Document:

EXHIBIT 10.1

 

 

 

	

	
    REVOLVING CREDIT AGREEMENT

    

    dated as of

     

    July 1, 2022

     

    among

    

    MICHAEL KORS (USA), INC.

    CAPRI HOLDINGS LIMITED

    

    The Foreign Subsidiary Borrowers Party Hereto

     

    The Guarantors Party Hereto

     

    The Lenders Party Hereto

    

    JPMORGAN CHASE BANK, N.A.

    as Administrative Agent

    

    BARCLAYS BANK PLC

    as Syndication Agent

     

    BANK OF AMERICA, N.A., BNP PARIBAS, MUFG BANK,
    LTD., ING (IRELAND) DAC, U.S. BANK NATIONAL ASSOCIATION, INTESA SANPAOLO S.P.A., NEW YORK BRANCH, CITIBANK, N.A. and STANDARD CHARTERED
    BANK,

     

    as Co-Documentation Agents

     

    WELLS FARGO BANK, N.A., TRUIST BANK and SANTANDER
    BANK, N.A.,

     

    as Senior Managing Agents

     

    and

     

    J.P. Morgan Securities LLC,

     

    as Sustainability Structuring Agent

     

	 	
     
	 
	
    JPMORGAN CHASE BANK, N.A. and BARCLAYS BANK PLC,

     

    as Joint Bookrunners

    

    

     

    JPMORGAN CHASE BANK, N.A., BARCLAYS BANK PLC, BANK
    OF AMERICA, N.A., BNP PARIBAS, MUFG BANK, LTD., ING (IRELAND) DAC, U.S. BANK NATIONAL ASSOCIATION, INTESA SANPAOLO S.P.A., NEW YORK BRANCH,
    CITIBANK, N.A. and STANDARD CHARTERED BANK,

    as Joint Lead Arrangers

     

     

 

 

 

 

    	 	 	 

     

    

 

Table Of Contents

 

	 	Page
	 	 
	ARTICLE I Definitions	1
	 	 
	SECTION 1.01.	DEFINED TERMS	1
	SECTION 1.02.	CLASSIFICATION OF LOANS AND BORROWINGS	50
	SECTION 1.03.	OTHER INTERPRETIVE PROVISIONS	50
	SECTION 1.04.	ACCOUNTING TERMS; GAAP; PRO FORMA CALCULATIONS; EXCHANGE RATES; LIMITED CONDITION ACQUISITION	52
	SECTION 1.05.	STATUS OF OBLIGATIONS	55
	SECTION 1.06.	CERTIFICATIONS	55
	SECTION 1.07.	INTEREST RATES; BENCHMARK NOTIFICATION.	55
	 	 	 
	ARTICLE II The Credits	55
	 	 
	SECTION 2.01.	COMMITMENTS; LOANS	55
	SECTION 2.02.	LOANS AND BORROWINGS	56
	SECTION 2.03.	REQUESTS FOR BORROWINGS EXCHANGE RATES; CURRENCY EQUIVALENTS.	57
	SECTION 2.05.	SWINGLINE LOANS	58
	SECTION 2.06.	LETTERS OF CREDIT	59
	SECTION 2.07.	FUNDING OF BORROWINGS	65
	SECTION 2.08.	INTEREST ELECTIONS	66
	SECTION 2.09.	TERMINATION AND REDUCTION OF COMMITMENTS	67
	SECTION 2.10.	REPAYMENT OF LOANS; EVIDENCE OF DEBT	67
	SECTION 2.11.	PREPAYMENT OF LOANS	68
	SECTION 2.12.	FEES	70
	SECTION 2.13.	INTEREST	71
	SECTION 2.14.	ALTERNATE RATE OF INTEREST	73
	SECTION 2.15.	INCREASED COSTS	77
	SECTION 2.16.	BREAK FUNDING PAYMENTS	78
	SECTION 2.17.	TAXES	79
	SECTION 2.18.	PAYMENTS GENERALLY; PRO RATA TREATMENT; SHARING OF SET OFFS	84
	SECTION 2.19.	MITIGATION OBLIGATIONS; REPLACEMENT OF LENDERS	86
	SECTION 2.20.	EXPANSION OPTION	87
	SECTION 2.21.	JUDGMENT CURRENCY	88
	SECTION 2.22.	DESIGNATION OF FOREIGN SUBSIDIARY BORROWERS	88
	SECTION 2.23.	DEFAULTING LENDERS	89
	SECTION 2.24.	FINANCIAL ASSISTANCE	91
	SECTION 2.25.	INTEREST ACT (CANADA)	92
	SECTION 2.26.	EXTENSION OF MATURITY DATE.	93
	SECTION 2.27.	REFINANCING FACILITIES	95
	SECTION 2.28.	SUSTAINABILITY TARGETS	96
	 	 	 
	ARTICLE III Representations and Warranties	97
	 	 
	SECTION 3.01.	ORGANIZATION; POWERS; SUBSIDIARIES	97
	SECTION 3.02.	AUTHORIZATION; ENFORCEABILITY	98
	SECTION 3.03.	GOVERNMENTAL APPROVALS; NO CONFLICTS	98

 

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Table Of Contents

(continued)

 

	 	 	Page
	 	 	 
	SECTION 3.04.	FINANCIAL CONDITION; NO MATERIAL ADVERSE CHANGE	98
	SECTION 3.05.	PROPERTIES	98
	SECTION 3.06.	LITIGATION	98
	SECTION 3.07.	INVESTMENT COMPANY STATUS	99
	SECTION 3.08.	TAXES	99
	SECTION 3.09.	ERISA	99
	SECTION 3.10.	DISCLOSURE	99
	SECTION 3.11.	FEDERAL RESERVE REGULATIONS	99
	SECTION 3.12.	NO DEFAULT	99
	SECTION 3.13.	ANTI-CORRUPTION LAWS AND SANCTIONS	99
	SECTION 3.14.	COMPLIANCE WITH THE SWISS TWENTY NON-BANK RULE	100
	SECTION 3.15.	FISCAL UNITY FOR DUTCH TAX PURPOSES. 	100
	 	 	 
	ARTICLE IV Conditions	100
	 	 
	SECTION 4.01.	EFFECTIVE DATE	100
	SECTION 4.02.	EACH REVOLVING CREDIT EVENT	102
	SECTION 4.03.	DESIGNATION OF A FOREIGN SUBSIDIARY BORROWER	102
	 	 	 
	ARTICLE V Affirmative Covenants	103
	 	 
	SECTION 5.01.	FINANCIAL STATEMENTS AND OTHER INFORMATION	103
	SECTION 5.02.	NOTICES OF MATERIAL EVENTS	104
	SECTION 5.03.	EXISTENCE; CONDUCT OF BUSINESS	105
	SECTION 5.04.	PAYMENT OF OBLIGATIONS	105
	SECTION 5.05.	MAINTENANCE OF PROPERTIES; INSURANCE	105
	SECTION 5.06.	BOOKS AND RECORDS; INSPECTION RIGHTS	105
	SECTION 5.07.	COMPLIANCE WITH LAWS AND MATERIAL CONTRACTUAL OBLIGATIONS	106
	SECTION 5.08.	USE OF PROCEEDS AND LETTERS OF CREDIT	106
	SECTION 5.09.	GUARANTORS	106
	SECTION 5.10.	CENTRE OF MAIN INTERESTS AND ESTABLISHMENT	107
	SECTION 5.11.	COMPLIANCE WITH THE SWISS TWENTY NON-BANK RULE	108
	SECTION 5.12.	BENEFICIAL OWNERSHIP REGULATION	108
	SECTION 5.13.	DUTCH FISCAL UNITY	108
	 	 	 
	ARTICLE VI Negative Covenants	108
	 	 
	SECTION 6.01.	INDEBTEDNESS	108
	SECTION 6.02.	LIENS	108
	SECTION 6.03.	FUNDAMENTAL CHANGES AND ASSET SALES	111
	SECTION 6.04.	INVESTMENTS, LOANS, ADVANCES, GUARANTEES AND ACQUISITIONS	113
	SECTION 6.05.	SWAP AGREEMENTS	114
	SECTION 6.06.	TRANSACTIONS WITH AFFILIATES	116
	SECTION 6.07.	RESTRICTED PAYMENTS	117
	SECTION 6.08.	FINANCIAL COVENANTS	117
	 	 	 
	ARTICLE VII Events of Default	118

 

 

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Table Of Contents

(continued)

 

	 	Page
	 	 
	ARTICLE VIII The Administrative Agent	120
	 	 
	ARTICLE IX Miscellaneous	125
	 	 
	SECTION 9.01.	NOTICES	125
	SECTION 9.02.	WAIVERS; AMENDMENTS	127
	SECTION 9.03.	EXPENSES; INDEMNITY; LIMITATION OF LIABILITY; DAMAGE WAIVER	130
	SECTION 9.04.	SUCCESSORS AND ASSIGNS	132
	SECTION 9.05.	SURVIVAL	136
	SECTION 9.06.	COUNTERPARTS; INTEGRATION; EFFECTIVENESS; ELECTRONIC EXECUTION	137
	SECTION 9.07.	SEVERABILITY	138
	SECTION 9.08.	RIGHT OF SETOFF	138
	SECTION 9.09.	GOVERNING LAW; JURISDICTION; CONSENT TO SERVICE OF PROCESS	138
	SECTION 9.10.	WAIVER OF JURY TRIAL	140
	SECTION 9.11.	HEADINGS	140
	SECTION 9.12.	CONFIDENTIALITY	140
	SECTION 9.13.	USA PATRIOT ACT; ANTI-MONEY LAUNDERING LAWS	141
	SECTION 9.14.	RELEASES OF GUARANTEES	142
	SECTION 9.15.	INTEREST RATE LIMITATION	143
	SECTION 9.16.	NO ADVISORY OR FIDUCIARY RESPONSIBILITY	143
	SECTION 9.17.	ATTORNEY REPRESENTATION	143
	SECTION 9.18.	ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF AFFECTED FINANCIAL INSTITUTIONS	143
	SECTION 9.19.	ACKNOWLEDGEMENT REGARDING ANY SUPPORTED QFCS	144
	SECTION 9.20.	ITALIAN TRANSPARENCY RULES	144

 

 

 

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Table Of Contents

(continued)

 

	SCHEDULES:	 
	 	 
	Schedule 1.01	– Pricing Grid
	Schedule 1.01(b)	– Bilateral Letters of Credit
	Schedule 1.01(c)	– Working Capital Facilities
	Schedule 1.01(d)-	– Material Subsidiaries
	Schedule 2.01	 – Revolving Commitments
	Schedule 2.02 	– Letter of Credit Commitments
	Schedule 2.06	– Existing Letters of Credit
	Schedule 2.28	– Sustainability Table
	Schedule 3.01	– Subsidiaries
	Schedule 3.06	– Litigation
	Schedule 6.01	– Existing Indebtedness
	Schedule 6.02	– Existing Liens
	Schedule 6.04	– Existing Investments
	Schedule 6.06	– Existing Transactions with Affiliates
	 	 
	EXHIBITS:	 
	 	 
	Exhibit A 	– Form of Assignment and Assumption
	Exhibit B 	– [Reserved]
	Exhibit C 	– Form of Increasing  Lender Supplement
	Exhibit D 	– Form of Augmenting  Lender Supplement
	Exhibit E 	– List of Closing Documents
	Exhibit F-1 	– Form of Borrowing Subsidiary Agreement
	Exhibit F-2 	– Form of Borrowing Subsidiary Termination
	Exhibit G	– Form of Guaranty
	Exhibit H-1 	– Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	Exhibit H-2 	– Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	Exhibit H-3 	– Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	Exhibit H-4 	– Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	Exhibit I-1 	– Form of Borrowing Request
	Exhibit I-2	– Form of Interest Election Request
	Exhibit J	– Form of Revolving Note

 

 

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REVOLVING CREDIT AGREEMENT (this
“Agreement”) dated as of July 1, 2022 among MICHAEL KORS (USA), INC., CAPRI HOLDINGS
LIMITED, the FOREIGN SUBSIDIARY BORROWERS from time to time party hereto, the GUARANTORS from time to time party hereto, the LENDERS from
time to time party hereto, JPMORGAN CHASE BANK, N.A., as Administrative Agent, and the ISSUING BANKS from time to time party hereto.

 

WHEREAS, the Company has requested
that the Lenders provide a revolving loan facility to the Borrowers in an aggregate principal amount of $1,500,000,000, and the Lenders
are willing to do so on the terms and conditions set forth herein;

 

NOW, THEREFORE, in consideration
of the premises and the mutual covenants contained herein, the parties hereto agree as follows:

 

Article
I

Definitions

 

Section
1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below:

 

“ABR”, when
used in reference to any Loan or Borrowing, refers to a Loan, or the Loans comprising such Borrowing, bearing interest at a rate determined
by reference to the Alternate Base Rate.

 

“Acquisition”
means any acquisition (in one transaction or a series of related transactions) by Capri Holdings or any Subsidiary, on or after the Effective
Date (whether effected through a purchase of Equity Interests or assets or through a merger, consolidation or amalgamation), of (i) another
Person including the Equity Interests of any Person in which Capri Holdings or any Subsidiary owns an Equity Interest or (ii) the assets
constituting all or substantially all of a business or operating business unit of another Person.

 

“Additional Commitment
Lender” has the meaning assigned to such term in Section 2.26(a).

 

“Adjusted CDOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Canadian Dollars for any Interest Period, an interest rate per annum
equal to (a) the CDOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted
CDOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement
and the other Loan Documents.

 

“Adjusted Daily Simple
RFR” means, (a) with respect to any RFR Borrowing denominated in Pounds Sterling, an interest rate per annum equal to the Daily
Simple RFR for Pounds Sterling, (b) with respect to any RFR Borrowing denominated in Swiss Francs, an interest rate per annum equal to
the Daily Simple RFR for Swiss Francs and (c) with respect to any RFR Borrowing denominated in Dollars, an interest rate per annum equal
to (i) the Daily Simple RFR for Dollars, plus (ii) 0.10%; provided that if the Adjusted Daily Simple RFR Rate as so determined
would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement and the other Loan
Documents.

 

    	 	 	 

     

    

“Adjusted EURIBOR Rate” means,
with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the
EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR Rate
as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement and
the other Loan Documents.

 

“Adjusted Term SOFR
Rate” means, with respect to any Term Benchmark Borrowing denominated in Dollars for any Interest Period, an interest rate per
annum equal to (a) the Term SOFR Rate for such Interest Period, plus (b) 0.10%; provided that if the Adjusted Term SOFR Rate as
so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement and
the other Loan Documents.

 

“Adjusted TIBOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Japanese Yen for any Interest Period, an interest rate per annum equal
to (a) the TIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted TIBOR
Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement
and the other Loan Documents.

 

“Adjustment Date”
has the meaning assigned to such term in Schedule 1.01.

 

“Administrative Agent”
means JPMorgan Chase Bank, N.A. (including its branches and affiliates), in its capacity as administrative agent for the Lenders hereunder.

 

“Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“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.

 

“Agent Parties”
has the meaning assigned to such term in Section 9.01(d).

 

“Aggregate Revolving
Commitment” means the aggregate of the Revolving Commitments of all of the Revolving Lenders, as reduced or increased from time
to time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Revolving Commitment is $1,500,000,000.

 

“Agreed Currencies”
means (i) Dollars, (ii) euro, (iii) Pounds Sterling, (iv) Japanese Yen, (v) Canadian Dollars, (vi) Swiss Francs and (vii)
any other currency (x) that is a lawful currency (other than Dollars) that is readily available and freely transferable and not restricted
and convertible into Dollars and (y) that is reasonably acceptable to the Administrative Agent and each of the Revolving Lenders.

 

“Alternate Base Rate”
means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on
such day plus 1⁄2 of 1% and (c) the Adjusted Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities
Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government
Securities Business Day) plus 1%; provided that for the purpose

 

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of this definition, the Adjusted Term SOFR Rate
for any day shall be based on the Term SOFR Reference Rate at approximately 5:00 a.m. Chicago time on such day (or any amended publication
time for the Term SOFR Reference Rate, as specified by the CME Term SOFR Administrator in the Term SOFR Reference Rate methodology). Any
change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate shall be effective
from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted Term SOFR Rate, respectively. If
the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 (for the avoidance of doubt, only until
the Benchmark Replacement has been determined pursuant to ‎Section 2.14(b)), then the Alternate
Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance
of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1%, such rate shall be deemed to be 1%
for purposes of this Agreement.

 

“Alternative Rate”
has the meaning assigned to such term in Section 2.14(a).

 

“Ancillary Document”
has the meaning assigned to such term in Section 9.06(b).

 

“Anti-Corruption Laws”
means all laws, rules, and regulations of any jurisdiction applicable to Capri Holdings or its Subsidiaries from time to time concerning
or relating to money laundering, bribery or corruption.

 

“Applicable Maturity
Date” has the meaning assigned to such term in Section 2.26.

 

“Applicable Payment
Office” means, (a) in the case of a Borrowing in Canadian Dollars, the Canadian Payment Office and (b) in the case of a Term
Benchmark Borrowing (other than in Canadian Dollars), the applicable Term Benchmark Payment Office.

 

“Applicable Percentage”
means, with respect to any Revolving Lender, the percentage of the Aggregate Revolving Commitment represented by such Revolving Lender’s
Revolving Commitment; provided that, in the case of Section 2.23 when a Defaulting Lender shall exist, “Applicable Percentage”
shall mean the percentage of the Aggregate Revolving Commitment (disregarding any Defaulting Lender’s Revolving Commitment) represented
by such Revolving Lender’s Revolving Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall
be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Revolving Lender’s
status as a Defaulting Lender at the time of determination.

 

“Applicable Rate”
means, for any day, with respect to any Revolving Loan that is a Term Benchmark Loan, ABR Loan or RFR Loan, or with respect to the Commitment
Fees payable hereunder or with respect to any Commercial Letter of Credit, as the case may be, the applicable rate per annum set forth
in the Pricing Grid under the caption “Spread for Term Benchmark Loans”, “Spread for ABR Loans”, “Spread
for RFR Loans”, “Commitment Fee Rate” or “Commercial Letter of Credit Rate”, as the case may be, as determined
on each Adjustment Date; provided that until the first Adjustment Date, the Applicable Rate will be determined pursuant to “Pricing
Level 4” of the Pricing Grid.

 

“Approved Fund”
has the meaning assigned to such term in Section 9.04.

 

“Assignment and Assumption”
means an assignment and assumption agreement entered into by a Lender and an assignee (with the consent of any party whose consent is
required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved
by the Administrative Agent.

 

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“Augmenting Lender”
has the meaning assigned to such term in Section 2.20.

 

“Available Revolving
Commitment” means, at any time with respect to any Revolving Lender, the Revolving Commitment of such Revolving Lender then
in effect minus the Revolving Credit Exposure of such Lender at such time; it being understood and agreed that any Lender’s Swingline
Exposure shall not be deemed to be a component of the Revolving Credit Exposure for purposes of calculating the commitment fee under Section 2.12(a).

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, (a) if such
Benchmark is a term rate, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference
to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any
term rate or (b) otherwise, any period for determining any frequency of making payments of interest calculated pursuant to this Agreement,
in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to clause (e) of ‎Section 2.14.

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

“Bail-In Legislation”
means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the
Council of the European Union, the implementing law, regulation, rule or requirement for such EEA Member Country from time to time which
is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part 1 of the United Kingdom Banking Act
2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution
of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration
or other insolvency proceedings).

 

“Banking Services”
means each and any of the following bank services provided to any Loan Party or any Subsidiary by any Lender or any of its Affiliates:
(a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored
value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled disbursement,
automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate depository network
services).

 

“Banking Services Agreement”
means any agreement entered into by any Loan Party or any Subsidiary in connection with Banking Services.

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, liquidator,
conservator, trustee, administrator, custodian, monitor, assignee for the benefit of creditors or similar Person charged with the preservation,
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken
any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided
that a Bankruptcy Event shall not result solely by virtue of (i) any ownership interest, or the acquisition of any ownership interest,
in such Person by a Governmental Authority or instrumentality thereof or (ii) an Undisclosed Administration that is not expected to impair
or delay a Lender’s ability to satisfy its funding obligations hereunder, provided, further, that such ownership interest
does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement
of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or

 

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instrumentality) to reject, repudiate, disavow
or disaffirm any contracts or agreements made by such Person.

 

“Benchmark”
means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii)
Term Benchmark Loan, the Relevant Rate for such Agreed Currency; provided that if a Benchmark Transition Event and the related
Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency,
then “Benchmark” means, with respect to such Loan, the applicable Benchmark Replacement to the extent that such Benchmark
Replacement has replaced such prior benchmark rate pursuant to clause (b) of Section 2.14.

 

“Benchmark Replacement”
means, with respect to any Benchmark Transition Event for any then current Benchmark for any Available Tenor, the first alternative set
forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided
that, in the case of any Loan denominated in any Foreign Currency, “Benchmark Replacement” shall mean the alternative set
forth in clause (2) below:

 

(1)       in
the case of any Loan denominated in Dollars, the Adjusted Daily Simple RFR; or

 

(2)       the
sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Company as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement
benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing
market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated
in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment.

 

If the Benchmark Replacement
as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor
for the purposes of this Agreement and the other Loan Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or
method for calculating or determining such spread adjustment (which may be a positive or negative value or zero) that has been selected
by the Administrative Agent and the Company for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation
of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii)
any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities
denominated in the applicable Agreed Currency at such time.

 

“Benchmark Replacement
Conforming Changes” means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan denominated in
Dollars, any technical, administrative or operational changes (including changes to the definition of “Alternate Base Rate,”
the definition of “Business Day,” the definition of “U.S. Government Securities Business Day,” the definition
of “RFR Business Day,” the definition of “Interest Period,” timing and frequency of determining rates

 

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and making payments of interest, timing of borrowing
requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and
other technical, administrative or operational matters) that the Administrative Agent decides in its reasonable discretion may be appropriate
to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a
manner substantially consistent with market practice (or, if the Administrative Agent decides in its reasonable discretion that adoption
of any portion of such market practice is not administratively feasible or if the Administrative Agent determines in its reasonable discretion
(and in consultation with the Company) that no market practice for the administration of such Benchmark exists, in such other manner of
administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and
the other Loan Documents).

 

“Benchmark Replacement
Date” means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current
Benchmark:

 

(1)       in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement
or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component
used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component
thereof); or

 

(2)       in
the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the published
component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such
Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined
by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark
(or such component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
(i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect
of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination
and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) above with respect
to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition
Event” means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current
Benchmark:

 

(1) a public statement or publication
of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing
that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently
or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue
to provide any Available Tenor of such Benchmark (or such component thereof);

 

(2) a public statement or publication
of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to
such Benchmark, an insolvency official with jurisdiction over the

 

    	 	6	 

     

    

administrator for such Benchmark (or such component),
a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar
insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the
administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or

 

(3) a public statement or publication
of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation
thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future
date will no longer be, representative.

 

For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).

 

“Benchmark Unavailability
Period” means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date
pursuant to clause (1) or (2) of the definition of “Benchmark Replacement Date” has occurred if, at such time, no Benchmark
Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section
2.14 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under
any Loan Document in accordance with Section 2.14.

 

“Beneficial Ownership
Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation.

 

“Beneficial Ownership
Regulation” means 31 C.F.R. § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in Section 3(3) of ERISA) that is subject to Title I of ERISA, (b)
a “plan” as defined in Section 4975 of the Code to which Section 4975 of the Code applies, and (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.”

 

“Bilateral Letter of
Credit” means (i) any commercial documentary letter of credit issued for the account of any Loan Party or any Subsidiary, (ii)
any irrevocable letter of credit issued pursuant to which the issuing institution agrees to make payments for the account of Loan Party
or any Subsidiary in respect of obligations of such Person incurred pursuant to contracts made or performances undertaken or to be undertaken
or like matters relating to contracts to which such Person is or proposes to become a party in furtherance of such Person’s good
faith business purposes, or (iii) any bank guarantee issued for the account of any Loan Party or any Subsidiary for a purpose described
in clause (i) or (ii), in the case of each of clauses (i), (ii) and (iii), that is issued by a Lender or any of its Affiliates and is
listed on Schedule 1.01(b) hereto or has been designated by Capri Holdings or the Company in writing to the Administrative Agent
as a “Bilateral Letter of Credit” and in an aggregate principal amount not to exceed $100,000,000 at any time outstanding
for all Bilateral Letters of Credit. The Bilateral Letters of Credit on the Effective Date are identified as such in Schedule 1.01(b)
hereto.

 

    	 	7	 

     

    

“Bilateral Letter of
Credit Obligations” means any and all obligations of a Loan Party or any Subsidiary, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor), in connection with Bilateral Letters of Credit.

 

“Board” means
the Board of Governors of the Federal Reserve System of the United States of America.

 

“Borrower”
means the Company, Capri Holdings or any Foreign Subsidiary Borrower.

 

“Borrowing”
means (a) Revolving Loans of the same Class and Type, made, converted or continued on the same date and, in the case of Term Benchmark
Loans, as to which a single Interest Period is in effect, and (b) a Swingline Loan.

 

“Borrowing Request”
means a request by any Borrower for a Borrowing in accordance with Section 2.03 in the form attached hereto as Exhibit I-1.

 

“Borrowing Subsidiary
Agreement” means a Borrowing Subsidiary Agreement substantially in the form of Exhibit F-1.

 

“Borrowing Subsidiary
Termination” means a Borrowing Subsidiary Termination substantially in the form of Exhibit F-2.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law
to remain closed; provided that, in addition to the foregoing, a Business Day shall be (a) in relation to Loans denominated in
Japanese Yen and in relation to the calculation or computation of TIBOR or the Japanese Prime Rate, any day (other than a Saturday or
a Sunday) on which banks are open for business in Japan, (b) in relation to Loans denominated in Euros and in relation to the calculation
or computation of EURIBOR, any day which is a TARGET Day, (c) in relation to Loans denominated in Canadian Dollars and in relation to
the calculation or computation of CDOR, any day (other than a Saturday or a Sunday) on which banks are open for business in Canada, (d)
in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any
other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is only a RFR Business Day and (e) in relation to
Loans referencing the Adjusted Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any
such Loans referencing the Adjusted Term SOFR Rate or any other dealings of such Loans referencing the Adjusted Term SOFR Rate, any such
day that is a U.S. Government Securities Business Day.

 

“BVI Insolvency Event”
means any one or more of the following with respect to any BVI Loan Party: (a) the value of its liabilities (including its contingent
and prospective liabilities) exceeds the value of its assets; (b) it fails to comply with the requirements of a statutory demand that
has not been set aside under Section 157 of the Insolvency Act, 2003 of the British Virgin Islands; (c) execution or other process issued
on a judgment, decree or order of a court in favour of a creditor of it is returned wholly or partly unsatisfied; (d) it has taken any
action or steps have been taken or legal proceedings have been started or threatened against it for (i) its winding up, liquidation,
administration, dissolution, amalgamation, reconstruction, reorganisation, arrangement, adjustment, consolidation or protection or relief
of creditors (whether by way of voluntary arrangement, scheme of arrangement or otherwise), or (ii) the enforcement of any security
interest over any or all of its assets; or (iii) the appointment of a liquidator, receiver, controller, inspector, manager, supervisor,
administrative receiver, administrator, trustee or similar officer or official of it or of any or all of its assets; (e) a compromise
or arrangement has

 

    	 	8	 

     

    

been proposed, agreed to or sanctioned under any
of Sections 177, 178 and 179A of the BVI Business Companies Act, 2004 of the British Virgin Islands (the “BVI Companies Act”)
in respect of it, or an application has been made to, or filed with, a court for permission to convene a meeting to vote on a proposal
for any such compromise or arrangement; (f) a merger or consolidation is proposed, approved, agreed to or sanctioned under any of Sections
170 to 174 (inclusive) of the BVI Companies Act in respect of it; (g) action is being taken by the Registrar of Corporate Affairs pursuant
to Section 213 of the BVI Companies Act to dissolve or strike it off the British Virgin Islands register of companies; or (h) action is
approved, agreed to or being taken pursuant to Section 184 of the BVI Companies Act to (without the prior consent of the Administrative
Agent) continue it as a company incorporated under the laws of a jurisdiction outside the British Virgin Islands.

 

“BVI Loan Party”
means any Loan Party incorporated under the laws of the British Virgin Islands.

 

“Canadian Borrower”
means (i) MK Canada Holdings and (ii) any other Borrower organized under the laws of Canada or any province or territory thereof.

 

“Canadian Borrowing”
means a Borrowing of Canadian Loans.

 

“Canadian Dollar”
and/or “CAD” means the lawful currency of Canada.

 

“Canadian Loan”
means a Loan made to a Canadian Borrower denominated in Canadian Dollars.

 

“Canadian Payment Office”
of the Administrative Agent means the office, branch, affiliate or correspondent bank of the Administrative Agent for Canadian Dollars
as specified from time to time by the Administrative Agent to the Company and each Lender.

 

“Canadian Plans”
means, all Canadian pension plans that are considered to be pension plans for the purposes of, and are required to be registered under,
the ITA or any applicable pension benefits standards statute or regulation in Canada and that are established, maintained or contributed
to by any Loan Party, all plans or arrangements which provide or promise health, dental, or any other welfare benefits governed by the
laws of Canada, to current employees or former employees who have retired or terminated from employment with any Loan Party; the term
“Canadian Plans” shall not include any multi-employer pension plans as that term is defined under applicable Canadian pension
and benefits standards statute or regulation, Canadian Plans administered by an entity other than a Loan Party under a collective bargaining
agreement or any statutory plans with which any Loan Party thereof is required to comply, including the Canada/Quebec Pension Plan and
plans administered pursuant to applicable provincial health tax, workers’ compensation and workers’ safety and employment
insurance legislation.

 

“Capri Holdings”
means Capri Holdings Limited, a British Virgin Islands company.

 

“Cash Equivalents”
means (a) Permitted Investments and (b) all other cash equivalents approved by Administrative Agent in its sole discretion.

 

“CBR Loan”
means a Loan that bears interest at a rate determined by reference to the Central Bank Rate or the Japanese Prime Rate.

 

“CBR Spread”
means the Applicable Rate, applicable to such Loan that is replaced by a CBR Loan.

 

    	 	9	 

     

    

“CDOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Canadian Dollars and for any Interest Period, the CDOR Screen Rate
at approximately 11:00 A.M., Toronto, Ontario time, two Business Days prior to the beginning of such Interest Period.

 

“CDOR Screen Rate”
means on any day for the relevant Interest Period, the annual rate of interest equal to the average rate applicable to Canadian Dollar
Canadian bankers’ acceptances for the applicable period that appears on the “Reuters Screen CDOR Page” as defined in
the International Swap Dealer Association, Inc. definitions, as modified and amended from time to time (or, in the event such rate does
not appear on such page or screen, on any successor or substitute page or screen that displays such rate, or on the appropriate page of
such other information service that publishes such rate from time to time, as selected by the Administrative Agent in its reasonable discretion),
rounded to the nearest 1/100th of 1% (with .005% being rounded up), as of 10:15 a.m. (Toronto time) on the first day of such Interest
Period and, if such day is not a Business Day, then on the immediately preceding Business Day (as adjusted by Administrative Agent after
10:15 a.m. (Toronto time) to reflect any error in the posted rate of interest or in the posted average annual rate of interest).

 

“Central Bank Rate”
means, the greater of (a)(i) for any Loan denominated in (A) Pounds Sterling, the Bank of England (or any successor thereto)’s
“Bank Rate” as published by the Bank of England (or any successor thereto) from time to time, (B) Euro, one of the following
three rates as may be selected by the Administrative Agent in its reasonable discretion: (1) the fixed rate for the main refinancing operations
of the European Central Bank (or any successor thereto), or, if that rate is not published, the minimum bid rate for the main refinancing
operations of the European Central Bank (or any successor thereto), each as published by the European Central Bank (or any successor thereto)
from time to time, (2) the rate for the marginal lending facility of the European Central Bank (or any successor thereto), as published
by the European Central Bank (or any successor thereto) from time to time or (3) the rate for the deposit facility of the central banking
system of the Participating Member States, as published by the European Central Bank (or any successor thereto) from time to time, (C)
Swiss Francs, the policy rate of the Swiss National Bank (or any successor thereto) as published by the Swiss National Bank (or any successor
thereto) from time to time and (D) any other Foreign Currency determined after the Effective Date, a central bank rate as determined by
the Administrative Agent in its reasonable discretion; plus (ii) the applicable Central Bank Rate Adjustment and (b) the Floor.

 

“Central Bank Rate
Adjustment” means, for any day, for any Loan denominated in (a) Euro, a rate equal to the difference (which may be a positive
or negative value or zero) of (i) the average of the Adjusted EURIBOR Rate for the five (5) most recent Business Days preceding such day
for which the EURIBOR Screen Rate was available (excluding, from such averaging, the highest and the lowest Adjusted EURIBOR Rate applicable
during such period of five (5) Business Days) minus (ii) the Central Bank Rate in respect of Euro in effect on the last Business Day in
such period, (b) Pounds Sterling, a rate equal to the difference (which may be a positive or negative value or zero) of (i) the average
of Adjusted Daily Simple RFR for Pounds Sterling Borrowings for the five (5) most recent RFR Business Days preceding such day for which
Adjusted Daily Simple RFR for Sterling Borrowings was available (excluding, from such averaging, the highest and the lowest such Adjusted
Daily Simple RFR applicable during such period of five (5) RFR Business Days) minus (ii) the Central Bank Rate in respect of Pounds Sterling
in effect on the last RFR Business Day in such period, (c) Swiss Francs, a rate equal to the difference (which may be a positive or negative
value or zero) of (i) the average of Adjusted Daily Simple RFR for Swiss Franc Borrowings for the five (5) most recent RFR Business Days
preceding such day for which SARON was available (excluding, from such averaging, the highest and the lowest such Adjusted Daily Simple
RFR applicable during such period of five (5) RFR Business Days) minus (ii) the Central Bank Rate in respect of Swiss Francs in effect
on the last RFR Business Day in such period, and (d) any other Foreign Currency determined after the Effective Date, a Central Bank Rate
Adjustment as determined by the Administrative Agent in its reasonable discretion. For purposes of this definition, (x)

 

    	 	10	 

     

    

the term Central Bank Rate shall be determined
disregarding clause (a)(ii) of the definition of such term and (y) the EURIBOR Rate on any day shall be based on the EURIBOR Screen Rate,
on such day at approximately the time referred to in the definition of such term for deposits in the applicable Agreed Currency for a
maturity of one month.

 

“CFC” means
a “controlled foreign corporation” within the meaning of section 957(a) of the Code.

 

“CFC Holding Company”
means any Domestic Subsidiary substantially all of the assets of which are one or more CFCs, either directly or indirectly through other
entities that are disregarded entities or partnerships for U.S. federal income tax purposes, and all such entities (i) have no material
assets (excluding equity interests in each other) other than equity interests of such CFCs, (ii) do not incur, and are not otherwise liable
for, any material Indebtedness (other than intercompany indebtedness permitted pursuant  to Section 6.01(c)), and (iii) do not
conduct any material business or activities other than the ownership of such equity interests and/or receivables and other immaterial
assets and activities reasonably related or ancillary thereto.

 

“Change in Control”
means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any Person or group (within the meaning
of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof) of Equity Interests representing
more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of Capri Holdings; (b)
occupation of a majority of the seats (other than vacant seats) on the board of directors of Capri Holdings by Persons who were neither
(i) nominated, appointed or approved for election by the board of directors of Capri Holdings nor (ii) appointed by directors so nominated,
appointed or approved for election; or (c) Capri Holdings ceases to own, directly or indirectly, and Control 100% (other than directors’
qualifying shares) of the ordinary voting and economic power of any other Borrower (other than, in the case of a Foreign Subsidiary Borrower,
(x) directors’ qualifying shares or (y) nominal shares issued to foreign nationals to the extent required by applicable law).

 

“Change in Law”
means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes
a Lender), of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental
Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force
of law) by any Governmental Authority; provided, however, that notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder,
issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and 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 be a “Change
in Law” regardless of the date enacted, adopted, issued or implemented.

 

“Class”,
means, (a) when used in reference to the Lenders, (i) Lenders having Revolving Commitments or outstanding Revolving Loans and (ii) Lenders
having any other separate class of commitments or loans made pursuant to the terms of this Agreement, and (b) when used in reference to
any Loan or Borrowing, each class of Loans or the Borrowing comprising such Loans being: (i) Revolving Loans, (ii) Swingline Loans and
(iii) any other separate class of loans made pursuant to the terms of this Agreement.

 

    	 	11	 

     

    

“Co-Documentation Agent”
means each of Bank of America, N.A., BNP Paribas, MUFG Bank, Ltd., ING (Ireland) DAC, U.S. Bank National Association, Intesa Sanpaolo
S.p.A., New York Branch, Citibank, N.A. and Standard Chartered Bank, in its capacity as co-documentation agent for the credit facility
evidenced by this Agreement.

 

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

 

“Commercial Letter
of Credit” means a commercial documentary letter of credit issued pursuant to this Agreement by any Issuing Bank for the account
of any Borrower for the purchase of goods in the ordinary course of business.

 

“Commitment Fee”,
with respect to the Revolving Facility, has the meaning assigned to such term in Section 2.12(a).

 

“Commitments”
means, with respect to each Lender, such Lender’s Revolving Commitment.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

“Communications”
has the meaning assigned to such term in Section 9.01(d).

 

“Company”
means Michael Kors (USA), Inc., a Delaware corporation.

 

“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.

 

“Consolidated EBITDAR”
means, with respect to Capri Holdings and its Subsidiaries on a consolidated basis for any period, Consolidated Net Income for such period,
plus

 

(a)               without
duplication and to the extent deducted from revenues in arriving at such Consolidated Net Income for such period, the sum of the following
amounts for such period:

 

(i)               Consolidated
Interest Expense,

 

(ii)              provision
for taxes based on income, profits or capital, including federal, state, local and foreign franchise, excise and similar taxes paid or
accrued (including withholding tax payments) during such period (including in respect of repatriated funds),

 

(iii)             depreciation
and amortization (including amortization of deferred financing fees or costs),

 

(iv)             other
non-cash losses, charges or expenses, including impairment of long-lived assets,

 

(v)              Consolidated
Lease Expense,

 

(vi)             non-recurring
Transaction Costs related to the Transactions,

 

    	 	12	 

     

    

 

 

(vii)            expenses,
costs and charges related to business optimization (including consolidation initiatives), relocation or integration (including integration
and transition costs related to acquisitions), and store renovation costs, and store closure and other restructuring and impairment costs
(including recruiting costs, employee severance, contract termination and management and employee transition costs); provided
that the amount of expenses, costs and charges added back pursuant to this clause (vii) shall not exceed a cumulative aggregate of $500,000,000
for all Test Periods; and

 

(viii)           expenses,
costs and charges related to (A) any repurchase or issuance of Equity Interests not prohibited by this Agreement, (B) any recapitalization
or incurrence, issuance, modification, repayment, redemption, repurchase or refinancing of Indebtedness not prohibited by this Agreement,
(C) any investment or acquisition (including any Permitted Acquisition) not prohibited by this Agreement or (D) any disposition permitted
by this Agreement, in each case, whether or not successful; provided that the aggregate amount added back in reliance on this
clause (viii) in any Test Period shall not exceed 10% of Consolidated EBITDAR for such Test Period (calculated after giving effect to
any such addbacks);

 

minus

 

(b)              without duplication and to the extent included in arriving at such Consolidated Net Income, the sum of the following amounts for
such period:

 

(i)               interest income,

 

(ii)               non-cash
gains,

 

(iii)             tax
credits for any of the taxes of a type described in clause (a)(ii) above (to the extent not netted from the tax expense described in
such clause (a)(ii)),

 

(iv)             any
cash payments made during such period in respect of non-cash items described in clause (a)(iv) above subsequent to the fiscal quarter
in which the relevant non-cash expenses or losses were incurred,

 

in each case, as determined on a consolidated
basis for Capri Holdings and its Subsidiaries in accordance with GAAP.

 

“Consolidated Interest
Expense” means, with respect to Capri Holdings and its Subsidiaries for any period, the total interest expense of Capri Holdings
and its Subsidiaries during such period determined on a consolidated basis, in accordance with GAAP, and shall in any event include interest
on any Finance Lease Obligation which shall be deemed to accrue at an interest rate reasonably determined by Capri Holdings to be the
rate of interest implicit in such Finance Lease Obligation in accordance with GAAP. For purposes of the foregoing, gross interest expense
shall be determined after giving effect to any net payments made or received and costs incurred by Capri Holdings and the Subsidiaries
with respect to Swap Agreements in respect of interest rates.

 

“Consolidated Lease
Expense” means, for any period, the aggregate amount of straight-line fixed lease costs and variable lease costs, reduced by
any sublease income, of Capri Holdings and its

 

    	 	13	 

     

    

 

Subsidiaries for such period
with respect to Operating Leases of real and personal property, determined on a consolidated basis in accordance with GAAP; provided
that any amounts payable in respect of Finance Lease Obligations shall not constitute Consolidated Lease Expense.

 

“Consolidated Net Income”
means for any period, the consolidated net income (or loss) of Capri Holdings and its Subsidiaries, determined on a consolidated basis
in accordance with GAAP; provided that there shall be excluded (a) the income (or deficit) of any Person accrued prior to the date
it becomes a Subsidiary of Capri Holdings or is merged into or amalgamated or consolidated with Capri Holdings or any of its Subsidiaries,
(b) the income (or deficit) of any Person (other than a Subsidiary of Capri Holdings) in which Capri Holdings or any of its Subsidiaries
has an ownership interest, except to the extent that any such income is actually received by Capri Holdings or such Subsidiary in the
form of dividends or similar distributions and (c) the undistributed earnings of any Subsidiary of Capri Holdings to the extent that the
declaration or payment of dividends or similar distributions by such Subsidiary is not at the time permitted by the terms of any contractual
obligation (other than under any Loan Document) or Requirement of Law applicable to such Subsidiary.

 

“Consolidated Net Worth”
means as of any date of determination thereof, the excess of (a) the aggregate consolidated net book value of the assets of Capri Holdings
and its Subsidiaries after all appropriate adjustments in accordance with GAAP (including, without limitation, reserves for doubtful receivables,
obsolescence, depreciation and amortization) over (b) all of the aggregate liabilities of Capri Holdings and its Subsidiaries, including
all items which, in accordance with GAAP, would be included on the liability side of the balance sheet (other than Equity Interests, treasury
stock, capital surplus and retained earnings), in each case determined on a consolidated basis (after eliminating all inter-company items)
in accordance with GAAP; provided, however, that in calculating Consolidated Net Worth the effects of the Statement of Financial
Accounting Standards No. 142 (or the corresponding Accounting Standards Codification Topic, as applicable) shall be disregarded.

 

“Consolidated Total
Assets” means, as of the date of any determination thereof, total assets of Capri Holdings and its Subsidiaries calculated in
accordance with GAAP on a consolidated basis as of such date.

 

“Consolidated Total
Indebtedness” means at any time, the aggregate principal amount of outstanding Indebtedness (excluding (i) Indebtedness in respect
of contingent obligations described in clauses (h) and (i) of the definition of Indebtedness, (ii) Indebtedness described in clause (j)
of the definition of Indebtedness, (iii) Indebtedness described in clause (e) or (f) of the definition of Indebtedness with respect to
Indebtedness of others described in clause (i) or (ii) above and (iv) Indebtedness in respect of Supply Chain Financings in an aggregate
principal amount not to exceed $150,000,000) of Capri Holdings and its Subsidiaries calculated on a consolidated basis as of such time
in accordance with GAAP.

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person,
whether through the ability to exercise voting power, by contract or otherwise. The terms “Controlling” and “Controlled”
have meanings correlative thereto.

 

“Controlled Affiliate”
means, with respect to any Loan Party or any of its respective Subsidiaries, any of their respective Affiliates of over which any of the
foregoing exercises management control.

 

“Convertible Debt Security”
means any debt security the terms of which provide for the conversion or exchange thereof into Equity Interests, cash or a combination
of Equity Interests and cash.

 

    	 	14	 

     

    

 

“Corresponding Tenor”
with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately
the same length (disregarding business day adjustment) as such Available Tenor.

 

“Covered Entity”
means any of the following:

 

(a)                a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(b)                a
“covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(c)                a
“covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Covered
Party” has the meaning assigned to such term in Section 9.20.

 

“CME Term SOFR Administrator”
means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR)
(or a successor administrator).

 

“Credit Event”
means a Borrowing, the issuance, amendment, renewal or extension of a Letter of Credit, an LC Disbursement or any of the foregoing.

 

“Credit Party”
means the Administrative Agent, any Issuing Bank, the Swingline Lender or any other Lender.

 

“CRR” means
the Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions
and investment firms and amending Regulation (EU) No 648/2012.

 

“Daily Simple ESTR”
means, with respect to any Foreign Swingline Loan requested in Euros for any Business Day, an interest rate per annum equal to the greater
of (a) ESTR based on the published rate of ESTR as of the Business Day of such request and (b) 0%. Any change in Daily Simple ESTR due
to a change in the applicable ESTR shall be effective from and including the effective date of such change in the ESTR without notice.

 

“Daily Simple RFR”
means, for any day (an “RFR Interest Day”), an interest rate per annum equal to, for any RFR Loan denominated in (a)
Pounds Sterling, SONIA for the day that is five (5) RFR Business Days prior to (i) if such RFR Interest Day is an RFR Business Day, such
RFR Interest Day or (ii) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest
Day, (b) Swiss Francs, SARON for the day that is five (5) RFR Business Days prior to (i) if such RFR Interest Day is an RFR Business
Day, such RFR Interest Day or (iii) if such RFR Interest Day is not an RFR Business Day, the Business Day immediately preceding such
RFR Interest Day and (c) Dollars, Daily Simple SOFR.

 

“Daily Simple SOFR”
means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day “SOFR Determination
Date”) that is five (5) RFR Business Days prior to (a) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (b)
if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such
SOFR is published by the SOFR Administrator on the SOFR Administrator’s Website. Any 

 

    	 	15	 

     

    

 

change in Daily Simple
SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the
Company.

 

“Daily Simple TONAR”
means, with respect to any requested Foreign Swingline Loan denominated in Japanese Yen for any Business Day, an interest rate per annum
equal to the greater of (a) TONAR based on the published rate of TONAR as of the Business Day of such request and (b) 0%. Any change in
Daily Simple TONAR due to a change in the applicable TONAR shall be effective from and including the effective date of such change in
the TONAR without notice to the Company.

 

“Default”
means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or
waived, become an Event of Default.

 

“Default Rights”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable

 

“Defaulting Lender”
means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded or paid, to (i) fund
any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over
to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies
the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent
to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Company
or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of
its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s
good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding
a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has
failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in
writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations)
to fund prospective Loans and participations in then outstanding Letters of Credit and Swingline Loans under this Agreement, provided
that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such
certification in form and substance satisfactory to it and the Administrative Agent, (d) has become the subject of a Bankruptcy Event,
or (e) has become the subject of a Bail-in Action.

 

“Disposition”
means with respect to any property, any sale, lease, sale and leaseback, assignment, conveyance, transfer or other disposition thereof
(whether effected pursuant to a Division or otherwise). The terms “Dispose” and “Disposed of” shall
have correlative meanings.

 

“Dividing Person”
has the meaning assigned to such term in the definition of “Division”.

 

“Division”
means the division of the assets, liabilities and/or obligations of a Person (the “Dividing Person”) among two or
more Persons (whether pursuant to a “plan of division” or similar arrangement), which may or may not include the Dividing
Person and pursuant to which the Dividing Person may or may not survive.

 

“Division Successor”
means any Person that, upon the consummation of a Division of a Dividing Person, holds all or any portion of the assets, liabilities and/or
obligations previously held by such Dividing Person immediately prior to the consummation of such Division. A Dividing Person which retains
any of its assets, liabilities and/or obligations after a Division shall be deemed a Division Successor upon the occurrence of such Division.

 

    	 	16	 

     

    

 

“Dollar Equivalent”
means, for any amount, at the time of determination thereof, (a) if such amount is expressed in Dollars, such amount, (b) if such amount
is expressed in a Foreign Currency, the equivalent of such amount in Dollars determined by using the rate of exchange for the purchase
of Dollars with the Foreign Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Reuters
on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or
ceases to provide a rate of exchange for the purchase of Dollars with the Foreign Currency, as provided by such other publicly available
information service which provides that rate of exchange at such time in place of Reuters chosen by the Administrative Agent in its sole
discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in Dollars
as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such
amount is denominated in any other currency, the equivalent of such amount in Dollars as determined by the Administrative Agent using
any method of determination it deems appropriate in its sole discretion.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Subsidiary”
means a Subsidiary of Capri Holdings organized under the laws of a jurisdiction located in the United States of America.

 

“Dutch Borrower”
means (i) MKE and (ii) any other Foreign Subsidiary Borrower that is organized under the laws of the Netherlands.

 

“Dutch Non-Public Lender”
means: (i) until the publication of an interpretation of “public” as referred to in the CRR by the competent authority or
authorities: an entity which (x) assumes existing rights and/or obligations vis-à-vis a Dutch Borrower, the value of which is at
least EUR 100,000 (or its equivalent in another currency), (y) provides repayable funds for an initial amount of at least EUR 100,000
(or its equivalent in another currency) or (z) otherwise qualifies as not forming part of the public; and (ii) as soon as the interpretation
of the term “public” as referred to in the CRR has been published by the relevant authority or authorities: an entity which
is not considered to form part of the public on the basis of such interpretation.

 

“ECP” means
an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations promulgated
thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

 

“EEA Financial Institution”
means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA
Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a)
of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described
in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent;

 

“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

 

“EEA Resolution Authority”
means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including
any delegee) having responsibility for the resolution of any EEA Financial Institution.

 

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

    	 	17	 

     

    

 

“Electronic Signature”
means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with
the intent to sign, authenticate or accept such contract or record.

 

“Electronic System”
means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or
extranet-based site, whether such electronic system is owned, operated or hosted by the Administrative Agent or any Issuing Bank and any
of their respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system.

 

“Eligible Foreign Subsidiary”
means (i) any Foreign Subsidiary organized or incorporated under the laws of the British Virgin Islands, Canada or any province or territory
thereof, the Netherlands or Switzerland and (ii) any other Foreign Subsidiary that is approved from time to time by the Administrative
Agent and each of the Lenders in their reasonable discretion.

 

“Environmental Laws”
means all laws, rules, regulations, codes, ordinances, orders or decrees issued, promulgated or entered into by any Governmental Authority,
and any judgments, injunctions, or binding agreements entered against or into by the Company or any of its Subsidiaries, relating in any
way to the protection of the environment, preservation or reclamation of natural resources, the management, release or threatened release
of any Hazardous Material.

 

“Environmental Liability”
means any liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Company or any Subsidiary resulting from or based upon (a) violation of any Environmental Law, (b) the
generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous
Materials, (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 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 in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or
acquire any of the foregoing. Notwithstanding the foregoing, Convertible Debt Securities and Permitted Call Spread Swap Agreements shall
not constitute Equity Interests.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated and rulings
issued thereunder.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that, together with a Loan Party, is treated as a single employer under Section 414(b),
(c), (m) or (o)  of the Code or is under common control with a Loan Party under Section 4001(a)(14) of ERISA, or, solely for purposes
of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code.

 

“ERISA Event”
means (a) any Reportable Event; (b) a determination that any Plan is, or is expected to be, in “at risk” status (within the
meaning of Section 430 of the Code or Section 303 of ERISA); (c) the failure of any Loan Party or any ERISA Affiliate to make by its due
date a required installment under Section 430(j) of the Code with respect to any Plan or the failure by any Plan to satisfy the minimum
funding standards (within the meaning of Section 412 of the Code or Section 302 of ERISA) applicable to such Plan, whether or not waived;
(d) the filing pursuant to Section 412(c) of the Code or Section 302(c) of ERISA of an application for a waiver of the minimum funding
standard with

 

    	 	18	 

     

    

 

respect to any Plan; (e) engaging in a non-exempt prohibited transaction within the meaning of Section 4975 of the Code
or Section 406 of ERISA with respect to a Plan; (f) the receipt by any Loan Party or any ERISA Affiliate from the PBGC of any notice relating
to an intention to terminate any Plan or to appoint a trustee to administer any Plan; (g) the incurrence by any Loan Party or any of its
ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan, including but not limited to the
imposition of any Lien in favor of the PBGC or any Plan; (h) the receipt by any Loan Party or any ERISA Affiliate of any notice, or the
receipt by any Multiemployer Plan from any Loan Party or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability
on any Loan Party or any ERISA Affiliate or the incurrence by any Loan Party or any of its ERISA Affiliates of any liability with respect
to the complete withdrawal or partial withdrawal from any Plan (within the meaning of Section 4063 of ERISA) or Withdrawal Liability from
any Multiemployer Plan; (i) the receipt by any Loan Party or any ERISA Affiliate of any determination that a Multiemployer Plan is, or
is expected to be, Insolvent, terminated (within the meaning of Section 4041A of ERISA), or in “endangered” or “critical”
status (within the meaning of Section 432 of the Code or Section 305 of ERISA); or (j) any Foreign Plan Event.

 

“ESG Amendment”
has the meaning assigned to such term in Section 2.28(a).

 

“ESG Pricing Provisions”
has the meaning assigned to such term in Section 2.28(b).

 

“Establishment”
means, in respect of any Person, any place of operations where such Person carries out a non-transitory economic activity with human means
and goods, assets or services.

 

“ESTR” means,
with respect to any Business Day, a rate per annum equal to the Euro Short Term Rate for such Business Day published by the ESTR Administrator
on the ESTR Administrator’s Website.

 

“ESTR Administrator”
means the European Central Bank (or any successor administrator of the Euro Short Term Rate).

 

“ESTR Administrator’s
Website” means the European Central Bank’s website, currently at http://www.ecb.europa.eu, or any successor source for
the Euro Short Term Rate identified as such by the ESTR Administrator from time to time.

 

“euro”,
“Euro” and/or “EUR” means the single currency of the Participating Member States.

 

“EURIBOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET
Days prior to the commencement of such Interest Period.

 

“EURIBOR Screen Rate”
means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration
of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page EURIBOR01
of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the appropriate page of such other
information service which publishes that rate from time to time in place of Thomson Reuters as published at approximately 11:00 a.m. Brussels
time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative
Agent may specify another page or service displaying the relevant rate after consultation with the Company.

 

    	 	19	 

     

    

 

“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in
effect from time to time.

 

“Event of Default”
has the meaning assigned to such term in Article VII.

 

“Excluded Supply Chain
Financing Agreement” has the meaning assigned to such term in the definition of “Supply Chain Financing.”

 

“Excluded Swap Obligation”
means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or a portion of the Guarantee of
such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified Swap Obligation (or any Guarantee
thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order of the Commodity Futures Trading Commission
(or the application or official interpretation of any thereof) by virtue of such Loan Party’s failure for any reason to constitute
an ECP at the time the Guarantee of such Loan Party or the grant of such security interest becomes effective with respect to such Specified
Swap Obligation. If a Specified Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply
only to the portion of such Specified Swap Obligation that is attributable to swaps for which such Guarantee or security interest is or
becomes illegal.

 

“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, (i) U.S. federal withholding Taxes
imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan, Letter of Credit
or Commitment pursuant to a law in effect on the date on which (A) such Lender acquires such interest in the Loan, Letter of Credit
or Commitment (other than pursuant to an assignment requested by the Company, including under Section 2.19(b)) or (B) such Lender
changes its lending office, except in each case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes
were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan,
Letter of Credit or Commitment or to such Lender immediately before it changed its lending office, (ii) Swiss Withholding Taxes to
the extent a payment of interest is increased pursuant to Section 2.13(g) and (iii) Excluded UK Withholding Taxes imposed on amounts
payable to or for the account of such Recipient with respect to an applicable interest in a Loan, Letter of Credit or Commitment,
(c) Taxes attributable to such Recipient’s failure to comply with Section 2.17(f) and (d) any withholding Taxes imposed under
FATCA.

 

“Excluded UK Withholding
Taxes” means UK withholding Taxes imposed on amounts payable to or for the account of a Recipient with respect to an applicable
interest in a Loan, Letter of Credit or Commitment, if on the date on which payment of the amount falls due:

 

(a)               the
payment could have been made to the relevant Recipient without any deduction for UK withholding Taxes if the Recipient had been a Qualifying
Recipient, but on that date that Recipient is not or has ceased to be a Qualifying Recipient other than as a result of any change after
the date it became a Recipient under this Agreement in (or in the interpretation, administration, or application of) any law or Treaty
or any published practice or published concession of any relevant taxing authority; or

 

(b)              the
relevant Recipient is a Qualifying Recipient solely by virtue of paragraph (a)(ii) of the definition of “Qualifying Recipient”
and:

 

    	 	20	 

     

    

 

(i)                an officer of H.M. Revenue & Customs has given (and not revoked) a direction (a “Direction”) under section
931 of the Income Tax Act 2007 which relates to the payment and that Recipient has received from the person making the payment or from
another UK Loan Party a certified copy of that Direction; and

 

(ii)              the
payment could have been made to the Recipient without any deduction for UK withholding Taxes if that Direction had not been made; or

 

(c)              the
relevant Recipient is a Qualifying Recipient solely by virtue of paragraph (a)(ii) of the definition of “Qualifying Recipient”
and:

 

(i)                the
relevant Recipient has not given notice to the Administrative Agent under Section 2.17(f)(iii) that it is a Qualifying Recipient; and

 

(ii)              the
payment could have been made to the Recipient without any deduction for UK withholding Taxes if the Recipient had given such notice,
on the basis that the notice would have enabled the payer to have formed a reasonable belief that the payment was an “excepted
payment” for the purpose of section 930 of the Income Tax Act 2007; or

 

(d)              the
relevant Recipient is a Treaty Recipient and the person making the payment is able to demonstrate that the payment could have been made
to the Recipient without any deduction for UK withholding Taxes had that Recipient complied with its obligations under Section 2.17(f)(iii).

 

“Existing Credit Agreement”
means the Third Amended and Restated Credit Agreement, dated as of November 15, 2018 among the Borrowers, certain guarantors party thereto,
the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended by the First Amendment, dated as of March
20, 2020 and the Second Amendment, dated as of June 25, 2020.

 

“Existing Letters of
Credit” means the Letters of Credit heretofore issued pursuant to the Existing Credit Agreement and described on Schedule 2.06.

 

“Existing Maturity
Date” has the meaning assigned to such term in Section 2.26.

 

“Extended Letter of
Credit” has the meaning assigned to such term in Section 2.06(c).

 

“Extending Lender”
has the meaning assigned to such term in Section 2.26.

 

“Extension Date”
has the meaning assigned to such term in Section 2.26.

 

“Facility”
means the Revolving Facility or any Term Loan Facility, as applicable.

 

“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 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.

 

    	 	21	 

     

    

 

“Federal Funds Effective
Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions by depositary
institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time) and published on the
next succeeding Business Day by the NYFRB as the federal funds effective rate; provided that if the Federal Funds Effective Rate
shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement.

 

“Federal Reserve Board”
means the Board of Governors of the Federal Reserve System of the United States of America.

 

“Finance Lease”
means any lease of property classified as a “finance lease” on both the balance sheet and income statement for financial reporting
purposes under GAAP, but excluding, for the avoidance of doubt, any Operating Leases or any other non-finance leases.

 

“Finance Lease Obligation”
of any Person means an obligation that is required to accounted for as a Finance Lease (and not an Operating Lease) on both the balance
sheet and income statement of such Person for financial reporting purposes in accordance with GAAP. At the time any determination thereof
is to be made, the amount of the liability in respect of a Finance Lease would be the amount required to be reflected as a liability on
such balance sheet in accordance with GAAP.

 

“Financial Officer”
means the chief executive officer, president or chief financial officer of Capri Holdings.

 

“Financials”
means the annual or quarterly financial statements, and accompanying certificates and other documents, of Capri Holdings and its Subsidiaries
required to be delivered pursuant to Section 5.01(a) or 5.01(b).

 

“Fitch” means
Fitch, Inc.

 

“Floor”
means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the
modification, amendment or renewal of this Agreement or otherwise) with respect to the Adjusted Term SOFR Rate, Adjusted EURIBOR
Rate, Adjusted TIBOR Rate, Adjusted CDOR Rate, each Adjusted Daily Simple RFR, the Japanese Prime Rate or the Central Bank Rate, as
applicable. For the avoidance of doubt the initial Floor for each of Adjusted Term SOFR Rate, Adjusted EURIBOR Rate, Adjusted TIBOR
Rate, Adjusted CDOR Rate, each Adjusted Daily Simple RFR, the Japanese Prime Rate or the Central Bank Rate shall be 0%.

 

“Foreign Currencies”
means Agreed Currencies other than Dollars.

 

“Foreign Currency LC
Exposure” means, at any time, the sum of (a) the Dollar Amount of the aggregate undrawn and unexpired amount of all outstanding
Foreign Currency Letters of Credit at such time plus (b) the aggregate principal Dollar Amount of all LC Disbursements in respect
of Foreign Currency Letters of Credit that have not yet been reimbursed at such time.

 

“Foreign Currency Letter
of Credit” means a Letter of Credit denominated in a Foreign Currency.

 

“Foreign Kors Person”
has the meaning assigned to such term in Section 9.09.

 

“Foreign Lender”
means (a) if the applicable Borrower is a U.S. Person, a Lender, with respect to such Borrower, that is not a U.S. Person, and (b) if
the applicable Borrower is not a U.S.

 

    	 	22	 

     

    

 

Person, a Lender, with respect to such Borrower, that is resident or organized under the laws of
a jurisdiction other than that in which such Borrower is resident for tax purposes.

 

“Foreign Plan”
means any employee pension benefit plan (within the meaning of Section 3(2) of ERISA, whether or not subject to ERISA) that is not subject
to United States or Canadian law, and any Canadian Plan, that is maintained or contributed to by any Loan Party or any ERISA Affiliate.

 

“Foreign Plan Event”
means (a) with respect to any Foreign Plan, (i) the failure to make or, if applicable, accrue in accordance with normal accounting practices,
any employer or employee contributions required by applicable law or by the terms of such Foreign Plan, (ii) the failure to register or
loss of good standing with applicable regulatory authorities of any such Foreign Plan required to be registered, or (iii) the failure
of any Foreign Plan to comply with any material provisions of applicable law and regulations or with the material terms of such Foreign
Plan, or (b) a final determination that any Loan Party is responsible for a deficit or funding shortfall in a multi-employer pension plan
as that term is defined under applicable Canadian pension and benefits standards statute or regulation or other Canadian Plan administered
by an entity other than a Loan Party under a collective bargaining agreement.

 

“Foreign Subsidiary”
means any Subsidiary of Capri Holdings which is not a Domestic Subsidiary.

 

“Foreign Subsidiary
Borrower” means (a) from and after the Effective Date, each of MK Canada Holdings, MKE and MK Switzerland (collectively, the
“Initial Foreign Subsidiary Borrowers”), so long as no such Subsidiary has ceased to be a Foreign Subsidiary Borrower
pursuant to Section 2.22, and (b) any other Eligible Foreign Subsidiary that becomes a Foreign Subsidiary Borrower pursuant to Section
2.22, and that has not ceased to be a Foreign Subsidiary Borrower pursuant to such Section.

 

“Foreign Swingline
Loan” means a Loan made to Capri Holdings or MK Switzerland in a Foreign Currency (other than Canadian Dollars) bearing interest
at (a) the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency (other than Loans denominated in Euros
or Japanese Yen), (b) the Daily Simple ESTR in the case of Loans denominated in Euros and (c) the Daily Simple TONAR in the case of Loans
denominated in Japanese Yen, in each case, pursuant to Section 2.05.

 

“GAAP” means
generally accepted accounting principles in the United States of America.

 

“Governmental Authority”
means the government of the United States of America, any other nation or any political subdivision thereof, whether state, provincial
or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative,
judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies
such as the European Union or the European Central Bank).

 

“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

 

    	 	23	 

     

    

 

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. For purposes of all calculations provided for in this Agreement, the amount of any Guarantee of any guarantor shall be deemed
to be the lower of (x) an amount equal to the stated or determinable amount of the primary obligation in respect of which such Guarantee
is made and (y) the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee,
unless such primary obligation and the maximum amount for which such guarantor may be liable are not stated or determinable, in which
case the amount of such Guarantee shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined
by Capri Holdings in good faith.

 

“Guarantor”
means Capri Holdings and each Material Subsidiary that is a party to the Guaranty. The Guarantors on the Effective Date are identified
as such in Schedule 3.01 hereto.

 

“Guaranty”
means (a) that certain Guarantee Agreement dated as of the Effective Date in the form of Exhibit G (including any and all
supplements thereto) and executed by each Guarantor party thereto, and (b) in the case of any Guarantor that is a Foreign Subsidiary,
any other guaranty agreement executed by such Foreign Subsidiary pursuant to clause (1)(y) of Section 5.09(a).

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum
or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes
and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“HMRC” means
Her Majesty’s Revenue and Customs.

 

“IBA” has
the meaning assigned to such term in Section 1.07.

 

“Increasing Lender”
has the meaning assigned to such term in Section 2.20.

 

“Incremental Term Loan”
has the meaning assigned to such term in Section 2.20.

 

“Incremental Term Loan
Amendment” has the meaning assigned to such term in Section 2.20.

 

“Incremental Term Loan
Commitments” has the meaning assigned to such term in Section 2.20.

 

“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 instruments, (c) all obligations of such Person under conditional sale or other title retention
agreements relating to property acquired by such Person, (d) all obligations of such Person in respect of the deferred purchase price
of property or services (excluding accounts payable incurred in the ordinary course of business and any earnout obligations or similar
deferred or contingent purchase price obligations not overdue, which are being contested in good faith or which do not appear as a liability
on a balance sheet of such Person incurred in connection with any Acquisition), (e) all Indebtedness of others secured by any Lien on
property owned or acquired by such Person (to the extent of such Person’s interest in such property), whether or not the Indebtedness
secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Finance Lease Obligations of such
Person, (h) the principal component of all obligations, contingent or otherwise, of such Person as an account party in

 

    	 	24	 

     

    

 

respect of letters
of credit, demand guarantees and similar independent undertakings, (i) all obligations, contingent or otherwise, of such Person in respect
of bankers’ acceptances and (j) all net payment and performance obligations of such Person under Swap Agreements. 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. For purposes of all calculations
provided for in this Agreement, there shall be disregarded any Guarantee of any Person in respect of any Indebtedness of any other Person
with which the accounts of such first Person are then required to be consolidated in accordance with GAAP. For the avoidance of doubt,
any amounts available and not drawn under the Commitments shall be deemed not to be Indebtedness and “Indebtedness” shall
not include the obligations of any Person to pay rent or other amounts under any lease (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which obligations would be required to be classified and accounted for as an operating
lease under GAAP as in effect on the Effective Date. The amount of any net obligation under any Swap Agreement on any date shall be the
Swap Termination Value as of such date. Notwithstanding the foregoing and for the avoidance of doubt, obligations arising from any Permitted
Call Spread Swap Agreement shall not be considered Indebtedness.

 

“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 of
any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof, Other Taxes.

 

“Indicative Ratings”
has the meaning assigned to such term in the definition of “Public Debt Rating”.

 

“Ineligible Institution”
has the meaning assigned to such term in Section 9.04(b).

 

“Initial Confirmed
Public Debt Ratings” means the initial Public Debt Rating publicly announced or issued by S&P, Moody’s and Fitch,
as the case may be, after the Effective Date.

