security documents and delivery of certificated securities issued by such First-Tier Excluded Subsidiary as required by this Agreement or the Security Agreement.  Without limiting the generality of the foregoing, in the event that any Obligor shall form or acquire any new Subsidiary that is a First-Tier Excluded Subsidiary, such Obligor will promptly and in any event within thirty (30) days of the formation or acquisition of such Subsidiary (or such longer time as consented to by Administrative Agent in writing) grant a security interest and Lien in sixty five percent (65.00%) of each class of voting Equity Interests and one hundred percent (100.00%) of all other Equity Interests in such First-Tier Excluded Subsidiary in favor of the Secured Parties as Collateral for the Obligations, in each case including entering into any necessary local law security documents and delivery of certificated securities issued by such First-Tier Excluded Subsidiary as required by this Agreement or the Security Agreement.
(iii)For the purposes of this Section 8.12(b), the determination of whether a “material adverse tax consequence” shall be deemed to result from any Foreign Subsidiary becoming a Subsidiary Guarantor shall be made by Administrative Agent in its reasonable discretion, following consultation with Borrower, taking into consideration and weighing, among others, the following relevant factors: (1) the magnitude of an increase in Borrower’s tax liability or a reduction in Borrower’s net operating loss carryforward, taken as a whole; (2) the amount of revenues generated by or assets accumulated at such Foreign Subsidiary compared with those generated by or accumulated at the Obligors; (3) whether the Loans are over- or under-collateralized; (4) the financial performance of Borrower and its Subsidiaries, taken as a whole, and the Obligors’ ability to perform the Obligations (other than Warrant Obligations) at such time; and (5) the cost to Borrower and its Subsidiaries balanced against the practical benefit to the Lenders (it being understood that the Administrative Agent shall give heavier weight to the factors set forth in clauses (2) and (3)).
(c)Further Assurances.  Such Obligor will, and will cause each of its Subsidiaries to, take such action from time to time as shall reasonably be requested by Administrative Agent or the Majority Lenders to effectuate the purposes and objectives of this Agreement.
Without limiting the generality of the foregoing, each Obligor will, and will cause each Person that is required to be a Subsidiary Guarantor or whose voting Equity Interests are required to be pledged to, take such action from time to time (including executing and delivering such assignments, security agreements, control agreements and other instruments) as shall be reasonably requested by Administrative Agent or the Majority Lenders in writing to create, in favor of the Secured Parties, perfected security interests and Liens
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in substantially all of the property of such Obligor as collateral security for the Obligations (other than Warrant Obligations); provided, that, (x) any such security interest or Lien shall be subject to the relevant requirements of the Security Documents; and (y) no actions in any jurisdiction outside the United States shall be required in order to create any security interests in immaterial assets, including immaterial Intellectual Property; provided, further, that, notwithstanding any provision under this Agreement or the other Loan Documents to the contrary, Borrower and its Subsidiaries shall not be responsible for legal and filing costs, fees, expenses and other amounts in excess of $50,000 in respect of actions required under this Section 8.12 for each foreign jurisdiction, or $100,000 in the aggregate for all foreign jurisdictions.
(d)The Obligors shall execute and deliver to Administrative Agent Short-Form IP Security Agreements regarding all incremental applied-for or registered Intellectual Property within thirty (30) days of Administrative Agent’s reasonable request.
8.13Termination of Non-Permitted Liens.   In the event that Borrower or any of its Subsidiaries shall become aware or be notified by Administrative Agent or any Lender of the existence of any outstanding Lien against any Property of Borrower or any of its Subsidiaries, which Lien is not a Permitted Lien, the applicable Obligor shall, and shall cause its Subsidiaries to, use its best efforts to promptly terminate or cause the termination of such Lien.
8.14Intellectual Property.  Such Obligor shall use commercially reasonable efforts to renew, prosecute, enforce and maintain its Obligor Intellectual Property, excluding (i) the renewal, prosecution and maintenance of its Obligor Intellectual Property that in the commercially reasonable business judgment of such Obligor is not (A) necessary or material for the conduct of the businesses of the Obligors or (B) material to the assets or value of such Obligor and (ii) the prosecution of its Obligor Intellectual Property for which such Obligor has a reasonable, good faith business purposes for not prosecuting.
8.15Board Observation Rights.   Borrower shall, concurrently with delivery thereof to Borrower’s Board, give a designated representative of the Lenders (who may change from time to time at the sole discretion of Administrative Agent) (the “Representative”) copies of all notices, minutes, consents and other material that Borrower provides to its directors, and shall permit the Representative to attend all meetings of the Board as a non-voting observer, except that the Representative may be excluded from access to any material or meeting or portion thereof if the Board determines in good faith, upon advice of counsel, that such exclusion is reasonably necessary to preserve attorney-client privilege, to protect highly confidential proprietary information or to exclude information pertaining to Borrower’s strategy regarding the Loans. Upon reasonable notice and at a scheduled meeting of the Board or such other time, if any, as the Board may determine in its sole discretion, the Borrower will allow the Representative to address the Borrower’s Board with respect to a Lender’s concerns regarding significant business issues facing Borrower.
8.16Post-Closing Items. 
(a)Within five (5) Business Days of the Closing Date (or such longer period as Administrative Agent may agree), Borrower shall deliver duly executed control agreements in favor of Administrative Agent, for the benefit of the Secured Parties, for all Deposit Accounts, Securities Accounts and Commodity Accounts (other than Excluded Accounts (as defined in the Security Agreement)) owned by the Obligors.
(b)Borrower shall use commercially reasonable efforts to cause the Borrower Landlord to execute and deliver to Administrative Agent, for the benefit of the Secured Parties, a Landlord Consent with respect to the Borrower Facility within thirty (30) days of the Closing Date (or such longer period as Administrative Agent may agree).
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SECTION 9
NEGATIVE COVENANTS
Each Obligor covenants and agrees with Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than Warrant Obligations and contingent indemnification obligations for which no claim has been made) have been paid in full indefeasibly in cash:
9.01Indebtedness.  Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Indebtedness, whether directly or indirectly, except:
(a)the Obligations;
(b)Indebtedness existing on the Closing Date and set forth on Part II of Schedule 7.13(a) and Permitted Refinancings thereof;
(c)Permitted Priority Debt;
(d)accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of Borrower’s or such Subsidiary’s business in accordance with customary terms and paid within the specified time, unless contested in good faith by appropriate proceedings and reserved for in accordance with GAAP;
(e)Indebtedness consisting of guarantees resulting from endorsement of negotiable instruments for collection by Borrower or any of its Subsidiaries in the ordinary course of business;
(f)Indebtedness of any Obligor to the extent the same is permitted as an Investment pursuant to Section 9.05(e) and (f);
(g)Guarantees by (i) any Obligor of Indebtedness of any other Obligor and (ii) any Subsidiary not a Subsidiary Guarantor of Indebtedness of any other Subsidiary not a Subsidiary Guarantor;
(h)normal course of business equipment financings (including Capital Lease Obligations); provided, that (i) if secured, the collateral therefor consists solely of the assets being financed, the products and proceeds thereof and books and records related thereto, and (ii) the aggregate outstanding principal amount of such Indebtedness does not exceed the greater of (A) $1,000,000 and (B) an amount equal to five percent (5.00%) of consolidated Revenues of Borrower and its Subsidiaries in the immediately preceding fiscal year, (or the Equivalent Amount in other currencies) at any time;
(i)unsecured Indebtedness incurred in connection with corporate credit cards, purchasing cards or bank card products in an aggregate principal amount at any time outstanding not to exceed the greater of (i) $500,000 and (ii) an amount equal to one percent (1.00%) of Borrower’s operating expenses in the immediately preceding fiscal year;
(j)Indebtedness in respect of any agreement providing for treasury, depositary, or cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions, securities settlements, foreign exchange contracts, assumed settlement, netting services, overdraft protections and other cash management, intercompany cash pooling and similar arrangements, in each case in the ordinary course of business;
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(k)Indebtedness with respect to letters of credit outstanding; provided, that, the aggregate outstanding principal amount of such Indebtedness shall not exceed $500,000 at any time;
(l)(i) Indebtedness in an aggregate outstanding principal amount not to exceed $1,500,000 incurred, assumed or otherwise acquired in connection with a Permitted Acquisition (which may be Indebtedness existing prior to the Permitted Acquisition secured by the assets acquired as described in Section 9.02(j)(ii)), and (ii) and Permitted Refinancings thereof;
(m)obligations under bona fide time-based licenses of Borrower or any Subsidiary in the ordinary course of business;
(n)advance or deposits from customers or vendors received in the ordinary course of business and held with a deposit bank insured by the Federal Deposit Insurance Corporation;
(o)Indebtedness (other than for borrowed money) that may be deemed to exist pursuant to any bona fide guarantees, warranty or contractual service obligations, performance, surety, statutory, appeal, bid, prepayment guarantee, payment (other than payment of Indebtedness) or completion of performance guarantees or similar obligations incurred in the ordinary course of business;
(p)Indebtedness consisting of (i) the bona fide financing of insurance premiums or self-insurance obligations (which must be commercially reasonable and consistent with insurance practices generally) or (ii) take-or-pay obligations contained in supply or similar agreements, in each case, in the ordinary course of business;
(q)any indemnification, purchase price adjustment, earn-out or similar obligations incurred in connection with Investments permitted by Section 9.03(e) (but subject to the same monetary limits as described in Section 9.03(e));
(r)workers’ compensation claims, payment obligations in connection with health, disability or other types of social security benefits, unemployment or other insurance obligations, reclamation and statutory obligations, in each case incurred in the ordinary course of Borrower’s or its Subsidiary’s business; and
(s)other Indebtedness in an aggregate outstanding principal amount not to exceed $300,000 at any time;
9.02Liens.  Such Obligor will not, and will not permit any of its Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now owned by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except:
(a)Liens securing the Obligations;
(b)any Lien on any property or asset of Borrower or any of its Subsidiaries existing on the Closing Date and set forth in Part II of Schedule 7.13(b); provided, that, (i) no such Lien shall extend to any other property or asset of Borrower or any of its Subsidiaries and (ii) any such Lien shall secure only those obligations which it secures on the Closing Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(c)Liens described in the definition of “Permitted Priority Debt”;
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(d)Liens securing Indebtedness permitted under Section 9.01(h); provided, that, such Liens are restricted solely to the collateral described in Section 9.01(h);
(e)Liens imposed by law which were incurred in the ordinary course of business, including (but not limited to) carriers’, warehousemen’s and mechanics’ liens, liens relating to leasehold improvements and other similar liens arising in the ordinary course of business and which (x) do not in the aggregate materially detract from the value of the Property subject thereto or materially impair the use thereof in the operations of the business of such Person or (y) are being contested in good faith by appropriate proceedings, which proceedings have the effect of preventing the forfeiture or sale of the Property subject to such liens and for which adequate reserves have been made if required in accordance with GAAP;
(f)Liens, pledges or deposits made in the ordinary course of business in connection with and to secure payment of workers’ compensation, unemployment insurance or other similar social security legislation;
(g)Liens securing taxes, assessments and other governmental charges, the payment of which is not yet due or is being contested in good faith by appropriate proceedings promptly initiated and diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made;
(h)servitudes, easements, rights of way, restrictions and other similar encumbrances on real Property imposed by applicable Laws and encumbrances consisting of zoning or building restrictions, easements, licenses, restrictions on the use of property or minor imperfections in title thereto which, in the aggregate, are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of Borrower or any of its Subsidiaries;
(i)with respect to any real Property, (i) such defects or encroachments as might be revealed by an up-to-date survey of such real Property; (ii) the reservations, limitations, provisos and conditions expressed in the original grant, deed or patent of such property by the original owner of such real Property pursuant to applicable Laws; (iii) rights of expropriation, access or user or any similar right conferred or reserved by or in applicable Laws, which, in the aggregate for clauses (i), (ii) and (iii), are not material, and which do not in any case materially detract from the value of the property subject thereto or interfere with the ordinary conduct of the business of Borrower or any of its Subsidiaries; and (iv) leases or subleases granted in the ordinary course of business;
(j)bankers liens, rights of setoff and similar Liens incurred on deposits made in the ordinary course of business;
(k)(i) Liens securing Indebtedness permitted in reliance on Section 9.01(l); provided, that, such Liens extend solely to the assets acquired in such Permitted Acquisition; and (ii) Liens on property acquired in and existing at the time of a Permitted Acquisition; provided, that, such Liens do not attach to any other property of any other Obligor or Subsidiary; and provided, that, such Liens are of the type otherwise permitted under this Section 9.02;
(l)non-exclusive licenses or sublicenses, leases or subleases of property (other than real Property or Intellectual Property) granted in the ordinary course of business of Borrower and its Subsidiaries, if the leases, subleases, licenses and sublicenses do not prohibit an Obligor from granting Administrative Agent or any Lender a security interest in such property;
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(m)Liens arising from judgments, decrees or attachments in circumstances not constituting an Event of Default under Section 11.01(l);
(n)cash collateral arrangements made with respect to letters of credit permitted by Section 9.01(k) but not exceeding the amount of the Indebtedness permitted by Section 9.01(k);
(o)Liens in connection with transfers permitted under Section 9.09; and
(p)other Liens encumbering assets with a fair market value not to exceed $100,000 in the aggregate in any fiscal year.
provided, that, no Lien otherwise permitted under any of the foregoing (other than Section 9.02(a) and Section 9.02(o)) shall apply to any Material Intellectual Property.
9.03Fundamental Changes and Acquisitions.  Such Obligor will not, and will not permit any of its Subsidiaries to, (i) enter into any transaction of merger, amalgamation or consolidation (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) (iii) make any Acquisition or otherwise acquire any business or substantially all the property from, or capital stock of, or be a party to any acquisition of, any Person, except:
(a)Investments permitted under Section 9.05(e) and 9.05(f);
(b)the merger, amalgamation or consolidation of any Subsidiary Guarantor with or into Borrower or any other Obligor (it being understood that, to the extent such merger, amalgamation or consolidation involves Borrower, Borrower shall be the surviving entity);
(c)the sale, lease, transfer or other disposition by any Subsidiary Guarantor of any or all of its property (upon voluntary liquidation or otherwise) to Borrower or any other Obligor; and
(d)the sale, transfer or other disposition of the capital stock of any Subsidiary Guarantor to Borrower or any other Obligor;
(e)Permitted Acquisitions in an amount not exceeding $25,000,000 (as measured by total purchase price) in the aggregate entered into by Borrower and its Subsidiaries during the term of this Agreement; and
(f)the Obligors may enter into Permitted Commercialization Arrangements.
9.04Lines of Business.  Such Obligor will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business other than the business engaged in on the Closing Date by Borrower or any Subsidiary or a business reasonably related, incidental or complimentary thereto or reasonable extensions thereof.
9.05Investments.  Such Obligor will not, and will not permit any of its Subsidiaries to, make, directly or indirectly, or permit to remain outstanding any Investments except:
(a)Investments outstanding on the Closing Date and identified in Schedule 9.05;
(b)operating deposit accounts with banks;
(c)extensions of credit in the nature of accounts receivable or notes receivable arising from the sales of goods or services in the ordinary course of business;
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(d)Permitted Cash Equivalent Investments;
(e)Investments by Borrower or Subsidiary Guarantors in Subsidiary Guarantors;
(f)Investments by Borrower or Subsidiary Guarantors in Foreign Subsidiaries consisting of (i) cash and equipment only in an aggregate amount at any time outstanding (net of any intercompany loan repayments and returns of invested capital) not to exceed on the date any such Investment is made $1,000,000 or (ii) the transfer of Intellectual Property pursuant to a comprehensive plan that is approved by Borrower’s Board and designed to increase the tax efficiency of Borrower and its Subsidiaries as a whole; provided, that, Majority Lenders shall have provided prior written consent thereto (Lenders agree to consider in good faith through negotiation with Borrower the advantages of such plan to Borrower and its shareholders compared to any potential loss in collateral value, priority of rights with respect to collateral or ability to enforce timely the Loan Documents for the Lenders and any related changes in creditworthiness of Borrower and the Subsidiary Guarantors, in each case, associated with any such transfer of Intellectual Property);
(g)Hedging Agreements entered into in the ordinary course of Borrower’s financial planning solely to hedge currency risks (and not for speculative purposes) and in an aggregate net exposure amount for all such Hedging Agreements not in excess of $100,000 (or the Equivalent Amount in other currencies);
(h)Investments consisting of security deposits with utilities, landlords and other like Persons made in the ordinary course of business;
(i)employee loans, travel advances and guarantees in accordance with Borrower’s usual and customary practices with respect thereto (if permitted by applicable law) which in the aggregate shall not exceed $200,000 outstanding at any time (or the Equivalent Amount in other currencies);
(j)Investments received in connection with any Insolvency Proceedings in respect of any customers, suppliers or clients and in settlement of delinquent obligations of, and other disputes with, customers, suppliers or clients;
(k)Investments as part of a Permitted Commercialization Arrangement; provided, that, the value of the cash and tangible property components of such Investment shall not exceed $1,000,000 in the aggregate at any time outstanding for all such Permitted Commercialization Arrangements taken together;
(l)Investments permitted under Section 9.03 (other than by reference to this Section 9.05 or any clause hereof);
(m)Investments acquired as a result of a Permitted Acquisition to the extent that such Investments were not made in contemplation of or in connection with such Permitted Acquisition and were in existence prior to the date of such Permitted Acquisition, in an aggregate amount not to exceed $1,000,000 at any time outstanding (or such higher threshold as consented to by Majority Lenders, such consent not to be unreasonably withheld), subject to the other limits on Investments set forth in this Section 9.05; and
(n)Investments permitted by Borrower’s investment policy as in effect as of the date of this Agreement, with such changes thereto as shall be approved by Borrower’s Board with the consent to Majority Lenders, which consent shall not be unreasonably withheld.
9.06Restricted Payments.  Such Obligor will not, and will not permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, except:
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(a)Borrower may declare and pay dividends with respect to its capital stock payable solely in additional shares of its common stock;
(b)Borrower may purchase, redeem, retire, or otherwise acquire shares of its capital stock or other Equity Interests with the proceeds received from a substantially concurrent issue of new shares of its Equity Interests (other than Disqualified Equity Interests);
(c)Borrower may acquire (or withhold) its Equity Interests pursuant to any employee stock option or similar plan approved by Borrower’s Board in order to pay withholding taxes for which Borrower is liable in respect of a current or former officer, director, employee, member of management or consultant upon such grant or award (or upon vesting or exercise thereof);
(d)Borrower may make payments pursuant to employee stock plans in an aggregate amount not to exceed the sum of $1,000,000 during the term of this Agreement;
(e)any Subsidiary Guarantor may make a Restricted Payment to any other Obligor; and
(f)any Subsidiary that is not an Obligor may make a Restricted Payment to any Obligor or any other Subsidiary.
9.07Payments of Indebtedness.  Such Obligor will not, and will not permit any of its Subsidiaries to, make any payments in respect of any Indebtedness other than (a) payments of the Obligations, (b) scheduled payments of other Indebtedness, (c) repayment of intercompany Indebtedness permitted in reliance upon Section 9.01(f) and (d) subject to any applicable terms of subordination, other Permitted Indebtedness.
9.08Change in Fiscal Year.  Such Obligor will not, and will not permit any of its Subsidiaries to, change the last day of its fiscal year from that in effect on the Closing Date, except to change the fiscal year of a Subsidiary acquired in connection with an Acquisition to conform its fiscal year to that of Borrower.
9.09Sales of Assets, Etc.  Unless the prepayment required under Section 3.03(b)(i) simultaneously is made, such Obligor will not, and will not permit any of its Subsidiaries to, sell, lease, license, transfer, or otherwise dispose of any of its Property (including accounts receivable and Equity Interests of Subsidiaries) to any Person in one transaction or series of transactions (any thereof, an “Asset Sale”), except for any of the following:
(a)transfers of cash for equivalent value and inventory in the ordinary course of its business;
(b)sales or leases of inventory in the ordinary course of its business on ordinary business terms;
(c)development and other collaborative arrangements where such arrangements provide for the licenses or disclosure of Patents, Trademarks, Copyrights or other Intellectual Property rights in the ordinary course of business and consistent with general market practices where such license requires periodic payments based on per unit sales of a product over a period of time; provided, that, such licenses must be true licenses as opposed to licenses that are sales transactions in substance and that such licenses do not interfere in any respect with the ordinary conduct of, or materially detract from the value of, the business or assets of the Obligors and their Subsidiaries;
(d)transfers of Property by any Obligor to any other Obligor;
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(e)a sale, lease, exclusive license, transfer or other disposition of any Property that is obsolete or worn out or no longer used or useful in connection with the business of Borrower or its Subsidiaries and is not material to the value of the business or assets of Borrower and its Subsidiaries;
(f)placements of specialized equipment for manufacturing components of the Product where Borrower retains title to such equipment, provided, that, to the extent such placements of equipment exceed $1,000,000 in aggregate fair market value, equipment with a fair market value exceeding such amount shall be (i) located at venues over which Borrower has delivered to Administrative Agent a Landlord Consent or similar landlord access agreement and Administrative Agent, on behalf of Secured Parties, has a perfected priority lien on such equipment (subject only to Liens described in Section 9.02(e)) and (ii) for venues outside the United States, only where the foreign jurisdiction provides lenders with rights to collateral not materially different from the rights provided to lenders under the Uniform Commercial Code and relevant real estate law in the United States;
(g)dispositions consisting of the sale, transfer, assignment or other disposition of unpaid and overdue accounts receivable in connection with the collection, compromise or settlement thereof in the ordinary course of business and not as part of a financing transaction;
(h)dispositions of property to the extent that (i) such property is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds (determined on an after-tax basis) of such disposition are applied to the purchase price of such replacement property within 180 days;
(i)dispositions resulting from casualty events;
(j)so long as no Event of Default has occurred and is continuing, non-exclusive licenses of Borrower’s Intellectual Property to Foreign Subsidiaries that are terminable, at Majority Lenders’ request, upon the occurrence of an Event of Default unless such Foreign Subsidiaries become Subsidiary Guarantors hereunder;
(k)licenses for the use of the Intellectual Property of Borrower or its Subsidiaries (but not to any of Borrower’s Affiliates except for a Permitted Commercialization Arrangement Vehicle) that are approved by Borrower’s Board and which would not result in a legal transfer of title of the licensed property, used either (i) for clinical indications other than epilepsy (which may be exclusive or non-exclusive licenses), (ii) for clinical indications for epilepsy within the United States (which may be non-exclusive licenses only), or (iii) for clinical indications for epilepsy outside the United States to distributors only (which may be non-exclusive licenses, or licenses that are exclusive in scope or geography only); provided, that, in each case such licenses do not interfere in any respect with the ordinary conduct of, or materially detract from the value of, the business or assets of Borrower and its Subsidiaries;
(l)nonexclusive licenses of Intellectual Property granted in the ordinary course of business; provided, that, such licenses do not interfere in any respect with the ordinary conduct of, or materially detract from the value of, the business or assets of Borrower and its Subsidiaries;
(m)any transaction permitted under Section 9.03 or 9.05 (in each case, other than by reference to this Section 9.09); and
(n)the disposition of other Property (other than Intellectual Property); provided, that, (i) at least seventy five percent (75%) of the consideration paid in connection with each such disposition of other Property shall be cash proceeds paid contemporaneously with the consummation of such disposition and (ii) the aggregate net book value of all of the Property disposed of in reliance on this clause (m) in any fiscal year, taken together, shall not exceed $100,000.
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9.10Transactions with Affiliates.  Such Obligor will not, and will not permit any of its Subsidiaries to, sell, lease, license or otherwise transfer any assets to, or purchase, lease, license or otherwise acquire any assets from, or otherwise engage in any other transactions with, any of its Affiliates; provided, that, the foregoing restriction shall not apply to the following:
(a)transactions between or among Obligors;
(b)any transaction permitted under Section 9.01, 9.05, 9.06 or 9.09 (in each case, other than by reference to this Section 9.10);
(c)customary compensation and indemnification of, and other employment arrangements with, directors, officers and employees of Borrower or any Subsidiary in the ordinary course of business;
(d)Borrower may issue Equity Interests (other than Disqualified Equity Interests) to Affiliates in exchange for cash, provided, that, the terms thereof are no less favorable (including the amount of cash received by Borrower) to Borrower than those that would be obtained in a comparable arm’s-length transaction with a Person not an Affiliate of Borrower;
(e)transactions consented to by Majority Lenders, which consent shall not be unreasonably withheld, which increase the tax efficiency of Borrower and its Subsidiaries as a whole that are undertaken between Borrower and its Subsidiaries in good faith based on advice of external legal counsel and that comply with arm’s length principles pursuant to Section 482 of the Code and regulations thereunder; and
(f)the transactions set forth on Schedule 9.10.
9.11Restrictive Agreements.  Such Obligor will not, and will not permit any of its Subsidiaries to, directly or indirectly, enter into, incur or permit to exist any Restrictive Agreement other than (a) restrictions and conditions imposed by law or by this Agreement and (b) Restrictive Agreements listed on Schedule 7.15.
9.12Amendments to Material Agreements; Organizational Documents.  Such Obligor will not, and will not permit any of its Subsidiaries to, (a) enter into any amendment to or modification of any Material Agreement which could reasonably be expected to be materially adverse to the Lenders or Administrative Agent or (b) terminate any Material Agreement (unless replaced with another agreement(s) that, viewed as a whole, is on the same or better terms for Borrower or such Subsidiary), without, in each case, the prior written consent of Administrative Agent (which consent shall not be unreasonably withheld or delayed).  Such Obligor will not, and will not permit any of its Subsidiaries to, enter into any amendment to or modification of its organizational documents in a manner that could reasonably be expected to be materially adverse to the interests, or rights or remedies, of Administrative Agent and the Lenders.
9.13Operating Leases.  Such Obligor will not, and will not permit any of its Subsidiaries to, make any expenditures in respect of operating leases, except for:
(a)real estate operating leases;
(b)operating leases between Borrower and any of its wholly-owned Subsidiaries or between any of Borrower’s wholly-owned Subsidiaries; and
(c)operating leases that would not cause Borrower and its Subsidiaries, on a consolidated basis, to make payments exceeding $250,000 (or the Equivalent Amount in other currencies) in any fiscal year.
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9.14Sales and Leasebacks.  Except as disclosed on Schedule 9.14 or as permitted by Section 9.01(h) or Section 9.13, such Obligor will not, and will not permit any of its Subsidiaries to, become liable, directly or indirectly, with respect to any lease, whether an operating lease or a Capital Lease Obligation, of any property (whether real, personal, or mixed), whether now owned or hereafter acquired, (a) which Borrower or such Subsidiary has sold or transferred or is to sell or transfer to any other Person and (b) which Borrower or such Subsidiary intends to use for substantially the same purposes as property which has been or is to be sold or transferred.
9.15Hazardous Material.  Such Obligor will not, and will not permit any of its Subsidiaries to, use, generate, manufacture, install, treat, release, store or dispose of any Hazardous Material, except in compliance with all applicable Environmental Laws or where the failure to comply could not reasonably be expected to result in a Material Adverse Change.
9.16Accounting Changes.  Such Obligor will not, and will not permit any of its Subsidiaries to, make any significant change in accounting treatment or reporting practices, except as required or permitted by GAAP.
9.17Compliance with ERISA.  Such Obligor will not, nor will it permit any of its Subsidiaries or any ERISA Affiliate to cause or suffer to exist (a) any event that could result in the imposition of a Lien with respect to any Title IV Plan or Multiemployer Plan or (b) any other ERISA Event that would, in the aggregate, have a Material Adverse Effect.  Such Obligor will not, nor will it permit any of its Subsidiaries or any ERISA Affiliate to cause or suffer to exist any event that could result in the imposition of a Lien with respect to any Benefit Plan.
9.18Use of Proceeds.   Such Obligor shall not, nor shall it permit its Subsidiaries to, use any part of the proceeds of the Loans, whether directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board of Governors of the Federal Reserve System, including Regulation T, Regulation U and Regulation X.
9.19Ownership of Subsidiaries.  Notwithstanding any other provisions of this Agreement to the contrary, such Obligor shall not, and shall not permit any of its Subsidiaries to (a) permit any Person (other than any Obligor or any wholly-owned Subsidiary) to own any Equity Interests of any Subsidiary, except to qualify directors where required by applicable Law or to satisfy other requirements of applicable Law with respect to the ownership of Equity Interests of Foreign Subsidiaries, (b) issue or have outstanding any shares of Disqualified Equity Interests or (c) permit any Person (other than Administrative Agent) to possess any Lien on the Equity Interests of such Obligor or any Subsidiary.
SECTION 10
FINANCIAL COVENANTS
Each Obligor covenants and agrees with Administrative Agent and the Lenders that, until the Commitments have expired or been terminated and all Obligations (other than Warrant Obligations and contingent indemnification obligations for which no claim has been made) have been paid in full indefeasibly in cash:
10.01Minimum Liquidity.  The Obligors shall maintain at all times Liquidity in an amount which shall exceed (a) prior to the consummation of a Qualified IPO, $3,000,000, or (b) upon and at all times after the consummation of a Qualified IPO, $5,000,000.
10.02Minimum Revenue.  Borrower and its Subsidiaries shall have annual consolidated Revenue from sales and usage of the Product (for each respective calendar year, the “Minimum Required Revenue”):
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(a)during the twelve month period beginning on January 1, 2021, of at least $43,000,000;
(b)during the twelve month period beginning on January 1, 2022, of at least $50,000,000;
(c)during the twelve month period beginning on January 1, 2023, of at least $60,000,000;
(d)during the twelve month period beginning on January 1, 2024, of at least $70,000,000;
(e)during each twelve month period beginning on January 1 of a given year thereafter, of at least $70,000,000.
SECTION 11
EVENTS OF DEFAULT
11.01Events of Default.  Each of the following events shall constitute an “Event of Default”:
(a)Borrower shall fail to pay any principal of any Loan when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise;
(b)any Obligor shall fail to pay any Obligation (other than an amount referred to in Section 11.01(a)) when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days;
(c)any representation or warranty made or deemed made by or on behalf of Borrower or any of its Subsidiaries in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall: (i) prove to have been incorrect when made or deemed made to the extent that such representation or warranty contains any materiality or Material Adverse Effect qualifier; or (ii) prove to have been incorrect in any material respect when made or deemed made to the extent that such representation or warranty does not otherwise contain any materiality or Material Adverse Effect qualifier;
(d)any Obligor shall fail to observe or perform any covenant, condition or agreement contained in Section 8.02, Section 8.03 (with respect to Borrower’s existence), Section 8.11, Section 8.12, Section 8.14, Section 9 or Section 10;
(e)any Obligor shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in Section 11.01(a), (b) or (d)) or any other Loan Document, and such failure shall continue unremedied for a period of twenty five (25) or more days after the earlier of the date on which (i) a Responsible Officer of any Obligor obtains Knowledge of such failure and (ii) written notice of such failure shall have been given to Borrower by Administrative Agent or any Lender;
(f)Borrower or any of its Subsidiaries shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable after giving effect to any applicable grace or cure period as originally provided by the terms of such Indebtedness;
(g)any material breach of, or “event of default” or similar event by Borrower or any Subsidiary under, any Material Agreement shall occur, which would give the counterparty to such Material Agreement
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the right to terminate such Material Agreement pursuant to the terms thereof (after giving effect to any applicable grace or cure period and provided that such material breach, “event of default” or similar event is not being contested in good faith with reasonable basis by such Obligor), to the extent that (i) the Obligor has received written notice of (A) termination of such Material Agreement or (B) written notice of such material breach, “event of default”, or similar event and written notice of the counterparty’s intent to terminate such Material Agreement on the basis thereof and (ii) the counterparty to such Material Agreement has not waived such material breach, “event of default” or similar event;
(h)(i) any material breach of, or “event of default” or similar event under, the documentation governing any Material Indebtedness shall occur and such breach or “event of default” or similar event shall continue unremedied, uncured or unwaived after a period of five (5) Business Days after the expiration of any cure period thereunder, or (ii) any event or condition occurs (A) that results in any Material Indebtedness becoming due prior to its scheduled maturity or (B) that enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of such Material Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided, that, this Section 11.01(h) shall not apply to (x) secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Material Indebtedness and (y) the conversion of any Material Indebtedness into Equity Interests in accordance with its terms or the occurrence of any event that results in such Material Indebtedness becoming convertible into Equity Interests, so long as such Equity Interests are not Disqualified Equity Interests. Notwithstanding the foregoing or anything to the contrary contained herein or in any other Loan Document (including, for the avoidance of doubt, the PPP Consent), solely for the purposes of this Section 11.01(h) and not for any other purposes hereunder or under any other Loan Document, the PPP Loan shall not constitute Material Indebtedness.
(i)any Obligor:
(i)becomes insolvent, or generally does not or becomes unable to pay its debts or meet its liabilities as the same become due, or admits in writing its inability to pay its debts generally, or declares any general moratorium on its indebtedness, or proposes a compromise or arrangement or deed of company arrangement between it and any class of its creditors;
(ii)commits an act of bankruptcy or makes an assignment of its property for the general benefit of its creditors or makes a proposal (or files a notice of its intention to do so);
(iii)institutes any proceeding seeking to adjudicate it an insolvent, or seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), or composition of it or its debts or any other relief, under any federal, provincial or foreign Law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity, or files an answer admitting the material allegations of a petition filed against it in any such proceeding;
(iv)applies for the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property; or
(v)takes any action, corporate or otherwise, to approve, effect, consent to or authorize any of the actions described in this Section 11.01(i) or (j), or otherwise acts in furtherance thereof or fails to act in a timely and appropriate manner in defense thereof;
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(j)any petition is filed, application made or other proceeding instituted against or in respect of Borrower or any Subsidiary:
(i)seeking to adjudicate it an insolvent;
(ii)seeking a receiving order against it;
(iii)seeking liquidation, dissolution, winding-up, reorganization, compromise, arrangement, adjustment, protection, moratorium, relief, stay of proceedings of creditors generally (or any class of creditors), deed of company arrangement or composition of it or its debts or any other relief under any federal, provincial or foreign law now or hereafter in effect relating to bankruptcy, winding-up, insolvency, reorganization, receivership, plans of arrangement or relief or protection of debtors or at common law or in equity; or
(iv)seeking the entry of an order for relief or the appointment of, or the taking of possession by, a receiver, interim receiver, receiver/manager, sequestrator, conservator, custodian, administrator, trustee, liquidator, voluntary administrator, receiver and manager or other similar official for it or any substantial part of its property, and, in the case of each of the foregoing, such petition, application or proceeding continues undismissed, or unstayed and in effect, for a period of forty-five (45) days after the institution thereof; provided, that, if an order, decree or judgment is granted or entered (whether or not entered or subject to appeal) against Borrower or such Subsidiary thereunder in the interim, such grace period will cease to apply; provided, further, that, if Borrower or such Subsidiary files an answer admitting the material allegations of a petition filed against it in any such proceeding, such grace period will cease to apply;
(k)any other event occurs which, under the laws of any applicable jurisdiction, has an effect equivalent to any of the events referred to in either of Section 11.01(i) or (j);
(l)one or more judgments or settlements for the payment of money in an aggregate amount in excess of $250,000 (or the Equivalent Amount in other currencies) (to the extent not fully covered (other than to the extent of customary deductibles not to exceed $250,000 in the aggregate) by independent third-party insurance as to which the insurer has been notified of the potential claim and does not dispute coverage) shall be rendered against, or entered into by, any Obligor or any combination thereof and (i) the same shall remain undischarged for a period of forty five (45) consecutive days during which execution shall not be effectively stayed or (ii) any action shall be legally taken by a judgment or settlement creditor to attach or levy upon any assets of any Obligor to enforce any such judgment or settlement;
(m)an ERISA Event shall have occurred that, in the opinion of the Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in liability of Borrower and its Subsidiaries in an aggregate amount exceeding (i) $250,000 in any year or (ii) $750,000 during the term of this Agreement;
(n)a Change of Control shall have occurred;
(o)a Material Adverse Change shall have occurred;
(p)(i) any Lien created by any of the Security Documents shall at any time (except as expressly permitted by the terms of any Loan Document or due to the failure of Administrative Agent to take any action within its control required by Administrative Agent to maintain perfection) not constitute a valid and perfected Lien on the applicable Collateral in favor of the Secured Parties, free and clear of all other Liens (other than Permitted Liens), (ii) except for expiration in accordance with its terms, any of the Security
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Documents or any Guarantee of any of the Obligations (including that contained in Section 14) shall for whatever reason cease to be in full force and effect, or (iii) any of the Security Documents or any Guarantee of any of the Obligations (including that contained in Section 14), or the enforceability thereof, shall be repudiated or contested by any Obligor; and
(q)any injunction, whether temporary or permanent, shall be rendered against any Obligor that prevents the Obligors from selling or manufacturing in the United States for more than forty five (45) consecutive calendar days (i) the Product or its commercially available successors, or (ii) any of their other material and commercially available products where the injunction on the sale or manufacture of such other material product could reasonably be expected to cause a Material Adverse Effect.
11.02Remedies.
(a)Upon the occurrence of any Event of Default, then, and in every such event (other than an Event of Default described in Section 11.01(i), Section 11.01(j) or Section 11.01(k)), and at any time thereafter during the continuance of such event, the Majority Lenders may, by notice to Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable) (an “acceleration”), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other Obligations (other than Warrant Obligations) shall become due and payable immediately and the Obligors shall immediately pay all such Obligations, including the Back-End Facility Fee and an Acceleration Premium as calculated below, all without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor.
(b)Upon the occurrence of any Event of Default described in Section 11.01(i), Section 11.01(j) or Section 11.01(k), the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other Obligations (other than Warrant Obligations), shall automatically become due and payable immediately (an “acceleration” and, together with any acceleration defined in Section 11.02(a), each, an “Acceleration”) and the Obligors shall immediately pay all such Obligations, including the Back-End Facility Fee and an Acceleration Premium as calculated below, all without presentment, demand, protest or other notice of any kind, all of which are hereby waived by each Obligor.
(c)Acceleration Premium Calculation.  The applicable “Acceleration Premium” shall be an amount calculated as follows:
(i)If the date of Acceleration occurs:
(A)on or prior to the fifth (5th) Payment Date, the Acceleration Premium shall be an amount equal to twenty percent (20%) of the aggregate outstanding principal amount of the Loans subject to the Acceleration;
(B)after the fifth (5th) Payment Date, and on or prior to the ninth (9th) Payment Date, the Acceleration Premium shall be an amount equal to ten percent (10%) of the aggregate outstanding principal amount of the Loans subject to the Acceleration; and
(C)after the ninth (9th) Payment Date, the Acceleration Premium shall be an amount equal to zero percent (0.00%) of the aggregate outstanding principal amount of the Loans subject to the Acceleration.
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(ii)To determine the aggregate outstanding principal amount of the Loans subject to the Acceleration, and how many Payment Dates have occurred, as of any date of Acceleration, for purposes of this Section 11.02(c):
(A)if, as of such date of Acceleration, Borrower shall have made only one Borrowing, the number of Payment Dates shall be deemed to be the number of Payment Dates that shall have occurred following the first Borrowing Date; and
(B)if, as of such date of Acceleration, Borrower shall have made more than one Borrowing, then the Acceleration Premium shall equal the sum of multiple Acceleration Premiums calculated with respect to the Loans of each Borrowing, each of which Acceleration Premiums shall be calculated based on solely the aggregate outstanding principal amount of the Loans borrowed in such Borrowing (and PIK Loans subsequently borrowed in respect of interest payments thereon), as though the applicable number of Payment Dates equals the number of Payment Dates that shall have occurred following the applicable Borrowing Date.  In the case that the amount of the Loans subject to Acceleration does not equal the full principal amount of Loans outstanding, the amount of such payment shall be allocated to Loans made in the various Borrowings (and PIK Loans in respect thereof) in the order in which such Borrowings were made (i.e., first, to the outstanding principal amount of the Loans borrowed on the first Borrowing Date (and PIK Loans subsequently borrowed in respect of interest payments thereon), second, if any, to the outstanding principal amount of the Loans borrowed on the second Borrowing Date (and PIK Loans subsequently borrowed in respect of interest payments thereon) and third, if any, to the outstanding principal amount of the Loans borrowed on any subsequent Borrowing Dates (and PIK Loans subsequently borrowed in respect of interest payments thereon)).
(d)(i) For the avoidance of doubt, the Acceleration Premium and the Back-End Facility Fee that are payable upon Acceleration of the Loans shall be due and payable at any time the Loans become due and payable prior to the Stated Maturity Date for any reason whether due to Acceleration pursuant to the terms of this Agreement (in which case it shall be due immediately, upon the giving of notice to Borrower in accordance with Section 11.02(a), or automatically, in accordance with Section 11.02(b)), whether by operation of law or otherwise (including where bankruptcy filings or the exercise of any bankruptcy right or power, whether in any plan of reorganization or otherwise, results or would result in a payment, discharge, modification or other treatment of the Loans or Loan Documents that would otherwise evade, avoid, or otherwise disappoint the expectations of Lenders in receiving the full benefit of their bargained-for Acceleration Premium and their bargained-for Back-End Facility Fee as provided herein and in the Fee Letter).  The Obligors and Lenders acknowledge and agree that any Acceleration Premium and the Back-End Facility Fee due and payable in accordance with the Loan Documents shall not constitute unmatured interest, whether under section 502(b)(2) of the Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Lenders receive the benefit of their bargain under the terms of this Agreement, whether in a bankruptcy case or otherwise.
(ii)Each Obligor acknowledges and agrees that, prior to executing this Agreement, it has had the opportunity to review, evaluate and negotiate the Acceleration Premium calculation and the Back-End Facility Fee with its advisors and acknowledges that the Acceleration Premium is a reasonable approximation of Lenders’ liquidated damages upon Acceleration and, accordingly, each Obligor will not contest or object to the reasonableness thereof.  Each Obligor understands and acknowledges that Lenders have entered into this Agreement in reliance upon the Acceleration Premium and the Back-End Facility Fee.  Each Obligor acknowledges and agrees that the Lenders shall be entitled to recover the full amount of the Obligations, including the Acceleration Premium and the Back-End Facility Fee in each and every circumstance in which such amount is due pursuant to or in connection with this Agreement and the Fee Letter, including in the case of any Obligor’s bankruptcy filing, so that the Lenders shall receive the benefit of their bargain hereunder and otherwise receive full recovery of the agreed-upon return under every
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possible circumstance, and Borrower hereby waives any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise.  Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amounts does not constitute a penalty or an otherwise unenforceable or invalid obligation.  Any damages that the Lenders may suffer or incur resulting from or arising in connection with any breach by Borrower shall constitute secured obligations owing to the Lenders.
For the avoidance of doubt, in the event of any Acceleration, interest pursuant to Sections 3.02(a) and (b) shall accrue on all Obligations (other than Warrant Obligations), including the Back-End Facility Fee and any Acceleration Premium, from and after the date such Obligations are due and payable until paid in full.
SECTION 12
ADMINISTRATIVE AGENT
12.01Appointment and Duties.
(a)Appointment of Administrative Agent.  Each Lender hereby irrevocably appoints CRG Servicing (together with any successor Administrative Agent pursuant to Section 12.09) as Administrative Agent hereunder and authorizes Administrative Agent to (i) execute and deliver the Loan Documents and accept delivery thereof on its behalf from any Obligor or any of their respective Subsidiaries, (ii) take such action on its behalf and to exercise all rights, powers and remedies and perform the duties as are expressly delegated to Administrative Agent under such Loan Documents, (iii) act as agent of such Lender for purposes of acquiring, holding, enforcing and perfecting all Liens granted by the Obligors on the Collateral to secure any of the Obligations (other than Warrant Obligations) and (iv) exercise such powers as are reasonably incidental thereto.
(b)Duties as Collateral and Disbursing Agent.  Without limiting the generality of Section 12.01(a), Administrative Agent shall have the sole and exclusive right and authority (to the exclusion of the Lenders), and is hereby authorized, to (i) act as the disbursing and collecting agent for the Lenders with respect to all payments and collections arising in connection with the Loan Documents (including in any proceeding described in Section 11.01(i), Section 11.01(j) or Section 11.01(k) or any other bankruptcy, insolvency or similar proceeding), and each Person making any payment in connection with any Loan Document to any Secured Party is hereby authorized to make such payment to Administrative Agent, (ii) file and prove claims and file other documents necessary or desirable to allow the claims of the Secured Parties with respect to any Obligation in any proceeding described in Section 11.01(i), Section 11.01(j) or Section 11.01(k) or any other bankruptcy, insolvency or similar proceeding (but not to vote, consent or otherwise act on behalf of such Secured Party), (iii) act as collateral agent for each Secured Party for purposes of acquiring, holding, enforcing and perfecting all Liens created by the Loan Documents and all other purposes stated therein, (iv) manage, supervise and otherwise deal with the Collateral, (v) take such other action as is necessary or desirable to maintain the perfection and priority of the Liens created or purported to be created by the Loan Documents, (vi) except as may be otherwise specified in any Loan Document, exercise all remedies given to Administrative Agent and the other Secured Parties with respect to the Collateral, whether under the Loan Documents, applicable Requirements of Law or otherwise, (vii) enter into any subordination agreement or intercreditor agreement with respect to Indebtedness of an Obligor, (viii) enter into non-disturbance agreements and similar agreements and (ix) execute any amendment, consent or waiver under the Loan Documents on behalf of any Lender that has consented in writing to such amendment, consent or waiver; provided, however, that, Administrative Agent hereby appoints, authorizes and directs each Lender to act as collateral sub-agent for Administrative Agent and the Secured Parties for purposes of the perfection of all Liens with respect to the Collateral, including any deposit account maintained by an Obligor with, and cash and Permitted Cash Equivalent Investments held by, such Lender, and may further authorize and direct any Lender to take further actions as collateral sub-
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agents for purposes of enforcing such Liens or otherwise to transfer the Collateral subject thereto to Administrative Agent, and each Lender hereby agrees to take such further actions to the extent, and only to the extent, so authorized and directed.
(c)Limited Duties.  Under the Loan Documents, Administrative Agent (i) is acting solely on behalf of the Lenders (except to the limited extent provided in Section 12.11), with duties that are entirely administrative in nature, notwithstanding the use of the defined term “Administrative Agent”, the terms “agent”, “administrative agent” and “collateral agent” and similar terms in any Loan Document  to refer to Administrative Agent, which terms are used for title purposes only, (ii) is not assuming any obligation under any Loan Document other than as expressly set forth therein or any role as agent, fiduciary or trustee of or for any Lender or any other Secured Party and (iii) shall have no implied functions, responsibilities, duties, obligations or other liabilities under any Loan Document, and each Lender hereby waives and agrees not to assert any claim against Administrative Agent based on the roles, duties and legal relationships expressly disclaimed in the foregoing clauses (i) through (iii).
12.02Binding Effect.  Each Lender agrees that (a) any action taken by Administrative Agent or the Majority Lenders (or, if expressly required hereby, a greater proportion of the Lenders) in accordance with the provisions of the Loan Documents, (b) any action taken by Administrative Agent in reliance upon the instructions of the Majority Lenders (or, where so required, such greater proportion) and (c) the exercise by Administrative Agent or the Majority Lenders (or, where so required, such greater proportion) of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, in each case, shall be authorized and binding upon all of the Secured Parties.
12.03Use of Discretion.  (a) No Action without Instructions.  Administrative Agent shall not be required to exercise any discretion or take, or to omit to take, any action, including with respect to enforcement or collection, except any action it is required to take or omit to take (i) under any Loan Document or (ii) pursuant to instructions from the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders).
(b)Right Not to Follow Certain Instructions.  Notwithstanding Section 12.03(a), Administrative Agent shall not be required to take, or to omit to take, any action (i) unless, upon demand, Administrative Agent receives an indemnification satisfactory to it from the Lenders (or, to the extent applicable and acceptable to Administrative Agent, any other Secured Party) against all liabilities that, by reason of such action or omission, may be imposed on, incurred by or asserted against Administrative Agent or any Related Person thereof or (ii) that is, in the opinion of Administrative Agent or its counsel, contrary to any Loan Document or applicable Requirement of Law.
12.04Delegation of Rights and Duties.  Administrative Agent may, upon any term or condition it specifies, delegate or exercise any of its rights, powers and remedies under, and delegate or perform any of its duties or any other action with respect to, any Loan Document by or through or to any trustee, co-agent, sub-agent, employee, attorney-in-fact and any other Person (including any other Secured Party).  Any such Person shall benefit from this Section 12 to the extent provided by Administrative Agent.  Administrative Agent shall not be responsible for the negligence or misconduct of any sub-agent except to the extent that a court of competent jurisdiction determines in a final and nonappealable judgment that Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agent.
12.05Reliance and Liability.  (a) Administrative Agent may, without incurring any liability hereunder, (i) consult with any of its Related Persons and, whether or not selected by it, any other advisors, accountants and other experts (including advisors to, and accountants and experts engaged by, any Obligor) and (ii) rely and act upon any document and information and any telephone message or conversation, in each case believed by it to be genuine and transmitted, signed or otherwise authenticated by the appropriate parties.
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(b)Neither Administrative Agent nor any of its Related Persons shall be liable for any action taken or omitted to be taken by any of them under or in connection with any Loan Document, and each Lender and each Obligor hereby waives and shall not assert any right, claim or cause of action based thereon, except to the extent of liabilities resulting primarily from the gross negligence or willful misconduct of Administrative Agent or, as the case may be, such Related Person (each as determined in a final, non-appealable judgment by a court of competent jurisdiction) in connection with the duties expressly set forth herein.  Without limiting the foregoing, Administrative Agent:
(i)shall not be responsible or otherwise incur liability for any action or omission taken in reliance upon the instructions of the Majority Lenders or for the actions or omissions of any of its Related Persons selected with reasonable care (other than employees, officers and directors of Administrative Agent, when acting on behalf of Administrative Agent);
(ii)shall not be responsible to any Secured Party for the due execution, legality, validity, enforceability, effectiveness, genuineness, sufficiency or value of, or the attachment, perfection or priority of any Lien created or purported to be created under or in connection with, any Loan Document;
(iii)makes no warranty or representation, and shall not be responsible, to any Secured Party for any statement, document, information, representation or warranty made or furnished by or on behalf of any Related Person, in or in connection with any Loan Document or any transaction contemplated therein, whether or not transmitted by Administrative Agent, including as to completeness, accuracy, scope or adequacy thereof, or for the scope, nature or results of any due diligence performed by Administrative Agent in connection with the Loan Documents; and
(iv)shall not have any duty to ascertain or to inquire as to the performance or observance of any provision of any Loan Document, whether any condition set forth in any Loan Document is satisfied or waived, as to the financial condition of any Obligor or as to the existence or continuation or possible occurrence or continuation of any Default or Event of Default and shall not be deemed to have notice or knowledge of such occurrence or continuation unless it has received a notice from Borrower or any Lender describing such Default or Event of Default clearly labeled “notice of default” (in which case Administrative Agent shall promptly give notice of such receipt to all Lenders);
and, for each of the items set forth in clauses (i) through (iv) above, each Lender and each Obligor hereby waives and agrees not to assert any right, claim or cause of action it might have against Administrative Agent based thereon.
12.06Administrative Agent Individually.  Administrative Agent and its Affiliates may make loans and other extensions of credit to, acquire Equity Interests of, engage in any kind of business with, any Obligor or Affiliate thereof as though it were not acting Administrative Agent and may receive separate fees and other payments therefor.  To the extent Administrative Agent or any of its Affiliates makes any Loan or otherwise becomes a Lender hereunder, it shall have and may exercise the same rights and powers hereunder and shall be subject to the same obligations and liabilities as any other Lender and the terms “Lender”, “Majority Lender”, and any similar terms shall, except where otherwise expressly provided in any Loan Document, include Administrative Agent or such Affiliate, as the case may be, in its individual capacity as Lender or as one of the Majority Lenders, respectively.
12.07Lender Credit Decision.  Each Lender acknowledges that it shall, independently and without reliance upon Administrative Agent, any Lender or any of their Related Persons or upon any document solely or in part because such document was transmitted by Administrative Agent or any of its Related Persons, conduct its own independent investigation of the financial condition and affairs of each Obligor and make and continue to make its own credit decisions in connection with entering into, and taking or not
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taking any action under, any Loan Document or with respect to any transaction contemplated in any Loan Document, in each case based on such documents and information as it shall deem appropriate.
12.08Expenses; Indemnities.  (a)  Each Lender agrees to reimburse Administrative Agent and each of its Related Persons (to the extent not reimbursed by any Obligor) promptly upon demand for such Lender’s Proportionate Share of any costs and expenses (including fees, charges and disbursements of financial, legal and other advisors and Other Taxes paid in the name of, or on behalf of, any Obligor) that may be incurred by Administrative Agent or any of its Related Persons in connection with the preparation, syndication, execution, delivery, administration, modification, consent, waiver or enforcement (whether through negotiations, through any work-out, bankruptcy, restructuring or other legal or other proceeding or otherwise) of, or legal advice in respect of its rights or responsibilities under, any Loan Document.
(b)Each Lender further agrees to indemnify Administrative Agent and each of its Related Persons (to the extent not reimbursed by any Obligor), from and against such Lender’s aggregate Proportionate Share of the liabilities (including Taxes, interests and penalties imposed for not properly withholding or backup withholding on payments made to on or for the account of any Lender) that may be imposed on, incurred by or asserted against Administrative Agent or any of its Related Persons in any matter relating to or arising out of, in connection with or as a result of any Loan Document, any related document or any other act, event or transaction related, contemplated in or attendant to any such document, or, in each case, any action taken or omitted to be taken by Administrative Agent or any of its Related Persons under or with respect to any of the foregoing; provided, however, that, no Lender shall be liable to Administrative Agent or any of its Related Persons to the extent such liability is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Administrative Agent’s or such Related Person’s gross negligence or willful misconduct.
12.09Resignation of Administrative Agent.  (a)  Administrative Agent may resign at any time by delivering notice of such resignation to the Lenders and Borrower, effective on the date set forth in such notice or, if no such date is set forth therein, upon the date such notice shall be effective.  If Administrative Agent delivers any such notice, the Majority Lenders shall have the right to appoint a successor Administrative Agent.  If, within thirty (30) days after the retiring Administrative Agent having given notice of resignation, no successor Administrative Agent has been appointed by the Majority Lenders that has accepted such appointment, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent from among the Lenders.  Each appointment under this Section 12.09(a) shall be subject to the prior consent of Borrower, which may not be unreasonably withheld but shall not be required during the continuance of an Event of Default.
(a)Effective immediately upon its resignation, (i) the retiring Administrative Agent shall be discharged from its duties and obligations under the Loan Documents, (ii) the Lenders shall assume and perform all of the duties of Administrative Agent until a successor Administrative Agent shall have accepted a valid appointment hereunder, (iii) the retiring Administrative Agent and its Related Persons shall no longer have the benefit of any provision of any Loan Document other than with respect to any actions taken or omitted to be taken while such retiring Administrative Agent was, or because such Administrative Agent had been, validly acting as Administrative Agent under the Loan Documents and (iv) subject to its rights under Section 12.03, the retiring Administrative Agent shall take such action as may be reasonably necessary to assign to the successor Administrative Agent its rights as Administrative Agent under the Loan Documents.  Effective immediately upon its acceptance of a valid appointment as Administrative Agent, a successor Administrative Agent shall succeed to, and become vested with, all the rights, powers, privileges and duties of the retiring Administrative Agent under the Loan Documents.
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12.10Release of Collateral or Guarantors.   Each Lender hereby consents to the release and hereby directs Administrative Agent to release (or, in the case of Section 12.10(b)(ii), release or subordinate) the following:
(a)any Subsidiary of Borrower from its guaranty of any Obligation of any Obligor if all of the Equity Interests in such Subsidiary owned by any Obligor or any of its Subsidiaries are disposed of in an Asset Sale permitted under the Loan Documents (including pursuant to a waiver or consent), to the extent that, after giving effect to such Asset Sale, such Subsidiary would not be required to guaranty any Obligations pursuant to Section 8.12; and
(b)any Lien held by Administrative Agent for the benefit of the Secured Parties against (i) any Collateral that is disposed of by an Obligor in an Asset Sale permitted by the Loan Documents (including pursuant to a valid waiver or consent), to the extent all Liens required to be granted in such Collateral pursuant to Section 8.12 after giving effect to such Asset Sale have been granted, (ii) any property subject to a Lien described in Section 9.02(d) and (iii) all of the Collateral and all Obligors, upon (A) termination of the Commitments and (B) payment and satisfaction in full of all Loans and all other Obligations (other than Warrant Obligations).
Each Lender hereby directs Administrative Agent, and Administrative Agent hereby agrees, upon receipt of reasonable advance notice from Borrower, to execute and deliver or file such documents and to perform other actions reasonably necessary to release the guaranties and Liens when and as directed in this Section 12.10.
12.11Additional Secured Parties.   The benefit of the provisions of the Loan Documents directly relating to the Collateral or any Lien granted thereunder shall extend to and be available to any Secured Party that is not a Lender as long as, by accepting such benefits, such Secured Party agrees, as among Administrative Agent and all other Secured Parties, that such Secured Party is bound by (and, if requested by Administrative Agent, shall confirm such agreement in a writing in form and substance acceptable to Administrative Agent) this Section 12 and the decisions and actions of Administrative Agent and the Majority Lenders (or, where expressly required by the terms of this Agreement, a greater proportion of the Lenders) to the same extent a Lender is bound; provided, however, that, notwithstanding the foregoing, (a) such Secured Party shall be bound by Section 12.08 only to the extent of liabilities, costs and expenses with respect to or otherwise relating to the Collateral held for the benefit of such Secured Party, in which case the obligations of such Secured Party thereunder shall not be limited by any concept of Proportionate Share or similar concept, (b) each of Administrative Agent and each Lender shall be entitled to act at its sole discretion, without regard to the interest of such Secured Party, regardless of whether any Obligation to such Secured Party thereafter remains outstanding, is deprived of the benefit of the Collateral, becomes unsecured or is otherwise affected or put in jeopardy thereby, and without any duty or liability to such Secured Party or any such Obligation and (c) such Secured Party shall not have any right to be notified of, consent to, direct, require or be heard with respect to, any action taken or omitted in respect of the Collateral or under any Loan Document.
SECTION 13
MISCELLANEOUS
13.01No Waiver.  No failure on the part of Administrative Agent or any Lender to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under any Loan Document preclude any other or further exercise thereof or the exercise of any other right, power or privilege.  The remedies provided herein are cumulative and not exclusive of any remedies provided by law.
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13.02Notices.   All notices, requests, instructions, directions and other communications provided for herein (including any modifications of, or waivers, requests or consents under, this Agreement) shall be given or made in writing (including by telecopy or electronic mail) delivered, if to Borrower, another Obligor, Administrative Agent or any Lender, to its address specified on the signature pages hereto or its Guarantee Assumption Agreement, as the case may be, or at such other address as shall be designated by such party in a notice to the other parties.  Except as otherwise provided in this Agreement, all such communications shall be deemed to have been duly given upon receipt of a legible copy thereof, in each case given or addressed as aforesaid.  All such communications provided for herein by telecopy or electronic mail shall be confirmed in writing promptly after the delivery of such communication (it being understood that non-receipt of written confirmation of such communication shall not invalidate such communication).
13.03Expenses, Indemnification, Etc.
(a)Expenses.  Borrower agrees to pay or reimburse (i) Administrative Agent and the Lenders for all of their reasonable and documented out-of-pocket costs and expenses (including the reasonable and documented fees and expenses of Moore & Van Allen PLLC, special counsel to Administrative Agent and the Lenders, and any sales, goods and services or other similar Taxes applicable thereto, and reasonable and documented printing, reproduction, document delivery, communication and travel costs) in connection with (x) the negotiation, preparation, execution and delivery of this Agreement and the other Loan Documents and the making of the Loans (exclusive of post-closing costs), (y) post-closing costs and (z) the negotiation or preparation of any modification, supplement or waiver of any of the terms of this Agreement or any of the other Loan Documents (whether or not consummated) and (ii) Administrative Agent and the Lenders for all of their documented out-of-pocket costs and expenses (including the fees and expenses of legal counsel) in connection with any enforcement or collection proceedings resulting from the occurrence of an Event of Default; provided, however, that, Borrower shall not be required to pay or reimburse any amounts pursuant to Section 13.03(a)(i)(x) in excess of the Expense Cap; provided, further, that, notwithstanding any provision under this Agreement or other Loan Document to the contrary, Borrower and its Subsidiaries shall not be responsible for legal and filing costs, fees, expenses and other amounts with respect to actions taken in foreign jurisdictions in excess of $50,000 in respect of actions required under Section 8.12 for each foreign jurisdiction, or $100,000 in the aggregate for all foreign jurisdictions.
(b)Indemnification.  Borrower hereby indemnifies Administrative Agent, each Lender, their respective Affiliates, and their respective directors, officers, employees, attorneys, agents, advisors and controlling parties (each, an “Indemnified Party”) from and against, and agrees to hold them harmless against, any and all Claims and Losses of any kind (including reasonable fees and disbursements of counsel), joint or several, that may be incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or relating to this Agreement or any of the other Loan Documents or the transactions contemplated hereby or thereby or any use made or proposed to be made with the proceeds of the Loans, and any claim, investigation, litigation or proceeding or the preparation of any defense with respect thereto arising out of or in connection with or relating to any of the foregoing, whether or not any Indemnified Party is a party to an actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based in contract, tort or any other theory, and whether or not such investigation, litigation or proceeding is brought by Borrower, any of its shareholders or creditors, an Indemnified Party or any other Person, or an Indemnified Party is otherwise a party thereto, and whether or not the conditions precedent set forth in Section 6 are satisfied or the other transactions contemplated by this Agreement are consummated, except to the extent such Claim or Loss is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct.  No Obligor shall assert any claim against any Indemnified Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the transactions
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contemplated hereby or thereby or the actual or proposed use of the proceeds of the Loans.  Borrower, its Subsidiaries and Affiliates and their respective directors, officers, employees, attorneys, agents, advisors and controlling parties are each sometimes referred to in this Agreement as a “Borrower Party.”  No Lender shall assert any claim against any Borrower Party, on any theory of liability, for consequential, indirect, special or punitive damages arising out of or otherwise relating to this Agreement or any of the other Loan Documents or any of the transactions contemplated hereby or thereby or the actual or proposed use of the proceeds of the Loans; provided, that, the foregoing shall in no event limit any Borrower Party’s indemnification obligations under this clause (b) to the extent such consequential, indirect, special or punitive damages are included in any third-party claim in connection with which such Indemnified Party is otherwise entitled to indemnification hereunder. This Section 13.03(b) shall not apply with respect to Taxes other than any Taxes that represent Claims, Losses, damages, or similar items, in each case, arising from any non-Tax claim.
13.04Amendments, Etc.  Except as otherwise expressly provided in this Agreement, any provision of this Agreement may be modified or supplemented only by an instrument in writing signed by Borrower and the Majority Lenders (or Administrative Agent on behalf of such Majority Lenders); provided, however, that:
(a)the consent of all of the Lenders shall be required to:
(i)amend, modify, discharge, terminate or waive any of the terms of this Agreement if such amendment, modification, discharge, termination or waiver would increase the amount of the Loans, reduce the fees payable hereunder, reduce interest rates or other amounts payable with respect to the Loans, extend any date fixed for payment of principal, interest or other amounts payable relating to the Loans or extend the repayment dates of the Loans;
(ii)amend the provisions of Section 6;
(iii)amend, modify, discharge, terminate or waive any Security Document if the effect is to release all or substantially all of the Collateral subject thereto other than pursuant to the terms hereof or thereof; or
(iv)amend this Section 13.04; and
(b)no amendment, waiver or consent shall affect the rights or duties under any Loan Document of, or any payment to, Administrative Agent (or otherwise modify any provision of Section 12 or the application thereof) unless in writing and signed by Administrative Agent in addition to any signature otherwise required.
Notwithstanding anything to the contrary herein, a Defaulting Lender shall not have any right to approve or disapprove any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Lenders or each affected Lender may be effected with the consent of the applicable Lenders other than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended without the consent of such Lender and (y) any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more adversely than other affected Lenders shall require the consent of such Defaulting Lender.
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13.05Successors and Assigns.
(a)General.  The provisions of this Agreement and the other Loan Documents shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that Borrower may not assign or otherwise transfer any of its rights or obligations hereunder or under any of the other Loan Documents without the prior written consent of the Lenders.  Any of the Lenders may assign or otherwise transfer any of their rights or obligations hereunder or under any of the other Loan Documents to an assignee (i) in accordance with the provisions of Section 13.05(b), (ii) by way of participation in accordance with the provisions of Section 13.05(e) or (iii) by way of pledge or assignment of a security interest subject to the restrictions of Section 13.05(g).  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section13.05(e) and, to the extent expressly contemplated hereby, the Indemnified Parties) any legal or equitable right, remedy or claim under or by reason of this Agreement.
(b)Assignments by Lenders.  Any of the Lenders may at any time assign to one or more Eligible Transferees (or, if an Event of Default has occurred and is continuing, to any Person) all or a portion of their rights and obligations under this Agreement (including all or a portion of the Commitment and the Loans at the time owing to it); provided, however, that, no such assignment shall be made to Borrower, an Affiliate of Borrower, or any employees or directors of Borrower at any time.  Subject to the recording thereof by Administrative Agent pursuant to Section 13.05(d), from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of the Lenders under this Agreement and the other Loan Documents, and correspondingly the assigning Lender shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of a Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) and the other Loan Documents but shall continue to be entitled to the benefits of Section 5 and Section 13.03.  Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 13.05(b) shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with Section 13.05(e).
(c)Amendments to Loan Documents.  Each of Administrative Agent, the Lenders and the Obligors agrees to enter into such amendments to the Loan Documents, and such additional Security Documents and other instruments and agreements, in each case in form and substance reasonably acceptable to Administrative Agent, the Lenders and the Obligors, as shall reasonably be necessary to implement and give effect to any assignment made under this Section 13.05.
(d)Register.  Administrative Agent, acting solely for this purpose as an agent of Borrower, shall maintain at one of its offices located within the United States a register for the recordation of the name and address of any assignee of the Lenders and the Commitment and outstanding principal amount (and stated interest) of the Loans owing thereto (the “Register”).  The entries in the Register shall be conclusive, absent manifest error, and Borrower shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as the “Lender” hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.  The Register shall be available for inspection by Borrower, at any reasonable time and from time to time upon reasonable prior notice.
(e)Participations.  Any of the Lenders may at any time, without the consent of, or notice to, Borrower, sell participations to any Person (other than a natural person or Borrower or any of Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of the Commitment and/or the Loans owing to
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it); provided, that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) Borrower shall continue to deal solely and directly with the Lenders in connection therewith.
Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any  provision of this Agreement; provided, that, such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that would (i) increase or extend the term of such Lender’s Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or any portion of any fee hereunder payable to the Participant, (iii) reduce the amount of any such payment of principal, or (iv) reduce the rate at which interest is payable thereon to a level below the rate at which the Participant is entitled to receive such interest.  Subject to Section 13.05(f), Borrower agrees that each Participant shall be entitled to the benefits of Section 5.01 and Section 5.03 (subject to the requirements and limitations therein, including the requirements of Section 5.03(e) (it being understood that the documentation required under Section 5.03(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 13.05(b).  To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 4.04(a) as though it were the Lender.
(f)Limitations on Rights of Participants.  A Participant shall not be entitled to receive any greater payment under Section 5.01 or Section 5.03 than a Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with Borrower’s prior written consent.  Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided, that, no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitment, loan, letter of credit or other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letters of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations.  The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.  For the avoidance of doubt, Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.
(g)Certain Pledges.  The Lenders may at any time pledge or assign a security interest in all or any portion of their respective rights under this Agreement and any other Loan Document to secure obligations of the Lenders, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided, that, no such pledge or assignment shall release the Lenders from any of their obligations hereunder or substitute any such pledgee or assignee for the Lenders as a party hereto.
13.06Survival.  The obligations of the Obligors under Section 5.01, Section 5.02, Section 5.03, Section 13.03, Section 13.05, Section 13.09, Section 13.10, Section 13.11, Section 13.12, Section 13.13, Section 13.14, Section 13.21 and Section 14 (solely to the extent guaranteeing any of the obligations under the foregoing Sections) shall survive the repayment of the Obligations and the termination of the Commitment and, in the case of the Lenders’ assignment of any interest in the Commitment or the Loans hereunder, shall survive, in the case of any event or circumstance that occurred prior to the effective date of such assignment, the making of such assignment, notwithstanding that the Lenders may cease to be  “Lenders” hereunder. In
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addition, each representation and warranty made, or deemed to be made by a Notice of Borrowing, herein or pursuant hereto shall survive the making of such representation and warranty.
13.07Captions.  The table of contents and captions and section headings appearing herein are included solely for convenience of reference and are not intended to affect the interpretation of any provision of this Agreement.
13.08Counterparts.  This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and any of the parties hereto may execute this Agreement by signing any such counterpart.
13.09Governing Law.  This Agreement and the rights and obligations of the parties hereunder shall be governed by, and construed in accordance with, the law of the State of New York, without regard to principles of conflicts of laws that would result in the application of the laws of any other jurisdiction; provided, that, Section 5-1401 of the New York General Obligations Law shall apply.
13.10Jurisdiction, Service of Process and Venue.
(a)Submission to Jurisdiction.  Each Obligor agrees that any suit, action or proceeding with respect to this Agreement or any other Loan Document to which it is a party or any judgment entered by any court in respect thereof may be brought initially in the federal or state courts in Houston, Texas or in the courts of its own corporate domicile and irrevocably submits to the non-exclusive jurisdiction of each such court for the purpose of any such suit, action, proceeding or judgment.  This Section 13.10(a) is for the benefit of Administrative Agent and the Lenders only and, as a result, neither Administrative Agent nor any Lender shall be prevented from taking proceedings in any other courts with jurisdiction.  To the extent allowed by applicable Laws, Administrative Agent and the Lenders may take concurrent proceedings in any number of jurisdictions.
(b)Alternative Process.  Nothing herein shall in any way be deemed to limit the ability of Administrative Agent or the Lenders to serve any such process or summonses in any other manner permitted by applicable law.
(c)Waiver of Venue, Etc.  Each Obligor irrevocably waives to the fullest extent permitted by law any objection that it may now or hereafter have to the laying of the venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document and hereby further irrevocably waives to the fullest extent permitted by law any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.  A final judgment (in respect of which time for all appeals has elapsed) in any such suit, action or proceeding shall be conclusive and may be enforced in any court to the jurisdiction of which such Obligor is or may be subject, by suit upon judgment.
13.11Waiver of Jury Trial.  EACH OBLIGOR AND EACH LENDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER LOAN DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.
13.12Waiver of Immunity.  To the extent that any Obligor may be or become entitled to claim for itself or its Property or revenues any immunity on the ground of sovereignty or the like from suit, court jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment or execution of a judgment, and to the extent that in any such jurisdiction there may be attributed such an immunity (whether
81

