Document:

Ex 102 - Fifth Amended and Restated Promissory Note

		

			Exhibit 10.2

		

		
			FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE
		

		
			(Hypothecation Facility)
		

		
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						$70,000,000

					
					
						Phoenix, Arizona

				
	
					
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						Effective as of September 25, 2020

				

		
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			FOR VALUE RECEIVED, BLUEGREEN/BIG CEDAR VACATIONS, LLC, a Delaware limited liability company (“Borrower”) hereby unconditionally promises to pay to the order of ZB, N.A dba NATIONAL BANK OF ARIZONA, a national banking association (“Holder”), in lawful money of the United States of America, in immediately available funds, the principal sum of Seventy Million and No/100 Dollars ($70,000,000) or such lesser amount as may be advanced by Holder to from time to time under the Loan Agreement (as defined below), together with interest on the unpaid principal balance hereof, before and after maturity, by acceleration or otherwise, at the rates hereinafter provided, together with attorneys' fees and other costs of collection, as more fully provided below.
		

		
			This Promissory Note (this “Note”) is executed pursuant to a Third Amended and Restated Loan and Security Agreement (Hypothecation Facility) dated as of even date herewith between Borrower and Holder (together with any and all amendments, supplements and restatements thereof, the “Loan Agreement”) and evidences the Advances under a revolving receivables loan (the “Loan”).  This Note also evidences Borrower's obligation to repay, with interest, all additional monies advanced or expended from time to time by Holder to or for the account of Borrower or otherwise added to the principal balance of this Note, as provided in the Loan Agreement, whether or not the principal amount shall thereby exceed the principal amount stated above.
		

		
			Section 1    Definitions
		

		
			As used herein, the term “Holder” shall mean Holder and any subsequent holder of this Note, whichever is applicable from time to time.  
		

		
			Initially capitalized terms used herein without definition shall have the meanings set forth in the Loan Agreement.
		

		
			Section 2    Interest.
		

		
			(a)    Except as otherwise provided herein, interest shall be computed and shall accrue at a rate per annum equal to the Basic Interest Rate.
		

		
			(b)    Basic Interest is computed on a 365/360 basis; that is, Basic Interest shall be computed by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days during the calendar month that the principal balance is outstanding. 
		

		
			(c)    The contracted-for rate of interest of the Loan, without limitation, consists of the following:  (i) the Basic Interest Rate, calculated and applied to the outstanding principal balance of this Note in accordance with the provisions of this Note and the Loan Agreement; (ii) the Default Rate, calculated and applied to the amounts due under this Note in accordance with the provisions 
		

		 

 

		of this Note and Loan Agreement; (iii) the Loan Fee; (iv) the Non-Use Fee; (v) any prepayment premium or penalty; and (vi) all Additional Sums (as hereinafter defined), if any.  Borrower agrees to pay an effective contracted-for rate of interest that is the sum of the above-referenced elements.    
		

		
			(d)    All fees, charges, goods, things in action or any other sums or things of value (other than amounts described in the immediate previous paragraph), paid or payable by Borrower (collectively, the “Additional Sums”), whether pursuant to this Note, the Loan Agreement or the other Loan Documents or any other documents or instruments in any way pertaining to this lending transaction, or otherwise with respect to this lending transaction, that under any applicable law may be deemed to be interest with respect to this lending transaction, for the purpose of any applicable law that may limit the maximum amount of interest to be charged with respect to this lending transaction, is payable by Borrower as, and is deemed to be, additional interest, and for such purposes only, the agreed upon and “contracted-for rate of interest” of this lending transaction is deemed to be increased by the rate of interest resulting from the inclusion of the Additional Sums.
		

		
			Section 3    Principal and Interest Payments
		

		
			(a)    Borrower shall make the principal and interest payments required by Section 2.7(a) through Section 2.7(c) of the Loan Agreement, as those sections are amended from time to time.
		

		
			(b)    If any payment of interest or principal to be made by Borrower shall become due on a day other than a Business Day, such payment will be made on the next succeeding Business Day and such extension of time shall be included in computing any interest with respect to such payment.
		

		
			Section 4    Maturity Date
		

		
			The unpaid principal balance hereof, together with all unpaid interest accrued thereon, and all other amounts payable by Borrower under the terms of the Loan Documents shall be due and payable on the Maturity Date.  If the Maturity Date should fall on a day other than a Business Day, payment of the outstanding principal and all unpaid interest due under the terms hereof shall be made on the next succeeding Business Day and such extension of time shall be included in computing any interest in respect of such payment.
		

		
			Section 5    Prepayment
		

		
			Borrower shall have the option to prepay the Loan in full or in part as provided in the Loan Agreement.
		

		
			Section 6    Manner of Payment
		

		
			Principal and interest are payable in lawful money of the United States of America.  Payments shall be made in the manner prescribed in Section 2.6(a) and Section 2.7(a) of the Loan Agreement, as those sections are amended from time to time.
		

		 

		

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			Section 7    Applications of Payments; Late Charges
		

		
			(a)    Payments received by Holder pursuant to the terms hereof shall be applied in the manner required by Section 2.10 of the Loan Agreement, as that section is amended from time to time.
		

		
			(b)    If any installment of interest and/or the payment of principal is not received by Holder within ten (10) days after the due date thereof, then in addition to the remedies conferred upon Holder pursuant to Article 7 of the Loan Agreement (as that article is amended from time to time) and the other Loan Documents, the Holder may elect to assess a late charge in the amount of 5% of the amount of the installment due and unpaid, as provided in the Loan Agreement. Notwithstanding the foregoing, no such late charge shall be imposed upon a payment to repay the Loan upon the Maturity Date or upon acceleration of the Loan. 
		

		
			Section 8    Remedies
		

		
			Upon the occurrence and continuance of an Event of Default, subject to any applicable cure rights, without demand or notice, Holder shall have the option to declare the entire balance of principal together with all accrued interest thereon immediately due and payable and to exercise all rights and remedies available to it under the Loan Agreement and all other Loan Documents.  Upon the occurrence of an Event of Default, subject to any applicable cure rights (and so long as such Event of Default shall continue), the entire balance of principal together with all accrued interest thereon shall bear interest at the Default Rate.  No delay or omission on the part of Holder hereof in exercising any right under this Note or under any of the Loan Documents shall operate as a waiver of such right.  The application of the Default Rate shall not be interpreted or deemed to extend any cure period set forth in any Loan Document or otherwise limit in any way any of Holder's remedies hereunder or thereunder.  
		

		
			Section 9    Waiver
		

		
			Except as set forth in the Loan Documents, Borrower hereby waives diligence, presentment, protest and demand, notice of protest, dishonor and nonpayment of this Note and expressly agrees that, without in any way affecting the liability of Borrower hereunder, Holder may extend the Maturity Date or the time for payment of any installment due hereunder, accept security, release any party liable hereunder and release any security hereafter securing this Note.  Borrower further waives, to the full extent permitted by law, the right to plead any and all statutes of limitation as a defense to any demand on this Note, any other Loan Document or on any security agreement or other agreement now or hereafter securing this Note.
		

		
			Section 10   Attorneys' Fees
		

		
			If this Note is not paid when due or if any Event of Default occurs, subject to any applicable cure rights, Borrower promises to pay all costs of enforcement and collection, including, but not limited to, Holder's reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions hereof, including, without limitation, any action or proceeding in connection with any bankruptcy, insolvency, liquidation, reorganization, moratorium or other similar proceeding and whether incurred in a third party action or in an action to enforce this Note. 
		

		 

		

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			Section 11   Severability
		

		
			Every provision of this Note is intended to be severable.  In the event any term or provision hereof is declared by a court of competent jurisdiction to be illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the balance of the terms and provisions hereof, which terms and provisions shall remain binding and enforceable.
		

		
			Section 12   Interest Rate Limitation
		

		
			The provisions of this Note, the Loan Agreement and the other Loan Documents are hereby expressly limited so that in no contingency or event whatever shall the amount paid or agreed to be paid to Holder for the use, forbearance or detention of the sums evidenced by this Note exceed the maximum amount permissible under the Applicable Usury Law.  If from any circumstance whatever the performance or fulfillment of any provision of this Note, the Loan Agreement or of any other Loan Document should involve or purport to require any payment in excess of the limit prescribed by law, then the obligation to be performed or fulfilled is hereby reduced to the limit of such validity.  In addition, if, from any circumstance whatever, Holder should ever receive as interest an amount which would exceed the highest lawful rate under the Applicable Usury Law, then the amount which would be excessive interest shall be applied as an optional reduction of principal (or, at Holder's option, be paid over to Borrower), and will not be counted as interest.
		

		
			Section 13   Security
		

		
			Payment of this Note is secured by, inter alia, the Collateral.
		

		
			Section 14   Right of Setoff
		

		
			Holder does not have, and shall not exercise any right of set-off against any property of Borrower now or at any time in Holder's possession in any capacity whatsoever, including but not limited to any balance of any deposit, trust or agency account, or any other bank account with Holder (exclusive however of the Lockbox Account over which Holder shall have exclusive dominion, control and set-off rights).  
		

		
			Section 15   Forbearance
		

		
			Borrower agrees that Holder may release, compromise, forbear with respect to, waive, suspend, extend or renew any of the terms of the Loan Agreement or any of the Loan Documents (and Borrower hereby waives any notice of any of the foregoing), and that the Loan Agreement or any of the Loan Documents may be amended, supplemented or modified by Holder and Borrower and that Holder may resort to any guaranty or any collateral in such order and manner as it may think fit, or accept the assignment, substitution, exchange or pledge of any other collateral or guaranty in place of, or release for such consideration, as it may require, all or any portion of any collateral or any guaranty, without in any way affecting the validity of the lien over or other security interest in the remainder of any such collateral (or the priority thereof), or any rights that it may have with respect to any other guaranty.  Any action taken by Holder pursuant to the foregoing shall in no way be construed as a waiver or release of any right or remedy of Holder, or of any Event of Default, or of any liability or obligation of Borrower, under the Loan Agreement or any of the Loan Documents.
		

		 

		

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			Section 16   Headings
		

		
			Headings at the beginning of each numbered section of this Note are intended solely for convenience and are not to be deemed or construed to be a part of this Note.
		

		
			Section 17   Time is of the Essence
		

		
			Time is of the essence with respect to all obligations under this Note.
		

		
			Section 18   Successors
		

		
			All of the rights, privileges and obligations hereof shall inure to the benefit of and shall be binding upon Holder and Borrower and any successors and permitted assigns, if applicable.
		

		
			Section 19   CHOICE OF LAW; JURISDICTION AND VENUE.
		

		
			THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARIZONA, THE PRIMARY PLACE OF BUSINESS OF THE ORIGINAL HOLDER, WITHOUT GIVING EFFECTIVE TO ITS CONFLICTS OF LAW PRINCIPLES.  BORROWER ACKNOWLEDGES THAT THIS NOTE WAS SUBSTANTIALLY NEGOTIATED IN THE STATE OF ARIZONA, THIS NOTE WAS DELIVERED BY BORROWER IN THE STATE OF ARIZONA AND ACCEPTED BY HOLDER IN THE STATE OF ARIZONA AND THAT THERE ARE SUBSTANTIAL CONTACTS BETWEEN THE PARTIES AND THE TRANSACTIONS CONTEMPLATED HEREIN AND THE STATE OF ARIZONA.  FOR PURPOSES OF ANY ACTION OR PROCEEDING ARISING OUT OF THIS NOTE, THE PARTIES HERETO HEREBY EXPRESSLY SUBMIT TO THE JURISDICTION OF ALL FEDERAL AND STATE COURTS LOCATED IN THE STATE OF ARIZONA AND BORROWER CONSENTS THAT IT MAY BE SERVED WITH ANY PROCESS OR PAPER BY PERSONAL SERVICE WITHIN OR WITHOUT THE STATE OF ARIZONA IN ACCORDANCE WITH APPLICABLE LAW.  FURTHERMORE, BORROWER WAIVES AND AGREES NOT TO ASSERT IN ANY SUCH ACTION, SUIT OR PROCEEDING THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF SUCH COURTS, THAT THE ACTION, SUIT OR PROCEEDING IS BROUGHT IN AN INCONVENIENT FORUM OR THAT VENUE OF THE ACTION, SUIT OR PROCEEDING IS IMPROPER.  NOTHING IN THIS SECTION SHALL LIMIT OR RESTRICT THE RIGHT OF HOLDER TO COMMENCE ANY PROCEEDING IN THE FEDERAL OR STATE COURTS LOCATED IN THE STATES IN WHICH THE COLLATERAL IS LOCATED TO THE EXTENT HOLDER DEEMS SUCH PROCEEDING NECESSARY OR ADVISABLE TO EXERCISE REMEDIES AVAILABLE UNDER THIS NOTE.
		