 

“Initial Foreign Subsidiary
Borrower” has the meaning assigned to such term in the definition of “Foreign Subsidiary Borrower.”

 

“Insolvent”
means, with respect to any Multiemployer Plan, the condition that such Multiemployer Plan is insolvent within the meaning of Section 4245
of ERISA.

 

“Intellectual Property”
means personal property of a Loan Party of the following type: all intellectual property, including all patents, trademarks, copyrights
and domain names and any other industrial or intellectual property, and all renewals, extensions, reissues, reexaminations, divisionals,
continuations and continuations-in-part thereof.

 

“Interest Election
Request” means a request by the applicable Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.08
substantially in the form attached hereto as Exhibit I-2.

 

“Interest Payment Date”
means (a) with respect to any ABR Loan (other than a Swingline Loan denominated in Dollars) , the last day of each March, June, September
and December and the Maturity Date, (b) with respect to any RFR Loan, (1) each date that is on the numerically corresponding day
in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such
month, then the last day of such month) and (2) the Maturity Date, (c) with respect to any Term Benchmark Loan, the last day of the Interest
Period applicable to the

 

    	 	25	 

     

    

 

Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period
of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’
duration after the first day of such Interest Period and the Maturity Date and (d) with respect to any Swingline Loan, the last day
of each month and the Maturity Date.

 

“Interest Period”
means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically
corresponding day in the calendar month that is one, (with respect only to Borrowings denominated in Canadian Dollars) two, three or (other
than with respect to Borrowings denominated in Canadian Dollars) six months thereafter (in each case, subject to the availability for
the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the Company may elect; provided that (i)
if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business
Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the
next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which
there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the
last calendar month of such Interest Period and (iii) no tenor that has been removed from this definition pursuant to Section 2.14(e)
shall be available for specification in such Borrowing Request or Interest Election Request and no Borrower may select an Interest Period
that would extend beyond the applicable Maturity Date. For purposes hereof, the date of a Borrowing initially shall be the date on which
such Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Investment”
has the meaning assigned to such term in Section 6.04.

 

“IRS” means
the United States Internal Revenue Service.

 

“Issuing
Bank” means JPMorgan Chase Bank, N.A., Barclays Bank PLC and each other Lender designated by the Company as an
“Issuing Bank” hereunder that has agreed to such designation (and is reasonably acceptable to the Administrative Agent),
each in its capacity as an issuer of Letters of Credit hereunder, and its successors in such capacity as provided in
Section 2.06(i). Each Issuing Bank may, in its discretion, arrange for one or more Letters of Credit to be issued by Affiliates
of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of
Credit issued by such Affiliate. Notwithstanding anything herein to the contrary, neither Barclays Bank PLC nor any of its branches
or Affiliates shall be required to issue any Commercial Letter of Credit hereunder.

 

“ITA” means
the Income Tax Act (Canada), as amended, and any regulations promulgated thereunder.

 

“Italian Banking Law”
means Italian Legislative Decree No. 385 of 1 September 1993 and the relevant implementing regulations, each as subsequently amended and
supplemented.

 

“Italian Civil Code”
means the Italian civil code enacted by Italian Royal Decree No. 262 of 16 March 1942, as subsequently amended and supplemented.

 

“Italian Crisis and
Insolvency Code” means Legislative Decree No. 14 of 12 January 2019, subsequently amended and supplemented.

 

“Italian Insolvency
Law” means the Italian Royal Decree No. 267 of 16 March 1942, as subsequently amended and supplemented.

 

 

    	 	26	 

     

    

 

“Italian Transparency
Rules” means the transparency provisions set forth in the CICR Resolution of 4 March 2003, as amended and supplemented from
time to time, and in the “Disposizioni sulla trasparenza delle operazioni e dei servizi bancari e finanziari. Correttezza delle
relazioni tra intermediari e clienti” issued by the Bank of Italy, as amended and supplemented from time to time.

 

“Italian Usury Law”
means law No. 108 of 7th March, 1996 as subsequently amended and supplemented.

 

“Japanese Prime Rate”
means for any Loan denominated in Japanese Yen the greater of (a)(i) the Japanese local prime rate plus (ii) the Japanese Prime Rate Adjustment
and (b) the Floor.

 

“Japanese Prime Rate Adjustment”
means, for any day, for any Loan denominated in Japanese Yen, a rate equal to the difference (which may be a positive or negative value
or zero) of (i) the average of the Adjusted TIBOR Rate for the five most recent Business Days preceding such day for which the TIBOR Screen
Rate was available (excluding, from such averaging, the highest and the lowest Adjusted TIBOR Rate applicable during such period of five
Business Days) minus (ii) the Japanese Prime Rate in effect on the last Business Day in such period. For purposes of this definition,
the TIBOR Rate on any day shall be based on the TIBOR Screen Rate on such day at approximately the time referred to in the definition
of such term for deposits in Japanese Yen for a maturity of one month.

 

“Japanese Yen”
means the lawful currency of Japan.

 

“LC Collateral Account”
has the meaning assigned to such term in Section 2.06(j).

 

“LC Disbursement”
means a payment made by an Issuing Bank pursuant to a Letter of Credit.

 

“LC Exposure”
means, at any time, the sum of (a) the aggregate undrawn Dollar Amount of all outstanding Letters of Credit at such time plus (b) the
aggregate Dollar Amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the applicable Borrower at such time.
The LC Exposure of any Revolving Lender at any time shall be its Applicable Percentage of the total LC Exposure at such time.

 

“Lead Arranger”
means each of JPMorgan Chase Bank, N.A. , Barclays Bank PLC, Bank of America, N.A., BNP Paribas, MUFG Bank, Ltd., ING (Ireland) DAC,
U.S. Bank National Association, Intesa Sanpaolo S.p.A., New York Branch, Citibank, N.A. and Standard Chartered Bank, in its capacity
as a joint lead arranger for the credit facility evidenced by this Agreement.

 

“Lender Notice Date”
has the meaning assigned to such term in Section 2.26.

 

“Lender-Related Person”
has the meaning assigned to it in ‎Section 9.03(d).

 

“Lenders”
means the Revolving Lenders.

 

“Letter of Credit”
means any Commercial Letter of Credit or Standby Letter of Credit, including the Existing Letters of Credit.

 

“Letter of Credit Commitment”
means, with respect to each Issuing Bank, the commitment of such Issuing Bank to issue Letters of Credit hereunder. The initial amount
of each Issuing Bank’s Letter of Credit Commitment is set forth on Schedule 2.02, or if an Issuing Bank has entered into
an Assignment and Assumption, the amount set forth for such Issuing Bank as its Letter of

 

    	 	27	 

     

    

 

Credit Commitment in the Register maintained
by the Administrative Agent. Each Issuing Bank’s Letter of Credit Commitment may be decreased or increased from time to time with
the written consent of the Company, the Administrative Agent and the Issuing Banks; provided that any increase in the Letter of
Credit Commitment with respect to any Issuing Bank, or any decrease in the Letter of Credit Commitment with respect to any Issuing Bank
to an amount not less than such Issuing Bank’s Letter of Credit Commitment as of the Effective Date or such other date of its initial
Letter of Credit Commitment, shall only require the consent of the Company and such Issuing Bank.

 

“Liabilities”
means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

 

“Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest
in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement or title retention agreement
(or any Finance Lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the
case of securities, any purchase option, call or similar right of a third party with respect to such securities.

 

“Limited Condition
Acquisition” means an Acquisition or other Investment permitted hereunder the consummation of which is not conditioned on the
availability of, or on obtaining, third party financing.

 

“LLC”
means any Person that is a limited liability company under the laws of its jurisdiction of formation.

 

“Loan
Documents” means this Agreement, each Borrowing Subsidiary Agreement, each Borrowing Subsidiary Termination, the Guaranty,
any promissory notes issued pursuant to Section 2.10(e), any agreements between the Company and an Issuing Bank regarding the
Issuing Bank’s Letter of Credit Commitment and any Letter of Credit applications now or hereafter executed by or on behalf of
any Loan Party and delivered to the Administrative Agent or any Lender in connection with this Agreement or the transactions
contemplated hereby. Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices,
exhibits or schedules thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this
Agreement or such Loan Document as the same may be in effect at any and all times such reference becomes operative.

 

“Loan Parties”
means, collectively, the Borrowers and the Guarantors.

 

“Loans” means
the loans made by the Lenders to the Borrowers pursuant to this Agreement.

 

“Local Time”
means (i) New York City time in the case of a Loan, Borrowing or LC Disbursement denominated in Dollars, (ii) Toronto, Canada time
in the case of a Canadian Borrowing and related Loans and (iii) local time in the case of a Loan, Borrowing or LC Disbursement (other
than a Canadian Borrowing) denominated in a Foreign Currency (it being understood that such local time shall mean London, England time
unless otherwise notified by the Administrative Agent).

 

“Majority Facility
Lenders” means, with respect to the Revolving Facility, the Required Revolving Lenders.

 

“Material Acquisition”
means any Acquisition that involves the payment of consideration by Capri Holdings and its Subsidiaries in excess of $20,000,000.

 

    	 	28	 

     

    

 

“Material Adverse Effect”
means a material adverse effect on (a) the business, assets, operations, property or financial condition of Capri Holdings and its Subsidiaries
taken as a whole or (b) the rights and remedies, taken as a whole, of the Administrative Agent and the Lenders under the Loan Documents.

 

“Material Disposition”
means any Disposition, or a series of related Dispositions, of (a) all or substantially all of the issued and outstanding Equity Interests
in any Person or (b) assets comprising all or substantially all of the assets of any Person or a business unit of any Person, in each
case in excess of $20,000,000.

 

“Material Indebtedness”
means Indebtedness (other than the Loans and Letters of Credit), of any one or more of the Company and its Subsidiaries in an aggregate
principal amount exceeding $50,000,000.

 

“Material Subsidiary”
means (a) each Subsidiary that is a Borrower, (b) each Subsidiary listed on Schedule 1.01(d) and (c) each other Domestic Subsidiary
(i) which, as of the last day of the most recent Test Period ending with the fiscal period for which financial statements have been
delivered pursuant to Section 5.01(a) or (b) (or, if prior to the date of the delivery of the first financial statements to be delivered
pursuant to Section 5.01(a) or (b), the most recent financial statements referred to in Section 3.04(a)), contributed (or, in connection
with a newly acquired Subsidiary pursuant to a Material Acquisition, represents on a Pro Forma Basis) greater than five percent (5%) of
Consolidated EBITDAR for such Test Period or (ii) which contributed (or, in connection with a newly acquired Subsidiary pursuant
to a Material Acquisition, represents on a Pro Forma Basis) greater than five percent (5%) of Consolidated Total Assets (after eliminating
intercompany obligations) as of such date.

 

“Maturity Date”
means, in the case of the Revolving Facility, July 1, 2027, or, if such date is not a Business Day, the Business Day immediately preceding
such date, and as extended (in the case of each Lender consenting thereto) pursuant to Section 2.26.

 

“MK Canada Holdings”
means Michael Kors (Canada) Holdings Ltd., a company limited by shares incorporated under the laws of the Province of Nova Scotia.

 

“MK Switzerland”
means Michael Kors (Switzerland) GmbH, a limited liability company organized under the laws of Switzerland.

 

“MKE” means
Michael Kors (Europe) B.V., a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated
under the laws of the Netherlands, having its corporate seat (statutaire zetel) in Amsterdam, the Netherlands, its registered office
at John Hicksstraat 1, 5928 SJ Venlo, the Netherlands and registered with the trade register of the Chamber of Commerce (handelsregister
van de Kamer van Koophandel) under number 34301064.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

“Multiemployer Plan”
means a multiemployer plan as defined in Section 4001(a)(3) of ERISA to which any Loan Party or any ERISA Affiliate contributes or
has an obligation to contribute.

 

“Net Leverage Ratio”
means the ratio of (i) Consolidated Total Indebtedness as of the last day of the Test Period ending on the last day of any fiscal quarter
plus the capitalized amount of all Operating Lease Obligations as of the last day of such Test Period minus (ii) unrestricted
cash and Cash Equivalents at such date, not to exceed $200,000,000 to (ii) Consolidated EBITDAR for such Test Period, all calculated for
Capri Holdings and its Subsidiaries on a consolidated basis. In the event that Capri

 

    	 	29	 

     

    

 

Holdings or any Subsidiary shall have completed a
Material Acquisition or a Material Disposition since the beginning of the relevant Test Period, the Net Leverage Ratio shall be determined
for such period on a Pro Forma Basis as if such acquisition or disposition, and any related incurrence or repayment of Indebtedness, had
occurred at the beginning of such Test Period.

 

“Non-Extending Lender”
has the meaning assigned to such term in Section 2.26.

 

“NYFRB” means
the Federal Reserve Bank of New York.

 

“NYFRB’s Website”
means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate
in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided that if
none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for a federal funds
transaction quoted at 11:00 a.m. on such day received to the Administrative Agent from a Federal funds broker of recognized standing reasonably
selected by it; provided, further, that if any of the aforesaid rates shall be less than zero, such rate shall be deemed
to be zero for purposes of this Agreement.

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all LC Exposure, all accrued and unpaid fees and all
expenses, reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the
pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such
proceeding), obligations and liabilities of any of Capri Holdings and its Subsidiaries to any of the Lenders, the Administrative
Agent, any Issuing Bank or any indemnified party, individually or collectively, existing on the Effective Date or arising
thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured
or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of the other Loan
Documents or to the Lenders or any of their Affiliates under any Swap Agreement, any Banking Services Agreement, any agreement in
respect of a Supply Chain Financing (except those under Excluded Supply Chain Financing Agreements), any Bilateral Letter of Credit,
or any Working Capital Facility, or in respect of any of the Loans made or reimbursement or other obligations incurred or any of the
Letters of Credit or other instruments at any time evidencing any thereof; provided that the definition of
“Obligations” shall not create or include any guarantee by any Loan Party of (or grant of security interest by any Loan
Party to support, as applicable) any Excluded Swap Obligations of such Loan Party for purposes of determining any obligations of any
Loan Party or obligations arising from Permitted Call Spread Swap Agreements.

 

“OFAC” means
the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“Operating Lease”
means any lease of property classified as an “operating lease” on both the balance sheet and income statement for financial
reporting purposes under GAAP.

 

“Operating Lease Obligation”
means, with respect to any Person, an obligation that is required to be accounted for as an Operating Lease (and not a Finance Lease).
At the time any determination thereof is to be made, the amount of the liability in respect of an Operating Lease would be the amount
required to be reflected as a liability on the balance sheet of such Person in accordance with GAAP.

 

    	 	30	 

     

    

 

“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, Letter of Credit 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 2.19(b)).

 

“Overnight Bank Funding
Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated
in Dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set
forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank
funding rate.

 

“Overnight Foreign
Currency Rate” means, for any amount payable in an applicable Foreign Currency, the rate of interest per annum as determined
by the Administrative Agent at which overnight or weekend deposits in the relevant currency (or if such amount due remains unpaid for
more than three (3) Business Days, then for such other period of time as the Administrative Agent may elect) for delivery in immediately
available and freely transferable funds would be offered by the Administrative Agent to major banks in the interbank market upon request
of such major banks for the relevant currency as determined above and in an amount comparable to the unpaid principal amount of the related
Credit Event; provided that, if the applicable Overnight Foreign Currency Rate shall be less than zero, such rate shall be deemed
to be zero for the purposes of this Agreement, plus any taxes, levies, imposts, duties, deductions, charges or withholdings imposed upon,
or charged to, the Administrative Agent by any relevant correspondent bank in respect of such amount in such relevant currency.

 

“Overnight Rate”
means, for any day, (a) with respect to any amount denominated in Dollars, the NYFRB Rate and (b) with respect to any amount denominated
in a Foreign Currency, an overnight rate determined by the Administrative Agent or the Issuing Banks, as the case may be, in accordance
with banking industry rules on interbank compensation.

 

“Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Participant”
has the meaning assigned to such term in Section 9.04.

 

“Participant Register”
has the meaning assigned to such term in Section 9.04(c).

 

“Participating Member
State” means any member state of the European Union that adopts or has adopted the euro as its lawful currency in accordance
with legislation of the European Union relating to economic and monetary union.

 

“Patriot Act”
has the meaning assigned to such term in Section 9.13(a).

 

“Payment”
has the meaning assigned to such term in Article VIII.

 

    	 	31	 

     

    

 

“Payment Notice”
has the meaning assigned to such term in Article VIII.

 

“PBGC” means
the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

“Permitted Acquisition”
means any Acquisition; provided that (a) the assets so acquired or, as the case may be, the assets of the Person so acquired shall
be in a Related Line of Business, (b) no Default shall have occurred and be continuing at the time thereof or would result therefrom,
(c) such Acquisition shall be effected in such manner so that the acquired Equity Interests, assets or rights are owned either by Capri
Holdings or a Subsidiary and, if effected by merger, consolidation or amalgamation, the continuing, surviving or resulting entity shall
be Capri Holdings or a Subsidiary, subject to Section 6.03 and (d) the Net Leverage Ratio, on a Pro Forma Basis after giving effect to
such acquisition, recomputed as at the last day of the most recently ended fiscal quarter of Capri Holdings for which financial statements
are available, as if such acquisition had occurred on the first day of each relevant period for testing such compliance, shall not exceed
4.00 to 1.00 (or 4.50 to 1.00 if Capri Holdings shall have made a Transition Period Election with respect to such acquisition pursuant
to Section 6.08).

 

“Permitted Call Spread
Swap Agreements” means (a) any Swap Agreement (including, but not limited to, any bond hedge transaction or capped call transaction)
pursuant to which Capri Holdings or any of its Subsidiaries acquires an option requiring the counterparty thereto to deliver to Capri
Holdings or any of its Subsidiaries shares of Capri Holdings or any of its Subsidiaries acquires, the cash value of such shares or a combination
thereof from time to time upon exercise of such option and (b) any Swap Agreement pursuant to which Capri Holdings or any of its Subsidiaries
issues to the counterparty thereto warrants to acquire shares of Capri Holdings or any of its Subsidiaries (whether such warrant is settled
in shares, cash or a combination thereof), in each case entered into by Capri Holdings or any of its Subsidiaries in connection with the
issuance of Convertible Debt Securities; provided that (i) the terms, conditions and covenants of each such Swap Agreement shall
be such as are customary for Swap Agreements of such type and (ii) in the case of clause (b) above, such Swap Agreement is intended by
Capri Holdings be classified as an equity instrument in accordance with GAAP.

 

“Permitted Encumbrances”
means:

 

(a)               Liens
imposed by law for Taxes that are not yet due or are being contested in compliance with Section 5.04;

 

(b)               landlords’,
carriers’, warehousemen’s, mechanics’, shippers’, materialmen’s, repairmen’s and other like Liens
imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 45 days or are
being contested in compliance with Section 5.04;

 

(c)               pledges
and deposits made in connection with workers’ compensation, unemployment insurance, old age pensions and other social security
laws or regulations, and pledges and deposits securing liability to insurance carriers under insurance or self-insurance arrangements;

 

(d)               Liens,
pledges and deposits to secure the performance of tenders, bids, trade contracts, leases, public or statutory obligations, warranty requirements,
customs, surety and appeal bonds, bonds posted in connection with actions, suits or proceedings, performance and bid bonds and other
obligations of a like nature (including those to

 

    	 	32	 

     

    

 

secure health, safety and environmental obligations), in each case
in the ordinary course of business or letters of credit or guarantees issued in respect thereof;

 

(e)               Liens
incurred in the ordinary course of business in connection with the sale, lease, transfer or other disposition of any credit card receivables
of the Company or any of its Subsidiaries;

 

(f)               judgment,
attachment or other similar liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII;

 

(g)              easements,
zoning restrictions, restrictive covenants, encroachments, rights-of-way and similar encumbrances on real property imposed by law or
arising in the ordinary course of business that do not materially detract from the value of the affected property or interfere with the
ordinary conduct of business of the Company or any Subsidiary;

 

(h)              possessory
Liens in favor of brokers and dealers arising in connection with the acquisition or disposition of Permitted Investments; and

 

(i)                any
security and/or right of set-off arising under the general terms and conditions (algemene bankvoorwaarden) or the equivalent thereof
in any jurisdiction of banking and financing institutions;

 

provided that the term
“Permitted Encumbrances” shall not include any Lien securing Indebtedness.

 

“Permitted Factoring
Program” means the sale by Capri Holdings or its Subsidiaries of accounts receivable originated by Capri Holdings or such Subsidiaries
to a third-party factor in the ordinary course of business and consistent with past practice and on a basis that is non-recourse to Capri
Holdings and its Subsidiaries other than limited recourse customary for factoring transactions of a similar kind.

 

“Permitted Investments”
means:

 

(a)               direct
obligations of, or obligations the principal of and interest on which are directly and fully guaranteed or insured by, the United States
of America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America),
the United Kingdom or any Participating Member State;

 

(b)              investments
in commercial paper having, at such date of acquisition, a credit rating of at least A-2 from S&P or P-2 from Moody’s;

 

(c)               investments in demand deposits, certificates of deposit, eurocurrency time deposits, banker’s acceptances and time deposits
issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any Lender or any commercial bank which
has a combined capital and surplus and undivided profits of not less than $100,000,000;

 

(d)              repurchase
agreements with a term of not more than 180 days for securities described in clause (a) above and entered into with a financial institution
satisfying the criteria described in clause (c) above;

 

    	 	33	 

     

    

 

(e)               securities with maturities of three years or less from the date of acquisition issued or fully guaranteed by any state, commonwealth
or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth or territory or
by any foreign government, the securities of which state, commonwealth or territory, political subdivision, taxing authority or foreign
government (as the case may be) are rated, at such date of acquisition, at least A- by S&P or A3 by Moody’s;

 

(f)                securities
with maturities of three years or less from the date of acquisition backed by standby letters of credit issued by any Lender or any commercial
bank satisfying the requirements of clause (c) of this definition;

 

(g)              shares
of money market funds that (i) comply with the criteria set forth in (a) Securities and Exchange Commission Rule 2a-7 under the Investment
Company Act of 1940, as amended or (b) Securities and Exchange Commission Rule 3c-7 under the Investment Company Act of 1940, as amended
and (ii) have portfolio assets of at least (x) in the case of funds that invest exclusively in assets satisfying the requirements of
clause (a) of this definition, $250,000,000 and (y) in all other cases, $500,000,000;

 

(h)               in the case of investments by any Foreign Subsidiary, obligations of a credit quality and maturity comparable to that of the items
referred to in clauses (a) through (g) above that are available in local markets;

 

(i)                corporate debt obligations with a Moody’s rating of at least A3 or an S&P rating of at least A-, or their equivalent,
as follows: (i) corporate notes and bonds and (ii) medium term notes; and

 

(j)                mutual
funds which invest primarily in the securities described in clauses (a) through (d) above.

 

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

 

“Plan” means
any employee pension benefit plan (within the meaning of Section 3(2) of ERISA, but not including any 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 any Loan Party 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).

 

“Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system.

 

“Pounds Sterling”
or “£” means the lawful currency of the United Kingdom.

 

“Pricing Grid”
means the pricing grid set forth in Schedule 1.01.

 

“Pricing Level”
has the meaning assigned to such term in Schedule 1.01.

 

“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street Journal
ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release
H.15 (519)

 

    	 	34	 

     

    

 

(Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any similar
rate quoted therein (as reasonably determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as reasonably
determined by the Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly
announced or quoted as being effective.

 

“Priority Indebtedness”
means (a) Indebtedness of Capri Holdings or any Subsidiary (other than that described in Section 6.01(e) and, to the extent applicable,
the Obligations under the Loan Documents) secured by any Lien on any asset(s) of Capri Holdings or any Subsidiary and (b) Indebtedness
of any Subsidiary of Capri Holdings which is not a Loan Party, in each case owing to a Person other than Capri Holdings or any Subsidiary.

 

“Pro Forma Basis”
means, with respect to compliance with any test, covenant or calculation of any ratio hereunder, the determination or calculations of
such test, covenant or ratio on a pro forma basis in accordance with Section 1.04(b).

 

“Public Debt
Rating” means, as of any date, the rating that has been most recently announced (which may be included any press release
that S&P, Moody’s or Fitch issues) by either S&P, Moody’s or Fitch, as the case may be, for any class of
non-credit enhanced long-term senior unsecured debt issued by Capri Holdings or, if any such rating agency shall have issued more
than one such ratings, the lowest such rating issued by such rating agency. For purposes of the foregoing, (a) if only one of
S&P, Moody’s and Fitch shall have in effect a Public Debt Rating, the Pricing Level in the Pricing Grid shall be
determined by reference to the available rating; (b) if none of S&P, Moody’s or Fitch shall have in effect a Public Debt
Rating, the Pricing Level in the Pricing Grid will be set in accordance with Pricing Level 5; (c) if each of S&P, Moody’s
and Fitch shall have in effect a Public Debt Rating but the ratings shall fall within different levels, the Pricing Level in the
Pricing Grid shall be based upon the ratings of two of the agencies unless each agency’s ratings is at a separate level, in
which case the applicable level will be deemed to be the middle level; (d) if only two of S&P, Moody’s and Fitch shall
have in effect a Public Debt Rating and such ratings shall fall within different levels, the Pricing Level in the Pricing Grid shall
be based upon the higher rating unless such ratings differ by two or more levels, in which case the applicable level will be deemed
to be one level below the higher of such levels; (e) initially, the Public Debt Rating shall be based upon the indicative rating for
non-credit enhanced long-term senior unsecured debt issued by Capri Holdings from S&P, Moody’s and Fitch, as the case may
be, in each case giving effect to the Transactions (or an affirmation of an existing rating for non-credit enhanced long-term senior
unsecured debt issued by Capri Holdings after giving effect to the Transactions (which may be included in any press release related
to the Transactions that S&P, Moody’s or Fitch issues)) (the “Indicative Ratings”); it being understood
that, if any Initial Confirmed Public Debt Ratings shall be issued after the Effective Date, or any Public Debt Rating or Indicative
Rating established by S&P, Moody’s or Fitch shall be changed, such Initial Confirmed Public Debt Rating or such other
change shall be effective as of the date on which such Initial Confirmed Public Debt Rating or other change is first announced or
issued publicly by the rating agency making such change (which may be included in any press release related to the Transactions that
S&P, Moody’s or Fitch issues); and (f) if S&P, Moody’s or Fitch shall change the basis on which ratings are
established, each reference to the Public Debt Rating announced by S&P, Moody’s or Fitch, as the case may be, shall refer
to the then equivalent rating by S&P, Moody’s or Fitch, as the case may be.

 

“QFC” means
a “qualified financial contract” has the meaning set forth in, and interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

 

“QFC Credit Support”
has the meaning assigned to such term in Section 9.20.

 

 

    	 	35	 

     

    

 

“Qualifying Recipient”
means:

 

(a)                a Recipient which is beneficially entitled to interest payable to that Recipient in respect of an applicable interest in a Loan,
Letter of Credit or Commitment and is:

 

(i)                a
Recipient:

 

(A)              which is a bank (as defined for the purpose of section 879 of the Income Tax Act 2007) making an advance made under an applicable
interest in a Loan, Letter of Credit or Commitment and is within the charge to United Kingdom corporation tax as respects any payments
of interest made in respect of that advance or would be within such charge as respects such payment apart from section 18A of the Corporation
Tax Act 2009; or

 

(B)              in
respect of an advance made under an applicable interest in a Loan, Letter of Credit or Commitment by a person that was a bank (as defined
for the purpose of section 879 of the Income Tax Act 2007) at the time that that advance was made and within the charge to United Kingdom
corporation tax as respects any payments of interest made in respect of that advance; or

 

(ii)              
a Recipient which is:

 

(A)             a
company resident in the United Kingdom for United Kingdom tax purposes;

 

(B)             
a partnership each member of which is:

 

a.                  
a company so resident in the United Kingdom; or

 

b.                  
a company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment
and which brings into account in computing its chargeable profits (within the meaning of section 19 of the Corporation Tax Act 2009) the
whole of any share of interest payable in respect of that advance that falls to it by reason of Part 17 of the Corporation Tax Act 2009;

 

(C)              a
company not so resident in the United Kingdom which carries on a trade in the United Kingdom through a permanent establishment and which
brings into account interest payable in respect of that advance in computing the chargeable profits (within the meaning of section 19
of the Corporation Tax Act 2009) of that company; or

 

(iii)             a
Treaty Recipient; or

 

 

    	 	36	 

     

    

 

(b)              a
Recipient which is a building society (as defined for the purposes of section 880 of the Income Tax Act 2007) making an advance under
an applicable interest in a Loan, Letter of Credit or Commitment.

 

“Recipient”
means (a) the Administrative Agent, (b) any Lender and (c) any Issuing Bank, as applicable.

 

“Reference Time”
with respect to any setting of the then-current Benchmark means (a) if such Benchmark is the Term SOFR Rate, 5:00 a.m. (Chicago time)
on the day that is two (2) U.S. Government Securities Business Days preceding the date of such setting, (b) if such Benchmark is EURIBOR
Rate, 11:00 a.m. Brussels time two (2) TARGET Days preceding the date of such setting, (c) if such Benchmark is TIBOR Rate, 11:00 a.m.
Japan time two (2) Business Days preceding the date of such setting, (d) if the RFR for such Benchmark is SONIA, then four (4) RFR Business
Days prior to such setting, (e) if the RFR for such Benchmark is SARON, then five (5) RFR Business Days prior to such setting, (f) if
the RFR for such Benchmark is Daily Simple SOFR, then four (4) RFR Business Days prior to such setting, (g) if such Benchmark is CDOR
Rate, 11:00 a.m. (Toronto, Ontario time) two (2) Business Days prior to such setting or (h) if such Benchmark is none of the Term SOFR
Rate, the EURIBOR Rate, the TIBOR Rate, SONIA, SARON or the CDOR Rate, the time determined by the Administrative Agent in its reasonable
discretion.

 

“Refinancing Amendment”
has the meaning assigned to such term in Section 2.27.

 

“Register”
has the meaning assigned to such term in Section 9.04.

 

“Regulation”
means the Council of the European Union Regulation No. 1346/2000 on Insolvency Proceedings and Regulation (EU) 2015/848 of the European
Parliament and of the Council of 20 May 2015 on insolvency proceeding (recast), as applicable.

 

“Related Line of
Business” means: (a) any line of business in which Capri Holdings or any of its Subsidiaries is engaged as of, or
immediately prior to, the Effective Date, (b) any wholesale, retail or other distribution of products or services under any domestic
or foreign patent, trademark, service mark, trade name, copyright or license or (c) any similar, ancillary or related business and
any business which provides a service and/or supplies products in connection with any business described in clause (a) or (b)
above.

 

“Related Parties”
means, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents
and advisors of such Person and such Person’s Affiliates.

 

“Relevant Governmental
Body” means (a) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, the Federal Reserve Board
and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor
thereto, (b) with respect to a Benchmark Replacement in respect of Loans denominated in Pounds Sterling, the Bank of England, or a committee
officially endorsed or convened by the Bank of England or, in each case,

 

    	 	37	 

     

    

 

any successor thereto, (c) with respect to a Benchmark Replacement
in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central
Bank or, in each case, any successor thereto, (d) with respect to a Benchmark Replacement in respect of Loans denominated in Swiss Francs,
the Swiss National Bank, or a committee officially endorsed or convened by the Swiss National Bank or, in each case, any successor thereto,
(e) with respect to a Benchmark Replacement in respect of Loans denominated in Japanese Yen, the Bank of Japan, or a committee officially
endorsed or convened by the Bank of Japan or, in each case, any successor thereto, and (f) with respect to a Benchmark Replacement in
respect of Loans denominated in any other currency, (i) the central bank for the currency in which such Benchmark Replacement is denominated
or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator
of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (A) the central bank for the currency
in which such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either
(1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors
or (D) the Financial Stability Board or any part thereof.

 

“Relevant Rate”
means (a) with respect to any Term Benchmark Borrowing denominated in Dollars, the Adjusted Term SOFR Rate, (b) with respect to any Term
Benchmark Borrowing denominated in Euros, the Adjusted EURIBOR Rate, (c) with respect to any Term Benchmark Borrowing denominated in Japanese
Yen, the Adjusted TIBOR Rate, (d) with respect to any RFR Borrowing denominated in Pounds Sterling, Swiss Francs or Dollars, the applicable
Adjusted Daily Simple RFR, as applicable, or (e) with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, the Adjusted
CDOR Rate.

 

“Relevant Screen Rate”
means (a) with respect to any Term Benchmark Borrowing denominated in Dollars, the Term SOFR Reference Rate, (b) with respect to any Term
Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate, (c) with respect to any Term Benchmark Borrowing denominated in Japanese
Yen, the TIBOR Screen Rate, or (d) with respect to any Term Benchmark Borrowing denominated in Canadian Dollars, the CDOR Screen Rate,
as applicable.

 

“Replacement Revolving
Credit Commitments” has the meaning assigned to such term in Section 2.27.

 

“Replacement Revolving
Credit Facility Effective Date” has the meaning assigned to such term in Section 2.27.

  

“Replacement Revolving
Facilities” has the meaning assigned to such term in Section 2.27.

 

“Reportable Event”
means any “reportable event,” as set forth in Section 4043(c) of ERISA or the regulations issued thereunder, with respect
to a Plan, other than an event as to which notice is waived pursuant to DOL Regulation Part 4043 as in effect on the applicable date (no
matter how such notice requirement may be changed in the future).

 

“Required Revolving
Lenders” means, subject to Section 2.23, at any time, Revolving Lenders having Revolving Credit Exposures and unused Revolving
Commitments representing more than 50% of the sum of the total Revolving Credit Exposures and unused Revolving Commitments at such time
(excluding for purposes of any such calculation the Revolving Commitments and outstanding principal amount of Revolving Loans of Defaulting
Lenders).

 

“Required Lenders”
means, subject to Section 2.23, at any time, Lenders having Revolving Credit Exposures, outstanding principal amount of Term Loans and
unused Commitments representing more than 50% of the sum of the total Revolving Credit Exposures, outstanding principal amount of Incremental
Term Loans and unused Commitments at such time (excluding for purposes of any such calculation the Revolving Credit Exposures, unused
Term Loan Commitments and outstanding principal amount of Term Loans of Defaulting Lenders).

 

    	 	38	 

     

    

  

“Requirement of Law”
means, as to any Person, the Articles or Certificate of Incorporation and By-Laws, Articles or Certificate of Formation and Operating
Agreement, or Certificate of Partnership or partnership agreement or other organizational or governing documents of such Person, and any
law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case applicable
to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

 

“Resolution Authority”
means any EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests in Capri
Holdings or any Subsidiary, 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 in Capri Holdings
or any Subsidiary or any option, warrant or other right to acquire any such Equity Interests in Capri Holdings or any Subsidiary. Notwithstanding
the foregoing, and for the avoidance of doubt, (i) any payment or delivery (whether on cash, securities or other property) in settlement
of the conversion obligation of, including any cash payment upon conversion of, or payment of any principal or premium on, or payment
of any interest with respect to, or any purchase, redemption, retirement or other acquisition of, any Convertible Debt Securities shall
not constitute a Restricted Payment and (ii) any payment or delivery (whether in cash, securities or other property) with respect to,
or upon early unwind or settlement of, any Permitted Call Spread Swap Agreement shall not constitute a Restricted Payment.

 

“Reuters”
means, as applicable, Thomson Reuters Corp., Refinitiv, or any successor thereto.

 

“Revaluation
Date” means (a) with respect to any Loan denominated in any Foreign Currency, each of the following: (i) the date of the
Borrowing of such Loan and (ii) (A) with respect to any Term Benchmark Loan, each date of a conversion into or continuation of
such Loan pursuant to the terms of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically
corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically
corresponding day in such month, then the last day of such month); (b) with respect to any Letter of Credit denominated in a
Foreign Currency, each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each
calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount
thereof; (c) with respect to any Foreign Swingline Loan denominated in a Foreign Currency, the date of the making of such Foreign
Swingline Loan; (d) with respect to all outstanding Credit Events, on and as of the last Business Day of each calendar quarter; and
(e) any additional date as the Administrative Agent may determine at any time when an Event of Default exists.

 

“Revolving Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Maturity Date with respect
to the Revolving Facility and the date of termination of the Revolving Commitments.

 

“Revolving Commitment”
means, with respect to each Revolving Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Letters
of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving
Credit Exposure hereunder, as such commitment may be (a) reduced or terminated from time to time pursuant to Section 2.09, (b) increased
from time to time pursuant to Section 2.20 and (c) reduced or increased from time to time pursuant to assignments by or to such
Lender

 

    	 	39	 

     

    

 

pursuant to Section 9.04. The initial amount of each Revolving Lender’s Revolving Commitment is set forth on Schedule 2.01,
or in the Assignment and Assumption or other documentation contemplated hereby pursuant to which such Revolving Lender shall have assumed
its Revolving Commitment, as applicable.

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and
its LC Exposure and Swingline Exposure at such time.

 

“Revolving Credit Event”
means a Borrowing of Revolving Loans, the issuance, amendment, renewal or extension of a Letter of Credit, an LC Disbursement or any of
the foregoing.

 

“Revolving Credit Exposure”
means, with respect to any Lender at any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans, LC
Exposure and Swingline Exposure at such time.

 

“Revolving Facility”
means the Revolving Commitments and the provisions herein related to the Revolving Loans, Swingline Loans and Letters of Credit.

 

“Revolving Lender”
means each Person listed on Schedule 2.01 and any other Person that shall have become a Revolving Lender hereunder pursuant
to Section 2.20 or pursuant to an Assignment and Assumption or other documentation contemplated thereby, other than any such Person
that ceases to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated thereby. Unless the context
otherwise requires, the term “Revolving Lenders” includes the Swingline Lender and each Issuing Bank.

 

“Revolving Loan”
means a Loan made pursuant to Section 2.01.

 

“RFR” means,
for any RFR Loan denominated in (a) Pounds Sterling, SONIA, (b) Swiss Francs, SARON and (c) Dollars, Daily Simple SOFR.

 

“RFR Administrator”
means the SONIA Administrator, the SARON Administrator or the SOFR Administrator.

 

“RFR Borrowing”
means, as to any Borrowing, the RFR Loans comprising such Borrowing.

 

“RFR Business Day”
means, for any Loan denominated in (a) Pounds Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks
are closed for general business in London, (b) Swiss Francs, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which
banks are closed for the settlement of payments and foreign exchange transactions in Zurich and (c) Dollars, a U.S. Government Securities
Business Day.

 

“RFR Interest Day”
has the meaning specified in the definition of “Daily Simple RFR”.

 

“RFR Loan”
means a Loan that bears interest at a rate based on the Adjusted Daily Simple RFR.

 

“S&P”
means Standard & Poor’s Financial Services LLC.

 

    	 	40	 

     

    

 

“Sanctioned Country”
means, at any time, a country, region or territory which is the target of comprehensive Sanctions (as of the Effective Date, the so-called
Donetsk People’s Republic, the so-called Luhansk People’s Republic, the Crimea region of Ukraine, Cuba, Iran, North Korea
and Syria).

 

“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, the State Secretariat for Economic Affairs of Switzerland or the Swiss
Directorate of International Law, any European Union member state, or Her Majesty’s Treasury of the United Kingdom or the Government
of Canada, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person fifty percent (50%) or more owned or
controlled by any such Person or Persons described in the foregoing clauses (a) or (b).

 

“Sanctions”
means all economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) the U.S. government,
including those administered by OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union, the
State Secretariat for Economic Affairs of Switzerland or the Swiss Directorate of International Law, any European Union member state,
Her Majesty’s Treasury of the United Kingdom or the Government of Canada or (c) any other applicable sanctions authority, in each
case for this clause (c), so long as U.S. law does not prohibit compliance with such other jurisdictions’ sanctions laws.

 

“SARON” means,
with respect to any Business Day, a rate per annum equal to the Swiss Average Rate Overnight for such Business Day published by the SARON
Administrator on the SARON Administrator’s Website.

 

“SARON Administrator”
means the SIX Index AG (or any successor administrator of the Swiss Average Rate Overnight).

 

“SARON Administrator’s
Website” means the website of SIX Group, currently being https://www.six-group.com, or any successor source for the Swiss Average
Rate Overnight identified as such by the SARON Administrator from time to time.

 

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

 

“Senior Managing Agent”
means each of Wells Fargo Bank, N.A., Truist Bank and Santander Bank, N.A.

 

“Senior Notes”
means the notes issued pursuant to the Senior Notes Indenture, dated as of October 20, 2017 among the Company, Capri Holdings, the subsidiary
guarantors party thereto and U.S. Bank National Association, as trustee, as amended, supplemented, refinanced or otherwise modified from
time to time.

 

“SLL Principles”
has the meaning assigned to such term in Section 2.28(b).

 

“SOFR” means
a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

    	 	41	 

     

    

 

“SOFR Administrator’s
Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.

 

“SOFR Determination
Date” has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SOFR Rate Day”
has the meaning specified in the definition of “Daily Simple SOFR”.

 

“SONIA” means,
with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the
SONIA Administrator on the SONIA Administrator’s Website on the immediately succeeding Business Day.

 

“SONIA Administrator”
means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

 

“SONIA Administrator’s
Website” means the Bank of England’s website, currently at http://www.bankofengland.co.uk, or any successor source for
the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

 

“Specified Swap Obligation”
means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules or regulations promulgated thereunder.

 

“Standby Letter of
Credit” means an irrevocable letter of credit issued pursuant to this Agreement by an Issuing Bank pursuant to which such Issuing
Bank agrees to make payments in an Agreed Currency for the account of any Borrower, or, subject to Section 2.06(a), any Subsidiary or
other Loan Party, in respect of obligations of such Person incurred pursuant to contracts made or performances undertaken or to be undertaken
or like matters relating to contracts to which such Person is or proposes to become a party in furtherance of such Person’s good
faith business purposes, including, but not limited to, for insurance purposes and in connection with lease transactions.

 

“Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of
which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject
with respect to the Adjusted CDOR Rate, Adjusted EURIBOR Rate or Adjusted TIBOR Rate, as applicable, for eurocurrency funding
(currently referred to as “Eurocurrency liabilities” in Regulation D) or any other reserve ratio or analogous
requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the
funding of the Loans. Such reserve percentage shall include those imposed pursuant to Regulation D. Term Benchmark Loans for which
the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark) shall
be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for
proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage.

 

“Subordinated Indebtedness”
means Indebtedness that is subordinated in right of payment to the Obligations.

 

    	 	42	 

     

    

 

“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 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership
interests are, as of such date, owned, Controlled or held, 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.

 

“Subsidiary”
means, unless the context otherwise requires, any subsidiary of Capri Holdings.

 

“Supply Chain Finance
Obligations” means obligations of Capri Holdings or any Subsidiary relating to Supply Chain Financings with a Lender or an Affiliate
of a Lender, other than Supply Chain Financings arising under an Excluded Supply Chain Financing Agreement.

 

“Supply Chain Financing”
means credit support provided in respect of trade payables of Capri Holdings or any Subsidiary, in each case issued for the benefit of
any bank, financial institution or other person that has acquired such trade payables pursuant to “supply chain” or other
similar financing for vendors and suppliers of Capri Holdings or any Subsidiaries, so long as (i) other than pursuant to this Agreement,
such Indebtedness is unsecured, (ii) the terms of such trade payables shall not have been extended in connection with the Supply Chain
Financing and (iii) such Indebtedness represents amounts not in excess of those which Capri Holdings or any of its Subsidiaries would
otherwise have been obligated to pay to its vendor or supplier in respect of the applicable trade payables. Capri Holdings or the relevant
Subsidiary and the Lender or its Affiliate providing Supply Chain Financing may designate in writing to the Administrative Agent any Supply
Chain Financing agreement as an agreement not intended to be included as a Supply Chain Finance Obligations for purposes of this Agreement
(such agreement, an “Excluded Supply Chain Financing Agreement”).

 

“Supported QFC”
has the meaning assigned to such term in Section 9.20.

 

“Sustainability Assurance
Provider” has the meaning assigned to such term in Section 2.28(a).

 

“Sustainability
Structuring Agent” means J.P. Morgan Securities LLC, in its capacity as sustainability linked structuring agent for the credit
facility evidenced by this Agreement.

 

“Sustainability Targets”
means specified key performance indicators with respect to certain environmental, social and governance targets of Capri Holdings and
its Subsidiaries, which shall be confirmed by the Borrowers (or a designated advisor thereof) as being consistent with the SLL Principles,
and in consultation with the Sustainability Structuring Agent.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option, cap or collar agreements or similar
agreement involving, or settled by reference to, one or more interest or exchange rates, currencies, commodities, equity or debt instruments
or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction
or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account
of services provided by current or former directors, officers, employees or consultants of the Company or the Subsidiaries shall be a
Swap Agreement.

 

    	 	43	 

     

    

 

“Swap Obligations”
means any and all obligations of a Loan Party or any Subsidiary, whether absolute or contingent and howsoever and whensoever created,
arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), under (a) any
and all Swap Agreements with a Lender or an Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations
or assignments of any such Swap Agreement transaction.

 

“Swap Termination Value”
means, in respect of any one or more Swap Agreements, after taking into account the effect of any legally enforceable netting agreement
relating to such Swap Agreements, (a) for any date on or after the date such Swap Agreements have been closed out and termination value(s)
determined in accordance therewith, such termination value(s), and (b) for any date prior to the date referenced in clause (a), the amount(s)
determined as the mark-to-market value(s) for such Swap Agreements, as determined based upon one or more mid-market or other readily available
quotations provided by any recognized dealer in such Swap Agreements (which may include a Lender or any Affiliate of a Lender).

 

“Swingline Exposure”
means, at any time, the aggregate principal Dollar Amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any
Revolving Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time.

 

“Swingline Lender”
means JPMorgan Chase Bank, N.A., in its capacity as lender of Swingline Loans hereunder, and its successors in such capacity.

 

“Swingline Loan”
means a Loan made pursuant to Section 2.05 (for the avoidance of doubt, each Foreign Swingline Loan is a Swingline Loan).

 

“Swingline Overnight
Rate” means, with respect to a Swingline Loan denominated in Dollars, for any day, the rate per annum advised by the Swingline
Lender as its loan funding rate for overnight Eurodollar loans in effect at its office located at 270 Park Avenue, New York, New York;
each change in the Swingline Overnight Rate shall be effective from and including the date such change is notified by the Swingline Lender
to the Company as being effective; provided that, if the applicable Swingline Overnight Rate shall be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement.

 

“Swiss Borrower”
means (i) MK Switzerland and (ii) any other Borrower incorporated in Switzerland and/or qualifying as a Swiss resident pursuant to Article
9 of the Swiss Federal Withholding Tax Act.

 

“Swiss Federal Withholding
Tax Act” means the Swiss Federal Withholding Tax Act (Bundesgesetz über die Verrechnungssteuer vom 13. Oktober 1965); together
with the related ordinances, regulations and guidelines, all as amended and applicable from time to time.

 

“Swiss Francs”
means the lawful currency of Switzerland.

 

“Swiss Guidelines”
means, together, the guideline “Interbank Loans” of 22 September 1986 (S-02.123) (Merkblatt “Verrechnungssteuer auf
Zinsen von Bankguthaben, deren Gläubiger Banken sind (Interbankguthaben)” vom 22. September 1986), the circular letter No.
46 of 24 July 2019 in relation to syndicated credit facilities (Kreisschreiben Nr. 46 "Steuerliche Behandlung von Konsortialdarlehen,
Schuldscheindarlehen, Wechseln und Unterbeteiligungen" vom 24. Juli 2019), the guideline S-02.130.1 in relation to money market instruments
and book claims of April 1999 (Merkblatt vom April 1999 betreffend Geldmarktpapiere und Buchforderungen inländischer Schuldner),
the circular letter No. 47 of 25 July 2019 in relation to bonds (Kreissschreiben Nr. 47 "Obligationen" vom 25. Juli 2019),
the circular

 

 

    	 	44	 

     

    

 

letter No. 34 “Customer Credit Balances” of 26 July 2011 (1-034-V-2011) (Kreisschreiben Nr. 34 “Kundenguthaben”
vom 26. Juli 2011), the circular letter No. 15 of 3 October 2017 (1-015-DVS-2017) in relation to bonds and derivative financial instruments
as subject matter of taxation of Swiss federal income tax, Swiss Federal Withholding Tax and Swiss Federal Stamp Taxes (Kreisschreiben
Nr. 15 “Obligationen und derivative Finanzinstrumente als Gegenstand der direkten Bundessteuer, der Verrechnungssteuer und der Stempelabgaben”
vom 3. Oktober 2017), the practice note 010-DVS-2019 of 5 February 2019 published by the Swiss Federal Tax Administration regarding Swiss
Withholding Tax in the Group (Mitteilung-010-DVS-2019-d vom 5. Februar 2019 - Verrechnungssteuer: Guthaben im Konzern); all as issued,
and as amended or replaced from time to time, by the Swiss Federal Tax Administration or as substituted or superseded and overruled by
any law, statute, ordinance, regulation, court decision or the like.

 

“Swiss Insolvency Event”
means any one or more of the following with respect to any Swiss Loan Party: it is unable or admits in writing its inability to pay its
debts as they fall due or otherwise is, or admits in writing that it is, insolvent (zahlungsunfähig), suspends making payments
on any of its debts within the meaning of Article 190 section (1) no. (1) of the Swiss Federal Law Concerning Debt Enforcement and Bankruptcy
(Bundesgesetz über Schuldbetreibung und Konkurs) or, by reason of actual or anticipated financial difficulties, commences
negotiations with one or more of its creditors with a view to rescheduling any of its indebtedness or files a petition for the opening
of bankruptcy proceedings because of insolvency (Zahlungsunfähigkeit) pursuant to Article 191 section (1) of the Swiss Federal
Law Concerning Debt Enforcement and Bankruptcy (Bundesgesetz über Schuldbetreibung und Konkurs).

 

“Swiss Loan Party”
means any Loan Party incorporated under the laws of Switzerland.

 

“Swiss Non-Bank Rules”
means the Swiss Ten Non-Bank Rule and the Swiss Twenty Non-Bank Rule.

 

“Swiss Qualifying
Bank” means any person or entity acting on its own account which has a banking license in force and effect issued in
accordance with the banking laws in its jurisdiction of incorporation, or if acting through a branch, issued in accordance with the
banking laws in the jurisdiction of such branch, and which, in both cases, effectively conducts banking activities as its principal
purpose with its own infrastructure, staff and authority of decision making, all in accordance with the Swiss Guidelines.

 

“Swiss Ten Non-Bank
Rule” means the rule that the aggregate number of creditors or deemed creditors (other than Swiss Qualifying Banks) of any Swiss
Borrower under this Agreement must not at any time exceed 10 (ten), all in accordance with the meaning of the Swiss Guidelines.

 

“Swiss Twenty Non-Bank
Rule” means the rule that (without duplication) the aggregate number of creditors or deemed creditors (including the Lenders),
other than Swiss Qualifying Banks, of any Swiss Borrower under all outstanding debts relevant for classification as debenture (Kassenobligation)
(including debt arising under this Agreement), loans, facilities and/or private placements (including under this Agreement) must not,
at any time, exceed twenty (20); all in accordance with the meaning of the Swiss Guidelines.

 

“Swiss Withholding
Tax” means any Taxes levied pursuant to the Swiss Federal Withholding Tax Act.

 

“Syndication Agent”
means Barclays Bank PLC, in its capacity as syndication agent for the credit facility evidenced by this Agreement.

 

    	 	45	 

     

    

 

“TARGET2”
means the Trans-European Automated Real-time Gross Settlement Express Transfer payment system which utilizes a single shared platform
and which was launched on November 19, 2007.

 

“TARGET Day”
means any day on which TARGET2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the
Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

 

“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.

 

“Term Benchmark”
when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest
at a rate determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted TIBOR Rate, or the Adjusted
CDOR Rate.

 

“Term Benchmark Payment
Office” means, for each Foreign Currency (other than Canadian Dollars), the office, branch, affiliate or correspondent bank
of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Company and each Lender.

 

“Term Loan Commitment”
means any term loan commitment made pursuant to Section 2.20.

 

“Term Loan Facility”
means any term loan made pursuant to Section 2.20 and the provisions herein related thereto.

 

“Term Loan”
means any term loan made pursuant to Section 2.20.

 

“Term SOFR Determination
Day” has the meaning assigned to it under the definition of Term SOFR Reference Rate.

 

“Term SOFR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period,
the Term SOFR Reference Rate at approximately 5:00 a.m., Chicago time, two U.S. Government Securities Business Days prior to the commencement
of such tenor comparable to the applicable Interest Period, as such rate is published by the CME Term SOFR Administrator.

 

“Term SOFR Reference
Rate” means, for any day and time (such day, the “Term SOFR Determination Day”), with respect to any Term Benchmark
Borrowing denominated in Dollars and for any tenor comparable to the applicable Interest Period, the rate per annum published by the CME
Term SOFR Administrator and identified by the Administrative Agent as the forward-looking term rate based on SOFR. If by 5:00 pm, New
York City time, on such Term SOFR Determination Day, the “Term SOFR Reference Rate” for the applicable tenor has not been
published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Rate has not occurred, then,
so long as such day is otherwise a U.S. Government Securities Business Day, the Term SOFR Reference Rate for such Term SOFR Determination
Day will be the Term SOFR Reference Rate as published in respect of the first preceding U.S. Government Securities Business Day for which
such Term SOFR Reference Rate was published by the CME Term SOFR Administrator, so long as such first

 

    	 	46	 

     

    

 

preceding U.S. Government Securities
Business Day is not more than five (5) U.S. Government Securities Business Days prior to such Term SOFR Determination Day.

 

“Termination Date”
means the date on which the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable
hereunder have been paid in full and all Letters of Credit have expired or terminated, in each case, without any pending draw, or cash
collateralized in accordance with Section 2.06(j), all LC Disbursements shall have been reimbursed and all other Obligations (other than
Obligations under any Swap Agreement, any Banking Services Agreement, any agreements in respect of any Supply Chain Financing, any Bilateral
Letters of Credit or any Working Capital Facilities or contingent Obligations for reimbursement or indemnification and other Obligations
that expressly survive the termination of the Credit Agreement) shall have been paid in full in cash.

 

“Test Period”
means, as of any date of determination, the period of four consecutive fiscal quarters of Capri Holdings most recently ended on or prior
to such date.

 

“TIBOR Rate”
means, with respect to any Term Benchmark Borrowing denominated in Japanese Yen and for any Interest Period, the TIBOR Screen Rate two
Business Days prior to the commencement of such Interest Period.

 

“TIBOR Screen Rate”
means the Tokyo interbank offered rate administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other person which takes
over the administration of that rate) for the relevant currency and period displayed on page DTIBOR01 of the Reuters screen (or, in the
event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such
rate, or on the appropriate page of such other information service that publishes such rate as selected by the Administrative Agent from
time to time in its reasonable discretion) as published at approximately 1:00 p.m. Japan time two Business Days prior to the commencement
of such Interest Period.

 

“TONAR” means
a rate equal to the Tokyo Overnight Average Rate as administered by the TONAR Administrator.

 

“TONAR Administrator”
means the Bank of Japan (or any successor administrator of the Tokyo Overnight Average Rate).

 

“TONAR Administrator’s
Website” means the Bank of Japan’s website, currently at http://www.boj.or.jp, or any successor source for the Tokyo Overnight
Average Rate identified as such by the TONAR Administrator from time to time.

 

“Transaction Costs”
means all fees, costs and expenses incurred or payable by Capri Holdings or any of its Subsidiaries in connection with the Transactions.

 

“Transactions”
means the (i) execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, (ii) the borrowing
of Loans and other credit extensions, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, (iii) the repayment
in full of the obligations outstanding under, and the termination of, the Existing Credit Agreement and (iv) the payment of the Transaction
Costs.

 

“Transition Period”
means, if Capri Holdings makes a Transition Period Election with respect to any Material Acquisition in accordance with Section 6.08,
the period commencing on (and including) the first day of the fiscal quarter during which Capri Holdings or any Subsidiary consummated

 

    	 	47	 

     

    

 

such Material Acquisition and ending on (and including) the last day of the fourth fiscal quarter following such date of consummation.

 

“Transition Period
Election” has the meaning assigned to such term in Section 6.08.

 

“Treaty Recipient”
means a Recipient which:

 

(a)               is treated as a resident of a Treaty State for the purposes of a Treaty;

 

(b)              does
not carry on a business in the United Kingdom through a permanent establishment with which that Recipient’s participation in the
Loan is effectively connected; and

 

(c)               qualifies
for full exemption from UK income tax on payments of interest to or for the account of a Recipient with respect to an applicable interest
in a Loan, Letter of Credit or Commitment, subject to the completion of necessary procedural formalities.

 

“Treaty State”
means a jurisdiction having a double taxation agreement (a “Treaty”) with the United Kingdom which makes provision
for full exemption from tax imposed by the United Kingdom on interest.

 

“Type”, when
used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing,
is determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted TIBOR Rate, the Adjusted CDOR Rate,
the Alternate Base Rate (or, with respect to a Swingline Loan denominated in Dollars, the Swingline Overnight Rate).

 

“UK Financial
Institution” means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as
amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions
and investment firms, and certain affiliates of such credit institutions or investment firms.

 

“UK Insolvency Event”
means:

 

(a)               a UK Relevant Entity is unable or admits inability to pay its debts as they fall due (other than debts owed to Capri Holdings or
a Subsidiary or solely by reason of balance sheet liabilities exceeding balance sheet assets), suspends making payments on any of its
material debts or, by reason of actual or anticipated financial difficulties, commences negotiations with one or more class of creditors
(other than pursuant to the Loan Documents) with a view to rescheduling any of its material indebtedness;

 

(b)              any corporate action, legal proceedings or other procedure or step is taken in relation to:

 

(i)               the
suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganization (by way of voluntary
arrangement, scheme of arrangement or otherwise) of any UK Relevant Entity;

 

    	 	48	 

     

    

 

(ii)               (by reason of actual or anticipated financial difficulties) a composition, compromise, assignment or arrangement with any class
of creditors of any UK Relevant Entity;

 

(iii)             the
appointment of a liquidator, receiver, administrative receiver, administrator, compulsory manager or other similar officer in respect
of any UK Relevant Entity, or all or substantially all of its assets; or

 

(iv)             enforcement
of any Lien over any material asset of any UK Relevant Entity,

 

or any analogous procedure or
step is taken in any jurisdiction, save that this paragraph (b) shall not apply to (i) any involuntary proceeding or procedure, or winding-up
petition which is frivolous or vexatious that is discharged, stayed or dismissed within 60 days of commencement, or (ii) any solvent liquidation
or reorganization of any Subsidiary incorporated under the laws of England and Wales which is not a Loan Party; and

 

(c)               any
expropriation, attachment, sequestration, distress or execution affects any asset or assets of a UK Relevant Entity, except where such
action does not, and would not reasonably be expected to, have a Material Adverse Effect.

 

“UK Loan Party”
means any Loan Party that is:

 

(a)              incorporated under the laws of England and Wales;

 

(b)              resident
for tax purposes in the UK; or

 

(c)               not
so resident in the UK which carries on a trade in the UK through a permanent establishment and which brings into account interest payable
in respect of an applicable interest in a Loan, Letter of Credit or Commitment in computing its chargeable profits (within the meaning
of section 19 of the Corporation Tax Act 2009).

 

“UK Relevant Entity”
means any UK Loan Party or any Loan Party capable of becoming subject of an order for winding-up or administration under the Insolvency
Act 1986 of the United Kingdom.

 

“UK Resolution Authority”
means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

“U.S. Government Securities
Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
United States government securities.

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Special Resolution
Regimes” has the meaning assigned to such term in Section 9.20.

 

    	 	49	 

     

    

 

“U.S. Tax Compliance
Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Undisclosed Administration”
means the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official
by a supervisory authority or regulator with respect to a Lender or its Parent under the Dutch Financial Supervision Act 2007 (as amended
from time to time and including any successor legislation).

 

“Working Capital Facilities”
means credit facilities in respect of working capital provided by a Lender or any of its Affiliates to a Loan Party or any Subsidiary
existing on the Effective Date and identified as such in Schedule 1.01(c) hereto.

 

“Working Capital Facilities
Obligations” means any and all obligations of a Loan Party or any Subsidiary, whether absolute or contingent and howsoever and
whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
in connection with Working Capital Facilities.

 

“Withdrawal Liability”
means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are
defined in Part I of Subtitle E of Title IV of ERISA.

 

“Write-Down and
Conversion Powers” means (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and
conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any
UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability
into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to
have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers
under that Bail-In Legislation that are related to or ancillary to any of those powers.

 

Section
1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by
Class (e.g., a “Revolving Loan”) or by Type (e.g., a “Term Benchmark Loan”) or by Class and Type (e.g., a “Term
Benchmark Revolving Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Revolving Borrowing”)
or by Type (e.g., a “Term Benchmark Borrowing”) or by Class and Type (e.g., a “Term Benchmark Revolving Borrowing”).

 

Section
1.03. Other Interpretive Provisions. (a)  The definitions of terms herein shall apply equally to the singular
and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine
and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by
the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the
word “shall”. The word “law” shall be construed as referring to all statutes, rules, regulations, codes and other
laws (including official rulings and interpretations thereunder having the force of law or with which affected Persons customarily comply),
and all judgments, orders and decrees, of all Governmental Authorities. Unless the context requires otherwise (i) any definition
of or reference to any agreement, instrument or other document

 

    	 	50	 

     

    

 

herein shall be construed as referring to such agreement, instrument or
other document as from time to time amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments,
restatements, supplements or modifications set forth herein), (ii) any definition of or reference to any statute, rule or regulation
shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable
successor laws), (iii) any reference herein to any Person shall be construed to include such Person’s successors and assigns
(subject to any restrictions on assignment set forth herein) and, in the case of any Governmental Authority, any other Governmental Authority
that shall have succeeded to any or all functions thereof, (iv) the words “herein”, “hereof” and “hereunder”,
and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(v) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (vi) the words “asset” and “property” shall be construed
to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

 

(b)               For
the avoidance of doubt, any Indebtedness, Lien or Investment incurred in compliance with a ratio shall be permitted notwithstanding any
changes to such ratio subsequent to such transaction.

 

(c)               For
the avoidance of doubt, in this Agreement, when used in reference to any entity organized under the laws of the Netherlands, a reference
to (i) “security” includes any mortgage (hypotheek), pledge (pandrecht), retention of title arrangement (eigendomsvoorbehoud),
privilege (voorrecht), right of retention (recht van retentie), right to reclaim goods (recht van reclame), and,
in general, any right in rem (beperkt recht), created for the purpose of granting security (goederenrechtelijk zekerheidsrecht);
(ii) “winding-up,” “administration” or “dissolution” includes any such entity being declared bankrupt
(failliet verklaard) or dissolved (ontbonden); (iii) “moratorium” includes “surseance van betaling”
and a declaration or occurrence of a moratorium includes “surseance verleend”; (iv) “trustee” in bankruptcy
includes a “curator”; (v) “administrator” includes a bewindvoerder; (vi) “attachment”
includes a “beslag”; (vii) “the Netherlands” means the European part of the Kingdom of The Netherlands
and “Dutch” means in or of the Netherlands; (viii) “property” means property that is owned or acquired by way
of freehold ownership (eigendom), groundlease, right of superficies (opstalrecht) or condominium right (appartementsrecht);
(ix) “insolvency” includes a bankruptcy and moratorium ; (x) “gross negligence” means grove nalatigheid;
and (xi) “willful misconduct” means bewuste roekeloosheid.

 

(d)               For
the avoidance of doubt, in this Agreement, when used in reference to any entity organized under the laws of Italy, a reference to: (a)
"winding-up", "administration" or "dissolution" includes, without limitation, any scioglimento,
liquidazione and any other proceedings or legal concepts similar to the foregoing; (b) an "insolvency proceeding", "bankruptcy"
or the like includes, without limitation, any procedura concorsuale (including fallimento, concordato fallimentare,
concordato preventivo pursuant to article 160 ff. of the Italian Insolvency Law and any other proceedings similar to or replacing
the foregoing (including any relevant provision of the Italian Crisis and Insolvency Code (upon its entry into force)), amministrazione
straordinaria, liquidazione coatta amministrativa, amministrazione straordinaria delle grandi imprese in stato di insolvenza,
misure per la ristrutturazione industriale delle grandi imprese in stato di insolvenza), the execution of any composition with
creditors in accordance with letter (d) of paragraph 3 of article 67 of the Italian Insolvency Law and any other proceedings similar
to or replacing the foregoing (including any relevant provision of the Italian Crisis and Insolvency Code (upon its entry into force)),
an accordo di ristrutturazione dei debiti pursuant to article 182-bis of the Italian Insolvency Law and any other

 

    	 	51	 

     

    

 

proceedings similar to or
replacing the foregoing (including any relevant provision of the Italian Crisis and Insolvency Code (upon its entry into force)), an accordo
di ristrutturazione con intermediari finanziari or a convenzione di moratoria pursuant to article 182-septies of the
Italian Insolvency Law and cessione dei beni ai creditori pursuant to article 1977 of the Italian Civil Code) and any other
proceedings or legal concepts similar to the foregoing; (c) a "receiver", "administrative receiver",
"commissioner", "administrator" or the like includes, without limitation, a curatore, commissario
giudiziale, commissario straordinario, commissario liquidatore, liquidatore or any other person performing
the same function as each of the foregoing; (d) a "step" or "procedure" taken in connection with insolvency
proceedings or bankruptcy for any person includes, without limitation, that person formally making a proposal to assign its assets
pursuant to Article 1977 of the Italian Civil Code (cessione dei beni ai creditori), implementing a piano di
risanamento pursuant to article 67, third paragraph, letter (d) of the Italian Insolvency Law and any other proceedings similar
to or replacing the foregoing (including any relevant provision of the Italian Crisis and Insolvency Code (upon its entry into
force)), entering into an accordo di ristrutturazione dei debiti pursuant to article 182-bis of the Italian Insolvency Law
and any other proceedings similar to or replacing the foregoing (including any relevant provision of the Italian Crisis and
Insolvency Code (upon its entry into force)), an accordo di ristrutturazione con intermediari finanziari or a convenzione
di moratoria pursuant to article 182-septies of the Italian Insolvency Law, filing a petition for a concordato preventivo
or entering into a similar arrangement for a substantial part of its creditors, or similar proceedings; (e) an assignment,
arrangement or composition with or for the benefit of its creditors or the like, includes, without limitation, an arrangement
pursuant to Article 1977 of the Italian Civil Code (cessione dei beni ai creditori), a piano di risanamento, an accordo
di ristrutturazione dei debiti, a concordato preventivo or a similar arrangement for the a substantial part of creditors;
(f) a "lease" includes, without limitation, a contratto di locazione or comodato; (g) a "security"
if referred to a security governed by Italian law includes, without limitation, any pegno (including, to the extent
implemented under Italian law, the pegno mobiliare non possessorio pursuant to Italian Law Decree No. 59 of 3 May 2016
converted into law no. 119 dated June 30, 2016), ipoteca, privilegio (including the privilegio speciale
pursuant to Article 46 of the Italian Banking Law), cessione del credito in garanzia, any other garanzia reale, finanziamento
alle imprese garantito da trasferimento di bene immobile sospensivamente condizionato pursuant to Italian Law Decree No. 59 of 3
May 2016 converted into law no. 119 dated June 30, 2016 or other transactions having the same effect as each of the foregoing; (h)
an "attachment" or "order" includes a pignoramento or a sequestro; and (i) a
"guarantee", if referred to a guarantee governed by Italian law includes, without limitation, any fideiussione, garanzia
a prima domanda or garanzia personale; (i) financial assistance means: (a) in respect to an Italian entity incorporated
as a limited liability company (società a responsabilità limitata), financial assistance under Article 2474 of
the Italian Civil Code; and (b) in respect to an Italian entity incorporated as a joint stock company (società per
azioni), financial assistance under Article 2358 of the Italian Civil Code; (n) "subsidiary" means a subsidiary within
the meaning of article 2359 of the Italian Civil Code;

 

Section
1.04. Accounting Terms; GAAP; Pro Forma Calculations; Exchange Rates; Limited Condition Acquisition. (a) Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as
in effect from time to time; provided that, if the Company notifies the Administrative Agent that the Company requests an
amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if the Administrative Agent notifies the Company that the Required
Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or
after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect
and applied

 

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immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding any other provision contained
herein, 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 (i) without giving effect to any election under Accounting Standards Codification 825-10-25 (or any other
Accounting Standards Codification or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other
liabilities of the Company or any Subsidiary at “fair value”, as defined therein and (ii) without giving effect to 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.
For purposes of computing ratios and related amounts, any amount in a currency other than Dollars will be converted to Dollars in accordance
with GAAP, in a manner consistent with that used in preparing Capri Holdings’ financial statements.