or not claimed), such Obligor hereby irrevocably agrees not to claim and hereby irrevocably waives such immunity with respect to its obligations under this Agreement and the other Loan Documents.
13.13Entire Agreement.   This Agreement and the other Loan Documents constitute the entire agreement among the parties with respect to the subject matter hereof and thereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.  EACH OBLIGOR ACKNOWLEDGES, REPRESENTS AND WARRANTS THAT IN DECIDING TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS OR IN TAKING OR NOT TAKING ANY ACTION HEREUNDER OR THEREUNDER, IT HAS NOT RELIED, AND WILL NOT RELY, ON ANY STATEMENT, REPRESENTATION, WARRANTY, COVENANT, AGREEMENT OR UNDERSTANDING, WHETHER WRITTEN OR ORAL, OF OR WITH ADMINISTRATIVE AGENT OR THE LENDERS OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS.
13.14Severability.  If any provision hereof is found by a court to be invalid or unenforceable, to the fullest extent permitted by applicable law the parties agree that such invalidity or unenforceability shall not impair the validity or enforceability of any other provision hereof.
13.15No Fiduciary Relationship.   Each Obligor acknowledges that Administrative Agent and the Lenders have no fiduciary relationship with, or fiduciary duty to, Borrower arising out of or in connection with this Agreement or the other Loan Documents, and the relationship between the Lenders and Borrower is solely that of creditor and debtor.  This Agreement and the other Loan Documents do not create a joint venture among the parties.
13.16Confidentiality.   Administrative Agent and the Lenders agree to maintain the confidentiality of the Confidential Information (as defined in the Non-Disclosure Agreement) in accordance with the terms of that certain confidentiality agreement dated June 17, 2014 between Borrower and Capital Royalty L.P (the “Non-Disclosure Agreement”).  Any new Lender that becomes party to this Agreement hereby agrees to be bound by the terms of the Non-Disclosure Agreement.  The parties to this Agreement shall prepare a mutually agreeable press release announcing the completion of this transaction on the Closing Date.
13.17USA PATRIOT ACT.  Administrative Agent and the Lenders hereby notify the Obligors that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) or any Anti-Money Laundering Laws, they are required to obtain, verify and record information that identifies such Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender to identify such Obligor in accordance with the Act or other Anti-Money Laundering Laws.
13.18Maximum Rate of Interest.  Notwithstanding anything to the contrary contained in any Loan Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable Law (in each case, the “Maximum Rate”).  If the Lenders shall receive interest in an amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans, and not to the payment of interest, or, if the excessive interest exceeds such unpaid principal, the amount exceeding the unpaid balance shall be refunded to the applicable Obligor.  In determining whether the interest contracted for, charged, or received by the Lenders exceeds the Maximum Rate, the Lenders may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the effects thereof, (c) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Indebtedness and other obligations of any Obligor hereunder, or (d) allocate interest between portions of such Indebtedness and other obligations under the
82