		
			THIS NOTE SHALL BE INTERPRETED WITHOUT REGARD TO ANY RULE OR CANON OF CONSTRUCTION WHICH INTERPRETS AGREEMENTS AGAINST THE DRAFTSMAN.
		

		 

		

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			Section 20   DISPUTE RESOLUTION.
		

		
			This section contains a jury waiver, arbitration clause, and a class action waiver.  READ IT CAREFULLY.
		

		
			This dispute resolution provision shall supersede and replace any prior “Jury Waiver,” “Judicial Reference,” “Class Action Waiver,” “Arbitration,” “Dispute Resolution,” or similar alternative dispute agreement or provision between or among the parties.
		

		
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			JURY TRIAL WAIVER; CLASS ACTION WAIVER. As permitted by applicable law, each party waives their respective rights to a trial before a jury in connection with any Dispute (as “Dispute” is hereinafter defined), and Disputes shall be resolved by a judge sitting without a jury.  If a court determines that this provision is not enforceable for any reason and at any time prior to trial of the Dispute, but not later than 30 days after entry of the order determining this provision is unenforceable, any party shall be entitled to move the court for an order compelling arbitration and staying or dismissing such litigation pending arbitration (“Arbitration Order”). If permitted by applicable law, each party also waives the right to litigate in court or an arbitration proceeding any Dispute as a class action, either as a member of a class or as a representative, or to act as a private attorney general.
		

		
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			ARBITRATION. If a claim, dispute, or controversy arises between us with respect to this Note, related agreements, or any other agreement or business relationship between any of us whether or not related to the subject matter of this Note (all of the foregoing, a “Dispute”), and only if a jury trial waiver is not permitted by applicable law or ruling by a court, any of us may require that the Dispute be resolved by binding arbitration before a mutually agreed upon single arbitrator at the request of any party. By agreeing to arbitrate a Dispute, each party gives up any right that party may have to a jury trial, as well as other rights that party would have in court that are not available or are more limited in arbitration, such as the rights to discovery and to appeal.
		

		
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			Arbitration shall be commenced by filing a petition with, and in accordance with the applicable arbitration rules of, JAMS or National Arbitration Forum (“Administrator”) as selected by the initiating party. If the parties agree, arbitration may be commenced by appointment of a licensed attorney who is selected by the parties and who agrees to conduct the arbitration without an Administrator. Disputes include matters (i) relating to a deposit account, application for or denial of credit, enforcement of any of the obligations we have to each other, compliance with applicable laws and/or regulations, performance or services provided under any agreement by any party, (ii) based on or arising from an alleged tort, or (iii) involving either of our employees, agents, affiliates, or assigns of a party.  However, Disputes do not include the validity, enforceability, meaning, or scope of this arbitration provision and such matters may be determined only by a court. If a third party is a party to a Dispute, we each will consent to including the third party in the arbitration proceeding for resolving the Dispute with the third party. Venue for the 
		

		 

		

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		arbitration proceeding shall be at a location determined by mutual agreement of the parties or, if no agreement, in the city and state where Holder is headquartered.
		

		
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			After entry of an Arbitration Order, the non-moving party shall commence arbitration (but shall not be required to commence arbitration in the event of the moving party's decision not to do so as set forth in the next sentence). The moving party shall, at its discretion, also be entitled to commence arbitration but is under no obligation to do so, and the moving party shall not in any way be adversely prejudiced by electing not to commence arbitration. The arbitrator: (i) will hear and rule on appropriate dispositive motions for judgment on the pleadings, for failure to state a claim, or for full or partial summary judgment; (ii) will render a decision and any award applying applicable law; (iii) will give effect to any limitations period in determining any Dispute or defense; (iv) shall enforce the doctrines of compulsory counterclaim, res judicata, and collateral estoppels, if applicable; (v) with regard to motions and the arbitration hearing, shall apply rules of evidence governing civil cases; and (vi) will apply the law of the state specified in the agreement giving rise to the Dispute. Filing of a petition for arbitration shall not prevent any party from (i) seeking and obtaining from a court of competent jurisdiction (notwithstanding ongoing arbitration) provisional or ancillary remedies including but not limited to injunctive relief, property preservation orders, foreclosure, eviction, attachment, replevin, garnishment, and/or the appointment of a receiver, (ii) pursuing non-judicial foreclosure, or (iii) availing itself of any self-help remedies such as setoff and repossession. The exercise of such rights shall not constitute a waiver of the right to submit any Dispute to arbitration.
		

		
			Judgment upon an arbitration award may be entered in any court having jurisdiction except that, if the arbitration award exceeds $4,000,000, any party shall be entitled to a de novo appeal of the award before a panel of three arbitrators. To allow for such appeal, if the award (including Administrator, arbitrator, and attorney's fees and costs) exceeds $4,000,000, the arbitrator will issue a written, reasoned decision supporting the award, including a statement of authority and its application to the Dispute. A request for de novo appeal must be filed with the arbitrator within 30 days following the date of the arbitration award; if such a request is not made within that time period, the arbitration decision shall become final and binding. On appeal, the arbitrators shall review the award de novo, meaning that they shall reach their own findings of fact and conclusions of law rather than deferring in any manner to the original arbitrator. Appeal of an arbitration award shall be pursuant to the rules of the Administrator or, if the Administrator has no such rules, then the JAMS arbitration appellate rules shall apply.
		

		
			Arbitration under this provision concerns a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act, 9 U.S.C. § 1 et seq. This arbitration provision shall survive any termination, amendment, or expiration of this Note. If the terms of this provision vary from the Administrator's rules, this arbitration provision shall control.
		

		
			RELIANCE. Each party (i) certifies that no one has represented to such party that the other party would not seek to enforce jury and class action waivers in the event of suit, and (ii) acknowledges that it and the other party have been induced to enter into this Agreement by, among other things, the mutual waivers, agreements, and certifications in this section.  
		

		

		

		 

		

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			Section 21   No Defenses or Setoffs
		

		
			The undersigned hereby (i) represents that the undersigned does not have any defenses to or setoffs against any indebtedness or other obligations owing in connection with the Loan by Borrower, to Holder or Holder's affiliates (the “Owed Obligations”), nor any claims against Holder or Holder's affiliates for any matter whatsoever, related or unrelated to the Owed Obligations, and (ii) releases Holder and Holder's affiliates, officers, directors, employees and agents from all claims, causes of action, and costs, in law or equity, known or unknown, whether or not matured or contingent, existing as of the date hereof that the undersigned has or may have by reason of any matter of any conceivable kind or character whatsoever, related or unrelated to the Owed Obligations, including the subject matter of this Agreement as of the date hereof. The foregoing release does not apply, however, to claims for future performance of express contractual obligations that mature after the date hereof that are owing to the undersigned by Holder or Holder's affiliates. The undersigned acknowledges that Holder has been induced to enter into or continue the Owed Obligations by, among other things, the waivers and releases in this paragraph.
		

		
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			Section 22   Line of Credit
		

		
			This Note evidences a revolving line of credit.  Advances under this Note may be requested either orally or in writing by Borrower or as provided in this paragraph.  Holder may, but need not, require that all oral requests be confirmed in writing.  All communications, instructions, or directions by telephone or otherwise to Holder are to be directed to Holder's office to which notices are sent under the Loan Agreement.  The following persons currently are authorized to request advances and authorize payments under the line of credit until Holder receives from Borrower, at Holder's address referenced above, written notice of revocation of their authority: any officer of the Borrower.  Borrower agrees to be liable for all sums either: (A) advanced in accordance with the instructions of an authorized person, or (B) credited to any of Borrower's accounts with Holder.  The unpaid principal balance owing on this Note at any time may be evidenced by endorsements on this Note or by Holder's internal records, including daily computer print-outs.
		

		
			Section 23   Dishonored Item Fee
		

		
			Borrower will pay a fee to Holder of $25.00 if Borrower makes a payment on the Loan and the check or preauthorized charge with which Borrower pays is later dishonored. 
		

		
			Section 24   Prior Note
		

		
			This Note amends and supersedes the obligations of Borrower as evidenced by that certain Fourth Amended and Restated Revolving Promissory Note dated September 28, 2017, in the original principal amount of up to $70,000,000, made payable by the Borrower to Holder, the original of which is attached hereto as Exhibit A and shall not be negotiated separately from this Note (the “Prior Note”).  It is the intention of Borrower and Holder that while this Note amends and supersedes the Prior Note, this Note is not in payment, satisfaction, novation or cancellation of the Prior Note, but rather is the substitution of one evidence of debt for another, without any intent to extinguish the indebtedness of the Borrower to the Holder existing as of the effective date 
		

		 

		

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		of this Note and evidenced by the Prior Note.  The Prior Note shall be returned to Borrower only upon payment in full of this Note.    
		

		
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		[SIGNATURE PAGE TO FIFTH AMENDED AND RESTATED REVOLVING PROMISSORY NOTE]
		

		
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			IN WITNESS WHEREOF, the undersigned has caused this Note to be duly executed and delivered as of the date first set forth above.
		

		
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						BORROWER

				
	
					
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						BLUEGREEN/BIG CEDAR VACATIONS,

				
	
					
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						LLC, a Delaware limited liability company

				
	
					
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						By:

					
					
						/s/ Raymond S. Lopez

				
	
					
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						Name:  Raymond S. Lopez

				
	
					
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						Title: Vice President

				

		
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		EXHIBIT A
		

		
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			Prior Note
		

		
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			11Exhibit
4.1

EXECUTION
VERSION

 

L BRANDS,
INC.,

as Company

 

and

 

the Subsidiary
Guarantors from time to time parties hereto

 

and

 

U.S. BANK
NATIONAL ASSOCIATION,

as Trustee

 

_______

 

 

INDENTURE

 

DATED AS
OF SEPTEMBER 30, 2020

 

_______

 

 

6.625% Senior
Notes due 2030

 

     

     

    

TABLE OF
CONTENTS

 

Page

 

	ARTICLE I

                                                                                 

                                                                                DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	Section
    101.  Definitions	5
	Section
    102.  Other Definitions	45
	Section
    103.  Rules of Construction	46
	Section
    104.  [Reserved]	47
	Section
    105.  [Reserved]	47
	Section
    106.  Compliance Certificates and Opinions	47
	Section
    107.  Form of Documents Delivered to Trustee	47
	Section
    108.  Acts of Noteholders; Record Dates	48
	Section
    109.  Notices, Etc., to Trustee and Company	50
	Section
    110.  Notices to Holders; Waiver	50
	Section
    111.  Effect of Headings and Table of Contents	50
	Section
    112.  Successors and Assigns	51
	Section
    113.  Separability Clause	51
	Section
    114.  Benefits of Indenture	51
	Section
    115.  Governing Law	51
	Section
    116.  Waiver of Trial by Jury	51
	Section
    117.  Legal Holidays	51
	Section
    118.  No Personal Liability of Directors, Managers, Officers, Employees, Incorporators and Stockholders	51
	Section
    119.  Exhibits and Schedules	51
	Section
    120.  Counterparts	51
	Section
    121.  Force Majeure	52
	Section
    122.  USA PATRIOT Act	52
	Section
    123.  Limited Condition Transaction and Incurrence-Based Amounts	52
	ARTICLE II

                                                                                 

                                                                                NOTE FORMS

	Section
    201.  Forms Generally	53
	Section
    202.  Form of Trustee’s Certificate of Authentication	55
	Section
    203.  Restrictive and Global Note Legends	55
	ARTICLE III

                                                                                 

                                                                                THE NOTES

	Section
    301.  General Terms; Additional Notes	57
	Section
    302.  Denominations	58
	Section
    303.  Execution, Authentication and Delivery and Dating	58
	Section
    304.  Temporary Notes	59
	Section
    305.  Note Registrar and Paying Agent	59
	Section
    306.  Mutilated, Destroyed, Lost and Stolen Notes	60

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	Section
    307.  Payment of Interest Rights Preserved	60
	Section
    308.  Persons Deemed Owners	61
	Section
    309.  Cancellation	61
	Section
    310.  Computation of Interest	61
	Section
    311.  CUSIP Numbers, ISINs, Etc	61
	Section
    312.  Book-Entry Provisions for Global Notes	62
	Section
    313.  Special Transfer Provisions	63
	ARTICLE IV

                                                                                 