 

(b)               All
pro forma computations required to be made hereunder giving effect to any Material Acquisition or Material Disposition, or issuance,
incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated giving pro forma effect thereto (and,
in the case of any pro forma computation made hereunder to determine whether such Material Acquisition or Material Disposition, or issuance,
incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such transaction
consummated since the first day of the period covered by any component of such pro forma computation and on or prior to the date of such
computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending with the most
recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or 5.01(b) (or, prior to the
delivery of any such financial statements, ending with the last fiscal quarter included in the financial statements referred to in Section
3.04(a)), and, to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of
and any related incurrence or reduction of Indebtedness, all in accordance with Article 11 of Regulation S-X under the Securities Act.
Such computations may give effect to (i) any projected synergies or cost savings (net of continuing associated expenses) that are reasonably
anticipated by the Company to be achieved in connection with any such event within the 12-month period following the consummation of
such event, which the Company determines in good faith are reasonable as of the date of such computation and (ii) all transactions that
are directly related to such Material Acquisition or Material Disposition and are entered into in connection and substantially contemporaneously
therewith; provided that (x) all adjustments pursuant to this paragraph will be without duplication of any amounts that are otherwise
included or added back in computing Consolidated EBITDAR in accordance with the definition of such term and (y) if any cost savings or
other adjustments included in any pro forma calculations based on the anticipation that such cost savings or other adjustments will be
achieved within such 12-month period shall at any time cease to be reasonably anticipated by the Company to be so achieved, then on and
after such time pro forma calculations required to be made hereunder shall not reflect such cost savings or other adjustments. 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 Swap
Agreement applicable to such Indebtedness). Items related to any Indebtedness no longer outstanding or to be repaid or redeemed on the
date of determination (including, without limitation, for purposes of all pro forma computations made hereunder, interest, fees, debt
discounts, charges and other items) will be excluded and such Indebtedness shall be deemed to have been repaid or redeemed as of the
first day of the applicable period.

 

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(c)               For
purposes of (i) determining the amount of Indebtedness incurred, outstanding or proposed to be incurred or outstanding under Section
6.01 (but excluding, for the avoidance of doubt, any calculation of Consolidated Net Worth or Consolidated EBITDAR), (ii) determining
the amount of obligations secured by Liens incurred, outstanding or proposed to be incurred or outstanding under Section 6.02, or (iii)
determining the amount of Material Indebtedness, the net assets of a Person or judgments outstanding under paragraphs (f), (g), (h),
(i), (j) or (k) of Article VII, all amounts incurred, outstanding or proposed to be incurred or outstanding in currencies other than
Dollars shall be translated into the Dollar Equivalent on the applicable date; provided that no Default shall arise as a result
of any limitation set forth in Dollars in Section 6.01 or 6.02 being exceeded solely as a result of changes in the Dollar Equivalent
from those rates applicable at the time or times Indebtedness or obligations secured by Liens were initially consummated or acquired
in reliance on the exceptions under such Sections (including any such changes that occur between the time of commitments for Indebtedness
are obtained and such Indebtedness is funded).

 

(d)               Notwithstanding
anything to the contrary herein, for purposes of determining (i) compliance on a Pro Forma Basis with any Net Leverage Ratio, (ii) the
amount of any basket set forth in Article VI hereof which is based on a percentage of Consolidated Net Worth or (iii) whether a Default
or Event of Default has occurred and is continuing, in each case, required to be satisfied under this Agreement as a condition in connection
with the consummation of a Limited Condition Acquisition, the date of such determination shall, at the election of Capri Holdings (with
such election to be made on or prior to the date on which the definitive agreements for such Limited Condition Acquisition are executed
by Capri Holdings or its applicable Subsidiary), be the time the definitive agreements for such Limited Condition Acquisition are entered
into after giving pro forma effect to such Limited Condition Acquisition and the other transactions to be entered into in connection
therewith (including any incurrence of Indebtedness and the use of proceeds thereof), in each case, as if they occurred at the beginning
of the applicable Test Period, and, for the avoidance of doubt, if any of such ratios or amounts are exceeded as a result of fluctuations
in such ratio or amount including due to fluctuations in Consolidated EBITDAR of Capri Holdings or the Person subject to such Limited
Condition Acquisition, at or prior to the consummation of the relevant transaction or action, such ratios will not be deemed to have
been exceeded as a result of such fluctuations solely for purposes of determining whether the relevant transaction or action is permitted
to be consummated or taken; provided that if Capri Holdings elects to have such determinations occur at the time of entry into
the definitive agreement with respect to such Limited Condition Acquisition, the Indebtedness (including any Indebtedness incurred pursuant
to Section 2.20) to be incurred (and any associated Lien) shall be deemed incurred at the time of such election (until such time as the
Indebtedness is actually incurred or the applicable acquisition agreement is terminated without actually consummating the applicable
Limited Condition Acquisition (in which case such Limited Condition Acquisition and the incurrence of related Indebtedness will not be
treated as having occurred)) and outstanding thereafter for purposes of compliance on a Pro Forma Basis with any applicable ratios, tests
or other baskets, as the case may be (other than any ratio contained in Section 6.08 or any ratios, tests or baskets relating to permitting
Restricted Payments); provided that, any ratio contained in Section 6.08 or any applicable ratios, tests or other baskets with
respect to permitting any Restricted Payments to be made during the period commencing from the time of entry into such definitive agreement
until such time as such Limited Condition Acquisition is consummated and any related Indebtedness is actually incurred or the applicable
acquisition agreement is terminated without actually consummating the applicable acquisition (in which case the acquisition and related
Indebtedness will not be treated as having occurred) shall be required to be complied with using calculations without giving pro forma
effect to such Limited Condition Acquisition and any associated Indebtedness to be incurred.

 

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Section
1.05. Status of Obligations. In the event that any Loan Party shall at any time issue or have outstanding any
Subordinated Indebtedness, the applicable Loan Party shall take or cause such other Loan Party to take all such actions as shall be
necessary to cause the Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated
Indebtedness and to enable the Administrative Agent and the Lenders to have and exercise any payment blockage or other remedies
available to holders of senior indebtedness under the express terms of such Subordinated Indebtedness. Without limiting the
foregoing, the Obligations are hereby designated as “senior indebtedness” and as “designated senior
indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which
such Subordinated Indebtedness is outstanding and are further given all such other designations as shall be required under the terms
of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies
available to holders of senior indebtedness under the express terms of such Subordinated Indebtedness.

 

Section
1.06. Certifications. All certificates and other statements required to be made by any officer, director or employee
of a Loan Party pursuant to any Loan Document are and will be made on the behalf of such Loan Party and not in such officer’s,
director or employee’s individual capacity.

 

Section
1.07. Interest Rates; Benchmark Notification. The interest rate on a Loan denominated in Dollars or an Agreed Currency
may be derived from an interest rate Benchmark that may be discontinued or is, or may in the future become, the subject of
regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.14(b) provides a mechanism for determining an
alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any
liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this
Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation,
whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or
produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as
did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or
other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any
alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each
case, in a manner adverse to the Borrowers. The Administrative Agent may select information sources or services in its reasonable
discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition
thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrowers, any Lender or any other
person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages,
costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of
any such rate (or component thereof) provided by any such information source or service. 

 

Article
II

The Credits

 

Section
2.01. Commitments; Loans. Subject to the terms and conditions set forth herein, each Lender (severally and not
jointly) agrees to make Revolving Loans to the Borrowers in Agreed Currencies from time to time during the Revolving Availability
Period in an aggregate principal amount that will not result in (a) subject to Section 2.04, the Dollar Amount of such
Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) subject to Section 2.04, the sum of the
Dollar Amount of the total Revolving Credit Exposures exceeding the Aggregate Revolving

 

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Commitment. Within the foregoing limits and subject to the terms and conditions set
forth herein, the Borrowers may borrow, prepay and reborrow Revolving Loans.

 

Section
2.02. Loans and Borrowings. (a)  Each Loan shall be made as part of a Borrowing consisting of Loans made by
the Lenders of the same Class ratably in accordance with their respective Commitments of such Class. The failure of any Lender to
make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the
Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as
required. Any Swingline Loan shall be made in accordance with the procedures set forth in Section 2.05.

 

(b)               Subject
to Section 2.14, each Revolving Borrowing shall be comprised entirely of (i) in the case of Borrowings in Dollars, ABR Loans or
Term Benchmark Loans (or, subject to Section 2.14, RFR Loans) and (ii) in the case of Borrowings in any other Agreed Currency, Term Benchmark
Loans or RFR Loans, in each case, as the relevant Borrower may request in accordance herewith; provided that each Canadian Loan
shall only be made in Canadian Dollars to a Canadian Borrower. Each Swingline Loan shall be (x) an ABR Loan or a Swingline Overnight
Rate Loan in the case of a Swingline Loan to the Company denominated in Dollars or (y) a Foreign Swingline Loan in the case of a Swingline
Loan to Capri Holdings or MK Switzerland denominated in any Agreed Currency (other than Canadian Dollars). Each Lender at its option
may make any Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan (and in the case of an Affiliate,
the provisions of Sections 2.13(g), 2.14, 2.15, 2.16 and 2.17 shall apply to such Affiliate to the same extent as to such Lender);
provided that any exercise of such option shall not affect the obligation of the relevant Borrower to repay such Loan in accordance
with the terms of this Agreement.

 

(c)               At
the commencement of each Interest Period for any Term Benchmark Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $100,000 (or, in the case of a Revolving Borrowing, if such Borrowing is denominated in (i) Japanese Yen, JPY10,000,000
or (ii) a Foreign Currency other than Japanese Yen, 100,000 units of such currency) and not less than $1,000,000 (or, in the case of
a Revolving Borrowing, if such Borrowing is denominated in (i) Japanese Yen, JPY100,000,000 or (ii) a Foreign Currency other than Japanese
Yen, 1,000,000 units of such currency). At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that
is an integral multiple of $100,000 and not less than $500,000; provided that an ABR Borrowing may be in an aggregate amount that
is equal to the entire unused balance of the Aggregate Revolving Commitment or, with respect to a Revolving Borrowing, that is required
to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e). Each Swingline Loan shall be in an amount
that is an integral multiple of $500,000 and not less than $500,000 (or, in each case, if such Swingline Loan is denominated in (i) Japanese
Yen, JPY50,000,000 or (ii) a Foreign Currency other than Japanese Yen, 500,000 units of such currency). Borrowings of more than one Type
and Class may be outstanding at the same time; provided that there shall not at any time be more than a total of fifteen (15)
Term Benchmark Borrowings outstanding.

 

(d)               Notwithstanding
any other provision of this Agreement, no Borrower shall be entitled to request, or to elect to convert or continue, any Borrowing if
the Interest Period requested with respect thereto would end after the Maturity Date for the Revolving Facility.

 

(e)                Any
Credit Event to any Dutch Borrower shall at all times be provided by a Lender that is a Dutch Non-Public Lender.

 

    	 	56	 

     

    

 

Section
2.03. Requests for Borrowings. To request a Borrowing, the applicable Borrower, or the Company on behalf of the
applicable Borrower, shall notify the Administrative Agent of such request (a) by irrevocable written notice (via a written
Borrowing Request signed by the applicable Borrower, or the Company on behalf of the applicable Borrower, promptly followed by
telephonic confirmation of such request) in the case of (x) a Term Benchmark Borrowing or RFR Borrowing (other than one denominated
in Japanese Yen), not later than 12:00 noon, Local Time, three (3)  Business Days before the date of the proposed
Borrowing or (y) an RFR Borrowing denominated in Japanese Yen, not later than 12:00 noon, Local Time, four (4) Business
Days before the date of the proposed Borrowing or (b) by telephone in the case of an ABR Borrowing, not later than
1:00 p.m., New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving
Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.06(e) may be given not later than
11:00 a.m., New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be
irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request
signed by the applicable Borrower, or the Company on behalf of the applicable Borrower. Each such telephonic and written Borrowing
Request shall specify the following information in compliance with Section 2.02:

 

(i)               the
name of the applicable Borrower;

 

(ii)               the
aggregate amount of the requested Borrowing;

 

(iii)             the
date of such Borrowing, which shall be a Business Day during the Revolving Availability Period;

 

(iv)              whether
such Borrowing is a Revolving Borrowing;

 

(v)              whether
such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing (or in the case of a Swingline Loan denominated
in Dollars, an ABR Borrowing or a Swingline Overnight Rate Borrowing);

 

(vi)             in the case of a Term Benchmark Borrowing, the Agreed Currency and initial Interest Period to be applicable thereto, which
shall be a period contemplated by the definition of the term “Interest Period”;

 

(vii)            the
location and number of the account or accounts to which funds are to be disbursed, which shall comply with the requirements of Section 2.07.

 

If no election as to the Type of Borrowing is
specified, then, in the case of a Borrowing denominated in Dollars, the requested Borrowing shall be an ABR Borrowing. If no Interest
Period is specified with respect to any requested Term Benchmark Borrowing, then the relevant Borrower shall be deemed to have selected
an Interest Period of one month’s duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the
Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part
of the requested Borrowing.

 

Section
2.04. Exchange Rates; Currency Equivalents.

 

(a)                The Administrative Agent, the relevant Issuing Bank or the Swingline Lender, as applicable, shall determine the Dollar Equivalent amounts
of Term Benchmark Borrowings, Foreign Swingline Loans, all outstanding Credit Events, or Letter of Credit extensions denominated in Foreign
Currencies. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts
until the next Revaluation

 

    	 	57	 

     

    

 

Date to occur. Except for purposes of financial statements delivered by Capri Holdings hereunder
or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Agreed Currency (other
than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Administrative Agent,
the relevant Issuing Bank, or the Swingline Lender, as applicable.

 

(b)               Wherever
in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Term Benchmark Loan or an RFR Loan, the
issuance of a Foreign Swingline Loan, a Credit Event, or the issuance, amendment or extension of a Letter of Credit, an amount, such
as a required minimum or multiple amount, is expressed in Dollars, but such Borrowing, Loan, Swingline Loan, Credit Event, or Letter
of Credit is denominated in a Foreign Currency, such amount shall be the Dollar Equivalent of such amount (rounded to the nearest unit
of such Foreign Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent, the relevant Issuing Bank,
or Swingline Lender, as the case may be.

 

Section
2.05. Swingline Loans. (a)  Subject to the terms and conditions set forth herein, the Swingline Lender may,
in its sole discretion, make Swingline Loans (x) in Dollars to the Company and (y) in Agreed Currencies (other than Canadian
Dollars) to Capri Holdings and MK Switzerland, in each case from time to time during the Revolving Availability Period, in an
aggregate principal Dollar Amount at any time outstanding that will not result in, subject to Section 2.04, (i) the aggregate
principal Dollar Amount of outstanding Swingline Loans exceeding $100,000,000 or (ii) the Dollar Amount of the total Revolving
Credit Exposures exceeding the Aggregate Revolving Commitment; provided that the Swingline Lender shall not be required to
make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and
conditions set forth herein, the Company, Capri Holdings and MK Switzerland may borrow, prepay and reborrow Swingline Loans.

 

(b)                To
request a Swingline Loan, the Company, Capri Holdings or MK Switzerland (or the Company on behalf of Capri Holdings or MK Switzerland),
as applicable, shall notify the Administrative Agent of such request (i) by telephone (confirmed by telecopy), not later than 2:30 p.m.,
New York City time, on the day of a proposed Swingline Loan to the Company in Dollars and (ii) by irrevocable written notice (via a written
Borrowing Request in a form approved by the Swingline Lender and signed by Capri Holdings or MK Switzerland, as applicable, or the Company
on behalf of Capri Holdings or MK Switzerland, as applicable, promptly followed by telephonic confirmation of such request), (a) not
later than 9:30 a.m., London time, on the day of a proposed Foreign Swingline Loan (other than a Foreign Swingline Loan denominated in
Japanese Yen) and (b) not later than 11:00 a.m., London time, one (1) Business Day prior to such proposed Foreign Swingline Loan denominated
in Japanese Yen. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day), the applicable
currency and amount of the requested Swingline Loan and the account to which proceeds of such Swingline Loan are to be credited, and
with respect to a Swingline Loan denominated in Dollars, whether such Swingline Loan shall be an ABR Borrowing or a Swingline Overnight
Rate Borrowing. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Company, Capri
Holdings or MK Switzerland. The Swingline Lender shall make each Swingline Loan available to the Company, Capri Holdings or MK Switzerland,
as applicable, by means of a credit to the an account of the Company, Capri Holdings or MK Switzerland, as applicable (as designated
by the Company, Capri Holdings or MK Switzerland in such notice) (or, in the case of a Swingline Loan made to finance the reimbursement
of an LC Disbursement as provided in Section 2.06(e), by remittance to the Issuing Bank) by 3:00 p.m. (or, in the case of a
Swingline Loan made to finance the reimbursement of an LC Disbursement, such later time as is reasonably practicable as

 

    	 	58	 

     

    

 

reasonably
determined by the Administrative Agent), Local Time, on the requested date of such Swingline Loan.

 

(c)                The
Swingline Lender may by written notice given to the Administrative Agent not later than 11:00 a.m., Local Time, (i) in respect of Swingline
Loans denominated in Dollars, on any Business Day and (ii) in respect of Foreign Swingline Loans, three (3) Business Days before the
date of the proposed acquisition of participations, require the Revolving Lenders to acquire participations on such date in all or a
portion of the Swingline Loans outstanding in the applicable Agreed Currency of such Swingline Loans. Such notice shall specify the aggregate
amount and the applicable Agreed Currency of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such
notice, the Administrative Agent will give notice thereof to each Revolving Lender, specifying in such notice such Revolving Lender’s
Applicable Percentage of such Swingline Loan or Revolving Loans and the applicable Agreed Currency of such Swingline Loan or Revolving
Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay in the applicable
Agreed Currency to the Administrative Agent, for the account of the Swingline Lender, such Revolving Lender’s Applicable Percentage
of such Swingline Loan or Revolving Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations
in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever,
including the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment
shall be made without any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation
under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.07 with respect
to Revolving Loans made by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations
of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from
the Revolving Lenders. The Administrative Agent shall notify the Company of any participations in any Swingline Loan acquired pursuant
to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the
Swingline Lender. Any amounts received by the Swingline Lender from the Company, Capri Holdings or MK Switzerland (or other party on
behalf of the Company, Capri Holdings or MK Switzerland) in respect of a Swingline Loan after receipt by the Swingline Lender of the
proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the
Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their payments
pursuant to this paragraph and to the Swingline Lender, as their interests may appear; provided that any such payment so remitted
shall be repaid to the Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required
to be refunded to the Company, Capri Holdings or MK Switzerland, as applicable, for any reason. The purchase of participations in a Swingline
Loan pursuant to this paragraph shall not relieve the Company, Capri Holdings or MK Switzerland of any default in the payment thereof.

 

Section
2.06. Letters of Credit. (a)  General. Subject to the terms and conditions set forth herein, any
Borrower may request the issuance of Letters of Credit in the form of Commercial Letters of Credit or Standby Letters of Credit
denominated in Agreed Currencies for its own account or as the applicant thereof for the support of its obligations or the
obligations of its Subsidiaries or any other Loan Party, in a form reasonably acceptable to the Administrative Agent and the
relevant Issuing Bank, at any time and from time to time during the Revolving Availability Period; provided that only
Canadian Borrowers may request the issuance of Letters of Credit denominated in Canadian Dollars. In the event of any conflict
between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit application or other
agreement submitted by any Borrower to, or entered into by

 

    	 	59	 

     

    

 

any Borrower
with, the relevant Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. Notwithstanding
anything herein to the contrary, no Issuing Bank shall have any obligation hereunder to issue, and no Issuing Bank shall issue, any Letter
of Credit the proceeds of which would be made available to any Person (i) to fund any activity or business of or with any Sanctioned Person,
or in any Sanctioned Country or (ii) in any manner that would result in a violation of any Sanctions by any party to this Agreement. Each
Borrower unconditionally and irrevocably agrees that, in connection with any Letter of Credit issued for the support of the obligations
of its Subsidiary or any other Loan Party as provided in the first sentence of this paragraph, such Borrower will be fully responsible
for the reimbursement of LC Disbursements in accordance with the terms hereof, the payment of interest thereon and the payment of fees
due under Section 2.12(b) to the same extent as if it were the sole account party in respect of such Letter of Credit (each Borrower hereby
irrevocably waiving any defenses that might otherwise be available to it as a guarantor or surety of the obligations of such a Subsidiary
or Loan Party that is an account party in respect of any such Letter of Credit).

 

(b)                Notice
of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the applicable Borrower shall hand deliver or telecopy (or transmit by electronic
communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to the relevant Issuing Bank and the Administrative
Agent ((x) in the case of a Letter of Credit denominated in Dollars, three (3) Business Days and (y) in the case of a Letter of Credit
denominated in Foreign Currencies, five (5) Business Days before the requested date of issuance, amendment, renewal or extension) a notice
requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or extended, and specifying
the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to
expire (which shall comply with paragraph (c) of this Section), the amount of such Letter of Credit, the Agreed Currency applicable thereto,
the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such
Letter of Credit. If requested by an Issuing Bank, the applicable Borrower also shall submit a letter of credit application on such Issuing
Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed
or extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit the applicable Borrower shall be deemed
to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) subject to Section 2.04,
the Dollar Amount of the LC Exposure shall not exceed $125,000,000, (ii) subject to Section 2.04, with respect to any Issuing Bank,
the aggregate undrawn Dollar Amount of all outstanding Letters of Credit issued by such Issuing Bank at such time plus the aggregate
Dollar Amount of all LC Disbursements made by such Issuing Bank that have not yet been reimbursed by or on behalf of the Borrowers at
such time shall not exceed such Issuing Bank’s Letter of Credit Commitment (unless otherwise agreed by such Issuing Bank) and (iii)
subject to Section 2.04, the sum of the Dollar Amount of the total Revolving Credit Exposures shall not exceed the Aggregate Revolving
Commitment. The Company may, at any time and from time to time, reduce or increase the Letter of Credit Commitment of any Issuing Bank
as set forth in the definition of Letter of Credit Commitment; provided that the Company shall not reduce the Letter of Credit
Commitment of any Issuing Bank if, after giving effect of such reduction, the conditions set forth in clauses (i) through (iii) above
shall not be satisfied.

 

(c)                Expiration
Date. Each Letter of Credit shall expire (or to be subject to termination by notice from the applicable Issuing Bank to the beneficiary
thereof) at or prior to the close of business on the earlier of (i) the date one year after the date of the issuance of such Letter of
Credit (or, in the case of any renewal or extension thereof, one year after such renewal or extension) and (ii) the date that is five
(5) Business Days prior to the Maturity Date for the

 

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Revolving Facility; provided that, upon any Borrower’s
request, any such Letter of Credit which is issued in the final year prior to the Maturity Date for the Revolving Facility may have an
expiry date which is not later than one (1) year after the Maturity Date for the Revolving Facility if cash collateralized or covered
by standby letter(s) of credit in compliance with Section 2.06(j) below (each such Letter of Credit, an “Extended Letter of Credit”).

 

(d)               Participations.
By the issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount or extending the term thereof) and
without any further action on the part of the relevant Issuing Bank or the Revolving Lenders, the relevant Issuing Bank hereby grants
to each Revolving Lender, and each Revolving Lender hereby acquires from the relevant Issuing Bank, a participation in such Letter of
Credit and in the currency of such Letter of Credit (or any currency into which such Letter of Credit is converted as provided herein)
equal to such Revolving Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit.
In consideration and in furtherance of the foregoing, each Revolving Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for the account of the relevant Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement
made by such Issuing Bank and not reimbursed by the applicable Borrower on the date due as provided in paragraph (e) of this Section,
or of any reimbursement payment required to be refunded to any Borrower for any reason. Each Revolving Lender acknowledges and agrees
that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the
occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever.

 

(e)                Reimbursement.
If the relevant Issuing Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse
such LC Disbursement by paying to the Administrative Agent in Dollars the Dollar Amount equal to such LC Disbursement, calculated as
of the date such Issuing Bank made such LC Disbursement (or if such Issuing Bank shall so elect in its sole discretion by notice to the
applicable Borrower, in such other Agreed Currency which was paid by such Issuing Bank pursuant to such LC Disbursement in an amount
equal to such LC Disbursement) not later than (x) on the same Business Day that the applicable Borrower receives written notice from
such Issuing Bank that such Issuing Bank has made such LC Disbursement under such Letter of Credit, if the applicable Borrower shall
have received notice of such LC Disbursement prior to 10:00 a.m., Local Time, and (y) on the next succeeding Business Day after which
such Borrower receives such notice after 10:00 a.m., Local Time; provided that, if such LC Disbursement is not less than the Dollar
Amount of $500,000, such Borrower may, subject to the conditions to borrowing and other conditions set forth herein, request in accordance
with Section 2.03 or 2.05 that such payment be financed with (i) to the extent such LC Disbursement was made in Dollars, an ABR Revolving
Borrowing or Swingline Loan in Dollars in an amount equal to such LC Disbursement or (ii) to the extent such LC Disbursement was made
in a Foreign Currency, a Term Benchmark Revolving Borrowing, RFR Revolving Borrowing or a Swingline Loan in such Foreign Currency in
an amount equal to such LC Disbursement and, in each case, to the extent so financed, such Borrower’s obligation to make such payment
shall be discharged and replaced by the resulting ABR Revolving Borrowing, Term Benchmark Revolving Borrowing, RFR Borrowing or Swingline
Loan, as applicable. If any Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Lender
of the applicable LC Disbursement, the payment then due from such Borrower in respect thereof and such Revolving Lender’s Applicable
Percentage thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent its Applicable
Percentage of the payment then due from the applicable Borrower, in the same

 

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manner as provided in Section 2.07 with respect to Revolving Loans made
by such Revolving Lender (and Section 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and
the Administrative Agent shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Revolving Lenders.
Promptly following receipt by the Administrative Agent of any payment from any Borrower pursuant to this paragraph, the
Administrative Agent shall distribute such payment to the relevant Issuing Bank or, to the extent that Revolving Lenders have made
payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Revolving Lenders and such Issuing Bank as their
interests may appear. Any payment made by a Revolving Lender pursuant to this paragraph to reimburse the relevant Issuing Bank for
any LC Disbursement (other than the funding of ABR Loans, Term Benchmark Loans, RFR Loans or Swingline Loans as contemplated above)
shall not constitute a Revolving Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC
Disbursement. If any Borrower’s reimbursement of, or obligation to reimburse, any amounts in any Foreign Currency would
subject the Administrative Agent, any Issuing Bank or any Revolving Lender to any stamp duty, ad valorem charge or similar tax that
would not be payable if such reimbursement were made or required to be made in Dollars, such Borrower shall, at its option, either
(x) pay the amount of any such tax requested by the Administrative Agent, the relevant Issuing Bank or the relevant Revolving Lender
or (y) reimburse each LC Disbursement made in such Foreign Currency in Dollars, in an amount equal to the Dollar Equivalent, on the
date such LC Disbursement is made, of such LC Disbursement.

 

(f)                 Obligations
Absolute. Each Borrower’s obligation to reimburse LC Disbursements as provided in paragraph (e) of this Section shall be
absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any
and all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit or this
Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be
forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect, (iii) payment by
the relevant Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the
terms of such Letter of Credit, or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff
against, any Borrower’s obligations hereunder. Neither the Administrative Agent, the Revolving Lenders nor the Issuing Banks,
nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or
transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of the circumstances
referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any
draft, document, notice or other communication under or relating to any Letter of Credit (including any document required to make a
drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the
relevant Issuing Bank; provided that the foregoing shall not be construed to excuse the relevant Issuing Bank from liability
to a Borrower to the extent of any direct damages (as opposed to special, indirect, consequential or punitive damages, claims in
respect of which are hereby waived by each Borrower to the extent permitted by applicable law) suffered by such Borrower that are
caused by such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a
Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross negligence or
willful misconduct on the part of any Issuing Bank (as finally determined by a court of competent jurisdiction), such Issuing Bank
shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without limiting the
generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in

 

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substantial
compliance with the terms of a Letter of Credit, each Issuing Bank may, in its sole discretion, either accept and make payment upon
such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse
to accept and make payment upon such documents if such documents are not in strict compliance with the terms of such Letter of
Credit.

 

(g)               Disbursement
Procedures. Each Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand
for payment under a Letter of Credit. Each Issuing Bank shall promptly notify the Administrative Agent and the applicable Borrower by
telephone (confirmed by telecopy) of such demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder;
provided that such notice need not be given prior to payment by the Issuing Bank and any failure to give or delay in giving such
notice shall not relieve such Borrower of its obligation to reimburse such Issuing Bank and the Revolving Lenders with respect to any
such LC Disbursement.

 

(h)               Interim
Interest. If any Issuing Bank shall make any LC Disbursement, then, unless the applicable Borrower shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the
date such LC Disbursement is made to but excluding the date that such Borrower reimburses such LC Disbursement, at the rate per annum
then applicable to ABR Revolving Loans (or in the case such LC Disbursement is denominated in a Foreign Currency, at the Overnight Foreign
Currency Rate in the case of Loans denominated in a Foreign Currency (other than Loans denominated in Euros or Japanese Yen), the Daily
Simple ESTR in the case of Loans denominated in Euros and the Daily Simple TONAR in the case of Loans denominated in Japanese Yen plus,
in each case, the then effective Applicable Rate with respect to Term Benchmark Revolving Loans or RFR Revolving Loans, as applicable)
and such interest shall be due and payable on the date when such reimbursement is payable; provided that, if such Borrower fails
to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest accrued
pursuant to this paragraph shall be for the account of the relevant Issuing Bank, except that interest accrued on and after the date
of payment by any Revolving Lender pursuant to paragraph (e) of this Section to reimburse such Issuing Bank shall be for the account
of such Revolving Lender to the extent of such payment.

 

(i)                 Replacement
of any Issuing Bank. Any Issuing Bank may be replaced at any time by written agreement among the applicable Borrower, the Administrative
Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Revolving Lenders of any such
replacement of any Issuing Bank. At the time any such replacement shall become effective, the Borrowers shall pay all unpaid fees accrued
for the account of the replaced Issuing Bank pursuant to Section 2.12(b). From and after the effective date of any such replacement,
(i) the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit to be issued by such successor Issuing Bank thereafter and (ii) references herein to the term “Issuing Bank”
shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the
context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and
shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of Credit then
outstanding and issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit.

 

(j)                Cash
Collateralization. If (x) any Event of Default shall occur and be continuing, on the Business Day that any Borrower receives notice
from the Administrative Agent or the

 

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Required Revolving Lenders (or, if the maturity of the Revolving Loans has been accelerated,
Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure) demanding the deposit of cash collateral pursuant
to this paragraph or (y) cash collateral is required pursuant to Section 2.06(c) in connection with the issuance of an Extended Letter
of Credit, such Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the
benefit of the Revolving Lenders (the “LC Collateral Account”), an amount in cash equal to the Dollar Amount of the
LC Exposure in respect of such Extended Letter of Credit (in the case of the foregoing clause (y)) or in the aggregate (in the case of
the foregoing clause (x)) as of such date plus any accrued and unpaid interest thereon; provided that (i) the portions of
such amount attributable to undrawn Foreign Currency Letters of Credit or LC Disbursements in a Foreign Currency that such Borrower is
not late in reimbursing shall be deposited in the applicable Foreign Currencies in the actual amounts of such undrawn Letters of Credit
and LC Disbursements and (ii) the obligation to deposit such cash collateral shall (1) be required no later than five (5) Business
Days prior to the Maturity Date in the case of an Extended Letter of Credit and (2) become effective immediately, and such deposit shall
become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect
to any Borrower described in clause (h) or (i) of Article VII. For the purposes of this paragraph, the Foreign Currency
LC Exposure shall be calculated using the Dollar Equivalent on the date notice demanding cash collateralization is delivered to the applicable
Borrower. Each Borrower also shall deposit cash collateral pursuant to this paragraph as and to the extent required by Section 2.11(b).
Such deposit shall be held by the Administrative Agent as collateral for the payment and performance of the Obligations. The Administrative
Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest
earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent
and at the Borrowers’ risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments
shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the relevant Issuing
Bank for LC Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of
the reimbursement obligations of the Borrowers for the LC Exposure at such time or, if the maturity of the Revolving Loans has been accelerated
(but subject to the consent of Revolving Lenders with LC Exposure representing greater than 50% of the total LC Exposure), be applied
to satisfy other Obligations. If any Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence
of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to such Borrower within three (3) Business
Days after all Events of Default have been cured or waived.

 

(k)                Issuing
Bank Agreements. Each Issuing Bank agrees that, unless otherwise requested by the Administrative Agent, such Issuing Bank shall report
in writing to the Administrative Agent (i) on the first Business Day of each week, the daily activity (set forth by day) in respect of
Letters of Credit during the immediately preceding week, including all issuances, extensions, amendments and renewals, all expirations
and cancellations and all disbursements and reimbursements, (ii) on or prior to each Business Day on which such Issuing Bank expects
to issue, amend, renew or extend any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the aggregate
face amount and currency of the Letters of Credit to be issued, amended, renewed or extended by it and outstanding after giving effect
to such issuance, amendment, renewal or extension occurred (and whether the amount thereof changed), it being understood that such Issuing
Bank shall not permit any issuance, renewal, extension or amendment resulting in an increase in the amount of any Letter of Credit to
occur without first obtaining written confirmation from the Administrative Agent that it is then permitted under this Agreement, (iii)
on each Business Day on which such Issuing Bank pays any

 

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amount in respect of one or more
drawings under Letters of Credit, the date of such payment(s) and the amount of such payment(s), (iv) on any Business Day on which
the Borrowers fail to reimburse any obligations of the Borrowers for the LC Exposure required to be reimbursed to such Issuing Bank
on such day, the date of such failure and the amount and currency of such payment in respect of Letters of Credit and (v) on any
other Business Day, such other information as the Administrative Agent shall reasonably request.

 

(l)                 Existing
Letters of Credit. The Existing Letters of Credit shall be deemed to be Letters of Credit issued hereunder on the Effective Date.

 

Section
2.07. Funding of Borrowings. (a)  Each Lender shall make each Loan to be made by it hereunder on the
proposed date thereof by wire transfer of immediately available funds (i) in the case of Loans denominated in Dollars, by 1:00
p.m., New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to
the Lenders, (ii) in the case of each Loan denominated in a Foreign Currency (other than Swiss Francs) by 12:00 noon, Local Time, in
the city of the Administrative Agent’s Applicable Payment Office for such currency and at such Applicable Payment Office for
such currency and (iii) in the case of each Loan denominated in Swiss Francs, by 8:00 a.m., Local Time, in the city of the
Administrative Agent’s Applicable Payment Office for such currency and at such Applicable Payment Office for such currency; provided that
Swingline Loans shall be made as provided in Section 2.05. Subject to the last sentence of this Section 2.07(a), the
Administrative Agent will make such Loans available to the relevant Borrower by promptly crediting the amounts so received, in like
funds, to (x) an account of such Borrower maintained with the Administrative Agent in New York City or Chicago or such other
account, in each case, as designated by such Borrower in the applicable Borrowing Request, in the case of Loans denominated in
Dollars and (y) an account of such Borrower or such other account in the relevant jurisdiction and, in each case, designated by
such Borrower in the applicable Borrowing Request, in the case of Loans denominated in a Foreign Currency; provided that ABR
Revolving Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.06(e) shall be remitted by the
Administrative Agent to the relevant Issuing Bank.

 

(b)               Unless
the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (or, in the case of an
ABR Borrowing, prior to the proposed time of any Borrowing) that such Lender will not make available to the Administrative Agent such
Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date
in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the relevant Borrower
a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and such Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount with interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding
the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Overnight Rate and a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation
(x) the Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency (other than Loans denominated in Euros
or Japanese Yen), (y) the Daily Simple ESTR in the case of Loans denominated in Euros and (z) the Daily Simple TONAR in the case of Loans
denominated in Japanese Yen) or (ii) in the case of such Borrower, the interest rate applicable to ABR Loans. If such Lender pays
such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing.

 

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Section
2.08. Interest Elections. (a)  Each Borrowing initially shall be of the Type specified in the applicable
Borrowing Request and, in the case of a Term Benchmark Borrowing, shall have an initial Interest Period as specified in such
Borrowing Request. Thereafter, the relevant Borrower may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Term Benchmark Borrowing, may elect Interest Periods therefor, all as provided in this Section. A
Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion
shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or
continued.

 

(b)               To
make an election pursuant to this Section, a Borrower, or the Company on its behalf, shall notify the Administrative Agent of such election
(by telephone or irrevocable written notice in the case of a Borrowing denominated in Dollars or Canadian Dollars or by irrevocable written
notice (via an Interest Election Request signed by such Borrower, or the Company on its behalf) in the case of a Borrowing denominated
in a Foreign Currency other than Canadian Dollars) by the time that a Borrowing Request would be required under Section 2.03 if
such Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the
Administrative Agent of a written Interest Election Request signed by the relevant Borrower, or the Company on its behalf. Notwithstanding
any contrary provision herein, this Section shall not be construed to permit any Borrower to (i) change the currency of any Borrowing,
(ii) elect an Interest Period for Term Benchmark Loans that does not comply with Section 2.02(d) or (iii) convert any
Borrowing to a Borrowing of a Type not available under such Borrowing.

 

(c)               Each
telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02:

 

(i)                the name of the applicable Borrower and the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing
(in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting
Borrowing);

 

(ii)               the
effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

 

(iii)              whether
the resulting Borrowing is to be an ABR Borrowing, a RFR Borrowing or a Term Benchmark Borrowing; and

 

(iv)              if
the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period and, in the case of a Revolving Borrowing, the Agreed Currency
to be applicable thereto after giving effect to such election, which Interest Period shall be a period contemplated by the definition
of the term “Interest Period”.

 

If any such Interest Election Request requests
a Term Benchmark Borrowing but does not specify an Interest Period, then the applicable Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

 

 

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(d)               Promptly
following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such
Lender’s portion of each resulting Borrowing.

 

(e)                If
the relevant Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Borrowing prior to the end
of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period
(i) in the case of a Borrowing denominated in Dollars, such Borrowing shall be converted to an ABR Borrowing and (ii) in the case
of a Borrowing denominated in a Foreign Currency in respect of which the applicable Borrower shall have failed to deliver an Interest
Election Request prior to the third (3rd) Business Day preceding the end of such Interest Period, such Borrowing shall
automatically continue as a Term Benchmark Borrowing in the same Agreed Currency with an Interest Period of one month unless such Term
Benchmark Borrowing is or was repaid in accordance with Section 2.11. Notwithstanding any contrary provision hereof, if an Event
of Default has occurred and is continuing and the Administrative Agent, at the request of the Majority Facility Lenders under the Revolving
Facility, so notifies the Company, then, so long as an Event of Default is continuing (i) no outstanding Borrowing denominated in
Dollars may be converted to or continued as a Term Benchmark Borrowing, (ii) unless repaid, each Term Benchmark Borrowing denominated
in Dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (iii) unless repaid,
each Term Benchmark Revolving Borrowing denominated in a Foreign Currency shall automatically be continued as a Term Benchmark Borrowing
with an Interest Period of one month.

 

Section
2.09. Termination and Reduction of Commitments. (a)  Unless previously terminated, the Revolving Commitments
shall terminate on the Maturity Date for the Revolving Facility.

 

(b)               The
Company may at any time terminate, or from time to time reduce, the Commitments under the Revolving Facility; provided that (i) each
reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) the
Company shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving
Loans in accordance with Section 2.11, the Dollar Amount of the sum of the Revolving Credit Exposures would exceed the Aggregate
Revolving Commitment.

 

(c)                The
Company shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (c) of this
Section at least three (3) Business Days prior to the effective date of such termination or reduction, specifying such election,
whether the Revolving Facility is being reduced or terminated, and the effective date thereof. Promptly following receipt of any notice,
the Administrative Agent shall advise the Lenders under the Revolving Facility of the contents thereof. Each notice delivered by the
Company pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the
Company may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures or similar agreements
or other transactions, in which case such notice may be revoked by the Company (by notice to the Administrative Agent on or prior to
the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent.
Each reduction of the Commitments shall be made ratably among the Lenders under the Revolving Facility, in accordance with their respective
Commitments under the Revolving Facility.

 

Section
2.10. Repayment of Loans; Evidence of Debt. (a)  Each Borrower hereby unconditionally promises to pay (i) to
the Administrative Agent for the account of each Revolving Lender

 

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the then unpaid principal amount of each Revolving Loan made to such Borrower
on the Maturity Date for the Revolving Facility in the currency of such Revolving Loan and (ii) in the case of the Company, Capri
Holdings or MK Switzerland, to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity
Date for the Revolving Facility and the first date after such Swingline Loan is made that is the 15th or last day of a calendar
month and is at least two (2) Business Days after such Swingline Loan is made; provided that on each date that a Revolving
Borrowing is made, the Company, Capri Holdings or MK Switzerland, as the case may be, shall repay all Swingline Loans then outstanding.

 

(b)                Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of each Borrower
to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such
Lender from time to time hereunder.

 

(c)                The
Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class, Agreed
Currency and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)                The
entries made in the accounts maintained pursuant to paragraph (b) of this Section shall be prima facie evidence of the
existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent
to maintain such accounts or any error therein shall not in any manner affect the obligation of any Borrower to repay the Loans in accordance
with the terms of this Agreement.

 

(e)                Any
Lender may request, through the Administrative Agent, that Loans made by it to any Borrower be evidenced by a promissory note. In such
event, the relevant Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender
(or, if requested by such Lender, to such Lender and its registered assigns) and in the form attached hereto as Exhibit J. Thereafter,
the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04)
be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if any such promissory
note is a registered note, to such payee and its registered assigns).

 

(f)                Without
limiting the obligations of each Loan Party to guaranty the complete payment and performance of all Obligations to the extent provided
under the Guaranty, each Borrower acknowledges and agrees that it is severally liable hereunder for the payment and performance of the
Obligations incurred by or behalf of, or attributable to, such Borrower. Notwithstanding anything to the contrary contained in this Agreement
or any of the other Loan Documents, the Administrative Agent, the Issuing Banks and the Lenders shall be entitled to rely upon any request,
notice or other communication received by them from any Borrower.

 

Section
2.11. Prepayment of Loans.

 

(a)                Voluntary
Prepayments.

 

(i)                Any Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice
in accordance with the

 

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provisions of this Section 2.11(a). The applicable Borrower, or the Company on behalf of the
applicable Borrower, shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender)
by telephone (confirmed by telecopy) of any prepayment hereunder (A) in the case of prepayment of a Term Benchmark Borrowing, not
later than 11:00 a.m., New York City time, three (3) Business Days (in the case of a Term Benchmark Borrowing denominated in
Dollars) or four (4) Business Days (in the case of a Term Benchmark Borrowing denominated in a Foreign Currency), in each case before
the date of prepayment, (B) in the case of a prepayment of an RFR Revolving Borrowing (x) denominated in Pounds Sterling, not later than
11:00 a.m., New York City time, four (4) RFR Business Days before the date of prepayment, (y) denominated in Dollars, not later than 11:00
a.m., New York City time, five (5) RFR Business Days before the date of prepayment, and (z) denominated in Swiss Francs, not later than
11:00 a.m., New York City time, five (5) RFR Business Days before the date of prepayment, (C) in the case of prepayment of an ABR
Borrowing, not later than 11:00 a.m., New York City time, one Business Day before the date of prepayment or (D) in the case
of prepayment of a Swingline Loan, not later than 12:00 noon, Local Time, on the date of prepayment. Each such notice shall be irrevocable
and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that,
(x) if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09 and (y) a
notice of prepayment of Loans may state that such notice is conditioned upon the effectiveness of other credit facilities, indentures
or similar agreements or other transactions, in which case such notice may be revoked by the Company or applicable Borrower (by notice
to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Promptly following receipt
of any such notice relating to a Borrowing, the Administrative Agent shall advise the Lenders under the Revolving Facility of the contents
thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing
of the same Type and Class as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the
Revolving Loans included in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required
by Section 2.13 and (ii) break funding payments pursuant to Section 2.16 (if any).

 

(b)               Mandatory
Prepayments.

 

 

If at any time,
(i) other than as a result of fluctuations in currency exchange rates, the sum of the aggregate principal Dollar Amount of all
of the Revolving Credit Exposures (calculated, with respect to those Credit Events denominated in Foreign Currencies, as of the most
recent Revaluation Date with respect to each such Credit Event) exceeds the Aggregate Revolving Commitment or (ii) solely as a
result of fluctuations in currency exchange rates, the sum of the aggregate principal Dollar Amount of all of the Revolving Credit
Exposures (so calculated) exceeds 105% of the Aggregate Revolving Commitment, the Borrowers shall in each case immediately repay
Revolving Loans or cash collateralize LC Exposure in an account with the Administrative Agent pursuant to Section 2.06(j), as
applicable, in an aggregate principal

 

    	 	69	 

     

    

 

amount
sufficient to cause the aggregate Dollar Amount of all Revolving Credit Exposures (so calculated) to be less than or equal to the Aggregate
Revolving Commitment.

 

Section
2.12. Fees. (a)  The Company agrees to pay to the Administrative Agent for the account of each Lender under
the Revolving Facility a non-refundable commitment fee (the “Commitment Fee”), which shall accrue at the
Applicable Rate on the average Available Revolving Commitment of such Revolving Lender during the period from and including the
Effective Date to but excluding the date on which such Revolving Commitment terminates; provided that, if such Revolving
Lender continues to have any Revolving Credit Exposure after its Revolving Commitment terminates, then such commitment fee shall
continue to accrue on the daily amount of such Revolving Lender’s Revolving Credit Exposure from and including the date on
which its Revolving Commitment terminates to but excluding the date on which such Revolving Lender ceases to have any Revolving
Credit Exposure. Accrued Commitment Fee under the Revolving Facility shall be payable in arrears on the last day of March, June,
September and December of each year and on the date on which the Revolving Commitments terminate, commencing on the first such date
to occur after the Effective Date; provided that any Commitment Fee accruing after the date on which the Revolving
Commitments terminate shall be payable on demand. The Commitment Fee shall be computed on the basis of a year of 360 days and
shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The Commitment Fee
payable hereunder shall initially be calculated and paid on each relevant date based on the Indicative Ratings then in effect
(whether or not such have been publicly announced at such time). If, subsequent to the date on which any Commitment Fee is initially
calculated and paid, any Initial Confirmed Public Debt Rating issued by S&P, Moody’s or Fitch is lower than the Indicative
Ratings, or the Indicative Ratings are withdrawn or changed, then (a) such lower Initial Confirmed Public Debt Ratings shall be
deemed to have been in effect on each prior date on which any such Commitment Fee was calculated and/or paid and (b) the Company
will pay to the Administrative Agent for the account of each Lender under the Revolving Facility any incremental Commitment Fee that
would have been payable on such earlier relevant dates had such lower Initial Confirmed Public Debt Rating been in effect or had
such Indicative Ratings been withdrawn or changed on such earlier dates, with such incremental Commitment Fee to be payable within
five (5) Business Days after such Initial Confirmed Public Debt Rating is issued by S&P, Moody’s or Fitch.

 

(b)               The
Borrowers agree to pay (i) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect
to its participations in Standby Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate
applicable to Term Benchmark Revolving Loans on the average daily Dollar Amount of such Revolving Lender’s LC Exposure in respect
of Standby Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements in respect of Standby Letters
of Credit) during the period from and including the Effective Date to but excluding the later of the date on which such Revolving Lender’s
Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure in respect of Standby Letters of Credit,
(ii) to the Administrative Agent for the account of each Revolving Lender a participation fee with respect to its participations in Commercial
Letters of Credit, which shall accrue at the Applicable Rate applicable to Commercial Letters of Credit on the average daily Dollar Amount
of such Revolving Lender’s LC Exposure in respect of Commercial Letters of Credit (excluding any portion thereof attributable to
unreimbursed LC Disbursements in respect of Commercial Letters of Credit) during the period from and including the Effective Date to
but excluding the later of the date on which such Revolving Lender’s Revolving Commitment terminates and the date on which such
Revolving Lender ceases to have any LC Exposure in respect of Commercial Letters of Credit and (iii) to the relevant Issuing Bank
for its own account a fronting fee, which shall accrue at a rate per annum separately agreed upon by the Company and such Issuing Bank
on the

 

 

    	 	70	 

     

    

 

average daily Dollar
Amount of the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) attributable to Letters of
Credit issued by such Issuing Bank during the period from and including the Effective Date to but excluding the later of the date of
termination of the Revolving Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing
Bank’s standard fees and commissions with respect to the issuance, amendment, cancellation, negotiation, transfer,
presentment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Unless otherwise specified above,
participation fees and fronting fees accrued through and including the last day of March, June, September and December of each year
shall be payable on the third (3rd) Business Day following such last day, commencing on the first such date to occur
after the Effective Date; provided that all such fees shall be payable on the date on which the Revolving Commitments
terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any
other fees payable to any Issuing Bank pursuant to this paragraph shall be payable within ten (10) Business Days after demand.
All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). Participation fees and fronting fees in respect
of Letters of Credit denominated in Dollars shall be paid in Dollars, and participation fees and fronting fees in respect of Letters
of Credit denominated in a Foreign Currency shall be paid in such Foreign Currency.

 

(c)                Each
Loan Party agrees to pay to each of the Administrative Agent and the Lead Arrangers, for its own account, fees payable in the amounts
and at the times separately agreed upon between such Loan Party and the Administrative Agent and the Lead Arrangers.

 

(d)               All
fees payable hereunder shall be paid on the dates due, in Dollars (except as otherwise expressly provided in this Section 2.12)
and immediately available funds, to the Administrative Agent (or to each Issuing Bank, in the case of fees payable to it) for distribution,
in the case of the Commitment Fee and participation fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 

Section
2.13. Interest. (a)  The Loans comprising each ABR Borrowing (including each Swingline Loan to the Company
denominated in Dollars that is an ABR Borrowing) shall bear interest at the Alternate Base Rate plus the Applicable Rate. Each
Swingline Loan to the Company denominated in Dollars that is a Swingline Overnight Rate Borrowing shall bear interest at the
Swingline Overnight Rate plus the Applicable Rate. Each Foreign Swingline Loan (other than a Foreign Swingline Loan denominated in
Euros or Japanese Yen) shall bear interest at the Overnight Foreign Currency Rate. Each Foreign Swingline Loan denominated in Euros
shall bear interest at Daily Simple ESTR. Each Foreign Swingline Loan denominated in Japanese Yen shall bear interest at Daily
Simple TONAR.

 

(b)               The
Loans comprising each Term Benchmark Borrowing shall bear interest at the Adjusted Term SOFR Rate, the Adjusted CDOR Rate, the Adjusted
EURIBOR Rate or the Adjusted TIBOR Rate, as applicable for the Interest Period in effect for such Borrowing, plus the Applicable Rate.

 

(c)               The
Loans comprising each RFR Borrowing shall bear interest at the Adjusted Daily Simple RFR in effect for such Borrowing plus the Applicable
Rate.

 

(d)               Notwithstanding
the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by any Borrower hereunder is not paid when
due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment,
at a rate per annum equal to (i) in the case of overdue principal of any Loan (to

 

    	 	71	 

     

    

the extent permitted by applicable law), 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other
amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(e)                Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan, on the relevant Maturity Date and, in
the case of the Revolving Loans, upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant
to paragraph (d) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other
than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal
amount repaid or prepaid shall be payable on the date of such repayment or prepayment and (iii) in the event of any conversion of
any Term Benchmark Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the
effective date of such conversion.

 

(f)                Interest
computed by reference to the Term SOFR Rate (or, subject to 2.14, Daily Simple SOFR), the EURIBOR Rate, the CDOR Rate or Daily Simple
RFR with respect to Swiss Francs, and the Alternate Base Rate hereunder shall be computed on the basis of a year of 360 days. Interest
computed by reference to the Daily Simple RFR with respect to Pounds Sterling, the TIBOR Rate or the Alternate Base Rate only at times
when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year).
In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All
interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the
applicable date of determination. A determination of the applicable Alternate Base Rate, Adjusted Term SOFR Rate, Term SOFR Rate, Daily
Simple SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate, Adjusted TIBOR Rate, TIBOR Rate, Adjusted CDOR Rate, CDOR Rate, Adjusted Daily
Simple RFR, Daily Simple RFR, or Swingline Overnight Rate shall be determined by the Administrative Agent, and such determination shall
be conclusive absent manifest error.

 

(g)               The
interest rates provided for in this Agreement, including this Section 2.13 are minimum interest rates. When entering into this Agreement,
the parties have assumed that the interest payable at the rates set out in this Section or in other Sections of this Agreement is not
and will not become subject to the Swiss Withholding Tax. Notwithstanding that the parties do not anticipate that any payment of interest
will be subject to the Swiss Withholding Tax, they agree that, in the event that the Swiss Withholding Tax should be imposed on interest
payments, the payment of interest due by any Swiss Borrower shall, subject to Section 2.17 (including any limitations therein and any
obligations of the Lenders thereunder) and Section 2.24, be increased to an amount which (after making any deduction of the Non-Refundable
Portion (as defined below) of the Swiss Withholding Tax) results in a payment to each Lender entitled to such payment of an amount equal
to the payment which would have been due had no deduction of Swiss Withholding Tax been required. For this purpose, the Swiss Withholding
Tax shall be calculated on the full grossed-up interest amount. To the extent that interest payable by a Swiss Borrower under this Agreement
becomes subject to Swiss Withholding Tax, each relevant Lender and that Swiss Borrower shall promptly cooperate in completing any procedural
formalities (including submitting forms and documents required by the appropriate Tax authority) to the extent possible and necessary
for that Swiss Borrower to obtain authorization to make interest payments without being subject to Swiss Withholding Tax or to reduce
the applicable withholding tax rate and in order to prepare a claim or claims for a full or partial refund under any applicable double
taxation treaty or under Swiss domestic law for any person which is entitled to such full or partial refund. If and to the extent a person
which is entitled to such full or partial refund receives a refund of Swiss Withholding Tax, it shall forward such amount, after deduction

 

    	 	72	 

     

    

of reasonable costs, to the corresponding Loan
Party. For the purposes of this Section, “Non-Refundable Portion” shall mean Swiss Withholding Tax at the standard rate (being,
as at the date hereof, 35%) unless a tax ruling issued by the Swiss Federal Tax Administration (SFTA) confirms that, in relation to a
specific Lender based on an applicable double tax treaty or based on Swiss domestic tax laws, the Non-Refundable Portion is a specified
lower rate in which case such lower rate shall be applied in relation to such Lender. Each Swiss Borrower shall provide to the Administrative
Agent the documents required by law or applicable double taxation treaties for the Lenders to claim a refund of any Swiss Withholding
Tax so deducted.

 

(h)               If,
in any applicable jurisdiction, the Administrative Agent, any Issuing Bank or any Lender determines that any applicable law has made
it unlawful, or that any Governmental Authority has asserted that it is unlawful, for the Administrative Agent, any Issuing Bank or any
Lender to (i) perform any of its obligations hereunder or under any other Loan Document, (ii) to fund or maintain its participation in
any Loan or Letter of Credit or (iii) issue, make, maintain, fund or charge interest with respect to any Loan or Letter of Credit, such
Person shall promptly notify the Administrative Agent, then, upon the Administrative Agent notifying the Company, and until such notice
by such Person is revoked (which revocation such Person shall provide promptly when such activity is no longer unlawful), any obligation
of such Person to issue, make, maintain, fund or charge interest with respect to any such Loan or Letter of Credit shall be suspended,
and to the extent required by applicable law, cancelled.  Upon receipt of such notice, the Loan Parties shall, (x) repay that Person’s
participation in the Loans or other applicable Obligations on the last day of the Interest Period for each Loan or other Obligation occurring
after the Administrative Agent has notified the Company or, if earlier, the date specified by such Person in the notice delivered to
the Administrative Agent (being no earlier than the last day of any applicable grace period permitted by applicable law) and (y) take
all reasonable actions requested by such Person to mitigate or avoid such illegality.

 

(i)                 It
is understood that any charge provided for by any Facility in favor of an Italian entity shall not exceed the maximum rate permitted
by Italian Usury Law and related implementation regulations as subsequently amended and/or integrated.

 

(j)                 At
no time shall a Guarantor incorporated in Italy be required to be liable and/or guarantee the performance of obligations in violation
of Italian mandatory rules. In this respect, any Italian Guarantor will not guarantee, inter alia, any obligation to pay: (i)
any portion of interest exceeding the thresholds of the interest rate permitted under the Italian Usury Law; and (ii) any portion of
interest deriving from any compounding of interest which does not comply with Italian law (including, without limitation, article 1283
of the Italian Civil Code).

 

Section
2.14. Alternate Rate of Interest. Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.14, if:

 

(i)                the
Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any
Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Adjusted Term SOFR
Rate, the Adjusted EURIBOR Rate, the Adjusted TIBOR Rate, or the Adjusted CDOR Rate (including because the Relevant Screen Rate is not
available or published on a current basis), for the applicable Agreed Currency and such Interest Period or (B) at any time, that adequate
and reasonable means do not exist for ascertaining the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency; or

 

    	 	73	 

     

    

 

(ii)              the
Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark
Borrowing, the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted TIBOR Rate, or Adjusted Term CDOR Rate for the applicable
Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining
their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time,
the applicable Adjusted Daily Simple RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders
(or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency;

 

then the Administrative Agent shall give
notice thereof to the Borrowers and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and,
until (x) the Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no
longer exist with respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request in
accordance with the terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans
denominated in Dollars, (1) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or
continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark
Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR
Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not also the subject of Section
2.14(a)(i) or (ii) above or (y) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings also is the subject of
Section 2.14(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a
Borrowing Request, as applicable, for an ABR Borrowing and (B) for Loans denominated in a Foreign Currency, any Interest Election
Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark
Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant
Benchmark, shall be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of
Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed
Currency is outstanding on the date of the Company’s receipt of the notice from the Administrative Agent referred to in this
Section 2.14(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the
Administrative Agent notifies the Borrowers and the Lenders that the circumstances giving rise to such notice no longer exist with
respect to the relevant Benchmark and (y) the applicable Borrower delivers a new Interest Election Request in accordance with the
terms of Section 2.08 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in Dollars,
(1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative
Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar
Borrowings is not also the subject of Section 2.14(a)(i) or (ii) above or (y) an ABR Loan if the Adjusted Daily Simple RFR for
Dollar Borrowings also is the subject of Section 2.14(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such
day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in a Foreign
Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at the
Central Bank Rate (or in the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency plus the CBR Spread; provided
that, if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the
Central Bank Rate (or in the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency cannot be
determined, any outstanding affected Term Benchmark Loans denominated in any Foreign Currency shall, at the applicable
Borrower’s election prior to such day: (A) be prepaid by the applicable Borrower on such day or (B) solely for the purpose of
calculating the interest

 

    	 	74	 

     

    

 

rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign Currency
shall be deemed to be a Term Benchmark Loan denominated in Dollars and shall accrue interest at the same interest rate applicable to
Term Benchmark Loans denominated in Dollars at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate (or in
the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency plus the CBR Spread; provided that, if
the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central
Bank Rate (or in the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency cannot be determined, any
outstanding affected RFR Loans denominated in any Foreign Currency, at the applicable Borrower’s election, shall either (A) be
converted into ABR Loans denominated in Dollars (in an amount equal to the Dollar Amount of such Foreign Currency) immediately or
(B) be prepaid in full immediately.

 

(b)               Notwithstanding
anything to the contrary herein or in any other Loan Document (and any Swap Agreement shall be deemed not to be a “Loan Document”
for purposes of this Section 2.14), if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to
the Reference Time in respect of any setting of the then-current Benchmark, then (x) in the case of a Loan denominated in Dollars if
a Benchmark Replacement is determined in accordance with clause (1) of the definition of “Benchmark Replacement” for such
Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document
in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any
other party to, this Agreement or any other Loan Document and (y) in the case of a Loan denominated in an Agreed Currency, if a Benchmark
Replacement is determined in accordance with clause (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement
Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any
Benchmark setting at or after 5:00 p.m., New York City time, on the fifth (5th) Business Day after the date notice of such Benchmark
Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or
any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark
Replacement from Lenders comprising the Required Lenders of each affected Class.

 

(c)               Notwithstanding
anything to the contrary herein or in any other Loan Document, in connection with the use, administration, adoption or implementation
of a Benchmark Replacement, the Administrative Agent will have the right, in consultation with the Company, to make Benchmark Replacement
Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments
implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party
to this Agreement or any other Loan Document.

 

(d)                The
Administrative Agent will promptly notify the Borrowers and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the
implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal
or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability
Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group
of Lenders) pursuant to this Section 2.14, including any determination with respect to a tenor, rate or adjustment or of the occurrence
or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will
be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent

 

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from any other party to this Agreement or any other Loan Document, except, in each case, as expressly
required pursuant to this Section 2.14.

 

(e)                Notwithstanding
anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark
Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate, EURIBOR Rate, TIBOR Rate or the CDOR Rate)
and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time
to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of
such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will
be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark
settings at or after such time to remove such unavailable or non-representative tenor and (ii)if a tenor that was removed pursuant to
clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement)
or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including
a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark
settings at or after such time to reinstate such previously removed tenor.

 

(f)                Upon
the Borrowers’ receipt of notice of the commencement of a Benchmark Unavailability Period, the applicable Borrower may revoke any
request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, either (x) the applicable Borrower will be deemed to have
converted any request for (1) a Term Benchmark Borrowing denominated in Dollars into a request for a Borrowing of or conversion to (A)
an RFR Borrowing denominated in Dollars so long as the Adjusted Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark
Transition Event or (B) an ABR Borrowing if the Adjusted Daily Simple RFR for Dollar Borrowings is the subject of a Benchmark Transition
Event or (y) any Term Benchmark Borrowing or RFR Borrowing denominated in an Agreed Currency other than Dollars shall be ineffective.
During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the
component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination
of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrowers’
receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark
Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.14,
(A) for Loans denominated in Dollars (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan,
be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in Dollars so long as the Adjusted
Daily Simple RFR for Dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Adjusted Daily Simple
RFR for Dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day
be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in a Foreign Currency, (1)
any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan bear interest at the Central Bank Rate
(or in the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency plus the CBR Spread; provided that,
if the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that the Central Bank
Rate (or in the case of Japanese Yen, the Japanese Prime Rate) for the applicable Foreign Currency cannot be determined, any outstanding

 

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affected Term
Benchmark Loans denominated in any Foreign Currency shall, at the applicable Borrower’s election prior to such day: (A) be
prepaid by the applicable Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such
Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign Currency shall be deemed to be a Term Benchmark Loan
denominated in Dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in Dollars
at such time and (2) any RFR Loan shall bear interest at the Central Bank Rate (or in the case of Japanese Yen, the Japanese Prime
Rate) for the applicable Foreign Currency plus the CBR Spread; provided that, if the Administrative Agent determines (which
determination shall be conclusive and binding absent manifest error) that the Central Bank Rate (or in the case of Japanese Yen, the
Japanese Prime Rate) for the applicable Foreign Currency cannot be determined, any outstanding affected RFR Loans denominated in any
Foreign Currency, at the applicable Borrower’s election, shall either (A) be converted into ABR Loans denominated in Dollars
(in an amount equal to the Dollar Amount of such Foreign Currency) immediately or (B) be prepaid in full immediately.

 

Section
2.15. Increased Costs. (a)  If any Change in Law shall:

 

(i)                impose,
modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory loan requirement,
insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender or Issuing
Bank (except any such reserve requirement reflected in the Adjusted EURIBOR Rate, Adjusted CDOR Rate or Adjusted TIBOR Rate, as applicable)
or any Issuing Bank;

 

(ii)               impose
on any Lender or any Issuing Bank or other applicable offshore interbank market for the applicable Agreed Currency any other condition,
cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;
or

 

(iii)             subject
any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (d) of the definition of Excluded
Taxes, (C) Connection Income Taxes, and (D) any Other Taxes that are reimbursed under Section 2.17(b)) on its loans, loan principal,
letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the foregoing shall be
to increase the cost to such Lender, Issuing Bank or such other Recipient of making, continuing, converting into or maintaining any Loan
or of maintaining its obligation to make any such Loan or to increase the cost to such Lender, such Issuing Bank or such other Recipient
of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender,
such Issuing Bank or such other Recipient hereunder, whether of principal, interest or otherwise, then upon request of such Lender, Issuing
Bank or such other Recipient, the applicable Borrower will pay to such Lender, such Issuing Bank or such other Recipient, as the case
may be, such additional amount or amounts as will compensate such Lender, such Issuing Bank or such other Recipient, as the case may be,
for such additional costs incurred or reduction suffered.

 

(b)                If
any Lender or any Issuing Bank determines that any Change in Law regarding capital or liquidity requirements has or would have the effect
of reducing the rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or
such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in Letters
of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which
such Lender or such Issuing Bank

 

    	 	77	 

     

    

or such Lender’s or such Issuing Bank’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s
policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy and liquidity),
then from time to time the applicable Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount
or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for
any such reduction suffered.

 

(c)                A
certificate of a Lender or an Issuing Bank setting forth in reasonable detail the calculation of the amount or amounts necessary to compensate
such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section
shall be delivered to the Company and shall be conclusive absent manifest error; provided that no Lender or Issuing Bank shall
be required to include in any such certificate any proprietary information (including, without limitation, any pricing information) or
any other information that may not be disclosed pursuant to applicable confidentiality requirements or applicable law. The Company shall
pay, or cause the other Borrowers to pay, such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate
within ten (10) days after receipt thereof.

 

(d)                Failure
or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver
of such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Company shall not be
required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions incurred more than
180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Company of the Change in Law
giving rise to such increased costs or reductions and of such Lender’s or such Issuing Bank’s intention to claim compensation
therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
180-day period referred to above shall be extended to include the period of retroactive effect thereof.

 

Section
2.16. Break Funding Payments.