Loan Documents to the end that no such portion shall bear interest at a rate greater than that permitted by applicable Law.
13.19Redemption Price.
(a)For the avoidance of doubt, the Prepayment Premium (as a component of the Redemption Price) and Back-End Facility Fee shall be due and payable whenever so stated in this Agreement (and the Fee Letter, as applicable), or by any applicable operation of law, regardless of the circumstances causing any related payment prior to the Stated Maturity Date (other than an Acceleration, in which case the Acceleration Premium instead shall be payable).
(b)The Obligors and the Lenders acknowledge and agree that any Prepayment Premium due and payable in accordance with the Loan Documents shall not constitute unmatured interest, whether under section 502(b)(2) of the Bankruptcy Code or otherwise, but instead is reasonably calculated to ensure that the Lenders receive the benefit of their bargain under the terms of this Agreement.
(c)Each Obligor acknowledges and agrees that, prior to executing this Agreement, it has had the opportunity to review, evaluate and negotiate the Prepayment Premium calculation with its advisors and acknowledges that the Prepayment Premium is a reasonable approximation of the Lenders’ liquidated damages upon repayment on any Redemption Date prior to the Stated Maturity Date and, accordingly, each Obligor will not contest or object to the reasonableness thereof.  Each Obligor understands and acknowledges that the Lenders have entered into this Agreement in reliance upon the Prepayment Premium.  Each Obligor acknowledges and agrees that the Lenders shall be entitled to recover the full amount of the Obligations, including the Prepayment Premium in each and every circumstance in which such amount is due pursuant to or in connection with this Agreement, so that the Lenders shall receive the benefit of their bargain hereunder and otherwise receive full recovery of the agreed-upon return under every possible circumstance, and Borrower hereby waives any defense to payment, whether such defense may be based in public policy, ambiguity, or otherwise.  Each Obligor further acknowledges and agrees, and waives any argument to the contrary, that payment of such amounts does not constitute a penalty or an otherwise unenforceable or invalid obligation.  Any damages that the Lenders may suffer or incur resulting from or arising in connection with any breach by Borrower shall constitute secured obligations owing to the Lenders.
13.20Certain Waivers.
(a)Real Property Security Waivers.
(i)Each Obligor acknowledges that all or any portion of the Obligations (other than Warrant Obligations) may now or hereafter be secured by a Lien or Liens upon real property evidenced by certain documents including deeds of trust and assignments of rents.  The Secured Parties may, pursuant to the terms of said real property security documents and applicable law, foreclose under all or any portion of one or more of said Liens by means of judicial or nonjudicial sale or sales.  Each Obligor agrees that the Secured Parties may exercise whatever rights and remedies they may have with respect to said real property security, all without affecting the liability of any Obligor under the Loan Documents, except to the extent the Secured Parties realize payment by such action or proceeding.  No election to proceed in one form of action or against any party, or on any obligation shall constitute a waiver of any Secured Party’s rights to proceed in any other form of action or against any Obligor or any other Person, or diminish the liability of any Obligor, or affect the right of the Secured Parties to proceed against any Obligor for any deficiency, except to the extent the Secured Parties realize payment by such action, notwithstanding the effect of such action upon any Obligor’s rights of subrogation, reimbursement or indemnity, if any, against Obligor or any other Person.
83

(ii)To the extent permitted under applicable law, each Obligor hereby waives any rights and defenses that are or may become available to such Obligor by reason of Sections 2787 to 2855, inclusive, of the California Civil Code.
(iii)To the extent permitted under applicable law, each Obligor hereby waives all rights and defenses that such Obligor may have because the Obligations are or may be secured by real property.  This means, among other things:
(A)the Secured Parties may collect from any Obligor without first foreclosing on any real or personal property collateral pledged by any other Obligor;
(B)If the Secured Parties foreclose on any real property collateral pledged by any Obligor:
(1)the amount of the Loans may be reduced only by the price for which that collateral is sold at the foreclosure sale, even if the collateral is worth more than the sale price;
(2)the Secured Parties may collect from each Obligor even if the Secured Parties, by foreclosing on the real property collateral, have destroyed any right that such Obligor may have to collect from any other Obligor; and
(3)to the extent permitted under applicable law, this is an unconditional and irrevocable waiver of any rights and defenses each Obligor may have because the Obligations are or may be secured by real property.  These rights and defenses include, but are not limited to, any rights or defenses based upon Section 580a, 580b, 580d or 726 of the California Code of Civil Procedure.
(iv)To the extent permitted under applicable law, each Obligor waives all rights and defenses arising out of an election of remedies by the Secured Parties, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guaranteed obligation, has destroyed such Obligor’s rights of subrogation and reimbursement against the principal by the operation of Section 580d of the California Code of Civil Procedure or otherwise.
(b)Waiver of Marshaling.  Without limiting the foregoing in any way, each Obligor hereby irrevocably waives and releases, to the extent permitted by Law, any and all rights it may have at any time (whether arising directly or indirectly, by operation of law, contract or otherwise) to require the marshaling of any assets of any Obligor, which right of marshaling might otherwise arise from any payments made or obligations performed.
13.21Original Issue Discount.   For purposes of Sections 1272, 1273 and 1275 of the Code, each Loan is being issued with original issue discount; please contact Rebecca Kuhn, Chief Financial Officer, Vice President, Finance & Administration, 455 N Bernardo Avenue, Mountain View, CA 94043, telephone: (650) 237-2739 to obtain information regarding the issue price, the amount of original issue discount and the yield to maturity.
13.22Releases of Guarantees and Liens.
(a)Notwithstanding anything to the contrary contained herein or in any other Loan Document, each Lender agrees, and the Administrative Agent is hereby irrevocably authorized by each Lender and given a limited power of attorney by each Lender to perform the actions as described hereafter in this
84

Section 13.22 (without requirement of notice to or consent of any Lender except as expressly required by Section 13.04), to take any action reasonably requested by Borrower having the effect of releasing any Collateral or Obligations (i) to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to by the Lenders or (ii) under the circumstances described in clause (b) below.
(b)At such time as the Loans and the other Obligations (other than the Warrant Obligations and inchoate indemnity obligations) under the Loan Documents shall have been indefeasibly paid in full and the Commitments have been terminated, the Collateral shall be released from the Liens created by the Security Documents, and the Security Documents and all obligations (other than those expressly stated to survive such termination) of the Administrative Agent and each Obligor under the Security Documents shall terminate, all without delivery of any instrument or performance of any act by any Person.
SECTION 14
GUARANTEE
14.01The Guarantee.  The Subsidiary Guarantors hereby jointly and severally guarantee to the Secured Parties and their respective successors and assigns the prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the principal of and interest on the Loans and all fees and other amounts from time to time owing to the Secured Parties by Borrower under this Agreement or under any other Loan Document and by any other Obligor under any of the Loan Documents, in each case strictly in accordance with the terms thereof (such obligations being herein collectively called the “Guaranteed Obligations”).  The Subsidiary Guarantors hereby further jointly and severally agree that if Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Guaranteed Obligations, the Subsidiary Guarantors will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Guaranteed Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal.
14.02Obligations Unconditional; Subsidiary Guarantor Waivers. The obligations of the Subsidiary Guarantors under Section 14 are absolute and unconditional, joint and several, irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of Borrower under this Agreement or any other agreement or instrument referred to herein, or any substitution, release or exchange of any other guarantee of or security for any of the Guaranteed Obligations, and, to the fullest extent permitted by applicable law, irrespective of any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a surety or guarantor, it being the intent of this Section 14.02 that the obligations of the Subsidiary Guarantors hereunder shall be absolute and unconditional, joint and several, under any and all circumstances.  Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not alter or impair the liability of the Subsidiary Guarantors hereunder, which shall remain absolute and unconditional as described above, and each Subsidiary Guarantor hereby irrevocably waives any defenses to enforcement it may have (now or in the future) by reason of:
(a)any change in the time, including the time for any performance or compliance with, place or manner of payment of, or in any other term of, the Guaranteed Obligations or any other obligation of any Obligor under any Loan Document, or any rescission, waiver, amendment or other modification of any Loan Document or any other agreement, including any increase in the Guaranteed Obligations resulting from any extension of additional credit or otherwise;
(b)any of the acts mentioned in any of the provisions of this Agreement or any other agreement or instrument referred to herein shall be done or omitted;
85

(c)the maturity of any of the Guaranteed Obligations shall be accelerated, or any of the Guaranteed Obligations shall be modified, supplemented or amended in any respect, or any right under this Agreement or any other agreement or instrument referred to herein  shall be waived or any other guarantee of any of the Guaranteed Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with;
(d)any taking, exchange, substitution, release, impairment or non-perfection of any Collateral, any taking, release, impairment, amendment, waiver or other modification of any guaranty, for the Guaranteed Obligations or any lien or security interest granted to, or in favor of, the Secured Parties as security for any of the Guaranteed Obligations shall fail to be perfected; and
(e)the failure of any other Person to execute or deliver this Agreement, any Loan Document or any other guaranty or agreement or the release or reduction of liability of any Obligor or other guarantor or surety with respect to the Guaranteed Obligations.
The Subsidiary Guarantors hereby expressly waive diligence, presentment, demand of payment, protest and all notices whatsoever, and any requirement that any Secured Party exhaust any right, power or remedy or proceed against Borrower under this Agreement or any other agreement or instrument referred to herein, or against any other Person under any other guarantee of, or security for, any of the Guaranteed Obligations.
14.03Reinstatement. The obligations of the Subsidiary Guarantors under this Section 14.03 shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of Borrower in respect of the Guaranteed Obligations is rescinded or must be otherwise restored by any holder of any of the Guaranteed Obligations, whether as a result of any proceedings in bankruptcy or reorganization or otherwise, and the Subsidiary Guarantors jointly and severally agree that they will indemnify the Secured Parties on demand for all reasonable costs and expenses (including fees of counsel) incurred by the Lenders in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.
14.04Subrogation.  The Subsidiary Guarantors hereby jointly and severally agree that until the payment and satisfaction in full of all Guaranteed Obligations (other than Warrant Obligations) and the expiration and termination of the Commitments under this Agreement, they shall not exercise any right or remedy arising by reason of any performance by them of their guarantee in Section 14, whether by subrogation or otherwise, against Borrower or any other guarantor of any of the Guaranteed Obligations or any security for any of the Guaranteed Obligations.
14.05Remedies.  The Subsidiary Guarantors jointly and severally agree that, as between the Subsidiary Guarantors and the Secured Parties, the obligations of Borrower under this Agreement and under the other Loan Documents (other than any Warrant Obligations) may be declared to be forthwith due and payable as provided in Section 11 (and shall be deemed to have become automatically due and payable in the circumstances provided in Section 11) for purposes of Section 14 notwithstanding any stay, injunction or other prohibition preventing such declaration (or such obligations from becoming automatically due and payable) as against Borrower and that, in the event of such declaration (or such obligations being deemed to have become automatically due and payable), such obligations (whether or not due and payable by Borrower) shall forthwith become due and payable by the Subsidiary Guarantors for purposes of Section 14.
14.06Instrument for the Payment of Money.  Each Subsidiary Guarantor hereby acknowledges that the guarantee in this Section 14 constitutes an instrument for the payment of money, and consents and 
86

agrees that the Secured Parties, at their sole option, in the event of a dispute by such Subsidiary Guarantor in the payment of any moneys due hereunder, shall have the right to proceed by motion for summary judgment in lieu of complaint pursuant to N.Y. Civ. Prac. L&R § 3213.
14.07Continuing Guarantee.   The guarantee in this Section 14 is a continuing guarantee, and shall apply to all Guaranteed Obligations whenever arising.
14.08Rights of Contribution.   The Subsidiary Guarantors hereby agree, as between themselves, that if any Subsidiary Guarantor shall become an Excess Funding Guarantor (as defined below) by reason of the payment by such Subsidiary Guarantor of any Guaranteed Obligations, each other Subsidiary Guarantor shall, on demand of such Excess Funding Guarantor (but subject to the next sentence), pay to such Excess Funding Guarantor an amount equal to such Subsidiary Guarantor’s Pro Rata Share (as defined below and determined, for this purpose, without reference to the properties, debts and liabilities of such Excess Funding Guarantor) of the Excess Payment (as defined below) in respect of such Guaranteed Obligations.  The payment obligation of a Subsidiary Guarantor to any Excess Funding Guarantor under this Section 14.08 shall be subordinate and subject in right of payment to the prior payment in full of the obligations of such Subsidiary Guarantor under the other provisions of this Section 14 and such Excess Funding Guarantor shall not exercise any right or remedy with respect to such excess until payment and satisfaction in full of all of such obligations.
For purposes of this Section 14.08, (a) “Excess Funding Guarantor” means, in respect of any Guaranteed Obligations, a Subsidiary Guarantor that has paid an amount in excess of its Pro Rata Share of such Guaranteed Obligations, (b) “Excess Payment” means, in respect of any Guaranteed Obligations, the amount paid by an Excess Funding Guarantor in excess of its Pro Rata Share of such Guaranteed Obligations and (c) “Pro Rata Share” means, for any Subsidiary Guarantor, the ratio (expressed as a percentage) of (i) the amount by which the aggregate present fair saleable value of all properties of such Subsidiary Guarantor (excluding any shares of stock of any other Subsidiary Guarantor) exceeds the amount of all the debts and liabilities of such Subsidiary Guarantor (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of such Subsidiary Guarantor hereunder and any obligations of any other Subsidiary Guarantor that have been Guaranteed by such Subsidiary Guarantor) to (ii) the amount by which the aggregate fair saleable value of all properties of all of the Subsidiary Guarantors exceeds the amount of all the debts and liabilities (including contingent, subordinated, unmatured and unliquidated liabilities, but excluding the obligations of Borrower and the Subsidiary Guarantors hereunder and under the other Loan Documents) of all of the Subsidiary Guarantors, determined (A) with respect to any Subsidiary Guarantor that is a party hereto on the first Borrowing Date, as of such Borrowing Date, and (B) with respect to any other Subsidiary Guarantor, as of the date such Subsidiary Guarantor becomes a Subsidiary Guarantor hereunder.
14.09General Limitation on Guarantee Obligations.  In any action or proceeding involving any provincial, territorial or state corporate law, or any state or federal bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under Section 14 would otherwise, taking into account the provisions of Section 14.08, be held or determined to be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account of the amount of its liability under Section 14, then, notwithstanding any other provision hereof to the contrary, the amount of such liability shall, without any further action by such Subsidiary Guarantor, any Secured Party or any other Person, be automatically limited and reduced to the highest amount that is valid and enforceable and not subordinated to the claims of other creditors as determined in such action or proceeding.
[Signature Pages Follow]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.
						
	BORROWER:
		
	NEUROPACE, INC.
		
	By:	/s/ Rebecca Kuhn
	Name:	Rebecca Kuhn
	Title:	Chief Financial Officer, Vice President, Finance and Administration, and Assistant Security
		
	Address for Notices:
		
	NeuroPace, Inc.
455 N Bernardo Avenue
Mountain View, CA 94043
Attn:    Rebecca Kuhn, Chief Financial Officer and Vice President
Tel.:    650.237.2739
Fax:    650.237.2701
Email:    rkuhn@neuropace.com
		
	with a copy to:
		
	NeuroPace, Inc.
455 N Bernardo Avenue
Mountain View, CA 94043
Attn:    Pamela Maher, General Counsel
Tel.:    650.237.2743
Fax:    650.237.2701
Email:    pmaher@neuropace.com

						
	ADMINISTRATIVE AGENT:
		
	CRG SERVICING LLC
		
	By	/s/ Nathan Hukill
		Nathan Hukill
		Authorized Signatory
		
	Address for Notices:
1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.com

															
	LENDERS:
					
	CRG PARTNERS IV L.P.
		By: CRG PARTNERS IV GP L.P.,
its general partner
			By: CRG PARTNERS IV GP LLC,
its general partner	
					
					
		By:	/s/ Nathan Hukill	
			Name:    Nathan Hukill	
			Title: Sole Member
	
					
	Address for Notices:
1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.com

															
	CRG PARTNERS IV – PARALLEL FUND “C” (CAYMAN) L.P.
		By: CR GROUP L.P.,
its investment advisor
					
					
			By:	/s/ Nathan Hukill	
				Name:    Nathan Hukill	
				Title: Authorized Signatory
	
					
					
	Address for Notices:
1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.com	

												
	CRG PARTNERS IV – CAYMAN LEVERED L.P.
		By: CRG PARTNERS IV (CAYMAN) GP L.P.,
its general partner
			By: CRG PARTNERS IV GP LLC,
Its general partner

				
			By:	/s/ Nathan Hukill
			Name:    Nathan Hukill
			Title:    Authorized Signatory

				
	Address for Notices:
1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.com

									
	VCOC LENDERS:
			
	CRG PARTNERS IV L.P.
		By: CRG PARTNERS IV GP L.P.,
its general partner
			By: CRG PARTNERS IV GP LLC,
its general partner
			
		By:	/s/ Nathan Hukill
		Name:    Nathan Hukill
		Title: Sole Member

			
	Address for Notices:
1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.com

									
	CRG PARTNERS IV – CAYMAN LEVERED L.P.
		By: CRG PARTNERS IV (CAYMAN) GP L.P.,
its general partner

			By: CRG PARTNERS IV GP LLC,
its general partner
			
		By:	/s/ Nathan Hukill
		Name:    Nathan Hukill
		Title: Authorized Signatory

			
	1000 Main Street, Suite 2500
Houston, TX 77002
Attn:    Portfolio Reporting
Tel.:    713.209.7350
Fax:    713.209.7351
Email:    notices@crglp.comExhibit 4.1

      

       

      

      PITNEY BOWES INC.

       

      Issuer,

       

      the Guarantors from time to time parties hereto

       

      
        

       

      6.875% SENIOR NOTES DUE 2027

       

      INDENTURE

       

      Dated as of March 19, 2021

       

      
        

       

      TRUIST BANK,

       

      Trustee

       

      
        
          

      

      
      
        	
                TABLE OF CONTENTS

              
	 	
                Page

              
	
                ARTICLE 1

              
	 	 
	
                DEFINITIONS AND INCORPORATION

              
	
                BY REFERENCE

              	
                1

              
	 	 
	
                Section 1.01 Definitions.

              	
                1

              
	
                Section 1.02 Other Definitions.

              	
                21

              
	
                Section 1.03 Incorporation by Reference of Trust
                  Indenture Act.

              	
                21

              
	
                Section 1.04 Rules of Construction and Calculation.

              	
                21

              
	
                Section 1.05 Limited Condition Transactions.

              	
                22

              
	 	 
	
                ARTICLE 2

              
	 	 
	
                THE NOTES

              	
                23

              
	 	 
	
                Section 2.01 Form and Dating.

              	
                23

              
	
                Section 2.02 Execution and Authentication.

              	
                23

              
	
                Section 2.03 Registrar and Paying Agent.

              	
                24

              
	
                Section 2.04 Paying Agent to Hold Money in Trust.

              	
                24

              
	
                Section 2.05 Holder Lists.

              	
                25

              
	
                Section 2.06 Transfer and Exchange.

              	
                25

              
	
                Section 2.07 Replacement Notes.

              	
                34

              
	
                Section 2.08 Outstanding Notes.

              	
                35

              
	
                Section 2.09 Treasury Notes.

              	
                35

              
	
                Section 2.10 Temporary Notes.

              	
                35

              
	
                Section 2.11 Cancellation.

              	
                35

              
	
                Section 2.12 Defaulted Interest.

              	
                35

              
	
                Section 2.13 CUSIP Numbers.

              	
                36

              
	
                Section 2.14 Issuance of Additional Notes.

              	
                36

              
	 
	
                ARTICLE 3

              
	 	 
	
                REDEMPTION AND PREPAYMENT

              	
                36

              
	 	 
	
                Section 3.01 Notices to Trustee.

              	
                36

              
	
                Section 3.02 Selection of Notes to Be Redeemed.

              	
                37

              
	
                Section 3.03 Notice of Redemption.

              	
                37

              
	
                Section 3.04 Effect of Notice of Redemption.

              	
                38

              
	
                Section 3.05 Deposit of Redemption or Purchase
                  Price.

              	
                38

              
	
                Section 3.06 Notes Redeemed or Purchased in Part.

              	
                38

              
	
                Section 3.07 Optional Redemption.

              	
                38

              
	
                Section 3.08 Mandatory Redemption.

              	
                39

              
	 
	
                ARTICLE 4

              
	 	 
	
                COVENANTS

              	
                39

              
	 	 
	
                Section 4.01 Payment of Notes.

              	
                39

              
	
                Section 4.02 Maintenance of Office or Agency.

              	
                39

              
	
                Section 4.03 Reports.

              	
                39

              
	
                Section 4.04 Compliance Certificate.

              	
                40

              
	
                Section 4.05 Liens.

              	
                40

              
	
                Section 4.06 Guaranteed Indebtedness.

              	
                40

              

         

        

        
          - i -

          
            

        

        
          
            	
                    Section 4.07 Sales and Leasebacks.

                  	
                    41

                  
	
                    Section 4.08 Change of Control Offer.

                  	
                    41

                  
	
                    Section 4.09 Designation of Restricted and
                      Unrestricted Subsidiaries and Investments in Unrestricted Subsidiaries.

                  	
                    42

                  
	
                    Section 4.10 Additional Note Guarantees.

                  	
                    43

                  
	
                    Section 4.11 Covenant Suspension.

                  	
                    43

                  
	
                    Section 4.12 Stay, Extension and Usury Laws.

                  	
                    44

                  
	 
	
                    ARTICLE 5

                  
	 	 
	
                    SUCCESSORS

                  	
                    44

                  
	 	 
	
                    Section 5.01 Merger, Consolidation and Sale of
                      Assets.

                  	
                    44

                  
	 
	
                    ARTICLE 6

                  
	 	 
	
                    DEFAULTS AND REMEDIES

                  	
                    45

                  
	 	 
	
                    Section 6.01 Events of Default.

                  	
                    45

                  
	
                    Section 6.02 Acceleration.

                  	
                    46

                  
	
                    Section 6.03 Other Remedies.

                  	
                    46

                  
	
                    Section 6.04 Waiver of Past Defaults.

                  	
                    46

                  
	
                    Section 6.05 Control by Majority.