                                                                                COVENANTS

	Section
    401.  Payment of Principal, Premium and Interest	65
	Section
    402.  Maintenance of Office or Agency	66
	Section
    403.  Money for Payments to Be Held in Trust	66
	Section
    404.  [Reserved]	67
	Section
    405.  Reports	67
	Section
    406.  Statement as to Default	68
	Section
    407.  Limitation on Indebtedness	68
	Section
    408.  [Reserved]	72
	Section
    409.  Limitation on Restricted Payments	72
	Section
    410.  Limitation on Restrictions on Distributions from Restricted Subsidiaries	76
	Section
    411.  Limitation on Sales of Assets and Subsidiary Stock	78
	Section
    412.  Limitation on Transactions with Affiliates	81
	Section
    413.  Limitation on Liens	83
	Section
    414.  Future Subsidiary Guarantors	83
	Section
    415.  Purchase of Notes Upon a Change of Control Triggering Event	83
	Section
    416.  Suspension of Covenants on Achievement of Investment Grade Rating	84
	Section
    417.  [Reserved]	85
	Section
    418.  Additional Limitations on Intellectual Property Transfers	85
	ARTICLE V

                                                                                 

                                                                                SUCCESSORS

	Section
    501.  When the Company May Merge, Etc	86
	Section
    502.  Successor Company Substituted	87
	ARTICLE VI

                                                                                 

                                                                                REMEDIES

	Section
    601.  Events of Default	87
	Section
    602.  Acceleration of Maturity; Rescission and Annulment	89
	Section
    603.  Other Remedies; Collection Suit by Trustee	89
	Section
    604.  Trustee May File Proofs of Claim	90
	Section
    605.  Trustee May Enforce Claims Without Possession of Notes	90
	Section
    606.  Application of Money Collected	90
	Section
    607.  Limitation on Suits	90
	Section
    608.  Net Short Provisions	91
	Section
    609.  Restoration of Rights and Remedies	92

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	Section
    610.  Rights and Remedies Cumulative	92
	Section
    611.  Delay or Omission Not Waiver	92
	Section
    612.  Control by Holders	92
	Section
    613.  Waiver of Past Defaults	92
	Section
    614.  Undertaking for Costs	93
	Section
    615.  Waiver of Stay, Extension or Usury Laws	93
	ARTICLE VII

                                                                                 

                                                                                THE TRUSTEE

	Section
    701.  Certain Duties and Responsibilities	93
	Section
    702.  Notice of Defaults	94
	Section
    703.  Certain Rights of Trustee	94
	Section
    704.  Not Responsible for Recitals or Issuance of Notes	95
	Section
    705.  May Hold Notes	95
	Section
    706.  Money Held in Trust	95
	Section
    707.  Compensation and Reimbursement	96
	Section
    708.  Conflicting Interests	96
	Section
    709.  Corporate Trustee Required; Eligibility	96
	Section
    710.  Resignation and Removal; Appointment of Successor	96
	Section
    711.  Acceptance of Appointment by Successor	98
	Section
    712.  Merger, Conversion, Consolidation or Succession to Business	98
	Section
    713.  Preferential Collection of Claims Against the Company	98
	Section
    714.  Appointment of Authenticating Agent	98
	ARTICLE VIII

                                                                                 

                                                                                HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND THE COMPANY

	Section
    801.  The Company to Furnish Trustee Names and Addresses of Holders	98
	Section
    802.  Preservation of Information; Communications to Holders	99
	Section
    803.  Reports by Trustee	99
	ARTICLE IX

                                                                                 

                                                                                AMENDMENT, SUPPLEMENT OR WAIVER

	Section
    901.  Without Consent of Holders	99
	Section
    902.  With Consent of Holders	100
	Section
    903.  Execution of Amendments, Supplements or Waivers	101
	Section
    904.  Revocation and Effect of Consents	101
	Section
    905.  [Reserved]	102
	Section
    906.  Notation on or Exchange of Notes	102
	ARTICLE X

                                                                                 

                                                                                REDEMPTION OF NOTES

	Section
    1001.  Applicability of Article	102
	Section
    1002.  [Reserved]	102

    3 

     

    

 

	Section
    1003.  Election to Redeem; Notice to Trustee	102
	Section
    1004.  Selection by Trustee of Notes to Be Redeemed	102
	Section
    1005.  Notice of Redemption	103
	Section
    1006.  Deposit of Redemption Price	104
	Section
    1007.  Notes Payable on Redemption Date	104
	Section
    1008.  Notes Redeemed in Part	104
	Section
    1009.  Optional Redemption	104
	ARTICLE XI

                                                                                 

                                                                                SATISFACTION AND DISCHARGE

	Section
    1101.  Satisfaction and Discharge of Indenture	105
	Section
    1102.  [Reserved]	106
	Section
    1103.  Application of Trust Money	106
	ARTICLE XII

                                                                                 

                                                                                DEFEASANCE OR COVENANT DEFEASANCE

	Section
    1201.  The Company’s Option to Effect Defeasance or Covenant Defeasance	106
	Section
    1202.  Defeasance and Discharge	107
	Section
    1203.  Covenant Defeasance	107
	Section
    1204.  Conditions to Defeasance or Covenant Defeasance	108
	Section
    1205.  Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions	109
	Section
    1206.  Reinstatement	109
	Section
    1207.  Repayments to the Company	109
	ARTICLE XIII

                                                                                 

                                                                                SUBSIDIARY GUARANTEES

	Section
    1301.  Guarantees Generally	110
	Section
    1302.  Continuing Guarantees	111
	Section
    1303.  Release of Subsidiary Guarantees	111
	Section
    1304.  [Reserved]	112
	Section
    1305.  Waiver of Subrogation	112
	Section
    1306.  Notation Not Required	112
	Section
    1307.  Successors and Assigns of Subsidiary Guarantors	113
	Section
    1308.  Execution and Delivery of Subsidiary Guarantees	113
	Section
    1309.  Notices	113

 

Exhibit AForm
of Note

	Exhibit B	[Reserved]
	Exhibit C	Form of Certificate of Beneficial Ownership
	Exhibit D	Form of Regulation S Certificate
	Exhibit E	Form of Supplemental Indenture in Respect of Subsidiary Guarantees
	Exhibit F	Form of Certificate from Acquiring Institutional Accredited Investors

 

    4 

     

    

INDENTURE,
dated as of September 30, 2020 (as amended, supplemented or otherwise modified from time to time, this “Indenture”),
among L Brands, Inc., a corporation organized under the laws of the State of Delaware, as issuer, the Subsidiary Guarantors from
time to time parties hereto, and U.S. Bank National Association, a national banking association, as Trustee.

 

W I T N E
S S E T H

 

WHEREAS,
the Company (as defined herein) has duly authorized the creation of an issue of $1,000,000,000 aggregate principal amount of the
Company’s 6.625% Senior Notes due 2030 (the “Initial Notes”);

 

WHEREAS,
the Company has duly authorized the execution and delivery of this Indenture;

 

NOW,
THEREFORE, the Company, each Subsidiary Guarantor and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders (as defined herein):

 

ARTICLE
I

 

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section
101.  
Definitions.

 

“ABL
Agent” means JPMorgan Chase Bank, N.A., in its capacity as administrative agent under the ABL Credit Agreement and collateral
agent for the ABL Facility Secured Parties under the ABL Credit Agreement and the ABL Facility Collateral Documents, together
with its successors and permitted assigns under the ABL Credit Agreement and the ABL Facility Collateral Documents.

 

“ABL
Bank Products Affiliate” means any lender under the ABL Credit Agreement or any Affiliate of any such lender that has
entered into a Bank Products Agreement with the Company or any of its Subsidiaries with the obligations of the Company or any
such Subsidiary, as applicable, being secured by one or more ABL Facility Collateral Documents.

 

“ABL
Collateral Agent” means JPMorgan Chase Bank, N.A., together with its successors and permitted assigns in its capacity
as collateral agent in respect of the ABL Credit Agreement.

 

“ABL
Credit Agreement” means the ABL Credit Agreement, dated as of April 30, 2020, among the Company, the Subsidiaries of
the Company party thereto, the ABL Collateral Agent and the other ABL Facility Secured Parties, as amended, restated, supplemented,
waived or otherwise modified from time to time or refunded, refinanced, restructured, replaced, renewed, repaid, increased or
extended from time to time (whether in whole or in part, whether with the original administrative agent and lenders or other agents
and lenders or otherwise, and whether provided under the original ABL Credit Agreement or other credit agreements or otherwise),
except to the extent such agreement, instrument or document expressly provides that it is not intended to be and is not an ABL
Credit Agreement. Any references to the ABL Credit Agreement hereunder shall be deemed a reference to each ABL Credit Agreement
then in existence.

 

“ABL
Facility” means the collective reference to the ABL Credit Agreement, any Loan Documents (as defined therein), any notes
and letters of credit issued pursuant thereto and any guarantee and collateral agreement, patent and trademark security agreement,
mortgages, letter of credit applications

 

    5 

     

    

and
other guarantees, pledge agreements, security agreements and collateral documents, and other instruments and documents, executed
and delivered pursuant to or in connection with any of the foregoing, in each case as the same may be amended, supplemented, waived
or otherwise modified from time to time, or refunded, refinanced, restructured, replaced, renewed, repaid, increased or extended
from time to time (whether in whole or in part, whether with the original agent and lenders or other agents and lenders or otherwise,
and whether provided under the original ABL Credit Agreement or one or more other credit agreements, indentures or financing agreements
or otherwise) except to the extent such agreement, instrument or document expressly provides that it is not intended to be and
is not an ABL Facility. Without limiting the generality of the foregoing, the term “ABL Facility” shall include any
agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (ii) adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder, (iii) increasing the amount of Indebtedness
Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and conditions thereof.

 

“ABL
Facility Collateral Agreements” means (i) the Amended and Restated Guarantee and Collateral Agreement, dated as of April
30, 2020, among the Company, certain of its Subsidiaries identified therein as grantors and the ABL Agent and (ii) the Collateral
Agreement, dated as of June 18, 2020, among the Company, certain of its Foreign Subsidiaries identified therein as grantors and
the ABL Agent, and, in each case, together with the documents related thereto (including any supplements thereto), as amended,
restated, supplemented or otherwise modified from time to time.

 

“ABL
Facility Collateral Documents” means the ABL Facility Collateral Agreements, the ABL Intercreditor Agreement, the intellectual
property security agreements and each other agreement, instrument or other document entered into in favor of the ABL Agent or
any of the other ABL Facility Secured Parties for purposes of securing the ABL Facility Obligations (including the guarantees
thereof), as the same may be amended, restated, supplemented or otherwise modified from time to time.

 

“ABL
Facility Documents” means the ABL Credit Agreement, the guarantees of the ABL Facility, the ABL Facility Collateral
Documents, the Loan Documents (as defined in the ABL Credit Agreement), any Bank Products Agreement between the Company or any
Subsidiary of the Company and any ABL Bank Products Affiliate, any Hedging Agreements between the Company or any Subsidiary of
the Company and any ABL Hedging Affiliate, any Open Account Agreement between the Company or any Subsidiary of the Company and
any ABL Open Account Affiliate, and those ancillary agreements as to which the ABL Agent or any lender under the ABL Credit Agreement
is a party or a beneficiary and all other agreements, instruments, documents and certificates, now or hereafter executed by or
on behalf of the Company or any Subsidiary of the Company or their respective Affiliates, and delivered to the ABL Agent, in connection
with any of the foregoing or the ABL Credit Agreement, in each case as the same may be amended, modified or supplemented from
time to time.

 

“ABL
Facility Obligations” shall mean all obligations of every nature of the Company and each Subsidiary of the Company from
time to time owed to the ABL Agent, the lenders under the ABL Credit Agreement or any of them, any ABL Bank Products Affiliates,
any ABL Open Accounts Affiliates or any ABL Hedging Affiliates, under any ABL Facility Document, including, without limitation,
all “Obligations” as defined in the ABL Facility Collateral Agreements, whether for principal, interest, fees, expenses
(including interest, fees, and expenses which, but for the filing of a petition in bankruptcy with respect to the Company or any
Subsidiary of the Company, would have accrued on any ABL Facility Obligation, whether or not a claim is allowed against the Company
or any such Subsidiary for such interest, fees, or expenses in the related bankruptcy proceeding), reimbursement of amounts drawn
under letters of credit, payments for early termination of Hedging Agreements, indemnification or otherwise, and all other amounts
owing or due under the terms of the ABL Facility Documents, as amended, restated modified, renewed, refunded, replaced or refinanced
in whole or in part from time to time.

 

    6 

     

    

“ABL
Facility Secured Parties” means (a) the holders of ABL Facility Obligations, (b) the ABL Agent with respect
thereto and (c) the successors and permitted assigns of each of the foregoing.

 

“ABL
Hedging Affiliate” means any lender under the ABL Credit Agreement or any Affiliate of any such lender that has entered
into a Hedging Agreement with the Company or any of its Subsidiaries with the obligations of the Company or any such Subsidiary,
as applicable, being secured by one or more ABL Facility Collateral Documents.