 

(a)                With
respect to Loans that are not RFR Loans, in the event of (a) the payment of any principal of any Term Benchmark Loan other than
on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a result of any prepayment
pursuant to Section 2.11), (b) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period
applicable thereto, (c) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any
notice delivered pursuant hereto (regardless of whether such notice may be revoked under Section 2.11(a) and is revoked in accordance
therewith) or (d) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto
as a result of a request by the Company pursuant to Section 2.19, then, in any such event, the Borrowers shall compensate each Lender
for the loss, cost and expense attributable to such event (excluding any loss of margin or anticipated profit). Such loss, cost or expense
to any Lender shall be deemed to include an amount determined by such Lender (it being understood that the deemed amount shall not exceed
the actual amount) to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such
Loan had such event not occurred, at the Adjusted Term SOFR Rate, Adjusted CDOR Rate, Adjusted EURIBOR Rate or Adjusted TIBOR Rate, as
applicable, that would have been applicable to such Loan, for the period from the date of such event to the last day of the then current
Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Loan), over (ii) the amount of interest

 

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which would
accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement
of such period, for deposits in the relevant currency of a comparable amount and period from other banks in the interbank market. A
certificate of any Lender setting forth in reasonable detail the calculation of any amount or amounts that such Lender is entitled
to receive pursuant to this Section shall be delivered to the applicable Borrower and shall be conclusive absent manifest error. The
applicable Borrower shall pay such Lender the amount shown as due on any such certificate within ten (10) Business Days after
receipt thereof.

 

(b)               With
respect to RFR Loans, in the event of (a) the payment of any principal of any RFR Loan other than on the Interest Payment Date applicable
thereto (including as a result of an Event of Default or as a result of any prepayment pursuant to Section 2.11), (b) the failure
to borrow or prepay any RFR Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may
be revoked under Section 2.11(a) and is revoked in accordance therewith) or (c) the assignment of any RFR Loan other than on
the Interest Payment Date applicable thereto as a result of a request by the Company pursuant to Section 2.19, then, in any such
event, the Borrowers shall compensate each Lender for the loss, cost and expense attributable to such event (excluding any loss of margin
or anticipated profit). Such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be
the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted Daily Simple RFR that would have been applicable to such Loan, for the period from the date of such event to
the next Interest Payment Date therefor (or, in the case of a failure to borrow for the period that would have been until the next Interest
Payment Date for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the
interest rate which such Lender would bid were it to bid, at the commencement of such period, for deposits in the relevant currency of
a comparable amount and period from other banks in the interbank market. A certificate of any Lender setting forth in reasonable detail
the calculation of any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the applicable
Borrower and shall be conclusive absent manifest error. The applicable Borrower shall pay such Lender the amount shown as due on any
such certificate within ten (10) Business Days after receipt thereof.

 

Section
2.17. Taxes. (a)  Payments Free of Taxes. Any and all payments by or on account of any obligation of any
Loan Party under any Loan Document 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 Loan Party 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 2.17) 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 the Borrowers. To the extent not paid pursuant to Section 2.17(a), the relevant Borrower shall timely pay to the
relevant Governmental Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for
the payment of, Other Taxes.

 

(c)               Evidence
of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant to this Section
2.17, such Loan Party shall

 

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deliver to the
Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a
copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

 

(d)               Indemnification
by the Loan Parties. To the extent not paid pursuant to Section 2.17(a) or Section 2.17(b), the Loan Parties shall indemnify each
Recipient, within 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) 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. A certificate as to the amount of such payment
or liability delivered to the relevant Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent
on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

 

(e)               
Indemnification by the Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii) any Taxes
attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) relating to the maintenance of a Participant
Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent
in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes
were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (e).

 

(f)                Swiss
Withholding Tax. Provided that no Event of Default has occurred, a payment to a specific Lender on account of Swiss Withholding tax
shall not be increased under paragraph (a) above or under Section 2.13(g) if such deduction of Tax is solely a result of:

 

(i)                a
breach by one or more Lenders of the confirmation contained in Section 2.17(k);

 

(ii)              
a failure by one or more Lenders to comply with their obligations and transfer restrictions in Section 9.04, or

 

(iii)             a
Lender ceasing to be a Swiss Qualifying Bank or to qualify as a single person only for purposes of the Swiss Non-Bank Rules (other than
as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration, or application
of) any law, treaty or any published practice of any relevant taxing authority).

 

(g)               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 the Borrowers and the Administrative Agent, at the time or times reasonably
requested by the Borrowers or the Administrative Agent, such properly completed and executed

 

    	 	80	 

     

    

 

documentation reasonably requested by
the Borrowers or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of
withholding. In addition, any Lender, if requested by the Borrowers or the Administrative Agent, shall deliver such other
documentation prescribed by applicable law or reasonably requested by the Borrowers or the Administrative Agent as will enable the
Borrowers or the 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 2.17(f)(ii)(A), (ii)(B) and (ii)(D) below)
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 any Borrower is a U.S. Person:

 

(A)              any
Lender that is a U.S. Person shall deliver to such Borrower and the 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 such Borrower or the Administrative
Agent), executed originals of IRS Form W-9 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 such Borrower and the Administrative Agent (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 such Borrower or the Administrative Agent), 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, 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, 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)               in
the case of a Foreign Lender claiming that its extension of credit will generate U.S. effectively connected income, executed originals
of IRS Form W-8ECI;

 

(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 H-1 to the effect that such Foreign Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of such Borrower within the meaning
of Section 881(c)(3)(B) of the Code, or a “controlled

 

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foreign corporation” described in Section 881(c)(3)(C) of the Code
and that no payments under any Loan Document are effectively connected with such Foreign Lender’s conduct of a United States
trade or business (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN or IRS Form
W-8BEN-E, as applicable; or

 

(4)               to
the extent a Foreign Lender is a partnership (for U.S. federal income tax purposes) or otherwise not the beneficial owner, executed originals
of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate
substantially in the form of Exhibit H-2 or Exhibit H-3, IRS Form W-9, 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 H-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 such Borrower and the Administrative
Agent (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 such Borrower or the Administrative Agent),
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 such
Borrower or the Administrative Agent 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 such Borrower and the Administrative Agent at the time or times prescribed by law
and at such time or times reasonably requested by such Borrower or the 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 such
Borrower or the Administrative Agent as may be necessary for such Borrower and the 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
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.

 

Each Lender agrees that if any
form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification
or promptly notify the Company and the Administrative Agent in writing of its legal inability to do so.

 

 

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(iii)             Without
limiting the generality of the foregoing, in the event that any Borrower is a UK Loan Party, each Recipient which is a party to this
Agreement at the date of this Agreement or which becomes a party to this Agreement after the date of this Agreement shall notify the
Administrative Agent on becoming party to this Agreement which of the following categories it falls within:

 

a.       not
a Qualifying Recipient;

 

b.       a
Qualifying Recipient (other than a Treaty Recipient); or

 

c.       a
Treaty Recipient.

 

If, pursuant to
this Section 2.17(f)(iii), a Recipient notifies the Administrative Agent that it is a Treaty Recipient, that Recipient shall at the same
time notify the Administrative Agent of its jurisdiction of tax residence and, if that Recipient is registered under HMRC’s Double
Tax Treaty Passport (“DTTP”) scheme, of its DTTP scheme reference number.

 

If a Recipient fails
to indicate its status in accordance with this Section 2.17(f)(iii) then such Recipient shall be treated for the purposes of this Agreement
and by each UK Loan Party as if it is not a Qualifying Recipient until such time as it notifies the Administrative Agent which category
applies (and the Administrative Agent, upon receipt of such notification, shall inform each UK Loan Party). Any Treaty Recipient and each
UK Loan Party which makes a payment to which that Treaty Recipient is entitled shall cooperate in completing any procedural formalities
necessary for that UK Loan Party to obtain authorization to make that payment without withholding or deduction of Tax (including the Treaty
Recipient providing its scheme reference number under HMRC’s DTTP scheme (if applicable) and its jurisdiction of tax residence).
Each Recipient and UK Loan Party shall, upon becoming aware that a UK Loan Party must make a withholding of UK Tax from a payment to a
Recipient, promptly notify the Administrative Agent, and if the Administrative Agent receives such notification from a Recipient, it shall
notify the relevant UK Loan Party.

 

(h)               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 2.17 (including by the payment of additional amounts pursuant to this
Section 2.17), 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 2.17 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 (g) (plus any penalties, interest or other charges imposed by the relevant Governmental 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 paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this
paragraph (g) 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 Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise
imposed and the indemnification payments or additional amounts with respect to such Tax had never been paid. This paragraph 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.

 

    	 	83	 

     

    

 

(i)                 Survival.
Each party’s obligations under this Section 2.17 shall survive the resignation or replacement of the Administrative Agent or any
assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge
of all obligations under any Loan Document.

 

(j)                 Defined
Terms. For purposes of this Section 2.17, the term “Lender” includes each Issuing Bank and the term “applicable
law” includes FATCA.

 

(k)               
Swiss Qualifying Bank. Each Lender confirms that it is a Swiss Qualifying Bank or, if not, a single person only for the
purpose of the Swiss Non-Bank Rules and any other Person that shall become a Lender or a Participant pursuant to Section 9.04 of this
Agreement shall be deemed to have confirmed that it is a Swiss Qualifying Bank or, if not, a single person only for the purpose of the
Swiss Non-Bank Rules.

 

(l)                Certain
FATCA Matters. Solely for purposes of determining withholding Taxes imposed under FATCA, from and after the Effective Date, the Borrowers
and the Administrative Agent shall treat (and the Lenders hereby authorize the Administrative Agent to treat) this Agreement and the
Loans as not qualifying as “grandfathered obligations” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i).

 

Section
2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)               Each
Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees or reimbursement of LC Disbursements,
or of amounts payable under Sections 2.13(g), 2.15, 2.16 or 2.17, or otherwise) prior to (i) in the case of payments denominated
in Dollars, 12:00 noon, New York City time and (ii) in the case of payments denominated in a Foreign Currency, 12:00 noon, Local
Time, in the city of the Administrative Agent’s Applicable Payment Office for such currency, in each case on the date when due,
in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion
of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest
thereon. All such payments shall be made (i) in the same currency in which the applicable Credit Event was made (or where such currency
has been converted to another currency as required hereby, in such other currency) and (ii) to the Administrative Agent at its offices
at 10 South Dearborn Street, Chicago, Illinois 60603 or, in the case of a Credit Event denominated in a Foreign Currency, the Administrative
Agent’s Applicable Payment Office for such currency, except payments to be made directly to an Issuing Bank or the Swingline Lender
as expressly provided herein and except that payments pursuant to Sections 2.13(g), 2.15, 2.16, 2.17 and 9.03 shall be made directly
to the Persons entitled thereto. The Administrative Agent shall distribute any such payments denominated in the same currency received
by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall
be due on a day that is not a Business Day, the date for payment 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. Notwithstanding the foregoing provisions
of this Section, if, after the making of any Credit Event in any Foreign Currency, currency control or exchange regulations are imposed
in the country which issues such currency with the result that the type of currency in which the Credit Event was made (the “Original
Currency”) no longer exists or any Borrower is not able to make payment to the Administrative Agent for the account of the
Lenders in such Original Currency, or the terms of this Agreement allow or require the conversion of such Credit Event into Dollars,
then all payments to be made by such Borrower hereunder in such currency shall, to the fullest extent

 

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permitted
by law, instead be made when due in Dollars in an amount equal to the Dollar Amount (as of the date of repayment) of such payment
due, it being the intention of the parties hereto that the Borrowers take all risks of the imposition of any such currency control
or exchange regulations or conversion, and each Borrower agrees to indemnify and hold harmless the Swingline Lender, the Issuing
Banks, the Administrative Agent and the Lenders from and against any loss resulting from any Credit Event made to or for the benefit
of such Borrower denominated in a Foreign Currency that is not repaid to the Swingline Lender, the Issuing Banks, the Administrative
Agent or the Lenders, as the case may be, in the Original Currency.

 

(b)                If
at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed
LC Disbursements, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees
then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties,
and (ii) second, towards payment of principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled
thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties.

 

(c)                If any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal
of or interest on any of its Loans or participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment
of a greater proportion of the aggregate amount of its Loans and participations in LC Disbursements and Swingline Loans and accrued interest
thereon than its ratable share thereof for the relevant Class, then the Lender receiving such greater proportion shall purchase (for cash
at face value) participations in the Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary
so that the benefit of all such payments shall be shared by the Lenders of the same Class ratably in accordance with the aggregate amount
of principal of and accrued interest on their respective Loans and participations in LC Disbursements and Swingline Loans for such Class;
provided that (i) 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 (ii) the
provisions of this paragraph shall not be construed to apply to any payment made by any Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation
in any of its Loans or participations in LC Disbursements and Swingline Loans to any assignee or participant, other than to the Company
or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). Each Borrower consents 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 exercise against such Borrower rights of set-off and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of such Borrower in the amount of such participation.

 

(d)                Unless
the Administrative Agent shall have received notice from the relevant Borrower prior to the date on which any payment is due to the Administrative
Agent for the account of the Lenders or the Issuing Banks hereunder that such Borrower will not make such payment, the Administrative
Agent may assume that such Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption,
distribute to the applicable Lenders or the Issuing Banks, as the case may be, the amount due. In such event, if such Borrower has not
in fact made such payment, then each of the Lenders of the applicable Class or the Issuing Banks, as the case may be, severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Bank with

 

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interest thereon, for each day from and including the date such amount is distributed to it to
but excluding the date of payment to the Administrative Agent, at the greater of the Overnight Rate and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation (including without limitation (x) the
Overnight Foreign Currency Rate in the case of Loans denominated in a Foreign Currency (other than Loans denominated in Euros or
Japanese Yen), (y) the Daily Simple ESTR in the case of Loans denominated in Euros and (z) the Daily Simple TONAR in the case of
Loans denominated in Japanese Yen).

 

(e)               If
any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d)
or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any
amounts thereafter received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent,
the Swingline Lender or the Issuing Banks to satisfy such Lender’s obligations to it under any such Section until all such unsatisfied
obligations are fully paid and/or (ii) hold any such amounts in a segregated account over which the Administrative Agent shall have
exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section; in
the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion.

 

Section
2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Sections 2.13(g)
or 2.15, or if any Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any Governmental
Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall use reasonable efforts to designate a
different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of
its offices, branches or affiliates, if, in the reasonable judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Sections 2.13(g), 2.15 or 2.17, as the case may be, in the future and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such
Lender. The Company hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment.

 

(b)                If
(i) any Lender requests compensation under Sections 2.13(g) or 2.15, (ii) any Borrower is required to pay any Indemnified
Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or
(iii) any Lender becomes a Defaulting Lender, then the Company may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in Section 9.04), all its interests, rights (other than its existing rights to payments pursuant to Sections 2.13(g),
2.15 or 2.17) and obligations under the Loan Documents to an assignee or assignees that shall assume such obligations (which assignee
or assignees may be another Lender, if a Lender accepts such assignment); provided that (i) the Company shall have received
the prior written consent of the Administrative Agent (and if a Revolving Commitment is being assigned, each Issuing Bank and the Swingline
Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and participations in LC Disbursements and Swingline Loans, accrued interest thereon, accrued fees
and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and
fees), or the Borrowers (in the case of all other amounts) with respect to the relevant Class and (iii) in the case of any such
assignment resulting from a claim for compensation under Sections 2.13(g) or 2.15 or payments required to be made pursuant to Section 2.17,
such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment
and delegation if, prior thereto, as a result

 

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of a waiver by such Lender or otherwise, the circumstances entitling the Company to require such
assignment and delegation cease to apply.

 

Section
2.20. Expansion Option. The Company may from time to time elect to increase the Revolving Commitments or enter into
one or more tranches of term loans (each an “Incremental Term Loan”; and the commitments in respect thereof, the
“Incremental Term Loan Commitments”), in each case in minimum increments of $10,000,000 so long as, after giving
effect thereto, the aggregate amount of such increases of Revolving Commitments and all such Incremental Term Loans does not exceed
$500,000,000. The Company may arrange for any such increase or tranche to be provided by one or more Lenders (each Lender so
agreeing to an increase in its Commitment, or to participate in such Incremental Term Loans, an “Increasing
Lender”), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution
or other entity, an “Augmenting Lender”; provided that no Ineligible Institution may be an Augmenting
Lender), which agree to increase their existing Commitments, or to participate in such Incremental Term Loans, or provide new
Commitments, as the case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the
Company and the Administrative Agent (such consent not to be unreasonably withheld or delayed) and (ii) (x) in the case of an
Increasing Lender, the Company and such Increasing Lender execute an agreement substantially in the form of Exhibit C hereto,
and (y) in the case of an Augmenting Lender, the Company and such Augmenting Lender execute an agreement substantially in the form
of Exhibit D hereto. No consent of any Lender (other than the Lenders participating in the increase or any Incremental Term Loan)
shall be required for any increase in Commitments or Incremental Term Loan pursuant to this Section 2.20. Increases and new
Commitments and Incremental Term Loans created pursuant to this Section 2.20 shall become effective on the date agreed by the
Company, the Administrative Agent and the relevant Increasing Lenders or Augmenting Lenders, and the Administrative Agent shall
notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) or
tranche of Incremental Term Loans shall become effective under this paragraph unless, (i) on the proposed date of the
effectiveness of such increase or Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of
Section 4.02 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a
certificate to that effect dated such date and executed by a Financial Officer of the Company, provided that if the Company
intends to use the proceeds of the new Commitments or Incremental Term Loans for the consummation of a Limited Condition
Acquisition, the conditions set forth in Section 4.02 may, to the extent mutually agreed by the Company and the applicable
Increasing Lenders or Augmenting Lenders, be limited to, with respect to Section 4.02(a), customary specified or certain funds
representations and, with respect to Section 4.02(b), the absence of an Event of Default under Sections 8.01(a), (h) and (i), and
(B) the Company shall be in compliance (on a Pro Forma Basis) with the covenant contained in Section 6.08 and
(ii) the Administrative Agent shall have received documents (including legal opinions) consistent with those delivered on the
Effective Date as to the organizational power and authority of the Borrowers to borrow hereunder after giving effect to such
increase. On the effective date of any increase in the Commitments or any Incremental Term Loans being made, (i) each relevant
Increasing Lender and Augmenting Lender shall make available to the Administrative Agent such amounts in immediately available funds
as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving
effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender’s portion of the
outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and
(ii) except in the case of any Incremental Term Loans, the Borrowers shall be deemed to have repaid and reborrowed all
outstanding Revolving Loans as of the date of any increase in the Revolving Commitments (with such reborrowing to consist of the
Types of Revolving Loans, with related Interest Periods if applicable, specified in a notice delivered by the applicable Borrower,
or the Company on behalf of the applicable Borrower, in accordance with the requirements of Section 2.03). The deemed payments
made pursuant to clause (ii) of the immediately preceding sentence shall be accompanied by payment of all accrued interest

 

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on the amount prepaid and, in respect of
each Term Benchmark Loan and RFR Loan, unless waived by any applicable Lender in its reasonable discretion, shall be subject to
indemnification by the Borrowers pursuant to the provisions of Section 2.16 if the deemed payment occurs other than on the last
day of the related Interest Periods. The Incremental Term Loans (a) shall rank pari passu in right of payment (and if
applicable, security) with the Loans under the existing Revolving Facility and any Term Loan Facility, (b) shall not mature
earlier than the latest Maturity Date in effect on the date of incurrence of such Incremental Term Loans (but may have amortization
prior to such date), (c) may participate on a pro rata basis or a less than pro rata basis (but not a greater than pro rata basis)
than any Term Loans in any mandatory prepayment hereunder and (d) shall constitute a separate Class and shall be treated
substantially the same as (and in any event no more favorably than) the Loans under the existing Revolving Facility and any Term
Loan Facility; provided that (i) the terms and conditions applicable to any tranche of Incremental Term Loans maturing
after the latest Maturity Date in effect on the date of incurrence of such Incremental Term Loans may provide for material
additional or different financial or other covenants or prepayment requirements applicable only during periods after the latest
Maturity Date in effect on the date of incurrence of such Incremental Term Loans and (ii) the Incremental Term Loans may be
priced differently than the Loans under the existing Revolving Facility and any Term Loan Facility. Incremental Term Loans may be
made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this Agreement
and, as appropriate, the other Loan Documents, executed by the Borrowers, each Increasing Lender participating in such tranche, each
Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental Term Loan Amendment may,
without the consent of any other Lenders, effect such amendments to this Agreement and the other Loan Documents as may be necessary
or appropriate, in the reasonable opinion of the Administrative Agent, to effect the provisions of this Section 2.20
(including, without limitation, to provide that Section 2.26 may apply to such Incremental Term Loans). Nothing contained in this
Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment
hereunder, or provide Incremental Term Loans, at any time.

 

Section
2.21. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due
from any Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into another
currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be
that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency with such
other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which final,
non-appealable judgment is given. The obligations of each Borrower in respect of any sum due to any Lender or the Administrative
Agent hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged only to the
extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be) of any sum
adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance with
normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the
specified currency, each Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and
notwithstanding any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and
if the amount of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative
Agent, as the case may be, in the specified currency and (b) any amounts shared with other Lenders as a result of allocations
of such excess as a disproportionate payment to such Lender under Section 2.18, such Lender or the Administrative Agent, as the
case may be, agrees to remit such excess to such Borrower.

 

Section
2.22. Designation of Foreign Subsidiary Borrowers. On the Effective Date, and subject to the satisfaction of the
applicable conditions in Article IV hereto, each Initial Foreign

 

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Subsidiary Borrower shall
deliver an executed signature page to this Agreement, whereupon it shall continue as a Foreign Subsidiary Borrower party to this
Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination with
respect to any such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this
Agreement. After the Effective Date, the Company may at any time and from time to time designate any Eligible Foreign Subsidiary as
a Foreign Subsidiary Borrower by delivery to the Administrative Agent of a Borrowing Subsidiary Agreement executed by such
Subsidiary and the Company and the satisfaction of the other conditions precedent set forth in Section 4.03, and upon such
delivery and satisfaction such Subsidiary shall for all purposes of this Agreement be a Foreign Subsidiary Borrower and a party to
this Agreement until the Company shall have executed and delivered to the Administrative Agent a Borrowing Subsidiary Termination
with respect to such Subsidiary, whereupon such Subsidiary shall cease to be a Foreign Subsidiary Borrower and a party to this
Agreement. Notwithstanding the preceding sentence, no Borrowing Subsidiary Termination will become effective as to any Foreign
Subsidiary Borrower at a time when any principal of or interest on any Loan to such Borrower shall be outstanding hereunder; provided
that such Borrowing Subsidiary Termination shall be effective to terminate the right of such Foreign Subsidiary Borrower to make
further Borrowings under this Agreement. As soon as practicable upon receipt of a Borrowing Subsidiary Agreement, the Administrative
Agent shall furnish a copy thereof to each Lender.

 

Section
2.23. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a
Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

 

(a)                The
Commitment Fee shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.12(a);

 

(b)                the
Commitment and/or Revolving Credit Exposure and/or Term Loans of such Defaulting Lender shall not be included in determining whether
the Required Lenders or the applicable Majority Facility Lenders have taken or may take any action hereunder (including any consent to
any amendment, waiver or other modification pursuant to Section 9.02); provided that, except as otherwise provided in Section
9.02, this clause (b) shall not apply to the vote of a Defaulting Lender in the case of an amendment, waiver or other modification
requiring the consent of such Lender or each Lender directly affected thereby;

 

(c)                if any Swingline Exposure or LC Exposure exists at the time a Revolving Lender becomes a Defaulting Lender then:

 

(i)                all
or any part of the Swingline Exposure and LC Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders
with Revolving Commitments in accordance with their respective Applicable Percentages but only to the extent that (x) the sum of all
non-Defaulting Lenders’ Revolving Credit Exposures plus such Defaulting Lender’s Swingline Exposure and LC Exposure does
not exceed the total of all non-Defaulting Lenders’ Revolving Commitments and (y) the sum of each non-Defaulting Lender’s
Revolving Credit Exposure plus the amount of such Defaulting Lender’s Swingline Exposure and LC Exposure reallocated to such non-Defaulting
Lender does not exceed such non-Defaulting Lender’s Revolving Commitment;

 

(ii)               if the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrowers shall within
three (3) Business Days following notice by the Administrative Agent (x) first, prepay such Swingline Exposure and (y) second,

 

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cash
collateralize for the benefit of the Issuing Banks only, the Borrowers’ obligations corresponding to such Defaulting
Lender’s LC Exposure (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with
the procedures set forth in Section 2.06(j) for so long as such LC Exposure is outstanding;

 

(iii)              if the Borrowers cash collateralize any portion of such Defaulting Lender’s LC Exposure pursuant to clause (ii)
above, the Borrowers shall not be required to pay any fees to such Defaulting Lender pursuant to Section 2.12(b) with respect to
such Defaulting Lender’s LC Exposure during the period such Defaulting Lender’s LC Exposure is cash collateralized;

 

(iv)             if
the LC Exposure of the non-Defaulting Lenders is reallocated pursuant to clause (i) above, then the fees payable to the Revolving
Lenders pursuant to Section 2.12(a) and Section 2.12(b) shall be adjusted in accordance with such non-Defaulting Lenders’
Applicable Percentages; and

 

(v)              if
all or any portion of such Defaulting Lender’s LC Exposure is neither reallocated nor cash collateralized pursuant to clause (i)
or (ii) above, then, without prejudice to any rights or remedies of the relevant Issuing Bank or any other Lender hereunder, all
letter of credit fees payable under Section 2.12(b) with respect to such Defaulting Lender’s LC Exposure shall be payable
to such Issuing Bank until and to the extent that such LC Exposure is reallocated and/or cash collateralized; and

 

(d)                so
long as such Revolving Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the relevant
Issuing Bank shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure
and the Defaulting Lender’s then outstanding LC Exposure will be 100% covered by the Revolving Commitments of the non-Defaulting
Lenders and/or cash collateral will be provided by the Borrowers in accordance with Section 2.23(c), and participating interests
in any such newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders
with Revolving Commitments in a manner consistent with Section 2.23(c)(i) (and such Defaulting Lender shall not participate therein).

 

If (i) a Bankruptcy Event
with respect to a Parent of any Revolving Lender shall occur following the date hereof and for so long as such event shall continue or
(ii) the Swingline Lender or any Issuing Bank has a good faith belief that any Revolving Lender has defaulted in fulfilling its funding
obligations under one or more other agreements in which such Revolving Lender commits to extend credit, the Swingline Lender shall not
be required to fund any Swingline Loan and no Issuing Bank shall be required to issue, amend or increase any Letter of Credit, unless
the Swingline Lender or such Issuing Bank, as the case may be, shall have entered into arrangements with the Company or such Revolving
Lender, reasonably satisfactory to the Swingline Lender or such Issuing Bank, as the case may be, to defease any risk to it in respect
of such Revolving Lender hereunder.

 

In the event that the Administrative
Agent, the Company, the Swingline Lender and each Issuing Bank each agrees that a Defaulting Lender with a Revolving Commitment has adequately
remedied all matters that caused such Revolving Lender to be a Defaulting Lender, then the Swingline Exposure and LC Exposure of the Revolving
Lenders shall be readjusted to reflect the inclusion of such Revolving Lender’s Revolving Commitment and on such date such Revolving
Lender shall purchase at par such of the Revolving Loans of the other Revolving Lenders (other than Swingline Loans) as the Administrative
Agent shall determine may be necessary in order for such Revolving Lender to hold such Loans in accordance with its Applicable Percentage.

 

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Section
2.24. Financial Assistance.

 

(a)                If
and to the extent that a payment in fulfilling a liability of any Swiss Loan Party under this Agreement other than such Swiss Loan Party’s
own liabilities or liabilities of one of its wholly owned subsidiaries would, at the time payment is due, under Swiss law and practice
(inter alia, prohibiting capital repayments or restricting profit distributions) not be permitted (such obligations, “Restricted
Obligations”), then such obligations and payment amount shall from time to time be limited to the amount permitted to be paid;
provided that such limited amount shall at no time be less than such Swiss Loan Party’s profits and reserves available for
distribution as dividends (being the balance sheet profits and any reserves available for this purpose, in each case in accordance with
Article 798 of the Swiss Federal Code of Obligations) at the time or times the relevant payment is requested from such Swiss Loan Party;
and provided further that such limitation (as may apply from time to time or not) shall not (generally or definitively) free such
Swiss Loan Party from payment obligations hereunder in excess thereof, but merely postpone the payment date therefor until such times
as payment is again permitted notwithstanding such limitation. Any and all indemnities and guarantees contained in the Loan Documents
including, in particular, Section 2.17(d) shall be construed in a manner consistent with the provisions herein contained.

 

(b)                In
respect of Restricted Obligations, each Swiss Loan Party shall:

 

(i)                 if
and to the extent required by applicable law in force at the relevant time:

 

(A)             use
its best efforts to procure that the fulfilment of such obligation or the application of such enforcement proceeds can be made without
deduction of Swiss Withholding Tax by discharging the liability of such tax by notification pursuant to applicable law rather than payment
of the tax;

 

(B)              if
the notification procedure pursuant to sub-paragraph (A) above does not apply, deduct the Swiss Withholding Tax at such rate (i) as in
force from time to time or (ii) as provided by any applicable double tax treaties, from the respective amount to be paid and promptly
pay any such Swiss Withholding Tax deducted to the Swiss Federal Tax Administration;;

 

(C)              and

 

(D)             notify
(or ensure that the Company notifies) the Administrative Agent that such a deduction has been made and provide the Administrative Agent
with evidence that such a deduction has been paid to the Swiss Federal Tax Administration, all in accordance with Section 2.17(a); and

 

(ii)               to
the extent such a deduction is made, not be obliged to either gross-up in accordance with Section 2.17(a) or indemnify the secured parties
in accordance with Section 2.17(d) in relation to any such payment made by it in respect of Restricted Obligations unless grossing-up
is permitted under the laws of Switzerland then in force.

 

(c)                If
and to the extent requested by the Administrative Agent and if and to the extent this is from time to time required under Swiss law
(restricting profit distributions), in order to allow the Administrative Agent (or the other secured parties) to obtain a maximum
benefit from the relevant Swiss Loan Party’s liabilities under this Agreement, each Swiss Loan Party

 

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undertakes to promptly
implement all such measures and/or to promptly obtain the fulfillment of all prerequisites allowing it to promptly make the
requested payment(s) hereunder from time to time, including the following:

 

(i)                preparation of an up-to-date audited balance sheet of such Swiss Loan Party;

 

(ii)              confirmation
of the auditors of such Swiss Loan Party that the relevant amount represents the maximum freely distributable profits;

 

(iii)              approval
by a quotaholders’ meeting of such Swiss Loan Party of the resulting profit distribution; and

 

(iv)             all
such other measures legally permitted at such time to allow such Swiss Loan Party to make the payments agreed hereunder with a minimum
of limitations to the extent such measures have been specifically and reasonably requested by the Administrative Agent and provided that
such measures would not have materially adverse tax consequences for such Swiss Loan Party or any of its Affiliates.

 

(d)                Notwithstanding
any other provision under this Agreement and any Loan Documents, in order to comply with the provisions of Italian law in relation to
financial assistance (including, without limitation, articles 2358 and/or 2474, as applicable, of the Italian Civil Code), any guarantee
by any Loan Party incorporated in Italy under this Agreement and/or the Loan Documents shall not guarantee the payment of any liability
to the extent that such liability (i) was incurred or utilized for the purposes of financing or refinancing (directly or indirectly)
the acquisition, acquisition costs, subscription or increase (direct or indirect) of the corporate capital of such Italian Loan Party
and/or of any entity directly or indirectly controlling such Italian Loan Party; (ii) was incurred by any Loan Party under any guarantee
given by such Loan Party under this Agreement and/or any Loan Document in respect of the obligations referred to in paragraph (i) above;
and/or (iii) is otherwise in breach of the applicable provisions of Italian law (including, without limitation, articles 2358 and/or
2474, as applicable, of the Italian Civil Code).

 

Section
2.25. Interest Act (Canada).

 

(a)            For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder
or in connection herewith by any Canadian Borrower or any Guarantor incorporated or otherwise organized under the laws of Canada or any
province or territory thereof is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the
rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which
the same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest under this Agreement are nominal rates,
and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this
Agreement.

 

(b)           If
any provision of this Agreement would oblige any Canadian Borrower or any Guarantor incorporated or otherwise organized under the laws
of Canada or any province or territory thereof to make any payment of interest or other amount payable to any Lender in an amount or
calculated at a rate which would be prohibited by law or would result in a receipt by such Lender of “interest” at a “criminal
rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate
shall be deemed to have been adjusted with

 

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retroactive effect to the maximum
amount or rate of interest, as the case may be, as would not be so prohibited by applicable law or so result in a receipt by such
Lender of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only
to the extent necessary), as follows:

 

(i)               first,
by reducing the amount or rate of interest; and

 

(ii)               thereafter,
by reducing any fees, commissions, costs, expenses, premiums and other amounts required to be paid which would constitute interest for
purposes of section 347 of the Criminal Code (Canada).

 

(c)          If, notwithstanding the provisions of Section 2.25(b) and after giving effect to all adjustments contemplated thereby, a Lender
shall have received an amount in excess of the maximum permitted by Section 2.25(b), then such excess shall be applied by such Lender
in reduction of the principal balance of Loans owing to it.

 

Section
2.26. Extension of Maturity Date.

 

(a)                Extension
of Maturity Date.

 

(i)                Requests
for Extension. The Company may, by notice to the Administrative Agent (who shall promptly notify the applicable Class of Lenders)
not earlier than 60 days and not later than 30 days prior to each anniversary of the Effective Date (each such date, an “Extension
Date”), request that each Lender extend such Lender’s Maturity Date then in effect (the “Applicable Maturity
Date”), to the date that is one year after the Applicable Maturity Date then in effect for such Lender (the “Existing
Maturity Date”). Such notice may include a condition that no extension will become effective unless Lenders representing a
minimum aggregate principal amount of Loans of a given Class consent to such extension. For the avoidance of doubt, the Company may request
extensions of any Class without requesting an extension of any other Class.

 

(ii)               Lender
Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative Agent given
not later than the date that is 15 days after the date on which the Administrative Agent received the Company’s extension request
(the “Lender Notice Date”), advise the Administrative Agent whether or not such Lender agrees to such extension (each
applicable Lender that determines to so extend its Applicable Maturity Date, an “Extending Lender”). Each Lender that
determines not to so extend its Applicable Maturity Date (a “Non-Extending Lender”), shall notify the Administrative
Agent of such fact promptly after such determination (but in any event no later than the Lender Notice Date), and any Lender that does
not so advise the Administrative Agent on or before the Lender Notice Date shall be deemed to be a Non-Extending Lender. The election
of any Lender to agree to such extension shall not obligate any other Lender to so agree, and it is understood and agreed that no Lender
shall have any obligation whatsoever to agree to any request made by the Company for extension of the Applicable Maturity Date.

 

(iii)             Notification
by Administrative Agent. The Administrative Agent shall notify the Company of each applicable Lender’s determination under
this Section no later than the date that is 15 days prior to the applicable Extension Date (or, if such date is not a Business Day, on
the next preceding Business Day).

 

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(iv)             Additional
Commitment Lenders. The Company shall have the right, but shall not be obligated, on or before the Applicable Maturity Date for any
Non-Extending Lender to replace such Non-Extending Lender with, and add as a “Lender” under this Agreement in place thereof,
one or more banks, financial institutions or other entities (each, an “Additional Commitment Lender”) approved by
the Administrative Agent (and if a Revolving Commitment is being assigned, each Issuing Bank and the Swingline Lender), in accordance
with the procedures provided in Section 2.19(b), each of which applicable Additional Commitment Lenders shall have entered into an Assignment
and Assumption (in accordance with and subject to the restrictions contained in Section 9.04, with the Company or replacement Lender
obligated to pay any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such Additional Commitment
Lenders shall, effective on or before the Applicable Maturity Date for such Non-Extending Lender, with respect to the Revolving Facility,
assume a Revolving Commitment (and, if any such Additional Commitment Lender is already a Lender, its Revolving Commitment shall be in
addition to such Lender’s Revolving Commitment hereunder on such date). Prior to any Non-Extending Lender being replaced by one
or more Additional Commitment Lenders pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving irrevocable
notice thereof to the Administrative Agent and the Company (which notice shall set forth such Lender’s new Applicable Maturity
Date), to become an Extending Lender.

 

(v)              Conditions
to Effectiveness of Extension. Notwithstanding the foregoing, (x) no more than two (2) extensions of the Maturity Date shall be permitted
hereunder and (y) any extension of the Maturity Date pursuant to this Section 2.26(a) shall not be effective with respect to any Extending
Lender unless:

 

(A)             no Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after
giving effect thereto;

 

(B)              the
representations and warranties of the Borrowers set forth in this Agreement are true and correct in all material respects (or in all
respects if any such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and
as of the applicable Extension Date and after giving effect thereto, as though made on and as of such date (or, if any such representation
or warranty is expressly stated to have been made as of a specific date, as of such specific date); and

 

(C)             the
Administrative Agent shall have received a certificate from the Company signed by a Financial Officer of the Company (I) certifying the
accuracy of the foregoing clauses (A) and (B) and (II) certifying and attaching the resolutions, if any are otherwise required, adopted
by each Borrower approving or consenting to such extension.

 

(vi)             Maturity
Date for Non-Extending Lenders. On each Existing Maturity Date applicable to such Lender, (i) to the extent of the applicable Commitments
and applicable Loans of each Non-Extending Lender not assigned to the Additional Commitment Lenders, the applicable Commitment of each
Non-Extending Lender shall automatically terminate and (ii) the Borrowers shall repay such Non-Extending Lender in accordance with Section
2.10 (and shall pay to such Non-Extending Lender all of the other Obligations owing to it under this Agreement in respect of the applicable
Facility)

 

    	 	94	 

     

    

and after giving effect thereto shall prepay any
applicable Loans outstanding on such date (and pay any additional amounts required pursuant to Section 2.16) to the extent necessary to
keep outstanding Loans of the applicable Class ratable with any revised Applicable Percentage of the applicable Class of Lenders effective
as of such date, and the Administrative Agent shall administer any necessary reallocation of the applicable Class of Loans and/or Commitments
(without regard to any minimum borrowing, pro rata borrowing and/or pro rata payment requirements contained elsewhere in this Agreement).

 

(vii)           Conflicting Provisions; Amendments. This Section shall supersede any provisions in Section 2.18 or Section 9.02 to
the contrary and the Administrative Agent may effect such amendments to this Agreement as are reasonably necessary to provide for any
extensions pursuant to this Section 2.26(a) with the consent of the Company but without the consent of any other Lenders.

 

Section
2.27. Refinancing Facilities.

 

(a)               Notwithstanding
anything to the contrary in this Agreement, the Company may by written notice to the Administrative Agent establish one or more additional
revolving facilities under this Agreement (such loans, “Replacement Revolving Facilities”), providing for revolving
commitments (“Replacement Revolving Credit Commitments”), which replace the Revolving Commitments under this Agreement.
Each such notice shall specify the date (each, a “Replacement Revolving Credit Facility Effective Date”) on which
the Company proposes that the Replacement Revolving Credit Commitments shall become effective, which shall be a date not less than five
(5) Business Days after the date on which such notice is delivered to the Administrative Agent (or such shorter period agreed to by the
Administrative Agent in its reasonable discretion); provided that

 

(i)               no
Default or Event of Default shall have occurred and be continuing on the applicable Extension Date and immediately after giving effect
thereto;

 

(ii)               the
representations and warranties of the Borrowers set forth in this Agreement are true and correct in all material respects (or in all
respects if any such representation or warranty is qualified by “material” or “Material Adverse Effect”) on and
as of the applicable Replacement Revolving Credit Facility Effective Date and after giving effect thereto, as though made on and as of
such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific
date);

 

(iii)             the
final maturity date of the Replacement Revolving Facilities shall be no earlier than the maturity date of the replaced Revolving Facility,
and shall not require commitment reductions or amortizations;

 

(iv)             the
aggregate principal amount of the Replacement Revolving Facility shall not exceed the aggregate amount of the replaced Revolving Commitments
plus amounts used to pay fees, premiums, costs and expenses (including original issue discount) and accrued interest associated therewith
and other fees, costs and expenses relating thereto; and

 

(v)              the
Replacement Revolving Facility (a) shall rank pari passu in right of payment (and if applicable, security) with the
replaced Revolving Facility, (b) shall not mature earlier than the latest Maturity Date in effect on the date of incurrence of
such

 

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replaced Revolving Facility and (c) shall be treated substantially the same as (and in any event no more favorably than)
the replaced Revolving Facility; provided that (i) the terms and conditions applicable to any Replacement Revolving
Facility maturing after the latest Maturity Date in effect on the date of incurrence of such Replacement Revolving Facility may
provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods
after the latest Maturity Date in effect on the date of incurrence of such Replacement Revolving Facility and (ii) the
Replacement Revolving Facility may be priced differently than the replaced Revolving Facility.

 

(b)               The
Company may approach any Lender or one or more banks, financial institutions or other entities approved by the Administrative Agent (and
with respect to a Replacement Revolving Facility, each Issuing Bank and the Swingline Lender ) in accordance with the procedures provided
in Section 2.19(b), to provide all or a portion of the Replacement Revolving Facility; provided that any Lender offered or approached
to provide all or a portion of the Replacement Revolving Facility may elect or decline, in its sole discretion, to provide a Replacement
Revolving Facility. Any Replacement Revolving Facility shall be designated an additional Class of Revolving Loans for all purposes of
this Agreement.

 

(c)                The Borrowers and each Lender providing the applicable Replacement Revolving Credit Commitments shall execute and deliver to the
Administrative Agent an amendment to this Agreement (a “Refinancing Amendment”) and such other documentation as the
Administrative Agent shall reasonably specify to evidence such Replacement Revolving Credit Commitments (as applicable). For purposes
of this Agreement and the other Loan Documents, if a Lender is providing a Replacement Revolving Credit Commitment, such Lender will be
deemed to have a Revolving Commitment having the terms of such Replacement Revolving Credit Commitment. All Replacement Revolving Credit
Commitments and all obligations in respect thereof shall be Obligations under this Agreement and the other Loan Documents that rank equally
and ratably in right of payment (and, if applicable, security) with the Loans and other Obligations. The Administrative Agent may effect
such amendments to this Agreement as are reasonably necessary to provide for any extensions pursuant to this Section 2.27 with the consent
of the Company but without the consent of any other Lenders.

 

Section
2.28. Sustainability Targets.

 

(a)                The
parties hereto acknowledge that the Sustainability Targets have not been determined and agreed as of the date of this Agreement and that
Schedule 2.28 therefore has been intentionally left blank. Capri Holdings may submit in a request in writing to the Administrative Agent
that this Agreement be amended to include the Sustainability Targets and other related provisions (including without limitation those
provisions described in this Section 2.28), to be mutually agreed among the parties hereto in accordance with this Section
2.28 and Section 9.02 (such amendment, the “ESG Amendment”). Such request shall be accompanied by the proposed
Sustainability Targets as prepared by Capri Holdings in consultation with the Sustainability Structuring Agent and shall be devised with
assistance from the Sustainability Assurance Provider (defined below), and shall be included as Schedule 2.28 (the “Sustainability
Table”). The proposed ESG Amendment shall also include the ESG Pricing Provisions (defined below) and identify a sustainability
assurance provider, provided that any such sustainability assurance provider shall be a qualified external reviewer, independent of Capri
Holdings and its Subsidiaries, with relevant expertise, such as an auditor, environmental consultant, independent ratings agency and/or
industry professional qualified in relation to one or more of the

 

    	 	96	 

     

    

 

Sustainability Targets, in each case, of recognized national standing
(the “Sustainability Assurance Provider”).

 

(b)               The
Administrative Agent, the Lenders and the Borrowers shall in good faith enter into discussions to reach an agreement in respect of the
proposed Sustainability Targets and Sustainability Assurance Provider, and any proposed incentives and penalties for compliance and non-compliance,
respectively, with the Sustainability Targets, certain adjustments (an increase, decrease or no adjustment) to the Applicable Rate (including
the Commitment Fee Rate therein) (such provisions, collectively, the “ESG Pricing Provisions”) may be made; provided
that the amount of any such adjustment made pursuant to an ESG Amendment shall not result in a decrease or an increase of more than
(a) 0.01% in the Commitment Fee Rate set forth in the definition of “Applicable Rate” and/or (b) 0.05% in the Spread for
Term Benchmark Loans, the Spread for ABR Loans, the Spread for RFR Loans, and the Commercial Letter of Credit Rate set forth in the definition
of “Applicable Rate”, which pricing adjustments shall be applied in accordance with the terms as further described in the
ESG Pricing Provisions; provided that (i) in no event shall any of the Spread for Term Benchmark Loans, the Spread for ABR Loans,
the Spread for RFR Loans, the Commercial Letter of Credit Rate or the Commitment Fee Rate be less than 0% at any time and (ii) for the
avoidance of doubt, such pricing adjustments shall not be cumulative year-over-year, and each applicable adjustment shall only apply
until the date on which the next adjustment is due to take place. The ESG Amendment shall become effective once the Borrowers, the Administrative
Agent and the Required Lenders have executed the ESG Amendment. The Borrowers agree and confirm that the ESG Pricing Provisions shall
follow the Sustainability Linked Loan Principles, as published in May 2021, and as updated, revised supplemented or amended from time
to time by the Loan Market Association, Asia Pacific Loan Market Association and the Loan Syndications & Trading Association (the
“SLL Principles”).

 

(c)                Following
the effectiveness of the ESG Amendment, any amendment or other modification to the ESG Pricing Provisions which does not have the effect
of reducing the Spread for Term Benchmark Loans, the Spread for ABR Loans, the Spread for RFR Loans, the Commitment Fee Rate or the Commercial
Letter of Credit Rate to a level not otherwise permitted by this Section 2.28 shall be subject only to the consent of the Required
Lenders.

 

Article
III

Representations and Warranties

 

Each Loan Party represents and
warrants on the Effective Date and on the date of the making of any Loans (it being understood that the conditions to the Effective Date
are solely those set out in Section 4.01) to the Lenders that:

 

Section
3.01. Organization; Powers; Subsidiaries. Each Loan Party is (a) duly organized or incorporated, validly existing and
in good standing (to the extent such concept is applicable in the relevant jurisdiction) under the laws of the jurisdiction of its
organization, (b) has all requisite power and authority to carry on its business as now conducted and (c) , is qualified to do
business in, and is in good standing (to the extent such concept is applicable) in, every jurisdiction where such qualification is
required, except, in each case referred to in clause (a) (other than with respect to any Borrower), (b) or (c), to the
extent that failure to do so, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.
Schedule 3.01 identifies each Subsidiary as of the Effective Date, noting whether such Subsidiary is a Material Subsidiary, the
jurisdiction of its incorporation or organization, as the case may be, the percentage of issued and outstanding shares of each class
of its capital stock or other equity interests owned by such Loan Party and the other Subsidiaries.

 

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Section
3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers and
have been duly authorized by all necessary organizational actions and, if required, actions by equity holders. Each Loan Document
has been duly executed and delivered by each Loan Party which is a party thereto and constitutes a legal, valid and binding
obligation of such Loan Party, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency,
reorganization, liquidation, reconstruction, moratorium or other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding in equity or at law and except to the extent that
availability of the remedy of specific performance or injunctive relief is subject to the discretion of the court before which any
proceeding therefor may be brought.

 

Section
3.03. Governmental 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, except such as have been obtained or made and are
in full force and effect, (b) will not violate any applicable law or regulation or the charter, by-laws or other organizational
documents of such Loan Party or any of its Subsidiaries or any applicable order of any Governmental Authority, (c) will not violate
or result in a default under any indenture or any material agreement or other material instrument binding upon such Loan Party or
any of its Subsidiaries or its assets, or give rise to a right thereunder to require any payment to be made by such Loan Party or
any of its Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any asset of such Loan Party or any of
its Subsidiaries that, in the case of clauses (c) and (d), individually or in the aggregate, would reasonably be expected to result
in a Material Adverse Effect.

 

Section
3.04. Financial Condition; No Material Adverse Change. (a) Capri Holdings has heretofore furnished to the Lenders its
consolidated balance sheet and statements of operations and comprehensive income, stockholders equity and cash flows as of and for
the fiscal year ended April 2, 2022, reported on by Ernst & Young LLP, independent public accountants, certified by its chief
financial officer. Such financial statements present fairly, in all material respects, the financial position and results of
operations and cash flows of the Company and its consolidated 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 statements referred to in clause (ii)
above.

 

(b)                As
of the Effective Date, since April 2, 2022, there has been no material adverse change in the business, operations, property or financial
condition of Capri Holdings and its Subsidiaries, taken as a whole.

 

Section
3.05. Properties. (a) Each Loan Party and its Subsidiaries has good title to, or valid leasehold interests in, all its
real and personal property material to the operation of its business, except for minor defects in title that do not interfere with
its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes or such other
defects as, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

(b)                Each
Loan Party and its Subsidiaries owns, or is licensed to use, all Intellectual Property material to its business, and the use thereof
by such Loan Party and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that,
individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect.

 

Section
3.06. Litigation. Except as set forth on Schedule 3.06, there are no actions, suits, proceedings or investigations by
or before any arbitrator or Governmental Authority pending against or, to the knowledge of any Loan Party, threatened against or
affecting Capri Holdings or any of

 

    	 	98	 

     

    

 

its Subsidiaries (i) which would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect or (ii) that involve this Agreement or the Transactions.

 

Section
3.07. Investment Company Status. Neither any Loan Party nor any of its Subsidiaries is an “investment
company” as defined in, or subject to regulation under, the Investment Company Act of 1940.

 

Section
3.08. Taxes. Each Loan Party and its Subsidiaries has timely filed or caused to be filed (or has obtained effective
extensions for filing) all federal and other material Tax returns and reports required to have been filed and has paid or caused to
be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate
proceedings and for which such Loan Party or such Subsidiary, as applicable, has set aside on its books adequate reserves to the
extent required by GAAP or (b) to the extent that the failure to do so would not reasonably be expected to result in a Material
Adverse Effect.

 

Section
3.09. ERISA. Except as would not reasonably be expected to result in a Material Adverse Effect, (i) each Plan is in
compliance with such Plan’s terms and the applicable provisions of ERISA and the Code and the regulations and published
interpretations thereunder, and (ii) each Foreign Plan is in compliance with applicable non-United States law and regulations
thereunder, and (b) no ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such
ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse
Effect.

 

Section
3.10. Disclosure. All of the written reports, financial statements and certificates furnished by or on behalf of any
Loan Party to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or hereafter delivered
hereunder or reports filed pursuant to the Securities Exchange Act of 1934, as amended (other than projections, budgets, other
estimates and information of a general economic or industry specific nature) (in each case, as modified or supplemented by other
information so furnished prior to the date on which this representation and warranty is made or deemed made), as of the date of such
reports, financial statements or certificates, and when taken as a whole, do not contain any material misstatement of fact or omit
to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not materially misleading; provided that, with respect to projected financial information, the Loan Parties represent only
that such information was prepared in good faith based upon assumptions believed to be reasonable at the time prepared.

 

Section
3.11. Federal Reserve Regulations. No part of the proceeds of any Loan have been used or will be used, whether
directly or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U
and X.

 

Section
3.12. No Default. No Default or Event of Default has occurred and is continuing.

 

Section
3.13. Anti-Corruption Laws and Sanctions.

 

(a)               Capri
Holdings has implemented and maintains in effect policies and procedures designed to ensure compliance by Capri Holdings, its Subsidiaries
and their respective directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanctions, and Capri
Holdings, its Subsidiaries and their respective officers and employees and to the knowledge of Capri Holdings its directors and agents,
are in compliance with applicable Anti-Corruption Laws and applicable Sanctions in all material respects and, in the case of Capri

 

    	 	99	 

     

    

 

Holdings and any Foreign Subsidiary Borrower, is not knowingly and directly engaged in any activity that
could reasonably be expected to result in such Borrower being designated as a Sanctioned Person, in each case, other than to the
extent this Section 3.13(a) would result in a violation of Council Regulation (EC) No 2271/96, as amended (or any implementing law
or regulation in any member state of the European Union or the United Kingdom). None of (a) Capri Holdings, any Subsidiary or to the
knowledge of Capri Holdings or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of
Capri Holdings, any agent of Capri Holdings or any Material Subsidiary that will act in any capacity in connection with or benefit
from the credit facility established hereby, is a Sanctioned Person.

 

(b)               No
Borrower will (x) directly transfer to a Person or (y) directly authorize any receiving agent or another Person acting on its behalf
to use, in each case, the proceeds of the Loans or Letters of Credit in a manner that would violate the UK Bribery Act of 2010, the United
States Foreign Corrupt Practices Act of 1977 or other applicable Anti-Corruption Laws or applicable Sanctions other than to the extent
this Section 3.13(b) would result in a violation of Council Regulation (EC) No 2271/96, as amended (or any implementing law or regulation
in any member state of the European Union or the United Kingdom).

 

Section
3.14. Compliance with the Swiss Twenty Non-Bank Rule. Each Swiss Borrower is compliant with the Swiss Twenty Non-Bank
Rule; provided however that no Swiss Borrower shall be in breach of this Section 3.14 if such number of creditors (which are not
Swiss Qualifying Banks) is exceeded solely by reason of (a) a breach by one or more Lenders of a confirmation contained in Section
2.17(j), (b) a failure by one or more Lenders to comply with their obligations and transfer restrictions in Section 9.04, (c) a
Lender ceasing to be a Swiss Qualifying Bank or to qualify as a single person only for purposes of the Swiss Non-Bank Rules (other
than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation, administration,
or application of) any law, treaty or any published practice of any relevant taxing authority) or (d) transfers to, or other
transactions with, Persons not qualifying as Swiss Qualifying Banks after the occurrence of an Event of Default.

 

Section
3.15. Fiscal Unity for Dutch Tax Purposes. A fiscal unity (fiscale eenheid) for Dutch tax purposes in which a
Dutch Borrower is a party, if any, consists of Loan Parties only.

 

Article
IV

Conditions

 

Section
4.01. Effective Date. The effectiveness of this Agreement shall not occur and, with respect to the Revolving Facility,
the reallocation and other transactions described in Section 1.07 and the obligations of the Revolving Lenders to make Revolving
Loans and of the Issuing Banks to issue Letters of Credit hereunder, shall not become effective until the date on which each of the
following conditions is satisfied (or waived in accordance with Section 9.02):

 

(a)               The
Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement
signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy
or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and
(ii) duly executed copies of the other Loan Documents and such other legal opinions, certificates, documents, instruments and agreements
as the Administrative Agent shall reasonably request prior to the date of this Agreement in connection with the Transactions, all in
form and substance reasonably satisfactory to the Administrative

 

    	 	100	 

     

    

Agent and its counsel and as further described
in the list of closing documents attached as Exhibit E.

 

(b)               The
Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated
the Effective Date) of (i) Paul, Weiss, Rifkind, Wharton & Garrison LLP, (ii) Harneys, special British Virgin Islands counsel to
the Loan Parties, (iii) Baker & McKenzie LLP, special English, Italian and Swiss counsel to the Loan Parties, (iv) Baker & McKenzie
Amsterdam N.V., special Dutch counsel to the Loan Parties and (v) Stewart McKelvey, special Nova Scotia counsel to the Loan Parties,
each in form and substance reasonably satisfactory to the Administrative Agent and its counsel and covering such matters relating to
the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request prior to the date of this
Agreement. The Loan Parties hereby request such counsel to deliver such opinions.

 

(c)               The
Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably request
prior to the date of this Agreement relating to the organization, existence and good standing of the Loan Parties, the authorization
of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents or the Transactions, all in form and
substance reasonably satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents
attached as Exhibit E.

 

(d)               The
Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice President or a Financial
Officer of Capri Holdings, confirming that (i) the representations and warranties of the Borrowers set forth in this Agreement shall
be true and correct in all material respects (or in all respects if any such representation or warranty is qualified by “material”
or “Material Adverse Effect”), on and as of such date; provided that any such representation or warranty that by its
express terms is made as of a specific date shall have been true and correct in all material respects (or in all respects if such representation
or warranty is qualified by “material” or “Material Adverse Effect”) as of such specific date and (ii) no Default
or Event of Default shall have occurred and be continuing on such date.

 

(e)                The
Lenders shall have received (i) audited consolidated financial statements of Capri Holdings for the two most recent fiscal years ended
prior to the Effective Date as to which such financial statements are available, (ii) unaudited interim consolidated financial statements
of Capri Holdings for each quarterly period ended subsequent to the date of the latest financial statements delivered pursuant to clause
(i) of this paragraph as to which such financial statements are available and (iii) financial statement projections through and including
Capri Holdings’ 2025 fiscal year.

 

(f)                (i) The Administrative Agent shall have received, at least three (3) Business Days prior to the Effective Date, so long as requested
no less than ten (10) Business Days prior to the Effective Date, all documentation and other written information requested by each Lender
required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations,
including the Patriot Act, in each case relating to the Loan Parties and (ii) to the extent that any Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the Effective Date, any Lender that
has requested, in a written notice to such Borrower or Capri Holdings at least 10 days prior to the Effective Date, a Beneficial Ownership
Certification in relation to such Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution
and delivery

 

    	 	101	 

     

    

by such Lender of its signature page to this Agreement,
the condition set forth in this clause (ii) shall be deemed to be satisfied).

 

(g)               The
Administrative Agent shall have received all fees payable on or prior to the Effective Date and, to the extent invoiced at least one
(1) Business Day prior to the Effective Date, all other amounts due and payable pursuant to the Loan Documents on or prior to the Effective
Date, including, to the extent invoiced, reimbursement or payment of all reasonable out-of-pocket expenses required to be reimbursed
or paid by the Loan Parties hereunder or under any Loan Document.

 

(h)               The
Administrative Agent shall have received satisfactory evidence that the Existing Credit Agreement has been terminated and all amounts
payable by the Borrowers thereunder have been paid in full.

 

The Administrative Agent shall notify the Company
and the Lenders of the Effective Date, and such notice shall be conclusive and binding.

 

Section
4.02. Each Revolving Credit Event. The obligation of each Revolving Lender to make a Revolving Loan on the occasion of
any Revolving Borrowing (other than the obligation to make a Revolving Loan pursuant to an increase in Commitments under Section
2.20 the proceeds of which are to be used for the consummation of a Limited Condition Acquisition, in which case the conditions may
be limited as described in the proviso to the fourth sentence of Section 2.20), and of each Issuing Bank to issue, amend, renew or
extend any Letter of Credit, is subject to the satisfaction of the following conditions:

 

(a)                The
representations and warranties of the Borrowers set forth in this Agreement (except, in the case of any Revolving Borrowing or issuance,
amendment, renewal or extension of any Letter of Credit, the representation set forth in Section 3.04(b)) shall be true and correct in
all material respects (or in all respects if any such representation or warranty is qualified by “material” or “Material
Adverse Effect”), on and as of the date of such Revolving Borrowing or the date of issuance, amendment, renewal or extension of
such Letter of Credit, as applicable; provided that any such representation or warranty that by its express terms is made as of
a specific date shall have been true and correct in all material respects (or in all respects if such representation or warranty is qualified
by “material” or “Material Adverse Effect”) as of such specific date.

 

(b)                At
the time of and immediately after giving effect to such Revolving Borrowing or the issuance, amendment, renewal or extension of such
Letter of Credit, as applicable, no Default or Event of Default shall have occurred and be continuing.

 

Each Revolving Borrowing and each issuance, amendment,
renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrowers on the date thereof
as to the matters specified in paragraphs (a) and (b) of this Section.

 

Section
4.03. Designation of a Foreign Subsidiary Borrower. The designation of an Eligible Foreign Subsidiary as a Foreign
Subsidiary Borrower pursuant to Section 2.22 is subject to the condition precedent that the Company or such proposed Foreign
Subsidiary Borrower shall have furnished or caused to be furnished to the Administrative Agent:

 

(a)                Copies, certified by the Secretary or Assistant Secretary of such Subsidiary (or if such Subsidiary has not appointed a Secretary or
Assistant Secretary, any officer, director or

 

    	 	102	 

     

    

manager of such Subsidiary that has the authority
to represent such Subsidiary), of its director or manager resolutions (and resolutions of other bodies, if any are deemed necessary by
counsel for the Administrative Agent) approving the Borrowing Subsidiary Agreement and any other Loan Documents to which such Subsidiary
is becoming a party and such documents and certificates as the Administrative Agent or its counsel may reasonably request relating to
the organization, existence and good standing of such Subsidiary;

 

(b)                An incumbency certificate, executed by the Secretary or Assistant Secretary of such Subsidiary (or if such Subsidiary has not appointed
a Secretary or Assistant Secretary, any officer, director or manager of such Subsidiary that has the authority to represent such Subsidiary),
which shall identify by name and title and bear the signature of the officers or authorized signatories of such Subsidiary authorized
to request Borrowings hereunder and sign the Borrowing Subsidiary Agreement and the other Loan Documents to which such Subsidiary is becoming
a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing
by the Company or such Subsidiary;

 

(c)                Opinions
of counsel to such Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent and its counsel, with respect
to the laws of its jurisdiction of organization and such other matters as are reasonably requested by counsel to the Administrative Agent
and addressed to the Administrative Agent and the Lenders;

 

(d)                All
documentation and other information reasonably requested by the Lenders and required by Governmental Authorities under applicable “know
your customer” and anti-money laundering rules and regulations and the Patriot Act and the Beneficial Ownership Regulation; and

 

(e)                Any
promissory notes requested by any Lender, and any other instruments and documents reasonably requested by the Administrative Agent.

 

Article
V

Affirmative Covenants

 

Until the Termination Date shall have occurred, each
Loan Party covenants and agrees with the Lenders that:

 

Section
5.01. Financial Statements and Other Information. Capri Holdings will furnish to the Administrative Agent and each
Lender through the Administrative Agent:

 

(a)                within
ninety (90) days after the end of each fiscal year of Capri Holdings, its audited consolidated balance sheet and related statements of
operations and comprehensive income, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each
case in comparative form the figures for the previous fiscal year, all reported on by an independent public accountants of recognized
national standing (without a “going concern” or like qualification or exception and without any qualification or exception
as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the
financial condition and results of operations of Capri Holdings and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP consistently applied;

 

(b)                within
sixty (60) days after the end of each of the first three fiscal quarters of each fiscal year of Capri Holdings, its consolidated
balance sheet and related statements of

 

    	 	103	 

     

    

 

operations and comprehensive income, stockholders’ equity and cash flows
as of the end of and for such fiscal quarter (other than with respect to statements of cash flows) and the then elapsed portion of
the fiscal year, setting forth in each case in comparative form the figures for the corresponding period or periods of (or, in the
case of the balance sheet and statement of cash flows, as of the end of) the previous fiscal year, all certified by one of its
Financial Officers as presenting fairly in all material respects the financial condition and results of operations of Capri Holdings
and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end
audit adjustments and the absence of footnotes;

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer
of Capri Holdings (i) stating that he or she has obtained no knowledge that a Default has occurred (except as set forth in such certificate)
and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) identifying
all Material Subsidiaries, (iii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.08 (if such
compliance is required as of the last day of the applicable fiscal period) and (iv) stating whether any change in GAAP or in the
application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and, if any such
change has occurred, specifying the effect of such change on the financial statements accompanying such certificate;

 

(d)                promptly
after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by Capri
Holdings or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission,
or with any national securities exchange, or distributed by Capri Holdings to its shareholders generally, as the case may be; and

 

(e)                promptly
following any request therefor, such other information regarding the operations, business affairs and financial condition of Capri Holdings
or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent may reasonably request.

 

Documents required to be delivered pursuant
to clauses (a) to (d) of this Section 5.01 may be delivered electronically and, other than in the case of documents delivered
pursuant to clause (c), shall be deemed to have been delivered on the date on which such documents are filed for public availability on
the SEC’s Electronic Data Gathering and Retrieval System.

 

Section
5.02. Notices of Material Events. Capri Holdings will furnish to the Administrative Agent and each Lender prompt
written notice of the following:

 

(a)               
the occurrence of any Default;

 

(b)                the
filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or affecting any
Loan Party or any Subsidiary thereof that would reasonably be expected to result in a Material Adverse Effect;

 

(c)                the
occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to
result in a Material Adverse Effect; and

 

(d)               
any other development that results in, or would reasonably be expected to result in, a Material Adverse Effect.

 

    	 	104	 

     

    

Each notice delivered under this Section shall
be accompanied by a statement of a Financial Officer or other executive officer of Capri Holdings setting forth the details of the event
or development requiring such notice and any action taken or proposed to be taken with respect thereto.

 

Section
5.03. Existence; Conduct of Business. Each Loan Party will, and will cause each of its Subsidiaries to, do or cause to
be done all things reasonably necessary to preserve, renew and keep in full force and effect:

 

(a)               
its legal existence; and

 

(b)                the
rights, qualifications, licenses, permits, privileges, franchises, governmental authorizations and Intellectual Property rights material
to the conduct of its business, and maintain all requisite authority to conduct its business in each jurisdiction in which its business
is conducted,

 

except, in each case (other
than in the case of the foregoing requirements insofar as they relate to the legal existence of the Borrowers and the Guarantors), to
the extent that failure to do so would not reasonably be expected to result in a Material Adverse Effect; provided that the foregoing
shall not prohibit any merger, amalgamation, consolidation, Division, liquidation or dissolution permitted under Section 6.03.

 

Section
5.04. Payment of Obligations. Each Loan Party will, and will cause each of its Subsidiaries to, pay its obligations,
including Tax liabilities, that if not paid would reasonably be expected to result in a Material Adverse Effect before the same
shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by
appropriate proceedings, (b) Capri Holdings or such Subsidiary has set aside on its books adequate reserves with respect thereto in
accordance with GAAP and (c) the failure to make payment pending such contest would not reasonably be expected to result in a
Material Adverse Effect.

 

Section
5.05. Maintenance of Properties; Insurance. Except where the failure to do so would not reasonably be expected to
result in a Material Adverse Effect, each Loan Party will, and will cause each of its Subsidiaries to, (a) keep and maintain all
property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted and except for
surplus and obsolete properties and (b) maintain, with financially sound and reputable insurance companies, insurance on such of its
property and 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 location.

 

Section
5.06. Books and Records; Inspection Rights. Each Loan Party will, and will cause each of its Subsidiaries to, keep
proper books of record and account in which entries in conformity in all material respects with all applicable laws, rules and
regulations of any Governmental Authority are made of all dealings and transactions in relation to its business and activities. Each
Loan Party will, and will cause each of its Subsidiaries to, on an annual basis at the request of the Administrative Agent (or at
any time after the occurrence and during the continuance of an Event of Default), permit any representatives designated by the
Administrative Agent (prior to the occurrence or continuation of an Event of Default, at the Administrative Agent’s expense,
as applicable, unless otherwise agreed to by the Administrative Agent and the Company, and following the occurrence or continuation
of an Event of Default, at the Borrowers’ expense), upon reasonable prior notice, to visit and inspect its properties, to
examine and make extracts from its books and records (other than materials protected by the attorney-client privilege and materials
which such Loan Party or such Subsidiary, as applicable, may not disclose without violation of a confidentiality obligation binding
upon it), and to discuss its affairs, finances and condition with its appropriate officers and independent accountants, so long as
afforded an opportunity to be present, all during reasonable business hours. It is understood that such visits and inspections shall
be

 

    	 	105	 

     

    

coordinated through the Administrative Agent.
If an Event of Default has occurred and is continuing, representatives of each Lender (at the Borrowers’ expense) will be permitted
to accompany representatives of the Administrative Agent during each inspection conducted during the existence of such Event of Default.
The Company acknowledges that the Administrative Agent, after exercising its rights of inspection, may prepare and distribute to the Lenders
certain reports pertaining to the Company and its Subsidiaries’ assets for internal use by the Administrative Agent and the Lenders.