                  	
                    47

                  
	
                    Section 6.06 Limitation on Suits.

                  	
                    47

                  
	
                    Section 6.07 Rights of Holders to Receive
                      Payment.

                  	
                    47

                  
	
                    Section 6.08 Collection Suit by Trustee.

                  	
                    47

                  
	
                    Section 6.09 Trustee May File Proofs of Claim.

                  	
                    48

                  
	
                    Section 6.10 Priorities.

                  	
                    48

                  
	 
	
                    ARTICLE 7

                  
	 	 
	
                    TRUSTEE

                  	
                    48

                  
	 	 
	
                    Section 7.01 Duties of Trustee.

                  	
                    48

                  
	
                    Section 7.02 Rights of Trustee.

                  	
                    49

                  
	
                    Section 7.03 Individual Rights of Trustee.

                  	
                    50

                  
	
                    Section 7.04 Trustee’s Disclaimer.

                  	
                    50

                  
	
                    Section 7.05 Notice of Defaults.

                  	
                    51

                  
	
                    Section 7.06 Compensation and Indemnity.

                  	
                    51

                  
	
                    Section 7.07 Replacement of Trustee.

                  	
                    51

                  
	
                    Section 7.08 Successor Trustee by Merger, etc.

                  	
                    52

                  
	
                    Section 7.09 Eligibility; Disqualification.

                  	
                    52

                  
	
                    Section 7.10 Preferential Collection of Claims
                      Against Issuer.

                  	
                    53

                  
	 
	
                    ARTICLE 8

                  
	 	 
	
                    LEGAL DEFEASANCE AND COVENANT DEFEASANCE

                  	
                    53

                  
	 	 
	
                    Section 8.01 Option to Effect Legal Defeasance
                      or Covenant Defeasance.

                  	
                    53

                  
	
                    Section 8.02 Legal Defeasance and Discharge.

                  	
                    53

                  
	
                    Section 8.03 Covenant Defeasance.

                  	
                    53

                  
	
                    Section 8.04 Conditions to Legal or Covenant
                      Defeasance.

                  	
                    54

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

                  	
                    55

                  
	
                    Section 8.06 Repayment to Issuer.

                  	
                    55

                  
	
                    Section 8.07 Reinstatement.

                  	
                    56

                  

             

            

          

          
            - ii -

            
              

          

          
            	
                    ARTICLE 9

                  
	 	 
	
                    AMENDMENT, SUPPLEMENT AND WAIVER

                  	
                    56

                  
	 	 
	
                    Section 9.01 Without Consent of Holders.

                  	
                    56

                  
	
                    Section 9.02 With Consent of Holders.

                  	
                    57

                  
	
                    Section 9.03 Compliance with Trust Indenture
                      Act.

                  	
                    58

                  
	
                    Section 9.04 Revocation and Effect of Consents.

                  	
                    58

                  
	
                    Section 9.05 Notation on or Exchange of Notes.

                  	
                    58

                  
	
                    Section 9.06 Trustee to Sign Amendments, etc.

                  	
                    58

                  
	 
	
                    ARTICLE 10

                  
	 	 
	
                    NOTE GUARANTEES

                  	
                    59

                  
	 	 
	
                    Section 10.01 Guarantee.

                  	
                    59

                  
	
                    Section 10.02 Limitation on Guarantor
                      Liability.

                  	
                    60

                  
	
                    Section 10.03 Execution and Delivery of Note
                      Guarantee.

                  	
                    60

                  
	
                    Section 10.04 Releases.

                  	
                    61

                  
	 
	
                    ARTICLE 11

                  
	 	 
	
                    SATISFACTION AND DISCHARGE

                  	
                    62

                  
	 	 
	
                    Section 11.01 Satisfaction and Discharge.

                  	
                    62

                  
	
                    Section 11.02 Application of Trust Money.

                  	
                    62

                  
	 
	
                    ARTICLE 12

                  
	 	 
	
                    MISCELLANEOUS

                  	
                    63

                  
	 	 
	
                    Section 12.01 Indenture Shall Control.

                  	
                    63

                  
	
                    Section 12.02 Notices.

                  	
                    63

                  
	
                    Section 12.03 U.S.A. Patriot Act.

                  	
                    64

                  
	
                    Section 12.04 Certificate and Opinion as to
                      Conditions Precedent.

                  	
                    64

                  
	
                    Section 12.05 Statements Required in
                      Certificate or Opinion.

                  	
                    64

                  
	
                    Section 12.06 Rules by Trustee and Agents.

                  	
                    65

                  
	
                    Section 12.07 No Personal Liability of
                      Directors, Officers, Employees and Stockholders.

                  	
                    65

                  
	
                    Section 12.08 Governing Law.

                  	
                    65

                  
	
                    Section 12.09 No Adverse Interpretation of
                      Other Agreements.

                  	
                    65

                  
	
                    Section 12.10 Successors.

                  	
                    65

                  
	
                    Section 12.11 Severability.

                  	
                    65

                  
	
                    Section 12.12 Counterpart Originals.

                  	
                    65

                  
	
                    Section 12.13 Table of Contents, Headings, etc.

                  	
                    66

                  
	
                    Section 12.14 Waiver of Jury Trial.

                  	
                    66

                  
	
                    Section 12.15 Force Majeure.

                  	
                    66

                  

             

            

          

          
            	
                    EXHIBITS

                  	 
	 	 
	
                    Exhibit A

                  	
                    FORM OF NOTE

                  
	
                    Exhibit B

                  	
                    FORM OF CERTIFICATE OF TRANSFER

                  
	
                    Exhibit C

                  	
                    FORM OF CERTIFICATE OF EXCHANGE

                  
	
                    Exhibit D

                  	
                    FORM OF NOTATION OF NOTE GUARANTEE

                  
	
                    Exhibit E

                  	
                    FORM OF SUPPLEMENTAL INDENTURE

                  

             

            

          

        

      

      

      
        - iii -

        
          

      

      
      INDENTURE, dated as of March 19, 2021, among Pitney Bowes Inc., a Delaware corporation (the “Issuer”), the Guarantors from time to time parties hereto, and Truist Bank, as trustee (the “Trustee”).

       

      The Issuer, 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 Issuer’s 6.875% Senior Notes due 2027 (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, issued in a denomination equal to the outstanding principal
        amount of the Notes sold in reliance on Rule 144A.

       

      “Additional Notes” means any Notes (other than the Initial
        Notes), if any, issued under this Indenture in accordance with Sections 2.02 and 2.14.

       

      “Adjusted Treasury Rate” means,
        as of any Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point (for the most recently completed week for which such information is available as of the date that is two Business Days prior to such Redemption Date)
        of the yield to maturity of United States Treasury securities with a constant maturity (as compiled and published in Federal Reserve Statistical Release H.15 with respect to each applicable day during such week or, if such Statistical Release is no
        longer published  or the relevant information does not appear thereon, any publicly available source of similar market data) most nearly equal to the period from such Redemption Date to March 15, 2024; provided, however, that if the period from
        such Redemption Date to March 15, 2024 is not equal to the constant maturity of a United States Treasury security for which such a yield is given, the Adjusted Treasury Rate shall be obtained by linear interpolation (calculated to the nearest
        one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from such Redemption Date to March 15, 2024 is less than one year, the weekly average yield on
        actively traded United States Treasury securities adjusted to a constant maturity of one year shall be used. Any such Adjusted Treasury Rate shall be determined, and the information required to be obtained for its calculation shall be obtained, by
        the Issuer.

       

      “Affiliate” means, with respect to any specified Person, any
        other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified Person. The term “control” means the possession, directly or indirectly, of the power to
        direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing.

       

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

       

      “Applicable Premium” means, with respect to any Note on any
        Redemption Date, the greater of:

       

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

       

      (2) the excess, if any, of (a) the present value at such Redemption Date of (i) the redemption price of such Note at March 15, 2024
        (such redemption price being set forth in the table appearing in paragraph 5(c) of the Notes), plus (ii) all required interest payments due on such Note through March 15, 2024 (excluding accrued but unpaid interest to such Redemption Date),
        computed using a discount rate equal to the Adjusted Treasury Rate as of such Redemption Date, plus 50 basis points; over (b) the principal amount of such Note.

       

      
        - 1 -

        
          

      

      Calculation of the Applicable Premium will be made by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate; provided that
        such calculation or the correctness thereof shall not be a duty or obligation of the Trustee.

       

      “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” in respect of
        a sale and leaseback arrangement means, at the time of determination, the lesser of:

       

      (1) the sale price of the asset or property to be leased multiplied by a fraction the numerator of which is the remaining portion of
        the base term of the lease and the denominator of which is the base term of the lease; and

       

      (2) the total rental payments under the lease discounted to present value using an interest factor determined in accordance with
        generally accepted financial practice; provided that if the Issuer cannot readily determine that interest factor, an annual rate of 11% shall be used for that purpose, compounded semi-annually. For purposes of this clause (2) the Issuer shall
        exclude from rental payments any amounts paid on account of property taxes, maintenance, repairs, insurance, water rates and other items which are not payments for property rights.

       

      “Bankruptcy Law” means Title 11, United States Bankruptcy
        Code of 1978, as amended, or any similar United States federal or state law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or any amendment to, succession to or change in any such law.

       

      “Board of Directors” means, as to
        any Person, the board of directors or similar governing body of such Person or any duly authorized committee thereof.

       

      “Board Resolution” means, with
        respect to any Person, a copy of a resolution certified by the Secretary or an Assistant Secretary of such Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such
        certification, and delivered to the Trustee.

       

      “Business Day” means a day other
        than a Saturday, a Sunday or any other day on which banking institutions in The City of New York, or the state in which the Corporate Trust Office of the Trustee is located, are authorized or required by law or executive order to remain closed.

       

      “Capital Lease Obligations” of
        any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified
        and accounted for as finance leases on a balance sheet of such Person under GAAP, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

       

      “Capital Markets Debt” means any Indebtedness that is a
        security initially issued in a transaction made in reliance on Rule 144A under the Securities Act or outside the United States pursuant to Regulation S of the Securities Act or a security that is sold or subject to resale pursuant to a registration
        statement under the Securities Act.

       

      
        - 2 -

        
          

      

      “Cash Management Services” means
        the treasury management services (including controlled disbursements, zero balance arrangements, cash sweeps, automated clearinghouse transactions, return items, overdrafts, single entity or multi-entity multicurrency notional pooling structures,
        temporary advances, interest and fees and interstate depository network services), netting services, employee credit or purchase card programs and similar programs, in each case provided to the Issuer or any Restricted Subsidiary.

       

      “Change of Control” means the occurrence of any of the
        following: (1) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any ‘‘person’’(as that term is used in Section 13(d)(3) of the Exchange Act) (other than the Issuer, any
        Subsidiary or employee benefit plan of the Issuer or employee benefit plan of any Subsidiary of the Issuer) becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
        Voting Stock of the Issuer or other Voting Stock into which the Voting Stock of the Issuer is reclassified, consolidated, exchanged or changed, measured by voting power rather than number of shares; or (2) the direct or indirect sale, transfer,
        conveyance or other disposition (other than by way of merger or consolidation), in one or more series of transactions approved by the Board of Directors of the Issuer as part of a single plan, of 85% or more of the total consolidated assets of the
        Issuer as shown on the Issuer’s most recent audited balance sheet, to one or more Persons (other than the Issuer or one of the Subsidiaries of the Issuer). Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of
        Control if (1) the Issuer becomes a direct or indirect wholly-owned subsidiary of a holding company and (2)(A) 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 Voting Stock of the Issuer immediately prior to that transaction or (B) immediately following that transaction, no Person or group (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 Rating Event.

       

      “Clearstream” means Clearstream
        Banking, S.A.

       

      “Consolidated Debt” means, as of any date, the total
        Indebtedness of the Issuer and its Restricted Subsidiaries of the types specified in the following clauses of the definition of “Indebtedness”: clause (1), clause (2), clause (4), clause (5) (but only to the extent supporting Indebtedness of the
        types specified in clauses (1), (2), (4) and (7) of the definition thereof), clause (6) (but only to the extent supporting Indebtedness of the types specified in clauses (1), (2), (4) and (7) of the definition thereof), clause (7) and clause (8)
        (but only to the extent drawn and unreimbursed after one Business Day), in each case as reflected on the Issuer’s consolidated balance sheet in accordance with GAAP at such time, but excluding Indebtedness in respect of Permitted Receivables
        Facilities that are non-recourse to the Issuer and its Restricted Subsidiaries (other than any Receivables Entity and other than Standard Securitization Undertakings); provided that there shall be subtracted from the amount of any such Indebtedness
        included pursuant to the above provisions of this definition for a period of up to 120 days after the incurrence thereof, the amount of net proceeds of any Indebtedness (other than intercompany Indebtedness) that constitutes a long-term liability
        in accordance with GAAP and is incurred for the purpose of redeeming, repurchasing or otherwise refinancing existing Capital Markets Debt which has not yet been applied to such redemption, repurchase or other refinancing, to the extent such net
        proceeds are then retained and held by the Issuer and the Guarantors in the form of cash, cash equivalents or other marketable securities or deposited with the trustee or agent in respect of any Indebtedness to be redeemed in accordance with
        customary arrangements, or otherwise escrowed (without duplication of any elimination of such original Indebtedness from the Issuer’s consolidated balance sheet in accordance with GAAP as a result of the defeasance or satisfaction and discharge
        thereof and without duplication of any adjustment made as a result of any calculation hereunder being made on a Pro Forma Basis).

       

      
        - 3 -

        
          

      

      ‘‘Consolidated EBITDA’’ means, for any period, Consolidated
        Net Income for such period plus

       

      (a)  without duplication and to the extent deducted in determining such Consolidated Net Income for such period, the sum of:

       

      (i)  total interest expense for such period, and, to the extent not reflected in such total interest expense, the sum of (A) premium
        payments, debt discount, fees, charges and related expenses incurred in connection with borrowed money (including capitalized interest) or in connection with the deferred purchase price of assets plus (B) the portion of rent expense with respect to
        such period under Capital Lease Obligations that is treated as interest expense in accordance with GAAP, plus (C) any losses on hedging obligations or other derivative instruments entered into for the purpose of hedging interest rate risk, net of
        interest income and gains on such hedging obligations or such derivative instruments, plus (D) bank and letter of credit fees and costs of surety bonds in connection with financing activities, plus (E) any commissions, discounts, yield and other
        fees and charges (including any interest expense) related to any Permitted Receivables Facility, plus (F) amortization or write-off of deferred financing fees, debt issuance costs, debt discount or premium, terminated hedging obligations and other
        commissions, financing fees and expenses and, adjusted, to the extent included, to exclude any refunds or similar credits received in connection with the purchasing or procurement of goods or services under any purchasing card or similar program,

       

      (ii)  provision for taxes based on income, profits, revenue or capital for such period, including state, franchise, excise, gross
        receipts, value added, margins, and similar taxes and foreign withholding taxes (including penalties and interest related to taxes or arising from tax examinations),

       

      (iii)  depreciation and amortization expense for such period,

       

      (iv)  (A) all extraordinary, unusual or non-recurring costs, charges, accruals, reserves or expenses for such period and (B) all
        costs, charges, accruals, reserves or expenses for such period attributable to the undertaking and/or implementation of cost savings initiatives and operating expense reductions, restructuring and similar charges, severance, relocation costs,
        integration and facilities opening costs and other business optimization expenses, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities and curtailments or modifications to pension
        and post-retirement employee benefit plans (including any settlement of pension liabilities), contract terminations and professional and consulting fees incurred in connection with any of the foregoing,

       

      (v)  fees, costs and expenses incurred during such period in connection with the offering of the Notes and any proposed or actual
        permitted merger, acquisition, Investment, asset sale or other disposition, debt incurrence or refinancing or other capital markets transaction, without regard to the consummation thereof,

       

      (vi)  any non-cash charges, losses or expenses for such period except to the extent representing an accrual for future cash outlays
        (but excluding any non-cash charge, loss or expense in respect of an item that was included in Consolidated Net Income in a prior period and any non-cash charge, loss or expense that relates to the write-down or write-off of inventory, other than
        any write-down or write-off of inventory as a result of purchase accounting adjustments in respect of any acquisition permitted by the Indentures),

       

      (vii)  any non-cash loss attributable to the mark to market movement in the valuation of any Equity Interests, and hedging
        obligations or other derivative instruments,

       

      (viii)  (A) any losses relating to amounts paid in cash prior to the stated settlement date of any hedging obligation that has been
        reflected in Consolidated Net Income for such period, (B) any losses during such period attributable to early extinguishment of indebtedness or obligations under any hedging agreement and (C) any gain relating to hedging obligations associated with
        transactions realized in the current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated EBITDA pursuant to clause (b)(iv) below, and

       

      
        - 4 -

        
          

      

      (ix)  any losses during such period resulting from the sale or disposition of any asset outside the ordinary course of business, minus

       

      (b)  without duplication and to the extent included in determining such Consolidated Net Income, the sum of:

       

      (i)  interest income for such period,

       

      (ii)  any non-cash gains for such period (other than any such non-cash gains (A) in respect of which cash was received in a prior
        period or will be received in a future period and (B) that represent the reversal of any accrual in a prior period for, or the reversal of any cash reserves established in a prior period for, anticipated cash charges),

       

      (iii)  all gains during such period resulting from the sale or disposition of any asset outside the ordinary course of business,

       

      (iv)  (A) any gains relating to amounts received in cash prior to the stated settlement date of any hedging obligation that has been
        reflected in Consolidated Net Income for such period, (B) any gains during such period attributable to early extinguishment of Indebtedness or obligations under any hedging agreement and (C) any loss relating to hedging obligations associated with
        transactions realized in the current period that has been reflected in Consolidated Net Income in prior periods and excluded from Consolidated EBITDA pursuant to clause (a)(viii) above,

       

      (v)  any non-cash gain attributable to the mark to market movement in the valuation of any Equity Interests, and hedging obligations
        or other derivative instruments, and

       

      (vi)  all extraordinary, unusual or non-recurring gains for such period.

       

       In the event any Subsidiary of the Issuer shall not be a Wholly Owned Subsidiary, all amounts added back in computing Consolidated EBITDA for any
        period pursuant to clause (a) above, and all amounts subtracted in computing Consolidated EBITDA pursuant to clause (b) above, to the extent such amounts are, in the good faith judgment of a Financial Officer of the Issuer, attributable to such
        Subsidiary, shall be reduced by the portion thereof that is attributable to the non-controlling interest in such Subsidiary.

       

      “Consolidated Net Income” means, for any period, the net
        income or loss of the Issuer and its Restricted Subsidiaries for such period determined in accordance with GAAP as set forth on the consolidated financial statements of the Issuer for such period; provided that there shall be excluded (i) the
        income of any Person that is not the Issuer or one of its Restricted Subsidiaries, except to the extent of the amount of cash dividends or other cash distributions (or, in the case of non-cash distributions, to the extent converted into cash)
        actually paid by such Person to the Issuer or any of its Restricted Subsidiaries during such period, (ii) any extraordinary gain or loss, together with any related provision for taxes on such extraordinary gain or loss, (iii) any unrealized or
        realized gain or loss due solely to fluctuations in currency values and the related tax effects, determined in accordance with GAAP, and (iv) the cumulative effect of a change in accounting principles in such period, if any.

       

      “Consolidated Net Tangible Assets” means, as of any
        particular time, the aggregate amount of assets after deducting current liabilities, goodwill, patents, copyrights, trademarks, and other intangibles, in each case of the Issuer and its Restricted Subsidiaries and as shown on our most recent
        consolidated financial statements prepared in accordance with GAAP.

       

      “Consolidated Secured Debt” means, as of any
        date, Consolidated Debt minus the portion of Indebtedness of the Issuer and its Restricted Subsidiaries included in Consolidated Debt that is not secured by any Lien on any assets or property of the Issuer or any Guarantor.

       

      
        - 5 -

        
          

      

      “Consolidated Secured Leverage Ratio” means, as of any date,
        the ratio of (a) Consolidated Secured Debt on such date to (b) Consolidated EBITDA for the then most recently ended four consecutive fiscal quarters of the Issuer for which consolidated financial statements of the Issuer, prepared in accordance
        with GAAP, are available.

       

      “Consolidated Total Assets” means, with respect to any
        Person, at any date, the aggregate amount of assets as set forth on the most recent consolidated balance sheet of such Person and computed in accordance with GAAP; provided that ‘‘Consolidated Total Assets’’ of the Issuer and its Restricted
        Subsidiaries shall be adjusted to reflect any acquisitions of assets that have occurred during the period from the date of the applicable balance sheet through the applicable date of determination (but without giving effect to the designation,
        Investment or other transaction being tested under the Indenture).

       

      “Consolidated Total Leverage Ratio” means, as of any date,
        the ratio of (a) Consolidated Debt on such date to (b) Consolidated EBITDA for the then most recently ended four consecutive fiscal quarters of the Issuer for which consolidated financial statements of the Issuer, prepared in accordance with GAAP,
        are available.

       

      “Corporate Trust Office of the Trustee” means the designated
        office of the Trustee at which any time its corporate trust business related to this Indenture shall be administered, which office at the date hereof is 2713 Forest Hills Road, S.W., Building 2, Floor 2, Wilson, North Carolina 27893, or such other
        address as the Trustee may designate from time to time by notice to the Holders and the Issuer, or the designated corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by
        notice to the Holders and the Issuer).

       

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

       

      “Default” means an event or
        condition the occurrence of which is, or with the lapse 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, 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.

       

      “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 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 Equity Interests” means with respect to any
        Person, any Equity Interests of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event, matures or is mandatorily redeemable
        (other than solely for Qualified Equity Interests), other than as a result of a change of control, asset sale or casualty or condemnation event, pursuant to a sinking fund obligation or otherwise, or is convertible or exchangeable for Indebtedness
        or redeemable at the option of the holder thereof, other than as a result of a change of control, asset sale or casualty or condemnation event, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of
        the applicable Notes or the date the applicable Notes are no longer outstanding; provided that an Equity Interest in any Person that is issued to any employee or to any plan for the benefit of employees or by any such plan to such employees shall
        not constitute a Disqualified Equity Interest solely because it may be required to be repurchased by such Person or any of its subsidiaries in order to satisfy applicable statutory or regulatory obligations or as a result of such employee’s
        termination, death or disability.

       

      
        - 6 -

        
          

      

      “Equity Interests” means shares of capital stock, partnership
        interests, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests (whether voting or non-voting) in, or interests in the income or profits of, a Person, and any warrants, options or
        other rights entitling the holder thereof to purchase or acquire any of the foregoing, but excluding any debt security that is convertible into or exchangeable for Equity Interests of such Person.

       

      “Equity Offering” means a primary public or private offering
        after the Issue Date of Equity Interests (other than Disqualified Equity Interests) of the Issuer, other than (a) a public offering registered on Form S-4 or Form S-8 or (b) an issuance to any Subsidiary of the Issuer.

       

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

       

      “Exchange Act” means the
        Securities Exchange Act of 1934, as amended, or any successor statute or statutes thereto.

       

      “Existing Credit Agreement” means
        that certain Credit Agreement, dated as of November 1, 2019, among the Issuer, the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as
          administrative agent, including any notes, Guarantees, collateral and security documents, instruments and agreements executed in connection therewith, as amended by that certain First Incremental Facility Amendment, dated as of February 19, 2020, and as further amended, restated, supplemented, waived, renewed or otherwise modified from time to time.

       

      “Fair Market Value” means, with respect to any asset or group
        of assets on any date of determination, the value of the consideration obtainable in a sale of such asset at such date of determination assuming a sale by a willing seller to a willing purchaser dealing at arm’s length and arranged in an orderly
        manner over a reasonable period of time taking into account the nature and characteristics of such asset.

       

      “Financial Officer” means a chief financial officer,
        principal accounting officer, treasurer or controller.

       

      “GAAP” means generally accepted accounting principles in the
        United States of America, as in effect from time to time; provided, however, that the Issuer may with written notice to the Trustee elect to eliminate the effect of any change occurring after the Issue Date in GAAP or in the application thereof on
        the operation of any provision of this Indenture, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof. If any such notice is provided then such provision shall be interpreted on the basis
        of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn by a subsequent written notice to the Trustee.

       

      “Global Note Legend” means the legend set forth in Section
        2.06(f)(2) 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), 2.06(d)(2) or 2.06(e).

       

      “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, through letters of credit and reimbursement agreements in respect thereof),
        of all or any part of any Indebtedness. “Guarantee” when used as a verb shall have a corresponding meaning.

       

      “Guarantors” means (a) each Subsidiary of the Issuer that
        executes this Indenture as a “Guarantor” on the date hereof and (b) each Person that executes a Note Guarantee in accordance with the provisions of this Indenture after the date hereof, and their respective successors and assigns, in each case,
        until such Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

       

      
        - 7 -

        
          

      

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

       

      (1) interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, interest rate future or option
        contracts and other agreements or arrangements designed to protect such Person against fluctuations in interest rates;

       

      (2) commodity swap agreements, commodity option agreements, forward contracts and other agreements or arrangements designed to
        protect such Person against fluctuations in commodity prices; and

       

      (3) foreign exchange contracts, currency swap agreements, currency future or option contracts and other agreements or arrangements
        designed to protect such Person against fluctuations in foreign currency exchange rates.

       

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

       

      “Indebtedness” of any Person
        means, without duplication:

       

      (1) all obligations of such Person for borrowed money;

       

      (2) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments;

       

      (3) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such
        Person;

       

      (4) all obligations of such Person in respect of the deferred purchase price of property or services (excluding (x) trade accounts
        payable and other accrued or cash management obligations, in each case incurred in the ordinary course of business, (y) any earn-out obligation unless such obligation is not paid promptly after becoming due and payable and (z) taxes and other
        accrued expenses);

       

      (5) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or
        otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed by such Person;

       

      (6) all Guarantees by such Person of Indebtedness of others;

       

      (7) all Capital Lease Obligations of such Person;

       

      (8) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of
        guaranty;

       

      (9) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances; and

       

      (10) all net Hedging Obligations of such Person;

       

      provided that the term ‘‘Indebtedness’’ shall not include (A) deferred or prepaid revenue, (B) purchase price holdbacks in respect of a
        portion of the purchase price of an asset to satisfy warranty, indemnity or other unperformed obligations of the seller, (C) any obligations attributable to the exercise of appraisal rights and the settlement of any claims or actions (whether
        actual, contingent or potential) with respect thereto, (D) obligations in respect of any residual value guarantees on equipment leases, (E) any take-or-pay or similar obligation to the extent such obligation is not shown as a liability on the
        balance sheet of such Person in accordance with GAAP and (F) asset retirement obligations and obligations in respect of reclamation and workers’ compensation (including pensions and retiree medical care). In addition, for the avoidance of doubt,
        obligations in respect of customer deposits shall not constitute Indebtedness.

       

      
        - 8 -

        
          

      

      The amount of Indebtedness of any Person for purposes of clause (5) above shall (unless such Indebtedness has been assumed by such
        Person or such Person has otherwise become liable for the payment thereof) be deemed to be equal to the lesser of (i) the aggregate unpaid amount of such Indebtedness and (ii) the Fair Market Value of the property encumbered thereby as determined
        by such Person in good faith.

       

      “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 $400.0 million aggregate
        principal amount of Notes issued under this Indenture.

        

      

      “Investment” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including affiliates) in the forms of loans (including guarantees or
          other obligations), advances or capital contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance
          sheet prepared in accordance with GAAP. As used herein, (i) ‘‘Investment’’ shall include the portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value (as determined in good faith by the Issuer) of the
          net assets of any Subsidiary of the Issuer at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer shall be deemed to continue to have
          a permanent ‘‘Investment’’ in an Unrestricted Subsidiary in an amount (if positive) equal to (x) the Issuer’s ‘‘Investment’’ in such Subsidiary at the time of such redesignation less (y) the portion (proportionate to the Issuer’s equity interest
          in such Subsidiary) of the Fair Market Value (as determined in good faith by the Issuer) of the net assets of such Subsidiary at the time of such redesignation, (ii) any property transferred to or from an Unrestricted Subsidiary shall be valued
          at its Fair Market Value (as determined in good faith by the Issuer) at the time of such transfer and (iii) the amount resulting from the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary shall be the Fair Market Value (as
          determined in good faith by the Issuer) of the Investment in such Unrestricted Subsidiary at the time of such redesignation. The outstanding amount of any Investment shall be the original cost thereof, reduced by all returns of such Investment
          (including returns of principal and proceeds of sale).

       

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

       

      “IP Rights” means the rights of
        the Issuer and its Restricted Subsidiaries to own or use any and all trademarks, service marks, trade names, domain names, copyrights, rights in software, patents, patents rights, trade secrets, database rights, design rights and any and all other
        intellectual property or similar proprietary rights throughout the world and all registrations and applications for registrations therefor, that are used in or necessary for its business as currently conducted.

       

      “Issue Date” means March 19, 2021.

       

      “Issuer” shall have the meaning assigned to such term in the
        introductory statement of this Indenture.

       

      
        - 9 -

        
          

      

      “Lien” means, with respect to any
        asset, (a) any mortgage, lien, pledge, hypothecation, charge, security interest or other encumbrance in, on or of such asset or (b) the interest of a vendor or a lessor under any conditional sale agreement or title retention agreement (or any
        capital lease or financing lease having substantially the same economic effect as any of the foregoing) relating to such asset; provided that in no event shall an operating lease be deemed to constitute a Lien.

       

      “Limited Condition Transaction” means (1) any Investment or
        acquisition (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Equity Interests or otherwise) whose consummation is not conditioned on the availability of, or on obtaining, third party financing and
        (2) any redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and discharge or repayment.

       

      “LTM EBITDA” means Consolidated EBITDA for the most recently
        ended four consecutive fiscal quarters for which consolidated financial statements of the Issuer, prepared in accordance with GAAP, are available, determined on a Pro Forma Basis.

       

      “Moody’s” means Moody’s Investors Service, Inc., and its
        successors

       

      “Note Guarantee” means the
        Guarantee by each Guarantor of the Issuer’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.

       

      “Obligations” means any principal, interest, penalties, fees,
        indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness.

       

      “Offering Memorandum” means the final Offering Memorandum
        dated March 12, 2021 for the Initial Notes.

       

      “Officer” means, with respect to any Person, the chairman of
        the board, the chief executive officer, the president, the chief operating officer, the chief financial officer, the treasurer, the controller, the secretary, any assistant treasurer or any vice-president of such Person.

       

      “Officers’ Certificate” means,
        with respect to any Person, a certificate signed by the chief executive officer, the president or any vice president and the chief financial officer, the treasurer, any assistant treasurer or the controller of such Person that shall meet the
        requirements of Section 12.05.

       

      “Opinion of Counsel” means an opinion from legal counsel that
        meets the requirements of Section 12.05, which opinion may be subject to customary assumptions, qualifications and exceptions. The counsel may be an employee of or counsel to the Issuer or any Subsidiary of the Issuer.

       

      “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 Guaranteed Indebtedness”
        means (I) Indebtedness owed to the Issuer or a Restricted Subsidiary, (II) Indebtedness in respect of Permitted Receivables Facilities, (III) other Indebtedness in an aggregate outstanding principal amount not to exceed, at any time of incurrence
        thereof, the greater of (A) $3,500.0 million and (B) the maximum amount that would not cause, after giving effect to the incurrence of such Indebtedness and the application of the proceeds therefrom, the Consolidated Total Leverage Ratio to be
        greater than 6.00 to 1.00 (calculated on a Pro Forma Basis) and (IV) Refinancing Indebtedness in respect of Indebtedness previously incurred in reliance on clause (III) above (and successive incurrences of Refinancing Indebtedness in respect
        thereof).