 

“ABL
Intercreditor Agreement” means that certain intercreditor agreement, dated as of June 18, 2020, by and among the Company,
the ABL Agent, the Secured Notes Collateral Agent and each additional agent from time to time party thereto, and acknowledged
by the grantors from time to time party thereto, as may be amended, restated, supplemented or otherwise modified from time to
time.

 

“ABL
Open Account Affiliate” means any lender under the ABL Credit Agreement or any Affiliate of any such lender that has
entered into an Open Account Agreement with the Company or any of its Subsidiaries with the obligations of the Company or any
such Subsidiary, as applicable, being secured by one or more ABL Facility Collateral Documents.

 

“Acquired
Indebtedness” means Indebtedness of a Person (i) existing at the time such Person becomes a Subsidiary or
(ii) assumed in connection with the acquisition of assets from such Person, in each case other than Indebtedness Incurred
in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Indebtedness shall
be deemed to be Incurred on the date of the related acquisition of assets from any Person or the date the acquired Person becomes
a Subsidiary.

 

“Additional
Assets” means (i) any property or assets that replace the property or assets that are the subject of an
Asset Disposition; (ii) any property or assets (other than Indebtedness and Capital Stock) used or to be used by the
Company or a Restricted Subsidiary or otherwise useful in a Related Business, and any capital expenditures in respect of any property
or assets already so used; (iii) the Capital Stock of a Person that is engaged in a Related Business and becomes a
Restricted Subsidiary as a result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; or
(iv) Capital Stock of any Person that at such time is a Restricted Subsidiary acquired from a third party.

 

“Additional
Notes” means any additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance
with Sections 303, 407 and 413.

 

“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 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.

 

“Applicable
Premium” means, with respect to a Note at any Redemption Date, the greater of (i) 1.00% of the principal
amount of such Note and (ii) the excess of (A) the present value at such Redemption Date, calculated as
of the date of the applicable redemption notice, of (1) the redemption price of such Note on October 1, 2025 (such
redemption price being that described in Section 1009), plus (2) all required remaining scheduled interest
payments due on such Note through such date (excluding accrued and unpaid interest to the Redemption Date), computed using a discount
rate equal to the Treasury Rate plus 50 basis points, over (B) the principal amount of such Note on such Redemption
Date, as calculated

 

    7 

     

    

by
the Company or on behalf of the Company by such Person as the Company shall designate; provided that such calculation shall
not be a duty or obligation of the Trustee.

 

“Asset
Disposition” means any sale, lease, transfer or other disposition of shares of Capital Stock of a Restricted Subsidiary
(other than directors’ qualifying shares, or (in the case of a Foreign Subsidiary) to the extent required by applicable
law), property or other assets (each referred to for the purposes of this definition as a “disposition”) by
the Company or any of its Restricted Subsidiaries (including any disposition by means of a merger, consolidation or similar transaction)
other than (i) a disposition to the Company or a Restricted Subsidiary, (ii) a disposition in the ordinary
course of business, (iii) a disposition of Cash Equivalents, Investment Grade Securities or Temporary Cash Investments,
(iv) the sale or discount (with or without recourse, and on customary or commercially reasonable terms, as determined
by the Company in good faith) of accounts receivable or notes receivable arising in the ordinary course of business, or the conversion
or exchange of accounts receivable for notes receivable, (v) any Restricted Payment Transaction, (vi) a
disposition that is governed by Article V, (vii) any Financing Disposition, (viii) any “fee
in lieu” or other disposition of assets to any Governmental Authority that continue in use by the Company or any Restricted
Subsidiary, so long as the Company or any Restricted Subsidiary may obtain title to such assets upon reasonable notice by paying
a nominal fee, (ix) any exchange of property pursuant to or intended to qualify under Section 1031 (or any successor
section) of the Code, or any exchange of equipment to be leased, rented or otherwise used in a Related Business, (x) any
financing transaction with respect to property built or acquired by the Company or any Restricted Subsidiary after the Issue Date,
including without limitation any sale/leaseback transaction or asset securitization, (xi) any disposition arising
from foreclosure, condemnation, eminent domain or similar action with respect to any property or other assets, or exercise of
termination rights under any lease, license, concession or other agreement, or necessary or advisable (as determined by the Company
in good faith) in order to consummate any acquisition of any Person, business or assets, or pursuant to buy/sell arrangements
under any joint venture or similar agreement or arrangement, or of non-core assets acquired in connection with any acquisition
of any Person, business or assets or any Investment, (xii) any disposition of Capital Stock, Indebtedness or other
securities of an Unrestricted Subsidiary, (xiii) a disposition of Capital Stock of a Restricted Subsidiary pursuant
to an agreement or other obligation with or to a Person (other than the Company or a Restricted Subsidiary) from whom such Restricted
Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), entered into in connection with such acquisition, (xiv) a disposition of not more
than 5.0% of the outstanding Capital Stock of a Foreign Subsidiary that has been approved by the Board of Directors, (xv) any
disposition or series of related dispositions for aggregate consideration not to exceed $25.0 million, (xvi) any Exempt
Sale and Leaseback Transaction, (xvii) the abandonment or other disposition of patents, trademarks or other intellectual
property that are, in the good faith judgment of the Company, no longer economically practicable to maintain or useful in the
conduct of the business of the Company and its Subsidiaries taken as a whole, (xviii) any license, sublicense or other
grant of rights in or to any trademark, copyright, patent or other intellectual property, or (xix) the creation or granting
of any Lien permitted under this Indenture.

 

“Authenticating
Agent” means any Person authorized by the Trustee pursuant to Section 714 to act on behalf of the Trustee
to authenticate Notes.

 

“Bank
Products Agreement” means any agreement pursuant to which a bank or other financial institution agrees to provide cash
management services or facilities, including: (a) ACH transactions, (b) controlled disbursement services, treasury, depository,
overdraft, and electronic funds transfer services, (c) credit card processing services, (d) purchase cards and (e) credit or debit
cards.

 

“Bank
Products Obligations” of any Person means the obligations of such Person pursuant to any Bank Products Agreement.

 

    8 

     

    

“BBW
Business” means the Company’s business conducted under the Bath & Body Works brand.

 

“BBW
Holdco” means an entity that, together with its Subsidiaries, holds all material assets necessary or appropriate for
the conduct of the BBW Business and no material liabilities related to the VS Business (in each case, as determined in good faith
by the Company).

 

“BBW
Spin Transaction” means one or more transactions involving (i) the payment of a dividend or other distribution on the
common stock of the Company of, or other distribution in respect of the common stock of the Company of, equity interests of BBW
Holdco, or (ii) the exchange of equity interests of BBW Holdco for common stock of the Company.

 

“Below
Investment Grade Rating Event” means the Notes are rated below an Investment Grade Rating by both of the Rating Agencies
on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the
60-day period following public notice of the occurrence of the Change of Control (which 60-day period shall be extended so long
as the rating of the Notes is under publicly announced consideration for possible downgrade by any of the Rating Agencies (the
“Relevant Period”)); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed
a Below Investment Grade Rating Event for purposes of the definition of Change of Control Triggering Event) if the Rating Agencies
making the reduction in rating to which this definition would otherwise apply either (1) did not reduce the ratings of the Notes
during the Relevant Period or (2) do not announce or publicly confirm that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether
or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event).

 

“Board
of Directors” means, for any Person, the board of directors or other governing body of such Person or, if such Person
does not have such a board of directors or other governing body and is owned or managed by a single entity, the board of directors
or other governing body of such entity or, in either case, any committee thereof duly authorized to act on behalf of such board
of directors or other governing body. Unless otherwise provided, “Board of Directors” means the Board of Directors
of the Company.

 

“Borrowing
Base” means the sum of (1) 90% of the book value of Inventory (other than component Inventory) of the Company
and the Restricted Subsidiaries, (2) 50% of the book value of component Inventory of the Company and the Restricted Subsidiaries,
(3) 85.0% of the book value of Receivables of the Company and the Restricted Subsidiaries (other than Credit Card Receivables)
and (4) 95% of the book value of Credit Card Receivables of the Company and the Restricted Subsidiaries (in each case,
determined as of the end of the most recently ended fiscal month of the Company for which internal consolidated financial statements
of the Company are available), and, in the case of any determination relating to any Incurrence of Indebtedness, on a pro forma
basis including (x) any property or assets of a type described above acquired since the end of such fiscal month and (y)
any property or assets of a type described above being acquired in connection therewith. “Business Day” means
a day other than a Saturday, Sunday or other day on which commercial banking institutions are authorized or required by law to
close in New York City (or any other city in which a Paying Agent maintains its office).

 

“Capital
Stock” of any Person means any and all shares or units of, rights to purchase, warrants or options for, or other equivalents
of or interests in (however designated) equity of such Person, including any Preferred Stock, but excluding any debt securities
convertible into such equity.

 

    9 

     

    

“Captive
Insurance Subsidiary” means any Subsidiary of the Company that is subject to regulation as an insurance company (or
any Subsidiary thereof).

 

“Cash
Equivalents” means any of the following: (a) money, (b) securities issued or fully guaranteed
or insured by the United States of America, Canada or a member state of the European Union or any agency or instrumentality of
any thereof, (c) time deposits, certificates of deposit or bankers’ acceptances of (i) any bank
or other institutional lender under the ABL Facility or any affiliate thereof or (ii) any commercial bank having capital
and surplus in excess of $500.0 million (or the foreign currency equivalent thereof as of the date of such investment) and the
commercial paper of the holding company of which is rated at least A-2 or the equivalent thereof by S&P or at least P-2 or
the equivalent thereof by Moody’s (or, if at such time neither is issuing ratings, a comparable rating of another nationally
recognized rating agency), (d) repurchase obligations with a term of not more than seven days for underlying securities
of the types described in clauses (b) and (c) above entered into with any financial institution meeting the qualifications
specified in clause (c)(i) or (c)(ii) above, (e) money market instruments, commercial paper or other short-term
obligations rated at least A-2 or the equivalent thereof by S&P or at least P-2 or the equivalent thereof by Moody’s
(or, if at such time neither is issuing ratings, a comparable rating of another nationally recognized rating agency), (f) investments
in money market funds subject to the risk limiting conditions of Rule 2a-7 or any successor rule of the SEC under the Investment
Company Act of 1940, as amended, (g) investments similar to any of the foregoing denominated in foreign currencies
approved by the Board of Directors, and (h) solely with respect to any Captive Insurance Subsidiary, any investment
that Person is permitted to make in accordance with applicable law.

 

“Change
of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “Person” (as that term
is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its Subsidiaries or (2) the consummation of
any transaction (including, without limitation, any merger or consolidation) the result of which is that any “Person”
(as that term is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than
50% of the then outstanding number of shares of the Company’s voting stock. Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned Subsidiary of a holding company and
(2) either the holders of the voting stock of such holding company immediately following that transaction are substantially the
same as the holders of the Company’s voting stock immediately prior to that transaction or no Person (other than such holding
company) beneficially owns, directly or indirectly, more than 50% of the outstanding number of shares of the Company’s voting
stock. Notwithstanding the foregoing, no Disposition of all or any portion of the VS Business or VS Spin Transaction shall constitute
a Change of Control and no BBW Spin Transaction shall constitute a Change of Control so long as after giving effect to such BBW
Spin Transaction, (x) if BBW Holdco is not the Company, BBW Holdco shall have assumed all of the rights and obligations of, and
become, the issuer with respect to the Notes (and the Company shall be released from its Obligations with respect to the Notes
in its capacity as issuer at such time) and (y) each Wholly Owned Domestic Restricted Subsidiary of BBW Holdco upon consummation
of such transaction shall be or become, as applicable, a Guarantor with respect to the Notes to the extent such a guarantee would
be required under the covenant described under Section 414 were such entity a Wholly Owned Domestic Restricted Subsidiary
of the Company.

 

“Change
of Control Triggering Event” means the occurrence of both a Change of Control and a Below Investment Grade Rating Event.

 

“China
Facility Agreement” has the meaning assigned to such term in the definition of “China Facility Obligations”.

 

    10 

     

    

“China
Facility Obligations” means the obligations arising under that certain Facility Agreement, dated as of September 11,
2019 (as amended, supplemented or otherwise modified from time to time, the “China Facility Agreement”) among
L Brands Trading (Shanghai) Company Limited, L Brands Management (Shanghai) Company Limited, Mast Commercial Trading (Shenzhen)
Company Limited and Mast Commercial Trading (Shanghai) Company Limited, as borrowers, the financial institutions party thereto,
as finance parties, and HSBC Bank (China) Company Limited, as facility agent, and the Guarantee and Collateral Agreement of even
date therewith, among the Company, the other loan parties party thereto and HSBC Bank (China) Company Limited, Shanghai Branch,
as security agent. The total committed amount of the China Facility Obligations, at any time, shall mean, as applicable, the Total
Commitments (as defined in the China Facility Agreement) at such time minus the total principal amount under the Facility B (as
defined in the China Facility Agreement) which has been repaid or prepaid thereunder by that time.