 

Section
5.07. Compliance with Laws and Material Contractual Obligations. Each Loan Party will, and will cause each of its
Subsidiaries to, (i) comply with all laws, rules, regulations and orders of any Governmental Authority, applicable to it or its
property (including without limitation Environmental Laws), except where the failure to do so, individually or in the aggregate,
would not reasonably be expected to result in a Material Adverse Effect, (ii) comply with applicable Anti-Corruption Laws in all
material respects and (iii) perform in all material respects its obligations under material agreements to which it is a party, in
each case except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a
Material Adverse Effect. Capri Holdings will maintain in effect and enforce policies and procedures designed to ensure compliance by
Capri Holdings, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and
applicable Sanctions other than to the extent this Section 5.07 would result in a violation of Council Regulation (EC) No 2271/96,
as amended (or any implementing law or regulation in any member state of the European Union or the United Kingdom).

 

Section
5.08. Use of Proceeds and Letters of Credit.

 

(a)               The
proceeds of the Revolving Loans will be used only to finance the working capital needs, capital expenditures, Permitted Acquisitions,
Investments permitted under Section 6.04, Restricted Payments permitted under Section 6.06 and other general corporate purposes of Capri
Holdings and its Subsidiaries. The Commercial Letters of Credit shall be used solely to finance purchases of goods by Capri Holdings
and its Subsidiaries, in the ordinary course of their business, and the Standby Letters of Credit shall be used solely for the purposes
described in the definition of such term in Section 1.01.

 

(b)               No
part of the proceeds of any Loan will be used, whether directly or indirectly, for the purpose of purchasing or carrying, or to extend
credit to others for the purpose of purchasing or carrying any “margin stock” as defined in Regulation T, U or X of the Board
or for any other purpose that entails a violation of any such regulations.

 

(c)               No
Borrower will request any Borrowing or Letter of Credit, and no Borrower shall use, and Capri Holdings shall ensure that its Subsidiaries
and its or their respective directors, officers, employees and agents shall not use or otherwise make available, directly or indirectly,
the proceeds of any Borrowing or Letter of Credit (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment
or giving of money, or anything else of value, to any Person in violation of the UK Bribery Act of 2010, the United States Foreign Corrupt
Practices Act of 1977 or other applicable Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities,
business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, business or transaction
would be prohibited by Sanctions or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

Section
5.09. Guarantors.

 

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(a)               Except
as set forth in Section 5.09(b), (i) if an Eligible Foreign Subsidiary is designated as a Foreign Subsidiary Borrower pursuant to
Section 2.22, contemporaneously with the deliveries required to be furnished to the Administrative Agent pursuant to Section 4.03, (ii) if
any Person that is or becomes a Subsidiary of Capri Holdings (including, without limitation, any Division Successor) is identified by
the Company after the Effective Date as a Material Subsidiary pursuant to clause (ii) of Section 5.01(c), then as promptly as practicable
but in any event within sixty (60) days (or such longer period as the Administrative Agent may agree in its reasonable discretion)
after the first time such Subsidiary is so identified, (iii) if the Company shall elect to make any Subsidiary a Guarantor after the
Effective Date by written notice to the Administrative Agent, then as promptly as practicable but in any event within sixty (60) days
(or such longer period as the Administrative Agent may agree in its reasonable discretion) after such notice is delivered, and (iv) if
any Subsidiary that is not a Loan Party guarantees the Senior Notes (“Senior Notes Subsidiary Guarantor”), in each
case, the Company shall cause each such Foreign Subsidiary Borrower, each such Subsidiary which qualifies as a Material Subsidiary, each
such Subsidiary that the Company elects to make a Guarantor or each such Subsidiary that is a Senior Notes Subsidiary Guarantor to deliver
to the Administrative Agent (1) (x) a joinder to the Guaranty described in clause (a) of the definition of “Guaranty” (in
the form contemplated thereby) pursuant to which such Foreign Subsidiary Borrower or Subsidiary, as applicable, agrees to be bound by
the terms and provisions thereof or (y) if such Subsidiary is a Foreign Subsidiary and local counsel advises the Administrative Agent
that such Guaranty is not effective under the laws of such Foreign Subsidiary’s jurisdiction of organization to provide a guarantee
of the Obligations by such Foreign Subsidiary with substantially the substance and scope as contemplated by the terms of such Guaranty,
a Guaranty described in clause (b) of the definition of “Guaranty” that is governed by the laws of such Foreign Subsidiary’s
jurisdiction of organization, in form and substance reasonably satisfactory to the Administrative Agent, and (2) to the extent not appropriately
included in the documentation described in the preceding clause (1) or in documentation required by Sections 2.22 and 4.03 (in the case
of a Foreign Subsidiary Borrower), a joinder to this Agreement pursuant to which such Subsidiary agrees to be bound by the terms and
provisions hereof, in any such case, to be accompanied by appropriate corporate resolutions, other corporate documentation and legal
opinions as reasonably requested by the Administrative Agent and in form and substance reasonably satisfactory to the Administrative
Agent and its counsel.

 

(b)               (i) No Subsidiary that is a CFC or a CFC Holding Company shall be required to guarantee (or if already a Guarantor, shall be required
to continue to guarantee) (1) any Obligations of any Domestic Subsidiary or (2) any Obligations of another Loan Party to the extent and
in respect of such Loan Party’s guarantee of the Obligations of any Domestic Subsidiary and (ii) no Subsidiary shall be required
to become (or if already a Guarantor, shall be required to continue as) a Guarantor to the extent (x) such Subsidiary is prohibited by
applicable law, rule or regulation from guaranteeing the Obligations or which would require governmental or regulatory consent, approval,
license or authorization to provide such guaranty (unless such consent, approval, license or authorization has been received), (y) such
Subsidiary is a non-wholly owned Subsidiary and is prohibited by its organizational documents or applicable equity holder agreement from
guaranteeing the Obligations or which would require the consent or approval of an equity holder (other than Capri Holdings or any of its
wholly owned Subsidiaries) to provide such guaranty (unless such consent or approval has been received) or (z) the Administrative Agent
determines that the cost or other consequence of such Subsidiary providing such a guarantee is excessive in relation to the value afforded
thereby.

 

Section
5.10. Centre of Main Interests and Establishment. No Loan Party incorporated in a member state of the European Union
shall, without the prior written consent of the Administrative

 

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Agent, take any action that shall cause its centre
of main interests (as that term is used in Article 3(1) of the Regulation) to be situated outside of its jurisdiction of incorporation.

 

Section
5.11. Compliance with the Swiss Twenty Non-Bank Rule. Each Swiss Borrower shall be in compliance with the Swiss Twenty
Non-Bank Rule; provided, however, that no Swiss Borrower shall be in breach of this Section 5.11 if such number of creditors (which
are not Swiss Qualifying Banks) is exceeded solely by reason of (a) a breach by one or more Lenders of a confirmation contained in
Section 2.17(j), (b) a failure by one or more Lenders to comply with their obligations and transfer restrictions in Section 9.04,
(c) a Lender ceasing to be a Swiss Qualifying Bank or to qualify as a single person only for purposes of the Swiss Non-Bank Rules
(other than as a result of any change after the date it became a Lender under this Agreement in (or in the interpretation,
administration, or application of) any law, treaty or any published practice of any relevant taxing authority) or (d) transfers to,
or other transactions with, Persons not qualifying as Swiss Qualifying Banks after the occurrence of an Event of Default.

 

Section
5.12. Beneficial Ownership Regulation. Promptly following any request therefor, provide information and documentation
reasonably requested by the Administrative Agent or any Lender for purposes of compliance with the Beneficial Ownership
Regulation.

 

Section
5.13. Dutch Fiscal Unity.

 

(a)                A
fiscal unity (fiscale eenheid) for Dutch tax purposes in which a Dutch Borrower is a party, if any, shall consist of Loan Parties
only.

 

(b)               If,
at any time, a Dutch Loan Party is part of a Dutch fiscal unity for corporate income tax purposes (a "Dutch Fiscal Unity")
and such Dutch Fiscal Unity is, in respect of such Dutch Loan Party, terminated (verbroken) or disrupted (beëindigd)
as a result of or in connection with the Administrative Agent or the Agent enforcing its rights under any Security Document, pledge agreement
or other document, such Dutch Loan Party shall, at the request of the Administrative Agent or the Agent, together with the parent (moedermaatschappij)
or deemed parent (aangewezen moedermaatschappij) of the Dutch Fiscal Unity, for no consideration and as soon as reasonably practicable,
lodge a request with the relevant governmental authority to allocate and surrender any tax losses as referred to in Article 20 of the
Dutch Corporate Income Tax Act 1969 (Wet op de vennootschapsbelasting 1969) and any interest expenses available for carry forward
as referred to in Article 15b(5) to the Dutch Loan Party leaving the Dutch Fiscal Unity, in each case to the extent such tax losses or
interests are attributable (toerekenbaar) to such Dutch Loan Party.

 

Article
VI

Negative Covenants

 

Until the Termination Date shall
have occurred, each Loan Party covenants and agrees with the Lenders that:

 

Section
6.01. Indebtedness. The Loan Parties will not, and will not permit any Subsidiary to, create, incur, assume or permit
to exist any Indebtedness, except:

 

(a)               
the Obligations (including in respect of the additional Commitments and extensions of credit pursuant to Section 2.20 and
any Replacement Revolving Facility under this Agreement);

 

    	 	108	 

     

    

(b)               Indebtedness
existing or committed on the Effective Date (provided, that any such Indebtedness with an aggregate principal amount that is in excess
of $5,000,000 shall be set forth in Schedule 6.01), and extensions, refinancings, renewals and replacements of any such Indebtedness
that does not increase the outstanding principal amount thereof (plus unpaid accrued interest and premium (including tender premiums)
thereon and underwriting discounts, defeasance costs, fees, commissions and expenses) or shorten the final maturity or weighted average
life to maturity thereof (it being understood that if the existing Indebtedness did not constitute Priority Indebtedness, then the extended,
refinanced, renewed or replacement Indebtedness shall only constitute Priority Indebtedness if separately permitted to be incurred under
clause (g) below);

 

(c)                Indebtedness
of Capri Holdings to any Subsidiary and of any Subsidiary to Capri Holdings or any other Subsidiary;

 

(d)               Guarantees
by (i) Capri Holdings of Indebtedness of any Subsidiary, (ii) any Subsidiary of Indebtedness of Capri Holdings or any other Subsidiary
and (iii) Capri Holdings or any Subsidiary of Indebtedness of any joint venture; provided that the aggregate amount of such Guarantees
incurred pursuant to this clause (iii) shall not exceed $100,000,000 in the aggregate at any time outstanding;

 

(e)               Indebtedness
of Capri Holdings or any Subsidiary incurred to finance or refinance the acquisition, ownership, development, construction, repair, replacement,
improvement or leasing of any fixed or capital assets, including Finance Lease Obligations, any Indebtedness assumed in connection with
the acquisition of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and extensions, renewals
and replacements of any such Indebtedness that do not increase the outstanding principal amount thereof; provided that such Indebtedness
is incurred prior to or within 180 days after such ownership, development, leasing or acquisition or the completion of such construction,
repair, replacement or improvement;

 

(f)                Indebtedness
acquired or assumed in Permitted Acquisitions and extensions, refinancings, renewals and replacements of any such Indebtedness that do
not increase the outstanding principal amount thereof (plus unpaid accrued interest and premium (including tender premiums) thereon and
underwriting discounts, defeasance costs, fees, commissions and expenses) or shorten the final maturity or weighted average life to maturity
thereof (it being understood that if the existing Indebtedness did not constitute Priority Indebtedness, then the extended, renewed or
replacement Indebtedness shall only constitute Priority Indebtedness if separately permitted under clause (g) below);

 

(g)               Priority
Indebtedness (excluding any Indebtedness permitted by Section 6.01(e) and (f)) in an aggregate principal amount that at the time of,
and after giving effect to, the incurrence thereof, together with the aggregate principal amount of other Priority Indebtedness incurred
pursuant to this clause (g) or clause (v) and then outstanding, does not exceed the greater of (a) $255,800,000.00 and (b) 10% of Consolidated
Net Worth;

 

(h)               endorsements
for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business;

 

(i)                
Indebtedness in respect of letters of credit in the ordinary course of business (other than Letters of Credit);

 

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(j)                
Indebtedness under Swap Agreements permitted by Section 6.05;

 

(k)                Indebtedness owed to any Person providing workers’ compensation, health, disability or other employee benefits or property,
casualty or liability insurance, pursuant to reimbursement or indemnification obligations to such Person, in each case incurred in the
ordinary course of business;

 

(l)                 Indebtedness
in respect of performance bonds, bid bonds, appeal bonds, surety bonds, performance and completion guarantees, import and export custom
and duty guaranties and similar obligations, or obligations in respect of letters of credit, bank acceptances or guarantees or similar
instruments related thereto, in each case provided in the ordinary course of business;

 

(m)              (i)
contingent liabilities in respect of any indemnification, adjustment of purchase price, earn-out, non-compete, consulting, deferred compensation
and similar obligations of Capri Holdings and its Subsidiaries incurred in connection with Permitted Acquisitions and (ii) Indebtedness
incurred by Capri Holdings or its Subsidiaries in a Permitted Acquisition under agreements providing for earn-outs or the adjustment
of the purchase price or similar adjustments;

 

(n)               Indebtedness
owed to any Person providing property, casualty or liability insurance to Capri Holdings or any of its Subsidiaries, so long as such
Indebtedness shall not be in excess of the amount of the unpaid cost of, and shall be incurred only to defer the cost of, such insurance
for the year in which such Indebtedness is incurred and such Indebtedness shall be outstanding only during such year;

 

(o)               Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business; provided that (i) such Indebtedness (other than credit or purchase cards) is extinguished
within three (3) Business Days of its incurrence and (ii) such Indebtedness in respect of credit or purchase cards is extinguished within
90 days from its incurrence;

 

(p)                Indebtedness
representing deferred compensation to employees of Capri Holdings and its Subsidiaries;

 

(q)                Indebtedness (if any) attributed to the sale of accounts receivable pursuant to a Permitted Factoring Program;

 

(r)                 Indebtedness
incurred in connection with Investments in joint ventures permitted under Section 6.04 in an aggregate amount not to exceed $100,000,000
at any time outstanding;

 

(s)               unsecured
Indebtedness of any Loan Party if at the time of, and after giving effect to, the incurrence thereof (i) no Default or Event of Default
has occurred and is continuing or would occur and (ii) on a Pro Forma Basis, the Net Leverage Ratio is not greater than 4.00 to 1.00;

 

(t)                 unsecured
Subordinated Indebtedness (that has been subordinated to the Obligations pursuant to terms reasonably satisfactory to the Administrative
Agent) of Capri Holdings or any Subsidiary in an aggregate amount not to exceed $75,000,000 at any time outstanding;

 

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(u)                additional
unsecured Indebtedness of any Loan Party; provided that the aggregate amount of Indebtedness incurred in reliance on this clause
(u) shall not exceed $50,000,000 at any time outstanding;

 

(v)                Indebtedness in respect of Supply Chain Financings in an aggregate amount not to exceed $150,000,000 at any time outstanding; and

 

(w)              Indebtedness
in respect of (i) Bilateral Letters of Credit in an aggregate principal amount not to exceed $100,000,000 and (ii) Working Capital Facilities
existing on the Effective Date.

 

For purposes of determining compliance with this
Section 6.01, in the event that an item of Indebtedness (or portion thereof) meets the criteria of more than one of the categories of
Indebtedness described in clauses (a) through (w) of this Section 6.01, the Company, in its sole discretion, may divide classify or reclassify,
or later divide, classify or reclassify, such item of Indebtedness (or any portion thereof) and shall only be required to include the
amount and type of such Indebtedness in one or more of the above clauses.

 

For purposes of this subsection 6.01, any Person
becoming a Subsidiary of Capri Holdings after the date of this Agreement shall be deemed to have incurred all of its then outstanding
Indebtedness at the time it becomes a Subsidiary, and any Indebtedness assumed by Capri Holdings or any of its Subsidiaries shall be deemed
to have been incurred on the date of assumption.

 

Section
6.02. Liens. Capri Holdings will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including
accounts receivable) or rights in respect of any thereof, except:

 

(a)               
Permitted Encumbrances;

 

(b)                Liens
existing on the Effective Date and, to the extent securing Indebtedness in an aggregate principal amount in excess of $5,000,000, set
forth on Schedule 6.02;

 

(c)                any
Lien on any property or asset of Capri Holdings or any Subsidiary securing Indebtedness permitted by Section 6.01(e) incurred to own,
develop, lease, acquire, construct, repair, replace or improve such property or asset;

 

(d)               Liens
solely constituting the right of any other Person to a share of any licensing royalties (pursuant to a licensing agreement or other related
agreement entered into by Capri Holdings or any of its Subsidiaries with such Person in the ordinary course of Capri Holdings’
or such Subsidiary’s business) otherwise payable to Capri Holdings or any of its Subsidiaries, provided that such right
shall have been conveyed to such Person for consideration received by Capri Holdings or such Subsidiary on an arm’s-length basis;

 

(e)                Liens
arising from precautionary Uniform Commercial Code financing statement filings with respect to operating leases entered into by Capri
Holdings or any of its Subsidiaries in the ordinary course of business;

 

(f)                Liens securing Indebtedness described in clause (a) of the definition of Priority Indebtedness that is permitted under Section
6.01(g);

 

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(g)                (i) Liens securing Indebtedness permitted under Section 6.01(c) and (ii) Liens securing Indebtedness permitted under Section 6.01(f),
provided that, for purposes of this clause (ii), (x) such Lien is not created in contemplation of or in connection with the applicable
Permitted Acquisition, (y) such Lien shall not apply to any property or assets of the Company or any Subsidiary other than the Subsidiary,
property or assets being acquired pursuant to such Permitted Acquisition and (z) such Lien shall secure only those obligations which it
secures on the date of such Permitted Acquisition;

 

(h)               Liens
of depositary banks, securities intermediaries and commodity intermediaries maintaining deposit accounts, securities accounts or commodity
accounts of Capri Holdings or any Subsidiary arising as a matter of law or in the ordinary course of business encumbering such accounts,
and deposits, funds or assets maintained in such accounts (including rights of setoff);

 

(i)                Liens
attaching solely to cash earnest money or similar deposits in connection with any letter of intent or purchase agreement in connection
with a Permitted Acquisition or other Investment permitted hereunder;

 

(j)                Liens
arising from precautionary Uniform Commercial Code financing statement filings with respect to consignments, provided that such
Liens extend solely to the assets subject to such consignments;

 

(k)               Liens
securing obligations under Swap Agreements permitted under Section 6.05 (regardless of whether such obligations are subject to hedge
accounting);

 

(l)                 Liens,
if any, in respect of leases that have been, or should be, in accordance with GAAP as in effect on the date hereof, classified as Finance
Leases;

 

(m)              Liens
pursuant to supply or consignment contracts or otherwise for the receipt of goods or services, encumbering only the goods covered thereby,
where the contracts are not overdue by more than 90 days or are being contested in good faith by appropriate proceedings and for which
reasonable reserves are being maintained;

 

(n)               Liens
on accounts receivable subject to a Permitted Factoring Program, as well as supporting obligations and proceeds in respect thereof, and
other ancillary property and rights related to such accounts receivable;

 

(o)                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 so long as such Liens attach only to the imported goods;

 

(p)                Liens
securing the Obligations pursuant to the Loan Documents (including cash collateralization of Letters of Credit pursuant to Section 2.06(j));

 

(q)               Liens
on assets of any Subsidiary of Capri Holdings which is not a Loan Party that secure Indebtedness or other obligations of a Subsidiary
of Capri Holdings which is not a Loan Party; and

 

(r)                extensions,
renewals, refinancings and replacements of the Liens described above, so long as (i) the Indebtedness or other obligations secured by
any such Lien at the time of any such extension, renewal, refinancing or replacement is not increased to any amount greater

 

    	 	112	 

     

    

than the sum of (A) the outstanding principal
amount (or accreted value, if applicable) of such Indebtedness or obligations and (B) an amount necessary to pay any unpaid accrued interest
and premium (including tender premiums) thereon and underwriting discounts, defeasance costs, fees, commissions and expenses related to
such extension, renewal, refinancing or replacement and (ii) no additional property (other than accessions, improvements, and replacements
in respect of such property or, if the Lien being extended, renewed, refinanced or replaced attaches to a class of asset, after-acquired
assets of the same class) is subject to such Lien.

 

Section
6.03. Fundamental Changes and Asset Sales. (a) Capri Holdings will not, and will not permit any Subsidiary to, merge
into or amalgamate or consolidate with any other Person, or permit any other Person to merge into or amalgamate or consolidate with
it, consummate a Division as the Dividing Person, or liquidate or dissolve, except that, if at the time thereof and immediately
after giving effect thereto no Default shall have occurred and be continuing:

 

(i)                any Subsidiary (other than a Borrower) may merge into or consolidate or amalgamate with Capri Holdings in a transaction
in which Capri Holdings is the surviving entity (subject to providing such documents with respect to the surviving entity as may be reasonably
required by the Administrative Agent);

 

(ii)               any
Subsidiary may merge into or consolidate or amalgamate with (subject to providing such documents as may be reasonably required by the
Administrative Agent) the Company in a transaction in which the Company is the surviving entity (subject to providing such documents
with respect to the surviving entity as may be reasonably required by the Administrative Agent);

 

(iii)              any
Subsidiary (other than the Company) may merge into or consolidate or amalgamate with any other Subsidiary (other than the Company) in
a transaction in which the surviving entity is a Subsidiary (and if the surviving entity is a Loan Party, subject to providing such documents
with respect to the surviving entity as may be reasonably required by the Administrative Agent); provided that (x) in the case
of a merger, consolidation or amalgamation of a Subsidiary that is not a Foreign Subsidiary Borrower into or with a Foreign Subsidiary
Borrower in which the surviving entity is not the Foreign Subsidiary Borrower, the surviving Subsidiary shall be an Eligible Foreign
Subsidiary and shall execute and deliver to the Administrative Agent a Borrowing Subsidiary Agreement executed by such Subsidiary and
the Company and shall satisfy the other conditions precedent set forth in Section 4.03), and (y) in the case of a merger, consolidation
or amalgamation of a Subsidiary that is not a Guarantor into or with a Guarantor, the surviving company shall be a Guarantor ; and

 

(iv)              any
Subsidiary (other than a Borrower) may liquidate or dissolve if Capri Holdings determines in good faith that such liquidation or dissolution
is in the best interests of Capri Holdings and its Subsidiaries and is not materially disadvantageous to the Lenders;

 

(v)              Capri
Holdings or any Subsidiary may effect any Investment permitted by Section 6.04 by means of a merger, consolidation or amalgamation of
or with the Person that is the subject of such Investment with Capri Holdings or any of its Subsidiaries (provided that, in the
case of a merger or amalgamation with any Loan Party, the Loan Party is the survivor;

 

(vi)             Capri
Holdings or any Subsidiary may effect the Transactions;

 

    	 	113	 

     

    

(vii)             any
Subsidiary (other than a Borrower) may change its legal form and any Domestic Subsidiary may be a party to a merger the sole purpose
of which is to reincorporate or reorganize in another jurisdiction in the United States if, in any such case, Capri Holdings reasonably
determines in good faith that such action is in the best interests of Capri Holdings and its Subsidiaries and is not materially disadvantageous
to the Lenders (it being understood that a Subsidiary that is a Loan Party will remain a Loan Party); and

 

(viii)            any
Subsidiary that is an LLC may consummate a Division as the Dividing Person if, immediately upon the consummation of the Division, the
assets of the applicable Dividing Person are held by one or more Subsidiaries at such time, or with respect to assets not so held by
one or more Subsidiaries, such Division, in the aggregate, would otherwise result in Disposition permitted by this Section 6.03.

 

(b)               
Capri Holdings will not, and will not permit any Subsidiary to, Dispose of (in one or in a series of transaction) all or substantially
all of the assets of Capri Holdings and its Subsidiaries, taken as a whole.

 

Section
6.04. Investments, Loans, Advances, Guarantees and Acquisitions. Capri Holdings will not, and will not permit any of
its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger, amalgamation or consolidation with, or as a
Division Successor pursuant to the Division of, any Person that was not a wholly owned Subsidiary prior to such merger,
amalgamation, consolidation or Division) any capital stock, evidences of indebtedness or other securities (including any option,
warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to, Guarantee any
obligations of, or make or permit to exist any investment or any other interest in, any other Person, or purchase or otherwise
acquire (in one transaction or a series of transactions) any Person or any assets of any other Person constituting a business unit
(collectively, “Investments”), except:

 

(a)                Permitted
Investments and Investments that were Permitted Investments when made;

 

(b)                Investments by Capri Holdings or a Subsidiary in the capital stock of its Subsidiaries;

 

(c)                loans
or advances made by Capri Holdings to, and Guarantees by Capri Holdings of obligations of, any Subsidiary, and loans or advances made
by any Subsidiary to, and Guarantees by any Subsidiary of obligations of, Capri Holdings or any other Subsidiary, provided that
any resulting Indebtedness is permitted pursuant to Section 6.01;

 

(d)                (i)
Guarantees constituting Indebtedness permitted pursuant to Section 6.01 and (ii) Guarantees of obligations not constituting Indebtedness
made in the ordinary course of business, provided that the Guarantees permitted under this clause (ii) could not in the aggregate
reasonably be expected to have a Material Adverse Effect;

 

(e)                advances
or loans made in the ordinary course of business to officers, directors, employees and agents of Capri Holdings or any of its Subsidiaries;

 

(f)                Investments
existing on, or contractually committed as of, the Effective Date (provided, that any such Investment that is in excess of $5,000,000
shall be described in Schedule 6.04 hereto) and any renewals, amendments and replacements thereof that do not increase the amount
thereof (other than in respect of capitalized interest and reasonable expenses);

 

    	 	114	 

     

    

(g)               Investments
(including debt obligations and Equity Interests) received in connection with the bankruptcy or reorganization of suppliers, customers
and other third parties or in settlement of delinquent obligations of, or other disputes with, customers, suppliers and other third parties
arising in the ordinary course of business or in connection with the bona fide settlement of any defaulted Indebtedness or other liability
owed to Capri Holdings or any Subsidiary;

 

(h)               Permitted
Acquisitions and Investments of a Person or business acquired in such Permitted Acquisition so long as such Investment was not made in
contemplation of such Acquisition; provided that if, as a result of a Permitted Acquisition, (i) a new Subsidiary shall be created
and such Subsidiary is a Material Subsidiary or (ii) any then existing Subsidiary shall become a Material Subsidiary, in each case such
Subsidiary shall thereafter become a Guarantor in accordance with Section 5.09;

 

(i)                 Swap
Agreements permitted by Section 6.05;

 

(j)                 Investments in joint ventures in an amount not to exceed $100,000,000 in the aggregate;

 

(k)                indemnities made and security deposits and surety bonds issued in the ordinary course of business;

 

(l)                 indemnities made in the Loan Documents;

 

(m)               accounts, chattel paper and notes receivable arising from the sale or lease of goods or the performance of services in the ordinary
course of business;

 

(n)               promissory
notes and other non-cash consideration that is permitted to be received in connection with Dispositions permitted by Section 6.03;

 

(o)               Investments
held by a Subsidiary acquired after the Effective Date or of a Person merged into a Loan Party or any Subsidiary of a Loan Party, in
either case, in a transaction permitted by Section 6.03 after the Effective Date to the extent such Investments were not made in contemplation
of or in connection with such merger, amalgamation or consolidation and were in existence on the date of such merger, amalgamation or
consolidation;

 

(p)               loans and advances to any direct or indirect parent of Capri Holdings in lieu of, and not in excess of the amount (after giving
effect to any other loans, advances or Restricted Payments in respect thereof), Restricted Payments to the extent permitted to be made
to such direct or indirect parent in accordance with Section 6.07(d), (e) or (f);

 

(q)                Investments
for which no consideration is provided by any Loan Party or any Subsidiary;

 

(r)                Investments
to the extent that payment for such Investments is made solely in exchange for Equity Interests of Capri Holdings;

 

(s)                other
Investments in any Person or Persons made after the date hereof, in an aggregate outstanding amount not to exceed $500,000,000;

 

    	 	115	 

     

    

(t)                 Investments
so long as before and after giving effect thereto (i) no Default or Event of Default has occurred and is continuing or would occur and
(ii) on a Pro Forma Basis the Net Leverage Ratio as at the last day of the most recently ended fiscal quarter of Capri Holdings for which
financial statements are available does not exceed 4.00 to 1.00; and

 

(u)               
the Transactions.

 

Any Investment in any Person other than a Loan
Party that is otherwise permitted by this Section 6.04 may be made through intermediate Investments in Subsidiaries that are not Loan
Parties and such intermediate Investments shall be disregarded for purposes of determining the outstanding amount of Investments pursuant
to any clause set forth above.

 

For purposes of compliance with this Section 6.04,
the amount of any Investment shall be the amount initially invested, without adjustment for subsequent increases or decreases in the value
of such Investment, less any amount paid, repaid, returned, distributed or otherwise received in cash in respect of such Investment. For
purposes of determining compliance with this Section 6.04, (x) in the event that an Investment (or any portion thereof) meets the criteria
of more than one of the categories of Investment described in clauses (a) through (u) of this Section 6.04, the Company, upon written
notice to the Administrative Agent, may divide, classify or reclassify, or later divide, classify or reclassify, such Investment (or any
portion thereof) in any manner that complies with this covenant and at the time of division, classification or reclassification will be
entitled to only include the amount and type of such Investment (or any portion thereof) in one of the categories of permitted Investments
(or any portion thereof) described in the above clauses and (y) if such Investment could have been made as of any time in reliance on
Section 6.04(t) based on the most recent financial statements delivered pursuant to Section 5.01(a) or 5.01(b), such Investment shall,
upon written notice to the Administrative Agent, be reclassified (with retroactive effect) as having been incurred under Section 6.04(t).

 

Section
6.05. Swap Agreements. Capri Holdings will not, and will not permit any of its Subsidiaries to, enter into any Swap
Agreement, except (a) Swap Agreements that are not for speculative purposes and (b) Capri Holdings may enter into, and perform its
obligations under, Permitted Call Spread Swap Agreements.

 

Section
6.06. Transactions with Affiliates. Capri Holdings will not, and will not permit any of its Subsidiaries to, sell,
lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or
otherwise engage in any other transactions with, any of its Affiliates, except (a)  at prices and on financial terms and
conditions (in the aggregate, taking into account all of Capri Holdings’ and its Subsidiaries’ transactions with, and
the benefits to Capri Holdings and its Subsidiaries derived from Capri Holdings’ and its Subsidiaries’ Investment in,
such Affiliate) not less favorable to Capri Holdings or such Subsidiary than could be obtained on an arm’s-length basis from
unrelated third parties, (b) transactions between or among Capri Holdings and its Subsidiaries (or any Person that becomes a
Subsidiary as a result of such transaction) not involving any other Affiliate, (c) any Restricted Payment permitted by
Section 6.06; (d) any Investment permitted by Section 6.04; (e) fees and compensation paid (including through the issuance of
Equity Interests in Capri Holdings or any direct or indirect parent thereof) and benefits provided to, and customary indemnity and
reimbursement provided on behalf of, officers, directors, employees, agents or consultants of Capri Holdings or any of its
Subsidiaries; (f) employment and severance arrangements entered into by Capri Holdings or any of its Subsidiaries in the ordinary
course of business and transactions pursuant to any employee or director equity plan, employee or director stock option plan or any
other employee or director benefit plan; provided that any payments made under such agreements or plans are made in
compliance with this Agreement; and (g) any agreement, instrument or arrangement as in effect on the Effective Date and set forth on
Schedule 6.06, and any amendment, supplement or other modification

 

    	 	116	 

     

    

thereto, so long as any such amendment, supplement
or modification is not adverse to the Lenders in any material respect as compared to the terms of the applicable agreement, instrument
or arrangement as in effect on the Effective Date.

 

Section
6.07. Restricted Payments. Capri Holdings 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 (a) Capri Holdings may declare and pay
dividends with respect to its Equity Interests payable solely in additional shares of its common stock, (b) Subsidiaries may
declare and pay dividends ratably with respect to their Equity Interests, (c) Capri Holdings may make Restricted Payments
pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Company and its
Subsidiaries (including, without limitation, redemptions or repurchases of Equity Interests (i) deemed to occur upon exercise of
options or warrants or similar rights by the delivery of Equity Interests in satisfaction of the exercise price such options or
warrants or similar rights or (ii) in consideration of withholding or similar taxes payable by any future, present or former
employee, director, manager or consultant (or any spouses, former spouses, successors, executors, administrators, heirs, legatees or
distributees of any of the foregoing)), (d) Capri Holdings and its Subsidiaries may make any Restricted Payment so long as prior to
making such Restricted Payment and after giving effect thereto (i) no Default or Event of Default has occurred and is continuing or
would occur and (ii) on a Pro Forma Basis the Net Leverage Ratio as at the last day of the most recently ended fiscal quarter of
Capri Holdings for which financial statements are available does not exceed 4.00 to 1.00, and (e) Capri Holdings and its
Subsidiaries may make other Restricted Payments so long as prior to making such Restricted Payment and after giving effect thereto
no Event of Default has occurred and is continuing or would occur; provided that the aggregate amount of all Restricted Payments
made pursuant to this clause (f) shall not exceed $25,000,000 during any fiscal year of Capri Holdings.

 

For purposes of determining compliance with this
Section 6.07, (x) in the event that a Restricted Payment (or any portion thereof) meets the criteria of more than one of the categories
of Investment described in clauses (a) through (f) of this Section 6.07, the Company, upon written notice to the Administrative Agent,
may divide, classify or reclassify, or later divide, classify or reclassify, such Restricted Payment (or any portion thereof) in any manner
that complies with this covenant and at the time of division, classification or reclassification will be entitled to only include the
amount and type of such Investment (or any portion thereof) in one of the categories of permitted Restricted Payments (or any portion
thereof) described in the above clauses and (y) if such Restricted Payment could have been made as of any time in reliance on Section
6.07(d) based on the most recent financial statements delivered pursuant to Section 5.01(a) or 5.01(b), such Restricted Payment shall,
upon written notice to the Administrative Agent, be reclassified (with retroactive effect) as having been incurred under Section 6.07(d).

 

Section
6.08. Financial Covenants. The Loan Parties will not permit the Net Leverage Ratio, determined as of the end of each
fiscal quarter of Capri Holdings and its consolidated Subsidiaries ending on and after the Effective Date, to be greater than 4.00
to 1.00; provided that, if Capri Holdings elects by written notice to the Administrative Agent to have a Transition Period
apply in respect of a Material Acquisition (a “Transition Period Election”), the Loan Parties shall not permit
the Net Leverage Ratio, determined as of the end of each fiscal quarter of Capri Holdings and its consolidated Subsidiaries ending
during such Transition Period to be greater than 4.50 to 1.00; provided further that (i) only two Transition Period Elections
may be made over the life of this Agreement pursuant to this Section 6.08 and (ii) there shall be at least two full consecutive
fiscal quarters ended after the end of the first Transition Period in respect of a Material Acquisition prior to the commencement of
a second Transition Period in respect of another Material Acquisition.

 

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Article
VII

Events of Default

 

If any of the following
events (“Events of Default”) shall occur:

 

(a)                any
Borrower shall fail to pay any principal of any Loan or any reimbursement obligation in respect of any LC Disbursement 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
Loan Party shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a)
of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of five (5) Business Days;

 

(c)                any
representation or warranty made or deemed made by or on behalf of any Loan Party or any Subsidiary in or in connection with this Agreement
or any other Loan Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, 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 thereof or waiver thereunder, shall prove to have been incorrect when made or deemed made in any material respect (or
in any respect if such representation or warranty is qualified by “material” or “Material Adverse Effect”);

 

(d)                any
Loan Party shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02(a), 5.03 (with respect
to Capri Holdings’ or any Borrower’s existence), 5.08 or 5.09 or in Article VI;

 

(e)                any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those
specified in clause (a), (b) or (d) of this Article) or any other Loan Document, and such failure shall continue unremedied
for a period of thirty (30) days after notice thereof from the Administrative Agent to the Company (which notice will be given at
the request of any Lender);

 

(f)                Capri
Holdings or any Subsidiary shall fail to make any payment of principal or interest, regardless of amount, in respect of any Material
Indebtedness, when and as the same shall become due and payable beyond the period of grace, if any, provided in the instrument or agreement
under which such Material Indebtedness was created (after giving effect to any extensions, waivers, amendments or other modifications
of such instrument or agreement that are in effect), and, prior to any termination of Commitments or the acceleration of payment of Loans
pursuant to this Article VII, such failure is not cured or waived in writing by the requisite holders of such Material Indebtedness;

 

(g)                any
event or condition occurs (after giving effect to any applicable grace periods and after giving effect to any extensions, waivers, amendments
or other modifications of any applicable provision or agreement) that results in any Material Indebtedness becoming due prior to its
scheduled maturity or that enables or permits the holder or holders of any Material Indebtedness or any trustee or agent on its or their
behalf to cause, with the giving of an acceleration or similar notice if required, any Material Indebtedness to become due, or to require
the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall
not apply to (x) secured Indebtedness that becomes due as a

 

    	 	118	 

     

    

result of the voluntary sale or transfer (including
as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness to the extent such Indebtedness
is paid when due (after giving effect to any applicable grace period and after giving effect to any extensions, waivers, amendments or
other modifications of any applicable provision or agreement), (y) any Convertible Debt Security to the extent such event or condition
occurs as a result of (A) the satisfaction of a conversion contingency, (B) the exercise by a holder of Convertible Debt Security of a
conversion right resulting from the satisfaction of a conversion contingency or (C) a required repurchase under such Convertible Debt
Security or (z) any early payment requirement or unwinding or termination with respect to any Permitted Call Spread Swap Agreement;

 

(h)               an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization, arrangement,
administration. examinership or other relief in respect of Capri Holdings or any Material Subsidiary or its debts, or of a substantial
part of its assets, under any federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, administrator, examiner monitor, liquidator or
similar official for Capri Holdings, or any such Material Subsidiary or for a substantial part of its assets, and, in any such case,
such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall
be entered;

 

(i)                (1)
any Loan Party or any Material Subsidiary (other than those described in the proviso to the definition thereof) shall (i) voluntarily
commence any proceeding or file any petition seeking liquidation, reorganization, arrangement, administration or other relief under any
federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution
of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii)
apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator, administrator, monitor, liquidator
or similar official for such Loan Party or any such Material Subsidiary or for a substantial part of its assets, (iv) file an answer
admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit
of creditors or (vi) take any action for the purpose of effecting any of the foregoing;

 

(j)                any
Loan Party or any Material Subsidiary (other than those described in the proviso to the definition thereof) shall become unable, admit
in writing its inability or fail generally to pay its debts as they become due; provided that, in relation to any Loan Party or Material
Subsidiary incorporated under the laws of Italy, this clause shall be construed as including, without limitation, the case under which
such Loan Party or Material Subsidiary is “in stato di insolvenza” pursuant to the Italian Insolvency Law and/or the
Italian Crisis and Insolvency Code, as amended from time to time.

 

(k)               one
or more judgments for the payment of money in an aggregate amount (not paid or covered by insurance) in excess of $50,000,000 shall be
rendered against Capri Holdings, any Subsidiary or any combination thereof and (i) the same shall remain undischarged for a period of
60 consecutive days from the entry thereof during which execution shall not be effectively stayed or bonded, or (ii) any action shall
be legally taken by a judgment creditor to attach or levy upon any assets of Capri Holdings or any Subsidiary to enforce any such judgment;

 

(l)                
an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, could reasonably be
expected to result in a Material Adverse Effect;

 

    	 	119	 

     

    

(m)              
a Change in Control shall occur;

 

(n)               any
material provision of any Loan Document for any reason ceases to be valid, binding and enforceable in accordance with its terms (or Capri
Holdings or any Subsidiary shall challenge the enforceability of any Loan Document or shall assert in writing, or engage in any action
or inaction based on any such assertion, that any provision of any of the Loan Documents has ceased to be or otherwise is not valid,
binding and enforceable in accordance with its terms);

 

(o)               
a BVI Insolvency Event shall occur;

 

(p)               
a Swiss Insolvency Event shall occur; or

 

(q)               
a UK Insolvency Event shall occur in respect of any UK Relevant Entity.

 

then, subject to the following paragraph, and
in every such event (other than an event with respect to any Borrower described in clause (h) or (i) of this Article), and at
any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall,
by notice to the Company, take either or all of the following actions, at the same or different times: (i) terminate the Commitments
(including the Letter of Credit Commitments), and thereupon the Commitments shall terminate immediately, (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), 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 of the Borrowers accrued hereunder and under the other Loan Documents, shall become
due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrowers
and (iii) require cash collateral for the LC Exposure in accordance with Section 2.06(j) hereof; and in case of any event with respect
to any Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal
of the Loans then outstanding and cash collateral for the LC Exposure, together with accrued interest thereon and all fees and other Obligations
accrued hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by the Borrowers. Upon the occurrence and during the continuance of an Event
of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise any rights and remedies provided
to the Administrative Agent under the Loan Documents or at law or equity.

 

Article
VIII

The Administrative Agent

 

Each of the Lenders and the
Issuing Banks hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions
on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated to the Administrative Agent
by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental thereto. The provisions of this
Article are solely for the benefit of the Administrative Agent and the Lenders (including the Swingline Lender and the Issuing Banks),
and neither the Borrowers nor any other Loan Party shall have rights as a third party beneficiary of any of such provisions. It is understood
and agreed that the use of the term “agent” as used herein or in any

 

    	 	120	 

     

    

other Loan Documents (or any similar term) with
reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any applicable law. Instead, such term is used as a matter of market custom, and is intended to create or reflect only
an administrative relationship between independent contracting parties.

 

Without prejudice to the paragraph
above, for the purposes of Italian law, each Lender and each Issuing Bank hereby irrevocably appoints the entity named as Administrative
Agent and its successors and assigns as its "mandatario con rappresentanza" pursuant to articles 1703, 1704 and followings
of the Italian Civil Code, to act as its agent to serve as the administrative agent and collateral agent under the Loan Documents (expressly
authorized to sub-delegate the powers and authority granted to it as agent) and each Lender, the Swing Line Lender and each Issuing Lender
authorizes the Administrative Agent to take such actions as agent on its behalf and to exercise such powers under the Loan Documents as
are delegated to the Administrative Agent under such agreements and to exercise such powers as are reasonably incidental thereto also
in case of occurrence of the events described in, articles 1394 and 1395 of the Italian Civil Code.

 

The bank serving as the Administrative
Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though
it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in
any kind of business with Capri Holdings or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

 

The Administrative Agent shall
not have any duties or obligations except those expressly set forth in the Loan Documents. Without limiting the generality of the foregoing,
(a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred
and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated by the Loan Documents that the Administrative Agent is required
to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under
the circumstances as provided in Section 9.02), and (c) except as expressly set forth in the Loan Documents, the Administrative
Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to Capri Holdings
or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in
any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request
of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.02) or in the absence of its own gross negligence, bad faith or willful misconduct as determined by a final nonappealable
judgment of a court of competent jurisdiction. The Administrative Agent shall be deemed not to have knowledge of any Default unless and
until written notice thereof is given to the Administrative Agent by Capri Holdings, the Company or a Lender, and the Administrative Agent
shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or in
connection with any Loan Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions
set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other
agreement, instrument or document or (v) the satisfaction of any condition set forth in Article IV or elsewhere in any Loan
Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 

The Administrative Agent shall
be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument,
document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The

 

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Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon.
The Administrative Agent may consult with legal counsel (who may be counsel for the Loan Parties), independent accountants and other experts
selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants
or experts.

 

The Administrative Agent may
perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative
Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their
respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related
Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication
of the credit facilities provided for herein as well as activities as Administrative Agent.

 

Subject to the appointment and
acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying
the Lenders, the Issuing Banks and the Company. Upon any such resignation, the Required Lenders shall have the right to appoint a successor.
If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days
after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the
Lenders and the Issuing Banks, appoint a successor Administrative Agent, which shall be a bank with an office in New York, New York, or
an Affiliate of any such bank. In either case, such appointment shall be reasonably satisfactory to Capri Holdings (except while an Event
of Default has occurred and is continuing, in which case such appointment shall be made in the sole discretion of the Required Lenders
or the retiring Administrative Agent, as applicable). Upon the acceptance of its appointment as Administrative Agent hereunder by a successor,
such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent,
and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by any Borrower
to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between such Borrower
and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and Section 9.03
shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in
respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent.

 

Each Lender acknowledges and
agrees that the extensions of credit made hereunder are commercial loans and letters of credit and not investments in a business enterprise
or securities. Each Lender further represents that it is engaged in making, requiring or holding commercial loans in the ordinary course
of its business and that it has, independently and without reliance upon the Administrative Agent or any other Lender and their respective
Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to
enter into this Agreement as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without reliance
upon the Administrative Agent or any other Lender and their respective Related Parties and based on such documents and information (which
may contain material, nonpublic information within the meaning of the United States securities laws concerning Capri Holdings and its
Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or
based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder and in deciding
whether to or to the extent to which it will continue as a Lender or assign or otherwise transfer its rights, interests and obligations
hereunder.

 

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None of the Lenders, if any,
identified in this Agreement as a Syndication Agent, Co-Documentation Agent, Sustainability Structuring Agent, Senior Managing Agent or
Lead Arranger shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable
to all Lenders as such. Without limiting the foregoing, none of such Lenders shall have or be deemed to have a fiduciary relationship
with any Lender. Each Lender hereby makes the same acknowledgments with respect to the relevant Lenders in their respective capacities
as Syndication Agent, Co-Documentation Agent, Sustainability Structuring Agent, Senior Managing Agents or Lead Arrangers, as applicable
as it makes with respect to the Administrative Agent in the preceding paragraph.

 

The Lenders are not partners
or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except as otherwise set forth herein in case of the Administrative
Agent) authorized to act for, any other Lender. The Administrative Agent shall have the exclusive right on behalf of the Lenders to enforce
the payment of the principal of and interest on any Loan after the date such principal or interest has become due and payable pursuant
to the terms of this Agreement.

 

Each Lender (x) represents and
warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party
hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance
of doubt, to or for the benefit of the Borrowers or any other Loan Party, that at least one of the following is and will be true:

 

(i)                 such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans
with respect to such Lenders entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the
Commitments or this Agreement,

 

(ii)                the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

 

(iii)               (A)
such Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation
in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements
of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a)
of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Letters of Credit, the Commitments and this Agreement, or

 

(iv)               such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

In addition, unless either
(1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or (2) a Lender has provided another representation,
warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x)

 

    	 	123	 

     

    

represents and warrants, as of the date such Person
became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases
being a Lender party hereto, for the benefit of the Administrative Agent, and not, for the avoidance of doubt, to or for the benefit of
the Borrowers or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved
in such Lender’s entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments
and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement,
any Loan Document or any documents related hereto or thereto).

 

Each Lender and Issuing
Bank hereby agrees that (x) if the Administrative Agent notifies such Lender or Issuing Bank that the Administrative Agent has determined
in its sole discretion that any funds received by such Lender or Issuing Bank from the Administrative Agent or any of its Affiliates (whether
as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a “Payment”)
were erroneously transmitted to such Lender or Issuing Bank (whether or not known to such Lender or Issuing Bank), and demands the return
of such Payment (or a portion thereof), such Lender or Issuing Bank shall promptly, but in no event later than one Business Day thereafter,
return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day
funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received
by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Overnight Rate and a rate determined
by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to
the extent permitted by applicable law, such Lender or Issuing Bank shall not assert, and hereby waives, as to the Administrative Agent,
any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative
Agent for the return of any Payments received, including without limitation any defense based on “discharge for value” or
any similar doctrine. A notice of the Administrative Agent to any Lender under this Section 8 shall be conclusive, absent manifest error.

 

Each Lender and Issuing Bank
hereby further agrees that if it receives a Payment from the Administrative Agent or any of its Affiliates (x) that is in a different
amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates)
with respect to such Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice,
it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender and Issuing Bank agrees
that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender or Issuing
Bank shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly,
but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion
thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including
the date such Payment (or portion thereof) was received by such Lender or Issuing Bank to the date such amount is repaid to the Administrative
Agent at the greater of the Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation from time to time in effect.

 

Capri Holdings and each other
Loan Party hereby agree that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender or Issuing Bank
that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of
such Lender and Issuing Bank with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise
satisfy any Obligations owed by the Borrowers or any other Loan Party; provided that for the avoidance of doubt, the immediately preceding
clauses (x) and (y) shall not apply to the extent of any such Payment is, and solely with respect to the amount of such erroneous

 

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Payment is, comprised of funds received by the
Administrative Agent from any Borrower for the purpose of making such Payment.

 

Each party’s obligations
under this Section 8 shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations
by, or the replacement of, a Lender or an Issuing Bank, the termination of the Commitments or the repayment, satisfaction or discharge
of all Obligations under any Loan Document.

 

Article
IX

Miscellaneous

 

Section
9.01. Notices. i) Except in the case of notices and other communications expressly permitted to be given by telephone (and
subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered
by hand or overnight courier service, mailed by certified or registered mail or sent by facsimile or telecopy, as follows:

 

(i)                if
to Capri Holdings or any other Borrower, to it at (A) c/o Michael Kors (USA), Inc., 11 West 42nd Street, New York, New York 10036, Attention
of Krista A. McDonough, Senior Vice President and General Counsel (Telecopy No. 646-354-4901; Email: krista.mcdonough@capriholdings.com)
and (B) One Meadowlands Plaza, 12th Floor, East Rutherford, NJ 07073, Attention of Thomas D. Edwards, Jr., Executive Vice
President, Chief Financial Officer and Chief Operating Officer (Telecopy No. 201-453-5553; Email: tom.edwards@capriholdings.com);

 

(ii)               if
to the Administrative Agent or Swingline Lender (for Swingline Loans denominated in Dollars):

 

JPMorgan Chase Bank, N.A., 10 South
Dearborn, Floor L2,

Suite IL1-0480, Chicago, IL, 60603-2300

Attention: Charitra Shetty, Fax Number:
844-490-5663

Email: charitra.shetty@chase.com

 

With copy(s) to:

 

JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2

Suite IL1-0480, Chicago, IL, 60603-2300

Attention: Michael Stevens, Phone Number: 312-732-6468

Email: michael.r.stevens@jpmorgan.com

 

JPMorgan Chase Bank, N.A., Middle Market
Servicing

10 South Dearborn, Floor L2, Suite
IL1-0480

Chicago, IL, 60603-2300

Attention: Commercial Banking Group,
Fax No: (844) 490-5663

Email: jpm.agency.cri@jpmorgan.com;

jpm.agency.servicing.1@jpmorgan.com

 

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Agency Withholding Tax Inquiries:

Email: agency.tax.reporting@jpmorgan.com

 

Agency Compliance/Financials/Intralinks:

Email: covenant.compliance@jpmchase.com
;

 

(iii)              if
to Issuing Bank

 

JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2

Suite IL1-0480, Chicago, IL, 60603-2300

Attention: LC Agency Team

Tel: 800-364-1969; Fax: 856-294-5267

Email: chicago.lc.agency.activity.team@jpmchase.com

 

With a copy to:

 

JPMorgan Chase Bank, N.A., 10 South Dearborn, Floor L2

Suite IL1-0480, Chicago, IL, 60603-2300

Attention: Loan & Agency Services Group

Fax Number: 844-490-5663

Email: charitra.shetty@chase.com;

 

(iv)             if
to Foreign Currency Swingline Lender:

 

J.P. Morgan AG,

Attention: 25 Bank Street, Canary Wharf, London E14 5JP,

Fax number 44 207 777 2360

E-Fax  2016395145@tls.ldsprod.com

emea.london.agency@jpmorgan.com;
and

 

(v)              
if to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

 

Notices sent by hand or overnight courier service,
or mailed by certified or registered mail, shall be deemed to have been given when received; notices sent by facsimile shall be deemed
to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next business day for the recipient). Notices delivered through Electronic Systems, to the extent provided
in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)                Notices
and other communications to the Lenders and the Issuing Banks hereunder may be delivered or furnished by using Electronic Systems pursuant
to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II
unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Loan Parties may, in their
discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved
by it; provided that approval of such procedures may be limited to particular notices or communications.

 

Unless the Administrative
Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s
receipt of

 

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an acknowledgement from the intended recipient
(such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii)
notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient,
at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available and identifying
the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email or other communication is not
sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening
of business on the next business day for the recipient.

 

(c)                Any
party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties
hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed
to have been given on the date of receipt.

 

(d)                Electronic Systems.

 

(i)                The
Company agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined below) available to
the Issuing Banks and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially
similar Electronic System.

 

(ii)               Any
Electronic System used by the Administrative Agent is provided “as is” and “as available.” The Agent Parties
(as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in
the Communications. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability,
fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any
Agent Party in connection with the Communications or any Electronic System. In no event shall the Administrative Agent or any of its
Related Parties (collectively, the “Agent Parties”) have any liability to any Loan Party, any Lender, any Issuing
Bank or any other Person or entity for damages of any kind, including, without limitation, direct or indirect, special, incidental or
consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of any Loan Party’s or the Administrative
Agent’s transmission of Communications through an Electronic System. “Communications” means, collectively, any
notice, demand, communication, information, document or other material provided by or on behalf of any Loan Party pursuant to any Loan
Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Bank by
means of electronic communications pursuant to this Section, including through an Electronic System.

 

Section
9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent, any Issuing Bank or any Lender in
exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power,
preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the
Administrative Agent, the Issuing Banks and the Lenders hereunder and under the other Loan Documents are cumulative and are not
exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any
departure by any Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this
Section, and then such waiver or consent shall be effective only in the specific instance and for the

 

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purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a
waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Bank may have had notice or
knowledge of such Default at the time.

 

(b)               Subject
to clauses (c) and (e) below, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an
agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the Borrowers and the Administrative
Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Commitment of any
Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC Disbursement or reduce the
rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender directly affected thereby,
provided that (x) any amendment of the definition of “Public Debt Rating” (or any defined term embedded therein) shall
not constitute a reduction in the rate of interest or fees for purposes of this clause (ii) even if the effect of such amendment would
be to reduce the rate of interest on any Loan or any LC Disbursement or to reduce any fee payable hereunder and (y) only the consent
of the applicable Majority Facility Lenders shall be necessary to reduce or waive any obligation of the Borrowers to pay interest or
fees at the applicable default rate set forth in Section 2.13(d) if the Revolving Facility or the Term Loan Facility, as the case may
be, is adversely affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan or LC Disbursement,
or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled
date of expiration of any Commitment, without the written consent of each Lender directly affected thereby, (iv) change Section 2.18(b)
or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) change any of the provisions of this Section or the definition of “Required Lenders”, “Required Revolving
Lenders” or “Majority Facility Lenders” or any other provision hereof specifying the number or percentage of Lenders
required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written
consent of each Lender (or, with respect to changes affecting only one Facility, each Lender under the affected Facility) (it being understood
that, solely with the consent of the parties prescribed by Section 2.20 to be parties to an Incremental Term Loan Amendment, Incremental
Term Loans may be included in the determination of Required Lenders on substantially the same basis as the Commitments and the Loans
are included on the Effective Date), (vi) release Capri Holdings, the Company, or all or substantially all of the other Guarantors
from their obligations under the Guaranty without the written consent of each Lender, or (vii) change any other provision of the Loan
Documents in a manner that by its terms affects the rights in respect of payments in respect of Loans of any Class more adversely than
Loans of any other Class without the Majority Facility Lenders with respect to such adversely affected Class; provided further
that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, any Issuing Bank or
the Swingline Lender hereunder without the prior written consent of the Administrative Agent, such Issuing Bank or the Swingline Lender,
as the case may be (it being understood that any change to Section 2.23 shall require the consent of the Administrative Agent, each Issuing
Bank and the Swingline Lender). Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other modification
of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or other modification referred
to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event such Defaulting Lender shall be directly
affected by such amendment, waiver or other modification.

 

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(c)               Notwithstanding
the foregoing, (i) this Agreement and any other Loan Document may be amended (or amended and restated) with the written consent of the
Required Lenders, the Administrative Agent and the Borrowers (x) to add one or more credit facilities (in addition to the Incremental
Term Loans pursuant to an Incremental Term Loan Amendment) to this Agreement and to permit extensions of credit from time to time outstanding
thereunder and the accrued interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan
Documents with the existing Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders
holding such credit facilities in any determination of the Required Lenders and Lenders; (ii) [reserved]; (iii) this Agreement and any
other Loan Document may be amended (or amended and restated) by the Company and the Administrative Agent to effect the provisions of
Section 2.20 or 2.27 in connection with an Incremental Term Loan Amendment and/or Refinancing Amendment or the provisions of Section
2.26 or Section 2.28; and (iv) the Administrative Agent is hereby authorized to execute and deliver intercreditor agreements, guarantees,
collateral or security documents and other related documents executed by the Loan Parties in connection with or as contemplated by this
Agreement in a form reasonably determined by the Administrative Agent.

 

(d)               If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or “each Lender
directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of other necessary Lenders is not
obtained (any such Lender whose consent is necessary but not obtained being referred to herein as a “Non-Consenting Lender”),
then the Company may elect to replace a Non-Consenting Lender as a Lender party to this Agreement, provided that, concurrently
with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Company and the Administrative Agent
shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment
and Assumption and to become a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender
to be terminated as of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) each Borrower
shall pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) the outstanding principal amount of
its Loans and participations in LC Disbursements and all interest, fees and other amounts then accrued but unpaid to such Non-Consenting
Lender by such Borrower hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting
Lender under Sections 2.13(g), 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to
such Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on such date
rather than sold to the replacement Lender.

 

(e)                Notwithstanding
anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only, amend, modify or supplement this
Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect or inconsistency.

 

(f)                Notwithstanding
anything to the contrary herein the Administrative Agent may, with the consent of the Borrowers only, amend, restate, modify or supplement
this Agreement as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent (i) following approval of any
Foreign Subsidiary as an Eligible Foreign Subsidiary by the Administrative Agent and the Lenders, to effect the provisions of Section
2.22 and the designation of such Foreign Subsidiary as a Foreign Subsidiary Borrower (including with respect to borrowing mechanics and
to otherwise reflect the existence of a Loan Party organized under the laws of such Foreign Subsidiary’s jurisdiction of organization),
(ii) concurrently with or following the addition of a Foreign Subsidiary as a Guarantor pursuant to Section 5.09, to reflect

 

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the existence
of a Loan Party organized under the laws of such Foreign Subsidiary’s jurisdiction of organization or (iii) to comply with local
law or advice of local counsel.

 

Section
9.03. Expenses; Indemnity; Limitation of Liability; Damage Waiver. (a) The Loan Parties shall pay (i) all
reasonable and documented out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable
fees, charges and disbursements of one primary counsel and one local counsel in each applicable jurisdiction for all such parties
and, in the case of an actual or reasonably perceived conflict of interest, one additional counsel per affected party, and other
counsel retained with the Company’s consent (such consent not to be unreasonably withheld or delayed), in connection with the
syndication and distribution (including, without limitation, via the internet or through a service such as IntraLinks) of the credit
facilities provided for herein, the preparation and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated), (ii) all reasonable and documented out-of-pocket expenses incurred by the Issuing Banks in connection with the
issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all reasonable
and documented out-of-pocket expenses incurred by the Administrative Agent, any Issuing Bank or any Lender, including the reasonable
fees, charges and disbursements of one primary counsel and of any special and local counsel for all such parties and, in the case of
an actual or reasonably perceived conflict of interest, one additional counsel per affected party, and other counsel retained with
the Company’s consent (such consent not to be unreasonably withheld or delayed), in connection with the enforcement or
protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section, or
in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during
any workout, restructuring or negotiations in respect of such Loans or Letters of Credit.

 

(b)               The
Loan Parties shall severally indemnify the Administrative Agent, each Issuing Bank and each Lender, and each Related Party of any of
the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from,
any and all losses, claims, damages, liabilities and related expenses (which, in the case of counsel, shall be limited to the reasonable
and documented out-of-pocket fees, charges and disbursements of (x) one primary counsel and one local counsel in each applicable jurisdiction
for the Administrative Agent, (y) one additional counsel, and one additional counsel in each applicable jurisdiction, for all Indemnitees
other than the Administrative Agent and (z) additional counsel for affected Indemnitees in light of actual or reasonably perceived conflicts
of interest), incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution
or delivery of any Loan Document or any agreement or instrument contemplated thereby, the performance by the parties hereto of their
respective obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any
Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment
under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter
of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by
Capri Holdings or any of its Subsidiaries, or any Environmental Liability related in any way to Capri Holdings or any of its Subsidiaries,
or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based
on contract, tort or any other theory, whether brought by a third party or by Capri Holdings or any of its Subsidiaries, and regardless
of whether any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the
extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from (x) the gross negligence, bad faith or

 

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willful misconduct of such
Indemnitee or any of its Controlled Affiliates or any of its or their officers, directors, employees, advisors or agents, (y) a
material breach of its express obligations under the Loan Documents by such Indemnitee or any of its Controlled Affiliates pursuant
to a claim made by a Loan Party or (z) any dispute between and among Indemnitees that does not involve an act or omission by any
Loan Party or any Subsidiary of a Loan Party, except that the Administrative Agent, the Lead Arrangers, the Swingline Lender and the
Issuing Banks, to the extent acting in its capacity as such, shall remain indemnified in respect of such disputes to the extent
otherwise entitled to be so indemnified hereunder. This Section 9.03(b) shall not apply with respect to Taxes other than any
Taxes that represent losses, claims or damages arising from any non-Tax claim.

 

(c)               Each
Lender severally agrees to pay any amount required to be paid by the Loan Parties under paragraphs (a), (b) or (d) of this ‎Section
9.03 to the Administrative Agent, each Issuing Bank and each Swingline Lender, and each Related Party of any of the foregoing Persons
(each, an “Agent-Related Person”) (to the extent not reimbursed by the Loan Parties and without limiting the obligation of
the Loan Parties to do so), ratably according to their respective Applicable Percentage in effect on the date on which such payment is
sought under this Section (or, if such payment is sought after the date upon which the Commitments shall have terminated and the Loans
shall have been paid in full, ratably in accordance with such Applicable Percentage immediately prior to such date), and agrees to indemnify
and hold each Agent-Related Person harmless from and against any and all Liabilities and related expenses, including the fees, charges
and disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred
by or asserted against such Agent-Related Person in any way relating to or arising out of the Commitments, this Agreement, any of the
other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by such Agent-Related Person under or in connection with any of the foregoing; provided that the unreimbursed
expense or Liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity
as such; provided further that no Lender shall be liable for the payment of any portion of such Liabilities, costs, expenses or disbursements
that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted primarily from such Agent-Related
Party’s gross negligence or willful misconduct. The agreements in this Section shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder.

 

(d)               To
the extent permitted by applicable law (i) neither any Borrower nor any other Loan Party shall assert, and each Borrower and each Loan
Party hereby waives, any claim against the Administrative Agent, any Arranger, any Syndication Agent, any Co-Documentation Agent, the
Sustainability Structuring Agent, any Issuing Bank and any Lender, and any Related Party of any of the foregoing Persons (each such Person
being called a “Lender-Related Person”) for any Liabilities arising from the use by others of information or other
materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission
systems (including the Internet), and (ii) no party hereto shall assert, and each such party hereby waives, any Liabilities against any
other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other Loan Document, or any agreement or instrument
contemplated hereby or thereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof; provided that, nothing
in this Section 9.03(d) shall relieve any Borrower or any Loan Party of any obligation it may have to indemnify an Indemnitee, as provided
in Section 9.03(b), against any special, indirect, consequential or punitive damages asserted against such Indemnitee by a third party.
The Loan Parties shall not, without the prior written consent of each applicable Indemnitee (which consent, except with respect to a
settlement including a statement of the type referred to in clause (b) below, shall not

 

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be unreasonably withheld or delayed), effect any
settlement of any pending or threatened proceedings in respect of which indemnity could have been sought hereunder by such Indemnitee
unless such settlement (a) includes an unconditional release of such Indemnitee in form and substance reasonably satisfactory to such
Indemnitee from all liability on claims that are the subject matter of such proceedings, (b) does not include any statement as to or any
admission of fault, culpability or a failure to act by or on behalf of any Indemnitee and (c) includes customary confidentiality and non-disparagement
agreements. The Loan Parties shall not be liable for any settlement of any proceeding effected without Capri Holdings’ written consent
(which consent shall not be unreasonably withheld or delayed), but if settled with Capri Holdings’ written consent or if there is
a final non-appealable judgment by a court of competent jurisdiction against an Indemnitee in any such proceeding, the Loan Parties agree
to indemnify and hold harmless each Indemnitee in the manner set forth above.

 

(e)                All
amounts due under this Section shall be payable not later than fifteen (15) days after receipt by the Company of a written
invoice relating thereto setting forth (subject to attorney-client and other confidentiality concerns of the applicable Indemnitee)
such expenses in reasonable detail.

 

Section
9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that
issues any Letter of Credit), except that (i) other than in accordance with Section 6.03(a)(iii), no Borrower may assign or
otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by any Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. 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 (including any Affiliate of any Issuing Bank that issues any Letter of Credit), Participants (to the extent
provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the Issuing Banks and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement.

 

(b)               (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons (other than
an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of:

 

(A)             the
Company (provided that the Company shall be deemed to have consented to any such assignment unless it shall object thereto by
written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof); provided, further,
that no consent of the Company shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an
Event of Default under paragraphs (a), (b), (h) or (i) under Article VII has occurred and is continuing, any other assignee;

 

(B)              the
Administrative Agent;

 

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(C)              in
case of an assignment under the Revolving Facility, each Issuing Bank; and

 

(D)              in
case of an assignment under the Revolving Facility, the Swingline Lender.

 

(ii)              
Assignments shall be subject to the following additional conditions:

 

(A)             except
in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment of the entire remaining amount
of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject
to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is delivered to the
Administrative Agent) shall not be less than $5,000,000 with respect to the Revolving Facility, unless each of the Company and the Administrative
Agent otherwise consent, provided that no such consent of the Company shall be required if an Event of Default has occurred and
is continuing;

 

(B)              each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement, provided that this clause shall not be construed to prohibit the assignment of a proportionate part of all
the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)              the
parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption and (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the Administrative
Agent and the parties to the Assignment and Assumption are participants, together with a processing and recordation fee of $3,500 (which
fee may be waived by the Administrative Agent in its sole discretion), such fee to be paid by either the assigning Lender or the assignee
Lender or shared between such Lenders;

 

(D)              the
assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee
designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about
Capri Holdings and its Affiliates and their Related Parties or their respective securities) will be made available and who may receive
such information in accordance with the assignee’s compliance procedures and applicable laws, including federal and state securities
laws;

 

(E)              any
assignment or transfer to or assumption by any Person of all or a portion of a Lender’s rights and obligations under this Agreement
(including all or a portion of its Commitment or Loans) with respect to a Dutch Borrower shall only be permitted if such Person is a
Dutch Non-Public Lender; and

 

(F)               the prior written consent of each Swiss Borrower, if the assignee is not a Swiss Qualifying Bank (such consent however not
to be unreasonably withheld or delayed); provided that no consent of any Swiss Borrower shall be

 

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required if an Event of Default under
clauses (a), (b), (h) or (i) of Article VII has occurred and is continuing.

 

For the purposes of this Section 9.04(b),
the terms “Approved Fund” and “Ineligible Institution” have the following meanings:

 

“Approved Fund”
means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions
of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a
Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender.