       

      
        - 10 -

        
          

      

      “Permitted Liens” means, with respect to any Person:

       

      (1) Liens existing on the Issue Date (other than Liens securing Indebtedness under the Existing Credit Agreement), and Liens in
        respect of any Refinancing Indebtedness in respect of such existing Liens permitted under this clause (1);

       

      (2) Liens to secure (I) Indebtedness, under the Existing Credit Agreement or otherwise, in an aggregate outstanding principal amount
        (together with the outstanding principal amount of any Refinancing Indebtedness (and successive incurrences of Refinancing Indebtedness in respect thereof) in respect of Liens previously incurred in reliance on this clause (2)(I) which are incurred
        in reliance on clause (2)(II) of this definition), not to exceed, on any date of incurrence thereof, $1,500.0 million and (II) Refinancing Indebtedness in respect of Indebtedness previously incurred in reliance on clause (2)(I) above (and
        successive incurrences of Refinancing Indebtedness in respect thereof);

       

      (3) Liens to secure (I) Indebtedness in an aggregate outstanding principal amount (together with the outstanding principal amount of
        any Refinancing Indebtedness (and successive incurrences of Refinancing Indebtedness in respect thereof) in respect of Liens previously incurred in reliance on this clause (3)(I) which are incurred in reliance on clause (3)(II) of this definition)
        not to exceed, on any date of incurrence thereof, the sum of (A) the greater of $300.0 million and 75.0% of LTM EBITDA and (B) an additional amount if, after giving effect to the incurrence of such additional amount and the application of the
        proceeds therefrom (assuming that the full amount of such additional committed Indebtedness being established at such time has been funded at such time), the Consolidated Secured Leverage Ratio is equal to or less than 3.00 to 1.00 (calculated on a
        Pro Forma Basis and assuming any revolving commitments being established on such date are fully drawn and excluding any amounts incurred substantially concurrently in reliance on clause (3)(A)) and (II) Refinancing Indebtedness in respect of
        Indebtedness previously incurred in reliance on clause (3)(I) (and successive incurrences of Refinancing Indebtedness in respect thereof);

       

      (4) (I) any Lien existing on any asset prior to the acquisition thereof by the Issuer or any of its Restricted Subsidiaries or
        existing on any asset of any Person that becomes a Restricted Subsidiary of the Issuer (or of any Person not previously a Restricted Subsidiary of the Issuer that is merged or consolidated with or into a Restricted Subsidiary of the Issuer) after
        Issue Date prior to the time such Person becomes a Restricted Subsidiary of the Issuer (or is so merged or consolidated); provided that (A) such Lien is not
        created in contemplation of or in connection with such acquisition or such Person becoming a Restricted Subsidiary of the Issuer (or such merger or consolidation) and (B) such Lien shall not apply to any other asset of the Issuer or any of its
        Restricted Subsidiaries (other than (x) assets (i) financed by the same financing source in the ordinary course of business and after-acquired property that is affixed or incorporated into the asset(s) covered by, or is otherwise required to be
        covered by, such Lien or (ii) financed by Indebtedness of any Person that becomes a Restricted Subsidiary of the Issuer (or of any Person not previously a Restricted Subsidiary of the Issuer that is merged or consolidated with or into a Restricted
        Subsidiary of the Issuer) after the Issue Date or Indebtedness of any Person that is assumed by any Restricted Subsidiary of the Issuer in connection with an acquisition of assets by such Restricted Subsidiary (provided that such Indebtedness
        exists at the time such Person becomes a Restricted Subsidiary of the Issuer (or is so merged or consolidated) or such assets are acquired and is not created in contemplation of or in connection with such Person becoming a Restricted Subsidiary of
        the Issuer (or such merger or consolidation) or such assets being acquired) and (y) in the case of any such merger or consolidation, the assets of any special purpose merger Subsidiary that is a party thereto), and (II) Liens in respect of any
        Refinancing Indebtedness in respect of previously incurred Indebtedness the Liens in respect of which were incurred in reliance on clause (4)(I) (and successive incurrences of Refinancing Indebtedness in respect thereof);

       

      
        - 11 -

        
          

      

      (5) (I) Liens on fixed or capital assets acquired, constructed, repaired, replaced or improved (including any such assets made the
        subject of a Capital Lease Obligation incurred) by the Issuer or any of its Restricted Subsidiaries; provided that (A) such Liens secure Indebtedness incurred to finance such acquisition, construction, repair, replacement or improvement, (B) such
        Liens and the Indebtedness secured thereby are incurred prior to or within 270 days after such acquisition or the completion of such construction, repair, replacement or improvement, (C) the Indebtedness secured thereby does not exceed the cost of
        acquiring, constructing, repairing, replacing or improving such fixed or capital asset, (D) such Liens shall not apply to any other property or assets of the Issuer or any of its Restricted Subsidiaries (except assets financed by the same financing
        source in the ordinary course of business and after-acquired property that is affixed or incorporated into the asset(s) covered by such Lien) and (E) the aggregate principal amount of Indebtedness secured by such Liens, together with any
        Refinancing Indebtedness in respect of Liens previously incurred under this clause (4), at any time outstanding shall not exceed the greater of $175.0 million and 40% of LTM EBITDA, and (II) Liens in respect of any Refinancing Indebtedness in
        respect of previously incurred Indebtedness the Liens in respect of which were incurred in reliance on clause (5)(I) (and successive incurrences of Refinancing Indebtedness in respect thereof);

       

      (6) customary rights and restrictions contained in agreements relating to any sale or transfer pending the completion thereof in
        connection with the sale or transfer of any Equity Interests or other assets;

       

      (7) any encumbrance or restriction (including put and call arrangements, tag, drag, right of first refusal and similar rights) with
        respect to Equity Interests of any (A) Subsidiary of the Issuer that is not a Wholly Owned Subsidiary or (B) joint venture or similar arrangement pursuant to any joint venture or similar agreement;

       

      (8)  Liens on any cash advances or cash earnest money deposits, escrow arrangements or similar arrangements made by the Issuer or
        any of its Restricted Subsidiaries in connection with any letter of intent or purchase agreement for an acquisition, disposition or other transaction permitted under this Indenture;

       

      (9) Liens securing obligations in respect of Cash Management Services;

       

      (10) Liens on cash, cash equivalents or other marketable securities used to satisfy or discharge Indebtedness;

       

      (11) Liens on Equity Interests of any joint venture or Unrestricted Subsidiary (a) securing obligations of such joint venture or
        Unrestricted Subsidiary or (b) pursuant to the relevant joint venture agreement or arrangement, which obligations shall be non-recourse to the Issuer and each of its Wholly Owned Subsidiaries that are Restricted Subsidiaries;

       

      (12) Liens on cash, cash equivalents or other marketable securities securing letters of credit and other credit support obligations
        in the ordinary course of business;

       

      (13) Liens on property or assets of any Restricted Subsidiary that is not a Guarantor, which Liens secure Indebtedness of such
        Restricted Subsidiary or another Restricted Subsidiary that is not a Guarantor;

       

      (14) Liens imposed by law for taxes, assessments or governmental charges that (i) are not yet overdue for a period of more than 30
        days or not subject to penalties for nonpayment, (ii) are being contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or (iii) for
        property taxes on property such Person or one of its Restricted Subsidiaries has determined to abandon if the sole recourse for such tax, assessment, charge, levy or claim is to such property;

       

      
        - 12 -

        
          

      

      (15) Liens with respect to outstanding motor vehicle fines and carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
        landlords’, construction contractors’ and other like Liens imposed by law or landlord liens specifically created by contract, arising in the ordinary course of business and securing obligations that are not overdue by more than 45 days or are being
        contested in good faith by appropriate proceedings if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or other Liens arising out of or securing judgments or awards against such
        Person with respect to which such Person shall be proceeding with an appeal or other proceedings for review if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

       

      (16) pledges and deposits made (i) in the ordinary course of business in compliance with workers’ compensation, unemployment
        insurance, health, disability or employee benefits and other social security laws or similar legislation or regulations and (ii) in respect of letters of credit, bank guarantees or similar instruments issued for the account of the Issuer or any of
        its Restricted Subsidiaries in the ordinary course of business supporting obligations of the type set forth in clause above;

       

      (17) pledges and deposits made (i) to secure the performance of bids, tenders, trade contracts (other than for payment of
        Indebtedness), governmental contracts, leases (other than Capital Lease Obligations), public or statutory obligations, surety, stay, customs and appeal bonds, performance bonds and other obligations of a like nature (including those to secure
        health, safety and environmental obligations), in each case in the ordinary course of business and (ii) in respect of letters of credit, bank guarantees or similar instruments issued for the account of the Issuer or any of its Restricted
        Subsidiaries in the ordinary course of business supporting obligations of the type set forth in clause (i) above;

       

      (18) judgment and attachment Liens in respect of judgments that do not constitute 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;

       

      (19) easements, survey exceptions, charges, ground leases, protrusions, encroachments on use of real property or reservations of, or
        rights of others for, licenses, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television lines, gas and oil pipelines and other similar purposes, any zoning, building or similar law or right reserved to or vested in
        any governmental office or agency to control or regulate the use of any real property, servicing agreements, site plan agreements, developments agreements, contract zoning agreements, subdivision agreements, facilities sharing agreements, cost
        sharing agreements and other agreements pertaining to the use or development of any of the real property of the Issuer and its Restricted Subsidiaries, restrictions, rights-of-way and similar encumbrances (including minor defects or irregularities
        in title) on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not individually or in the aggregate materially interfere with the ordinary conduct of business of the Issuer
        and its Restricted Subsidiaries, taken as a whole, including leases, subleases, licenses, sublicenses, occupancy agreements or assignments of or in respect of real or personal property;

       

      (20) banker’s liens, rights of setoff or similar rights and remedies and other customary Liens as to deposit accounts or other funds
        maintained with depository institutions and securities accounts and other financial assets maintained with a securities intermediary; provided that such deposit accounts or funds and securities accounts or other financial assets are not established
        or deposited for the purpose of providing collateral for any Indebtedness;

       

      (21) Liens arising by virtue of Uniform Commercial Code financing statement filings (or similar filings under applicable law)
        regarding operating leases, accounts or consignments entered into by the Issuer and its Restricted Subsidiaries or purported Liens evidenced by filings of precautionary Uniform Commercial Code (or similar filings under applicable law) financing
        statements or similar public filings;

       

      
        - 13 -

        
          

      

      (22) Liens of a collecting bank arising in the ordinary course of business under Section 4-208 (or the applicable corresponding
        section) of the Uniform Commercial Code in effect in the relevant jurisdiction covering only the items being collected upon;

       

      (23) (i) Liens representing any interest or title of a licensor, lessor or sublicensor or sublessor, or a licensee, lessee or
        sublicensee or sublessee, in the property or rights (other than IP Rights) subject to any lease, sublease, license or sublicense or concession agreement held by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business and
        (ii) deposits of cash with the owner or lessor of premises leased and operated by the Issuer or any of its Restricted Subsidiaries in the ordinary course of business of the Issuer and such Restricted Subsidiary to secure the performance of the
        Issuer’s or such Restricted Subsidiary’s obligations under the terms of the lease for such premises;

       

      (24) Liens 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;

       

      (25) Liens that are contractual rights of set-off;

       

      (26) Liens (i) of a collection bank arising under Section 4-208 of the New York Uniform Commercial Code or Section 4-210 of the
        Uniform Commercial Code applicable in other States on items in the course of collection, (ii) attaching to pooling accounts, commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business, or (iii) in
        favor of a banking or other financial institutions or entities, or electronic payment service providers, arising as a matter of law or under general terms and conditions encumbering deposits, deposit accounts, securities accounts, cash management
        arrangements (including the right of set-off and netting arrangements) or other funds maintained with such institution or in connection with the issuance of letters of credit, bank guarantees or other similar instruments and which are within the
        general parameters customary in the banking or finance industry;

       

      (27) Liens encumbering customary initial deposits and margin deposits and similar Liens attaching to brokerage accounts incurred in
        the ordinary course of business and not for speculative purposes;

       

      (28) Liens in respect of the leasing of equipment to customers in the ordinary course of the financing business of the Issuer and
        its Restricted Subsidiaries;

       

      (29) Liens on specific items of inventory or other goods and proceeds of any Person securing such Person’s accounts payable or
        similar obligations in respect of bankers’ acceptances or letters of credit entered into in the ordinary course of business issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
        goods;

       

      (30) deposits made or other security provided in the ordinary course of business to secure liability to insurance brokers, carriers,
        underwriters or under self-insurance arrangements in respect of such obligations;

       

      (31) 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;

       

      (32) Liens incurred in connection with a Permitted Receivables Facility, including Liens resulting from precautionary Uniform
        Commercial Code (or equivalent statutes) filings or from recharacterization of any sale in connection therewith as a financing or loan;

       

      (33) non-exclusive licenses or sublicenses of IP Rights granted in the ordinary course of business or other licenses or sublicenses
        of IP Rights granted in the ordinary course of business that do not materially interfere with the business of the Issuer or any of its Restricted Subsidiaries;

       

      
        - 14 -

        
          

      

      (34) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto or on funds
        received from insurance companies on account of third party claims handlers and managers;

       

      (35) agreements to subordinate any interest of the Issuer or any of its Restricted Subsidiaries in any accounts receivable or other
        proceeds arising from consignment of inventory by the Issuer or any of its Restricted Subsidiaries pursuant to an agreement entered into in the ordinary course of business;

       

      (36) with respect to any entities other than the Issuer and the Guarantors, other Liens and privileges arising mandatorily by law;

       

      (37) Liens arising pursuant to Section 107(l) of the Comprehensive Environmental Response, Compensation and Liability Act or similar
        lien provision of any other environmental statute;

       

      (38) Liens securing Hedging Obligations;

       

      (39) rights of recapture of unused real property in favor of the seller of such property set forth in customary purchase agreements
        and related arrangements with any governmental authority;

       

      (40) Liens in favor of the Issuer or any Restricted Subsidiary;

       

      (41) Liens or security given to public utilities or to any municipality or governmental authority when required by the utility,
        municipality or governmental authority in connection with the supply of services or utilities to the Issuer and any of its Restricted Subsidiaries;

       

      (42) receipt of progress payments and advances from customers in the ordinary course of business to the extent the same creates a
        Lien on the related inventory and proceeds thereof;

       

      (43) Liens on cash, cash equivalents and other marketable securities granted in favor of The Pitney Bowes Bank, Inc. or one of its
        subsidiaries which secure “credit transactions” with an ‘‘affiliate’’ of The Pitney Bowes Bank, Inc. transactions which constitute or may constitute ‘‘covered transactions’’ pursuant to Section 23A of the Federal Reserve Act (12 U.S.C. § 371c) and
        Regulation W of the Federal Reserve Board (12 CFR part 223);

       

      (44) Liens in respect of sale and leaseback transactions permitted under the “Limitations on Sales and Leasebacks” covenant;

       

      (45) Liens on the Equity Interests or other securities of Unrestricted Subsidiaries to the extent securing obligations of such
        Unrestricted Subsidiaries, which obligations shall be non-recourse to the Issuer and any of its Restricted Subsidiaries; and

       

      (46) Liens (I) not otherwise permitted hereunder to the extent that the aggregate outstanding principal amount of Indebtedness
        secured thereby outstanding under this clause (46) at any time of incurrence thereof, does not exceed the greater of (x) $175,000,000 and (y) 40.0% of LTM EBITDA, and (II) Liens in respect of any Refinancing Indebtedness in respect of previously
        incurred Indebtedness the Liens in respect of which Liens were incurred in reliance on clause (46)(I) (and successive incurrences of Refinancing Indebtedness in respect thereof).

       

      
        - 15 -

        
          

      

      For purposes of determining compliance with this definition, (i) a Lien need not be incurred solely by reference to one category of Permitted Liens but
        may be incurred under any combination of such categories (including in part under one such category and in part under any other such category) and (ii) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such
        categories hereof, the Issuer shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) between and among such categories (including a reclassification of Liens incurred in reliance on clause (3)(I)(A) of this
        definition as Liens incurred in reliance on clause (3)(I)(B) of this definition), in each case, that would be permitted to be incurred in reliance on the applicable exception as of the date of such reclassification. Notwithstanding the foregoing,
        (A) the Liens securing Indebtedness under the Existing Credit Agreement outstanding as of the Issue Date (after giving effect to the issuance of the Notes and the application of proceeds thereof) and any Refinancing Indebtedness in respect of such
        Indebtedness (or successive incurrences of Refinancing Indebtedness in respect thereof) shall be permitted pursuant to clause (2) of this definition and may not be reclassified.

       

      “Permitted Receivables Facility”
        means one or more Receivables financing facilities or transactions, including in the form of factoring or other direct sales, asset backed securities or other securitization transactions, or revolving or term loan facilities of a similar nature, in
        each case with respect to or backed by Permitted Receivables Facility Assets, including as applicable any intermediate sale, pledge or other transfer by the Issuer or any Restricted Subsidiary, directly or indirectly, to a Receivables Entity, and
        any further sale, pledge or other transfer of, or issuance of interests in, Permitted Receivables Facility Assets by such Receivables Entity, or borrowing or issuance of debt or equity securities by such Receivables Entity, in connection therewith;
        provided that such facilities or transactions shall be non-recourse to the Issuer or any Restricted Subsidiary (other than a Receivables Entity) other than pursuant to Standard Securitization Undertakings.

       

      “Permitted Receivables Facility Assets” means (i) Receivables
        (whether now existing or arising in the future) of the Issuer and its Restricted Subsidiaries which are transferred or pledged pursuant to a Permitted Receivables Facility and any related Permitted Receivables Related Assets which are also
        transferred or pledged pursuant to such Permitted Receivables Facility and all proceeds thereof and (ii) loans to Subsidiaries secured by Receivables (whether now existing or arising in the future) and any Permitted Receivables Related Assets of
        the Issuer and its Restricted Subsidiaries which are made pursuant to a Permitted Receivables Facility.

       

      “Permitted Receivables Related Assets” means any other assets
        that are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions or other financings involving Receivables, as determined in good faith by the Issuer and
        including for the avoidance of doubt related equipment, inventory, software, leases, loans, intellectual property, licenses and other contractual rights, as applicable, any accounts into which collections on such Receivables are received (and not
        containing any other material amounts) and the Equity Interests of any Receivables Entity, and any collections or proceeds of any of the foregoing.

       

      “Person” means any natural person, corporation, limited
        liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.

       

      “Private Placement Legend” means the legend set forth in
        Section 2.06(f)(1) to be placed on all Notes issued under this Indenture except where otherwise permitted by the provisions of this Indenture.

       

      “Pro Forma Basis” means, for purposes of calculating the
        Consolidated Total Leverage Ratio, the Consolidated Secured Leverage Ratio or Consolidated EBITDA as of any date hereunder, that such calculation shall give pro forma effect to (i) the transaction or event with respect to which the calculation of
        any such amount or ratio is to be made pursuant to this Indenture, as applicable (and, to the extent applicable, the use of proceeds thereof and the incurrence or repayment of any Indebtedness in connection therewith) and all other acquisitions,
        designations of Restricted Subsidiaries as Unrestricted Subsidiaries, designations of Unrestricted Subsidiaries as Restricted Subsidiaries, all issuances, incurrences or assumptions or repayments and prepayments of Indebtedness in connection
        therewith (with any such Indebtedness being deemed to be amortized over the applicable testing period in accordance with its terms) (in each case, other than Indebtedness incurred or repaid under any revolving credit facility in the ordinary course
        of business) and all sales, transfers or other dispositions of any Equity Interests in a Restricted Subsidiary of the Issuer or all or substantially all assets of a Restricted Subsidiary of the Issuer or division or line of business of a Restricted
        Subsidiary of the Issuer outside the ordinary course of business (and any related prepayments or repayments of Indebtedness) that have occurred since the beginning of the four consecutive fiscal quarter period of the Issuer with respect to which
        such calculation is being made, in each case as if such transactions or events occurred on the first day of such four consecutive fiscal quarter period. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the
        interest on such Indebtedness shall be calculated as if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any hedging agreement applicable to such Indebtedness). Pro forma
        calculations pursuant to this definition shall be made in good faith by a Financial Officer of the Issuer.

       

      
        - 16 -

        
          

      

      “Qualified Equity Interests” means Equity Interests of the
        Issuer, other than Disqualified Equity Interests.

       

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

       

      “Rating Agencies” means (1) each
        of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available, in each case for reasons outside of the control of the Issuer, a ‘‘nationally recognized statistical
        rating organization’’ within the meaning of Section 3(a)(62) of the Exchange Act selected by the Issuer (as certified by a resolution of the board of directors of the Issuer) as a replacement agency for Moody’s or S&P, or both of them, as the
        case may be.

       

      “Rating Event” means the rating
        on the Notes is lowered by each of the Rating Agencies and the Notes are rated below the Specified Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is
        under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control and (2) public notice of the occurrence of a Change of Control or the intention of the
        Issuer to effect a Change of Control; provided, however, that a rating event otherwise arising by virtue of a particular reduction in rating will be deemed not to have occurred in respect of a particular Change of Control (and thus will not be
        deemed a rating event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce or publicly confirm or inform the
        Trustee in writing at the Issuer’s or its request that the reduction was the result, in whole or in part, of any event or circumstance consisting of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the
        applicable Change of Control has occurred at the time of the rating event).

       

      “Receivables” means all accounts receivable, lease and loan
        receivables and other rights to payment (including all rights to payment created by or arising from sales of goods, leases of goods, making of loans or the rendition of services rendered no matter how evidenced whether or not earned by performance)
        and property relating thereto.

       

      “Receivables Entity” means a Subsidiary of the Issuer (or
        another Person formed for the purposes of engaging in a Permitted Receivables Facility in which the Issuer or any of its Subsidiaries makes an Investment and to which the Issuer or any of its Subsidiaries transfers Permitted Receivables Facility
        Assets) that is a special purpose entity which engages in no activities other than in connection with the financing of Receivables pursuant to a Permitted Receivables Facility

       

      “Redemption Date” means, with respect to any Note to be
        redeemed, the date fixed for such redemption pursuant to the terms of such Note.

       

      
        - 17 -

        
          

      

      “Refinancing Indebtedness” means, in respect of any
        Indebtedness (the “Original Indebtedness”), any Indebtedness that extends, renews, replaces or refinances such Original Indebtedness (or any Refinancing Indebtedness in respect thereof); provided that (a) the principal amount (or accreted value, if
        applicable) of such Refinancing Indebtedness shall not exceed the principal amount (or accreted value, if applicable) (or the committed amount, if greater) of such Original Indebtedness except by an amount no greater than accrued and unpaid
        interest with respect to such Original Indebtedness and any fees, premium and expenses relating to such extension, renewal, replacement or refinancing; (b) either (i) the stated final maturity of such Refinancing Indebtedness shall not be earlier
        than that of such Original Indebtedness or (ii) such Refinancing Indebtedness shall not be required to mature or to be repaid, prepaid, redeemed, repurchased or defeased, whether on one or more fixed dates, upon the occurrence of one or more events
        or at the option of any holder thereof (except, in each case, upon the occurrence of an event of default, asset sale or a change in control or as and to the extent such repayment, prepayment, redemption, repurchase or defeasance would have been
        required pursuant to the terms of such Original Indebtedness) prior to the final maturity date of the Notes; provided that, notwithstanding the foregoing, scheduled amortization payments (however denominated) of such Refinancing Indebtedness shall
        be permitted so long as the weighted average life to maturity of such Refinancing Indebtedness shall be no shorter than the weighted average life to maturity of such Original Indebtedness remaining as of the date of such extension, renewal or
        refinancing (or, if shorter, the final maturity date of the Notes); (c) such Refinancing Indebtedness shall not constitute an obligation (including pursuant to a Guarantee) of the Issuer or any Restricted Subsidiary, in each case that shall not
        have been (or shall not have been required to become pursuant to the terms of the Original Indebtedness) an obligor in respect of such Original Indebtedness, and shall not constitute an obligation of the Issuer if the Issuer shall not have been an
        obligor in respect of such Original Indebtedness; (d) if such Original Indebtedness shall have been Subordinated Indebtedness, such Refinancing Indebtedness shall also be Subordinated Indebtedness at least to the same extent as such Original
        Indebtedness; (e) such Refinancing Indebtedness shall not be secured by any Lien on any asset other than the assets that secured such Original Indebtedness (or would have been required to secure such Original Indebtedness pursuant to the terms
        thereof); and (f) the proceeds of such Refinancing Indebtedness are promptly, subject to any advance notice requirements for the relevant prepayment, repurchase or redemption and other logistical considerations as determined in good faith by the
        Issuer, applied to refinance, repurchase or redeem such Original Indebtedness.

       

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

       

      “Regulation S Global Note” means a permanent Global Note 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 initially 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 or her knowledge of and familiarity with the particular subject and who shall have 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.

       

      “Restricted Subsidiary” of any
        Person means any Subsidiary of such Person which at the time of determination is not an Unrestricted Subsidiary.

       

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

       

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

       

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

       

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

       

      “S&P” means Standard &
        Poor’s Ratings Services, a division of S&P Global Inc.

       

      
        - 18 -

        
          

      

      “SEC” means the Securities and Exchange Commission.

       

      “Securities Act” means the
        Securities Act of 1933, as amended, or any successor statute or statutes thereto.

       

      “Significant Subsidiary” with
        respect to any Person, means any Subsidiary of such Person that satisfies the criteria for a ‘‘significant subsidiary’’ set forth in Rule 1.02 of Regulation S-X under the Exchange Act.

       

      “Specified Rating” means the rating assigned to the Notes by
        each of Moody’s and S&P as of the Issue Date, and if one or more replacement Rating Agencies is selected by the Issuer pursuant to clause (2) of the definition of ‘‘Rating Agencies’’, the equivalent rating from any such additional Rating
        Agency.

       

      “Standard Securitization Undertakings”
        means representations, warranties, covenants, indemnities and other obligations entered into by the Issuer or any of its Restricted Subsidiaries thereof in connection with a Permitted Receivables Facility which are customary in a Receivables
        financing transaction of the relevant type, as determined in good faith by the Issuer, including those relating to the sale and servicing of the Receivables and other assets of a Receivables Entity, and including customary obligations of a seller
        of Receivables with respect to the repurchase of Receivables arising as a result of a breach of a representation, warranty or covenant or otherwise.

       

      “Subordinated Indebtedness”
        means:

       

      (1) with respect to the Issuer, Indebtedness of the Issuer that is subordinated or junior in right of payment to the Notes; and

       

      (2) with respect to any Guarantor, Indebtedness of such Guarantor that is subordinated or junior in right of payment to the Note
        Guarantee of such Guarantor.

       

      “Subsidiary” with respect to any Person, means (1) any
        corporation of which at least a majority of the outstanding Voting Stock shall at the time be owned, directly or indirectly, by such Person; or (2) any other Person of which at least a majority of the voting interests is at the time, directly or
        indirectly, owned by such Person.

       

      “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
        77aaa-77bbbb), as amended from time to time.

       

      “Trustee” means the party named as such in the preamble to
        this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

       

      “Unrestricted Definitive Note” means 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.

       

      “Unrestricted
          Subsidiary” of any Person means:

       

      (I) at any time other than during a Suspension Period:

       

      (1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary
        by the Board of Directors of such Person in compliance with Section 4.09; and

       

      (2) any Subsidiary of an Unrestricted Subsidiary; and

       

      
        - 19 -

        
          

      

      (II) during any Suspension Period:

       

      (1) any Subsidiary of such Person that at the time of determination shall be or continue to be designated an Unrestricted Subsidiary
        by the Board of Directors of such Person in the manner provided below; and

       

      (2) any Subsidiary of an Unrestricted Subsidiary.

       

      During any Suspension Period, the Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly-acquired or
        newly-formed Subsidiary) to be an Unrestricted Subsidiary unless such Subsidiary owns any Equity Interests of, or owns or holds any Lien on any property of, the Issuer or any other Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary
        to be so designated; provided that each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not
        thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Issuer or any of its Restricted
        Subsidiaries (not including Standard Securitization Undertakings or a pledge of the Equity Interests in such Unrestricted Subsidiary).

       

      During any Suspension Period, the Board of Directors of the Issuer may designate any Unrestricted Subsidiary of the Issuer to be a Restricted
        Subsidiary only if immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing.

       

      During any Suspension Period, any such designation by the Board of Directors of the Issuer shall be evidenced to the Trustee by promptly filing with
        the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions.

       

      “U.S. Government Obligations”
        means securities that are (i) direct obligations of the United States for the timely payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the
        United States, the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a
        depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any such U.S. Government Obligation or a specific payment of principal of or interest on any such U.S. Government Obligation held
        by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any
        deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of principal of or interest on the U.S. Government Obligation
        evidenced by such depository receipt.

       

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

       

      “Voting Stock” means, with
        respect to any Person as of any date, the Equity Interests of such Person that are at the time entitled to vote generally in the election of the board of directors of such Person.

       

      “Wholly Owned Subsidiary” of any Person means any Subsidiary
        of such Person of which all the outstanding Voting Stock (other than in the case of a foreign Subsidiary, directors’ qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law) are owned by
        such Person or any Wholly Owned Subsidiary of such Person.

       

      “Wholly Owned U.S. Subsidiary” of any Person means any Wholly
        Owned Subsidiary of such Person that is organized or existing under the laws of the United States, any state thereof or the District of Columbia.

       

      
        - 20 -

        
          

      

      Section 1.02  Other Definitions.

       

      
        	
                 

              	
                Term

              	
                 

              	
                Defined in Section

              	
                 

              
	
                 

              	
                “Aggregate Payments”

              	
                 

              	
                10.01(e)

              	
                 

              
	
                 

              	
                “Authentication Order”

              	
                 

              	
                2.02

              	
                 

              
	
                 

              	
                “Change of Control Offer”

              	
                 

              	
                4.08(a)

              	
                 

              
	
                 

              	
                “Change of Control Payment”

              	
                 

              	
                4.08(a)

              	
                 

              
	
                 

              	
                “Change of Control Payment Date”

              	
                 

              	
                4.08(a)

              	
                 

              
	
                 

              	
                “Contributing Guarantors”

              	
                 

              	
                10.01(e)

              	
                 

              
	
                 

              	
                “Covenant Defeasance”

              	
                 

              	
                8.03

              	
                 

              
	
                 

              	
                “DTC”

              	
                 

              	
                2.03

              	
                 

              
	
                 

              	
                “Event of Default”

              	
                 

              	
                6.01

              	
                 

              
	
                 

              	
                “Fair Share”

              	
                 

              	
                10.01(e)

              	
                 

              
	
                 

              	
                “Fair Share Contribution Amount”

              	
                 

              	
                10.01(e)

              	
                 

              
	
                 

              	
                “Funding Guarantor”

              	
                 

              	
                10.01(e)

              	
                 

              
	
                 

              	
                “Increased Amount”

              	
                 

              	
                4.05(b)

              	
                 

              
	
                 

              	
                “Incur”

              	
                 

              	
                4.11(b)

              	
                 

              
	
                 

              	
                “LCT Election”

              	
                 

              	
                1.05(a)

              	
                 

              
	
                 

              	
                “LCT Test Date”

              	
                 

              	
                1.05(a)

              	
                 

              
	
                 

              	
                “Legal Defeasance”

              	
                 

              	
                8.02

              	
                 

              
	
                 

              	
                “OID Legend”

              	
                 

              	
                2.06(f)

              	
                 

              
	
                 

              	
                “Paying Agent”

              	
                 

              	
                2.03

              	
                 

              
	
                 

              	
                “Registrar”

              	
                 

              	
                2.03

              	
                 

              
	
                 

              	
                “Reversion Time”

              	
                 

              	
                4.11(b)

              	
                 

              
	
                 

              	
                “Suspended Covenants”

              	
                 

              	
                4.11(a)

              	
                 

              
	
                 

              	
                “Suspension Period”

              	
                 

              	
                4.11(b)

              	
                 

              

        

        

      

      Section 1.03  Incorporation by Reference of Trust Indenture Act.

       

      Whenever this Indenture refers to a provision of the TIA and subject to Section 12.01, the provision is incorporated by reference in and made a part of
        this Indenture.

       

      The following TIA terms if and to the extent used in this Indenture by virtue of Section 7.10 have the following meanings:

       

      “indenture securities” means the Notes;

       

      “indenture security Holder” means a Holder of a Note;

       

      “indenture to be qualified” means this Indenture;

       

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

       

      “obligor” on the Notes and the Note Guarantees means the
        Issuer and the Guarantors, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively.