 

“Clearstream”
means Clearstream Banking, société anonyme, or any successor securities clearing agency.

 

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

 

“Commodities
Agreement” means, in respect of a Person, any commodity futures contract, forward contract, option or similar agreement
or arrangement (including derivative agreements or arrangements), as to which such Person is a party or beneficiary.

 

“Company”
means L Brands, Inc., a Delaware corporation, and any successor in interest thereto.

 

“Company
Request” and “Company Order” mean, respectively, a written request, order or consent signed in the
name of the Company by an Officer of the Company.

 

“Consolidated
Coverage Ratio” as of any date of determination means the ratio of (i) the aggregate amount of Consolidated
EBITDA for the period of the most recent four consecutive fiscal quarters of the Company ending prior to the date of such determination
for which consolidated financial statements of the Company are available to (ii) Consolidated Interest Expense for
such four fiscal quarters; provided that

 

(1)  
if, since the beginning of such period, the Company or any Restricted Subsidiary has Incurred any Indebtedness or the Company
has issued any Designated Preferred Stock that remains outstanding on such date of determination or if the transaction giving
rise to the need to calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness or an issuance of Designated Preferred
Stock of the Company, Consolidated EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect
on a pro forma basis to such Indebtedness or Designated Preferred Stock as if such Indebtedness or Designated Preferred Stock
had been Incurred or issued, as applicable, on the first day of such period (except that in making such computation, the amount
of Indebtedness under any revolving credit facility outstanding on the date of such calculation shall be computed based on (A) the
average daily balance of such Indebtedness during such four fiscal quarters or such shorter period for which such facility was
outstanding or (B) if such facility was created after the end of such four fiscal quarters, the average daily balance
of such Indebtedness during the period from the date of creation of such facility to the date of such calculation),

 

(2)  
if, since the beginning of such period, the Company or any Restricted Subsidiary has repaid, repurchased, redeemed, defeased
or otherwise acquired, retired or discharged any Indebtedness or any Designated Preferred Stock of the Company that is no longer
outstanding on

 

    11 

     

    

such
date of determination (each, a “Discharge”) or if the transaction giving rise to the need to calculate the
Consolidated Coverage Ratio involves a Discharge of Indebtedness (in each case other than Indebtedness Incurred under any revolving
credit facility, unless such Indebtedness has been repaid with an equivalent permanent reduction in commitments thereunder) or
a Discharge of Designated Preferred Stock of the Company, Consolidated EBITDA and Consolidated Interest Expense for such period
shall be calculated after giving effect on a pro forma basis to such Discharge of such Indebtedness or Designated Preferred Stock,
including with the proceeds of such new Indebtedness or new Designated Preferred Stock of the Company, as if such Discharge had
occurred on the first day of such period,

 

(3)  
if, since the beginning of such period, the Company or any Restricted Subsidiary shall have disposed of any company, any
business or any group of assets constituting an operating unit of a business, including any such disposition occurring in connection
with a transaction causing a calculation to be made hereunder, or designated any Restricted Subsidiary as an Unrestricted Subsidiary
(any such disposition or designation, a “Sale”), the Consolidated EBITDA for such period shall be reduced by
an amount equal to the Consolidated EBITDA (if positive) attributable to the assets that are the subject of such Sale for such
period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period, and Consolidated
Interest Expense for such period shall be reduced by an amount equal to (A) the Consolidated Interest Expense attributable
to any Indebtedness of the Company or any Restricted Subsidiary repaid, repurchased, redeemed, defeased or otherwise acquired,
retired or discharged with respect to the Company and its continuing Restricted Subsidiaries in connection with such Sale for
such period (including, but not limited to, through the assumption of such Indebtedness by another Person) plus (B) if
the Capital Stock of any Restricted Subsidiary is disposed of in such Sale or any Restricted Subsidiary is designated as an Unrestricted
Subsidiary, the Consolidated Interest Expense for such period attributable to the Indebtedness of such Restricted Subsidiary to
the extent the Company and its continuing Restricted Subsidiaries are no longer liable for such Indebtedness after such Sale,

 

(4)  
if, since the beginning of such period, the Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made an Investment in any Person that thereby becomes a Restricted Subsidiary, or otherwise acquired any company, any
business or any group of assets constituting an operating unit of a business, including any such Investment or acquisition occurring
in connection with a transaction causing a calculation to be made hereunder, or designated any Unrestricted Subsidiary as a Restricted
Subsidiary (any such Investment, acquisition or designation, a “Purchase”), Consolidated EBITDA and Consolidated
Interest Expense for such period shall be calculated after giving pro forma effect thereto (including the Incurrence of any related
Indebtedness) as if such Purchase occurred on the first day of such period, and

 

(5)  
if, since the beginning of such period, any Person became a Restricted Subsidiary or was merged or consolidated with or
into the Company or any Restricted Subsidiary, and since the beginning of such period such Person shall have discharged any Indebtedness
or made any Sale or Purchase that would have required an adjustment pursuant to clause (2), (3) or (4) above if made by the
Company or a Restricted Subsidiary since the beginning of such period, Consolidated EBITDA and Consolidated Interest Expense for
such period shall be calculated after giving pro forma effect thereto as if such Discharge, Sale or Purchase occurred on the first
day of such period;

 

provided
that (in the event that the Company shall classify Indebtedness Incurred on the date of determination as Incurred in part
under Section 407(a) and in part under Section 407(b), as provided in Section 407(c)(ii)) any such pro forma
calculation of Consolidated Interest Expense shall not give effect to any such Incurrence of Indebtedness on the date of determination
pursuant to Section 407(b) (other than, if

 

    12 

     

    

the Company
at its option has elected to disregard Indebtedness being Incurred on the date of determination in part pursuant to Section
407(a) for purposes of calculating the Consolidated Total Leverage Ratio for Incurring Indebtedness on the date of determination
in part pursuant to Section 407(b)(xi)) or to any Discharge of Indebtedness from the proceeds of any such Incurrence pursuant
to Section 407(b) (other than Section 407(b)(xi), if the Incurrence of Indebtedness pursuant to Section 407(b)(xi)
is being given effect to in the calculation of the Consolidated Coverage Ratio).

 

For
purposes of this definition, whenever pro forma effect is to be given to any Sale, Purchase or other transaction, or the amount
of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred,
Designated Preferred Stock issued, or Indebtedness or Designated Preferred Stock repaid, repurchased, redeemed, defeased or otherwise
acquired, retired or discharged in connection therewith, the pro forma calculations in respect thereof (including without limitation
in respect of anticipated cost savings or synergies relating to any such Sale, Purchase or other transaction) shall be as determined
in good faith by the Chief Financial Officer or an authorized Officer of the Company. If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest expense 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 Interest Rate
Agreement applicable to such Indebtedness). If any Indebtedness bears, at the option of the Company or a Restricted Subsidiary,
a rate of interest based on a prime or similar rate, a eurocurrency interbank offered rate, a secured overnight financing rate,
or other fixed or floating rate, and such Indebtedness is being given pro forma effect, the interest expense on such Indebtedness
shall be calculated by applying such optional rate as the Company or such Restricted Subsidiary may designate. If any Indebtedness
that is being given pro forma effect was Incurred under a revolving credit facility, the interest expense on such Indebtedness
shall be computed based upon the average daily balance of such Indebtedness during the applicable period. Interest on a Finance
Lease Obligation shall be deemed to accrue at an interest rate determined in good faith by a responsible financial or accounting
officer of the Company to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP.

 

“Consolidated
Depreciation and Amortization Expense” means, with respect to any Person for any period, the total amount of depreciation
and amortization expense, including the amortization of intangible assets and deferred financing fees and amortization of unrecognized
prior service costs and actuarial gains and losses related to pensions and other post-employment benefits, of such Person and
its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 

“Consolidated
EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person and its Restricted
Subsidiaries for such period plus, without duplication and, except in the case of clause (9) below, to the extent the same was
deducted in calculating Consolidated Net Income:

 

		(1)	Consolidated
                                         Taxes; plus

 

		(2)	Fixed
                                         Charges and costs of surety bonds in connection with financing activities, plus
                                         amounts excluded from the definition of “Consolidated Interest Expense” and
                                         any non-cash interest expense, to the extent deducted (and not added back) in computing
                                         Consolidated Net Income; plus

 

		(3)	Consolidated
                                         Depreciation and Amortization Expense; plus

 

		(4)	Consolidated
                                         Non-Cash Charges; plus

 

		(5)	any
                                         expenses or charges (other than Consolidated Depreciation and Amortization Expense) related
                                         to any issuance of Capital Stock, Investment, acquisition, disposition, recapitalization
                                         or

 

    13 

     

    

the
incurrence, modification or repayment of Indebtedness (in each case including a refinancing thereof), whether or not successful,
including (i) such fees, expenses or charges related to the Transactions or the ABL Facility, (ii) any amendment or other modification
of the Notes or other Indebtedness and (iii) commissions, discounts, yield and other fees and charges (including any interest
expense) related to any Specified Receivables Facility; plus

 

		(6)	business
                                         optimization expenses and other restructuring charges, reserves or expenses (which, for
                                         the avoidance of doubt, shall include, without limitation, the effect of facility closures,
                                         facility consolidations, retention, severance, systems establishment costs, contract
                                         termination costs, future lease commitments and excess pension charges); plus

 

		(7)	the
                                         amount of loss or discount on sale of assets to a Receivables Subsidiary and any commissions,
                                         yield and other fees and charges, in each case in connection with a Specified Receivables
                                         Facility; plus 

 

		(8)	any
                                         costs or expense incurred pursuant to any management equity plan or stock option plan
                                         or any other management or employee benefit plan or agreement or any stock subscription
                                         or shareholder agreement, to the extent that such cost or expenses are funded with cash
                                         proceeds contributed to the capital of the Company or any Subsidiary Guarantor or net
                                         cash proceeds of an issuance of Capital Stock of the Company (other than Disqualified
                                         Stock) solely to the extent that such net cash proceeds are excluded from the determination
                                         of the amount available for Restricted Payments under Section 409(a)(3)(A); plus
                                         

 

		(9)	the
                                         amount of net cost savings, operating improvements or synergies projected by the Company
                                         in good faith to be realized within twelve months following the date of any operational
                                         changes, business realignment projects or initiatives, restructurings or reorganizations
                                         which have been or are intended to be initiated (other than those operational changes,
                                         business realignment projects or initiatives, restructurings or reorganizations (calculated
                                         on a pro forma basis as though such cost savings had been realized on the first
                                         day of such period), net of the amount of actual benefits realized during such period
                                         from such actions; provided that such net cost savings and operating improvements
                                         or synergies are reasonably identifiable and quantifiable; provided, further,
                                         that the aggregate amount added to Consolidated EBITDA pursuant to this clause (9) shall
                                         not exceed 20.0% of Consolidated EBITDA for such period (determined after giving effect
                                         to such adjustments);

 

less,
without duplication, to the extent the same increased Consolidated Net Income,

 

		(10)	non-cash
                                         items increasing Consolidated Net Income for such period (excluding the recognition of
                                         deferred revenue or any items which represent the reversal of any accrual of, or cash
                                         reserve for, anticipated cash charges that reduced Consolidated EBITDA in any prior period
                                         and any items for which cash was received in a prior period).

 

“Consolidated Interest Expense” means, with respect to any Person for any period, the sum, without duplication,
of (1) consolidated interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense
was deducted in computing Consolidated Net Income (including the interest component of Finance Lease Obligations and net payments
and receipts (if any) pursuant to interest rate Hedging Obligations, and non-cash interest expense attributable to movement in
mark to market valuation of Hedging Obligations or other derivatives (in each case permitted hereunder) under GAAP) but excluding
commissions, discounts, yield and other fees and charges related to any Specified Receivables Facility; plus (2) consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; plus (3) commissions,
discounts, yield and other fees and charges Incurred in connection with any Specified Receivables Facility which are payable to
Persons other than the Company and the Restricted Subsidiaries; minus (4) interest income for such period and excluding debt issuance
costs, commissions, fees and expenses (including bridge, commitment or other financing fees).

 

    14 

     

    

For
purposes of this definition, interest on a Finance Lease Obligation shall be deemed to accrue at an interest rate reasonably determined
by the Company to be the rate of interest implicit in such Finance Lease Obligation in accordance with GAAP.