 

“Ineligible Institution”
means (a) a natural person, (b) a Defaulting Lender or its Parent, (c) Capri Holdings, any of its Subsidiaries or any of its Affiliates,
or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person or relative(s) thereof.

 

(iii)             Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the effective
date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder
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 the assigning Lender’s rights and obligations under this Agreement,
such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits and be subject to the obligations of Sections 2.13(g),
2.15, 2.16, 2.17 and 9.03 with respect to circumstances occurring prior to the assignment). Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this Section 9.04 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 paragraph (c) of this Section.

 

(iv)             The
Administrative Agent, acting for this purpose as a non-fiduciary agent of each Borrower, shall maintain at one of its offices a copy
of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the
Commitment of, and principal amount (and stated interest) of the Loans and LC Disbursements owing to, each Lender pursuant to the terms
hereof from time to time (the “Register”). The entries in the Register shall be conclusive, absent manifest error,
and the Borrowers, the Administrative Agent, the Issuing Banks and the Lenders shall treat each Person whose name is recorded in the
Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary.
The Register shall be available for inspection by each Borrower, any Issuing Bank and any Lender, at any reasonable time and from time
to time upon reasonable prior notice.

 

(v)              Upon
its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee or (y) to the extent
applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to a Platform as to which the
Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s completed
Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred
to in paragraph (b) of this Section and any written consent to such

 

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assignment required by paragraph (b) of this Section,
the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided
that if either the assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to
Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such
Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in
full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been
recorded in the Register as provided in this paragraph.

 

(c)                Any
Lender may, without the consent of any Borrower, the Administrative Agent, the Issuing Banks or the Swingline Lender, sell
participations to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in
all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment
and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain
unchanged; (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations,
(C) the Borrowers, the Administrative Agent, the Issuing Banks and the other Lenders shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement and (D) each Participant shall
be a Swiss Qualifying Bank or, if not, the prior written consent of each Swiss Borrower has been obtained (such consent however not
to be unreasonably withheld or delayed; provided that no consent of any Swiss Borrower shall be required if an Event of
Default under clauses (a), (b), (h) or (i) of Article VII has occurred and is continuing). 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 described in the first proviso to Section 9.02(b) that affects such Participant. Each Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.13(g), 2.15, 2.16 and 2.17 (subject to the requirements and
limitations therein, including the requirements under Section 2.17(f) (it being understood that the documentation required
under Section 2.17(f) 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 paragraph (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an assignee under paragraph (b) of
this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.13(g), 2.15 or 2.17, with
respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such
entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable
participation. Each Lender that sells a participation agrees, at the Company’s request and expense, to use reasonable efforts
to cooperate with the Company to effectuate the provisions of Sections 2.18 and 2.19 with respect to any Participant. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided
such Participant agrees to be subject to Section 2.18(c) as though it were a Lender. Each Lender that sells a participation
shall, acting solely for this purpose as a non-fiduciary agent of the Borrowers, 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 Commitments, Loans, Letters of Credit or its other obligations under
any Loan Document) to any Person except to the extent that such disclosure is

 

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necessary to establish that such
Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States
Treasury Regulations and except to the extent reasonably requested by any Borrower in order to determine whether any withholding may
have to be made from payments for or on account of UK tax. 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, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

(d)               Any
Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations
of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central
banking authority having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment of a security
interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations
hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

(e)               Upon
request of the Administrative Agent, the Loan Parties shall promptly carry out and take all the steps and actions (and shall procure
that any Loan Party incorporated in Italy will promptly carry out and take all the steps and actions) which are required, necessary or
appropriate, in the opinion of the Administrative Agent, to have any transfer and/or assignment by any Lender pursuant this Section 9.04
perfected and effective with respect to any Loan Party incorporated under Italian law (including the execution of any document, notice
and/or acknowledgement letter bearing certified date (data certa) for the purposes of Italian law).

 

(f)                For
the purposes of Italian law, the assignment and/or transfer of the rights of the Lenders under the Loan Documents shall constitute a
cessione del credito or a cessione del contratto totale o parziale, as the case may be, and it shall neither constitute
a novation nor have an effetto novativo on the obligations under the Loan Documents.

 

(g)               For
the purposes of Article 1407 of the Italian Civil Code, any Loan Party incorporated under Italian law irrevocably give their consent
to any assignment, assumption and release of rights or obligations or transfer of contract (cessione di diritti, cessione del credito
or cessione totale o parziale del contratto) made by any assigning Lender and irrevocably agrees that, upon any such
transfer or assignment being effective and within the limit provided thereunder, the assigning Lender shall be released from its obligations
being the subject of such transfer or assignment, also for the purposes of Articles 1273 and 1408 of the Italian Civil Code.

 

Section
9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan
Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan
Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of
the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any
such other party or on its behalf and notwithstanding that the Administrative Agent, any Issuing Bank or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall
continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount
payable under this Agreement or any other Loan Document is outstanding and unpaid (other than contingent obligations for
indemnification) or any Letter of Credit is outstanding (that has not been cash collateralized in accordance with Section 2.06(j))
and so long as the Commitments have not expired or

 

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terminated. The
provisions of Sections 2.13(g), 2.15, 2.16, 2.17 and 9.03 and Article VIII shall survive and remain in full force and effect
regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the
Letters of Credit and the Commitments or the termination of this Agreement or any other Loan Document or any provision hereof or thereof.

 

Section
9.06. Counterparts; Integration; Effectiveness; Electronic Execution.

 

(a)       This Agreement may be executed
in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which
when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with
respect to (i) fees payable to the Administrative Agent and (ii) the reductions or increases of the Letter of Credit Commitment of any
Issuing Bank constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous
agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received
counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

(b)       Delivery
of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan Document and/or (z) any document, amendment,
approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate,
request, statement, disclosure or authorization related to this Agreement, any other Loan Document and/or the transactions contemplated
hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed
pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually
executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words “execution,”
“signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any
other Loan Document and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records
in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual
executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require
the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures
approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any
Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly
given by or on behalf of any Borrower or any other Loan Party without further verification thereof and without any obligation to review
the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic
Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, each Borrower
and each Loan Party hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring,
enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrowers and the other
Loan Parties, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an
actual executed signature page and/or any electronic images of this Agreement, any other Loan Document and/or any Ancillary Document shall
have the same legal effect, validity and enforceability as any paper original, (B) the Administrative Agent and each of the Lenders may,
at its option, create one or more copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged
electronic record in any format, which shall be deemed

 

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created in the ordinary course of such Person’s business, and destroy the
original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal
effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity
or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original
copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively, including with respect to any signature
pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent’s
and/or any Lender’s reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic
means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of any
Borrower and/or any other Loan Party to use any available security measures in connection with the execution, delivery or transmission
of any Electronic Signature.

 

Section
9.07. Severability. Any provision of any Loan Document held to be invalid, illegal or unenforceable in any
jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without
affecting the validity, legality and enforceability of the remaining provisions thereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

Section
9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender and each of its
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 and in whatever currency denominated) at any time held
and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of any Borrower or any
Guarantor against any of and all of the Obligations held by such Lender, irrespective of whether or not such Lender shall have made
any demand under the Loan Documents and although such obligations may be unmatured. The rights of each Lender under this Section are
in addition to other rights and remedies (including other rights of setoff) which such Lender may have. Each Lender and Issuing Bank
shall use reasonable efforts to notify the Administrative Agent promptly after any such setoff and application; provided that
the failure to give such notice shall not affect the validity of such setoff and application.

 

Section
9.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement and the other Loan Documents
shall be construed in accordance with and governed by the law of the State of New York.

 

(b)               Each
of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding the governing law provisions
of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender relating to this Agreement, any other
Loan Document or the consummation or administration of the transactions contemplated hereby or thereby shall be construed in accordance
with and governed by the law of the State of New York.

 

(c)               Each
of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the
United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court lacks subject
matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate court from any
thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or the transactions relating
hereto or thereto, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally
agrees that all claims in respect of any such action or proceeding

 

    	 	138	 

     

    

 

may (and any such claims,
cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and
determined in such Federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or
in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall (i) affect any right that the
Administrative Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this Agreement
against the Borrower, any Loan Party or its properties in the courts of any jurisdiction, (ii) waive any statutory, regulatory,
common law, or other rule, doctrine, legal restriction, provision or the like providing for the treatment of bank branches, bank
agencies, or other bank offices as if they were separate juridical entities for certain purposes, including Uniform Commercial Code
Sections 4-106, 4-A-105(1)(b), and 5-116(b), UCP 600 Article 3 and ISP98 Rule 2.02, and URDG 758 Article 3(a), or (iii) affect which
courts have or do not have personal jurisdiction over the issuing bank or beneficiary of any Letter of Credit or any advising bank,
nominated bank or assignee of proceeds thereunder or proper venue with respect to any litigation arising out of or relating to such
Letter of Credit with, or affecting the rights of, any Person not a party to this Agreement, whether or not such Letter of Credit
contains its own jurisdiction submission clause.

 

(d)               Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Capri Holdings
and each other Loan Party which is a Foreign Subsidiary (each, a “Foreign Kors Person”) irrevocably designates and
appoints the Company, as its authorized agent, to accept and acknowledge on its behalf, service of any and all process which may be served
in any suit, action or proceeding of the nature referred to in Section 9.09(c) in any federal or New York State court sitting in
New York City. The Company hereby represents, warrants and confirms that the Company has agreed to accept such appointment (and any similar
appointment by any other Foreign Kors Person). Said designation and appointment shall be irrevocable by each such Foreign Kors Person
until all Loans, all reimbursement obligations, interest thereon and all other amounts payable by such Foreign Kors Person hereunder
and under the other Loan Documents shall have been paid in full in accordance with the provisions hereof and thereof and such Foreign
Kors Person shall have been terminated as a Borrower hereunder pursuant to Section 2.22 or as a Guarantor pursuant to Section 9.14.
Each Foreign Kors Person hereby consents to process being served in any suit, action or proceeding of the nature referred to in Section 9.09(c)
in any federal or New York State court sitting in New York City by service of process upon the Company as provided in this Section 9.09(d);
provided that, to the extent lawful and possible, notice of said service upon such agent shall be mailed by registered or certified
air mail, postage prepaid, return receipt requested, to the Company and (if applicable to) such Foreign Kors Person at its address set
forth in the Borrowing Subsidiary Agreement to which it is a party or to any other address of which such Foreign Kors Person shall have
given written notice to the Administrative Agent (with a copy thereof to the Company). Each Foreign Kors Person irrevocably waives, to
the fullest extent permitted by law, all claim of error by reason of any such service in such manner and agrees that such service shall
be deemed in every respect effective service of process upon such Foreign Kors Person in any such suit, action or proceeding and shall,
to the fullest extent permitted by law, be taken and held to be valid and personal service upon and personal delivery to such Foreign
Kors Person. To the extent any Foreign Kors Person has or hereafter may acquire any immunity from jurisdiction of any court or from any
legal process (whether from service or notice, attachment prior to judgment, attachment in aid of execution of a judgment, execution
or otherwise), each Foreign Kors Person hereby irrevocably waives such immunity in respect of its obligations under the Loan Documents.
Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other
manner permitted by law.

 

 

    	 	139	 

     

    

 

 

(e)                Each
of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any
objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to
this Agreement or any other Loan Document in any court referred to in paragraph (c) of this Section. Each of the parties hereto
hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court.

 

Section
9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT,
ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).
EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

Section
9.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference
only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this
Agreement.

 

Section
9.12. Confidentiality. Each of the Administrative Agent, the Issuing Banks and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its Affiliates and its
and their respective directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential), (b) to the extent requested by any Governmental Authority, including the
Federal Reserve Bank, any central banking authority and any self-regulatory authority, such as the National Association of Insurance
Commissioners (provided that, except with respect to any audit or examination by bank accountants or by any governmental bank
regulatory authority exercising examination or regulatory authority, each of the Administrative Agent, the Issuing Banks and the
Lenders shall, to the extent practicable and not prohibited by applicable law, use reasonable efforts to promptly notify the Company
of such disclosure), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process,
(d) to any other party to this Agreement, (e) in connection with the exercise of any remedies under this Agreement or any
other Loan Document or any suit, action or proceeding relating to this Agreement or any other Loan Document or the enforcement of
rights hereunder or thereunder, (f) subject to execution of a confidentiality and front running letter as agreed between the
Administrative Agent and the Borrowers, to (i) any assignee of or Participant in, or any prospective assignee of or Participant
in, any of its rights or obligations under this Agreement or (ii) any actual or prospective counterparty (or its advisors) to
any swap or derivative transaction relating to any Borrower and its obligations under this Agreement, (g) with the consent of
Capri Holdings or the Company, (h) on a confidential basis to (1) any rating agency in connection with rating the Company or its
Subsidiaries or the credit facilities provided for herein, (2) the CUSIP Service Bureau or any similar agency in connection with the
issuance and monitoring of CUSIP numbers with respect to the credit facilities provided for herein, (3) any credit insurance
provider in connection with

 

    	 	140	 

     

    

 

credit insurance as to any Borrower and its obligations hereunder or (4) market data collectors for
league table credit (limited to the existence of this Agreement, publicly available information about this Agreement and customary
information required for league table credit purposes) or (i) to the extent such Information (i) becomes publicly
available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent, any Issuing
Bank or any Lender on a nonconfidential basis from a source other than the Company. For the purposes of this Section,
“Information” means all information received from or on behalf of Capri Holdings or any Subsidiary relating to Capri
Holdings, the Company, or its business, other than any such information that is available to the Administrative Agent, any Issuing
Bank or any Lender on a nonconfidential basis prior to disclosure by Capri Holdings or such Subsidiary and other than information
pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve
the lending industry. Any Person required to maintain the confidentiality of Information as provided in this Section shall be
considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the
confidentiality of such Information as such Person would accord to its own confidential information.

 

EACH LENDER ACKNOWLEDGES THAT INFORMATION AS
DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION
CONCERNING THE COMPANY AND ITS RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES
REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE
PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS
AND AMENDMENTS, FURNISHED BY THE COMPANY OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL
BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE COMPANY, THE OTHER LOAN PARTIES AND THEIR
RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE COMPANY AND THE ADMINISTRATIVE AGENT THAT IT
HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION
IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 

Section
9.13. USA PATRIOT Act; Anti-Money Laundering Laws.

 

(a)                Each
Lender that is subject to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26,
2001)) (the “Patriot Act”) hereby notifies each Loan Party that pursuant to the requirements of the Patriot Act, it
is required to obtain, verify and record information that identifies such Loan Party, which information includes the name and address
of such Loan Party and other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act.

 

(b)               Each
Canadian Borrower acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and other
applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” laws, whether within
Canada or elsewhere (collectively, including any guidelines or orders thereunder, “AML Legislation”), the Lenders
and the Administrative Agent may be required to obtain, verify and record information regarding such

 

    	 	141	 

     

    

 

Canadian Borrower, its directors, authorized signing officers, direct or indirect shareholders or other Persons in control of
such Canadian Borrower, and the transactions contemplated hereby. Each Canadian Borrower shall promptly provide all such
information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the
Administrative Agent, or any prospective assign or participant of a Lender or the Administrative Agent, in order to comply with any
applicable AML Legislation, whether now or hereafter in existence.

 

If the Administrative Agent
has ascertained the identity of any Canadian Borrower or any authorized signatories of any Canadian Borrower for the purposes of applicable
AML Legislation, then the Administrative Agent:

 

(i)               shall
be deemed to have done so as an agent for each Lender, and this Agreement shall constitute a “written agreement” in such
regard between each Lender and the Administrative Agent within the meaning of applicable AML Legislation; and

 

(ii)              shall provide to each Lender copies of all information obtained in such regard without any representation or warranty as
to its accuracy or completeness.

 

Notwithstanding the preceding
sentence and except as may otherwise be agreed in writing, each of the Lenders agrees that the Administrative Agent has no obligation
to ascertain the identity of any Canadian Borrower or any authorized signatories of any Canadian Borrower on behalf of any Lender, or
to confirm the completeness or accuracy of any information it obtains from any Canadian Borrower or any such authorized signatory in doing
so.

 

Section
9.14. Releases of Guarantees.

 

(a)               A
Guarantor shall automatically be released from its obligations under the Guaranty and this Agreement upon the consummation of any transaction
permitted by this Agreement as a result of which such Guarantor ceases to be a Subsidiary; provided that, if so required by this
Agreement, the Required Lenders shall have consented to such transaction and the terms of such consent shall not have provided otherwise.
In connection with any termination or release pursuant to this Section, the Administrative Agent shall (and is hereby irrevocably authorized
by each Lender to) execute and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall
reasonably request to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be
without recourse to or warranty by the Administrative Agent.

 

(b)               Further,
the Administrative Agent may (and is hereby irrevocably authorized by each Lender to), upon the request of the Company, release any Subsidiary
that is a Guarantor (other than the Company) from its obligations under the Guaranty and this Agreement if such Guarantor is no longer
a Material Subsidiary.

 

(c)                Upon
the occurrence of the Termination Date, the Guaranty and all obligations (other than those expressly stated to survive such termination)
of each Guarantor thereunder and under this Agreement shall automatically terminate, all without delivery of any instrument or performance
of any act by any Person.

 

(d)                Any
Obligations under any Swap Agreement, any Banking Services Agreement, Supply Chain Financing or Bilateral Letter of Credit shall be guaranteed
pursuant to the Loan Documents only to the extent that, and for so long as, the other Obligations are so guaranteed. No Person shall
have any voting rights under any Loan Document solely as a result of the

 

    	 	142	 

     

    

 

existence of Obligations owed to it under any
such Swap Agreement, any Banking Services Agreement, Supply Chain Financing or Bilateral Letter of Credit. For the avoidance of
doubt, no release of Guarantors effected in the manner permitted by this Agreement shall require the consent of any holder of
Obligations under any Swap Agreement, any Banking Services Agreement, Supply Chain Financing or Bilateral Letter of Credit.

 

Section
9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under
applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which
may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the
rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall be limited
to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but
were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to such
Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the Overnight Rate to the date of repayment, shall have been received by such Lender.

 

Section
9.16. No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower
acknowledges and agrees that: (i) (A) the arranging and other services regarding this Agreement provided by the Lenders are
arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and the Lenders and their
Affiliates, on the other hand, (B) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent
it has deemed appropriate, and (C) such Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) each of the Lenders and their
Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower or any of its Affiliates, or any other
Person and (B) no Lender or any of its Affiliates has any obligation to such Borrower or any of its Affiliates with respect to the
transactions contemplated hereby except, in the case of a Lender, those obligations expressly set forth herein and in the other Loan
Documents; and (iii) each of the Lenders and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of such Borrower and its Affiliates, and no Lender or any of its Affiliates has any
obligation to disclose any of such interests to such Borrower or its Affiliates.  To the fullest extent permitted by law, each
Borrower hereby agrees not to assert any claim that it may have against each of the Lenders and their Affiliates with respect to any
breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

 

Section
9.17. Attorney Representation. If a Loan Party incorporated under the laws of the Netherlands is represented by an
attorney in connection with the signing and/or execution of the Agreement and/or any other Loan Document it is hereby expressly
acknowledged and accepted by the parties to the Agreement and/or any other Loan Document that the existence and extent of the
attorney’s authority and the effects of the attorney’s exercise or purported exercise of his or her authority shall be
governed by the laws of the Netherlands.

 

Section
9.18. Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the
contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the
write-down

 

    	 	143	 

     

    

 

and conversion powers
of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

 

(a)                the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder
which may be payable to it by any party hereto that is an Affected Financial Institution; and

 

(b)               
the effects of any Bail-In Action on any such liability, including, if applicable:

 

(i)               a
reduction in full or in part or cancellation of any such liability;

 

(ii)              a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any
other Loan Document; or

 

(iii)             the
variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of the applicable Resolution
Authority.

 

Section
9.19. Acknowledgement Regarding Any Supported QFCs.

 

To the extent that the Loan
Documents provide support, through a guarantee or otherwise, for hedging agreements or any other agreement or instrument that is a QFC
(such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge
and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance
Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder,
the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions
below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the
State of New York and/or of the United States or any other state of the United States):

 

In the event a Covered Entity that is party to
a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the
transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported
QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered
Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported
QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States
or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding
under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any
QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default
Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws
of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and
remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a
Supported QFC or any QFC Credit Support.

 

Section
9.20. Italian Transparency Rules

 

    	 	144	 

     

    

 

With regard to any Loan Party incorporated in Italy, it
is understood that, for the purposes of the Italian Transparency Rules, each Party hereby acknowledges and confirms that:

 

		(A)	it has appointed and has been assisted by its respective legal counsel in connection with the negotiation,
preparation and execution of this Agreement and each Loan Document; and

 

		(B)	this Agreement and each Loan Document, and all of its relevant terms and conditions, including the recitals
and the schedules thereto, have been specifically negotiated (oggetto di trattativa individuale) between the parties thereto.

 

 

 

[Signature
Pages Follow]

 

 

 

 

 

    	 	145	 

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed By: their respective authorized officers as of the day and year first above written.

	 	MICHAEL KORS (USA), INC., as the Company, a Borrower and a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	CAPRI HOLDINGS LIMITED, as Capri Holdings, a Borrower and a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Senior Vice President, Tax and Risk Management and Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS (CANADA) HOLDINGS LTD., as MK Canada Holdings, a Borrower and a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS (EUROPE) B.V., as MKE, a Borrower and a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Managing Director	 
	 	 	 	 	 
	 	MICHAEL KORS (SWITZERLAND) GMBH, as MK Switzerland, a Borrower and a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Managing Officer	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	CAPRI USA HOLDINGS LLC, as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	CAPRI USA INTERMEDIATE LLC, as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS, L.L.C., as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS RETAIL, INC., as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS STORES (CALIFORNIA), LLC, as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	MICHAEL KORS STORES, L.L.C., as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	MICHAEL KORS (USA) HOLDINGS, INC., as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	VERSACE USA, INC., as a Guarantor	 
	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Treasurer	 
	 	 	 	 	 
	 	J. CHOO LIMITED, as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Authorized Signatory	 
	 	 	 	 	 
	 	GIANNI VERSACE S.r.l., as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Director	 
	 	 	Place of Signature:  East Rutherford, New Jersey, United States of America	 
	 	 	 	 	 
	 	MICHAEL KORS (SWITZERLAND) INTERNATIONAL GMBH, as a Guarantor	 
	 	 	 	 	 
	 	By:	/s/ David Provenzano	 
	 	 	Name:	David Provenzano	 
	 	 	Title:	Managing Officer	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	JPMORGAN CHASE BANK, N.A., individually as a Lender, as the Swingline Lender, Issuing Bank and as Administrative Agent	 
	 	 	 	 	 
	 	By:	/s/ James A. Knight	 
	 	 	Name:	James A. Knight	 
	 	 	Title:	Executive Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	BARCLAYS BANK PLC, as a Lender and as Issuing Bank	 
	 	 	 	 	 
	 	By:	/s/ Christopher M. Aitkin	 
	 	 	Name:	Christopher M. Aitkin	 
	 	 	Title:	Vice President	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Bank of America, N.A., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ J. Casey Cosgrove	 
	 	 	Name:	J. Casey Cosgrove	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	BNP PARIBAS, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Emma Petersen	 
	 	 	Name:	Emma Petersen	 
	 	 	Title:	Managing Director	 
	 	 	 	 	 
	 	By:	/s/ David Foster	 
	 	 	Name:	David Foster	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	MUFG Bank, Ltd., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Reema Sharma	 
	 	 	Name:	Reema Sharma	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	ING (IRELAND) DAC, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Sean Hassett	 
	 	 	Name:	Sean Hassett	 
	 	 	Title:	Director	 
	 	 	 	 	 
	 	By:	/s/ Ciaran Dunne	 
	 	 	Name:	Ciaran Dunne	 
	 	 	Title:	Country Manager	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	U.S. Bank National Association, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Mark D. Rodgers	 
	 	 	Name:	Mark D. Rodgers	 
	 	 	Title:	Vice President	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Intesa Sanpaolo S.p.A., New York Branch, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Nicola Baiocchi Di Silvestri	 
	 	 	Name:	Nicola Baiocchi Di Silvestri	 
	 	 	Title:	Managing Director and NY Branch Manager	 
	 	 	 	 	 
	 	By:	/s/ Alessandro Toigo	 
	 	 	Name:	Alessandro Toigo	 
	 	 	Title:	Head of Corporate Desk	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Citibank, N.A., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Jason Boera	 
	 	 	Name:	Jason Boera	 
	 	 	Title:	Senior Vice President	 
	 	 	 	 	 
	 	By:	/s/ Jonathan Weiner	 
	 	 	Name:	Jonathan Weiner	 
	 	 	Title:	Senior Vice President	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Standard Chartered Bank, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Kristopher Tracy	 
	 	 	Name:	Kristopher Tracy	 
	 	 	Title:	Director – Financing Solutions	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	WELLS FARGO BANK, N.A., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Andre Hester	 
	 	 	Name:	Andre Hester	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	TRUIST BANK, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ J. Carlos Navarrete	 
	 	 	Name:	J. Carlos Navarrete	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Santander Bank, N.A., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Jennifer Baydian	 
	 	 	Name:	Jennifer Baydian	 
	 	 	Title:	Senior Vice President	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	Credit Suisse (Switzerland) Ltd., as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Bonaventura Bassi	 
	 	 	Name:	Bonaventura Bassi	 
	 	 	Title:	Director	 
	 	 	 	 	 
	 	By:	/s/ Nathalie Dietliker	 
	 	 	Name:	Nathalie Dietliker	 
	 	 	Title:	Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	UniCredit Bank AG, New York Branch as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Kimberly Sousa	 
	 	 	Name:	Kimberly Sousa	 
	 	 	Title:	Managing Director	 
	 	 	 	 	 
	 	By:	/s/ Laura Shelmerdine	 
	 	 	Name:	Laura Shelmerdine	 
	 	 	Title:	Associate Director	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	City National Bank, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Louis Serio	 
	 	 	Name:	Louis Serio	 
	 	 	Title:	SVP	 
	 	 	 	 	 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

 

	 	HSBC BANK USA, NATIONAL ASSOCATION, as a Lender	 
	 	 	 	 	 
	 	By:	/s/ Kyle O’Reilly	 
	 	 	Name:	Kyle O’Reilly	 
	 	 	Title:	Senior Vice President (#23203)	 

 

 

    	 	Signature Page to Credit Agreement
 Michael Kors (USA), Inc.
	 

     

    

 

SCHEDULE 1.01

PRICING GRID

 

	Pricing Level	
    Public Debt Ratings

    S&P / Moody’s / Fitch
	Net Leverage Ratio 	Spread for Term Benchmark Loans	
     

     

    Spread for RFR Loans
	Spread for ABR Loans	Commercial Letter of Credit Rate	Commitment Fee Rate
	1	A- / A3 / A- or above	N/A	87.5 bps	87.5 bps	0 bps	43.75 bps	7.5 bps
	2	BBB+ / Baa1 / BBB+	N/A	100.0 bps	100.0 bps	0 bps	50 bps	10.0 bps
	3	BBB / Baa2 / BBB	≤ 0.75:1.00	112.5 bps	112.5 bps	12.5 bps	56.25 bps	12.5 bps
	4	BBB- / Baa3 / BBB-	> 0.75:1.00 but grid≤ 2.50:1.00	125.0 bps	125.0 bps	25.0 bps	62.50 bps	15.0 bps
	5	BB+ / Ba1 / BB+ or lower 	> 2.50:1.00	137.5 bps	137.5 bps	37.5 bps	68.75 bps	17.5 bps

 

The level applicable for determining
pricing (the “Pricing Level”) shall be the higher of the Public Debt Ratings level and the Net Leverage Ratio level
(determined as of each Adjustment Date (defined below)) then applicable (it being understood that Pricing Level I is the “highest”
Pricing Level); provided that if the Public Debt Ratings and the Net Leverage Ratio Level then applicable fall more than one Level
apart, the Pricing Level shall be the level immediately below the higher of the two.

 

Changes in the Applicable
Margin resulting from changes in the Net Leverage Ratio shall become effective on the date (the “Adjustment Date”)
on which financial statements have been delivered pursuant to Section 5.01 for the most recently ended fiscal quarter or fiscal year of
Capri Holdings, as applicable, commencing with the two full fiscal quarters of Capri Holdings following the Effective Date, and shall
remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not
delivered within the time periods specified above, then, until such financial statements have been delivered (or an earlier date, in the
reasonable discretion of the Administrative Agent), the Net Leverage Ratio as at the end of the fiscal period that would have been covered
thereby shall for purposes of this definition be deemed to be Pricing Level V. Each determination of the Net Leverage Ratio pursuant to
this pricing grid shall be made with respect to (or, in the case of clause (a) of the definition thereof, as at the end of) the Test Period
ending at the end of the period covered by the relevant financial statements.EX-4.4

 Exhibit 4.4 

CENTESSA PHARMACEUTICALS PLC 
 TO

 Trustee 
 Indenture 

Dated as of                     ,
20     
 Senior Debt Securities 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
	 ARTICLE ONE—DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	 	2	 
			
	 SECTION 101.
	  	Definitions	  	 	2	 
	 SECTION 102.
	  	Compliance Certificates and Opinions	  	 	8	 
	 SECTION 103.
	  	Form of Documents Delivered to Trustee	  	 	9	 
	 SECTION 104.
	  	Acts of Holders	  	 	9	 
	 SECTION 105.
	  	Notices, etc., to Trustee and Company	  	 	10	 
	 SECTION 106.
	  	Notice to Holders; Waiver	  	 	11	 
	 SECTION 107.
	  	Counterparts; Effect of Headings and Table of Contents	  	 	11	 
	 SECTION 108.
	  	Successors and Assigns	  	 	11	 
	 SECTION 109.
	  	Severability Clause	  	 	12	 
	 SECTION 110.
	  	Benefits of Indenture	  	 	12	 
	 SECTION 111.
	  	Governing Law	  	 	12	 
	 SECTION 112.
	  	Legal Holidays	  	 	12	 
	 SECTION 113.
	  	Limited Liability; Immunity of Shareholders, Directors, Officers and Agents of the Company	  	 	12	 
	 SECTION 114.
	  	Conflict with Trust Indenture Act	  	 	12	 
		
	 ARTICLE TWO—SECURITIES FORMS
	  	 	12	 
			
	 SECTION 201.
	  	Forms of Securities	  	 	12	 
	 SECTION 202.
	  	Form of Trustee’s Certificate of Authentication	  	 	13	 
	 SECTION 203.
	  	Securities Issuable in Global Form	  	 	13	 

							
		
	 ARTICLE THREE—THE SECURITIES
	  	 	14	 
			
	 SECTION 301.
	  	Amount Unlimited; Issuable in Series	  	 	14	 
	 SECTION 302.
	  	Denominations	  	 	16	 
	 SECTION 303.
	  	Execution, Authentication, Delivery and Dating	  	 	16	 
	 SECTION 304.
	  	Temporary Securities	  	 	18	 
	 SECTION 305.
	  	Registration, Registration of Transfer, Conversion and Exchange	  	 	20	 
	 SECTION 306.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	22	 
	 SECTION 307.
	  	Payment of Interest; Interest Rights Preserved	  	 	23	 
	 SECTION 308.
	  	Persons Deemed Owners	  	 	24	 
	 SECTION 309.
	  	Cancellation	  	 	25	 
	 SECTION 310.
	  	Computation of Interest	  	 	25	 
	 SECTION 311.
	  	CUSIP Numbers	  	 	25	 
		
	 ARTICLE FOUR—SATISFACTION AND DISCHARGE
	  	 	25	 
			
	 SECTION 401.
	  	Satisfaction and Discharge of Indenture	  	 	25	 
	 SECTION 402.
	  	Application of Trust Funds	  	 	26	 
		
	 ARTICLE FIVE—REMEDIES
	  	 	26	 
			
	 SECTION 501.
	  	Events of Default	  	 	26	 
	 SECTION 502.
	  	Acceleration of Maturity; Rescission and Annulment	  	 	27	 
	 SECTION 503.
	  	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	28	 
	 SECTION 504.
	  	Trustee May File Proofs of Claim	  	 	29	 
	 SECTION 505.
	  	Trustee May Enforce Claims Without Possession of Securities or Coupons	  	 	29	 
	 SECTION 506.
	  	Application of Money Collected	  	 	29	 
	 SECTION 507.
	  	Limitation on Suits	  	 	30	 
	 SECTION 508.
	  	Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest	  	 	30	 
	 SECTION 509.
	  	Restoration of Rights and Remedies	  	 	30	 
	 SECTION 510.
	  	Rights and Remedies Cumulative	  	 	30	 
	 SECTION 511.
	  	Delay or Omission Not Waiver	  	 	30	 
	 SECTION 512.
	  	Control by Holders of Securities	  	 	31	 

							
	 SECTION 513.
	  	Waiver of Past Defaults	  	 	31	 
	 SECTION 514.
	  	Waiver of Usury, Stay or Extension Laws	  	 	31	 
	 SECTION 515.
	  	Undertaking for Costs	  	 	31	 
		
	 ARTICLE SIX—THE TRUSTEE
	  	 	31	 
			
	 SECTION 601.
	  	Notice of Defaults	  	 	31	 
	 SECTION 602.
	  	Certain Rights of Trustee	  	 	32	 
	 SECTION 603.
	  	Not Responsible for Recitals or Issuance of Securities	  	 	33	 
	 SECTION 604.
	  	May Hold Securities	  	 	33	 
	 SECTION 605.
	  	Money Held in Trust	  	 	33	 
	 SECTION 606.
	  	Compensation and Reimbursement	  	 	33	 
	 SECTION 607.
	  	Corporate Trustee Required; Eligibility; Conflicting Interests	  	 	34	 
	 SECTION 608.
	  	Resignation and Removal; Appointment of Successor	  	 	34	 
	 SECTION 609.
	  	Acceptance of Appointment by Successor	  	 	35	 
	 SECTION 610.
	  	Merger, Conversion, Consolidation or Succession to Business	  	 	36	 
	 SECTION 611.
	  	Appointment of Authenticating Agent	  	 	36	 
	 SECTION 612.
	  	Certain Duties and Responsibilities of the Trustee	  	 	37	 
		
	 ARTICLE SEVEN—HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	  	 	38	 
			
	 SECTION 701.
	  	Disclosure of Names and Addresses of Holders	  	 	38	 
	 SECTION 702.
	  	Reports by Trustee	  	 	38	 
	 SECTION 703.
	  	Reports by Company	  	 	38	 
	 SECTION 704.
	  	Company to Furnish Trustee Names and Addresses of Holders	  	 	39	 
		
	 ARTICLE EIGHT—CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
	  	 	39	 
			
	 SECTION 801.
	  	Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain Conditions	  	 	39	 
	 SECTION 802.
	  	Rights and Duties of Successor Corporation	  	 	39	 
	 SECTION 803.
	  	Officers’ Certificate and Opinion of Counsel	  	 	40	 

							
		
	 ARTICLE NINE—SUPPLEMENTAL INDENTURES
	  	 	40	 
			
	 SECTION 901.
	  	Supplemental Indentures Without Consent of Holders	  	 	40	 
	 SECTION 902.
	  	Supplemental Indentures with Consent of Holders	  	 	41	 
	 SECTION 903.
	  	Execution of Supplemental Indentures	  	 	42	 
	 SECTION 904.
	  	Effect of Supplemental Indentures	  	 	42	 
	 SECTION 905.
	  	Conformity with Trust Indenture Act	  	 	42	 
	 SECTION 906.
	  	Reference in Securities to Supplemental Indentures	  	 	42	 
		
	 ARTICLE TEN—COVENANTS
	  	 	43	 
			
	 SECTION 1001.
	  	Payment of Principal, Premium or Make-Whole Amount, if any; and Interest	  	 	43	 
	 SECTION 1002.
	  	Maintenance of Office or Agency	  	 	43	 
	 SECTION 1003.
	  	Money for Securities Payments to Be Held in Trust	  	 	44	 
	 SECTION 1004.
	  	Existence	  	 	45	 
	 SECTION 1005.
	  	Statement as to Compliance	  	 	45	 
	 SECTION 1006.
	  	Waiver of Certain Covenants	  	 	45	 
		
	 ARTICLE ELEVEN—REDEMPTION OF SECURITIES
	  	 	45	 
			
	 SECTION 1101.
	  	Applicability of Article	  	 	45	 
	 SECTION 1102.
	  	Election to Redeem; Notice to Trustee	  	 	45	 
	 SECTION 1103.
	  	Selection by Trustee of Securities to Be Redeemed	  	 	45	 
	 SECTION 1104.
	  	Notice of Redemption	  	 	46	 
	 SECTION 1105.
	  	Deposit of Redemption Price	  	 	47	 
	 SECTION 1106.
	  	Securities Payable on Redemption Date	  	 	47	 
	 SECTION 1107.
	  	Securities Redeemed in Part	  	 	48	 
		
	 ARTICLE TWELVE—SINKING FUNDS
	  	 	48	 
			
	 SECTION 1201.
	  	Applicability of Article	  	 	48	 
	 SECTION 1202.
	  	Satisfaction of Sinking Fund Payments with Securities	  	 	48	 
	 SECTION 1203.
	  	Redemption of Securities for Sinking Fund	  	 	48	 
		
	 ARTICLE THIRTEEN—REPAYMENT AT THE OPTION OF HOLDERS
	  	 	49	 
			
	 SECTION 1301.
	  	Applicability of Article	  	 	49	 
	 SECTION 1302.
	  	Repayment of Securities	  	 	49	 
	 SECTION 1303.
	  	Exercise of Option	  	 	49	 
	 SECTION 1304.
	  	When Securities Presented for Repayment Become Due and Payable	  	 	49	 
	 SECTION 1305.
	  	Securities Repaid in Part	  	 	50	 

							
		
	 ARTICLE FOURTEEN—DEFEASANCE AND COVENANT DEFEASANCE
	  	 	50	 
			
	 SECTION 1401.
	  	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	  	 	50	 
	 SECTION 1402.
	  	Defeasance and Discharge	  	 	50	 
	 SECTION 1403.
	  	Covenant Defeasance	  	 	51	 
	 SECTION 1404.
	  	Conditions to Defeasance or Covenant Defeasance	  	 	51	 
	 SECTION 1405.
	  	Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	  	 	52	 
		
	 ARTICLE FIFTEEN—MEETINGS OF HOLDERS OF SECURITIES
	  	 	53	 
			
	 SECTION 1501.
	  	Purposes for Which Meetings May Be Called	  	 	53	 
	 SECTION 1502.
	  	Call, Notice and Place of Meetings	  	 	53	 
	 SECTION 1503.
	  	Persons Entitled to Vote at Meetings	  	 	53	 
	 SECTION 1504.
	  	Quorum; Action	  	 	53	 
	 SECTION 1505.
	  	Determination of Voting Rights; Conduct and Adjournment of Meetings	  	 	54	 
	 SECTION 1506.
	  	Counting Votes and Recording Action of Meetings	  	 	55	 
		
	 ARTICLE SIXTEEN—CONVERSION OF SECURITIES
	  	 	55	 
			
	 SECTION 1601.
	  	Applicability of Article; Conversion Privilege and Conversion Price	  	 	55	 
	 SECTION 1602.
	  	Exercise of Conversion Privilege	  	 	56	 
	 SECTION 1603.
	  	Fractions of Shares	  	 	56	 
	 SECTION 1604.
	  	Adjustment of Conversion Price	  	 	56	 
	 SECTION 1605.
	  	Notice of Adjustments of Conversion Price	  	 	59	 
	 SECTION 1606.
	  	Notice of Certain Corporate Action	  	 	59	 
	 SECTION 1607.
	  	Company to Reserve Ordinary Shares	  	 	59	 
	 SECTION 1608.
	  	Taxes on Conversion	  	 	59	 
	 SECTION 1609.
	  	Covenants as to Ordinary Shares	  	 	60	 
	 SECTION 1610.
	  	Cancellation of Converted Securities	  	 	60	 
	 SECTION 1611.
	  	Provisions in Case of Consolidation, Merger or Sale of Assets; Special Distributions	  	 	60	 
	 SECTION 1612.
	  	Trustee Adjustment Disclaimer; Company Determination Final	  	 	61	 
	 SECTION 1613.
	  	When No Adjustment Required	  	 	61	 
	 SECTION 1614.
	  	Equivalent Adjustments	  	 	61	 

  

 CENTESSA PHARMACEUTICALS PLC 

Reconciliation and tie between the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”) and the Indenture, dated
as of __________, 20__. 
  

			
	 Trust Indenture

Act Section
	  	 Indenture

Section

	 § 310(a)(1)
	  	607
	 (a)(2)
	  	607
	 (b)
	  	607, 608
	 § 312(c)
	  	701
	 § 313(a)
	  	702
	 (c)
	  	702
	 § 314(a)
	  	703
	 (a)(4)
	  	1005
	 (c)(1)
	  	102
	 (c)(2)
	  	102
	 (e)
	  	102
	 § 315(b)
	  	601
	 § 316(a) (last sentence) 101(“Outstanding”)

	 (a)(1)(A)
	  	502, 512
	 (a)(1)(B)
	  	513
	 (b)
	  	508
	 § 317(a)(1)
	  	503
	 (a)(2)
	  	504
	 § 318(a)
	  	111
	 (c)
	  	111

 NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 

Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides that the provisions of Sections 310 to and including 317
of the Trust Indenture Act are a part of and govern every qualified indenture, whether or not physically contained therein. 
 INDENTURE, dated as of
__________, 20__, between CENTESSA PHARMACEUTICALS PLC, a company incorporated under the laws of England and Wales (hereinafter called the “Company”), having its principal office at 3rd Floor, 1 Ashley Rd, Altrincham, Cheshire, United
Kingdom, WA14 2DT, and _________________, as Trustee hereunder (hereinafter called the “Trustee”), having a Corporate Trust Office at __________________________. 

RECITALS OF THE COMPANY 
 The Company deems it
necessary to issue from time to time for its lawful purposes senior debt securities (hereinafter called the “Securities”) evidencing its unsecured and senior indebtedness, and has duly authorized the execution and delivery of this
Indenture to provide for the issuance from time to time of the Securities, to be issued in one or more Series as provided in this Indenture. 
 This
Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act” or “TIA”), that are deemed to be incorporated into this Indenture and shall, to the extent applicable, be governed
by such provisions. 

  
 1 

 All things necessary to make this Indenture a valid and legally binding agreement of the Company, in
accordance with its terms, have been done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and
proportionate benefit of all Holders of the Securities or of a Series thereof, as follows: 
 ARTICLE ONE—DEFINITIONS AND OTHER
PROVISIONS OF GENERAL APPLICATION 
 SECTION 101. Definitions. For all purposes of this Indenture, except as otherwise expressly provided or unless
the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well
as the singular; 
 (2) all other terms used herein which are defined in the TIA, either directly or by reference therein, have the meanings assigned to them
therein, and the terms “cash transactions” and “self-liquidating paper,” as used in TIA Section 311, shall have the meanings assigned to them in the rules of the Commission adopted under the TIA; 

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 

(4) any reference to an “Article” or a “Section” refers to an Article or Section, as the case may be, of this Indenture; and 

(5) the words “herein,” “hereof “and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision. 
 “Act,” when used with respect to any Holder, has the meaning specified in
Section 104. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 611 hereof to act on behalf of the Trustee to
authenticate Securities of one or more Series. 
 “Authorized Newspaper” means a newspaper, printed in the English language or in an
official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in connection with which the term is used or in the
financial community of each such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in different Authorized Newspapers in the same city meeting the
foregoing requirements and in each case on any Business Day. 
 “Bankruptcy Law” has the meaning specified in Section 501. 

“Bearer Security” means any Security established pursuant to Section 201 which is payable to the bearer. 

“Board of Directors” when used with reference to the Company, means the board of directors of the Company, or any committee of that board
duly authorized to act hereunder, or any director or directors and/or officer or officers of the Company, to whom the board or committee shall have duly delegated its authority. 

  
 2 

 “Board Resolution” means a copy of (1) a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been duly adopted by the Board of Directors or a duly authorized committee of the Board of Directors and to be in full force and effect on the date of such certification, or (2) a certificate signed by
the director or directors and/or officer or officers to whom the Board of Directors shall have duly delegated its authority, together with a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by
the Board of Directors and to be in full force and effect on the date of such certification authorizing such delegation, and, in each case, delivered to the Trustee. 

“Business Day,” when used with respect to any Place of Payment or any other particular location referred to in this Indenture or in the
Securities, means, unless otherwise specified with respect to any Securities issued pursuant to Section 301, any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in that Place of
Payment or particular location are authorized or required by law, regulation or executive order to close. 
 “Clearstream” means
Clearstream Banking Luxembourg, société anonyme, or its successor. 
 “Closing Price” means the closing price of an American
Depositary Share of the Company as reported on the Nasdaq Global Select Market. 
 “Code” means the Internal Revenue Code of 1986, as
amended, and the regulations thereunder. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 

“Common Depository” has the meaning specified in Section 304. 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a successor corporation shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor corporation. 

“Company Request” and “Company Order” mean, respectively, a written request or order signed in the name of the Company by
its Chairman of the Board, the Chief Executive Officer, the President, or a Vice President, and by its Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee. 

“Constituent Person” has the meaning specified in Section 1611. 

“Conversion Event” means the cessation of use of (i) a Foreign Currency both by the government of the country which issued such currency
and for the settlement of transactions by a central bank or other public institutions of or within the international banking community, or (ii) any currency unit (or composite currency) for the purposes for which it was established. 

“Conversion Price” has the meaning specified in Section 1601. 

“Corporate Trust Office” means the office of the Trustee at which, at any particular time, its corporate trust business shall be principally
administered, which office at the date hereof is located at [____________________]. 
 “corporation” includes corporations, associations,
companies and business trusts. 
 “coupon” means any interest coupon appertaining to a Bearer Security. 

“Covenant Defeasance” has the meaning specified in Section 1403. 

“Custodian” has the meaning specified in Section 501. 

“Defaulted Interest” has the meaning specified in Section 307. 

  
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 “Defeasance” has the meaning specified in Section 1402. 

“Distribution Record Date” has the meaning specified in Section 1611. 

“Dividend Record Date” has the meaning specified in Section 1604. 

“Dollar” or the sign “$” means a dollar or other equivalent unit in such coin or currency of the United States of America as
at the time of payment is legal tender for the payment of public and private debts. 
 “DTC” means The Depository Trust Company and any
successor to DTC in its capacity as depository for any Securities. 
 “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels
office, or its successor, as operator of the Euroclear System. 
 “Event of Default” has the meaning specified in Article Five. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, as in force at the date as of which this Indenture was executed;
provided, however, that in the event the Exchange Act is amended after such date, “Exchange Act” means to the extent required by any such amendment, the Exchange Act as so amended. 

“Exchange Date” has the meaning specified in Section 304. 

“FINRA” means the Financial Industry Regulatory Authority, Inc. 

“Foreign Currency” means any currency, currency unit or composite currency, issued by the government of one or more countries other than the
United States of America or by any recognized confederation or association of such governments. 
 “GAAP” means, except as otherwise
provided herein, generally accepted accounting principles, as in effect from time to time, as used in the United States applied on a consistent basis. 

“Global Security” means a Security evidencing all or a part of a series of Securities issued to and registered in the name of the depository
for such series, or its nominee, in accordance with Section 305, and bearing the legend prescribed in Section 203. 
 “Government
Obligations” means (i) securities which are (A) direct obligations of the United States of America or the government which issued the Foreign Currency in which the Securities of a particular series are payable, for the payment of
which its full faith and credit is pledged or (B) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which the
Securities of such series are payable, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the
option of the issuer thereof, and (iii) a depository receipt issued by a bank or trust company as custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held
by such custodian for the account of the holder of a 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 Government Obligation or the specific payment of interest on or principal of the Government Obligation evidenced by such depository receipt. 

“Holder” means, in the case of a Registered Security, the Person in whose name a Security is registered in the Security Register and, in the
case of a Bearer Security, the bearer thereof and, when used with respect to any coupon, shall mean the bearer thereof. 

  
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 “Indenture” means this instrument as originally executed or as it may be supplemented or
amended from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, and shall include the terms of particular series of Securities established as contemplated by Section 301;
provided, however, that, if at any time more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with respect to any one or more series of Securities for which such Person is Trustee, this
instrument as originally executed or as it may be supplemented or amended from time to time by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the terms of the or those
particular series of Securities for which such Person is Trustee established as contemplated by Section 301, exclusive, however, of any provisions or terms which relate solely to other series of Securities for which such Person is Trustee,
regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered after such Person had become such Trustee but to which such
Person, as such Trustee, was not a party. 
 “Indexed Security” means a Security the terms of which provide that the principal amount
thereof payable at Stated Maturity may be more or less than the principal face amount thereof at original issuance. 
 “Interest,” when
used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity, shall mean interest payable after Maturity. 

“Interest Payment Date,” when used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 “Make-Whole Amount,” when used with respect to any Security, means the amount, if any, in addition to principal (and accrued interest
thereon, if any) which is required by a Security, under the terms and conditions specified therein or as otherwise specified as contemplated by Section 301, to be paid by the Company to the Holder thereof in connection with any optional
redemption or accelerated payment of such Security. 
 “mandatory sinking fund payment” has the meaning specified in Section 1201.

 “Market Value of the Distribution” has the meaning specified in Section 1604. 

“Maturity,” when used with respect to any Security, means the date on which the principal (or, if the context so requires, in the case of an
Original Issue Discount Security, or lesser amount or, in the case of an Indexed Security, an amount determined in accordance with the specified terms of that Security) of such Security or an installment of principal becomes due and payable as
therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of redemption, notice of option to elect repayment or otherwise. 

“Officers’ Certificate” means a certificate signed by the Chairman of the Board of Directors, the Chief Executive Officer, the
President, or a Vice President (whether or not designated by a number or word or words added before or after the title “Vice President”), and by the Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of the Company,
and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company or who may be
an employee of or other counsel for the Company. 
 “optional sinking fund payment” has the meaning specified in Section 1201. 

“Ordinary Shares” means, with respect to any Person, all ordinary shares, including, as applicable, ordinary shares represented by American
Depositary Shares, issued by such Person other than Preference Shares. 
 “Original Issue Discount Security” means any Security which
provides for an amount (excluding any amounts attributable to accrued but unpaid interest thereon) less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

  
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 “Outstanding,” when used with respect to Securities, means, as of the date of
determination, all Securities theretofore authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled by the
Trustee or delivered to the Trustee for cancellation; 
 (ii) Securities, or portions thereof, for whose payment or redemption (including repayment at the
option of the Holder) money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities and any coupons appertaining thereto; provided, however, that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee has been made; 
 (iii) Securities, except to the extent provided in Sections 1402 and 1403, with respect to which the
Company has effected Defeasance and/or Covenant Defeasance as provided in Article Fourteen; and 
 (iv) Securities which have been paid pursuant to
Section 306 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company. 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders for quorum purposes, and for the purpose of making the calculations required by TIA Section 313, (i) the principal amount of
an Original Issue Discount Security that may be counted in making such determination or calculation and that shall be deemed to be Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or shall have been
declared to be) due and payable, at the time of such determination, upon a declaration of acceleration of the maturity thereof pursuant to Section 502, (ii) the principal amount of any Security denominated in a Foreign Currency that may be
counted in making such determination or calculation and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent, determined pursuant to Section 301 as of the date such Security is originally issued by the
Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in clause (i) above) of such Security, (iii) the
principal amount of any Indexed Security that may be counted in making such determination or calculation and that shall be deemed outstanding for such purpose shall be equal to the principal face amount of such Indexed Security at original issuance,
unless otherwise provided with respect to such Security pursuant to Section 301, and (iv) Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so disregarded. Securities owned as provided in clause (iv) above which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor. In case of a dispute as to such right, the advice of counsel shall be full protection in respect of any decision made by the Trustee in accordance with such advice. 

“Paying Agent” means any Person authorized by the Company to pay the principal of (and premium or Make-Whole Amount, if any) or interest on
any Securities or coupons on behalf of the Company. 
 “Person” means any individual, corporation, limited liability company, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof, or any other entity or organization. 

“Place of Payment,” when used with respect to the Securities of or within any series, means the place or places where the principal of (and
premium or Make-Whole Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002. 

  
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 “Predecessor Security” of any particular Security means every previous Security evidencing
all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 306 in exchange for or in lieu of a mutilated, destroyed, lost or
stolen Security or a Security to which a mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated, destroyed, lost or
stolen coupon appertains. 
 “Preference Shares” means, with respect to any Person, all share capital issued by such Person that is
entitled to a preference or priority over any other share capital issued by such Person with respect to any distribution of such Person’s assets, whether by dividend or upon any voluntary or involuntary liquidation, dissolution or winding up.

 “Redemption Date,” when used with respect to any Security to be redeemed, in whole or in part, means the date fixed for such redemption
by or pursuant to this Indenture. 
 “Redemption Price,” when used with respect to any Security to be redeemed, means the price specified
in the related Officers’ Certificate or supplemental indenture contemplated by and pursuant to Section 301, at which it is to be redeemed pursuant to this Indenture. 

“Reference Date” has the meaning specified in Section 1604. 

“Registered Security” shall mean any Security which is registered in the Security Register. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Registered Securities of or within any series means the
date specified for that purpose as contemplated by Section 301, whether or not a Business Day. 
 “Repayment Date” means, when used
with respect to any Security to be repaid at the option of the Holder, the date fixed for such repayment by or pursuant to this Indenture. 

“Repayment Price” means, when used with respect to any Security to be repaid at the option of the Holder, the price at which it is to be
repaid by or pursuant to this Indenture. 
 “Responsible Officer,” when used with respect to the Trustee, means any Vice President (whether
or not designated by a number or a word or words added before or after the title “Vice President”), Assistant Vice President, Trust Officer or Assistant Trust Officer working in its Corporate Trust Department, or any other officer of the
Trustee customarily performing functions similar to those performed by any of the above designated officers and working in its Corporate Trust Department, and also means, with respect to a particular corporate trust matter, any other officer to whom
such matter is referred because of such officer’s knowledge and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Rights” has the meaning specified in Section 1604. 

“Rights Record Date” has the meaning specified in Section 1604. 

“Security” and “Securities” has the meaning stated in the first recital of this Indenture and, more particularly, means any
Security or Securities authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one Person acting as Trustee under this Indenture, “Securities” with respect to the Indenture
as to which such Person is Trustee shall have the meaning stated in the first recital of this Indenture and shall more particularly mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any series as
to which such Person is not Trustee. 
 “Security Register” and “Security Registrar” have the respective meanings
specified in Section 305. 
 A “Series” of Securities means all securities denoted as part of the same series authorized by or
pursuant to a particular Board Resolution. 

  
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 “Share Capital” means, with respect to any Person, any shares (including preferred shares),
interests, participations or other ownership interests (however designated) of such Person and any rights (other than debt securities convertible into or exchangeable for corporate shares), warrants or options to purchase any thereof. 

“Short Term Rights” has the meaning specified in Section 1604. 

“Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act of 1933, as amended) of the Company. 

“Special Record Date” for the payment of any Defaulted Interest on the Registered Securities of or within any series means a date fixed by
the Company pursuant to Section 307. 
 “Stated Maturity,” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified in such Security or a coupon representing such installment of interest as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 “Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership or other entity of which a
majority of (i) the voting power of the voting equity securities or (ii) the outstanding equity interests are owned, directly or indirectly, by such Person. For the purposes of this definition, “voting equity securities” means
equity securities having voting power for the election of directors, whether at all times or only so long as no senior class of security has such voting power by reason of any contingency. 

“Trading Day” means any day on which the Nasdaq Global Select Market is open for business. 

“Trigger Events” has the meaning specified in Section 1604. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended and as in force at the date as of which
this Indenture was executed, except as provided in Section 905. 
 “Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder;
provided, however, that if at any time there is more than one such Person, “Trustee” as used with respect to the Securities of any series shall mean only the Trustee with respect to Securities of that series. 

“Unadjusted Distribution” has the meaning specified in Section 1604. 

“United States” means, unless otherwise specified with respect to any Securities pursuant to Section 301, the United States of America
(including the states and the District of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
 “United States
Person” means, unless otherwise specified with respect to any Securities pursuant to Section 301, an individual who is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in or
under the laws of the United States or an estate or trust the income of which is subject to United States Federal income taxation regardless of its source. 

“Yield to Maturity” means the yield to maturity, computed at the time of issuance of a Security (or, if applicable, at the most recent
redetermination of interest on such Security) and as set forth in such Security in accordance with generally accepted United States bond yield computation principles. 

SECTION 102. Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision
of this Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with and an Opinion of Counsel
stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional certificate or opinion need be furnished. 

  
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 Every certificate or opinion with respect to compliance with a condition or covenant provided for in this
Indenture (including certificates delivered pursuant to Section 1005) shall include: 
 (1) a statement that each individual signing such certificate or
opinion has read such condition or covenant and the definitions herein relating thereto; 
 (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 each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such condition or covenant has been complied with; and 

(4) a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

SECTION 103. Form of Documents Delivered to Trustee. In any case where several matters are required to be certified by, or covered by an opinion of,
any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion
with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate or opinion of an officer of the Company may be based, insofar as it relates to legal matters, upon an Opinion of Counsel, or a certificate or
representations by counsel, unless such officer knows, or in the exercise of reasonable care should know, that the opinion, certificate or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any
such Opinion of Counsel or certificate or representations may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Company stating that the information as to such
factual matters is in the possession of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments
under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 104. Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the
Outstanding Securities of all series or one or more series, as the case may be, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. If
Securities of a series are issuable as Bearer Securities, any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of Securities of such series may,
alternatively, be embodied in and evidenced by the record of Holders of Securities of such series voting in favor thereof, either in person or by proxies duly appointed in writing, at any meeting of Holders of Securities of such series duly called
and held in accordance with the provisions of Article Fifteen, or a combination of such instruments and any such record. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record
or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments and any such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments or so voting at any such meeting. Proof of execution of any such instrument or of a writing appointing any such agent, or of the holding by any Person of a Security, shall be
sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if made in the manner provided in this Section. The record of any meeting of Holders of Securities shall
be proved in the manner provided in Section 1506. 

  
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 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the
affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or
writing, or the authority of the Person executing the same, may also be proved in any other reasonable manner which the Trustee deems sufficient. 
 (c) The
ownership of Registered Securities shall be proved by the Security Register. As to any matter relating to beneficial ownership interests in any Global Security, the appropriate depository’s records shall be dispositive for purposes of this
Indenture. 
 (d) The ownership of Bearer Securities may be proved by the production of such Bearer Securities or by a certificate executed, as depository,
by any trust company, bank, banker or other depository, wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing that at the date therein mentioned such Person had on deposit with such depository, or
exhibited to it, the Bearer Securities therein described; or such facts may be proved by the certificate or affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed by the Trustee to be satisfactory. The
Trustee and the Company may assume that such ownership of any Bearer Security continues until (1) another certificate or affidavit bearing a later date issued in respect of the same Bearer Security is produced, or (2) such Bearer Security
is produced to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a Registered Security, or (4) such Bearer Security is no longer Outstanding. The ownership of Bearer Securities may also be proved
in any other manner which the Trustee deems sufficient. 
 (e) If the Company shall solicit from the Holders of Registered Securities any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization,
direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be
a date not earlier than the date 30 calendar days prior to the first solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining
whether Holders of the requisite proportion of Outstanding Securities have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the Outstanding Securities
shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not
later than eleven months after the record date. 
 (f) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of
any Security shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or upon the conversion thereof or in exchange therefor or in lieu thereof in respect of anything done,
omitted or suffered to be done by the Trustee, any Security Registrar, any Paying Agent, any Authenticating Agent or the Company in reliance thereon, whether or not notation of such action is made upon such Security. 

SECTION 105. Notices, etc., to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by the Company
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at [_________________________] or at any other address previously furnished in writing to the Company by the Trustee, Attention:
[__________]; or 
 (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly
provided) if in writing and mailed, first-class postage prepaid, to the Company addressed to it at the address of its principal office specified in the first paragraph of this Indenture or at any other address previously furnished in writing to the
Trustee by the Company, Attention: [__________]; or 

  
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 (3) either the Trustee or the Company, by the other party or by any Holder, shall be sufficient for every
purpose hereunder if given by facsimile transmission, receipt confirmed by telephone followed by an original copy delivered by guaranteed overnight courier; if to the Trustee at facsimile number [__________]; and if to the Company at facsimile
number [__________]. 
 SECTION 106. Notice to Holders; Waiver. Where this Indenture provides for notice of any event to Holders of Registered
Securities by the Company or the Trustee, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid, to each such Holder affected by such event, at his address as it
appears in the Security Register, not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. In any case where notice to Holders of Registered Securities is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders of Registered Securities or the sufficiency of any notice to Holders
of Bearer Securities given as provided herein. Any notice mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been received by such Holder, whether or not such Holder actually receives such notice. 

If by reason of the suspension of or irregularities in regular mail service or by reason of any other cause it shall be impracticable to give such notice by
mail, then such notification to Holders of Registered Securities as shall be made with the approval of the Trustee shall constitute a sufficient notification to such Holders for every purpose hereunder. 

Except as otherwise expressly provided herein or otherwise specified with respect to any Securities pursuant to Section 301, where this Indenture
provides for notice to Holders of Bearer Securities of any event, such notice shall be sufficiently given if published in an Authorized Newspaper in The City of New York and in such other city or cities as may be specified in such Securities on a
Business Day, such publication to be not later than the latest date, if any, and not earlier than the earliest date, if any, prescribed for the giving of such notice. Any such notice shall be deemed to have been given on the date of such publication
or, if published more than once, on the date of the first such publication. 
 If by reason of the suspension of publication of any Authorized Newspaper or
Authorized Newspapers or by reason of any other cause it shall be impracticable to publish any notice to Holders of Bearer Securities as provided above, then such notification to Holders of Bearer Securities as shall be given with the approval of
the Trustee shall constitute sufficient notice to such Holders for every purpose hereunder. Neither the failure to give notice by publication to any particular Holder of Bearer Securities as provided above, nor any defect in any notice so published,
shall affect the sufficiency of such notice with respect to other Holders of Bearer Securities or the sufficiency of any notice to Holders of Registered Securities given as provided herein. 

Any request, demand, authorization, direction, notice, consent or waiver required or permitted under this Indenture shall be in the English language, except
that any published notice may be in an official language of the country of publication. 
 Where this Indenture provides for notice in any manner, such
notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing
shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 
 SECTION 107. Counterparts; Effect of Headings and
Table of Contents. This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same Indenture. The Article and
Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 
 SECTION 108. Successors and
Assigns. All covenants and agreements in this Indenture by the Company shall bind its successors and assigns, whether so expressed or not. 

  
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 SECTION 109. Severability Clause. In case any provision in this Indenture or in any Security or
coupon shall be held invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 110. Benefits of Indenture. Nothing in this Indenture or in the Securities or coupons, if any, express or implied, shall give to any Person,
other than the parties hereto, any Security Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the Holders any benefit or any legal or equitable right, remedy or claim under this Indenture. 

SECTION 111. Governing Law. This Indenture and the Securities and coupons shall be governed by and construed in accordance with the laws of the State
of New York. This Indenture is subject to the provisions of the TIA that are required to be part of this Indenture and shall, to the extent applicable, be governed by such provisions. 

SECTION 112. Legal Holidays. In any case where any Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity
or Maturity of any Security or the last date on which a Holder has the right to convert or exchange a Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or any Security or coupon
other than a provision in the Securities of any series which specifically states that such provision shall apply in lieu hereof), payment of interest or principal (and premium or Make-Whole Amount, if any) or conversion or exchange of such Security
need not be made at such Place of Payment on such date, but (except as otherwise provided in the supplemental indenture with respect to such Security) may be made on the next succeeding Business Day at such Place of Payment with the same force and
effect as if made on the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the Stated Maturity or Maturity, or on such last day for conversion or exchange, provided that no interest shall accrue on the amount
so payable for the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity, as the case may be. 

SECTION 113. Limited Liability; Immunity of Shareholders, Directors, Officers and Agents of the Company. Notwithstanding any other provision of this
Indenture or of the Securities of any series to the contrary, no recourse under or upon any obligation, covenant or agreement contained in this Indenture or in any Security, or for the payment of any sums due on account of any indebtedness evidenced
thereby, including without limitation principal, premium or interest, if any, or for any claim based on this Indenture or any Security or otherwise in respect of this Indenture or any Security, shall be had, whether by levy or execution or
otherwise, against (i) the Company, the Company’s assets or against any past, present or future shareholder, employee, officer, director or agent, as such, of the Company or any successor, either directly or through the Company or any
successor, under any rule of law, statute, constitutional provision or by the enforcement of any assessment or penalty, or by any legal or equitable proceeding or otherwise, nor shall any such parties be personally liable for any such amounts,
obligations or claims, or liable for any deficiency judgment based thereon or with respect thereto, it being expressly understood that the sole remedies hereunder or under any other document with respect to the Securities against such parties with
respect to such amounts, obligations or claims shall be against the Company and that all such liability of and recourse against such parties is expressly waived and released by the acceptance of the Securities by the Holders and as part of the
consideration for the issue of the Securities. 
 SECTION 114. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof which is required or deemed to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

ARTICLE TWO—SECURITIES FORMS 
 SECTION 201.
Forms of Securities. The Registered Securities, if any, of each series and the Bearer Securities, if any, of each series and related coupons shall be substantially in the form of Exhibit A hereto or in such other form as shall be
established in one or more indentures supplemental hereto or approved from time to time by or pursuant to a Board Resolution in accordance with Section 301, shall have such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental hereto, and may 

  
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have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with the
provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any
over-the-counter market or securities exchange, on which the Securities may be quoted or listed, or to conform to usage. 

Unless otherwise specified as contemplated by Section 301, Bearer Securities shall have interest coupons attached. 

The definitive Securities and coupons shall be printed, lithographed or engraved or produced by any combination of these methods on a steel engraved border or
steel engraved borders or mechanically reproduced on safety paper or may be produced in any other manner, all as determined by the officers executing such Securities or coupons, as evidenced by their execution of such Securities or coupons. 

SECTION 202. Form of Trustee’s Certificate of Authentication. Subject to Section 611, the Trustee’s certificate of authentication shall
be in substantially the following form: 
 This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture.

  

					
	 	  	 	  	                    ,
	 	  	 	  	as Trustee
			
	Dated:	  	By:	  	 
	 	  	 	  	Authorized Signatory

 SECTION 203. Securities Issuable in Global Form. If Securities of or within a series are issuable in the form of one or
more Global Securities, then, notwithstanding clause (8) of Section 301 and the provisions of Section 302, any such Global Security or Securities may provide that it or they shall represent the aggregate amount of all Outstanding
Securities of such series (or such lesser amount as is permitted by the terms thereof) from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities of such series represented thereby may from time to
time be increased or decreased to reflect exchanges. Any endorsement of any Global Security to reflect the amount, or any increase or decrease in the amount, or changes in the rights of Holders thereof, of Outstanding Securities represented thereby
shall be made (or caused to be made) by the Trustee in such manner or by such Person or Persons as shall be specified therein or in the Company Order to be delivered to the Trustee pursuant to Section 303 or 304. Subject to the provisions of
Section 303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Global Security in permanent global form in the manner and upon instructions given by the Person or Persons specified therein or in the applicable
Company Order. If a Company Order pursuant to Section 303 or 304 has been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement or delivery or redelivery of a Global Security shall be in writing but need
not comply with Section 102 and need not be accompanied by an Opinion of Counsel. 
 The provisions of the last sentence of Section 303 shall
apply to any Security represented by a Global Security if such Security was never issued and sold by the Company and the Company delivers to the Trustee the Global Security together with written instructions (which need not comply with
Section 102 and need not be accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of Securities represented thereby, together with the written statement contemplated by the last sentence of Section 303.

 Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by Section 301, payment of principal of and any
premium or Make-Whole Amount, if any, and interest on any Global Security in permanent global form shall be made to the registered Holder thereof. 

Notwithstanding the provisions of Section 308 and except as provided in the preceding paragraph, the Company, the Trustee and any agent of the Company
and the Trustee shall treat as the Holder of such principal amount of Outstanding Securities represented by a permanent Global Security (i) in the case of a permanent Global Security in registered form, the Holder of such permanent Global
Security in registered form, or (ii) in the case of a permanent Global Security in bearer form, Euroclear or Clearstream. 

  
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 Any Global Security authenticated and delivered hereunder shall bear a legend in substantially the following
form: 
 “This Security is a Global Security within the meaning set forth in the Indenture hereinafter referred to and is registered in
the name of a Depository or a nominee of a Depository. This Security is exchangeable for Securities registered in the name of a person other than the Depository or its nominee only in the limited circumstances described in the Indenture, and may not
be transferred except as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or its nominee to a successor Depository or its
nominee.” 
 ARTICLE THREE—THE SECURITIES 

SECTION 301. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this
Indenture is unlimited. 
 The Securities may be issued in one or more series, each of which shall be authorized pursuant to Board Resolutions of the
Company. There shall be established in one or more Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to Section 303, set forth in an Officers’ Certificate, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series: 
 (1) The title of the Securities of the series,
including “CUSIP” numbers (which shall distinguish the Securities of such series from all other series of Securities); 
 (2) Any
limit upon the aggregate principal amount of the Securities of the series that may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or upon conversion of, or in
exchange for, or in lieu of, other Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1305) and the minimum authorized denominations with respect to the Securities of such series; 

(3) The price (expressed as a percentage of the principal amount thereof) at which such Securities will be issued and, if other than the
principal amount thereof, the portion of the principal amount thereof payable upon declaration of acceleration of the maturity thereof or (if applicable) the portion of the principal amount of such Securities that is convertible into Ordinary Shares
or the method by which any such portion shall be determined. 
 (4) If convertible, the terms on which such Securities are convertible,
including the initial conversion price or rate and the conversion period and any applicable limitations on the ownership or transferability of Ordinary Shares or Preference Shares receivable on conversion; 

(5) The date or dates, or the method for determining such date or dates, on which the principal of such Securities will be payable; 

(6) The rate or rates (which may be fixed or variable), or the method by which such rate or rates shall be determined, at which such
Securities will bear interest, if any; 
 (7) The date or dates, or the method for determining such date or dates, from which any such
interest will accrue, the Interest Payment Dates on which any such interest will be payable, the Regular Record Dates for such Interest Payment Dates, or the method by which such dates shall be determined, the Persons to whom such interest shall be
payable, and the basis upon which interest shall be calculated if other than that of a 360-day year of twelve 30-day months; 

(8) The Make-Whole Amount, if any, or method for determining the Make-Whole Amount, if any, payable with respect to such Securities, and the
terms upon which such amount, if any, will be payable; 
 (9) The place or places where the principal of (and premium or Make-Whole Amount,
if any) and interest, if any, on such Securities will be payable, where such Securities may be surrendered for registration of transfer or conversion or exchange and where notices or demands to or upon the Company in respect of such Securities and
this Indenture may be served; 

  
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 (10) The period or periods, if any, within which, the price or prices at which and the other
terms and conditions upon which such Securities may, pursuant to any optional or mandatory redemption provisions, be redeemed, as a whole or in part, at the option of the Company; 

(11) The obligation, if any, of the Company to redeem, repay or purchase such Securities pursuant to any sinking fund or analogous provision
or at the option of a Holder thereof, and the period or periods within which, the price or prices at which and the other terms and conditions upon which such Securities will be redeemed, repaid or purchased, as a whole or in part, pursuant to such
obligation; 
 (12) If other than Dollars, the currency or currencies in which such Securities are denominated and payable, which may be a
foreign currency or units of two or more foreign currencies or a composite currency or currencies, the manner of determining the equivalent thereof in Dollars for purposes of the definition of “Outstanding” in Section 101, and the
terms and conditions relating thereto; 
 (13) Whether the amount of payments of principal of (and premium or Make-Whole Amount, if any,
including any amount due upon redemption, if any) or interest on such Securities may be determined with reference to an index, formula or other method (which index, formula or method may, but need not be, based on the yield on or trading price of
other securities, including United States Treasury securities or on a currency, currencies, currency unit or units, or composite currency or currencies) and the manner in which such amounts shall be determined; 

(14) Whether the principal of (and premium or Make-Whole Amount, if any) or interest on the Securities of the series are to be payable, at the
election of the Company or a Holder thereof, in a currency or currencies, currency unit or units or composite currency or currencies other than that in which such Securities are denominated or stated to be payable, the period or periods within
which, and the terms and conditions upon which, such election may be made, and the time and manner of, and identity of the exchange rate agent with responsibility for, determining the exchange rate between the currency or currencies, currency unit
or units or composite currency or currencies in which such Securities are denominated or stated to be payable and the currency or currencies, currency unit or units or composite currency or currencies in which such Securities are to be so payable;

 (15) Provisions, if any, granting special rights to the Holders of Securities of the series upon the occurrence of such events as may be
specified; 
 (16) Any deletions from, modifications of or additions to the Events of Default or covenants of the Company with respect to
Securities of the series, whether or not such Events of Default or covenants are consistent with the Events of Default or covenants set forth herein; 

(17) Whether and under what circumstances the Company will pay any additional amounts on such Securities in respect of any tax, assessment or
governmental charge and, if so, whether the Company will have the option to redeem such Securities in lieu of making such payment; 
 (18)
Whether Securities of the series are to be issuable as Registered Securities, Bearer Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or delivery of Bearer Securities and the terms upon which Bearer
Securities of the series may be exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws and regulations), whether any Securities of the series are to be issuable initially in temporary global form and
whether any Securities of the series are to be issuable in permanent global form with or without coupons and, if so, whether beneficial owners of interests in any such permanent global Security may, or shall be required to, exchange such interests
for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may, or shall be required to, occur, if other than in the manner provided in the Indenture, and, if
Registered Securities of the series are to be issuable as a Global Security, the identity of the depository for such series; 
 (19) The
date as of which any Bearer Securities of the series and any temporary Global Security representing outstanding Securities of the series shall be dated if other than the date of original issuance of the first Security of the series to be issued;

 (20) The Person to whom any interest on any Registered Security of the series shall be payable, if other than the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall be payable,
if otherwise than upon presentation and surrender of the coupons 

  
 15 

 
appertaining thereto as they severally mature, and the extent to which, or the manner in which, any interest payable on a temporary Global Security on an Interest Payment Date will be paid if
other than in the manner provided herein; provided, however, in each case, that the manner of determining such Person or making such payment shall be acceptable to the Trustee (as not imposing on it any undue administrative burden or
risk of liability); 
 (21) The applicability, if any, of the Defeasance and Covenant Defeasance provisions of Article Fourteen hereof to
the Securities of the series; 
 (22) The obligation, if any, of the Company to permit the conversion of the Securities of such series into
Ordinary Shares or Preference Shares, as the case may be, and the terms and conditions upon which such conversion shall be effected (including, without limitation, the initial conversion price or rate, the conversion period, any adjustment of the
applicable conversion price and any requirements relative to the reservation of such shares for purposes of conversion); 
 (23) If the
Securities of such series are to be issuable in definitive form (whether upon original issue or upon exchange of a temporary Security of such series) only upon receipt of certain certificates or other documents or satisfaction of other conditions,
then the form and/or terms of such certificates, documents or conditions; 
 (24) Designation of the Trustee, if different from the Trustee
under the Indenture, with respect to such series and the terms applicable to such Trustee (which shall be accepted by such Trustee by its execution and delivery of a supplemental indenture as provided therein); and 

(25) Any other terms of the Securities of such series or any guarantees endorsed thereon (which terms shall not be inconsistent with the
provisions of the TIA, but may modify, amend, supplement or delete any of the terms of this Indenture with respect to such series). 
 All Securities of any
one series and the coupons appertaining to any Bearer Securities of such series shall be substantially identical except, in the case of Registered Securities, as to denomination and except as may otherwise be provided in or pursuant to such Board
Resolution (subject to Section 303) and set forth in such Officers’ Certificate or in any such indenture supplemental hereto. All Securities of any one series need not be issued at the same time and, unless otherwise provided, a series may
be reopened, without the consent of the Holders, for issuances of additional Securities of such series. 
 If any of the terms of the Securities of any
series are established by action taken pursuant to one or more Board Resolutions, a copy of an appropriate record of such action(s) shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior
to the delivery of the Officers’ Certificate setting forth the terms of the Securities of such series. 
 SECTION 302. Denominations. The
Securities of each series shall be issuable in such denominations as shall be specified as contemplated by Section 301. With respect to Securities of any series denominated in Dollars, in the absence of any such provisions with respect to the
Securities of any series, the Securities of such series, other than Global Securities (which may be of any denomination), shall be issuable in denominations of $1,000 and any integral multiple thereof or the equivalent amounts thereof in the case of
Securities denominated in the Foreign Currency or currency unit. 
 SECTION 303. Execution, Authentication, Delivery and Dating. The Securities and
any coupons appertaining thereto shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President, or one of its Vice Presidents, under its corporate seal reproduced thereon, and attested by its
Secretary or one of its Assistant Secretaries. The signature of any of these officers on the Securities and coupons may be manual or facsimile signatures of the present or any future such authorized officer and may be imprinted or otherwise
reproduced on the Securities. 
 Securities and coupons bearing the manual or facsimile signatures of individuals who were at any time the proper officers
of the Company shall bind the Company, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not hold such offices at the date of such Securities or
coupons. 

  
 16 

 At any time and from time to time after the execution and delivery of this Indenture, the Company may
deliver Securities of any series, together with any coupon appertaining thereto, executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities (accompanied by a copy
of the Board Resolution and the Officers’ Certificate or supplemental indenture contemplated by Section 301), and the Trustee in accordance with the Company Order shall authenticate and deliver such Securities; provided,
however, that, in connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to any location in the United States; and provided further that, unless otherwise specified with respect to any
series of Securities pursuant to Section 301, a Bearer Security may be delivered in connection with its original issuance only if the Person entitled to receive such Bearer Security shall have furnished a certificate to Euroclear or
Clearstream, as the case may be, in the form set forth in Exhibit B-1 to this Indenture or such other certificate as may be specified by the Company with respect to any series of Securities pursuant to
Section 301, dated no earlier than 15 calendar days prior to the earlier of the date on which such Bearer Security is delivered and the date on which any temporary Security first becomes exchangeable for such Bearer Security in accordance with
the terms of such temporary Security and this Indenture. If any Security shall be represented by a permanent Global Security, then, for purposes of this Section and Section 304, the notation of a beneficial owner’s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivery in connection with its original issuance of such beneficial owner’s interest in such permanent Global Security.
Except as permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security unless all appurtenant coupons for interest then matured have been detached and canceled. 

If all the Securities of any series are not to be issued at one time and if the Board Resolution or supplemental indenture establishing such series shall so
permit, such Company Order may set forth procedures acceptable to the Trustee for the issuance of such Securities and determining the terms of particular Securities of such series, such as interest rate or formula, maturity date, date of issuance
and date from which interest shall accrue. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to TIA
Section 315(a) through 315(d)) shall be fully protected in relying upon, 
 (i) an Opinion of Counsel stating that 

(a) the form or forms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; 

(b) the terms of such Securities and any coupons have been established in conformity with the provisions of this Indenture; and 

(c) such Securities, together with any coupons appertaining thereto, when completed by appropriate insertions and executed and delivered by the
Company to the Trustee for authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Company in the manner and subject to any conditions specified in such Opinion
of Counsel, will constitute legal, valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization and other similar laws of general
applicability relating to or affecting the enforcement of creditors’ rights generally and to general equitable principles; and 
 (ii)
an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance of the Securities have been complied with and that, to the best of the knowledge of the signers of such certificate, that no
Event of Default with respect to any of the Securities shall have occurred and be continuing. 
 If such form or terms have been so established, the Trustee
shall not be required to authenticate such Securities (or to enter into the related supplemental indenture, if applicable) if the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties, obligations or
immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 
 Notwithstanding the
provisions of Section 301 and of the preceding paragraph, if all the Securities of any series are not to be issued at one time, it shall not be necessary to deliver an Officers’ Certificate otherwise required pursuant to Section 301
or a Company Order, or an Opinion of Counsel or an Officers’ Certificate otherwise required pursuant to the preceding paragraph at the time of issuance of each Security of such series, but such order, opinion and certificates, with appropriate
modifications to cover such future issuances, shall be delivered at or before the time of issuance of the first Security of such series. 

  
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 Each Registered Security shall be dated the date of its authentication and each Bearer Security shall be
dated as of the date specified as contemplated by Section 301. 
 No Security or coupon shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose unless there appears on such Security or Security to which such coupon appertains a certificate of authentication substantially in the form provided for herein duly executed by the Trustee (subject to
Section 611) by manual signature of an authorized signatory, and such certificate upon any Security shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder and is entitled to
the benefits of this Indenture. Notwithstanding the foregoing, if any Security (including a Global Security) shall have been authenticated and delivered hereunder but never issued and sold by the Company, and the Company shall deliver such Security
to the Trustee for cancellation as provided in Section 309 together with a written statement (which need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) stating that such Security has never been issued and
sold by the Company, for all purposes of this Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to the benefits of this Indenture. 

SECTION 304. Temporary Securities. 
 (a)
Pending the preparation of definitive Securities of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or otherwise
produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued, in registered form, or, if authorized, in bearer form with one or more coupons or without coupons, and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as conclusively evidenced by their execution of such Securities. In the case of Securities of any series, such temporary
Securities may be in global form. 
 Except in the case of temporary Global Securities (which shall be exchanged as otherwise provided herein or as
otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section 301), if temporary Securities of any series are issued, the Company will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series (accompanied by any
non-matured coupons appertaining thereto), the Company shall execute (in accordance with a Company Order delivered at or prior to the authentication of the first definitive security to such series) and the
Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Securities of the same series of authorized denominations; provided, however, that no definitive Bearer Security shall be delivered in
exchange for a temporary Registered Security; and provided further that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security only in compliance with the conditions set forth in Section 303.
Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of such series. 

(b) Unless otherwise provided in or pursuant to a Board Resolution or supplemental indenture pursuant to Section 301, the following
provisions of this Section 304(b) shall govern the exchange of temporary Securities other than through the facilities of the DTC. If any such temporary Security is issued in global form, then such temporary Global Security shall, unless
otherwise provided therein, be delivered to the London office of a depository or common depository upon and pursuant to written direction of the Company (the “Common Depository”), for the benefit of Euroclear and Clearstream, for credit to
the respective accounts of the beneficial owners of such Securities (or to such other accounts as they may direct). 

  
 18 

 Without unnecessary delay but in any event not later than the date specified in, or determined pursuant to
the terms of, any such temporary Global Security (the “Exchange Date”), the Company shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the principal amount of such temporary Global Security, executed
by the Company. On or after the Exchange Date, such temporary Global Security shall be surrendered by the Common Depository to the Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in part, for
definitive Securities without charge, and the Trustee shall authenticate and deliver, in exchange for each portion of such temporary Global Security, an equal aggregate principal amount of definitive Securities of the same series of authorized
denominations and of like tenor as the portion of such temporary Global Security to be exchanged. The definitive Securities to be delivered in exchange for any such temporary Global Security shall be in bearer form, registered form, permanent global
bearer form or permanent global registered form, or any combination thereof, as specified as contemplated by Section 301, and, if any combination thereof is so specified, as requested by the beneficial owner thereof (as directed by or pursuant
to information provided by the Common Depository); provided, however, that, unless otherwise specified in such temporary Global Security, upon such presentation by the Common Depository, such temporary Global Security shall be
accompanied by a certificate dated the Exchange Date or a subsequent date and signed by Euroclear as to the portion of such temporary Global Security held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent
date and signed by Clearstream as to the portion of such temporary Global Security held for its account then to be exchanged, each in the form set forth in Exhibit B-2 to this Indenture or in such other
form as may be established pursuant to Section 301; and provided further that definitive Bearer Securities shall be delivered in exchange for a portion of a temporary Global Security only in compliance with the requirements of
Section 303. 
 Unless otherwise specified in such temporary Global Security, the interest of a beneficial owner of Securities of a series in a
temporary Global Security shall be exchanged for definitive Securities of the same series and of like tenor following the Exchange Date when the account holder instructs Euroclear or Clearstream, as the case may be, to request such exchange on his
behalf and delivers to Euroclear or Clearstream, as the case may be, a certificate in the form set forth in Exhibit B-1 to this Indenture (or in such other form as may be established pursuant to
Section 301), dated no earlier than 15 calendar days prior to the Exchange Date, copies of which certificate shall be available from the offices of Euroclear and Clearstream, the Trustee, any Authenticating Agent appointed for such series of
Securities and each Paying Agent. Unless otherwise specified in such temporary Global Security, any such exchange shall be made free of charge to the beneficial owners of such temporary Global Security, except that a Person receiving definitive
Securities must bear the cost of insurance, postage, transportation and the like unless such Person takes delivery of such definitive Securities in person at the offices of Euroclear or Clearstream. Definitive Securities in bearer form to be
delivered in exchange for any portion of a temporary Global Security shall be delivered only to an address located outside the United States. 
 Until
exchanged in full as hereinabove provided, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series and of like tenor authenticated and delivered
hereunder, except that, unless otherwise specified as contemplated by Section 301, interest payable on a temporary Global Security on an Interest Payment Date for Securities of such series occurring prior to the applicable Exchange Date shall
be payable to Euroclear and Clearstream on such Interest Payment Date upon delivery by Euroclear and Clearstream to the Trustee of a certificate or certificates in the form set forth in Exhibit B-2 to
this Indenture (or in such other forms as may be established pursuant to Section 301), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who are the beneficial owners of such
temporary Global Security on such Interest Payment Date and who have each delivered to Euroclear or Clearstream, as the case may be, a certificate dated no earlier than 15 calendar days prior to the Interest Payment Date occurring prior to such
Exchange Date in the form set forth as Exhibit B-1 to this Indenture (or in such other forms as may be established pursuant to Section 301). Notwithstanding anything to the contrary herein
contained, the certifications made pursuant to this paragraph shall satisfy the certification requirements of the preceding two paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture and the interests
of the Persons who are the beneficial owners of the temporary Global Security with respect to which such certification was made will be exchanged for definitive Securities of the same series and of like tenor on the Exchange Date or the date of
certification if such date occurs after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise provided in this paragraph, no payments of principal or interest owing with respect to a beneficial interest in a
temporary Global Security will be made unless and until such interest in such temporary Global Security shall have been exchanged for an interest in a definitive Security. Any interest so received by Euroclear and Clearstream and not paid as herein
provided shall be returned to the Trustee prior to the expiration of two years after such Interest Payment Date in order to be repaid to the Company. 

  
 19 

 With respect to Exhibit B-1 or
B-2 to this Indenture, the Company may, in its discretion and if required or desirable under applicable law, substitute one or more other forms of such exhibits for such exhibits, eliminate the requirement
that any or all certificate be provided, or change the time that any certificate may be required, provided that such substitute form or forms or notice of elimination or change of such certification requirement have theretofore been
delivered to the Trustee with a Company Request and such form or forms, elimination or change is reasonably acceptable to the Trustee. 
 SECTION 305.
Registration, Registration of Transfer, Conversion and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the Company in a Place of Payment a register for each series of
Securities (the registers maintained in such office or in any such office or agency of the Company in a Place of Payment being herein sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Registered Securities and of transfers of Registered Securities. The Security Register shall be in written form or any other form capable of being converted into
written form within a reasonable time. The Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the purpose of registering Registered Securities and transfers of Registered Securities on such
Security Register as herein provided. In the event that the Trustee shall cease to be Security Registrar, it shall have the right to examine, and be provided a copy of, the Security Register at all reasonable times. 

Subject to the provisions of this Section 305, upon surrender for registration of transfer of any Registered Security of any series at any office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal amount, bearing a number not contemporaneously outstanding, and containing identical terms and provisions. 

Subject to the provisions of this Section 305, at the option of the Holder, Registered Securities of any series may be exchanged for other Registered
Securities of the same series, of any authorized denomination or denominations and of a like aggregate principal amount, containing identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any such office or
agency. Whenever any such Registered Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities which the Holder making the exchange is entitled to receive. Unless
otherwise specified with respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be issued in exchange for Registered Securities. 

If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set forth in the applicable Officers’ Certificate, or in
any indenture supplemental hereto, delivered as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be exchanged for Registered Securities of the same series of any authorized denominations and of a
like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged at any such office or agency, with all unmatured coupons and all matured coupons in default thereto appertaining. If the Holder of a Bearer Security
is unable to produce any such unmatured coupon or coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the Bearer Securities are accompanied by payment in funds acceptable to the Company (or to the Trustee
for the Security in case of matured coupons in default) in an amount equal to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there is furnished to
them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of which such a payment shall
have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as otherwise provided in Section 1002, interest represented by coupons shall be payable only upon presentation
and surrender of those coupons at an office or agency located outside the United States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at any such office or agency in a permitted exchange for a Registered
Security of the same series and like tenor after the close of business at such office or agency on (i) any Regular Record Date and before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any
Special Record Date and before the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such Interest Payment Date or
proposed date for payment, as the case may be, and interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or 

  
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proposed date for payment, as the case may be, in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in
accordance with the provisions of this Indenture. Whenever any Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to
receive. 
 Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301, any permanent Global Security shall be
exchangeable only as provided in this paragraph. If the depository for any permanent Global Security is DTC, then, unless the terms of such Global Security expressly permit such Global Security to be exchanged in whole or in part for definitive
Securities, a Global Security may be transferred, in whole but not in part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such Global Security selected or approved by the Company or to a nominee of such
successor to DTC. If at any time DTC notifies the Company that it is unwilling or unable to continue as depository for the applicable Global Security or Securities or if at any time DTC ceases to be a clearing agency registered under the Exchange
Act if so required by applicable law or regulation, the Company shall appoint a successor depository with respect to such Global Security or Securities. If (w) a successor depository for such Global Security or Securities is not appointed by
the Company within 90 calendar days after the Company receives such notice or becomes aware of such unwillingness, inability or ineligibility, (x) the Company delivers to the Trustee for Securities of such series in registered form a Company
Order stating that the Securities of such series shall be exchangeable, (y) an Event of Default has occurred and is continuing and the beneficial owners representing a majority in principal amount of the applicable series of Securities
represented by such Global Security or Securities advise DTC to cease acting as depository for such Global Security or Securities or (z) the Company, in its sole discretion, determines at any time that all Outstanding Securities (but not less
than all) of any series issued or issuable in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities, then the Company shall execute, and the Trustee shall authenticate and deliver definitive
Securities of like series, rank, tenor and terms in definitive form in an aggregate principal amount equal to the principal amount of such Global Security or Securities. If any beneficial owner of an interest in a permanent global Security is
otherwise entitled to exchange such interest for Securities of such series and of like tenor and principal amount of another authorized form and denomination, as specified as contemplated by Section 301 and provided that any applicable notice
provided in the permanent Global Security shall have been given, then without unnecessary delay but in any event not later than the earliest date on which such interest may be so exchanged, the Company shall execute, and the Trustee shall
authenticate and deliver definitive Securities in aggregate principal amount equal to the principal amount of such beneficial owner’s interest in such permanent Global Security. On or after the earliest date on which such interests may be so
exchanged, such permanent Global Security shall be surrendered for exchange by DTC or such other depository as shall be specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such purpose;
provided, however, that no such exchanges may occur during a period beginning at the opening of business 15 calendar days before any selection of Securities to be redeemed and ending on the relevant Redemption Date if the Security for
which exchange is requested may be among those selected for redemption; and provided further that no Bearer Security delivered in exchange for a portion of a permanent Global Security shall be mailed or otherwise delivered to any
location in the United States. If a Registered Security is issued in exchange for any portion of a permanent Global Security after the close of business at the office or agency where such exchange occurs on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business at such office or agency on the related proposed date for payment of Defaulted Interest,
interest or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or proposed date for payment, as the case may be, in respect of such Registered Security, but will be payable on such Interest Payment Date or
proposed date for payment, as the case may be, only to the Person to whom interest in respect of such portion of such permanent Global Security is payable in accordance with the provisions of this Indenture. 

All Securities issued upon any registration of transfer or conversion or exchange of Securities shall be the valid obligations of the Company, evidencing the
same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or conversion or exchange. 

Every Registered Security presented or surrendered for registration of transfer or for conversion, exchange or redemption shall (if so required by the Company
or the Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing. 

  
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 No service charge shall be made to the Holder for any registration of transfer or conversion or exchange of
Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or conversion or exchange of Securities, other than exchanges
pursuant to Section 304, 906, 1107 or 1305 not involving any transfer. 
 The Company or the Trustee, as applicable, shall not be required (i) to
issue, register the transfer of or exchange any Security if such Security may be among those selected for redemption during a period beginning at the opening of business 15 calendar days before selection of the Securities to be redeemed under
Section 1103 and ending at the close of business on (A) if such Securities are issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption and (B) if such Securities are issuable as Bearer
Securities, the day of the first publication of the relevant notice of redemption or, if such Securities are also issuable as Registered Securities and there is no publication, the mailing of the relevant notice of redemption, or (ii) to
register the transfer of or exchange any Registered Security so selected for redemption in whole or in part, except, in the case of any Registered Security to be redeemed in part, the portion thereof not to be redeemed, or (iii) to exchange any
Bearer Security so selected for redemption except that such a Bearer Security may be exchanged for a Registered Security of that series and like tenor, provided that such Registered Security shall be simultaneously surrendered for redemption,
or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for repayment at the option of the Holder, except the portion, if any, of such Security not to be so repaid. 

Furthermore, notwithstanding any other provision of this Section 305, the Company will not be required to exchange any Securities if, as a result of the
exchange, the Company would suffer adverse consequences under any United States law or regulation. 
 SECTION 306. Mutilated, Destroyed, Lost and Stolen
Securities . If any mutilated Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or the Company, together with, in proper cases, such security or indemnity as may be required by the Company or the
Trustee to save each of them or any agent of either of them harmless, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and principal amount, containing identical terms
and provisions and bearing a number not contemporaneously outstanding, with coupons corresponding to the coupons, if any, appertaining to the surrendered Security. 

If there shall be delivered to the Company and to the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security or
coupon, and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security or coupon has been acquired by
a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for the Security to which a destroyed, lost or stolen coupon
appertains (with all appurtenant coupons not destroyed, lost or stolen), a new Security of the same series and principal amount, containing identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed, lost or stolen coupon appertains. 

Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated, destroyed, lost or stolen Security or coupon has become or is about
to become due and payable, the Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to the Security to which such destroyed,
lost or stolen coupon appertains, pay such Security or coupon if the applicant for such payment shall furnish to the Company and the Trustee for such Security such security or indemnity as may be required by them to save each of them harmless, and
in the case of destruction, loss or theft, evidence satisfactory to the Company and Trustee and any agent of any of them of the destruction, loss or theft of such Security and the ownership thereof; provided, however, that payment of
principal of (and premium or Make-Whole Amount, if any), and interest, if any, on, Bearer Securities shall, except as otherwise provided in Section 1002, be payable only at an office or agency located outside the United States and, unless
otherwise specified as contemplated by Section 301, any interest on Bearer Securities shall be payable only upon presentation and surrender of the coupons appertaining thereto. 

  
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 Upon the issuance of any new Security under this Section, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

Every new Security of any series with its coupons, if any, issued pursuant to this Section in lieu of any destroyed, lost or stolen Security, or in exchange
for a Security to which a destroyed, lost or stolen coupon appertains, shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed,
lost or stolen coupon shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series and their coupons, if any, duly issued
hereunder. 
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons. 
 SECTION 307. Payment of Interest; Interest Rights Preserved
.. Except as otherwise specified with respect to a series of Securities in accordance with the provisions of Section 301, interest on any Registered Security that is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest payment at the office or agency of the Company maintained for
such purpose pursuant to Section 1002; provided, however, that each installment of interest on any Registered Security may at the Company’s option be paid by (i) mailing a check for such interest, payable to or upon the
written order of the Person entitled thereto pursuant to Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer to an account maintained by the payee located inside the United States. 

Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any series, payment of interest may be made, in the case of a
Bearer Security, by transfer to an account maintained by the payee with a bank located outside the United States. 
 Unless otherwise provided as
contemplated by Section 301, every permanent Global Security will provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear and/or Clearstream, as the case may be, with respect to that portion of such
permanent Global Security held for its account by Cede & Co. or the Common Depository, as the case may be, for the purpose of permitting such party to credit the interest received by it in respect of such permanent Global Security to the
accounts of the beneficial owners thereof. 
 In case a Bearer Security of any series is surrendered in exchange for a Registered Security of such series
after the close of business (at an office or agency in a Place of Payment for such series) on any Regular Record Date and before the opening of business (at such office or agency) on the next succeeding Interest Payment Date, such Bearer Security
shall be surrendered without the coupon relating to such Interest Payment Date and interest will not be payable on such Interest Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only
to the Holder of such coupon when due in accordance with the provisions of this Indenture. 
 Except as otherwise specified with respect to a series of
Securities in accordance with the provisions of Section 301, any interest on any Registered Security of any series that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the registered Holder thereof on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as
provided in clause (1) or (2) below: 
 (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Registered Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner.
The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Registered Security of such series and the date of the proposed payment (which shall not be less than 20 calendar days after such notice
is received by the Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are
payable (except as otherwise specified pursuant to Section 301 for the 

  
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Securities of such series) equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit on or
prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the
payment of such Defaulted Interest which shall be not more than 15 calendar days and not less than 10 calendar days prior to the date of the proposed payment and not less than 10 calendar days after the receipt by the Trustee of the notice of the
proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Registered Securities of such series at his address as it appears in the Security Register not less than 10 calendar days prior to such Special Record Date. The Trustee may, in
its discretion, in the name and at the expense of the Company, cause a similar notice to be published at least once in an Authorized Newspaper in each Place of Payment, but such publications shall not be a condition precedent to the establishment of
such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Registered Securities
of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer Security of any series is
surrendered at the office or agency in a Place of Payment for such series in exchange for a Registered Security of such series after the close of business at such office or agency on any Special Record Date and before the opening of business at such
office or agency on the related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered without the coupon relating to such proposed date of payment and Defaulted Interest will not be payable on such proposed date
of payment in respect of the Registered Security issued in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when due in accordance with the provisions of this Indenture. 

(2) The Company may make payment of any Defaulted Interest on the Registered Securities of any series in any other lawful manner not
inconsistent with the requirements of any over-the-counter market or securities exchange on which such Securities may be quoted or listed, and upon such notice as may be
required by such market or exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Subject to the foregoing provisions of this Section and Section 305, each Security delivered under this Indenture upon registration of transfer of or
upon conversion of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

SECTION 308. Persons Deemed Owners . Prior to due presentment of a Registered Security for registration of transfer, the Company, the Trustee and any
agent of the Company or the Trustee may treat the Person in whose name such Registered Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if any), and (subject
to Sections 305 and 307) interest on, such Registered Security and for all other purposes whatsoever, whether or not such Registered Security be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be
affected by notice to the contrary. All such payments so made to any such Person, or upon such Person’s order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for money payable
upon any such Security. 
 Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The Company, the Trustee and any agent
of the Company or the Trustee may treat the Holder of any Bearer Security and the Holder of any coupon as the absolute owner of such Security or coupon for the purpose of receiving payment thereof or on account thereof and for all other purposes
whatsoever, whether or not such Security or coupon be overdue, and neither the Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary. 

No holder of any beneficial interest in any Global Security held on its behalf by a depository shall have any rights under this Indenture with respect to such
Global Security and such depository (which is the Holder of such security) shall be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Global Security for all purposes whatsoever. None of the
Company, the Trustee, any Paying Agent or the Security Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

  
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 Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall prevent the
Company, the Trustee, or any agent of the Company or the Trustee, from giving effect to any written certification, proxy or other authorization furnished by any depository, as a Holder, with respect to such Global Security or impair, as between such
depository and owners of beneficial interests in such Global Security, the operation of customary practices governing the exercise of the rights of such depository (or its nominee) as Holder of such Global Security. 

SECTION 309. Cancellation . All Securities and coupons surrendered for payment, redemption, repayment at the option of the Holder, registration of
transfer or conversion or exchange or for credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee, and any such Securities and coupons and Securities and coupons surrendered
directly to the Trustee for any such purpose, upon direction by the Company, shall be promptly cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which
the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. If the Company shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such
Securities unless and until the same are surrendered to the Trustee for cancellation. No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this
Indenture. Cancelled Securities and coupons held by the Trustee shall be disposed of by the Trustee in accordance with its customary practices (subject to the record retention requirements of the Exchange Act). 

SECTION 310. Computation of Interest . Except as otherwise specified as contemplated by Section 301 with respect to Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

SECTION 311. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the
Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers.
The Company will promptly notify the Trustee of any change in the “CUSIP” numbers. 
 ARTICLE FOUR—SATISFACTION AND DISCHARGE

 SECTION 401. Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request cease to be of further effect with respect to any
series of Securities specified in such Company Request (except as to any surviving rights of registration of transfer or conversion or exchange of Securities of such series herein expressly provided for), and the Trustee, upon receipt of a Company
Order, and at the expense of the Company, shall execute instruments in form and substance satisfactory to the Trustee and the Company acknowledging satisfaction and discharge of this Indenture as to such series when 

(1) either 
 (A)
all Securities of such series theretofore authenticated and delivered and all coupons, if any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for exchange for Registered Securities and maturing after
such exchange, whose surrender is not required or has been waived as provided in Section 305, (ii) Securities and coupons of such series which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 306, (iii) coupons appertaining to Securities called for redemption and maturing after the relevant Redemption Date, whose surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such series
for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in Section 1003) have been delivered to the Trustee
for cancellation; or 

  
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 (B) all Securities of such series and, in the case of (i) or (ii)
below, any coupons appertaining thereto not theretofore delivered to the Trustee for cancellation 
 (i) have become due and
payable, or 
 (ii) will become due and payable at their Stated Maturity within one year, or 

(iii) if redeemable at the option of the Company, are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i), (ii)
or (iii) above, has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount in the currency or currencies, currency unit or units or composite currency or currencies in which the
Securities of such series are payable, sufficient to pay and discharge the entire indebtedness on such Securities and such coupons not theretofore delivered to the Trustee for cancellation, for principal (and premium or Make-Whole Amount, if any)
and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

(2) the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture as to such series have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the Company to any Authenticating Agent under Section 611 and, if money shall
have been deposited with and held by the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such satisfaction and
discharge. 
 SECTION 402. Application of Trust Funds. Subject to the provisions of the last paragraph of Section 1003, all money deposited with
the Trustee pursuant to Section 401 shall be held in trust and applied by it, in accordance with the provisions of the Securities, the coupons and this Indenture, to the payment, either directly or through any Paying Agent (including the
Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium or Make-Whole Amount, if any), and any interest for whose payment such money has been deposited with or received by
the Trustee, but such money need not be segregated from other funds except to the extent required by law. 
 ARTICLE FIVE—REMEDIES 

SECTION 501. Events of Default. “Event of Default,” wherever used herein with respect to any particular series of Securities, means any one
of the following events (whatever the reason for such Event of Default and whether or not it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body): 
 (1) default in the payment of any interest on any Security of that series or of
any coupon appertaining thereto, when such interest or coupon becomes due and payable, and continuance of such default for a period of 30 calendar days; or 

(2) default in the payment of the principal of (or premium or Make-Whole Amount, if any, on) any Security of that series when it becomes due
and payable at its Maturity; or 
 (3) default in the deposit of any sinking fund payment, to the extent applicable to such series of
Securities, when and as due by the terms of any Security of that series; or 

  
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 (4) default in the performance, or breach, of any covenant or warranty of the Company in
this Indenture with respect to any Security of that series (other than a covenant or warranty a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture
solely for the benefit of a series of Securities other than that series), and continuance of such default or breach for a period of 90 calendar days after there has been given, by registered or certified mail, to the Company by the Trustee or to the
Company and the Trustee by the Holders of at least 33% in principal amount of the Outstanding Securities of that series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice
of Default” hereunder; or 
 (5) default under any bond, debenture, note, mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any indebtedness for money borrowed by the Company (or by any Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly responsible or liable as obligor or
guarantor), having an aggregate principal amount outstanding of a minimum amount to be specified in a prospectus supplement, whether such indebtedness now exists or shall hereafter be created, which default shall have resulted in such indebtedness
becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable, without such indebtedness having been discharged, or such acceleration having been rescinded or annulled, within a period of 30
calendar days after there shall have been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of that series a
written notice specifying such default and requiring the Company to cause such indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating that such notice is a “Notice of Default” hereunder;
provided, however, that, subject to the provisions of Sections 601 and 602, the Trustee shall not be deemed to have knowledge of such default unless either (A) a Responsible Officer of the Trustee shall have knowledge of such
default or (B) the Trustee shall have received written notice thereof from the Company, from any Holder, from the holder of any such indebtedness or from the trustee under any such mortgage, indenture or other instrument; or 

(6) the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a Custodian of it or for all or substantially all of its property, or 

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

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

(A) is for relief against the Company or any Significant Subsidiary in an involuntary case, 

(B) appoints a Custodian of the Company or any Significant Subsidiary or for all or substantially all of either of its property, or 

(C) orders the liquidation of the Company or any Significant Subsidiary, and the order or decree remains unstayed and in effect for 90 calendar
days; or 
 (8) any other Event of Default provided with respect to Securities of that series. 

As used in this Section 501, the term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or state law for the relief of debtors
and the term “Custodian” means any receiver, trustee, assignee, liquidator or other similar official under any Bankruptcy Law. 
 SECTION 502.
Acceleration of Maturity; Rescission and Annulment. If an Event of Default with respect to Securities of any series at the time Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not less than 33%
in principal amount of the Outstanding Securities of that series may declare the principal amount (or, if Securities of that Series are Original Issue Discount Securities or Indexed Securities, such portion of the principal as may be specified in
the terms thereof) of all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal or specified portion thereof
shall become immediately due and payable. 

  
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 At any time after such a declaration of acceleration with respect to Securities of any series has been made
and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the Outstanding Securities of that series, by written notice to
the Company and the Trustee, may rescind and annul such declaration of acceleration and its consequences if: 
 (1) the Company has paid or
deposited with the Trustee a sum sufficient to pay in the currency, currency unit or composite currency in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such
series): 
 (A) all overdue installments of interest on all Outstanding Securities of that series and any related coupons, 

(B) the principal of (and premium or Make-Whole Amount, if any, on) any Outstanding Securities of that series which have become due otherwise
than by such declaration of acceleration and interest thereon at the rate or rates borne by or provided for in such Securities, 
 (C) to the
extent that payment of such interest is lawful, interest upon overdue installments of interest at the rate or rates borne by or provided for in such Securities, and 

(D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel; and 
 (2) all Events of Default with respect to Securities of that series, other than the nonpayment of the
principal of (or premium or Make-Whole Amount, if any) or interest on Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 513. 

No such rescission shall affect any subsequent default or impair any right consequent thereon. 

SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company covenants that if: 

(1) default is made in the payment of any installment of interest on any Security of any series and any related coupon when such interest
becomes due and payable and such default continues for a period of 30 calendar days, or 
 (2) default is made in the payment of the
principal of (or premium or Make-Whole Amount, if any, on) any Security of any series at its Maturity, 
 then the Company will, upon demand of the Trustee,
pay to the Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole amount then due and payable on such Securities and coupons for principal (and premium or Make-Whole Amount, if any) and interest, with
interest upon any overdue principal (and premium or Make-Whole Amount, if any) and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installments of interest at the rate or rates borne by or provided for in
such Securities, and, in addition thereto, 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.

 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a
judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce the same against the Company or any other obligor upon such Securities of such series and collect
the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities of such series, wherever situated. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its
rights and the rights of the Holders of Securities of such series and any related coupons by such appropriate judicial proceedings as the Trustee shall deem necessary to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 SECTION 504. Trustee May File Proofs of Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the
Company for the payment of overdue principal, premium or Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount, or such lesser amount as may be provided for in the Securities of such series, of principal
(and premium or Make-Whole Amount, if any) and interest owing and unpaid in respect of the Securities and to file such 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 of the Holders allowed in such judicial proceeding, and 

(ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby authorized by
each Holder of Securities of such series and coupons to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any predecessor Trustee under Section 606. 

Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Security or
coupon any plan of reorganization, arrangement, adjustment or composition affecting the Securities or coupons or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Security or coupon in
any such proceeding. 
 In any proceedings brought by the Trustee (and also any proceedings involving the interpretation of any provision of this Indenture
to which the Trustee shall be a party) the Trustee shall be held to represent all the Holders of the Securities, and it shall not be necessary to make any Holders of the Securities parties to any such proceedings. 

SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons. All rights of action and claims under this Indenture or any of the
Securities or coupons may be prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the
ratable benefit of the Holders of the Securities and coupons in respect of which such judgment has been recovered. 
 SECTION 506. Application of Money
Collected. Any money collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal (or premium or
Make-Whole Amount, if any) or interest, upon presentation of the Securities or coupons, or both, as the case may be, and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee and any predecessor Trustee under Section 606; 

SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for principal (and premium or Make-Whole Amount, if
any) and interest, in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the aggregate amounts due and payable on such Securities and coupons for principal
(and premium or Make-Whole Amount, if any) and interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the
Company. 

  
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 SECTION 507. Limitation on Suits. No Holder of any Security of any series or any related coupon shall
have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 (2) the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 (3) such Holder
or Holders have offered to the Trustee indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

(4) the Trustee for 60 calendar days after its receipt of such notice, request and offer of indemnity has failed to institute any such
proceeding; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities of that series; 
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders. 

SECTION 508. Unconditional Right of Holders to Receive Principal, Premium or Make-Whole Amount, if any, and Interest. Notwithstanding any other
provision in this Indenture, the Holder of any Security or coupon shall have the right which is absolute and unconditional to receive payment of the principal of (and premium or Make-Whole Amount, if any) and (subject to Sections 305 and 307)
interest on such Security or payment of such coupon on the respective due dates expressed in such Security or coupon (or, in the case of redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment, and such
rights shall not be impaired without the consent of such Holder. 
 SECTION 509. Restoration of Rights and Remedies. If the Trustee or any Holder of
a Security or coupon has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and
in every such case, the Company, the Trustee and the Holders of Securities and coupons shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 SECTION 510. Rights and Remedies
Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the last paragraph of Section 306, no right or remedy herein conferred upon or reserved to
the Trustee or to the Holders of Securities or coupons is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 SECTION 511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Security or coupon to exercise any right or
remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders of Securities or coupons, as the case may be. 

  
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 SECTION 512. Control by Holders of Securities. The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series shall 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 with respect
to the Securities of such series, provided that: 
 (1) such direction shall not be in conflict with any rule of law or with this
Indenture, 
 (2) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, and 

(3) the Trustee need not take any action which might involve it in personal liability or be unduly prejudicial to the Holders of Securities of
such series not joining therein. 
 Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any action deemed proper by
the Trustee and which is not inconsistent with such direction by Holders. 
 SECTION 513. Waiver of Past Defaults. The Holders of not less than a
majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series and any related coupons waive any past default hereunder with respect to such series and its consequences,
except a default 
 (1) in the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security of such
series or any related coupons, or 
 (2) in respect of a covenant or provision hereof which under Article Nine cannot be modified or amended
without the consent of the Holder of each Outstanding Security of such series affected; or 
 (3) in respect of a covenant or provision
hereof for the benefit or protection of the Trustee, without its express written consent. 
 Upon any such waiver, such default shall cease to exist, and
any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. 

SECTION 514. Waiver of Usury, Stay or Extension Laws. The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 SECTION 515. Undertaking for Costs. All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant in such suit having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium or Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption
Date). 
 ARTICLE SIX—THE TRUSTEE 

SECTION 601. Notice of Defaults. Within 90 calendar days after the occurrence of any default hereunder with respect to the Securities of any series,
the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except
in the case of a default in the payment of the principal of (or premium or 

  
 31 

 
Make-Whole Amount, if any) or interest on any Security of such series, or in the payment of any sinking or purchase fund installment with respect to the Securities of such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding of such notice
is in the interests of the Holders of the Securities and coupons of such series; and provided further that in the case of any default or breach of the character specified in Section 501(4) with respect to the Securities and
coupons of such series, no such notice to Holders shall be given until at least 60 calendar days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time
or both would become, an Event of Default with respect to the Securities of such series. 
 SECTION 602. Certain Rights of Trustee. Subject to the
provisions of TIA Section 315(a) through 315(d): 
 (1) the Trustee may conclusively rely and shall be fully protected in acting or
refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document (whether in its original or facsimile form)
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order (other than delivery of any Security, together with any coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to
Section 303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officers’ Certificate; 

(4) the Trustee may consult with counsel of its own selection and the written advice of such counsel or any Opinion of Counsel shall be full
and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(5) 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 of Securities of any series or any related coupons pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) the Trustee shall not be bound
to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, coupon or other paper or document, unless requested
in writing so to do by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of any series; provided that, if the payment within a reasonable time to the Trustee of the costs, expenses or
liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Indenture, the Trustee may require reasonable
indemnity against such expenses or liabilities as a condition to proceeding; the reasonable expenses of every such examination shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon demand. The Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, relevant to the facts or matters that are the subject of its inquiry, personally or by agent or attorney at the expense of the Company and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation; 
 (7) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either
directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the Trustee shall not be liable for any action taken, suffered or omitted by it in good faith and reasonably believed by it to be
authorized or within the discretion or rights or powers conferred upon it by this Indenture; 

  
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 (9) any permissive right or power available to the Trustee under this Indenture or any
supplement hereto shall not be construed to be a mandatory duty or obligation; 
 (10) the Trustee shall not be charged with knowledge of
any matter (including any default, other than as described in Section 501(1), (2) or (3)) unless and except to the extent actually known to a Responsible Officer of the Trustee or to the extent written notice thereof is received by the Trustee
at the Corporate Trust Office; 
 (11) the Trustee shall have no liability for any inaccuracy in the books and records of, or for any
actions or omissions of, DTC, Euroclear or Clearstream or any depository acting on behalf of any of them; 
 (12) the rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed by the Trustee to act hereunder; and 
 (13) the Trustee may request that the Company deliver an Officers’ Certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’
Certificate, including any person specified as so authorized in any such certificate previously delivered and not superseded. 
 The Trustee shall not be
required to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that
repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 
 Except during the continuance of an Event
of Default, the Trustee undertakes to perform only such duties as are specifically set forth in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee. 

SECTION 603. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any coupons shall be taken as the statements of the Company, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities or coupons, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture, authenticate the Securities and perform its obligations hereunder.
Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof. The Trustee shall have no responsibility with respect to any information, statement or recital in
any offering prospectus or other disclosure materials prepared or distributed with respect to the Securities. 
 SECTION 604. May Hold Securities.
The Trustee, any Paying Agent, Security Registrar, Authenticating Agent or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of Securities and coupons and, subject to TIA Sections 310(b) and
311, may otherwise deal with the Company with the same rights it would have if it were not Trustee, Paying Agent, Security Registrar, Authenticating Agent or such other agent. 

SECTION 605. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by
law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

SECTION 606. Compensation and Reimbursement. The Company agrees: 

(1) to pay to the Trustee as agreed upon in writing from time to time reasonable compensation for all services rendered by it hereunder (which
compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as
otherwise expressly provided herein, to reimburse each of the Trustee and any predecessor Trustee upon its request for all reasonable expenses, and disbursements incurred by the Trustee in accordance with any provision of this Indenture (including
the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel), except any such expense or disbursement as shall be determined to have been caused by its own negligence, willful misconduct or bad faith; and 

  
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 (3) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it
harmless against, any loss, liability, claim, damage or expense incurred without negligence, willful misconduct or bad faith on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 

When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 501(7) or Section 501(8), the
expenses (including the reasonable charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration under any applicable Federal or state bankruptcy, insolvency or other similar law.

 As security for the performance of the obligations of the Company under this Section, the Trustee shall have a lien for payment of the Trustee’s
fees and expenses prior to the Securities upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (or premium or Make-Whole Amount, if any) or interest on particular Securities
or any coupons. 
 The provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee. 

SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests. There shall at all times be a Trustee hereunder which shall be eligible to
act as Trustee under TIA Section 310(a)(1) and shall have at all times a combined capital and surplus of at least $50,000,000 (or which shall have a combined capital and surplus of at least $10,000,000 and whose ultimate parent holding company
shall have a combined capital and surplus of at least $50,000,000. If the Trustee publishes reports of condition at least annually, pursuant to law or the requirements of Federal, state, territorial or District of Columbia supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of the Trustee shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee
shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article. Neither the Company nor any Person directly or indirectly controlling,
controlled by, or under common control with the Company shall serve as Trustee. 
 SECTION 608. Resignation and Removal; Appointment of Successor.

 (a) No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 609. 
 (b) The
Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60
calendar days after the giving of such notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(c) The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Trustee and to the Company. If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within 60 calendar days after the giving of such
notice of resignation, the resigning Trustee may petition, at the expense of the Company, any court of competent jurisdiction for the appointment of a successor Trustee. 

(d) If at any time: 
 (1) the
Trustee shall fail to comply with the provisions of TIA Section 310(b) after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or 

  
 34 

 (2) the Trustee shall cease to be eligible under Section 607 and shall fail to resign
after written request therefor by the Company or by any Holder of a Security who has been a bona fide Holder of a Security for at least six months, or 

(3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property
shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, 

then, in any such case, (i) the Company by or pursuant to a Board Resolution may remove the Trustee and appoint a successor Trustee with respect to all
Securities, or (ii) subject to TIA Section 315(e), any Holder of a Security who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 
 (e) If
the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause with respect to the Securities of one or more series, the Company, by or pursuant to a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular series). If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to
the Securities of any series shall be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Company or the Holders of Securities and accepted appointment in the manner hereinafter provided, any Holder of a Security who has been a bona fide Holder of a Security of such series for
at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to Securities of such series. 

(f) The Company shall give notice of each resignation and each removal of the Trustee with respect to the Securities of any series and each
appointment of a successor Trustee with respect to the Securities of any series in the manner provided for notices to the Holders of Securities in Section 106. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office. 
 SECTION 609. Acceptance of Appointment by Successor. 

(a) In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without
any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder, subject nevertheless to its claim, if any, provided for in Section 606. 
 (b) In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto, pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring
with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this 

  
 35 

 
Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental
indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities
of that or those series to which the appointment of such successor Trustee relates. 
 (c) Upon request of any such successor Trustee, the
Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 609, as the case may be.

 (d) No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and
eligible under this Article. 
 SECTION 610. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate
trust business of the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto. In case any Securities or coupons shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such
authentication and deliver the Securities or coupons so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities or coupons. In case any Securities or coupons shall not have been authenticated by such
predecessor Trustee, any such successor Trustee may authenticate and deliver such Securities or coupons, in either its own name or that of its predecessor Trustee, with the full force and effect which this Indenture provides for the certificate of
authentication of the Trustee. 
 SECTION 611. Appointment of Authenticating Agent. At any time when any of the Securities remain Outstanding, the
Trustee may appoint an Authenticating Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities of such series issued upon conversion or exchange,
registration of transfer or partial redemption or repayment thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder.
Any such appointment shall be evidenced by an instrument in writing signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly furnished to the Company. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a bank or trust company or corporation organized and doing business and in good
standing under the laws of the United States of America or of any state or the District of Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and subject to
supervision or examination by Federal or state authorities. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or the requirements of the aforesaid supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. In case at any time an Authenticating Agent shall
cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section. 

  
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 Any corporation into which an Authenticating Agent may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating
Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent for any series of Securities may at any time resign by giving written notice of resignation to the Trustee for such series and to the
Company. The Trustee for any series of Securities may at any time terminate the agency of an Authenticating Agent by giving written notice of termination to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee for such series may appoint a successor Authenticating Agent which shall be
acceptable to the Company and shall give notice of such appointment to all Holders of Securities of the series with respect to which such Authenticating Agent will serve in the manner set forth in Section 106. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating Agent shall
be appointed unless eligible under the provisions of this Section. 
 The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation including reimbursement of its reasonable expenses for its services under this Section, subject to Section 606. 
 If an appointment with
respect to one or more series is made pursuant to this Section, the Securities of such series may have endorsed thereon, in addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of authentication
substantially in the following form: 
 This is one of the Securities of the series designated therein referred to in the within- mentioned Indenture. 

 

							
	 	 	 	 	 	 	____________________________________,
	 	 	 	 	 	 	as Trustee
				
	Dated:______________________________	 		 		 	By:_________________________________
	 	 	 	 	 	 	as Authenticating Agent
				
	Dated:______________________________	 		 		 	By:_________________________________
	 	 	 	 	 	 	as Authenticating Agent

 SECTION 612. Certain Duties and Responsibilities of the Trustee. 

(a) With respect to the Securities of any series, except during the continuance of an Event of Default with respect to the Securities of such
series: 
 (1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this
Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture, but shall not be under any duty to verify the contents or accuracy thereof. 
 (b) In case an
Event of Default with respect to the Securities of any series has occurred and is continuing, the Trustee shall, with respect to Securities of such series, exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

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

(3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in principal amount of the Outstanding Securities of any series relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect to the Securities of such series; and 
 (4) no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it; and, the Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at
the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 

(d) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 612. 
 (e) The Trustee shall not be liable for
interest on any money or assets held by it except to the extent the Trustee may agree in writing with the Company. Assets held in trust by the Trustee need not be segregated from other assets except to the extent required by law. 

ARTICLE SEVEN—HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY 

SECTION 701. Disclosure of Names and Addresses of Holders. Every Holder of Securities or coupons, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security Registrar shall be held accountable by reason of the disclosure of any information as to the names and addresses of
the Holders of Securities in accordance with TIA Section 312, regardless of the source from which such information was derived, and that the Trustee shall not be held accountable by reason of mailing any material pursuant to a request made
under TIA Section 312(b). 
 SECTION 702. Reports by Trustee. The Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required by TIA Section 313 at the times and in the manner provided by the TIA, which shall initially be not less than every twelve months commencing on __________, 20__. A copy of each such report shall,
at the time of such transmission to Holders, be filed by the Trustee with each over-the-counter market or securities exchange, if any, upon which any Securities are
quoted or listed, with the Commission and with the Company. The Company will notify the Trustee when any Securities are quoted or listed on any over-the-counter market
or securities exchange or delisted therefrom. 
 SECTION 703. Reports by Company. The Company will: 

(1) file with the Trustee, within 15 calendar days after the Company is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Company is not required to file information, documents or reports pursuant to either of such Sections, then it will file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the Exchange Act in respect of a
security quoted or listed and registered on an over-the-counter market or national securities exchange as may be prescribed from time to time in such rules and
regulations; 

  
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 (2) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company with the conditions and covenants of this Indenture as may be required from time to time by such rules and
regulations; 
 (3) transmit by mail to the Holders of Securities, within 30 calendar days after the filing thereof with the Trustee, in the
manner and to the extent provided in TIA Section 313(c), such summaries of any information, documents and reports required to be filed by the Company pursuant to paragraphs (1) and (2) of this Section as may be required by rules and
regulations prescribed from time to time by the Commission; and 
 (4) delivery of such reports, information and documents to the Trustee is
for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any
of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 SECTION 704. Company to Furnish
Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished to the Trustee: 
 (a) semiannually, not later
than 15 calendar days after the Regular Record Date for interest for each series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Registered Securities of such series as of such
Regular Record Date, or if there is no Regular Record Date for interest for such series of Securities, semiannually, upon such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing such series, and 

(b) at such other times as the Trustee may request in writing, within 30 calendar days after the receipt by the Company of any such request, a
list of similar form and content as of a date not more than 15 calendar days prior to the time such list is furnished, 
 provided, however,
that, so long as the Trustee is the Security Registrar, no such list shall be required to be furnished. 
 ARTICLE EIGHT—CONSOLIDATION,
MERGER, SALE, LEASE OR CONVEYANCE 
 SECTION 801. Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted Subject to Certain
Conditions. The Company may consolidate with, or sell, lease or convey all or substantially all of its assets to, or merge with or into any other corporation, provided that in any such case, (1) either the Company shall be the continuing
corporation, or the successor corporation shall be a corporation organized and existing under the laws of the United States or a State thereof and such successor corporation shall expressly assume the due and punctual payment of the principal of
(and premium or Make-Whole Amount, if any) and any interest on all of the Securities, according to their tenor, and the due and punctual performance and observance of all of the covenants and conditions of this Indenture to be performed by the
Company by supplemental indenture, complying with Article Nine hereof, satisfactory to the Trustee, executed and delivered to the Trustee by such corporation, (2) immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company or any Subsidiary as a result thereof as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default, and no event which, after notice or the lapse of time,
or both, would become an Event of Default, shall have occurred and be continuing and (3) the Company shall have delivered to the Trustee the Officer’s Certificate and Opinion of Counsel required pursuant to Section 803 below. 

SECTION 802. Rights and Duties of Successor Corporation. In case of any such consolidation, merger, sale, lease or conveyance and upon any such
assumption by the successor corporation, such successor corporation shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the party of the first part, and the predecessor corporation, except in
the event of a lease, shall be relieved of any further obligation under this Indenture and the Securities. Such successor corporation thereupon may cause to be signed, and may issue either in its own name or in the name of the Company, any or all of
the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by the officers of the Company to the Trustee for authentication, and any Securities
which such 

  
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successor corporation thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate. 
 SECTION 803. Officers’ Certificate and Opinion of Counsel. Any consolidation,
merger, sale, lease or conveyance permitted under Section 801 is also subject to the condition that the Trustee receive an Officers’ Certificate and an Opinion of Counsel to the effect that any such consolidation, merger, sale, lease or
conveyance, and the assumption by any successor corporation, complies with the provisions of this Article and that all conditions precedent herein provided for relating to such transaction have been complied with. 

ARTICLE NINE—SUPPLEMENTAL INDENTURES 

SECTION 901. Supplemental Indentures Without Consent of Holders. Without the consent of any Holders of Securities or coupons, the Company, when
authorized by or pursuant to a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1) to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
contained herein and in the Securities; or 
 (2) to add to the covenants of the Company for the benefit of the Holders of all or any series
of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred
upon the Company; or 
 (3) to add, delete or modify any additional Events of Default for the benefit of the Holders of all or any series of
Securities (and if such Events of Default are to be for the benefit of less than all series of Securities, stating that such Events of Default are expressly being included solely for the benefit of such series); provided, however, that
in respect of any additional Events of Default such supplemental indenture may provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an
immediate enforcement upon such default or may limit the remedies available to the Trustee upon such default or may limit the right of the Holders of a majority in aggregate principal amount of that or those series of Securities to which such
additional Events of Default apply to waive such default; or 
 (4) to add to or change any of the provisions of this Indenture to provide
that Bearer Securities may be registrable as to principal, to change or eliminate any restrictions on the payment of principal of or premium or Make-Whole Amount, if any, or interest on Bearer Securities, to permit Bearer Securities to be issued in
exchange for Registered Securities, to permit Bearer Securities to be issued in exchange for Bearer Securities of other authorized denominations or to permit or facilitate the issuance of Securities in uncertificated form, provided that any
such action shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

(5) to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall become effective
only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(6) to secure the Securities; or 

(7) to establish the form or terms of Securities of any series and any related coupons as permitted or contemplated by Sections 201 and 301; or

 (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or
more series 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; or 

  
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 (9) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture which shall not be inconsistent with the provisions of this Indenture, provided such
provisions shall not adversely affect the interests of the Holders of Securities of any series or any related coupons in any material respect; or 

(10) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the Defeasance and
discharge of any series of Securities pursuant to Sections 401, 1402 and 1403; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series and any related coupons or any other series of
Securities in any material respect; or 
 (11) to make provisions with respect to Holders’ rights of conversion with respect to any
series of Securities pursuant to Article Sixteen. 
 (12) to make any change in any series of Securities that does not adversely affect in
any material respect the rights of the Holders of such Securities; 
 (13) to provide for uncertificated Securities in addition to or in
place of certificated Securities; 
 (14) to evidence and provide for the acceptance of appointment hereunder by a successor trustee and to
add to or change any of the provisions of the Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee; 

(15) to make any change that would provide any additional rights or benefits to the Holders of all or any series of Securities or that does
not adversely affect the legal rights hereunder of any such Holder; 
 (16) to add to or change or eliminate any provision of this Indenture
as shall be necessary or desirable in accordance with any amendments to the Trust Indenture Act; 
 (17) to secure the Company’s
obligations in respect of the Securities of any series; 
 (18) to add guarantors or co-obligors in
respect of the Securities of any series or to release any guarantors from their guarantees in accordance with the terms of the applicable series of Securities; 

(19) to supplement any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the defeasance and
discharge of any series of Securities; provided that any such action shall not adversely affect the interests of the Holders of Securities of such series or any other series of Securities in any material respect; 

(20) to prohibit the authentication and delivery of additional series of Securities; 

(21) in the case of convertible or exchangeable Securities of any series, subject to the provisions of the supplemental indenture for such
series of Securities, to provide for conversion rights, exchange rights and/or repurchase rights of Holders of such series of Securities in connection with any reclassification or change of the Company’s ordinary shares or in the event of any
amalgamation, consolidation, merger or sale of all or substantially all of the assets of the Company or its Subsidiaries substantially as an entirety occurs; 

(22) in the case of convertible or exchangeable Securities of any series, to reduce the conversion price or exchange price applicable to such
series of Securities; or 
 (23) in the case of convertible or exchangeable Securities of any series, to increase the conversion rate or
exchange ratio in the manner described in the supplemental indenture for such series of Securities, provided that the increase will not adversely affect the interests of the Holders of the Securities of such series in any material respect. 

SECTION 902. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in principal amount of all
Outstanding Securities affected by such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by or pursuant to a Board Resolution, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities and any related coupons
under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Security affected thereby: 

  
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 (1) change the Stated Maturity of the principal of (or premium or Make-Whole Amount, if any,
on) or any installment of principal of or interest on, any Security; or reduce the principal amount thereof or the rate or amount of interest thereon, or any premium or Make-Whole Amount payable upon the redemption thereof, or reduce the amount of
the principal of an Original Issue Discount Security that would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in bankruptcy pursuant to Section 504, or
adversely affect any right of repayment at the option of the Holder of any Security, or change any Place of Payment where, or the currency or currencies, currency unit or units or composite currency or currencies in which, any Security or any
premium or Make-Whole Amount or the interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption or repayment at the option of the
Holder, on or after the Redemption Date or the Repayment Date, as the case may be), or (if Securities of such series are convertible) adversely affect the right of the Holder to convert any Security as provided in Article Sixteen; or 

(2) reduce the percentage in principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any
such supplemental indenture, or the consent of whose Holders is required for any waiver with respect to such series (or compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or reduce the requirements of Section 1504 for quorum or voting, or 
 (3) modify any of the provisions of this Section,
Section 513 or Section 1006, except to increase the required percentage to effect such action or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section 902 and Section 1006 or the deletion of this proviso, in accordance with the requirements of Sections 609(b) and 901(11). 
 It shall not
be necessary for any Act of Holders under this Section 902 to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

A supplemental indenture which changes or eliminates any covenant or other provision of this Indenture which has expressly been included solely for the
benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series. 
 SECTION 903. Execution of Supplemental Indentures. In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 612) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise. 
 SECTION 904. Effect of Supplemental Indentures. Upon the
execution of any supplemental indenture under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder and of any coupon appertaining thereto shall be bound thereby. 
 SECTION 905. Conformity with Trust
Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect. 

SECTION 906. Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series. 

  
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 ARTICLE TEN—COVENANTS 

SECTION 1001. Payment of Principal, Premium or Make-Whole Amount, if any; and Interest. The Company covenants and agrees for the benefit of the Holders
of each series of Securities that it will duly and punctually pay the principal of (and premium or Make-Whole Amount, if any) and interest on the Securities of that series in accordance with the terms of such series of Securities, any coupons
appertaining thereto and this Indenture. Unless otherwise specified as contemplated by Section 301 with respect to any series of Securities, any interest due on Bearer Securities on or before Maturity shall be payable only upon presentation and
surrender of the several coupons for such interest installments as are evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities of any series pursuant to Section 301, at the option of the Company (upon
written notice to the Trustee), all payments of principal may be paid by check to the registered Holder of the Registered Security or other Person entitled thereto against surrender of such Security. 

SECTION 1002. Maintenance of Office or Agency. If Securities of a series are issuable only as Registered Securities, the Company shall maintain in each
Place of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for payment or conversion, where Securities of that series may be surrendered for registration of transfer or
conversion or exchange and where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served. If Securities of a series are issuable as Bearer Securities, the Company will maintain:
(A) in the Borough of Manhattan, The City of New York, an office or agency where any Registered Securities of that series may be presented or surrendered for payment or conversion, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be surrendered for conversion or exchange, where notices and demands to or upon the Company in respect of the Securities of that series and this Indenture may be served
and where Bearer Securities of that series and related coupons may be presented or surrendered for payment or conversion in the circumstances described in the following paragraph (and not otherwise); (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the United States, an office or agency where Securities of that series and related coupons may be presented and surrendered for payment; provided, however, that if
the Securities of that series are listed on any stock exchange located outside the United States and such stock exchange shall so require, the Company will maintain a Paying Agent for the Securities of that series in any required city located
outside the United States, as the case may be, so long as the Securities of that series are listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place of Payment for that series located outside the United
States an office or agency where any Registered Securities of that series may be surrendered for registration of transfer, where Securities of that series may be surrendered for conversion or exchange and where notices and demands to or upon the
Company in respect of the Securities of that series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location, of each such office or agency. If at any time the
Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee,
except that Bearer Securities of that series and the related coupons may be presented and surrendered for payment or conversion at the offices specified in the Security, in London, England, and the Company hereby appoints the same as its agent to
receive such respective presentations, surrenders, notices and demands, and the Company hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and demands. 

Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment of principal, premium or Make-Whole Amount or interest on
Bearer Securities shall be made at any office or agency of the Company in the United States or by check mailed to any address in the United States or by transfer to an account maintained with a bank located in the United States; provided,
however, that, if the Securities of a series are payable in Dollars, payment of principal of and any premium or Make-Whole Amount and interest on any Bearer Security shall be made at the office of the Company’s Paying Agent in the
Borough of Manhattan, The City of New York, if (but only if) payment in Dollars of the full amount of such principal, premium or Make-Whole Amount, or interest, as the case may be, at all offices or agencies outside the United States maintained for
the purpose by the Company in accordance with this Indenture, is illegal or effectively precluded by exchange controls or other similar restrictions. 
 The
Company may from time to time designate one or more other offices or agencies (in or outside the Place of Payment) where the Securities of one or more series may be presented or surrendered for any or all of such purposes, and may from time to time
rescind such designations; provided, however, that no such designation or 

  
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rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in accordance with the requirements set forth above for Securities of any series for such
purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. Unless otherwise specified with respect to any Securities pursuant to
Section 301 with respect to a series of Securities, the Company hereby designates as a Place of Payment for each series of Securities, each of (i) the office or agency of the Company in the Borough of Manhattan, The City of New York, and
(ii) the Corporate Trust Office of the Trustee (as Paying Agent); and the Company hereby initially appoints the Trustee at its Corporate Trust Office as Paying Agent in such city; and the Company hereby initially appoints as its agent to
receive all such presentations, surrenders, notices and demands each of the Trustee, at its Corporate Trust Office. 
 Unless otherwise specified with
respect to any Securities pursuant to Section 301, if and so long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be payable in a Foreign Currency, or so long as it is required under any other
provision of the Indenture, then the Company will maintain with respect to each such series of Securities, or as so required, at least one exchange rate agent (of which it shall give written notice to the Trustee). 