       

      Section 1.04  Rules of Construction and Calculation.

       

      (a)  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;

       

      
        - 21 -

        
          

      

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

       

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

       

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

       

      (7) “including” shall be interpreted to mean “including without
        limitation”;

       

      (8) references to Sections refer to Sections of this Indenture; and

       

      (9) the term “all or substantially all,” when applied to the assets of a Person and/or its Subsidiaries
        shall not be read to mean “any” of such assets as a result of such Person and/or its Subsidiaries being in the “zone of insolvency.”

       

      Section 1.05  Limited Condition Transactions.

       

      (a)  When calculating the availability under any basket or ratio under this Indenture or compliance with any provision of
        this Indenture in connection with any Limited Condition Transaction and any actions or transactions related thereto (including, without limitation, acquisitions, Investments, the incurrence or issuance of Indebtedness and the use of proceeds
        thereof, the incurrence of Liens and repayments), in each case, at the option of the Issuer (the Issuer’s election to exercise such option, an “LCT Election”),

        the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted (or any requirement or condition therefor is complied with or satisfied (including, without limitation, as to the
        absence of any continuing Default or Event of Default)) under the Indenture shall be deemed to be the date (the “LCT Test Date”) the definitive agreements for
        such Limited Condition Transaction are entered into (or, if applicable, the date of delivery of an irrevocable notice or similar event), and if, after giving pro forma effect to the Limited Condition Transaction and any actions or transactions
        related thereto (including, without limitation, acquisitions, Investments, the incurrence or issuance of Indebtedness and the use of proceeds thereof, the incurrence of Liens and repayments) and any related pro forma adjustments, the Issuer or any
        of its Restricted Subsidiaries would have been permitted to take such actions or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements and conditions), such ratio,
        test or basket (and any related requirements and conditions) shall be deemed to have been complied with (or satisfied) for all purposes under the Indenture (in the case of Indebtedness, for example, whether such Indebtedness is committed, issued or
        incurred at the LCT Test Date or at any time thereafter); provided, that (a) if financial statements for one or more subsequent fiscal quarters shall have become available, the Issuer may elect, in its sole discretion, to redetermine all such
        ratios, tests or baskets on the basis of such financial statements, in which case, such date of redetermination shall thereafter be deemed to be the applicable LCT Test Date for purposes of such ratios, tests or baskets and (b) except as
        contemplated in the foregoing clause (a), compliance with such ratios, tests or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT Test Date for such Limited Condition
        Transaction and any actions or transactions related thereto (including, without limitation, acquisitions, Investments, the incurrence or issuance of Indebtedness, Disqualified Equity Interests or preferred stock and the use of proceeds thereof, the
        incurrence of Liens and repayments).

       

      
        - 22 -

        
          

      

      (b)  For the avoidance of doubt, if the Issuer has made an LCT Election, (1) if any of the ratios, tests or baskets for which compliance was determined
        or tested as of the LCT Test Date would at any time after the LCT Test Date have been exceeded or otherwise failed to have been complied with as a result of fluctuations in any such ratio, test or basket, including due to fluctuations in
        Consolidated EBITDA of the Issuer or the Person subject to such Limited Condition Transaction, such baskets, tests or ratios will not be deemed to have been exceeded or failed to have been complied with as a result of such fluctuations (provided,
        for the avoidance of doubt, that the Issuer or any Restricted Subsidiary may rely upon any improvement in any such ratio, test or basket availability); (2) if any related requirements and conditions (including as to the absence of any continuing
        Default or Event of Default) for which compliance or satisfaction was determined or tested as of the LCT Test Date would at any time after the LCT Test Date not have been complied with or satisfied (including due to the occurrence or continuation of an Default or Event of Default), such requirements and conditions will not be deemed to have been failed to be complied with or satisfied (and such Default or Event
          of Default shall be deemed not to have occurred or be continuing); and (3) in calculating the availability under any ratio, test or basket in connection with any action or transaction unrelated to such Limited Conditionality Transaction following
          the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction is consummated or the date that the definitive agreement or date for redemption, purchase or repayment specified in an irrevocable notice
          for such Limited Condition Transaction is terminated, expires or passes, as applicable, without consummation of such Limited Condition Transaction, any such ratio, test or basket shall be determined or tested giving pro forma effect to such
          Limited Condition Transaction.

       

      ARTICLE 2

       

      THE NOTES

       

      Section 2.01  Form and Dating.

       

      (a)  General. The Notes and the
        Trustee’s certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage (provided that any such notation, legend or endorsement required by usage is in a form reasonably acceptable to the Issuer). Each Note shall be dated the date of its authentication. The Notes shall
        be in denominations of $2,000 and integral multiples of $1,000 in excess thereof.

       

      The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Issuer, 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 shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be
        substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding
        Notes as shall be specified 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, repurchases, and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding
        Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 and shall be made on the records of the Trustee and
        the Depositary.

       

      (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 shall be applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearstream.

       

      Section 2.02  Execution and Authentication.

       

      At least one Officer of the Issuer must sign the Notes for the Issuer by manual or facsimile signature.

       

      
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      If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid.

       

      A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been
        duly authenticated under this Indenture.

       

      The Trustee shall authenticate and deliver: (i) on the Issue Date, an aggregate principal amount of $400 million of 6.875% Senior Notes due 2027 and
        (ii) Additional Notes for an original issue in an aggregate principal amount specified in an Authentication Order pursuant to this Section 2.02 and Section 2.14, in each case upon a written order of the Issuer signed by at least one Officer of the
        Issuer (an “Authentication Order”). Such Authentication Order shall specify the amount of the Notes to be authenticated and the date on which the original
        issue of the Notes is to be authenticated.

       

      The Trustee may appoint an authenticating agent acceptable to the Issuer 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 Issuer.

       

      Section 2.03  Registrar and Paying Agent.

       

      The Issuer shall 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 shall keep a register of the Notes and of their transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
        Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder, but with written notice thereof to the Paying Agent and Registrar. The Issuer shall notify the Trustee in writing of the
        name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or
        Registrar.

       

      The Issuer initially appoints The Depository Trust Company (“DTC”)

        to act as Depositary with respect to the Global Notes.

       

      The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

       

      In acting hereunder and in connection with the Notes, the Registrar and the Paying Agent shall act solely as agents of the Issuer, and will not thereby
        assume any obligations towards or relationship of agency or trust for or with any Holder of the Notes.

       

      Section 2.04  Paying Agent to Hold Money in
          Trust.

       

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

       

      

      
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      Section 2.05  Holder Lists.

       

      The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all
        Holders.  If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee at least seven Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such
        date as the Trustee may reasonably require of the names and addresses of the Holders.

       

      Section 2.06  Transfer

          and Exchange.

       

      (a)  Transfer and Exchange of Global
          Notes. A Global Note may not be transferred except in whole (but not in part) by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary
        or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes shall be exchanged by the Issuer for Definitive Notes if:

       

      (1) the Depositary (a) notifies the Issuer that it is unwilling or unable to continue as Depositary for
        the Global Notes or (b) has ceased to be a clearing agency registered under the Exchange Act and, in each case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary;

       

      (2) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of
        the Definitive Notes; or

       

      (3) there has occurred and is continuing a Default with respect to the Notes.

       

      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. 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 Sections 2.07 or 2.10, 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).

       

      (b)  Transfer and Exchange of
          Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures.
        Beneficial interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall
        require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

       

      (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same
        Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend. 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:

       

      
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      (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

       

      (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 clause (i) 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).

       

      (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 shall take delivery in the form of a beneficial interest in the 144A Global Note,
        then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; and

       

      (B) if the transferee shall take delivery in the form of a beneficial interest in the Regulation S
        Global Note then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof.

       

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

       

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

       

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

       

      
        - 26 -

        
          

      

      and, in each such case, 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 at a time when an Unrestricted Global Note has not yet been issued, the Issuer shall issue and, upon receipt of an
        Authentication Order in accordance with Section 2.02, 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.

       

      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;

       

      (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 the Issuer or any
        of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

       

      (F) if such beneficial interest is being transferred pursuant to an effective registration statement
        under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

       

      the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section
        2.06(g), and the Issuer shall execute and, upon receipt of an Authentication Order, 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.

       

      
        - 27 -

        
          

      

      (2) [Reserved].

       

      (3) 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:

       

      (i)  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

       

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

       

      (iii)  and, in each such case, 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.

       

      (4) 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), the Trustee shall cause the aggregate principal amount of the applicable Global
        Note to be reduced accordingly pursuant to Section 2.06(g), and the Issuer shall execute and, upon receipt of an Authentication Order, the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the
        appropriate principal amount.  Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall 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 shall deliver such Definitive Notes to the Persons in whose names such Notes are so
        registered.  Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(4) shall 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:

       

      
        - 28 -

        
          

      

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

       

      (B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a
        certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

       

      (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore
        transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

       

      (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the
        registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

       

      (E) if such Restricted Definitive Note is being transferred to the Issuer
        or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

       

      (F) if such Restricted Definitive Note is being transferred pursuant to an effective registration
        statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

       

      the Trustee shall cancel the Restricted Definitive Note and increase or cause to be increased the aggregate principal amount of the
        applicable 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:

       

      (i)  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

       

      (ii)  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, 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 shall cancel the Definitive Notes and increase
        or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

       

      
        - 29 -

        
          

      

      (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 written request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive
        Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes.

       

      If any such exchange or transfer from a Definitive Note to a beneficial interest is effected at a time when an Unrestricted Global Note has not yet
        been issued, the Issuer shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of
        Definitive Notes transferred or exchanged.

       

      (e)  Transfer

          and Exchange of Definitive Notes for Definitive Notes.  Upon written request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall 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 shall 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 shall 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 shall be made pursuant to any other exemption from the registration requirements of
        the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications 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:

       

      (i)  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

       

      (ii)  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, 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.

       

      
        - 30 -

        
          

      

      (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
        legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture.

       

      (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 RESTRICTION TERMINATION DATE’’) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR 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 ISSUER OR ANY AFFILIATE OF THE ISSUER 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 ISSUER 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’’), INSIDE THE UNITED STATES 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) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE) OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’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 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.]

       

      
        - 31 -

        
          

      

      (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs
        (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2) or (e)(3) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend.

       

      (2) Global Note
          Legend.  Each Global Note shall bear a legend in substantially the following form:

       

      “THIS 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 MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.01 AND 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 THE ISSUER.

       

      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 ISSUER 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.”

       

      (3) [Reserved].

       

      (4) OID Legend.  To the extent required by Section 1275(c)(1)(A) of the Internal Revenue Code of 1986, as amended, and Treasury Regulation Section 1.1275-3(b)(1), each Note issued at a discount to its stated redemption
        price at maturity shall bear a legend (the “OID Legend”) in substantially the following form (with any necessary amendments thereto to reflect any amendments
        occurring after the Issue Date to the applicable sections):

       

      “FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS
          AMENDED, THIS NOTE IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU MAY CONTACT THE ISSUER AT PITNEY BOWES INC., 3001 SUMMER STREET, STAMFORD, CT 06926,
          ATTENTION: VICE PRESIDENT AND TREASURER, AND THE ISSUER WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS NOTE.”

       

        

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

       

      (h)  General Provisions Relating to
          Transfers and Exchanges.

       

      (1) To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall
        authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request.

       

      (2) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a
        Holder of a Definitive Note for any registration of transfer or exchange, but the Issuer 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 and 9.05).

       

      (3) The Registrar shall 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 shall be the valid obligations of the Issuer, 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) The Issuer shall not be required:

       

      (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the
        opening of business 15 days before the day of sending of a notice of redemption of Notes for redemption under Section 3.02 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 Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee,
        any Agent or the Issuer shall be affected nor incur any liability by notice to the contrary.

       

      
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      (7) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions
        of Section 2.02.

       

      (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) The Trustee shall have no responsibility or obligation to any beneficial owner in a Global Note, a Participant, an Indirect
        Participant or other Person with respect to the accuracy of the records of the applicable Depositary or their respective nominees or of any Participant, with respect to any ownership interest in the Notes or with respect to the delivery to any
        Participant, Indirect Participant, beneficial owner or other Person (other than the Depositary of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes).  All notices and communications to
        be given to the Holders and all payments to be made to Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered holders (which shall be the Depositary or its nominee in the case of a Global
        Note).  The rights of beneficial owners in a Global Note shall be exercised only through the Depositary, subject to the applicable procedures.  The Trustee shall be entitled to conclusively rely and shall be fully protected in relying upon
        information furnished by the Depositary with respect to their members, participants and any beneficial owners.  The Trustee shall be entitled conclusively to deal with the Depositary, and any nominee thereof, that is the registered holder of any
        Global Note for all purposes of this Indenture relating to such Global Note (including the payment of principal, premium, if any, and interest, and the giving of instructions or directions by or to the owner or holder of a beneficial ownership
        interest in such Global Note) as the sole holder of such Global Note and shall have no obligations to the beneficial owners thereof.  The Trustee shall not have any responsibility or liability for the records of any such depositary, including
        records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary and any Participant or between or among the Depositary, any such Participant and/or any holder or owner of a
        beneficial interest in such Global Note, or for any transfers of beneficial interests in any such Global Note.

       

      (10) The Trustee shall have no obligation or duty to monitor, determine or
        inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Notes (including any transfers between or among Depositary Participants or
        beneficial owners of interests in any Global Notes) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
        and to examine the same to determine substantial compliance as to form with the express requirements hereof.  Neither the Trustee nor any Agent shall have any responsibility or incur any liability for any actions taken or not taken by the
        Depositary.

       

      Section 2.07  Replacement Notes.

       

      If any mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or
        theft of any Note, the Issuer shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met.  Security and/or an indemnity must be supplied by the Holder that is
        sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss, claim or liability that any of them may suffer if a Note is replaced.  The Issuer may charge for its
        expenses, including the Trustee’s expenses, in replacing a Note.

       

      Every replacement Note is an additional obligation of the Issuer and shall be entitled to all of the benefits of this Indenture equally and
        proportionately with all other Notes duly issued hereunder.

       

      
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      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, a Note does not
        cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

       

      If a Note is replaced pursuant to Section 2.07, 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, it ceases to be outstanding and interest on it ceases to accrue.

       

      If there has been irrevocably deposited with the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof), on a redemption
        date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

       

      Section 2.09  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
        Issuer or any Guarantor, or by any Person directly or indirectly controlled by the Issuer or any Guarantor, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying
        on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded.

       

      Section 2.10  Temporary

          Notes.

       

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

       

      Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

       

      Section 2.11  Cancellation.

       

      The Issuer at any time may deliver Notes to the Trustee for cancellation.  The Registrar and Paying Agent shall forward to the Trustee any Notes
        surrendered to them for registration of transfer, exchange or payment.  The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of such canceled
        Notes in accordance with its then standard procedures (subject to the record retention requirement of the Exchange Act).  Certification of the disposal of all canceled Notes shall be delivered to the Issuer upon its written request therefor.  The
        Issuer 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 Issuer defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
        interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01.  The Issuer shall notify the Trustee in writing of the amount of
        defaulted interest proposed to be paid on each Note and the date of the proposed payment.  The Issuer shall 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 Issuer (or, upon five Business
        Days’ prior written request of the Issuer, the Trustee in the name and at the expense of the Issuer) shall mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest
        to be paid.

       

      
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      Section 2.13  CUSIP Numbers.

       

      The Issuer in issuing the Notes may use CUSIP numbers (if then generally in use), and, if so, the Trustee will use CUSIP numbers in notices of
        redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either
        as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption will not be affected by any defect in or omission of such
        numbers.  The Issuer will promptly notify the Trustee in writing of any change in the CUSIP numbers.

       

      Section 2.14  Issuance of Additional Notes.

       

      The Issuer will be entitled, from time to time, without consent of the Holders, to issue Additional Notes under this Indenture with identical terms as
        the Initial Notes issued on the Issue Date other than with respect to (i) the date of issuance and, if applicable, initial accrual of interest, (ii) the issue price and (iii) any adjustments in order to conform to and ensure compliance with the
        Securities Act (or other applicable securities laws).  The Initial Notes issued on the Issue Date and any Additional Notes will be treated as a single class for all purposes under this Indenture; provided that in the event any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes, such non-fungible Additional Notes will be issued with a separate CUSIP number.

       

      With respect to any Additional Notes, the Issuer will set forth in an Officers’ Certificate or in a resolution of the Board of Directors of the Issuer,
        copies of which will be delivered to the Trustee, the following information:

       

      (1) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant
        to this Indenture;

       

      (2) the issue price, the issue date and the CUSIP number of such Additional Notes; and

       

      (3) whether such Additional Notes will be subject to transfer restrictions.

       

      ARTICLE 3

       

      REDEMPTION AND PREPAYMENT

       

      Section 3.01  Notices to Trustee.

       

      If the Issuer elects to redeem Notes pursuant to the optional redemption provisions of paragraph 5 of the Notes, it must furnish to the Trustee, at
        least 10 days but not more than 60 days before the redemption date (or such longer period before the redemption date as the Trustee may agree), an Officers’ Certificate setting forth:

       

      (1) the clause of the Notes 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.

       

      
        - 36 -

        
          

      

      Section 3.02  Selection of Notes to Be Redeemed.

       

      In the event that less than all of the Notes are to be redeemed at any time pursuant to a redemption made pursuant to paragraph 5 of the Notes,
        selection of the Notes for redemption shall be made on a pro rata basis (if the Notes are issued in physical form) or in accordance with the Depository’s applicable procedures (if the Notes are issued in global form) and, in each case, if the Notes
        are listed on a national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; provided,
        however, that no Notes of a principal amount of $2,000 or less shall be redeemed in part. The Trustee shall promptly notify the Issuer in writing of the Notes
        selected for redemption and, in the case of any Notes selected for partial redemption, the principal amount thereof to be redeemed. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for
        redemption.

       

      Section 3.03  Notice of Redemption.

       

      At least 10 days, and no more than 60 days, before a Redemption Date, the Issuer shall mail or cause to be mailed, or deliver electronically or cause
        to be delivered electronically for any Notes held by the Depository, a notice of redemption to each Holder of a Note at his or her last address as the same appears on the registry books maintained by the Registrar pursuant to Section 2.04, except
        that redemption notices may be mailed, or delivered electronically for any Notes held by the Depository, more than 60 days prior to a Redemption Date if the notice is issued in connection with a Legal Defeasance or Covenant Defeasance of the
        Issuer’s obligations pursuant to Article 8 or a satisfaction and discharge of this Indenture pursuant to Article 11, or if the Redemption Date is delayed as provided for in Section 3.04. If the Issuer mails such notice to Holders, it shall mail a
        copy of such notice to the Trustee at the same time.

       

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

       

      (1) the redemption date;

       

      (2) the redemption price;

       

      (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 shall be issued in the name of the applicable Holder 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 Issuer 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 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 numbers, if any,
        listed in such notice or printed on the Notes; and

       

      (9) any condition precedent to the redemption and related information as required by Section 3.04.

       

      
        - 37 -

        
          

      

      At the Issuer’s written request, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 15 days prior
        to the redemption date (or such shorter period as the Trustee may agree (but in no case less than 10 days prior to the redemption date)), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be
        stated in such notice as provided in the preceding paragraph along with a copy of the redemption notice to be delivered to the Holders. The Issuer may provide in a notice of redemption that payment of the redemption price and the performance of the
        Issuer’s obligations with respect to such redemption may be performed by another Person.

       

      Section 3.04  Effect of Notice of Redemption.

       

      Except as provided in the immediately following sentence, once a notice of redemption is delivered in accordance with Section 3.03, subject to the
        satisfaction (or waiver) of any conditions precedent, Notes called for redemption become irrevocably due and payable on the Redemption Date at the redemption price. Any redemption or notice may, at the Issuer’s option, be subject to the
        satisfaction (or waiver by the Issuer in its sole discretion) of one or more conditions precedent. In addition, if such redemption or notice is subject to satisfaction (or waiver) of one or more conditions precedent, such notice shall state that,
        in the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or waived by the Issuer in its sole discretion) or such redemption may not occur and such notice may be rescinded in
        the event that any or all such conditions shall not have been (or, in the Issuer’s sole determination, are not expected to be) satisfied by the Redemption Date, or by the Redemption Date so delayed.

       

      The Issuer may provide in any notice that payment of the redemption price and accrued and unpaid interest, if any, and the performance of the
        Issuer’s obligations with respect to such redemption may be performed by another Person.

       

      Section 3.05  Deposit of Redemption or Purchase Price.

       

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

       

      If the Issuer complies with the provisions of the preceding paragraph, on and after the redemption or required purchase date, interest shall 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 Issuer
        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.

       

      Section 3.06  Notes Redeemed or Purchased in Part.

       

      Upon surrender of a Note that is redeemed or purchased in part, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee shall
        authenticate for the Holder at the expense of the Issuer a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered.

       

      Section 3.07  Optional Redemption.

       

      The Issuer may at any time and from time to time, at its option, redeem the Notes outstanding (in whole or in part) as provided in paragraph 5 of the
        Notes.

       

      
        - 38 -

        
          

      

      Section 3.08  Mandatory Redemption.

       

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

       

      ARTICLE 4

       

      COVENANTS

       

      Section 4.01  Payment of Notes.

       

      The Issuer shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the
        Notes.  Principal, premium, if any, and interest shall be considered paid on the date due if there has been irrevocably deposited with the Paying Agent, if other than the Issuer or a Subsidiary thereof, as of 11:00 a.m., New York City time, on the
        due date money by or on behalf of the Issuer in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due.

       

      The Issuer shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to
        the then applicable interest rate on the Notes.  The Issuer shall 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
        rate equal to the then applicable interest rate on the Notes.  Interest on the Notes shall accrue from the date of original issuance or, if interest has already been paid, from the date it was most recently paid.  Interest shall be computed on the
        basis of a 360-day year comprised of twelve 30-day months.

       

      Section 4.02  Maintenance of Office or Agency.

       

      The Issuer shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where
        Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served.  The Issuer shall give prompt written notice to the Trustee of the
        location, and any change in the location, of such office or agency.  If at any time the Issuer 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.

       

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

       

      The Issuer hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Issuer in accordance with Section 2.03.

       

      Section 4.03  Reports.

       

      So long as any of the Notes remain outstanding and “restricted securities” within the meaning
        of Rule 144(a)(3) under the Securities Act, and are not eligible to be resold pursuant to Rule 144(b)(1) of the Securities Act, the Issuer will furnish to the Holders of the Notes and prospective investors, upon their request, the information
        required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act (for so long as such information is required in order to permit resales of the Notes pursuant to Rule 144A).

       

      
        - 39 -

        
          

      

      Section 4.04  Compliance Certificate.

       

      (a)  The Issuer shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Issuer, an Officers’ Certificate stating that in
        the course of the performance by the signer of its duties as an officer of the Issuer he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred
        during such period and if any specifying such Default or Event of Default, its status and what action the Issuer has taken, is taking or proposes to take with respect thereto.

       

      (b)  The Issuer shall provide an Officers’ Certificate to the Trustee promptly upon any such officer obtaining knowledge of any Default or Event of
        Default that has occurred and, if applicable, describe such Default or Event of Default and the status thereof.  For purposes of this Section 4.04(b), such compliance shall be determined without regard to any period of grace or requirement of
        notice under this Indenture.

       

      Section 4.05  Liens.

       

      (a)  So long as any of the Notes remain outstanding, the Issuer will not, nor will it permit any of its Restricted Subsidiaries to, incur, issue,
        assume, Guarantee or otherwise become liable for any Indebtedness that is secured by a Lien (other than Permitted Liens) on any asset or property now owned or hereafter acquired by the Issuer or any of its Restricted Subsidiaries, without in any
        such case effectively providing that all of the Notes and Note Guarantees will be secured equally and ratably with (or prior to) such Indebtedness (provided that any
          Lien created for the benefit of the Holders of the Notes pursuant to this sentence may provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien that resulted
          in such Lien being created for the benefit of the Holders of the Notes).

       

      (b)  With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the
        incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness and any Increased Amount shall not be considered an additional incurrence of secured Indebtedness for purposes of this covenant.
        The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in connection with any accrual of interest, the
        accretion of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original issue discount or liquidation preference, any fees, underwriting
        discounts, accrued and unpaid interest, premiums and other costs and expenses incurred in connection therewith and increases in the amount (or the dollar equivalent amount) of Indebtedness outstanding solely as a result of fluctuations in the
        exchange rate of currencies or increases in the value of property securing Indebtedness.

       

      Section 4.06  Guaranteed Indebtedness.

       

      (a)  So long as any of the Notes remain outstanding, the Issuer will not, nor will it permit any of its Restricted
        Subsidiaries that are Wholly Owned Subsidiaries to, Guarantee any Indebtedness for borrowed money or any Capital Markets Debt (other than Permitted Guaranteed Indebtedness) that is incurred, issued or assumed by the Issuer or any of its Restricted
        Subsidiaries that are Wholly-Owned Subsidiaries or for which the Issuer or any of its Restricted Subsidiaries that are Wholly-Owned Subsidiaries otherwise becomes liable.

       

      (b)  With respect to any Guarantee in respect of Indebtedness referred to in Section 4.06(a) that was permitted at the time
        of the incurrence of such Guarantee, such Guarantee shall also be permitted in respect of any Increased Amount of such Indebtedness and any Increased Amount shall not be considered an additional Guarantee or additional incurrence of such
        Indebtedness for purposes of this Section 4.06.

       

      
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      Section 4.07  Sales and Leasebacks.

       

      So long as any of the Notes remain outstanding, the Issuer will not, nor will it permit any of its Restricted Subsidiaries to, enter into any sale
        and leaseback arrangement involving any asset or property of the Issuer or any of its Restricted Subsidiaries which has a term of more than three years, except for sale and leaseback arrangements between the Issuer and a Wholly Owned Subsidiary of
        the Issuer that is a Restricted Subsidiary or between Wholly Owned Subsidiaries of the Issuer that are Restricted Subsidiaries, unless:

       

      (1) the Issuer or such Restricted Subsidiary of the Issuer enters into the sale and leaseback transaction within 180 days after the
        asset or property is acquired, constructed or placed into service;

       

      (2) the rent that the Issuer or such Restricted Subsidiary of the Issuer pays under the related lease is reimbursed under a contract
        between the Issuer or such Restricted Subsidiary of the Issuer and the United States government or one of its agencies or instrumentalities;

       

      (3) the aggregate amount of all Attributable Debt with respect to sale and leaseback transactions does not exceed 15.0% of
        Consolidated Net Tangible Assets; or

       

      (4) the Issuer applies or causes to be applied an amount equal to, in the case of a sale or transfer for cash, the lesser of the net
        proceeds of the sale or transfer of the asset or property and the net book value, or, in the case of a sale or transfer otherwise than for cash, the lesser of the Fair Market Value of the asset or property (as determined by the Issuer in good
        faith) and its net book value, within 180 days of the effective date of the sale and leaseback arrangement to the retirement of unsubordinated Indebtedness of the Issuer or any of its Restricted Subsidiaries, which may include the Notes; provided that the requirement in this clause (4) may not be satisfied by retiring Indebtedness that the Issuer or its Restricted Subsidiaries were otherwise
        obligated to repay within the 180-day period.

       

      Section 4.08 
        Change of Control Offer.

       

      (a)  If a Change of Control Triggering Event occurs, unless the Issuer has exercised its
        option to redeem the Notes in whole pursuant to this Indenture and the Notes, the Issuer shall make an offer (the “Change of Control Offer”) to each Holder of
        Notes to repurchase all or any part (equal to a principal amount of $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 the Notes to be
        repurchased, plus accrued and unpaid interest, if any, on such Notes to, but not including, the repurchase date (the “Change of Control Payment”), subject to
        the rights of Holders of the Notes on a regular record date to receive interest due on the related interest payment date falling on or prior to the repurchase date. Within 30 days following any Change of Control Triggering Event or, at the Issuer’s
        option, prior to any Change of Control, but after public announcement of the transaction that constitutes or may constitute a Change of Control Triggering Event, the Issuer shall transmit a notice to each Holder, with a copy to the Trustee,
        describing the transactions and events that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date shall be no earlier than 30 days and no later than
        60 days from the date such notice is mailed (the “Change of Control Payment Date”). The notice, if transmitted prior to the date of consummation of the Change
        of Control, shall state that the offer to purchase is conditioned on the Change of Control Triggering Event occurring on or prior to the Change of Control Payment Date. In the event that such offer to purchase fails to satisfy the condition in the
        immediately preceding sentence, the Issuer shall cause another notice meeting the aforementioned requirements to be transmitted to Holders.

       

      (b)  On the Change of Control Payment Date, the Issuer shall, to the extent lawful:

       

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

       

      
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      (2) irrevocably 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 repurchased.

       

      The Paying Agent shall promptly transmit to each Holder of properly tendered Notes the Change of Control Payment for such Notes being repurchased,
        and the Trustee shall promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to the unrepurchased portion, if any, of any Notes surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

       

      (c)  The Issuer shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party
        makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer and such third party repurchases all Notes properly tendered and not withdrawn under its offer.

       

      (d)  The Issuer shall 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 such securities laws or regulations conflict with the
        Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue of any such conflict.

       

      Section 4.09  Designation of Restricted and Unrestricted Subsidiaries and Investments in Unrestricted Subsidiaries.

       

      (a)  The Board of Directors of the Issuer may designate any Subsidiary of the Issuer (including any newly-acquired or
        newly-formed Subsidiary) to be an Unrestricted Subsidiary so long as:

       

      (1) such Subsidiary does not own any Equity Interests of, or own or hold any Lien on any property of, the Issuer or any other
        Subsidiary of the Issuer that is not a Subsidiary of the Subsidiary to be so designated;

       

      (2) such Subsidiary and each of its Subsidiaries has not at the time of designation, and does not thereafter, incur any Indebtedness
        pursuant to which the lender has recourse to any of the assets of the Issuer or any of its Restricted Subsidiaries (not including Standard Securitization Undertakings or a pledge of Equity Interests in such Unrestricted Subsidiary); and

       

      (3) the aggregate Fair Market Value of each Subsidiary of the Issuer designated as an Unrestricted Subsidiary (or the portion
        thereof allocable to the direct or indirect Investment of the Issuer therein in the case of a non-Wholly Owned Subsidiary) (as determined in good faith by the Issuer at the time of each such designation), together with the aggregate amount of all
        Investments made by the Issuer and its Restricted Subsidiaries in Unrestricted Subsidiaries of the Issuer pursuant to the proviso to the immediately succeeding paragraph, would not exceed the greater of (i) $500.0 million and (ii) 10% of the
        Consolidated Total Assets of the Issuer and its Restricted Subsidiaries.  If at any time an Unrestricted Subsidiary of the Issuer fails to comply with clauses (1) and (2) of this Section 4.09(a), such Subsidiary shall no longer constitute an
        Unrestricted Subsidiary.

       
        
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      (b)  The Issuer will not make and will not permit any of its Restricted Subsidiaries to make any Investment in an
        Unrestricted Subsidiary of the Issuer; provided that the Issuer and its Restricted Subsidiaries may make any Investment in an Unrestricted Subsidiary of the
        Issuer so long as the aggregate amount of all Investments made by the Issuer and its Restricted Subsidiaries in Unrestricted Subsidiaries, together with the aggregate Fair Market Value of each Subsidiary of the Issuer designated as an Unrestricted
        Subsidiary (or the portion thereof allocable to the direct or indirect Investment of the Issuer therein in the case of a non-Wholly Owned Subsidiary) (as determined in good faith by the Issuer at the time of each such designation), would not exceed
        the greater of (a) $500.0 million and (b) 10% of the Consolidated Total Assets of the Issuer and its Restricted Subsidiaries measured at the time any such Investment is made.

       

      (c)  The Board of Directors of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if
        immediately before and immediately after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing.

       

      (d)  Any such designation by the Board of Directors of the Issuer under Section 4.09(a) or Section 4.09(c) shall be evidenced to the Trustee by
        promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions.

       

      Section 4.10  Additional Note Guarantees.