 

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

 

		(1)	any
                                         net after-tax extraordinary, infrequently occurring, nonrecurring or unusual gains or
                                         losses (less all fees and expenses relating thereto) or expenses or charges shall be
                                         excluded;

 

		(2)	any
                                         severance expenses, relocation expenses, restructuring expenses, curtailments or modifications
                                         to pension and post-retirement employee benefit plans, excess pension charges, any expenses
                                         related to any reconstruction, decommissioning, recommissioning or reconfiguration of
                                         fixed assets for alternate uses and fees, expenses or charges relating to facilities
                                         closing costs, acquisition integration costs, facilities opening costs, project start-up
                                         costs, business optimization costs, signing, retention or completion bonuses, expenses
                                         or charges related to any issuance, redemption, repurchase, retirement or acquisition
                                         of Capital Stock, Investment, acquisition, disposition, recapitalization or issuance,
                                         repayment, refinancing, amendment or modification of Indebtedness (in each case, whether
                                         or not successful), and any fees, expenses or charges related to the Transactions, in
                                         each case, shall be excluded;

 

		(3)	effects
                                         of purchase accounting adjustments (including the effects of such adjustments pushed
                                         down to such Person and such Subsidiaries and including, without limitation, the effects
                                         of adjustments to (A) Finance Lease Obligations or (B) any other deferrals of income)
                                         in amounts required or permitted by GAAP, resulting from the application of purchase
                                         accounting or the amortization or write-off of any amounts thereof, net of taxes, shall
                                         be excluded;

 

		(4)	the
                                         Net Income for such period shall not include the cumulative effect of a change in accounting
                                         principles during such period;

 

		(5)	any
                                         net after-tax income or loss from disposed, abandoned, transferred, closed or discontinued
                                         operations or fixed assets and any net after-tax gains or losses on disposal of disposed,
                                         abandoned, transferred, closed or discontinued operations or fixed assets shall be excluded;

 

		(6)	any
                                         net after-tax gains or losses (less all fees and expenses or charges relating thereto)
                                         attributable to business dispositions or asset dispositions other than in the ordinary
                                         course of business (as determined in good faith by management of the Company) shall be
                                         excluded, provided, that notwithstanding any classification of any Person, business,
                                         assets or operations as discontinued operations because a definitive agreement for the
                                         sale, transfer or other disposition in respect thereof has been entered into, the Company
                                         shall not exclude any such net after-tax income or loss or any such net after-tax gains
                                         or losses attributable thereto until such sale, transfer or other disposition has been
                                         consummated;

 

		(7)	any
                                         net after-tax gains or losses (less all fees and expenses or charges relating thereto)
                                         attributable to the early extinguishment of indebtedness, Hedging Obligations or other
                                         derivative instruments shall be excluded;

 

		(8)	(a)
                                         the Net Income for such period of any Person that is not a Subsidiary of such Person,
                                         or is an Unrestricted Subsidiary, or that is accounted for by the equity method of accounting,
                                         shall be included only to the extent of the amount of dividends or distributions or other
                                         payments paid in cash (or to the extent converted into cash) to the referent Person or
                                         a Restricted Subsidiary thereof in respect of such period and (b) the Net Income for
                                         such period shall include any dividend, distribution or other payment in cash (or to
                                         the extent converted into cash) received by the referent Person or a Subsidiary thereof
                                         (other than an Unrestricted Subsidiary

 

    15 

     

    

of
such referent Person) from any Person in excess of, but without duplication of, the amounts included in subclause (a);

 

		(9)	solely
                                         for the purpose of determining the amount available for Restricted Payments under Section
                                         409(a)(3)(A), the Net Income for such period of any Restricted Subsidiary (other
                                         than any Subsidiary Guarantor or Foreign Subsidiary) shall be excluded to the extent
                                         that the declaration or payment of dividends or similar distributions by such Restricted
                                         Subsidiary of its Net Income is not at the date of determination permitted without any
                                         prior governmental approval (which has not been obtained) or, directly or indirectly,
                                         by the operation of the terms of its charter or any agreement, instrument, judgment,
                                         decree, order, statute, rule or governmental regulation applicable to that Restricted
                                         Subsidiary or its stockholders, unless such restrictions with respect to the payment
                                         of dividends or similar distributions have been legally waived; provided that the Consolidated
                                         Net Income of such Person shall be increased by the amount of dividends or other distributions
                                         or other payments actually paid in cash (or converted into cash) by any such Restricted
                                         Subsidiary to such Person; to the extent not already included therein;

 

		(10)	an
                                         amount equal to the amount of tax distributions actually made to any Parent Entity in
                                         respect of such period in accordance with Section 409(b)(viii)(C) shall be included
                                         as though such amounts had been paid as income taxes directly by such Person for such
                                         period;

 

		(11)	any
                                         impairment charges or asset write-offs, in each case pursuant to GAAP, and the amortization
                                         of intangibles and other fair value adjustments arising pursuant to GAAP shall be excluded;

 

		(12)	any
                                         non-cash expense realized or resulting from management equity plans, stock option plans,
                                         employee benefit plans or post-employment benefit plans, or grants or sales of stock,
                                         stock appreciation or similar rights, stock options, restricted stock, preferred stock
                                         or other rights shall be excluded;

 

		(13)	any
                                         (a) non-cash compensation charges, (b) costs and expenses after the Reference Date related
                                         to employment of terminated employees, or (c) costs or expenses realized in connection
                                         with or resulting from stock appreciation or similar rights, stock options or other rights
                                         existing on the Reference Date of officers, directors and employees, in each case of
                                         such Person or any Restricted Subsidiary, shall be excluded;

 

		(14)	accruals
                                         and reserves that are established or adjusted within 12 months after the Reference Date
                                         and that are so required to be established or adjusted in accordance with GAAP or as
                                         a result of adoption or modification of accounting policies shall be excluded;

 

		(15)	non-cash
                                         gains, losses, income and expenses resulting from fair value accounting required by the
                                         applicable standard under GAAP and related interpretations shall be excluded;

 

		(16)	any
                                         currency translation gains and losses related to currency remeasurements of Indebtedness,
                                         and any net loss or gain resulting from hedging transactions for currency exchange risk,
                                         shall be excluded;

 

		(17)	(a)
                                         to the extent covered by insurance and actually reimbursed, or, so long as such Person
                                         has made a determination that there exists reasonable evidence that such amount will
                                         in fact be reimbursed by the insurer and only to the extent that such amount is (i) not
                                         denied by the applicable carrier in writing within 180 days and (ii) in fact reimbursed
                                         within 365 days of the date of such evidence (with a deduction for any amount so added
                                         back to the extent not so reimbursed within 365 days), expenses with respect to liability
                                         or casualty events or business interruption shall be excluded and (b) amounts in respect
                                         of which such Person has determined that there exists reasonable evidence that such amounts
                                         will in fact be reimbursed by insurance in respect of lost revenues or earnings in respect
                                         of liability or casualty events or business interruption shall be included (with a deduction
                                         for amounts actually received up to such

 

    16 

     

    

estimated
amount, to the extent included in Net Income in a future period);

 

		(18)	non-cash
                                         charges for deferred tax asset valuation allowances shall be excluded; and

 

		(19)	the
                                         amount of loss or discount on sale of Receivables Facility Assets and related assets
                                         in connection with a Receivables Facility.

 

“Consolidated
Non-Cash Charges” means, with respect to any Person for any period, the non-cash expenses (other than Consolidated Depreciation
and Amortization Expense) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income of such Person for such
period on a consolidated basis and otherwise determined in accordance with GAAP, provided that if any such non-cash expenses
represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future
period shall be subtracted from Consolidated EBITDA in such future period to the extent paid, but excluding from this proviso,
for the avoidance of doubt, amortization of a prepaid cash item that was paid in a prior period.

 

“Consolidated
Secured Indebtedness” means, as of any date of determination, (i) an amount equal to the sum of, without
duplication, Consolidated Total Indebtedness (without regard to clause (ii) of the definition thereof) and any Ratio Tested
Committed Amount as of such date that, in each case, is either (x) then secured by Liens on property or assets of
the Company and its Restricted Subsidiaries (other than property or assets held in a defeasance or similar trust or arrangement
for the benefit of the Indebtedness secured thereby) or (y) Incurred (or, in the case of any Ratio Tested Committed
Amount, established) pursuant to Section 407(b)(i)(II), minus (ii) the sum of (A) the amount
of such Indebtedness Incurred pursuant to Section 407(b)(ix), (B) the amount of such Indebtedness consisting of
Indebtedness under the ABL Facility and (C) cash, Cash Equivalents and Temporary Cash Investments held by the Company
and its Restricted Subsidiaries as of the end of the most recent four consecutive fiscal quarters of the Company ending prior
to the date of such determination for which consolidated financial statements of the Company are available.

 

“Consolidated
Secured Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Secured Indebtedness
as at such date (after giving effect to any Incurrence or Discharge of Indebtedness on such date) to (ii) the aggregate
amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters of the Company ending prior to
the date of such determination for which consolidated financial statements of the Company are available, provided that:

 

(1)  
if, since the beginning of such period, the Company or any Restricted Subsidiary shall have made a Sale (including any
Sale occurring in connection with a transaction causing a calculation to be made hereunder), the Consolidated EBITDA for such
period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets that are the subject
of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for
such period;

 

(2)  
if, since the beginning of such period, the Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made a Purchase (including any Purchase occurring in connection with a transaction causing a calculation to be made
hereunder), Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such Purchase
occurred on the first day of such period; and

 

(3)  
if, since the beginning of such period, any Person became a Restricted Subsidiary or was merged or consolidated with or
into the Company or any Restricted Subsidiary, and since the beginning of such period such Person shall have made any Sale or
Purchase that would have required an adjustment pursuant to clause (1) or (2) above if made by the Company or a Restricted

 

    17 

     

    

Subsidiary
since the beginning of such period, Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto
as if such Sale or Purchase occurred on the first day of such period;

 

provided
that, in the event that the Company shall classify Indebtedness Incurred on the date of determination as Incurred in part
pursuant to Section 407(b)(i)(II) and, that is secured by Liens on property or assets of the Company and its Restricted
Subsidiaries, in part pursuant to one or more other clauses or subclauses of Section 407(b) and/or pursuant to Section 407(a)
(as provided in Section 407(c)(ii)), Consolidated Secured Indebtedness shall not include any such Indebtedness
(and shall not give effect to any Discharge of Consolidated Secured Indebtedness from the proceeds thereof) to the extent Incurred
pursuant to any such other clause or subclause of such Section 407(b) and/or pursuant to such Section 407(a).

 

For
purposes of this definition, whenever pro forma effect is to be given to any Sale, Purchase or other transaction, or the amount
of income or earnings relating thereto, the pro forma calculations in respect thereof (including, without limitation, in respect
of anticipated cost savings or synergies relating to any such Sale, Purchase or other transaction) shall be as determined in good
faith by the Chief Financial Officer or another authorized Officer of the Company.

 

“Consolidated
Tangible Assets” means, as of any date of determination, the total assets less the sum of the goodwill, net, and other
intangible assets, net, in each case reflected on the consolidated balance sheet of the Company and its Restricted Subsidiaries
as at the end of the most recently ended fiscal quarter of the Company for which such a balance sheet is available, determined
on a Consolidated basis in accordance with GAAP (and, in the case of any determination relating to any Incurrence of Indebtedness
or Liens or any Investment, on a pro forma basis including any property or assets being acquired in connection therewith).

 

“Consolidated
Taxes” means, with respect to any Person for any period, the provision for taxes based on income, profits or capital,
including, without limitation, state, franchise, property and similar taxes, foreign withholding taxes (including penalties and
interest related to such taxes or arising from tax examinations) and any tax distributions taken into account in calculating Consolidated
Net Income.

 

“Consolidated
Total Indebtedness” means, as of any date of determination, an amount equal to (i) the aggregate principal
amount of outstanding Indebtedness of the Company and its Restricted Subsidiaries as of such date consisting of (without duplication)
Indebtedness for borrowed money (including Purchase Money Obligations and unreimbursed outstanding drawn amounts under funded
letters of credit); Finance Lease Obligations; debt obligations evidenced by bonds, debentures, notes or similar instruments;
Disqualified Stock; and (in the case of any Restricted Subsidiary that is not a Subsidiary Guarantor) Preferred Stock, determined
on a Consolidated basis in accordance with GAAP (excluding (x) items eliminated in Consolidation and (y) Hedging
Obligations), minus (ii) the sum of (A) the amount of such Indebtedness consisting of Indebtedness of
a type referred to in, or Incurred pursuant to, Section 407(b)(ix), (B) the amount of such Indebtedness consisting
of Indebtedness under the ABL Facility and (C) cash, Cash Equivalents and Temporary Cash Investments held by the Company
and its Restricted Subsidiaries as of the end of the most recent four consecutive fiscal quarters of the Company ending prior
to the date of such determination for which consolidated financial statements of the Company are available.