SECTION 1003. Money for Securities Payments to Be Held in Trust. If the Company shall at any time act as its own Paying Agent with respect to any
series of any Securities and any related coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any of the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the
Securities of such series) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided, and will promptly notify the
Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying Agents for any series of Securities and any related
coupons, it will, on or before each due date of the principal of (and premium or Make-Whole Amount, if any), or interest on any Securities of that series, deposit with a Paying Agent a sum (in the currency or currencies, currency unit or units or
composite currency or currencies described in the preceding paragraph) sufficient to pay the principal (and premium or Make-Whole Amount, if any) or interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or Make-Whole Amount, if any, or interest and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will 
 (1) hold all sums held
by it for the payment of principal of (and premium or Make-Whole Amount, if any) or interest on Securities in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided; 
 (2) give the Trustee notice of any default by the Company (or any other obligor upon the Securities) in the making of any such
payment of principal (and premium or Make-Whole Amount, if any) or interest on the Securities of that series; and 
 (3) at any time during
the continuance of any such default upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 

The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and,
upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such sums. 
 Except as
otherwise provided in the Securities of any series, and subject to applicable laws, any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of (and premium or Make-Whole
Amount, if any) or interest on any Security of any series and remaining unclaimed for two years after such principal (and premium or Make-Whole Amount, if any) or interest has become due and payable 

  
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shall be paid to the Company upon Company Request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general
creditor, look only to the Company for payment of such principal of (and premium or Make-Whole Amount, if any) or interest on any Security, without interest thereon, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to
be published once, in an Authorized Newspaper, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 calendar days from the date of such publication, any unclaimed balance of such money
then remaining will be repaid to the Company. 
 SECTION 1004. Existence. Subject to Article Eight, the Company will do or cause to be done all
things necessary to preserve and keep in full force and effect its corporate existence, all material rights (by certificate of incorporation, by-laws and statute) and material franchises; provided,
however, that the Company shall not be required to preserve any such right or franchise if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company. 

SECTION 1005. Statement as to Compliance. The Company will deliver to the Trustee, within 120 calendar days after the end of each fiscal year, a brief
certificate from the principal executive officer, principal financial officer or principal accounting officer as to his or her knowledge of the Company’s compliance with all conditions and covenants under this Indenture and, in the event of any
noncompliance, specifying such noncompliance and the nature and status thereof. For purposes of this Section 1005, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

SECTION 1006. Waiver of Certain Covenants. The Company may omit in any particular instance to comply with any term, provision or condition set forth in
Sections 1004 and 1005, if before or after the time for such compliance the Holders of at least a majority in principal amount of all outstanding Securities of such series, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such covenant or condition, but no such waiver shall extend to or affect such covenant or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the
Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
 ARTICLE
ELEVEN—REDEMPTION OF SECURITIES 
 SECTION 1101. Applicability of Article. Securities of any series which are redeemable before their Stated
Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article. 

SECTION 1102. Election to Redeem; Notice to Trustee. The election of the Company to redeem any Securities shall be evidenced by or pursuant to a Board
Resolution. In case of any redemption at the election of the Company of less than all of the Securities of any series, the Company shall, at least 45 calendar days prior to the giving of the notice of redemption in Section 1104 (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of any series issued on the same day with the same
terms are to be redeemed, the particular Securities to be redeemed shall be selected not more than 60 calendar days prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date with the same terms
not previously called for redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of such series of a denomination larger than the minimum authorized denomination for Securities of that series. 

  
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 The Trustee shall promptly notify the Company and the Security Registrar (if other than itself) in writing
of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the principal amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case
of any Security redeemed or to be redeemed only in part, to the portion of the principal amount of such Security which has been or is to be redeemed. 

SECTION 1104. Notice of Redemption. Notice of redemption shall be given in the manner provided in Section 106, not less than 10 calendar days nor
more than 60 calendar days prior to the Redemption Date, unless a shorter period is specified by the terms of such series established pursuant to Section 301, to each Holder of Securities to be redeemed, but failure to give such notice in the
manner herein provided to the Holder of any Security designated for redemption as a whole or in part, or any defect in the notice to any such Holder, shall not affect the validity of the proceedings for the redemption of any other such Security or
portion thereof. 
 Any notice that is mailed to the Holders of Registered Securities in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. 
 All notices of redemption shall state: 

(1) the Redemption Date, 
 (2) the
Redemption Price, accrued interest to the Redemption Date payable as provided in Section 1106, if any, 
 (3) if less than all
Outstanding Securities of any series are to be redeemed, the identification (and, in the case of partial redemption, the principal amount) of the particular Security or Securities to be redeemed, 

(4) in case any Security is to be redeemed in part only, the notice which relates to such Security shall state that on and after the Redemption
Date, upon surrender of such Security, the holder will receive, without a charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining unredeemed, 

(5) that on the Redemption Date the Redemption Price and accrued interest to the Redemption Date payable as provided in Section 1106, if
any, will become due and payable upon each such Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall cease to accrue on and after said date, 

(6) the Place or Places of Payment where such Securities, together in the case of Bearer Securities with all coupons appertaining thereto, if
any, maturing after the Redemption Date, are to be surrendered for payment of the Redemption Price and accrued interest, if any, or for conversion, 

(7) that the redemption is for a sinking fund, if such is the case, 

(8) that, unless otherwise specified in such notice, Bearer Securities of any series, if any, surrendered for redemption must be accompanied by
all coupons maturing subsequent to the date fixed for redemption or the amount of any such missing coupon or coupons will be deducted from the Redemption Price, unless security or indemnity satisfactory to the Company, the Trustee for such series
and any Paying Agent is furnished, 
 (9) if Bearer Securities of any series are to be redeemed and any Registered Securities of such series
are not to be redeemed, and if such Bearer Securities may be exchanged for Registered Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise, the last date, as determined by the Company, on which such
exchanges may be made, 
 (10) the CUSIP number of such Security, if any, and 

(11) if applicable, that a Holder of Securities who desires to convert Securities for redemption must satisfy the requirements for conversion
contained in such Securities, the then existing conversion price or rate, the place or places where such Securities may be surrendered for conversion, and the date and time when the option to convert shall expire. 

  
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 Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the
Company or, at the Company’s request, by the Trustee in the name and at the expense of the Company. 
 SECTION 1105. Deposit of Redemption
Price. On or prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, which it may not do in the case of a sinking fund payment under Article Twelve,
segregate and hold in trust as provided in Section 1003) an amount of money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series) sufficient to pay on the Redemption Date the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities
or portions thereof which are to be redeemed on that date. 
 If any Securities called for redemption are converted, any money deposited with the Trustee or
with any Paying Agent or so segregated and held in trust for the redemption of such Security shall be paid to the Company upon Company Request or, if then held by the Company, shall be discharged from such trust. 

SECTION 1106. Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise
specified pursuant to Section 301 for the Securities of such series) (together with accrued interest, if any, to the Redemption Date), and from and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall be void. Upon
surrender of any such Security for redemption in accordance with said notice, together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such Security shall be paid by the Company at the Redemption Price, together
with accrued interest, if any, to the Redemption Date; provided, however, that installments of interest on Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only at an office or agency
located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of coupons for such interest; and provided
further that except as otherwise provided with respect to Securities convertible into the Company’s Ordinary Shares or Preference Shares, installments of interest on Registered Securities whose Stated Maturity is on or prior to the
Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant coupons maturing after the Redemption Date, such Security may be
paid after deducting from the Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if there be furnished to them such
security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall
have been made from the Redemption Price, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at an office or agency located outside the United
States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal (and premium or Make-Whole Amount, if any)
shall, until paid, bear interest from the Redemption Date at the rate borne by the Security. 

  
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 SECTION 1107. Securities Redeemed in Part. Any Registered Security which is to be redeemed only in
part (pursuant to the provisions of this Article or of Article Twelve) shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security without service charge a new
Security or Securities of the same series, of any authorized denomination as requested by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. If a Global
Security is so surrendered, the Company shall execute and the Trustee shall authenticate and deliver to the depository, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed portion of the
principal of the Global Security so surrendered. 
 ARTICLE TWELVE—SINKING FUNDS 

SECTION 1201. Applicability of Article. The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities of a
series except as otherwise specified as contemplated by Section 301 for Securities of such series. 
 The minimum amount of any sinking fund payment
provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of such Securities of any series is herein
referred to as an “optional sinking fund payment.” If provided for by the terms of any Securities of any series, the cash amount of any mandatory sinking fund payment may be subject to reduction as provided in Section 1202. Each
sinking fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 SECTION
1202. Satisfaction of Sinking Fund Payments with Securities. The Company may, in satisfaction of all or any part of any mandatory sinking fund payment with respect to the Securities of a series, (1) deliver Outstanding Securities of such
series (other than any previously called for redemption) together in the case of any Bearer Securities of such series with all unmatured coupons appertaining thereto and (2) apply as a credit Securities of such series which have been redeemed
either at the election of the Company pursuant to the terms of such Securities or through the application of permitted optional sinking fund payments pursuant to the terms of such Securities, as provided for by the terms of such Securities, or which
have otherwise been acquired by the Company; provided that such Securities so delivered or applied as a credit have not been previously so credited. Such Securities shall be received and credited for such purpose by the Trustee at the
applicable Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

SECTION 1203. Redemption of Securities for Sinking Fund. Not less than 60 calendar days prior to each sinking fund payment date for Securities of any
series, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities
of such series) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 1202, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking
fund payment, and will also deliver to the Trustee any Securities to be so delivered and credited. If such Officers’ Certificate shall specify an optional amount to be added in cash to the next ensuing mandatory sinking fund payment, the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 calendar days before each such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 1103 and cause notice of the redemption thereof to be given in the name of and at the expense of the Company in the manner provided in Section 1104. Such notice having been duly given, the redemption of such
Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107. 

  
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 ARTICLE THIRTEEN—REPAYMENT AT THE OPTION OF HOLDERS 

SECTION 1301. Applicability of Article. Repayment of Securities of any series before their Stated Maturity at the option of Holders thereof shall be
made in accordance with the terms of such Securities, if any, and (except as otherwise specified by the terms of such series established pursuant to Section 301) in accordance with this Article. 

SECTION 1302. Repayment of Securities. Securities of any series subject to repayment in whole or in part at the option of the Holders thereof will,
unless otherwise provided in the terms of such Securities, be repaid at a price equal to the principal amount thereof, together with interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of such Securities.
The Company covenants that on or prior to the Repayment Date it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of
money in the currency or currencies, currency unit or units or composite currency or currencies in which the Securities of such series are payable (except as otherwise specified pursuant to Section 301 for the Securities of such series)
sufficient to pay the principal (or, if so provided by the terms of the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date shall be an Interest Payment Date) accrued interest on, all the Securities or
portions thereof, as the case may be, to be repaid on such date. 
 SECTION 1303. Exercise of Option. Securities of any series subject to repayment
at the option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee must receive at the Place of Payment
therefor specified in the terms of such Security (or at such other place or places of which the Company shall from time to time notify the Holders of such Securities) not earlier than 60 calendar days nor later than 30 calendar days prior to the
Repayment Date (1) the Security so providing for such repayment together with the “Option to Elect Repayment” form on the reverse thereof duly completed by the Holder (or by the Holder’s attorney duly authorized in writing) or
(2) electronic transmission, facsimile transmission or a letter from a member of a national securities exchange, or the FINRA, or a commercial bank or trust company in the United States setting forth the name of the Holder of the Security, the
principal amount of the Security, the principal amount of the Security to be repaid, the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement that the option to elect repayment is being exercised thereby and a
guarantee that the Security to be repaid, together with the duly completed form entitled “Option to Elect Repayment” on the reverse of the Security, will be received by the Trustee not later than the fifth Business Day after the date of
such electronic transmission, facsimile transmission or letter; provided, however, that such electronic transmission, facsimile transmission or letter shall only be effective if such Security and form duly completed are received by the
Trustee by such fifth Business Day. If less than the entire principal amount of such Security is to be repaid in accordance with the terms of such Security, the principal amount of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or denominations of the Security or Securities to be issued to the Holder for the portion of the principal amount of such Security surrendered that is not to be repaid, must be
specified. The principal amount of any Security providing for repayment at the option of the Holder thereof may not be repaid in part if, following such repayment, the unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security providing for repayment at the option of the Holder thereof, exercise of the
repayment option by the Holder shall be irrevocable unless waived by the Company. 
 SECTION 1304. When Securities Presented for Repayment Become Due and
Payable . If Securities of any series providing for repayment at the option of the Holders thereof shall have been surrendered as provided in this Article and as provided by or pursuant to the terms of such Securities, such Securities or the
portions thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall
be void. Upon surrender of any such Security for repayment in accordance with such provisions, together with all coupons, if any, appertaining thereto maturing after the Repayment Date, the principal amount of such Security so to be repaid shall be
paid by the Company, together with accrued interest, if any, to the Repayment Date; provided, however, that coupons whose Stated Maturity is on or prior to the Repayment Date shall be payable only at an office or agency located outside
the United States (except as otherwise provided in Section 1002) and, unless otherwise specified pursuant to Section 301, only upon presentation and surrender of such coupons; and provided further that, in the case of Registered
Securities, installments of interest, if any, whose Stated Maturity is 

  
 49 

 
on or prior to the Repayment Date shall be payable (but without interest thereon, unless the Company shall default in the payment thereof) to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 307. 

If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant coupons maturing after the Repayment Date, such Security may be
paid after deducting from the amount payable therefor as provided in Section 1302 an amount equal to the face amount of all such missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company and the Trustee if
there be furnished to them such security or indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or any Paying Agent any such missing coupon in
respect of which a deduction shall have been made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so deducted; provided, however, that interest represented by coupons shall be payable only at
an office or agency located outside the United States (except as otherwise provided in Section 1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and surrender of those coupons. 

If the principal amount of any Security surrendered for repayment shall not be so repaid upon surrender thereof, such principal amount (together with
interest, if any, thereon accrued to such Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such Security. 

SECTION 1305. Securities Repaid in Part . Upon surrender of any Registered Security which is to be repaid in part only, the Company shall execute and
the Trustee shall authenticate and deliver to the Holder of such Security, without service charge and at the expense of the Company, a new Registered Security or Securities of the same series, of any authorized denomination specified by the Holder,
in an aggregate principal amount equal to and in exchange for the portion of the principal of such Security so surrendered which is not to be repaid. 

ARTICLE FOURTEEN—DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 1401. Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance . If, pursuant to Section 301, provision
is made for either or both of (a) Defeasance of the Securities of or within a series under Section 1402 or (b) Covenant Defeasance of the Securities of or within a series under Section 1403, then the provisions of such Section or
Sections, as the case may be, together with the other provisions of this Article (with such modifications thereto as may be specified pursuant to Section 301 with respect to any Securities), shall be applicable to such Securities and any
coupons appertaining thereto, and the Company may at its option by Board Resolution, at any time, with respect to such Securities and any coupons appertaining thereto, elect to have Section 1402 (if applicable) or Section 1403 (if
applicable) be applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with the conditions set forth below in this Article. 

SECTION 1402. Defeasance and Discharge . Upon the Company’s exercise of the above option applicable to this Section with respect to any Securities
of or within a series, the Company shall be deemed to have been discharged from its obligations with respect to such Outstanding Securities and any coupons appertaining thereto on the date the conditions set forth in Section 1404 are satisfied
(hereinafter, “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Outstanding Securities and any coupons appertaining thereto,
which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1405 and the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have satisfied all of its other obligations
under such Securities and any coupons appertaining thereto and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining thereto to receive, solely from the
trust fund described in Section 1404 and as more fully set forth in such Section, payments in respect of the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining thereto
when such payments are due, (B) the Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003, and the Company’s obligations under Section 606 hereof (C) the rights, powers, trusts, duties
and immunities of the Trustee hereunder and (D) this Article. Subject to compliance with this Article Fourteen, the Company may exercise its option under this Section notwithstanding the prior exercise of its option under Section 1403 with
respect to such Securities and any coupons appertaining thereto. 
  

  
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 SECTION 1403. Covenant Defeasance . Upon the Company’s exercise of the above option applicable
to this Section with respect to any Securities of or within a series, the Company shall be released from its obligations under Sections 1004 and 1005, inclusive, and, if specified pursuant to Section 301, its obligations under any other
covenant contained herein or in any indenture supplemental hereto, with respect to such Outstanding Securities and any coupons appertaining thereto on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter,
“Covenant Defeasance”), and such Securities and any coupons appertaining thereto shall thereafter be deemed to be 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 Sections 1004 and 1005, or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with
respect to such Outstanding Securities and any coupons appertaining thereto, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such Section or such other covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to any such Section or such other covenant or by reason of reference in any such Section or such other 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 501(4) or 501(8) or otherwise, as the case may be, but, except as specified above, the remainder of this Indenture and such Securities and any coupons
appertaining thereto shall be unaffected thereby. 
 SECTION 1404. Conditions to Defeasance or Covenant Defeasance . The following shall be the
conditions to application of Section 1402 or Section 1403 to any Outstanding Securities of or within a series and any coupons appertaining thereto: 

(a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee satisfying the requirements of
Section 607 who shall agree to comply with the provisions of this Article Fourteen applicable to it) as trust funds in trust for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in such currency, currencies or currency unit in which such Securities and any coupons appertaining thereto are then specified as payable at Stated
Maturity, or (2) Government Obligations applicable to such Securities and coupons appertaining thereto (determined on the basis of the currency, currencies or currency unit in which such Securities and coupons appertaining thereto are then
specified as payable at Stated Maturity) which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not later than the due date of any payment of principal of (and premium or
Make-Whole Amount, if any) and interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any reinvestment of such
principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee (or other
qualifying trustee) to pay and discharge, (i) the principal of (and premium or Make-Whole Amount, if any) and interest, if any, on such Outstanding Securities and any coupons appertaining thereto on the Stated Maturity of such principal or
installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Outstanding Securities and any coupons appertaining thereto on the day on which such payments are due and payable in
accordance with the terms of this Indenture and of such Securities and any coupons appertaining thereto. 
 (b) Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(c) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to such Securities
and any coupons appertaining thereto shall have occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7) are concerned, at any time during the period ending on the 91st calendar day after the date of such
deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 
 (d) In the case of
an election under Section 1402, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since
the date of execution of this Indenture, there has been a change in the 

  
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applicable Federal income tax law, in either case to the effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding Securities and any coupons appertaining
thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Defeasance had not occurred. 
 (e) In the case of an election under Section 1403, the Company shall have delivered to the Trustee
an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal income tax purposes as a result of such Covenant Defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred. 

(f) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the Defeasance under Section 1402 or the Covenant Defeasance under Section 1403 (as the case may be) have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to
subsection (a) above and the related exercise of the Company’s option under Section 1402 or Section 1403 (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company,
with respect to the trust funds representing such deposit or by the Trustee for such trust funds or (ii) all necessary registrations under said Act have been effected. 

(g) Notwithstanding any other provisions of this Section, such Defeasance or Covenant Defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 301. 

(h) The payment of amounts payable to the Trustee pursuant to this Indenture shall be paid or provided for to the reasonable satisfaction of
the Trustee. 
 SECTION 1405. Deposited Money and Government Obligations to Be Held in Trust; Other Miscellaneous Provisions . Subject to the
provisions of the last paragraph of Section 1003, all money and Government Obligations (or other property as may be provided pursuant to Section 301) (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 1405, the “Trustee”) pursuant to Section 1404 in respect of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and any coupons appertaining thereto and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee
may determine, to the Holders of such Securities and any coupons appertaining thereto of all sums due and to become due thereon in respect of principal (and premium or Make-Whole Amount, if any) and interest, but such money need not be segregated
from other funds except to the extent required by law. 
 Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a
deposit referred to in Section 1404(a) has been made, (a) the Holder of a Security in respect of which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of such Security to receive payment in a
currency or currency unit other than that in which the deposit pursuant to Section 1404(a) has been made in respect of such Security, or (b) a Conversion Event occurs in respect of the currency or currency unit in which the deposit
pursuant to Section 1404(a) has been made, the indebtedness represented by such Security and any coupons appertaining thereto shall be deemed to have been, and will be, fully discharged and satisfied through the payment of the principal of (and
premium or Make-Whole Amount, if any), and interest, if any, on such Security as the same becomes due out of the proceeds yielded by converting (from time to time as specified below in the case of any such election) the amount or other property
deposited in respect of such Security into the currency or currency unit in which such Security becomes payable as a result of such election or Conversion Event based on the applicable market exchange rate for such currency or currency unit in
effect on the second Business Day prior to each payment date, except, with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as feasible) at the time of the Conversion Event. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the Government Obligations deposited
pursuant to Section 1404 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 such Outstanding Securities and any coupons appertaining thereto.

  
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 Anything in this Article to the contrary notwithstanding, subject to Section 606, the Trustee shall
deliver or pay to the Company from time to time upon Company Request any money or Government Obligations (or other property and any proceeds therefrom) held by it as provided in Section 1404 which, in the opinion of a nationally recognized firm
of independent public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect a Defeasance or Covenant Defeasance, as applicable,
in accordance with this Article. 
 ARTICLE FIFTEEN—MEETINGS OF HOLDERS OF SECURITIES 

SECTION 1501. Purposes for Which Meetings May Be Called . A meeting of Holders of Securities of any series may be called at any time and from time to
time pursuant to this Article to make, give or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be made, given or taken by Holders of Securities of such series. 

SECTION 1502. Call, Notice and Place of Meetings 

(a) The Trustee may at any time call a meeting of Holders of Securities of any series for any purpose specified in Section 1501, to be
held at such time and at such place as the Trustee shall determine. Notice of every meeting of Holders of Securities of any series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such
meeting, shall be given, in the manner provided in Section 106, not less than 20 nor more than 180 calendar days prior to the date fixed for the meeting. 

(b) In case at any time the Company, pursuant to a Board Resolution, or the Holders of at least 25% in principal amount of the Outstanding
Securities of any series shall have requested the Trustee to call a meeting of the Holders of Securities of such series for any purpose specified in Section 1501, by written request setting forth in reasonable detail the action proposed to be
taken at the meeting, and the Trustee shall not have made the first publication of the notice of such meeting within 20 calendar days after receipt of such request or shall not thereafter proceed to cause the meeting to be held as provided herein,
then the Company or the Holders of Securities of such series in the amount above specified, as the case may be, may determine the time and the place for such meeting and may call such meeting for such purposes by giving notice thereof as provided in
subsection (a) of this Section. 
 SECTION 1503. Persons Entitled to Vote at Meetings . To be entitled to vote at any meeting of Holders of
Securities of any series, a Person shall be (1) a Holder of one or more Outstanding Securities of such series, or (2) a Person appointed by an instrument in writing as proxy for a Holder or Holders of one or more Outstanding Securities of
such series by such Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting of Holders of Securities of any series shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 
 SECTION 1504. Quorum; Action . The Persons
entitled to vote a majority in principal amount of the Outstanding Securities of a series shall constitute a quorum for a meeting of Holders of Securities of such series; provided, however, that if any action is to be taken at such
meeting with respect to a consent or waiver which this Indenture expressly provides may be given by the Holders of not less than a specified percentage in principal amount of the Outstanding Securities of a series, the Persons entitled to vote such
specified percentage in principal amount of the Outstanding Securities of such series shall constitute a quorum. In the absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the
request of Holders of Securities of such series, be dissolved. In any other case the meeting may be adjourned for a period of not less than 10 calendar days as determined by the chairman of the meeting prior to the adjournment of such meeting. In
the absence of a quorum at the reconvening of any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than 10 calendar days; at the reconvening of any meeting adjourned or further adjourned for lack of a
quorum, the Persons entitled to vote 25% in aggregate principal amount of the then Outstanding Securities shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of any
adjourned meeting shall be given as provided in Section 1502(a), except that such notice need be given only once not less than five calendar days prior to the date on which the meeting is scheduled to be reconvened. 

  
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 Except as limited by the proviso to Section 902, any resolution presented to a meeting or adjourned
meeting duly reconvened at which a quorum is present as aforesaid may be adopted by the affirmative vote of the Persons entitled to vote a majority in aggregate principal amount of the Outstanding Securities represented at such meeting;
provided, however, that, except as limited by the proviso to Section 902, any resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which this Indenture expressly
provides may be made, given or taken by the Holders of a specified percentage, which is less than a majority, in principal amount of the Outstanding Securities of a series may be adopted at a meeting or an adjourned meeting duly reconvened and at
which a quorum is present as aforesaid by the affirmative vote of the Holders of such specified percentage in principal amount of the Outstanding Securities of that series. 

Any resolution passed or decision taken at any meeting of Holders of Securities of any series duly held in accordance with this Section shall be binding on
all the Holders of Securities of such series and the related coupons, whether or not present or represented at the meeting. 
 Notwithstanding the foregoing
provisions of this Section 1504, if any action is to be taken at a meeting of Holders of Securities of any series with respect to any request, demand, authorization, direction, notice, consent, waiver or other action that this Indenture
expressly provides may be made, given or taken by the Holders of a specified percentage in principal amount of all Outstanding Securities affected thereby, or of the Holders of such series and one or more additional series: 

(i) there shall be no minimum quorum requirement for such meeting; and 

(ii) the principal amount of the Outstanding Securities of such series that vote in favor of such request, demand, authorization, direction,
notice, consent, waiver or other action shall be taken into account in determining whether such request, demand, authorization, direction, notice, consent, waiver or other action has been made, given or taken under this Indenture. 

SECTION 1505. Determination of Voting Rights; Conduct and Adjournment of Meetings . 

(a) Notwithstanding any provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any
meeting of Holders of Securities of a series in regard to proof of the holding of Securities of such series and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the submission and examination of
proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as otherwise permitted or required by any such regulations, the holding of Securities
shall be proved in the manner specified in Section 104 and the appointment of any proxy shall be proved in the manner specified in Section 104 or by having the signature of the Person executing the proxy witnessed or guaranteed by any
trust company, bank or banker authorized by Section 104 to certify to the holding of Bearer Securities. Such regulations may provide that written instruments appointing proxies, regular on their face, may be presumed valid and genuine without
the proof specified in Section 104 or other proof. 
 (b) The Trustee shall, by an instrument in writing appoint a temporary chairman
of the meeting, unless the meeting shall have been called by the Company or by Holders of Securities as provided in Section 1502(b), in which case the Company or the Holders of Securities of the series calling the meeting, as the case may be,
shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series
represented at the meeting. 
 (c) At any meeting each Holder of a Security of such series or proxy shall be entitled to one vote for each
$1,000 principal amount of the Outstanding Securities of such series held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Security challenged as not Outstanding and ruled
by the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote, except as a Holder of a Security of such series or proxy. 

  
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 (d) Any meeting of Holders of Securities of any series duly called pursuant to
Section 1502 at which a quorum is present may be adjourned from time to time by Persons entitled to vote a majority in principal amount of the Outstanding Securities of such series represented at the meeting, and the meeting may be held as so
adjourned without further notice. 
 SECTION 1506. Counting Votes and Recording Action of Meetings . The vote upon any resolution submitted to any
meeting of Holders of Securities of any series shall be by written ballots on which shall be subscribed the signatures of the Holders of Securities of such series or of their representatives by proxy and the principal amounts and serial numbers of
the Outstanding Securities of such series held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and
file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the proceedings of each meeting of Holders of Securities of any Series shall be prepared by the
secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact, setting forth a copy of the
notice of the meeting and showing that said notice was given as provided in Section 1502 and, if applicable, Section 1504. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and
one such copy shall be delivered to the Company and another to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the
matters therein stated. 
 ARTICLE SIXTEEN—CONVERSION OF SECURITIES 

SECTION 1601. Applicability of Article; Conversion Privilege and Conversion Price . Securities of any series which are convertible shall be convertible
in accordance with their terms and (except as otherwise specified as contemplated by Section 301 for Securities of any series) in accordance with this Article Sixteen. Subject to and upon compliance with the provisions of this Article Sixteen,
at any time during the period specified in the Securities, at the option of the Holder thereof, any Security or any portion of the principal amount thereof which is $1,000 or an integral multiple of $1,000 may be converted at the principal amount
thereof, or of such portion thereof, into fully paid and nonassessable Ordinary Shares (calculated as to each conversion to the nearest 1/100 of a share) of the Company, at the Conversion Price, determined as hereinafter provided, in effect at the
time of conversion. In case a Security or portion thereof is called for redemption, such conversion right in respect of the Security or portion so called shall expire at the close of business on the Business Day immediately preceding the Redemption
Date, unless the Company defaults in making the payment due upon redemption, in which case such conversion right shall terminate on the date such default is cured. 

The price at which Ordinary Shares shall be delivered upon conversion (herein called the “Conversion Price”) of Securities of any series shall be
specified in such Securities. The Conversion Price shall be adjusted in certain instances as provided in Section 1604. 
 In case the Company shall, by
dividend or otherwise, declare or make a distribution on its Ordinary Shares referred to in paragraph (4) of Section 1604, the Holder of each Security, upon the conversion thereof pursuant to this Article Sixteen subsequent to the close of
business on the date fixed for the determination of shareholders entitled to receive such distribution and prior to the effectiveness of the Conversion Price adjustment in respect of such distribution pursuant to paragraph (4) of
Section 1604, shall be entitled to receive for each Ordinary Share into which such Security is converted, the portion of the evidence of indebtedness, Share Capital or assets so distributed applicable to one Ordinary Share; provided,
however, that, at the election of the Company (whose election shall be evidenced by a Board Resolution filed with the Trustee) with respect to all Holders so converting, the Company may, in lieu of distributing to such Holder any portion of
such distribution not consisting of cash or securities of the Company, pay such Holder an amount in cash equal to the fair market value thereof (as determined in good faith by the Board of Directors, whose determination shall be conclusive and
described in a Board Resolution filed with the Trustee). If any conversion of a Security entitled to the benefits described in the immediately preceding sentence occurs prior to the payment date for a distribution to holders of Ordinary Shares which
the Holder of the Security so converted is entitled to receive in accordance with the immediately preceding sentence, the Company may elect (such election to be evidenced by a Board Resolution filed with the Trustee) to distribute to such Holder a
due bill for the evidences 

  
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of indebtedness, Share Capital or assets to which such Holder is so entitled, provided that such due bill (i) meets any applicable requirements of the principal over-the-counter market or national securities exchange or other market on which the Ordinary Share is then traded, and (ii) requires payment or delivery of such
evidences of indebtedness or assets no later than the date of payment or delivery thereof to holders of Ordinary Shares receiving such distribution. 

SECTION 1602. Exercise of Conversion Privilege . In order to exercise the conversion privilege, the Holder of any Security to be converted shall
surrender such Security, duly endorsed or assigned to the Company or in blank, at any office or agency maintained by the Company pursuant to Section 1002, accompanied by written notice to the Company at such office or agency that the Holder
elects to convert such Security or, if less than the entire principal amount thereof is to be converted, the portion thereof to be converted and shall comply with any additional requirements set forth in such Security. Securities surrendered for
conversion during the period from the close of business on any Regular Record Date next preceding any Interest Payment Date to the opening of business on such Interest Payment Date shall (except for Securities the Maturity of which is prior to such
Interest Payment Date) be accompanied by payment in funds acceptable to the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of Securities being surrendered for conversion and such interest
shall be paid on such Interest Payment Date as provided in Section 307. Except as provided in the preceding sentence, no payment or adjustment shall be made upon any conversion on account of any interest accrued on the Securities surrendered
for conversion or on account of any dividends on the Ordinary Shares issued upon conversion. 
 The Company’s delivery to the Holder of the fixed
number of Ordinary Shares of the Company (and any cash in lieu of any fractional Ordinary Shares) into which the Security is convertible shall be deemed to satisfy the Company’s obligation to pay the principal amount of the Security and all
accrued interest and original issue discount that has not previously been paid. The Ordinary Shares of the Company so delivered shall be treated as issued first in payment of accrued interest and original issue discount and then in payment of
principal. Thus, accrued interest and original issue discount shall be treated as paid, rather than canceled, extinguished or forfeited. 
 Securities shall
be deemed to have been converted immediately prior to the close of business on the day of surrender of such Securities for conversion in accordance with the foregoing provisions, and at such time the rights of the Holders of such Securities as
Holders shall cease, and the Person or Persons entitled to receive the Ordinary Shares issuable upon conversion shall be treated for all purposes as the record holder or holders of such Ordinary Shares at such time. As promptly as practicable on or
after the conversion date, the Company shall issue and shall deliver at such office or agency a certificate or certificates for the number of full Ordinary Shares issuable upon conversion, together with payment in lieu of any fraction of a share, as
provided in Section 1603. 
 In the case of any Security which is converted in part only, as promptly as practicable on or after the conversion date
the Company shall execute and the Trustee shall authenticate and make available for delivery to the Holder thereof (or the Depositary in the case of a Global Security), at the expense of the Company, a new Security or Securities, of authorized
denominations in aggregate principal amount equal to the unconverted portion of the principal amount of such Security. 
 SECTION 1603. Fractions of
Shares . No fractional Ordinary Shares shall be issued upon conversion of Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full Ordinary Shares which shall be issuable upon
conversion thereof shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional Ordinary Shares which would otherwise be issuable upon conversion of any
Security or Securities (or specified portions thereof), the Company shall pay a cash adjustment (rounded to the nearest cent) in respect of such fraction in an amount equal to the same fraction of the Closing Price per American Depositary Share on
the day of conversion (or, if such day is not a Trading Day, on the Trading Day immediately preceding such day). 
 SECTION 1604. Adjustment of
Conversion Price . The Conversion Price shall be subject to adjustment from time to time as follows: 
 (1) If the Company pays or makes
a dividend or other distribution (a) on its Ordinary Shares exclusively in Ordinary Shares or (b) on any other class of Share Capital of the Company, which dividend or distribution includes Ordinary Shares of the Company, the Conversion
Price in effect at the opening of business on the day following the date fixed for the determination of shareholders entitled to receive such dividend or other distribution (the “Dividend 

  
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Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of shares of Ordinary Shares of the Company outstanding at the
close of business on the Dividend Record Date and the denominator shall be the sum of such number of shares and the total number of shares constituting such dividend or other distribution. Such reduction shall become effective immediately after the
opening of business on the day following the date fixed for such determination. For the purposes of this paragraph (1), the number of Ordinary Shares of the Company at any time outstanding shall not include shares held in the treasury of the
Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares . The Company shall not pay any dividend or make any distribution on shares of Ordinary Shares held in the treasury of the
Company. 
 (2) Subject to paragraph (6) of this Section, if the Company pays or makes a dividend or other distribution on its Ordinary
Shares consisting exclusively of Short Term Rights (as defined below), or otherwise issues Short Term Rights to all holders of its Ordinary Shares , the Conversion Price in effect at the opening of business on the day following the record date for
the determination of holders of Ordinary Shares entitled to receive such Short Term Rights (the “Rights Record Date”) shall be reduced by multiplying such Conversion Price by a fraction of which the numerator shall be the number of
Ordinary Shares of the Company outstanding at the close of business on the Rights Record Date plus the number of Ordinary Shares of the Company which the aggregate of the offering price of the total number Ordinary Shares so offered for subscription
or purchase would purchase at such current market price and the denominator shall be the number Ordinary Shares of the Company outstanding at the close of business on the Rights Record Date plus the number of Ordinary Shares so offered for
subscription or purchase. Such reduction shall become effective immediately after the opening of business on the day following the Rights Record Date. For the purposes of this paragraph (2), the number of Ordinary Shares of the Company at any time
outstanding shall not include shares held in the treasury of the Company, but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of Ordinary Shares of the Company. The Company shall not issue any rights,
options or warrants in respect of its Ordinary Shares held in the treasury of the Company. When used in this Section 1604, the term “Short Term Rights” shall mean rights, warrants or options entitling the holders thereof (for a period
commencing no earlier than the Rights Record Date and expiring not more than 45 calendar days after the Rights Record Date) to subscribe for or purchase Ordinary Shares of the Company at a price per share less than the current market price per share
(determined as provided in paragraph (7) of this Section 1604) of the Ordinary Shares of the Company on the Rights Record Date. 

(3) In case outstanding Ordinary Shares of the Company shall be subdivided into a greater number of Ordinary Shares , the Conversion Price in
effect at the opening of business on the day following the day upon which such subdivision becomes effective shall be proportionately reduced, and, conversely, in case outstanding Ordinary Shares of the Company shall be combined into a smaller
number of Ordinary Shares , the Conversion Price in effect at the opening of business on the day following the day upon which such combination becomes effective shall be proportionately increased, such reduction or increase, as the case may be, to
become effective immediately after the opening of business on the day following the day upon which such subdivision or combination becomes effective. 

(4) Subject to the last sentence of this paragraph (4) of this Section, if the Company, by dividend or otherwise, (a) distributes to
all holders of its Ordinary Shares evidences of its indebtedness, shares of any class of Share Capital of the Company or other assets (other than cash dividends out of current or retained earnings), or (b) distributes to substantially all
holders of Ordinary Shares rights or warrants to subscribe for securities (other than Short Term Rights to which paragraph (2) of this Section 1604 applies), the Conversion Price shall be reduced by multiplying such Conversion Price by a
fraction of which the numerator shall be the current market price per share (determined as provided in paragraph (7) of this Section 1604) of the Ordinary Shares of the Company on the Reference Date (as defined below) less the fair market
value (as determined in good faith by the Board of Directors, whose determination shall be conclusive and described in a Board Resolution filed with the Trustee), on the Reference Date, of the portion of the evidences of indebtedness and other
assets so distributed or of such subscription rights or warrants applicable to one Ordinary Shares (collectively, the “Market Value of the Distribution”) and the denominator shall be such current market price per share of the Ordinary
Shares of the Company. Such reduction shall become effective immediately prior to the opening of business on the day (the “Reference Date”) following the later of (a) the date fixed for the payment of such distribution and
(b) the date 20 calendar days after notice relating to such distribution is required to be given pursuant to Section 1606(a). If the Board of Directors determines the fair market value of any distribution for purposes of this paragraph
(4) by reference to the actual or when issued trading market for any securities comprising such distribution, it must in doing so consider the prices in such market over the same period used in computing the current market price per

  
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share pursuant to paragraph (7) of this Section 1604. In the event that, with respect to any distribution to which this paragraph (4) of Section 1604 would otherwise apply,
the Market Value of the Distribution is greater than the current market price per share of the Ordinary Shares (such distribution being referred to herein as an “Unadjusted Distribution”), then the adjustment provided by this paragraph
(4) shall not be made and in lieu thereof the provisions of Section 1611 shall apply with respect to such Unadjusted Distribution. 

(5) The Company may, but shall not be required to, make such reductions in the Conversion Price, in addition to those required by paragraphs
(1), (2), (3), and (4) of this Section 1604, as it considers to be advisable in order that any event treated for federal income tax purposes as a dividend of share or share rights shall not be taxable to the recipients. In addition, the
Company, from time to time, may decrease the Conversion Price by any amount and for any reason, temporarily or otherwise, including situations where the Board of Directors determines such decrease to be fair and appropriate with respect to
transactions in which holders of Ordinary Shares have the right to participate. 
 (6) Rights or warrants issued or distributed by the
Company to all holders of its Ordinary Shares entitling the holders thereof to subscribe for or purchase Ordinary Shares or Preference Shares, which rights or warrants (i) are deemed to be transferred with such Ordinary Shares , (ii) are not
exercisable and (iii) are also issued or distributed in respect of future issuances of Ordinary Shares , in each case in clauses (i) through (iii) until the occurrence of a specified event or events (“Trigger Events”), shall for
purposes of this Section 1604 not be deemed issued or distributed until the occurrence of the earliest Trigger Event. Each Ordinary Share issued upon conversion of Securities pursuant to this Article Sixteen shall be entitled to receive the
appropriate number of Ordinary Shares purchase rights (the “Rights”), if any, and the certificates representing the Ordinary Shares issued upon conversion shall bear such legends, if any. Notwithstanding anything to the contrary in this
Article Sixteen, there shall not be any adjustment to the Conversion Price as a result of (i) the distribution of separate certificates representing the Rights; (ii) the occurrence of certain events entitling holders of Rights to receive,
upon exercise thereof, Ordinary Shares or other securities of the Company or other securities of another corporation; or (iii) the exercise of such Rights. No adjustment in the Conversion Price need be made for rights to purchase or the sale of
Ordinary Shares pursuant to a Company plan providing for reinvestment of dividends or interest. 
 (7) For the purpose of any computation
under paragraph (2), (4) or (5) of this Section 1604, the “current market price” per Ordinary Shares of the Company on any date shall be deemed to be the average of the daily Closing Prices for the 15 consecutive Trading Days
selected by the Company commencing not more than 30 Trading Days before, and ending not later than, the date in question. 
 (8) No
adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Price; provided, however, that any adjustments which by reason of this paragraph
(8) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article Sixteen shall be made to the nearest cent or to the nearest
one-hundredth of an Ordinary Share, as the case may be. 
 (9) Anything herein to the contrary
notwithstanding, in the event the Company shall declare any dividend or distribution requiring an adjustment in the Conversion Price hereunder and shall, thereafter and before the payment of such dividend or distribution to shareholders, legally
abandon its plan to pay such dividend or distribution, the Conversion Price then in effect hereunder, if changed to reflect such dividend or distribution, shall upon the legal abandonment of such plan be changed to the Conversion Price which would
have been in effect at the time of such abandonment (after giving effect to all other adjustments not so legally abandoned pursuant to the provisions of this Article Sixteen) had such dividend or distribution never been declared. 

(10) Notwithstanding any other provision of this Section 1604, no adjustment to the Conversion Price shall reduce the Conversion Price
below the then nominal value per share of the Ordinary Shares of the Company, and any such purported adjustment shall instead reduce the Conversion Price to such par value. Notwithstanding the foregoing sentence, the Company hereby covenants that it
will from time to time take all such action as may be required to assure that the nominal value per share of the Ordinary Shares is at all times equal to or less than the Conversion Price. 

(11) In the event that this Article Sixteen requires adjustments to the Conversion Price under more than one of paragraphs (1), (2), (3) or
(4) of this Section 1604, and the record or effective dates for the transaction giving rise to such adjustments shall occur on the same date, then such adjustments shall be made by applying (to the extent they are applicable), first, the
provisions of paragraph (3) of this Section 1604, second, the provisions of paragraph 

  
 58 

 
(1) of this Section 1604, third, the provisions of paragraph (4) of this Section 1604 and, fourth, the provisions of paragraph (2) of this Section 1604. Anything herein
to the contrary notwithstanding, no single event shall require or result in duplicative adjustments in the Conversion Price pursuant to this Section 1604. After an adjustment to the Conversion Price under this Article Sixteen, any subsequent
event requiring an adjustment under this Article Sixteen shall cause an adjustment to the Conversion Price as so adjusted. If, after an adjustment, a Holder of a Security upon conversion of such Security receives shares of two or more classes of
Share Capital of the Company, the Conversion Price shall thereafter be subject to adjustment upon the occurrence of an action taken with respect to any such class of Share Capital as is contemplated by this Article Sixteen with respect to the
Ordinary Shares in this Article Sixteen. 
 SECTION 1605. Notice of Adjustments of Conversion Price . Whenever the Conversion Price is adjusted as
herein provided: 
 (1) the Company shall compute the adjusted Conversion Price in accordance with Section 1604 or Section 1611 and
shall prepare an Officer’s Certificate setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall forthwith be filed (with a copy to the Trustee) at
each office or agency maintained for the purpose of conversion of any Securities pursuant to Section 1002; and 
 (2) a notice stating
that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be required, and as soon as practicable after it is required, such notice shall be mailed by the Company to all Holders at their last
addresses as they shall appear in the Security Register. 
 SECTION 1606. Notice of Certain Corporate Action. In case: 

(1) the Company shall take any action that would require a Conversion Price adjustment pursuant to Section 1604 or Section 1611; or

 (2) there shall occur any reclassification of the Ordinary Shares of the Company (other than a subdivision or combination of its
outstanding Ordinary Shares ), or any consolidation or merger to which the Company is a party, or the sale, transfer or lease of all or substantially all of the assets of the Company and for which approval of any shareholders of the Company is
required; or 
 (3) there shall occur the voluntary or involuntary dissolution, liquidation or winding up of the Company, then the Company
shall cause to be filed at each office or agency maintained for the purpose of conversion of Securities pursuant to Section 1002, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register,
at least 10 calendar days prior to the applicable record, effective or expiration date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of any dividend, distribution or granting of rights,
warrants or options, or, if a record is not to be taken, the date as of which the holders of Ordinary Shares of record to be entitled to such dividend, distribution, rights, options or warrants are to be determined, or (y) the date on which
such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become effective, and, if applicable, the date as of which it is expected that holders of Ordinary Shares of record shall be entitled
to exchange their shares of Ordinary Shares for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding up. 

SECTION 1607. Company to Reserve Ordinary Shares . The Company shall at all times reserve and keep available, free from preemptive rights, out of its
authorized but unissued Ordinary Shares, for the purpose of effecting the conversion of Securities, a number of shares of Ordinary Shares for the conversion of all outstanding Securities of any series which is convertible into Ordinary Shares . 

SECTION 1608. Taxes on Conversion . The Company will pay any and all taxes that may be payable in respect of the issue or delivery Ordinary Shares on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect of any transfer involved in the issue and delivery of Ordinary Shares in a name other than that of the Holder of the
Security or Securities to be converted, and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such
tax has been paid. 

  
 59 

 SECTION 1609. Covenants as to Ordinary Shares . The Company covenants that all Ordinary Shares which may be
issued upon conversion of Securities will upon issue be duly and validly issued, fully paid and nonassessable, free of preemptive or any similar rights, and, except as provided in Section 1608, the Company will pay all taxes, liens and charges
with respect to the issue thereof. 
 The Company will endeavor promptly to comply with all Federal and state securities laws regulating the offer and
delivery of Ordinary Shares upon conversion of Securities, if any, and will list or cause to have quoted such shares of Ordinary Shares on each national securities exchange or in the
over-the-counter market or such other market on which the Ordinary Shares is then listed or quoted. 

SECTION 1610. Cancellation of Converted Securities . All Securities delivered for conversion shall be delivered to the Trustee to be cancelled by or at
the direction of the Trustee, which shall dispose of the same as provided in Section 309. 
 SECTION 1611. Provisions in Case of Consolidation,
Merger or Sale of Assets; Special Distributions . If any of the following shall occur, namely: (i) any reclassification or change of outstanding Ordinary Shares issuable upon conversion of Securities (other than a change in par value, or
from par value to no par value, or from no par value to par value, or as a result of a subdivision or combination), (ii) any consolidation or merger to which the Company is a party other than a merger in which the Company is the continuing
corporation and which does not result in any reclassification of, or change (other than a change in name, or par value, or from par value to no par value, or from no par value to par value or as a result of a subdivision or combination) in,
outstanding Ordinary Shares or (iii) any sale or conveyance of all or substantially all of the property or business of the Company as an entirety, then the Person formed by such consolidation or resulting from such merger or which acquires such
properties or assets, as the case may be, shall as a condition precedent to such transaction execute and deliver to the Trustee a supplemental indenture providing that the Holder of each Security then outstanding shall have the right thereafter,
during the period such Security shall be convertible as specified in Section 1601, to convert such Security only into the kind and amount of securities, cash and other property receivable, if any, upon such consolidation, merger, sale, transfer
or lease by a holder of the number of Ordinary Shares of the Company into which such Security might have been converted immediately prior to such consolidation, merger, sale, transfer or lease; provided that the kind and amount of securities, cash
and other property so receivable shall be determined on the basis of the following assumptions. The holder of Ordinary Shares referred to in the foregoing sentence: 

(1) is not (a) a Person with which the Company consolidated, (b) a Person into which the Company merged or which merged into the
Company, or (c) a Person to which such sale, transfer or lease was made (any Person described in the foregoing clauses (a), (b), or (c), hereinafter referred to as a “Constituent Person”), or (d) an Affiliate of a Constituent
Person; and 
 (2) failed to exercise his rights of election, if any, as to the kind or amount of securities, cash and other property
receivable upon such consolidation, merger, sale, transfer or lease (provided that if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, sale transfer or lease is not the same for each Ordinary
Share of the Company in respect of which such rights of election shall not have been exercised, then for the purpose of this Section 1611 the kind and amount of securities, cash and other property receivable upon such consolidation, merger,
sale, transfer or lease shall be deemed to be the kind and amount so receivable per share by a plurality of such shares of Ordinary Shares ). 
 Such
supplemental indenture shall provide for adjustments which, for events subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article Sixteen. If,
in the case of any such consolidation, merger, sale transfer or lease the shares or other securities and property (including cash) receivable thereupon by a holder of Ordinary Shares includes shares or other securities and property of a corporation
other than the successor or purchasing corporation, as the case may be, in such consolidation, merger, sale, transfer or lease then such supplemental indenture shall also be executed by such other corporation and shall contain such additional
provisions to protect the interests of the Holders of the Securities as the Board of Directors of the Company shall reasonably consider necessary by reason of the foregoing. The above provisions of this Section 1611 shall similarly apply to
successive consolidations, mergers, sales, transfers or leases. 

  
 60 

 In the event the Company shall execute a supplemental indenture pursuant to this Section 1611, the
Company shall promptly file with the Trustee an Officers’ Certificate briefly stating the reasons therefor, the kind or amount of shares or securities or property (including cash) receivable by Holders of the Securities upon the conversion of
their Securities after any such reclassification, change, consolidation, merger, sale, transfer or lease and any adjustment to be made with respect thereto. 

If the Company makes a distribution to all holders of its Ordinary Shares that constitutes an Unadjusted Distribution pursuant to the last sentence of
paragraph (4) of Section 1604, then, from and after the record date for determining the holders of Ordinary Shares entitled to receive such distribution (the “Distribution Record Date”), a Holder of a Security who converts such
Security in accordance with the provisions of this Indenture shall, upon conversion, be entitled to receive, in addition to the Ordinary Shares into which the Security is convertible, the kind and amount of evidences of indebtedness, Share Capital,
or other assets or subscription rights or warrants, as the case may be, comprising the distribution that such Holder would have received if such Holder had converted the Security immediately prior to the Distribution Record Date. 

SECTION 1612. Trustee Adjustment Disclaimer; Company Determination Final. The Trustee has no duty to determine when an adjustment under this Article
Sixteen should be made, how it should be made or what it should be. The Trustee has no duty to determine whether a supplemental indenture under Section 1611 need be entered into or whether any provisions of any supplemental indenture are
correct. The Trustee shall not be accountable for and makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities. The Trustee shall not be responsible for the Company’s failure to comply
with this Article Sixteen. Any determination that the Company or the Board of Directors must make pursuant to this Article Sixteen is conclusive, absent manifest error. 

SECTION 1613. When No Adjustment Required . Except as expressly set forth in Section 1604, no adjustment in the Conversion Price shall be made
because the Company issues, in exchange for cash, property or services, shares of its Ordinary Shares, or any securities convertible into or exchangeable for its Ordinary Shares, or securities (including warrants, rights and options) carrying the
right to subscribe for or purchase shares of its Ordinary Shares or such convertible or exchangeable securities. 
 (1) Notwithstanding
anything herein to the contrary, no adjustment in the Conversion Price shall be made pursuant to Section 1604 in respect of any dividend or distribution if the Holders may participate therein (on a basis to be determined in good faith by the
Board of Directors) and receive the same consideration they would have received if they had converted the Securities immediately prior to the record date with respect to such dividend or distribution. 

SECTION 1614. Equivalent Adjustments . In the event that, as a result of an adjustment made pursuant to Section 1604 above, the holder of any
Security thereafter surrendered for conversion shall become entitled to receive any Share Capital of the Company other than shares of its Ordinary Shares, thereafter the Conversion Price of such other shares so receivable upon conversion of any
Securities shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to Ordinary Shares contained in this Article Sixteen. 

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

			
	 CENTESSA PHARMACEUTICALS PLC

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
	
	                                  
                                         
                           ,
	 as Trustee

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

  
 61 

 EXHIBIT A 

FORM OF REDEEMABLE OR NON-REDEEMABLE SENIOR SECURITY 

[Face of Security] 
 [If the Holder of this
Security (as indicated below) is The Depository Trust Company (“DTC”) or a nominee of DTC, this Security is a Global Security and the following two legends apply: 

Unless this Security is presented by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”) to the Company
or its agent for registration of transfer, conversion, exchange or payment, and such Security issued is registered in the name of Cede & Co., or in such other name as requested by an authorized representative of DTC (and any payment is made
to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL, inasmuch as the registered owner hereof,
Cede & Co., has an interest herein. 
 Unless and until this Security is exchanged in whole or in part for Securities in certificated form,
this Security may not be transferred except as a whole by DTC to a nominee thereof or by a nominee thereof to DTC or another nominee of DTC or by DTC or any such nominee to a successor of DTC or a nominee of such successor.] 

[If this Security is an Original Issue Discount Security, insert — FOR PURPOSES OF SECTION 1273 and 1275 OF THE UNITED STATES INTERNAL REVENUE
CODE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THIS SECURITY IS ___% OF ITS PRINCIPAL AMOUNT, THE ISSUE DATE IS __________, 20__, AND THE YIELD TO MATURITY IS ___%. THE METHOD USED TO DETERMINE THE AMOUNT OF ORIGINAL ISSUE DISCOUNT APPLICABLE TO THE
SHORT ACCRUAL PERIOD OF __________, 20__ TO __________, 20__, IS ___% OF THE PRINCIPAL AMOUNT OF THIS SECURITY.] 
 CENTESSA PHARMACEUTICALS
PLC 
 [Designation of Series] 
  

					
	 No. __________
	  	$	__________	 
		
	 CUSIP No. __________
	  			

 CENTESSA PHARMACEUTICALS PLC, a company incorporated under the laws of England and Wales (herein referred to as the
“Company,” which term includes any successor corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to __________ or registered assigns the principal sum of __________ Dollars on
__________ (the “Stated Maturity Date”) [or insert date fixed for earlier redemption (the “Redemption Date,” and together with the Stated Maturity Date with respect to principal repayable on such date, the “Maturity
Date.”)] 
 [If the Security is to bear interest prior to Maturity, insert — and to pay interest thereon from __________ or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on __________ and __________ in each year (each, an “Interest Payment Date”), commencing __________, at the rate of ___% per annum, until the
principal hereof is paid or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Holder in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the __________ or __________ (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date
[at the office or agency of the Company maintained for such purpose; provided, however, that such interest may be paid, at the Company’s option, by mailing a check to such Holder at its registered address or by transfer of funds
to an account maintained by such Holder within the United States]. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date, and may be paid to the Holder in whose
name this 

  
 62 

 
Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Securities of this series not less than 10 calendar days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any over-the-counter market or securities exchange on which the Securities of this series may be quoted or listed, and upon such notice as may be required by such market or
exchange, all as more fully provided in the Indenture. Interest will be computed on the basis of a 360-day year of twelve 30-day months.] 

[If the Security is not to bear interest prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of
a default in payment of principal upon acceleration, upon redemption or at the [Stated] Maturity Date and in such case the overdue principal of this Security shall bear interest at the rate of ___% per annum (to the extent that the payment of such
interest shall be legally enforceable), which shall accrue from the date of such default in payment to the date payment of such principal has been made or duly provided for. Interest on any overdue principal shall be payable on demand. Any such
interest on any overdue principal that is not so paid on demand shall bear interest at the rate of ___% per annum (to the extent that the payment of such interest shall be legally enforceable), which shall accrue from the date of such demand for
payment to the date payment of such interest has been made or duly provided for, and such interest shall also be payable on demand.] 
 The principal of
this Security payable on the Stated Maturity Date [or the principal of, premium or Make-Whole Amount, if any, and, if the Redemption Date is not an Interest Payment Date, interest on this Security payable on the Redemption Date] will be paid against
presentation of this Security at the office or agency of the Company maintained for that purpose in __________, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public and private
debts. 
 Interest payable on this Security on any Interest Payment Date and on the [Stated] Maturity Date [or Redemption Date, as the case may be,] will
include interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including __________, if no interest has been paid on this Security) to but excluding
such Interest Payment Date or the [Stated] Maturity Date [or Redemption Date, as the case may be.] If any Interest Payment Date or the [Stated] Maturity Date or [Redemption Date] falls on a day that is not a Business Day, as defined below,
principal, premium or Make-Whole Amount, if any, and/or interest payable with respect to such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be,] will be paid on the next succeeding Business Day with the same
force and effect as if it were paid on the date such payment was due, and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or [Stated] Maturity Date [or Redemption Date, as the case may be.]
“Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in The City of New York are required or authorized by law, regulation or executive order to close. 

[If this Security is a Global Security, insert — All payments of principal, premium or Make-Whole Amount, if any, and interest in respect of this
Security will be made by the Company in immediately available funds.] 
 Reference is hereby made to the further provisions of this Security set forth on
the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the Certificate of
Authentication hereon has been executed by the Trustee by manual signature of one of its authorized signatories, this Security shall not be entitled to any benefit under the Indenture, or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its facsimile corporate seal. 

Dated: __________ 
  

			
	 CENTESSA PHARMACEUTICALS PLC

		
	By:	 	 

  
 63 

			
		 	 Name:

		 	 Title:

  

	
	 Attest:

	
	
	 Secretary

 [Reverse of Security] 

CENTESSA PHARMACEUTICALS PLC 
 This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under an 

Indenture, dated as of __________, 20__ (herein called the “Indenture”) between the Company and ______________________, as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture with respect to the series of which this Security is a part), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement
of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities, and of the terms upon which the Securities are, and are to be, authenticated and delivered. This
Security is one of the duly authorized series of Securities designated on the face hereof (collectively, the “Securities”), [if applicable, insert — and the aggregate principal amount of the Securities to be issued under such
series is limited to $__________ (except for Securities authenticated and delivered upon transfer of, or in exchange for, or in lieu of other Securities).] All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. 
 If an Event of Default, as defined in the Indenture, shall occur and be continuing, the principal of the Securities of
this series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 [If applicable, insert — The
Securities may not be redeemed prior to the Stated Maturity Date.] 
 [If applicable, insert — The Securities are subject to redemption [ (l)
(If applicable, insert — on __________ in any year commencing with the year __________ and ending with the year __________ through operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount,
and (2) ] [If applicable, insert — at any time [on or after __________], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal amount): 

If redeemed on or before __________, ___% and if redeemed during the 12-month period beginning __________ of the years
indicated at the Redemption Prices indicated below. 
  

							
	 Year
	  	 Redemption Price
	  	 Year
	  	 Redemption Price

and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of any such redemption [If applicable, insert —
(whether through operation of the sinking fund or otherwise)] with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holder of this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — The Securities are subject to redemption (1) on __________ in any year commencing with the year __________ and
ending with the year __________ through operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed as percentages of the principal amount) set forth in the table below, and
(2) at any time [on or after __________], as a whole or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking fund (expressed as percentages of the principal amount) set
forth in the table below: If redeemed during the 12-month period beginning __________ of the years indicated, 

  
 64 

					
	 Year
	  	 Redemption Price for

Redemption Through
 Operation of the
Sinking Fund
	  	 Redemption Price for

Redemption Otherwise Than
 Through
Operation of the
 Sinking Fund

and thereafter at a Redemption Price equal to ___% of the principal amount, together in the case of any such redemption (whether through operation of the
sinking fund or otherwise) with accrued interest to the Redemption Date; provided, however, that installments of interest on this Security whose Stated Maturity is on or prior to such Redemption Date will be payable to the Holder of
this Security, or one or more Predecessor Securities, of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.] 

[If applicable, insert — Notwithstanding the foregoing, the Company may not, prior to __________, redeem any Securities as contemplated by [Clause
(2) of] the preceding paragraph as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having an interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than ___% per annum.] 
 [If applicable, insert — The sinking fund for the Securities provides for the redemption on
__________ in each year, beginning with the year __________ and ending with the year __________, of [not less than] $__________] [(“mandatory sinking fund”) and not more than $__________] aggregate principal amount of the Securities. [The
Securities acquired or redeemed by the Company otherwise than through [mandatory] sinking fund payments may be credited against subsequent [mandatory] sinking fund payments otherwise required to be made in the [describe order] order in which
they become due.]] 
 Notice of redemption will be given by mail to Holders of Securities, not less than 30 nor more than 60 calendar days prior to the
Redemption Date, all as provided in the Indenture. 
 In the event of redemption of this Security in part only, a new Security or Securities for the
unredeemed portion hereof shall be issued in the name of the Holder hereof upon the cancellation hereof. 
 [If applicable, insert conversion provisions set
forth in any Board Resolution or indenture supplemental to the Indenture.] 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities under the Indenture at any time by the Company and the Trustee with the consent of the Holders of not less than a
majority of the aggregate principal amount of all Securities issued under the Indenture at the time Outstanding and affected thereby. The Indenture also contains provisions permitting the Holders of not less than a majority of the aggregate
principal amount of the Outstanding Securities, on behalf of the Holders of all such Securities, to waive compliance by the Company with certain provisions of the Indenture. Furthermore, provisions in the Indenture permit the Holders of not less
than a majority of the aggregate principal amount, in certain instances, of the Outstanding Securities of any series to waive, on behalf of all of the Holders of Securities of such series, certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and other Securities issued upon the registration of transfer hereof or conversion
or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security. 
 No reference herein to the
Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium or Make-Whole Amount, if any) and interest on this
Security at the times, places and rate, and in the coin or currency, herein prescribed. 
 As provided in the Indenture and subject to certain limitations
therein [and herein] set forth, the transfer of this Security is registrable in the Security Register of the Company upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal
of (and premium or Make-Whole Amount, if any) and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder
hereof or by his attorney duly authorized in writing, and thereupon one or more new Securities, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

  
 65 

 As provided in the Indenture and subject to certain limitations therein [and herein] set forth, this
Security is exchangeable for a like aggregate principal amount of Securities of different authorized denominations but otherwise having the same terms and conditions, as requested by the Holder hereof surrendering the same. 

The Securities of this series are issuable only in registered form [without coupons] in denominations of $__________ and any integral multiple thereof. 

No service charge shall be made for any such registration of transfer or conversion or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith, 
 Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor
any such agent shall be affected by notice to the contrary. 
 No recourse shall be had for the payment of the principal of or premium or Make-Whole Amount,
if any, or the interest on this Security, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture or any indenture supplemental thereto, against any past, present or future shareholder, employee,
officer or director, as such, of the Company or of any successor, either directly or through the Company or any successor, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise,
all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 
 The Indenture
and the Securities shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed entirely in such State. 

  
 66 

 EXHIBIT B 

FORMS OF CERTIFICATION 
 EXHIBIT B-1 
 FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED TO RECEIVE BEARER 

SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 
 [Insert title or sufficient
description of Securities to be delivered] 
 This is to certify that, as of the date hereof, and except as set forth below, the above-captioned Securities
held by you for our account (i) are owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of which is subject to United States Federal income
taxation regardless of its source (“United States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial institutions, as defined in United States
Treasury Regulations Section 2.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or (b) United States person(s) who
acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case (a) or (b), each such United States
financial institution hereby agrees, on its own behalf or through its agent, that you may advise Centessa Pharmaceuticals plc or its agent that such financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or
(C) of the United States Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United States or foreign financial institution(s) for purposes of resale during the restricted period (as defined in
United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if the owner is a United States or foreign financial institution described in clause (iii) above (whether or not
also described in clause (i) or (ii)), this is to further certify that such financial institution has not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or
its possessions. 
 As used herein, “United States” means the United States of America (including the States and the District of Columbia); and
its “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We
undertake to advise you promptly by tested telex or by telecopy on or prior to the date on which you intend to submit your certification relating to the above-captioned Securities held by you for our account in accordance with your operating
procedures if any applicable statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification applies as of such date. 

This certificate excepts and does not relate to [U.S.$] of such interest in the above-captioned Securities in respect of which we are not able to certify and
as to which we understand an exchange for an interest in a permanent Global Security or an exchange for and delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made until we do so certify. 

We understand that this certificate may be required in connection with certain tax legislation in the United States. If administrative or legal proceedings
are commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

Dated: __________ 

  
 67 

 [To be dated no earlier than the 15th calendar day prior to (i) the Exchange Date or (ii) the
relevant Interest Payment Date occurring prior to the Exchange Date, as applicable] 
  

	
	 [Name of Person Making Certification]

	
	
	 (Authorized Signature)

	 Name:

	 Title:

  
 68 

 EXHIBIT B-2 

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR AND CLEARSTREAM S.A. IN 

CONNECTION WITH THE EXCHANGE OF A PORTION OF A TEMPORARY GLOBAL 

SECURITY OR TO OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE 

CERTIFICATE 
 [Insert title or sufficient
description of Securities to be delivered] 
 This is to certify that, based solely on written certifications that we have received in writing, by tested
telex or by electronic transmission from each of the persons appearing in our records as persons entitled to a portion of the principal amount set forth below (our “Member Organizations”) substantially in the form attached hereto, as of
the date hereof, [U.S.$] principal amount of the above-captioned Securities (i) is owned by person(s) that are not citizens or residents of the United States, domestic partnerships, domestic corporations or any estate or trust the income of
which is subject to United States Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by United States person(s) that are (a) foreign branches of United States financial institutions (financial
institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(v) are herein referred to as “financial institutions”) purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Securities through foreign branches of United States financial institutions and who hold the Securities through such United States financial institutions on the date hereof (and in either case
(a) or (b), each such financial institution has agreed, on its own behalf or through its agent, that we may advise Centessa Pharmaceuticals plc or its agent that such financial institution will comply with the requirements of
Section 165(j)(3)(A), (B) or (C) of the Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by United States or foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to the further effect, that financial institutions described in clause (iii) above (whether or not also
described in clause (i) or (ii)) have certified that they have not acquired the Securities for purposes of resale directly or indirectly to a United States person or to a person within the United States or its possessions. 

As used herein, “United States” means the United States of America (including the States and the District of Columbia); and its
“Possessions” include Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands. 
 We further
certify that (i) we are not making available herewith for exchange (or, if relevant, collection of any interest) any portion of the temporary Global Security representing the above-captioned Securities excepted in the above-referenced
certificates of Member Organizations and (ii) as of the date hereof we have not received any notification from any of our Member Organizations to the effect that the statements made by such Member Organizations with respect to any portion of
the part submitted herewith for exchange (or, if relevant, collection of any interest) are no longer true and cannot be relied upon as of the date hereof. 

We understand that this certification is required in connection with certain tax legislation in the United States. If administrative or legal proceedings are
commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably authorize you to produce this certificate or a copy thereof to any interested party in such proceedings. 

Dated: __________ 
 [To be dated no earlier than the Exchange
Date or the relevant Interest Payment Date occurring prior to the Exchange Date, as applicable] 
 [Morgan Guaranty Trust Company of New York, Brussels
Office, as Operator of the Euroclear System Clearstream Banking Luxembourg] 
  

			
	 By:
	 	 
		 	 Name:

		 	 Title:

  
 69

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