       

      If, after the date hereof, (1) any Wholly Owned U.S. Subsidiary (including any newly formed or newly acquired Wholly Owned U.S. Subsidiary) of the
        Issuer that is a Restricted Subsidiary that is not then a Guarantor (x) incurs or guarantees any Indebtedness under the Existing Credit Agreement or (y) guarantees any Capital Markets Debt issued by the Issuer or any Guarantor with an aggregate
        outstanding principal amount in excess of $100.0 million or (2) the Issuer otherwise elects to have any of its Restricted Subsidiaries become a Guarantor, then, in each such case, the Issuer shall cause such Restricted Subsidiary to, within 30 days
        thereafter, execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted Subsidiary shall become a Guarantor under this Indenture and provide a Note Guarantee on the same terms and conditions as those set forth in
        this Indenture and applicable to the other Guarantors and deliver an Officers’ Certificate and Opinion of Counsel reasonably satisfactory to the Trustee. The form of such supplemental indenture is attached as Exhibit E hereto.

       

      Section 4.11  Covenant Suspension.

       

      (a)  If on any date following the Issue Date, (i) the Notes attain Investment Grade Ratings from two Rating Agencies and (ii) no Default or Event of
        Default has occurred and is continuing under the Indenture, then, beginning on that day, Sections 4.06, 4.09 and 4.10 will not be applicable to the Notes (collectively, the “Suspended Covenants”).

       

      (b)  If on any subsequent date two of the Rating Agencies shall have assigned to the Notes ratings below Investment Grade Ratings, the Suspended
        Covenants will be reinstated as of and from the time at which the Issuer obtains actual knowledge of such rating decline (any such time, a “Reversion Time”).
        The period of time between the suspension of covenants as set forth above and the Reversion Time is referred to as the “Suspension Period.” If at any time
        during a Suspension Period any Subsidiary of the Issuer issues, assumes, incurs, enters into any guarantee of or otherwise becomes liable for (collectively, “Incur”)

        Indebtedness or enters into any transaction that, in each case, if Incurred or entered into at a time other than during a Suspension Period would have required such Subsidiary to become a Guarantor with respect to the Notes pursuant to Section
        4.10, then, within 30 days of the Reversion Time, such Subsidiary shall become a Guarantor of the Notes, execute a supplemental indenture to the Indenture in the form attached as Exhibit E hereto and deliver an Officers’ Certificate and Opinion of
        Counsel reasonably satisfactory to the Trustee. With respect to any designation of a Subsidiary of the Issuer as an Unrestricted Subsidiary or any Investment in an Unrestricted Subsidiary made, in each case, after any Reversion Time, the amount of
        the aggregate Fair Market Value of each Subsidiary of the Issuer designated as an Unrestricted Subsidiary (or the portion thereof allocable to the direct or indirect Investment of the Issuer therein in the case of a non-Wholly Owned Subsidiary) (as
        determined in good faith by the Issuer at the time of each such designation), together with the aggregate amount of all Investments made by the Issuer and its Restricted Subsidiaries in Unrestricted Subsidiaries of the Issuer pursuant to the
        proviso to Section 4.09(b) will be calculated as if the covenant described under such caption had been in effect prior to, but not during, the Suspension Period.

      

      

      
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      (c)  The Trustee shall not have any duty to monitor any Suspension Period or Reversion Time or to notify Holders of such.

       

      Section 4.12  Stay, Extension and Usury Laws.

       

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

       

      ARTICLE 5

       

      SUCCESSORS

       

      Section 5.01  Merger, Consolidation and Sale of Assets.

       

      (a)  The Issuer may consolidate with, sell, convey or lease (and may cause or permit any Restricted Subsidiary of the
        Issuer to sell, convey or lease) all or substantially all of the Issuer’s assets to, or merge with or into, any other Person, only if:

       

      (1) either (x) the Issuer is the continuing corporation or (y) the successor Person is a corporation organized and validly existing
        under the laws of the United States or any state thereof or the District of Columbia and expressly assumes the due and punctual payment of the principal of and premium, if any, and interest on all of the Notes, according to their tenor, and the due
        and punctual performance and observance of all of the covenants and conditions of the Notes and this Indenture to be performed or observed by the Issuer;

       

      (2) immediately after such merger, consolidation, sale, conveyance or lease, no Default or Event of
        Default shall have occurred or be continuing; and

       

      (3) in the case of (1)(y) above, the Issuer or such successor corporation shall have delivered to the Trustee an Officers’
        Certificate and an Opinion of Counsel, each stating that such merger, consolidation, sale, conveyance or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture, comply with the applicable
        provisions of this Indenture and that all conditions precedent in this Indenture relating to such transaction have been satisfied.

       

      (b)  For purposes of Section 5.01(a), the sale, lease or conveyance of all the assets, or substantially all the assets, of one or more Restricted
        Subsidiaries of the Issuer, the Equity Interests of which constitutes all or substantially all the assets of the Issuer, shall be deemed to be the transfer of substantially all the assets of the Issuer.

       

      (c)  Upon any such merger, consolidation, sale, conveyance or lease in accordance with this Section 5.01, in which the Issuer is not the continuing corporation, the successor corporation formed by such consolidation or into which the Issuer is merged or to which such sale, conveyance or lease is made shall
        succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture and the Notes with the same effect as if such surviving entity had been named as such.

       

      (d)  Notwithstanding the foregoing, this Section 5.01 will not apply to any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Issuer and any one or more of its Restricted
          Subsidiaries or between or among any one or more of the Issuer’s Restricted Subsidiaries. Section 5.01(a)(2) will not apply to (i) any merger or consolidation
          of any Restricted Subsidiary with or into the Issuer or (ii) a merger or consolidation of the Issuer with or into an affiliate of the Issuer solely for the purpose of reincorporating the Issuer in another jurisdiction.

      

      

      
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      ARTICLE 6

       

      DEFAULTS AND REMEDIES

       

      Section 6.01  Events of Default.

       

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

       

      (1) the failure to pay interest on the Notes when the same becomes due and payable and the default
        continues for a continuous period of 30 days;

       

      (2) the failure to pay the principal on the Notes, when such principal becomes due and payable, at
        maturity, upon redemption or otherwise;

       

      (3) a default in the observance or performance of any other covenant or agreement contained in this Indenture which default
        continues for a period of 90 days after the Issuer receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes (except
        in the case of a default with respect to Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of time requirement);

       

      (4) the entry by a court of competent jurisdiction of (A) a decree or order for relief in respect of
        the Issuer or any Significant Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Issuer or any Significant Subsidiary bankrupt or insolvent, or seeking reorganization,
        arrangement, adjustment or composition of or in respect of the Issuer or any Significant Subsidiary under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
        official of the Issuer or any Significant Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation of its affairs, and any such decree or order for relief shall continue to be in effect, or any such other
        decree or order shall be unstayed and in effect, for a period of 60 consecutive days;

       

      (5) (A) the commencement by the Issuer or any Significant Subsidiary of a voluntary case or proceeding under any applicable
        Bankruptcy Law or any other case or proceeding to be adjudicated bankrupt or insolvent, (B) the Issuer or any Significant Subsidiary consents to the entry of a decree or order for relief in respect of the Issuer or such Significant Subsidiary in an
        involuntary case or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, (C) the Issuer or any Significant Subsidiary files a petition or answer or consent seeking
        reorganization or relief under any applicable federal or state law, (D) the Issuer or any Significant Subsidiary (x) consents to the filing of such petition or the appointment of, or taking possession by, a custodian, receiver, liquidator,
        assignee, trustee, sequestrator or similar official of the Issuer or such Significant Subsidiary or of any substantial part of its property, (y) makes an assignment for the benefit of creditors or (z) admits in writing its inability to pay its
        debts generally as they become due or (E) the Issuer or any Significant Subsidiary takes any corporate action in furtherance of any such actions in this clause (5); or

       

      (6) except as permitted by this Indenture, any Note Guarantee of any Significant Subsidiary is declared to be unenforceable or
        invalid by any final and nonappealable judgment or decree or ceases for any reason to be in full force and effect, or any Guarantor that is a Significant Subsidiary or any Person acting on behalf of the Issuer or any such Guarantor denies or
        disaffirms the obligations of such Guarantor in writing under its Note Guarantee and such default continues for 10 days after the Issuer receives written notice specifying the default (and demanding that such default be remedied) from the Trustee
        or the Holders of at least 25% of the outstanding principal amount of the Notes.

       

      
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      Section 6.02  Acceleration.

       

      (a)  If an Event of Default (other than an Event of Default specified in Section 6.01(4) or Section 6.01(5) with respect to the Issuer) shall occur and
        be continuing, the Trustee or the Holders of at least 25% in principal amount of outstanding Notes may declare the principal of and accrued interest on all the Notes under this Indenture to be due and payable by notice in writing to the Issuer and
        the Trustee specifying the respective Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and payable. If an Event of Default specified in Section 6.01(4) or Section 6.01(5) with respect to the
        Issuer occurs and is continuing, then all unpaid principal of, and premium, if any, and accrued and unpaid interest on all of the outstanding Notes shall ipso facto become and be immediately due and payable without any declaration or other act on
        the part of the Trustee or any Holder.

       

      (b)  At any time after a declaration of acceleration with respect to the Notes as described in clause (a) of this Section 6.02, the Holders of a
        majority in principal amount of the Notes may rescind and cancel such declaration and its consequences:

       

      (1) if the rescission would not conflict with any judgment or decree;

       

      (2) if all existing Events of Default have been cured or waived except nonpayment of principal or interest that has become due
        solely because of the acceleration;

       

      (3) to the extent the payment of such interest is lawful, interest on overdue installments of interest and overdue principal, which
        has become due otherwise than by such declaration of acceleration, has been paid; and

       

      (4) if the Issuer has paid the Trustee its reasonable compensation and reimbursed the Trustee for all costs, expenses, disbursements
        and advances.

       

      (c)  No such rescission shall affect any subsequent Default or impair any right consequent thereto.

       

      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, the Note Guarantees or this Indenture.

       

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

       

      Section 6.04  Waiver
          of Past Defaults.

       

      (a)  The Holders of a majority in aggregate principal amount of the then outstanding Notes may waive any existing Default or Event of Default under the
        Notes, and its consequences, except a Default or Event of Default:

       

      (1) in respect of the payment of the principal of (or premium, if any, on) or interest on the Notes; or

       

      (2) in respect of a covenant or provision of this Indenture that under Article 9 cannot be modified or amended without the consent
        of each Holder affected.

       

      
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      (b)  Upon any such waiver, such Default or Event of 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 with respect to the Notes; but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon.

       

      Section 6.05  Control by Majority.

       

      Subject to all provisions of this Indenture and applicable law, the Holders of a majority in aggregate principal amount of the then outstanding Notes
        have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee.  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 (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are
        unduly prejudicial to such Holders) or that may involve the Trustee in personal liability. The Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

       

      Section 6.06  Limitation on Suits.

       

      Except to enforce the right to receive payment of principal, premium, if any, or interest when due, no Holder may pursue any remedy with respect to
        this Indenture or the Notes unless:

       

      (1) such Holder has previously given 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 have requested
        the Trustee to pursue the remedy;

       

      (3) such Holders have offered the Trustee indemnity and/or security satisfactory to the Trustee against
        any loss, liability or expense;

       

      (4) the Trustee has not complied with such request within 60 days after the receipt of the request and
        the offer of security and/or indemnity; and

       

      (5) Holders of a majority in aggregate principal amount of the then-outstanding Notes have not given
        the Trustee a direction inconsistent with such request within such 60-day period.

       

      Section 6.07  Rights of Holders to Receive Payment.

       

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

       

      Section 6.08  Collection Suit by Trustee.

       

      If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and
        as Trustee of an express trust against the Issuer and each Guarantor 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.

       

      
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      Section 6.09  Trustee May File Proofs of Claim.

       

      The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
        the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (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 such payments shall be made 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 to the Trustee hereunder.  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 hereunder 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 and the Agents, and their respective
        agents and attorneys for amounts due under the terms of this Indenture, including payment of all compensation, costs, expenses and liabilities incurred, and all advances made, by the Trustee and the Agents 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

       

      Third: to the Issuer 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.

       

      ARTICLE 7

       

      TRUSTEE

       

      Section 7.01  Duties
          of Trustee.

       

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

       

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

       

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

       

      
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      (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, in the case of certificates or
        opinions specifically required by any provision hereof to be furnished to it, the Trustee shall examine the certificates and opinions to determine whether or not they, on their face, conform to the requirements of this Indenture (but need not to
        verify, confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

       

      (c)  The Trustee may not be relieved from liabilities for its own 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;

       

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

       

      (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
        in accordance with a direction received by it pursuant to Section 6.05.

       

      (d)  Whether or not therein expressly so provided, every provision of this Indenture that in
        any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

       

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

       

      (f)  The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing
        with the Issuer.  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 in good faith upon any document believed by it to be genuine and to have been
        signed or presented by the proper Person or Persons.  The Trustee need not investigate any fact or matter stated in the document.

       

      (b)  Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or
        both.  The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.  The Trustee may consult with counsel of its own selection and the advice of such counsel
        or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

       

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

       

      (d)  The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be
        authorized or within the rights or powers conferred upon it by this Indenture provided, however, that the Trustee’s conduct does not constitute willful misconduct or gross negligence. The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as duties of the
        Trustee.

       

      
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      (e)  Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer
        shall be sufficient if signed by an Officer of the Issuer.

       

      (f)  The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
        the request or direction of any of the Holders unless such Holders have offered to the Trustee security and/or indemnity satisfactory to it against any loss, claim, liability, cost or expense that might be incurred by it in compliance with such
        request or direction.

       

      (g)  The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the
        Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes, the Issuer and this Indenture.

       

      (h)  The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
        right to be compensated, reimbursed, or indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and each Agent.

       

      (i)  The Trustee may request that the Issuer 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.

       

      (j)  In no event shall the Trustee be responsible or liable for special, indirect, punitive or consequential loss or
        damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.

       

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

       

      (l)  Delivery of reports, information and documents to the Trustee described in Section 4.03 of this Indenture is for informational purposes only and
        the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
        Trustee is entitled to rely conclusively on Officers’ Certificates).  The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provision of this Indenture or to ascertain the correctness or
        otherwise of the information or the statements contained therein.

       

      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 Issuer or any Affiliate of
        the Issuer with the same rights it would have if it were not Trustee.  However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days or resign.  Any Agent may do the same with like rights
        and duties.  The Trustee is also subject to Sections 7.09 and 7.10.

       

      Section 7.04  Trustee’s Disclaimer.

       

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

       

      
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      Section 7.05  Notice of Defaults.

       

      If a Default or Event of Default occurs and is continuing and the Trustee has notice thereof in accordance with Section 7.02(g), the Trustee shall mail
        (at the Issuer’s expense) 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 relating to the payment of principal of, premium, if any, or interest on, any
        Note, the Trustee may withhold the notice if and so long as it in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

       

      Section 7.06  Compensation and Indemnity.

       

      (a)  The Issuer shall pay to the Trustee from time to time such reasonable compensation for its acceptance of this
        Indenture and services hereunder as agreed to in writing between the Issuer and the Trustee.  The Trustee’s compensation shall not be limited by any law on compensation of a Trustee of an express trust.  The Issuer shall reimburse the Trustee
        promptly upon request for all reasonable disbursements, advances, costs and expenses incurred or made by it in addition to the compensation for its services.  Such expenses shall include the reasonable compensation, disbursements and expenses of
        the Trustee’s agents and counsel.

       

      (b)  The Issuer and the Guarantors, jointly and severally, shall indemnify the Trustee against any and all losses,
        liabilities, claims, damages or expenses (including reasonable attorneys’ fees and expenses) incurred by it arising out of or in connection with the administration of this trust, the acceptance or administration of its duties under this Indenture
        or the exercise of its rights and powers under this Indenture, the Notes or the Notes Guarantees, including the costs and expenses of enforcing this Indenture against the Issuer and the Guarantors (including this Section 7.06) and defending itself
        against any claim (whether asserted by the Issuer, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability
        or expense shall be determined by a court of competent jurisdiction in a final non-appealable decision to have been caused by its own gross negligence or willful misconduct.  The Trustee shall notify the Issuer promptly of any claim of which a
        Responsible Officer has received written notice for which it may seek indemnity.  Failure by the Trustee to so notify the Issuer shall not relieve the Issuer or any of the Guarantors of their obligations hereunder.

       

      (c)  The obligations of the Issuer and the Guarantors under this Section 7.06 shall survive the satisfaction and discharge
        of this Indenture and the resignation or removal of the Trustee.

       

      (d)  To secure the Issuer’s and the Guarantors’ payment obligations in this Section 7.06, the Trustee shall have a Lien
        prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes.  Such Lien shall 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(4) or
        6.01(5) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

       

      (f)  “Trustee” for the purposes of this Section 7.06 shall include (i) any predecessor or successor Trustee and such predecessor or successor Trustee’s
        officers, directors, employees, and agents, and (ii) the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder.

       

      Section 7.07  Replacement of Trustee.

       

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

       

      
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      (b)  The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the
        Issuer at least 30 days prior to the effective date of such resignation.  The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuer in writing at least 30 days
        prior to the effective date of such removal.  The Issuer may remove the Trustee if:

       

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

       

      (2) the Trustee is adjudged bankrupt or 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 the Trustee for any reason, the Issuer
        shall promptly appoint a successor Trustee.  Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee
        appointed by the Issuer.

       

      (d)  If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the
        retiring Trustee, the Issuer, or the Holders of at least 10% in principal amount of the then outstanding Notes may petition, at the expense of the Issuer, 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, 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 shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. 
        Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of its
        succession to the Holders.  The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums
        owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.06.  Notwithstanding replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 shall 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 or
        banking association, the successor corporation or banking association without any further act shall be the successor Trustee.

       

      Section 7.09  Eligibility; Disqualification.

       

      There shall at all times be a Trustee hereunder that is a corporation or national banking association 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 together with its affiliates has a
        combined capital and surplus of at least $50.0 million as set forth in its most recent published annual report of condition.  No Person directly or indirectly controlling, controlled by or under common control with the Issuer or any Guarantor shall
        serve as the Trustee.

       

      
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      Section 7.10  Preferential

          Collection of Claims Against Issuer.

       

      The provisions of TIA § 311 are hereby expressly incorporated by reference herein and made a part hereof with the same force and effect as if
        reproduced in its entirety herein.  If any provision of this Indenture limits, qualifies or conflicts with § 311 of the TIA, the provision of § 311 of the TIA
        shall control.

       

      ARTICLE 8

       

      LEGAL DEFEASANCE AND COVENANT DEFEASANCE

       

      Section 8.01  Option to Effect Legal Defeasance
          or Covenant Defeasance.

       

      The Issuer may, at any time, elect to have either Section 8.02 or 8.03 applied to all outstanding Notes and all obligations of the Guarantors with
        respect to the Note Guarantees upon compliance with the conditions set forth below in this Article 8.

       

      Section 8.02  Legal Defeasance and Discharge.

       

      Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuer and each of the Guarantors shall, subject to
        the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth in Section 8.04 are
        satisfied (hereinafter, “Legal Defeasance”).  For this purpose, Legal Defeasance means that the Issuer and the Guarantors shall be deemed to have paid and
        discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to
        in 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 written request of and at the expense of the Issuer, shall execute proper instruments,
        which shall be prepared and delivered to the Trustee by the Issuer, acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

       

      (1) the rights of Holders of outstanding Notes to receive payments in respect of the principal of,
        premium, if any, and interest on such Notes when such payments are due from the trust fund referred to in Section 8.04;

       

      (2) the Issuer’s obligations with respect to such Notes under Sections 2.07, 2.10 and 4.02;

       

      (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the
        Guarantors’ obligations in connection therewith; and

       

      (4) this Article 8.

       

      Subject to compliance with this Section 8.02, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise of its
        option under Section 8.03.

       

      Section 8.03  Covenant Defeasance.

       

      Upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuer and its Subsidiaries shall, subject to the
        satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.03, 4.04(a), 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11 and Section 5.01 with respect to the outstanding
        Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be
        deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other
        purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes).  For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and the Note Guarantees, the Issuer and its
        Subsidiaries may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
        reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder
        of this Indenture and such Notes and Note Guarantees shall be unaffected thereby.  In addition, upon the Issuer’s exercise under Section 8.01 of the option applicable to this Section 8.03 subject to the satisfaction of the conditions set forth in
        Section 8.04, Sections 6.01(3) and 6.01(6) and, to the extent relating to a Significant Subsidiary of the Issuer, Sections 6.01(4) and 6.01(5) shall not constitute Events of Default.

       

      
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      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:

       

      (1) the Issuer must irrevocably deposit with the Trustee, in trust for the benefit of the Holders of
        the Notes, cash in U.S. dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of,
        premium, if any, and interest on the Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be;

       

      (2) in the case of Legal Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States
        reasonably acceptable to the Trustee confirming that:

       

      (A) the Issuer 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 applicable U.S. federal income tax law,

       

      (C) in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the applicable Holders 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 Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of
        Counsel in the United States reasonably acceptable to the Trustee confirming that the applicable Holders 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 or
        insofar as Events of Default from bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit;

       

      (5) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
        constitute a default under, the Indenture or any other material agreement or instrument to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound;

       

      (6) the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit
        was not made by the Issuer with the intent of preferring the Holders over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others;

       

      
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      (7) the Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
        conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with; and

       

      (8) no event or condition shall exist that would prevent the Issuer from making payments of the
        principal of, premium, if any, and interest on the Notes on the date of such deposit on the date of such deposit.

       

      (b)  Notwithstanding the foregoing, the Opinion of Counsel required by clause (2) above with respect to a Legal Defeasance need not be delivered if all
        Notes not theretofore delivered to the Trustee for cancellation (1) have become due and payable or (2) will become due and payable on the maturity date within one year under arrangements satisfactory to the Trustee for the giving of notice of
        redemption by the Trustee in the name, and at the expense, of the Issuer.

       

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

       

      Subject to Section 8.06, all money and U.S. Government Obligations (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 in respect of the outstanding Notes shall be held in trust
        and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer 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 Issuer and the Guarantors, jointly and severally, shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed
        against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the
        outstanding Notes.

       

      Notwithstanding anything in this Article 8 to the contrary, the Trustee shall deliver or pay to the Issuer from time to time upon the written request
        of the Issuer any money or U.S. Government Obligations held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
        Trustee (which may be the opinion delivered under Section 8.04(1)), 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 Issuer.

       

      Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, 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 Issuer on its request or (if then held by the Issuer) shall be discharged from such trust;
        and the Holder of such Note shall thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof,
        shall thereupon cease.

       

      
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      Section 8.07  Reinstatement.

       

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

       

      ARTICLE 9

       

      AMENDMENT, SUPPLEMENT AND WAIVER

       

      Section 9.01  Without Consent of Holders.

       

      (a)  Without the consent of any Holders, the Issuer, the Guarantors and the Trustee, at any time and from time to time, may amend or supplement this
        Indenture, the Notes or the Note Guarantees in form satisfactory to the Trustee, for any of the following purposes:

       

      (1) to evidence the succession of another Person to the Issuer and complying with Article Five;

       

      (2) to add to the covenants of the Issuer for the benefit of the Holders of the Notes or to surrender
        any right or power herein conferred upon the Issuer;

       

      (3) to add any additional Events of Default for the benefit of the Holders of the Notes;

       

      (4) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes and to add
        to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 7.08;

       

      (5) to cure any ambiguity, defect or inconsistency;

       

      (6) to secure the Notes pursuant to the requirements of Section 4.05 or otherwise;

       

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

       

      (8) to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
        issuance of Notes in uncertificated form;

       

      (9) to conform any provision of this Indenture, any supplemental indenture, the Notes or the Note Guarantees to the “Description of
        the Notes” contained in the Offering Memorandum to the extent that such description was intended to be a verbatim recitation of a provision in this Indenture, the Notes or the Note Guarantees, in each case as conclusively evidenced by an Officers’
        Certificate;

       

      (10) to allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes;

       

      (11) to comply with requirements of the SEC in order to effect the qualification of this Indenture under the TIA, if applicable;

       

      (12) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture; or

       

      
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      (13) to make any other amendments, modifications or supplements hereto or to the Notes or the Note Guarantees, provided, that such amendments, modifications or supplements shall not adversely affect the rights of any Holder of the Notes in any material respect.

       

      (b)  Upon the written request of the Issuer accompanied by a resolution of its Board of Directors authorizing the
        execution of any such amendment or supplement to this Indenture, and upon receipt by the Trustee of the documents described in Section 7.02(b), the Trustee shall join with the Issuer and the Guarantors in the execution of any amendment or
        supplement to this Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or
        supplemental indenture that affects its own rights, duties or immunities under this Indenture or otherwise.

       

      Section 9.02  With Consent of Holders.

       

      (a)  Except as provided below in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or supplement
        this Indenture (including, without limitation, Section 4.08), the Note Guarantees or the Notes (and any documents related thereto) with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding
        (including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default or non-compliance with any provision of this Indenture,
        the Note Guarantees or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer or exchange
        offer for, Notes).

       

      (b)  Upon the written request of the Issuer accompanied by a resolution of its Board of Directors authorizing the
        execution of any such amendment or supplement to this Indenture, and upon the filing with the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents
        described in Section 7.02(b), the Trustee shall join with the Issuer and the Guarantors in the execution of such amendment or supplement to this Indenture unless such amendment or supplement directly affects the Trustee’s own rights, duties or
        immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amendment or supplement.

       

      (c)  It is not necessary for the consent of the Holders under this Section 9.02 to approve the particular form of any
        proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof.

       

      (d)  After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
        Issuer shall deliver to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver.  Any failure of the Issuer to deliver such notice, or any defect therein, shall not, however, in any way impair or affect the
        validity of any such amendment, supplement or waiver.  Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount of the Notes then outstanding, voting as a single class, may waive compliance in a particular instance
        by the Issuer and the Guarantors with any provision of this Indenture, the Notes, or the Note Guarantees.  However, without the consent of each Holder affected, an amendment, modification, supplement or waiver under this Section 9.02 may not (with
        respect to any Notes held by a non-consenting Holder):

       

      (1) reduce the amount of such Notes whose Holders must consent to an amendment;

       

      (2) reduce the rate of or change or have the effect of changing the time for payment of interest, including defaulted interest, on
        such Notes;

       

      (3) reduce the principal of or change or have the effect of changing the fixed maturity of such Notes, or change the date on which
        such Notes may be subject to redemption or reduce the redemption price therefor;

       

      
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      (4) make such Notes payable in money other than that stated in such Notes;

       

      (5) make any change in provisions of this Indenture providing for the contractual right of each Holder to receive payment of
        principal of and interest on such Notes on or after the due date thereof or to bring suit to enforce such payment, or permitting Holders of a majority in principal amount of such Notes to waive Defaults or Events of Default;

       

      (6) modify or change any provision of such Indenture or the related definitions affecting the ranking of such Notes or the related
        Note Guarantees in a manner which adversely affects the Holders;

       

      (7) release any Guarantor constituting a Significant Subsidiary from any of its obligations under its Note Guarantee relating to
        such Notes or such Indenture, except in accordance with the terms of such Indenture.

       

      Section 9.03  Compliance with Trust Indenture Act.

       

      Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as
        then in effect, but only if this Indenture is then qualified under the TIA.

       

      Section 9.04  Revocation and Effect of Consents.

       

      Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and
        every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note.  However, any such Holder of a Note or subsequent Holder of a Note may
        revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective.  An amendment, supplement or waiver becomes effective in accordance with its terms and
        thereafter binds every Holder.

       

      Section 9.05  Notation on or Exchange of Notes.

       

      The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.  The Issuer 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 shall not affect the validity and effect of such amendment, supplement or waiver.

       

      Section 9.06  Trustee to Sign Amendments, etc.

       

      The Trustee shall sign any amendment or supplement to this Indenture 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 Issuer may not sign an amendment or supplement to this Indenture until the Board of Directors of the Issuer approves of such amendment or supplement.  In executing
        any amendment or supplement to this Indenture, the Trustee shall be provided with and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.03, an Officers’ Certificate and an
        Opinion of Counsel stating that the execution of such amendment or supplement is authorized or permitted by this Indenture, and is the legal, valid and binding obligation of the Issuer and the Guarantors, enforceable in accordance with its terms.

       

      
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      ARTICLE 10

       

      NOTE GUARANTEES

       

      Section 10.01  Guarantee.

       

      (a)  Subject to this Article 10, each Guarantor hereby, jointly and severally with any other Guarantor, 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 Issuer
        hereunder or thereunder, that:

       

      (1) the principal of, premium, if any, and interest on the Notes shall 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 Issuer to the Holders or the Trustee hereunder or thereunder
        shall 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 shall 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, each Guarantor shall be obligated, jointly
        and severally with any other Guarantor, 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
        Issuer, 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 merger, insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged
        except by complete performance of the obligations contained in the Notes and this Indenture (including payment in full of the principal thereof and interest thereon or as otherwise provided in this Indenture) or by release in accordance with the
        provisions of this Indenture.

       

      (c)  If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any
        custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either the Issuer or the Guarantors to the Trustee or such Holder, this Note Guarantee, to the extent theretofore
        discharged, shall be reinstated in full force and effect.

       

      (d)  Each Guarantor agrees that it shall not be entitled to any right of subrogation in
        relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby.  Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on
        the other hand, (1) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 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, such Obligations (whether or not due and payable) shall forthwith become due and payable by the
        Guarantors for the purpose of this Note Guarantee.

       

      
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      (e)  At any time that there is more than one Guarantor party hereto, all Guarantors desire to allocate among themselves
        (collectively, the “Contributing Guarantors”), in a fair and equitable manner, the economic consequences resulting from the performance of their respective
        obligations arising under this Indenture.  Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”)
        under its Notes Guarantee at any time that there is more than one Guarantor party hereto such that its Aggregate Payments exceed its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other
        Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal its Fair Share as of such date.  “Fair Share”
        means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such Contributing Guarantor, to (ii) the aggregate of the Fair Share
        Contribution Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors under their respective Notes Guarantees in respect of the obligations
        guaranteed.  “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of
        the obligations of such Contributing Guarantor under its Notes Guarantee that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or any
        comparable applicable provisions of state law; provided that solely for purposes of calculating the Fair Share Contribution Amount with respect to any
        Contributing Guarantor for purposes of this Section 10.01, any assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution
        hereunder shall not be considered as assets or liabilities of such Contributing Guarantor.  “Aggregate Payments” means, with respect to a Contributing
        Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by such Contributing Guarantor in respect of its Notes Guarantee (including in respect of this
        Section 10.01), minus (2) the aggregate amount of all payments received on or before such date by such Guarantor from the other Contributing Guarantors as contributions under this Section 10.01.  The amounts payable as contributions hereunder shall
        be determined as of the date on which the related payment or distribution is made by the applicable Funding Guarantor.  Each Contributing Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 10.01(e).  For
        the avoidance of doubt, nothing in this Section 10.01(e) shall limit or impair, by implication or otherwise, each Guarantor’s obligations under its Note Guarantee.

       

      Section 10.02  Limitation on Guarantor Liability.

       

      Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of
        such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note
        Guarantee.  To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor shall be limited to the maximum amount that shall, 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, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the
        form attached as Exhibit D hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee at the time such Guarantor provides its Note Guarantee and that this Indenture (or a supplemental indenture
        hereto as provided in Section 4.10) shall 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 shall remain in full force and effect notwithstanding any failure to
        endorse on each Note a notation of such Note Guarantee.

       

      
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      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 shall be valid nevertheless.

       

      The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in
        this Indenture on behalf of the Guarantors.

       

      Section 10.04  Releases.