 

“Consolidated
Total Leverage Ratio” means, as of any date of determination, the ratio of (i) Consolidated Total Indebtedness
as at such date (after giving effect to any Incurrence or Discharge of Indebtedness on such date) to (ii) the aggregate
amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters of the Company ending prior to
the date of such determination for which consolidated financial statements of the Company are available, provided that:

 

    18 

     

    

(1)  
if, since the beginning of such period, the Company or any Restricted Subsidiary shall have made a Sale (including any
Sale occurring in connection with a transaction causing a calculation to be made hereunder), the Consolidated EBITDA for such
period shall be reduced by an amount equal to the Consolidated EBITDA (if positive) attributable to the assets that are the subject
of such Sale for such period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for
such period;

 

(2)  
if, since the beginning of such period, the Company or any Restricted Subsidiary (by merger, consolidation or otherwise)
shall have made a Purchase (including any Purchase occurring in connection with a transaction causing a calculation to be made
hereunder), Consolidated EBITDA for such period shall be calculated after giving pro forma effect thereto as if such Purchase
occurred on the first day of such period; and

 

(3)  
if, since the beginning of such period, any Person became a Restricted Subsidiary or was merged or consolidated with or
into the Company or any Restricted Subsidiary, and since the beginning of such period such Person shall have made any Sale or
Purchase that would have required an adjustment pursuant to clause (1) or (2) above if made by the Company or a Restricted
Subsidiary since the beginning of such period, Consolidated EBITDA for such period shall be calculated after giving pro forma
effect thereto as if such Sale or Purchase occurred on the first day of such period;

 

provided
that, for purposes of the foregoing calculation, in the event that the Company shall classify Indebtedness Incurred on the
date of determination as Incurred in part pursuant to Section 407(b)(xi) (other than by reason of subclause (2) of
the proviso to such Section 407(b)(xi)) and in part pursuant to one or more other clauses of such Section 407(b)
and/or (unless the Company at its option has elected to disregard Indebtedness being Incurred on the date of determination in
part pursuant to subclause (2) of the proviso to Section 407(b)(xi) for purposes of calculating the Consolidated Coverage
Ratio for Incurring Indebtedness on the date of determination in part under Section 407(a)) pursuant to Section 407(a)
(as provided in Section 407(c)(ii) and (iii)), Consolidated Total Indebtedness shall not include any such
Indebtedness Incurred pursuant to one or more such other clauses of such Section 407(b) and/or pursuant to such Section
407(a), and shall not give effect to any Discharge of any Indebtedness from the proceeds of any such Indebtedness being disregarded
for purposes of the calculation of the Consolidated Total Leverage Ratio that otherwise would be included in Consolidated Total
Indebtedness.

 

For
purposes of this definition, whenever pro forma effect is to be given to any Sale, Purchase or other transaction, or the amount
of income or earnings relating thereto, the pro forma calculations in respect thereof (including, without limitation, in respect
of anticipated cost savings or synergies relating to any such Sale, Purchase or other transaction) shall be as determined in good
faith by the Chief Financial Officer or another authorized Officer of the Company.

 

“Consolidation”
means the consolidation of the accounts of each of the Restricted Subsidiaries with those of the Company in accordance with GAAP;
provided that “Consolidation” will not include consolidation of the accounts of any Unrestricted Subsidiary,
but the interest of the Company or any Restricted Subsidiary in any Unrestricted Subsidiary will be accounted for as an investment.
The term “Consolidated” has a correlative meaning.

 

“Contingent
Obligation” means, with respect to any Person, any obligation of such Person guaranteeing any obligation that does not
constitute Indebtedness (a “primary obligation”) of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, including any obligation of such Person, whether or not contingent, (1) to purchase any
such primary obligation or any property constituting direct or indirect security therefor, (2) to advance or supply funds
(a) for the purchase or

 

    19 

     

    

payment
of any such primary obligation, or (b) to maintain working capital or equity capital of the primary obligor or otherwise
to maintain the net worth or solvency of the primary obligor, or (3) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the ability of the primary obligor to make payment
of such primary obligation against loss in respect thereof.

 

“Contribution
Amounts” means the aggregate amount of capital contributions applied by the Company to permit the Incurrence of Contribution
Indebtedness pursuant to Section 407(b)(x).

 

“Contribution
Indebtedness” means Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount not greater
than the aggregate amount of cash contributions (other than Excluded Contributions, the proceeds from the issuance of Disqualified
Stock or contributions by the Company or any Restricted Subsidiary) made to the capital of the Company or such Restricted Subsidiary
after the Issue Date (whether through the issuance or sale of Capital Stock or otherwise); provided that such Contribution
Indebtedness (a) is Incurred within 180 days after the receipt of the related cash contribution and (b) is
so designated as Contribution Indebtedness pursuant to an Officer’s Certificate on the date of Incurrence thereof.

 

“Corporate
Trust Office” means the office of the Trustee at which at any particular time its corporate trust business related to
this Indenture shall be administered, which office on the Issue Date is located at 10 W Broad St., Columbus, OH 43215.

 

“Credit
Card Receivables” has the meaning assigned to such term in the ABL Credit Agreement.

 

“Credit
Facilities” means one or more of (i) the ABL Facility and (ii)  any other facilities or arrangements
designated by the Company, in each case with one or more banks or other lenders or institutions providing for revolving credit
loans, term loans, receivables, inventory or real estate financings (including without limitation through the sale of receivables,
inventory, real estate and/or other assets to such institutions or to special purpose entities formed to borrow from such institutions
against such receivables, inventory, real estate and/or other assets or the creation of any Liens in respect of such receivables,
inventory, real estate and/or other assets in favor of such institutions), letters of credit or other Indebtedness, in each case,
including all agreements, instruments and documents executed and delivered pursuant to or in connection with any of the foregoing,
including but not limited to any notes and letters of credit issued pursuant thereto and any guarantee and collateral agreement,
patent, trademark and copyright security agreement, mortgages or letter of credit applications and other guarantees, pledge agreements,
security agreements and collateral documents, in each case as the same may be amended, supplemented, waived or otherwise modified
from time to time, or refunded, refinanced, restructured, replaced, renewed, repaid, increased or extended from time to time (whether
in whole or in part, whether with the original banks, lenders or institutions or other banks, lenders or institutions or otherwise,
and whether provided under any original Credit Facility or one or more other credit agreements, indentures, financing agreements
or other Credit Facilities or otherwise). Without limiting the generality of the foregoing, the term “Credit Facility”
shall include any agreement (i) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby,
(ii) adding Subsidiaries as additional borrowers or guarantors thereunder, (iii) increasing the amount
of Indebtedness Incurred thereunder or available to be borrowed thereunder or (iv) otherwise altering the terms and
conditions thereof.

 

“Credit
Facility Indebtedness” means any and all amounts, whether outstanding on the Issue Date or thereafter Incurred, payable
under or in respect of any Credit Facility, including without limitation principal, premium (if any), interest (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to the Company or any Restricted
Subsidiary whether

 

    20 

     

    

or
not a claim for post-filing interest is allowed in such proceedings), fees, charges, expenses, reimbursement obligations, guarantees,
other monetary obligations of any nature and all other amounts payable thereunder or in respect thereof.

 

“Currency
Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement or other similar agreement
or arrangements (including derivative agreements or arrangements), as to which such Person is a party or a beneficiary.

 

“Default”
means any event or condition that is, or after notice or passage of time or both would be, an Event of Default.

 

“Depositary”
means The Depository Trust Company, its nominees and successors.

 

“Derivative
Instrument” with respect to a Person, means any contract, instrument or other right to receive payment or delivery of
cash or other assets to which such Person or any Affiliate of such Person that is acting in concert with such Person in connection
with such Person’s investment in the Notes (other than a Regulated Bank or a Screened Affiliate) is a party (whether or
not requiring further performance by such Person), the value and/or cash flows of which (or any material portion thereof) are
materially affected by the value and/or performance of the Notes and/or the creditworthiness of the Company and/or any one or
more of the Subsidiary Guarantors (the “Performance References”).

 

“Designated
Noncash Consideration” means noncash consideration received by the Company or one of its Restricted Subsidiaries in
connection with an Asset Disposition that is so designated as Designated Noncash Consideration pursuant to an Officer’s
Certificate, setting forth the basis of such valuation.

 

“Designated
Preferred Stock” means Preferred Stock of the Company (other than Disqualified Stock) that is issued after the Reference
Date for cash (other than to a Restricted Subsidiary) and is so designated as Designated Preferred Stock, pursuant to an Officer’s
Certificate of the Company; provided that the cash proceeds of such issuance shall be excluded from the calculation set
forth in Section 409(a)(3)(B).

 

“Disinterested
Directors” means, with respect to any Affiliate Transaction, one or more members of the Board of Directors of the Company,
or one or more members of the Board of Directors having no material direct or indirect financial interest in or with respect to
such Affiliate Transaction. A member of any such Board of Directors shall not be deemed to have such a financial interest by reason
of such member’s holding Capital Stock of the Company or any options, warrants or other rights in respect of such Capital
Stock or by reason of such member receiving any compensation in respect of such member’s role as director.

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock (other than Management Stock) that by its terms (or by the
terms of any security into which it is convertible or for which it is exchangeable or exercisable) or upon the happening of any
event (other than following the occurrence of a Change of Control or other similar event described under such terms as a “change
of control,” or an Asset Disposition or other disposition) (i) matures or is mandatorily redeemable pursuant
to a sinking fund obligation or otherwise, (ii) is convertible or exchangeable for Indebtedness or Disqualified Stock
or (iii) is redeemable at the option of the holder thereof (other than following the occurrence of a Change of Control
or other similar event described under such terms as a “change of control,” or an Asset Disposition or other disposition),
in whole or in part, in each case on or prior to the final Stated Maturity of the Notes; provided that Capital Stock issued
to any employee benefit plan, or by any such plan to any employees of the Company or any Subsidiary, shall not constitute Disqualified
Stock solely because it may

 

    21 

     

    

be
required to be repurchased or otherwise acquired or retired in order to satisfy applicable statutory or regulatory obligations.

 

“Domestic
Subsidiary” means any Restricted Subsidiary of the Company other than a Foreign Subsidiary.

 

“Equity
Offering” means a sale of Capital Stock of the Company (other than through the issuance of Disqualified Stock or through
an Excluded Contribution) other than (a) offerings registered on Form S-8 (or any successor form) under the Securities Act or
any similar offering in other jurisdictions or other securities of the Company or any Parent Entity and (b) issuances of Capital
Stock to any Restricted Subsidiary of the Company.

 

“ETC
Entity” means (i) any Person (including Easton Town Center, LLC, Easton Gateway, LLC and MORSO Holding Co.) engaged
primarily in the ownership, management, leasing, development or operation of real property located in or around the Columbus,
Ohio Easton shopping area and (ii) any Person substantially all of the assets of which consist of equity interests in or debt
of any Person described in clause (i).

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or any successor securities clearing agency.

 

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

 

“Excluded
Contribution” means Net Cash Proceeds, or the Fair Market Value (as of the date of contribution) of property or assets,
received by the Company as capital contributions to the Company after the Reference Date or from the issuance or sale (other than
to a Restricted Subsidiary) of Capital Stock (other than Disqualified Stock) of the Company, in each case to the extent designated
as an Excluded Contribution pursuant to an Officer’s Certificate of the Company and not previously included in the calculation
set forth in Section 409(a)(3)(B)(x) for purposes of determining whether a Restricted Payment may be made.

 

“Exempt
Sale and Leaseback Transaction” means any Sale and Leaseback Transaction (a) in which the sale or transfer
of property occurs within 180 days of the acquisition of such property by the Company or any of its Subsidiaries or (b) that
involves property with a book value equal to the greater of $125.0 million and 1.5% of Consolidated Tangible Assets or less and
is not part of a series of related Sale and Leaseback Transactions involving property with an aggregate value in excess of such
amount and entered into with a single Person or group of Persons. For purposes of the foregoing, “Sale and Leaseback
Transaction” means any arrangement with any Person providing for the leasing by the Company or any of its Subsidiaries
of real or personal property that has been or is to be sold or transferred by the Company or any such Subsidiary to such Person
or to any other Person to whom funds have been or are to be advanced by such Person on the security of such property or rental
obligations of the Company or such Subsidiary.

 

“Existing
Notes” means the Existing Secured Notes and the Existing Unsecured Notes.

 

“Existing
Secured Notes” means the 6.875% senior secured notes due 2025.

 

“Existing
Secured Notes Indenture” means the Indenture dated as of June 18, 2020 among the Company, the guarantors named therein
and U.S. Bank National Association, as Trustee and as collateral agent.

 

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“Existing
Unsecured Notes” means (a) 6.625% senior notes due 2021, (b) 5.625% senior notes due 2022, (c) 5.625% senior notes due
2023, (d) 9.375% senior notes due 2025, (e) 6.694% senior notes due 2027, (f) 5.250% senior notes due 2028, (g) 7.500% senior
notes due 2029, (h) 6.875% senior notes due 2035, (i) 6.750% senior notes due 2036, (j) 6.950% exchange debentures due 2033 and
(k) 7.600% senior notes due 2037.