       

      (a)  The Note Guarantee of a Guarantor will be released:

       

      (1) in connection with any sale or other disposition of all or substantially all of the assets of that
        Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of the Issuer;

       

      (2) in connection with any sale or other disposition of all of the Equity Interests of that Guarantor to a Person that is not
        (either before or after giving effect to such transaction) the Issuer or a Restricted Subsidiary of the Issuer;

       

      (3) if the Issuer designates such Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of this
        Indenture;

       

      (4) in connection with any merger or consolidation of that Guarantor with and into the Issuer or any other Guarantor that is the surviving Person in such merger or consolidation, or upon the liquidation of such Guarantor following the transfer of all of its assets to the Issuer or another
          Guarantor;

       

      (5) at the election of the Issuer, upon or after the release or discharge of the Guarantee by such Guarantor under the Existing Credit Agreement or, as applicable, the Guarantee by such Guarantor in
          respect of the Capital Markets Debt that resulted in the obligation of such Guarantor to Guarantee the Notes, except in each case a release or discharge by or as a result of payment in connection with the enforcement of remedies under
        such Guarantee (it being understood that a release subject to contingent reinstatement is still a release, and that if any such Guarantee is reinstated, such Note Guarantee will also be reinstated to the extent that such Guarantor would then be
        required to provide a Note Guarantee pursuant to this Indenture); provided that after giving effect to the release of the Note Guarantee of such Guarantor under this
        clause (5) (and all other substantially concurrent releases of Guarantees made by such Guarantor), such Guarantor does not Guarantee the Existing Credit Agreement or any Capital Markets Debt issued by the Issuer or a Guarantor with an aggregate
        outstanding principal amount in excess of $100.0 million;

       

      (6) in the case of any Restricted Subsidiary of the Issuer
        that becomes a Guarantor at the Issuer’s election pursuant to clause (2) under Section 4.10 upon written notice to the Trustee of the Issuer’s election to release such Guarantor (unless otherwise provided in the applicable supplemental indenture
        pursuant to which such Restricted Subsidiary becomes a Guarantor) or in any other circumstance described in the applicable supplemental indenture pursuant to which such Restricted Subsidiary becomes a Guarantor; or

       

      (7) upon legal defeasance in accordance with Article 8 or satisfaction and discharge in accordance with Article 11.

       

      (b)  Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section 10.04 shall remain liable for the full amount
        of principal of and interest on the Notes and for the other obligations of such Guarantor under this Indenture as provided in and subject to any limitations contained in this Article 10.

       

      (c)  Upon delivery to the Trustee of an Officers’ Certificate and Opinion of Counsel to the effect that the applicable requirement set forth in any of
        clauses (1) through (7) of Section 10.04(a) has been complied with, the Trustee, at the Issuer’s expense, will execute any documents reasonably requested by the Issuer to evidence the release of the applicable Note Guarantee.

       

      
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      ARTICLE 11

       

      

      SATISFACTION AND DISCHARGE

       

      Section 11.01  Satisfaction and Discharge.

       

      This Indenture will be discharged with respect to the Notes and will cease to be of further effect (except as to surviving rights of transfer or
        exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes under this Indenture when:

       

      (1) either:

       

      (a) all the Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid
        and Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust) have been delivered to the Trustee for cancellation; or

       

      (b) all the Notes not theretofore delivered to the Trustee for cancellation have become due and payable within one year or as a
        result of a mailing of a notice of redemption and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee cash or non-callable U.S. Government Obligations or a combination thereof in an amount sufficient to
        pay and discharge the entire Indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on such Notes to the date of deposit (in the case of Notes that have become due and
        payable), redemption or their Stated Maturity, as applicable, together with irrevocable instructions from the Issuer or such Guarantor directing the Trustee to apply such funds to the payment thereof at maturity or redemption, as the case may be;

       

      (2) the Issuer or any Guarantor has paid all other sums payable under such Indenture in respect of such Notes by the Issuer; and

       

      (3) the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all conditions precedent
        under such Indenture relating to the satisfaction and discharge of such Indenture in respect of such Notes have been complied with.

       

      Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to sub-clause (b) of clause (1)
        of this Section 11.01, the provisions of Sections 11.02 and 8.06 shall survive.  In addition, nothing in this Section 11.01 shall be deemed to discharge those provisions of Section 7.06, 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, all money deposited with the Trustee pursuant to Section 11.01 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 Issuer 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; provided that, if there is a tender offer by the Issuer for outstanding Notes that is in progress at the time of such deposit, such money deposited with the Trustee pursuant to Section 11.01 may be
        applied to pay any cash consideration for any Notes validly tendered into such tender offer and not validly withdrawn so long as prior to any such application the Issuer delivers an Officers’ Certificate to the Trustee certifying that after giving
        effect to such application, the amount remaining on deposit with the Trustee will be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes (excluding Notes delivered to the
        Trustee for cancellation and Notes to be repurchased in such tender offer) for principal, premium, if any, and accrued interest to the date of maturity or redemption, as the case may be.

       

      
        - 62 -

        
          

      

      To the extent that and so long as the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 11.01 by
        reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’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; provided, however, that if the Issuer has made any payment of principal of, premium, if any, or interest on any Notes following the reinstatement of their obligations, the Issuer shall be subrogated to the
        rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

       

      ARTICLE 12

       

      MISCELLANEOUS

       

      Section 12.01  Indenture Shall Control.

       

      In the event of a conflict between the terms and provisions of this Indenture on the one hand and the terms and provisions of any Note
        or Note Guarantee on the other hand, the terms and provisions of this Indenture shall govern and be controlling.

       

      Section 12.02  Notices.

       

      Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by
        first class mail (registered or certified, return receipt requested), facsimile or overnight air courier guaranteeing next day delivery, to the others’ address:

       

      If to the Issuer and/or any Guarantor:

       

      Pitney Bowes Inc.

      3001 Summer Street

      Stamford, CT 06926

      Attn: Vice President and Treasurer

      

      

      If to the Trustee:

      

      

      Truist Bank, as Trustee

      2713 Forest Hills Road, S.W., Building 2, Floor 2

      Wilson, North Carolina 27893

      Attn: Corporate Trust Services

      

      

      The Issuer, 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) shall be deemed to have been duly given: at the time delivered by hand, if personally
        delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when 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; and on the date sent to DTC if otherwise given in accordance with the procedures of DTC.

       

      
        - 63 -

        
          

      

      Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by courier to its
        address shown on the register kept by the Registrar, or in the case of Notes in global form, sent electronically in accordance with the applicable procedures of the Depositary.  Failure to mail a notice or communication to a Holder or any defect in
        it shall not affect its sufficiency with respect to other Holders.

       

      If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
        it.

       

      If the Issuer mails a notice or communication to Holders, it shall provide a copy to the Trustee and each Agent at the same time.

       

      Notwithstanding anything in this Indenture to the contrary, all notices, approvals, consents, requests and any communications hereunder or with respect
        to the Notes must be in writing (provided that any communication sent to 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 signature provider as
        specified in writing to Trustee by the authorized representative), in English. The Issuer agrees to assume all risks arising out of the use of using digital signatures and electronic methods to submit communications to Trustee, including without
        limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties.

       

      Section 12.03  U.S.A. Patriot Act.

       

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

       

      Section 12.04  Certificate and Opinion as to Conditions Precedent.

       

      Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee:

       

      (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must
        include the statements set forth in Section 12.05) 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) except with respect to the issuance of the Initial Notes, an Opinion of Counsel in form and
        substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

       

      Section 12.05  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;

       

      
        - 64 -

        
          

      

      (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 has been complied with or such condition has been satisfied; and

       

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

       

      Section 12.06  Rules by Trustee and Agents.

       

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

       

      Section 12.07  No Personal Liability of Directors, Officers, Employees and
          Stockholders.

       

      No director, officer, employee, incorporator, stockholder, member or other holder of Equity Interests of the Issuer or any Guarantor, in their
        capacities as such and without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer 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 that may arise other than pursuant to a Note Guarantee.  The waiver and release are part of the consideration for issuance of the
        Notes.  The waiver may not be effective to waive liabilities under the federal securities laws.

       

      Section 12.08  Governing Law.

       

      THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
        TO APPLICABLE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND ANY SUCCESSOR STATUTE OR STATUTES).

       

      Section 12.09  No Adverse Interpretation of Other Agreements.

       

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

       

      Section 12.10  Successors.

       

      All agreements of the Issuer in this Indenture and the Notes shall bind its successors.  All agreements of the Trustee in this Indenture shall bind its
        successors.  All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.04.

       

      Section 12.11  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 shall not in any way be affected or impaired thereby.

       

      Section 12.12  Counterpart Originals.

       

      The parties may sign any number of copies of this Indenture.  Each signed copy (including copies transmitted via telecopy or electronic mail) shall be
        an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the
        parties hereto and may be used in lieu of the original Indenture and signature pages for all purposes.

       

      
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      Section 12.13  Table of Contents, Headings, etc.

       

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

       

      Section 12.14  Waiver of Jury Trial.

       

      EACH OF THE ISSUER, THE GUARANTORS, THE HOLDERS AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
        ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

       

      Section 12.15  Force Majeure.

       

      In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations
        hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism, pandemics, epidemics, recognized public emergencies, quarantine restrictions,  civil
        or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, hacking, cyber-attacks, and other use or infiltration of
        the Trustee’s technological infrastructure exceeding authorized access; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as
        practicable under the circumstances.

       

      (Signature Pages Follow)

       

      

      
        - 66 -

        
          

      

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

       

      	 	
              PITNEY BOWES INC., as Issuer

            	 
	 	 	

            	 	 
	 	
              By: 

            	
              
                /s/ Debbie Salce

              

            	 
	 	 	
              Name:

            	
              Debbie Salce

            	 
	 	 	
              Title:

            	
              Vice President and Treasurer

            	 
	 	 	 	 	 
	 	
              By: 

            	
              
                /s/ Ana Maria Chadwick

              

            	 
	 	 	
              Name:

            	
              Ana Maria Chadwick

            	 
	 	 	
              Title:

            	
              Executive Vice President and Chief

            	 
	 	

            	 	Financial Officer	 

       

      	 	
              PITNEY BOWES PRESORT SERVICES, LLC

            	 
	 	
              PITNEY BOWES SHELTON REALTY LLC

            	 
	 	
              PITNEY BOWES GLOBAL FINANCIAL SERVICES LLC

            	 
	 	
              PB EQUIPMENT MANAGEMENT INC.

            	 
	 	
              PITNEY BOWES INTERNATIONAL HOLDINGS, INC.

            	 
	 	
              PB PROFESSIONAL SERVICES INC.

            	 
	 	
              B. WILLIAMS FUNDING CORP.

            	 
	 	
              PB WORLDWIDE INC.

            	 
	 	
              PITNEY BOWES PAYCO US INC.

            	 
	 	
              BORDERFREE, INC.

            	 
	 	
              PITNEY BOWES GLOBAL ECOMMERCE INC.

            	 
	 	
              PITNEY BOWES GLOBAL LOGISTICS LLC

            	 
	 	
              TACIT KNOWLEDGE, INC.,

            	 
	 	
              as Guarantors

            	 

      

      

      	 	By:	
              /s/ Debbie Salce 

            	 
	 	 	
              Name:

            	
              Debbie Salce

            	 
	 	 	
              Title:

            	
              Vice President and Treasurer

            	 

      

      

      [Signature Page to Indenture]

      

      

      
        
          

      

      
        	 	
                TRUIST BANK, as Trustee

              	 
	 	 	 
	 	
                By:

              	
                s/ Thomas E. Clower

              	 
	 	 	
                Name:

              	
                Thomas E. Clower

              	 
	 	 	
                Title:

              	
                Vice President

              	 

      

      

      

      
        [Signature Page to Indenture]

         

        

      

      
        
          

      

      
      
        EXHIBIT A

         

        [Face of Note]

         

        	 	
                CUSIP:

              	 

        

        

        
          6.875% Senior Notes due 2027

        

         

        	
                No.

              	 	 	$	 

      

      
         

        

        PITNEY BOWES INC.

         

      

      promise to pay to CEDE & CO. or registered assigns,

       

      the principal sum of  _____  DOLLARS on March 15, 2027.

       

      Interest Payment Dates: March 15 and September 15, commencing September 15, 2021

       

      Record Dates: March 1 and September 1

       

      Dated: _______________

       

      
        A - 1

        
          

      

      IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed.

      

      

      	

            	
              PITNEY BOWES INC.

            
	 	 
	 	
              By:

            
	 	
              Name:

            
	 	
              Title:

            

      

      

      
        A - 2

        
          

      

      This is one of the Notes referred to

      in the within-mentioned Indenture:

       

      TRUIST BANK, as Trustee

       

      	
              By:

            	 	 

      	
              
                Authorized Signatory

              

            	 
	 	 
	Dated:	 

      

      

      
        A - 3

        
          

      

      [Back of Note]

      6.875% Senior Notes due 2027

       

      [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]

       

      [Insert the OID 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.  Pitney Bowes Inc., a Delaware corporation
        (the “Issuer” or the “Company”), promises to pay interest on the
        principal amount of this Note at 6.875% per annum from March 19, 2021 until maturity.  The Issuer shall pay interest semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next day that
        is a Business Day (each, an “Interest Payment Date”).  Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no
        interest has been paid, from March 19, 2021; provided that the first Interest Payment Date shall be September 15, 2021.  The Issuer shall pay interest
        (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the rate equal to the then applicable interest rate on the Notes.  The Issuer shall pay interest
        (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate equal to the then applicable interest rate on
        the Notes.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

       

      (2) METHOD OF PAYMENT.  The Issuer shall pay interest on the
        Notes (except defaulted interest) to the Persons who are registered Holders at the close of business on the March 1 or September 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 shall be payable as to principal, interest and premium, if any, at the office or agency of the Paying Agent at its
        Corporate Trust Office, or, at the option of the Issuer, payment of interest 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 shall be required with respect to principal, interest and premium, if any, on all Global Notes and all other Notes the Holders of which shall have
        provided wire transfer instructions to the Issuer or the Paying Agent.  Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.

       

      (3) PAYING AGENT AND REGISTRAR.  Initially, Truist Bank, the
        Trustee under the Indenture, shall act as Paying Agent and Registrar.  The Issuer may change any Paying Agent or Registrar without notice to any Holder.  The Issuer or any of its Subsidiaries may act in any such capacity.

       

      (4) INDENTURE.  The Issuer issued the Notes under an
        Indenture dated as of March 19, 2021 (the “Indenture”), among the Issuer, the Guarantors and the Trustee.  The terms of the Notes include those stated in the
        Indenture.  The Notes are subject to all such terms, and Holders are referred to the Indenture for a statement of such terms.  In the event of a conflict between the
          terms and provisions of the Indenture on the one hand and the terms and provisions of this Note or any Note Guarantee on the other hand, the terms and provisions of the Indenture shall govern and be controlling.  The Notes are general unsecured obligations of the Issuer.  Subject to the conditions set forth in the Indenture, the Issuer may issue Additional Notes.

      

      

      (5) OPTIONAL REDEMPTION.

       

      (a)  Except as set forth below, the Issuer will not be entitled to redeem the Notes at its option.

       

      (b)  At any time prior to March 15, 2024, the Issuer may redeem all or a part of the Notes, upon notice as described in Section 3.03 of the Indenture,
        at a redemption price equal to 100% of the principal amount of the Notes redeemed plus the Applicable Premium, plus accrued and unpaid interest if any, to,
        but excluding, the redemption date (the “Redemption Date”), subject to the rights of Holders on the relevant record date to receive interest due on the
        relevant Interest Payment Date falling on or prior to the Redemption Date.

       

      
        A - 4

        
          

      

      (c)  On and after March 15, 2024, the Issuer may redeem the Notes, in whole or in part, upon notice as described in Section 3.03 of the Indenture, at
        the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon, if any, to, but excluding, the applicable Redemption Date, subject to the right of Holders
        of record on the relevant record date to receive interest due on the relevant Interest Payment Date falling on or prior to the Redemption Date, if redeemed during the 12-month period beginning on March 15 of each of the years indicated below:

       

      	
              
                Year

              

            	 	
              
                Percentage

              

            	 
	
              2024

            	 	 	
              103.438

            	
              %

            
	
              2025

            	 	 	
              101.719

            	
              %

            
	
              2026 and thereafter

            	 	 	
              100.000

            	
              %

            

      

      

      (d)  In addition, until March 15, 2024, the Issuer may, at its option, on one or more occasions redeem up to 40% of the
          aggregate principal amount of Notes (including Additional Notes) issued under the Indenture at a redemption price equal to 106.875% of the aggregate principal amount thereof, plus accrued and unpaid interest thereon, if any, to, but not
          including, the applicable Redemption Date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date falling on or prior to the Redemption Date, with funds in an aggregate
          amount not exceeding the net cash proceeds of one or more Equity Offerings; provided that at least 50% of the sum of the aggregate principal amount of (x) Notes originally
          issued under the Indenture and (y) any Additional Notes issued under the Indenture after the Issue Date remains outstanding immediately after the occurrence of each such redemption (unless, in connection therewith, all remaining Notes will be
          redeemed); provided, further, that each such redemption occurs within 180 days of the date of
          closing of each such Equity Offering.

       
       

       
      (e)  Notwithstanding the foregoing, in connection with any tender offer for any Notes, if Holders of not less than 90% in the aggregate principal
        amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender offer and the Issuer, or any other Person making such tender offer, purchases all of the Notes validly tendered and not withdrawn by such Holders, the
        Issuer will have the right, upon notice given not more than 30 days following such purchase pursuant to such tender offer, to redeem all of the Notes that remain outstanding following such purchase at a price in cash equal to the highest price
        offered to each Holder in such tender offer, plus, to the extent not included in the tender offer payment, accrued and unpaid interest to but excluding the Redemption Date (subject to the right of Holders of record on the relevant record date to
        receive interest due on the relevant interest payment date falling prior to or on the Redemption Date).

       
       

       
       (6) MANDATORY REDEMPTION.  The Issuer shall not be required to make
        mandatory redemption or sinking fund payments with respect to the Notes.

       
       

       
      (7) REPURCHASE AT THE OPTION OF HOLDER.  The Issuer may be required to repurchase the Notes as a result of a Change of Control, as provided in Section 4.08 of the Indenture.  Holders

        may elect to have such Notes purchased pursuant to a Change of Control Offer by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes.

       
       

       
      (8) NOTICE OF REDEMPTION.  Notice of redemption shall be provided pursuant to Section 3.03 of the Indenture.

       
       

       
      (9) DENOMINATIONS, TRANSFER, EXCHANGE.  The Notes are in registered form
        without coupons in denominations of $2,000 and integral multiples 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 Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.  The Issuer 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 Issuer need not exchange or register the transfer of any Notes for a period of 15 days before the date of sending a notice of
        redemption of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date.

       
       

       
      
        A - 5

        
          

      

      (10) PERSONS DEEMED OWNERS.  The registered Holder of a Note may be treated
        as its owner for all purposes.

       
       

       
      (11) AMENDMENT, SUPPLEMENT AND WAIVER.  Subject to certain exceptions, the
        Indenture, the Note Guarantees or the Notes (and any documents related thereto) may be amended or supplemented, both with and without the consent of the Holders of Notes, as
          provided in Article 9 of the Indenture.

       
      

         

       
      (12) DEFAULTS AND REMEDIES.  Events of Default include default for 30 days in
        the payment when due of interest on the Notes, default in the payment when due (at maturity, upon redemption, acceleration or otherwise) of the principal of, or premium, if any, on the Notes, as well as other Events of Default set forth in Section 6.01 of the Indenture.  The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required, promptly
        upon any officer obtaining knowledge of any Default or Event of Default that has occurred, to provide an Officers’ Certificate to the Trustee.

       
      

         

       
      (13) TRUSTEE DEALINGS WITH ISSUER.  The Trustee, in its individual or any
        other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates, as if it were not the Trustee.

       
       

       
      (14) NO RECOURSE AGAINST OTHERS.  No director, officer, employee,
        incorporator, stockholder, member or other holder of Equity Interests of the Issuer or any Guarantor, in their capacities as such and without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer or 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 that may arise other than
        pursuant to a Note Guarantee.  The waiver and release are part of the consideration for the issuance of the Notes.

       
       

       
      (15) AUTHENTICATION.  This Note shall not be valid until authenticated by the
        manual signature of the Trustee or an authenticating agent.

       
       

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

       
       

       
      (17) CUSIP NUMBERS.  Pursuant to a recommendation promulgated by the
        Committee on Uniform Security Identification Procedures, the Issuer 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.

       
       

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

       
       

       
      Pitney Bowes Inc.

       
      3001 Summer Street

       
      Stamford, CT 06926

       
      

         

       
      
        A - 6

        
          

      

      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 Issuer.  The agent may substitute another to act
                for him.

            

       
      

         

       
      	
              Date:

            	 	 

       
      

         

       
      	 	
              Your Signature:

            	 

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

            

       
      

         

       
      	
              Signature Guarantee*:

            	 	 

       
      

         

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

            

       
       

         

       
      
        A - 7

        
          

      

      OPTION OF HOLDER TO ELECT PURCHASE

       
       

       
      If you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 4.08 of the Indenture, state the amount you elect to
        have purchased:

       
       

       
      	
               

            	$	 	 

       
      
         

           

        	
                Date:

              	 	 

      

       
      

         

       
      
        	 	
                Your Signature:

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

              

      

       
       

         

       
      Tax Identification No.:

       
       

         

       
      
        	
                Signature Guarantee*:

              	 	 

         

           

      

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

            

       
       

       
      
        A - 8

        
          

      

      SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE*

       
       

       
      The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of
        another Global Note or Definitive Note for an interest in this Global Note, have been made:

       
      

         

       
      	
              
                Date of

                Exchange

              

            	 	
              
                Amount of 

                decrease in

                 Principal 

                Amount of this 

                Global Note

              

            	 	
              
                Amount of

                 increase in

                 Principal

                Amount of this 

                Global Note

              

            	 	
              
                Principal Amount

                of this Global

                Note following

                such decrease

                (or increase)

              

            	 	
              
                Signature of 

                authorized

                signatory of

                Trustee or

                Custodian

              

            
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

       
      

         

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

            

       
       

       
      
        A - 9

        
          

      

      
      EXHIBIT B

       
       

       
      FORM OF CERTIFICATE OF TRANSFER

       
       

       
      Pitney Bowes Inc.

       
      3001 Summer Street

       
      Stamford, CT 06926

       
      Email: legalnotices@pb.com

       
      

         

       
      Truist Bank, as Trustee

       
      2713 Forest Hills Road, S.W., Building 2, Floor 2

       
      Wilson, North Carolina

       
      27893

       
      Attn: Corporate Trust Services

       
      Facsimile: (252) 246-4303

       
      Email: Thomas.clower@truist.com

       
      

         

       
      Re:          6.875% Senior Notes due 2027

       
       

       
      Reference is hereby made to the Indenture, dated as of March 19, 2021 governing the above-referenced securities (the “Indenture”), among Pitney Bowes Inc., a Delaware corporation (the “Issuer”), the Guarantors from time to time party thereto and
        Truist Bank, 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 shall 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 shall be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted
        Definitive Note and in the Indenture and the Securities Act.

       
       

       
      2. ☐  Check if Transferee shall 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 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 shall be
        subject to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

       
       

       
      
        B - 1

        
          

      

      3. ☐ Check and complete if Transferee will take delivery of a beneficial interest
            in a Restricted 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 Issuer or any of its subsidiaries;

       
       

       
      or

       
       

       
      (c) ☐ such Transfer is being effected pursuant to an effective registration statement under the Securities Act.

       
       

       
      4. ☐ Check if Transferee shall 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 shall 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 shall 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 shall not be subject to the restrictions on transfer enumerated in the Private
        Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

       
       

       
      
        B - 2

        
          

      

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

           

        

        	 	
                [Insert Name of Transferor]

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                Dated:

              	 	 	 	 

         

           

      

       
      
        B - 3

        
          

      

      ANNEX A TO CERTIFICATE OF TRANSFER

       
       

       
      
        	
                1.

              	
                The Transferor owns and proposes to transfer the following:

              

      

       
       

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

       
       

       
      
        	 	
                (a)

              	
                ☐ a beneficial interest in the:

              

      

       
       

       
      
        	 	
                (i)

              	
                ☐ 144A Global Note (CUSIP  _____), or

              

      

       
       

       
      
        	 	
                (ii)

              	
                ☐ Regulation S Global Note (CUSIP  _____), or

              

      

       
       

       
      
        
          
            	 	
                    (b)

                  	
                    ☐ a Restricted Definitive Note.

                  

          

        

      

       
       

       
      
        	
                2.

              	
                After the Transfer the Transferee shall hold:

              

      

       
       

       
      [CHECK ONE]

       
       

       
      
        	 	
                (a)

              	
                ☐ a beneficial interest in the:

              

      

       
       

       
      
        	 	
                (i)

              	
                ☐ 144A Global Note (CUSIP  _____), or

              

      

       
       

       
      
        	 	
                (ii)

              	
                ☐ Regulation S Global Note (CUSIP  _____), or

              

      

       
       

       
      
        	 	
                (iii)

              	
                ☐ Unrestricted Global Note (CUSIP  _____); or

              

      

       
       

       
      
        	 	
                (b)

              	
                ☐ a Restricted Definitive Note; or

              

      

       
       

       
      
        	 	
                (c)

              	
                ☐ an Unrestricted Definitive Note,

              

      

       
       

       
      in accordance with the terms of the Indenture.

       
       

       
      
        B - 4

        
          

      

      
      EXHIBIT C

       
       

       
      FORM OF CERTIFICATE OF EXCHANGE

       
       

       
      Pitney Bowes Inc.

       
      3001 Summer Street

       
      Stamford, CT 06926

       
      Email: legalnotices@pb.com

       
      

         

       
      Truist Bank, as Trustee

       
      2713 Forest Hills Road, S.W., Building 2, Floor 2

       
      Wilson, North Carolina

       
      27893

       
      Attn: Corporate Trust Services

       
      Facsimile: (252) 246-4303

       
      Email: Thomas.clower@truist.com

       
      

         

        
      Re:         6.875% Senior Notes due 2027

       
       

       
      (CUSIP  _____)

       
       

       
      Reference is hereby made to the Indenture, dated as of March 19, 2021 governing the above-referenced notes (the “Indenture”), among Pitney Bowes Inc., a Delaware corporation (the “Issuer”), the Guarantors from time to time party thereto and Truist
        Bank, as trustee.  Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

       
       

       
      _____, (the “Owner”) owns and proposes to exchange the Note[s] or interest in
        such Note[s] specified herein, in the principal amount of $_____  in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby certifies
        that:

       
       

       
      1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted
            Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note

       
       

       
      (a) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to
          beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the
        Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and
        in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement
        Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
        States.

       
       

       
      (b) ☐ Check if Exchange is from beneficial interest in a Restricted Global Note to
          Unrestricted Definitive Note.  In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the
        Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on
        transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws
        of any state of the United States.

       
       

       
      
        C - 1

        
          

      

      (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 shall continue to be subject to the
        restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act.

       
       

       
      (b) ☐ Check if Exchange is from Restricted Definitive Note to beneficial interest in
          a Restricted Global Note.  In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE] ◻ 144A Global Note, ◻ Regulation S Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange
        has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the
        United States.  Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued shall 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 Issuer.

       
       

       
      
        	 	
                [Insert Name of Transferor]

              
	 	 
	 	
                By:

              	 
	 	 	
                Name:

              
	 	 	
                Title:

              
	 	 	 
	
                Dated:

              	 	 	 	 

         

           

      

       
      
        C - 2

        
          

      

      
      EXHIBIT D

       
       

       
      [FORM OF NOTATION OF NOTE GUARANTEE]

       
       

       
      For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally with any other Guarantor,
        unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of March 19, 2021 governing those certain 6.875% Senior Notes due 2027 (the “Indenture”) among Pitney Bowes Inc., a Delaware corporation (the “Issuer”), the Guarantors from time to time party thereto and Truist Bank, as
        trustee (the “Trustee”), (a) the due and punctual payment of the principal, premium 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 Issuer to the Holders or the Trustee all in accordance with the
        terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other Obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or
        renewal, whether at stated maturity, by acceleration or otherwise.  The obligations of the Guarantors to the Holders 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.  Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee, on behalf of such
        Holder, to take such action as may be necessary or appropriate to effectuate provisions of the Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose.

       
       

       
      In the event of a conflict between the terms and provisions of the Indenture on the one hand and the terms and provisions of this Notation of Note
        Guarantee on the other hand, the terms and provisions of the Indenture shall govern and be controlling.

       
       

       
      Capitalized terms used but not defined herein have the meanings given to them in the Indenture.

       
       

       
      
        D - 1

        
          

      

      	 	
              PITNEY BOWES PRESORT SERVICES, LLC

            
	 	
              PITNEY BOWES SHELTON REALTY LLC

            
	 	
              PITNEY BOWES GLOBAL FINANCIAL SERVICES LLC

            
	 	
              PB EQUIPMENT MANAGEMENT INC.

            
	 	
              PITNEY BOWES INTERNATIONAL HOLDINGS, INC.

            
	 	
              PB PROFESSIONAL SERVICES INC.

            
	 	
              B. WILLIAMS FUNDING CORP.

            
	 	
              PB WORLDWIDE INC.

            
	 	
              PITNEY BOWES PAYCO US INC.

            
	 	
              BORDERFREE, INC.

            
	 	
              PITNEY BOWES GLOBAL ECOMMERCE INC.

            
	 	
              PITNEY BOWES GLOBAL LOGISTICS LLC

            
	 	
              TACIT KNOWLEDGE, INC.,

            
	 	
              as Guarantors

            

       
       

       
      	 	By:	

               	

               
	 	 	
              Name:

            	

               
	 	 	
              Title:

            	

               
	 	 	 	 
	 	 	
              Dated:

            	 

       
      

         

       
      
        (Signature Page to Notation of Note Guarantee)

         

           

      

       
      
        D - 2

        
          

      

      
      EXHIBIT E

       
       

       
      FORM OF SUPPLEMENTAL INDENTURE

         
      TO BE DELIVERED BY SUBSEQUENT GUARANTORS

       
       

       
      SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of  _____,
        20_____, among Pitney Bowes Inc., a Delaware corporation (the “Issuer”), the undersigned Restricted Subsidiary (the “Guaranteeing Subsidiary”) and Truist Bank, as trustee under the Indenture referred to below (the “Trustee”).

       
       

       
      W I T N E S E T H

       
       

       
      WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of March 19, 2021 providing for the issuance of 6.875% Senior Notes due 2027 (the “Notes”);

       
       

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

       
       

       
      WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture.

       
       

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

       
       

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

       
       

       
      2. AGREEMENT TO GUARANTEE.  The Guaranteeing Subsidiary hereby provides an unconditional Guarantee on the terms and subject to the conditions set forth
        in the Note Guarantee and in the Indenture, including Article 10 thereof, with the same force and effect as if the Guaranteeing Subsidiary was an original signatory to the Indenture.

       
       

       
      3. NO RECOURSE AGAINST OTHERS.  No director, officer, employee, incorporator, stockholder, member or other holder of Equity Interests of the
        Guaranteeing Subsidiary, in their capacities as such and without limiting the Note Guarantees, shall have any liability for any obligations of the Issuer or the Guarantors 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 of the Notes by accepting a Note waives and releases all such liability that may arise other than pursuant to a Note Guarantee. 
        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.

       
       

       
      4. NEW YORK LAW TO GOVERN.  THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE
        GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES THEREOF RELATING TO CONFLICTS OF LAW (OTHER THAN SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, AND ANY SUCCESSOR STATUTE OR STATUTES).

       
       

       
      5. COUNTERPARTS.  The parties may sign any number of copies of this Supplemental Indenture.  Each signed copy shall be an original (including copies
        transmitted via facsimile or electronic mail), but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution
        and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes.

       
       

       
      
        E - 1

        
          

      

      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 Issuer. In acting hereunder, the Trustee shall have all of the rights, benefits, privileges, protections,
        immunities, and indemnities provided to the Trustee under the Indenture.

       
       

       
      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:

            

       
      

         

       
      	 	
              PITNEY BOWES INC.

            
	 	 
	 	
              By:

            	 
	 	 	
              Name:

              Title:

            

       
      

         

       
      	 	
              TRUIST BANK, as Trustee

            
	 	 
	 	
              By:

            	 
	 	 	
              Authorized Signature

            

       
      

         

       
      

         

       
      E - 2

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