 

“Existing
Unsecured Notes Indentures” means (a) the Indenture dated as of March 15, 1988 between the Company (f/k/a Limited Brands,
Inc., f/k/a The Limited, Inc.) and The Bank of New York, as Trustee (the “1988 Indenture”) as supplemented
by the First Supplemental Indenture to the 1988 Indenture dated as of May 31, 2005 among the Company (f/k/a Limited Brands, Inc.,
f/k/a The Limited, Inc.), The Bank of New York, as Resigning Trustee, and The Bank of New York Mellon Trust Company, N.A., as
Successor Trustee, the Second Supplemental Indenture to the 1988 Indenture dated as of July 17, 2007 between the Company (f/k/a
Limited Brands, Inc., f/k/a The Limited, Inc.) and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Third Supplemental
Indenture to the 1988 Indenture dated as of May 4, 2010 between the Company (f/k/a Limited Brands, Inc., f/k/a The Limited, Inc.),
the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Fourth Supplemental Indenture
to the 1988 Indenture dated as of January 29, 2011 between the Company (f/k/a Limited Brands, Inc., f/k/a The Limited, Inc.),
the guarantors named therein, and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Fifth Supplemental Indenture
to the 1988 Indenture dated as of March 25, 2011 between the Company (f/k/a Limited Brands, Inc., f/k/a The Limited, Inc.), the
guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Sixth Supplemental Indenture to
the 1988 Indenture dated as of February 7, 2012 among the Company (f/k/a Limited Brands, Inc., f/k/a The Limited, Inc.), the guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Seventh Supplemental Indenture to the 1988
Indenture dated as of March 22, 2013 between the Company (f/k/a Limited Brands, Inc., f/k/a The Limited, Inc.), the guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee, the Eighth Supplemental Indenture to the 1988 Indenture
dated as of October 16, 2013 between the Company, the guarantors named therein and The Bank of New York Mellon Trust Company,
N.A., as Trustee, the Ninth Supplemental Indenture to the 1988 Indenture dated as of January 30, 2015 among the Company, the guarantors
named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee and the Tenth Supplemental Indenture to the 1988
Indenture dated as of June 30, 2019 among the Company, the guarantors named therein and The Bank of New York Mellon Trust Company,
N.A., as Trustee, (b) the Indenture dated as of February 19, 2003 between the Company (f/k/a Limited Brands, Inc., f/k/a The Limited,
Inc.) and The Bank of New York, as Trustee (the “2003 Indenture”), (c) the Indenture dated as of October 30,
2015 among the Company, the guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “2015
Indenture”), (d) the Indenture dated as of June 16, 2016 among the Company, the guarantors named therein and U.S. Bank
National Association, as Trustee (the “2016 Indenture”) as supplemented by the First Supplemental Indenture
to the 2016 Indenture dated as of June 16, 2016 among the Company, the guarantors named therein and U.S. Bank National Association,
as Trustee, the Second Supplemental Indenture to the 2016 Indenture dated as of January 23, 2018 among the Company, the guarantors
named therein and U.S. Bank National Association, as Trustee, the Third Supplemental Indenture to the 2016 Indenture dated as
of June 20, 2019 among the Company, the guarantors named therein and U.S. Bank National Association, as Trustee and the Fourth
Supplemental Indenture to the 2016 Indenture dated as of June 30, 2019 among the Company, the guarantors named therein and U.S.
Bank National Association, as Trustee, (e) the Indenture dated as of June 18, 2018 among the Company, the guarantors named therein
and U.S. Bank National Association, as Trustee (the “2018 Indenture”) as supplemented by the First Supplemental
Indenture to the 2018 Indenture dated as of June 29, 2018 among the Company, the guarantors named therein and U.S. Bank National
Association, as Trustee and (f) the Indenture dated as of June 18, 2020 among the Company, the guarantors named therein and U.S.
Bank National Association, as Trustee.

 

    23 

     

    

“Fair
Market Value” means, with respect to any asset or property, the fair market value of such asset or property as determined
in good faith by senior management of the Company or the Board of Directors, whose determination shall be conclusive.

 

“Finance
Lease Obligation” means an obligation that is required to be classified and accounted for as a finance lease for financial
reporting purposes in accordance with GAAP. The Stated Maturity of any Finance Lease Obligation shall be the date of the last
payment of rent or any other amount due under the related lease.

 

“Financing
Disposition” means any sale, transfer, conveyance or other disposition of, or creation or incurrence of any Lien on,
property or assets by the Company or any Subsidiary thereof to or in favor of any Receivables Subsidiary in connection with the
Incurrence by a Receivables Subsidiary of Indebtedness, or obligations to make payments to the obligor on Indebtedness, which
may be secured by a Lien in respect of such property or assets.

 

“Fixed
Charges” means, with respect to any Person for any period, the sum, without duplication, of: (1) Consolidated Interest
Expense (excluding amortization or write-off of deferred financing costs) of such Person for such period, and (2) all cash dividend
payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of such Person and
its Restricted Subsidiaries.

 

“Fixed
GAAP Date” means the Reference Date; provided that at any time after the Reference Date, the Company may by written
notice to the Trustee elect to change the Fixed GAAP Date to be the date specified in such notice, and upon such notice, the Fixed
GAAP Date shall be such date for all periods beginning on and after the date specified in such notice.

 

“Fixed
GAAP Terms” means (a) the definitions of the terms “Borrowing Base”, “Consolidated Coverage
Ratio”, “Consolidated EBITDA”, “Consolidated Interest Expense”, “Consolidated Net Income”,
“Consolidated Secured Indebtedness”, “Consolidated Secured Leverage Ratio”, “Consolidated Tangible
Assets”, “Consolidated Total Indebtedness”, “Consolidated Total Leverage Ratio”, “Consolidation”,
“Finance Lease Obligation”, “Inventory” and “Receivable”, (b) all defined terms
in this Indenture to the extent used in or relating to any of the foregoing definitions, and all ratios and computations based
on any of the foregoing definitions, and (c) any other term or provision of this Indenture or the Notes that, at the
Company’s election, may be specified by the Company by written notice to the Trustee from time to time.

 

“Foreign
Subsidiary” means any Subsidiary of the Company (a) that is not organized under the laws of the United States
of America or any state thereof or the District of Columbia, and any Subsidiary of such Foreign Subsidiary (including, for the
avoidance of doubt, any Subsidiary of the Company which is organized and existing under the laws of Puerto Rico or any other territory
of the United States of America), or (b) that has no material assets other than securities or indebtedness of one
or more Foreign Subsidiaries (or Subsidiaries thereof), intellectual property relating to such Foreign Subsidiaries (or Subsidiaries
thereof), and/or other assets (including cash, Cash Equivalents and Temporary Cash Investments) relating to an ownership interest
in any such securities, indebtedness, intellectual property or Subsidiaries.

 

“GAAP”
means generally accepted accounting principles in the United States of America as in effect on the Fixed GAAP Date (for purposes
of the Fixed GAAP Terms, except that no operating lease (as determined prior to the effectiveness of ASU 2016-02 (Topic 842))
shall be treated as Indebtedness hereunder) and as in effect from time to time (for all other purposes under this Indenture),
including those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute

 

    24 

     

    

of
Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements
by such other entity as approved by a significant segment of the accounting profession, and subject to the following sentence.
If at any time the SEC permits or requires U.S. domiciled companies subject to the reporting requirements of the Exchange Act
to use IFRS in lieu of GAAP for financial reporting purposes, the Company may elect by written notice to the Trustee to so use
IFRS in lieu of GAAP and, upon any such notice, references herein to GAAP shall thereafter be construed to mean (a) for
periods beginning on and after the date specified in such notice, IFRS as in effect on the date specified in such notice (for
purposes of the Fixed GAAP Terms) and as in effect from time to time (for all other purposes under this Indenture) and (b) for
prior periods, GAAP as defined in the first sentence of this definition. All ratios and computations based on GAAP contained in
this Indenture shall be computed in conformity with GAAP.

 

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

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness or other obligation
of any other Person; provided that the term “Guarantee” shall not include endorsements for collection or deposit
in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor
Subordinated Obligations” means, with respect to a Subsidiary Guarantor, any Indebtedness of such Subsidiary Guarantor
(whether outstanding on the Issue Date or thereafter Incurred) that is expressly subordinated in right of payment to the obligations
of such Subsidiary Guarantor under its Subsidiary Guarantee pursuant to a written agreement.

 

“Guarantor
Supplemental Indenture” means a Supplemental Indenture, to be entered into substantially in the form attached hereto
as Exhibit E.

 

“Hedging
Agreements” means, collectively, Interest Rate Agreements, Currency Agreements and Commodities Agreements or other agreement
or arrangement designed to protect against fluctuations in interest rates or currency, commodity or equity values (including,
without limitation, any option with respect to any of the foregoing and any combination of the foregoing agreement or arrangements),
and any confirmation executed in connection with any such agreement or arrangement.

 

“Hedging
Obligations” of any Person means the obligations of such Person pursuant to any Interest Rate Agreement, Currency Agreement
or Commodities Agreement.

 

“Holder”
or “Noteholder” means the Person in whose name a Note is registered in the Note Register.

 

“IFRS”
means International Financial Reporting Standards and applicable accounting requirements set by the International Accounting Standards
Board or any successor thereto (or the Financial Accounting Standards Board, the Accounting Principles Board of the American Institute
of Certified Public Accountants, or any successor to either such board, or the SEC, as the case may be), as in effect from time
to time.

 

“Incur”
means issue, assume, enter into any Guarantee of, incur or otherwise become liable for; and the terms “Incurs,”
“Incurred” and “Incurrence” shall have a correlative meaning; provided that

 

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any
Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary. Accrual of interest,
the accretion of accreted value, the payment of interest in the form of additional Indebtedness, and the payment of dividends
on Capital Stock constituting Indebtedness in the form of additional shares of the same class of Capital Stock, will be deemed
not to be an Incurrence of Indebtedness. Any Indebtedness issued at a discount (including Indebtedness on which interest is payable
through the issuance of additional Indebtedness) shall be deemed Incurred at the time of original issuance of the Indebtedness
at the initial accreted amount thereof.

 

“Indebtedness”
means, with respect to any Person on any date of determination (without duplication):

 

(i)  
the principal of indebtedness of such Person for borrowed money;

 

(ii)  
the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 

(iii)  
all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments (the amount of such obligations being equal at any time to the aggregate amount of drawings thereunder that have not
then been reimbursed);

 

(iv)  
all obligations of such Person to pay the deferred and unpaid purchase price of property (except accruals and Trade Payables),
which purchase price is due more than one year after the date of placing such property in final service or taking final delivery
and title thereto;

 

(v)  
all Finance Lease Obligations of such Person;

 

(vi)  
the redemption, repayment or other repurchase amount of such Person with respect to any Disqualified Stock of such Person
or (if such Person is a Subsidiary of the Company other than a Subsidiary Guarantor) any Preferred Stock of such Subsidiary, but
excluding, in each case, any accrued dividends (the amount of such obligation to be equal at any time to the maximum fixed involuntary
redemption, repayment or repurchase price for such Capital Stock, or if less (or if such Capital Stock has no such fixed price),
to the involuntary redemption, repayment or repurchase price therefor calculated in accordance with the terms thereof as if then
redeemed, repaid or repurchased, and if such price is based upon or measured by the Fair Market Value of such Capital Stock, such
Fair Market Value shall be as determined in good faith by senior management of the Company, the Board of Directors of the Company
or the Board of Directors of the issuer of such Capital Stock);

 

(vii)  
all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed
by such Person; provided that the amount of Indebtedness of such Person shall be the lesser of (A) the Fair
Market Value of such asset at such date of determination (as determined in good faith by the Company) and (B) the
amount of such Indebtedness of such other Persons;

 

(viii)  
all Guarantees by such Person of Indebtedness of other Persons, to the extent so Guaranteed by such Person; and

 

(ix)  
to the extent not otherwise included in this definition, net Hedging Obligations of such Person (the amount of any such
obligation to be equal at any time to the termination value of

 

    26 

     

    

such
agreement or arrangement giving rise to such Hedging Obligation that would be payable by such Person at such time);

 

provided
that Indebtedness shall not include Contingent Obligations Incurred in the ordinary course of business.

 

The
amount of Indebtedness of any Person at any date shall be determined as set forth above or as otherwise provided for in this Indenture,
or otherwise shall equal the amount thereof that would appear as a liability on a balance sheet of such Person (excluding any
notes thereto) prepared in accordance with GAAP.

 

“Initial
Notes” has the meaning assigned to such term in the recitals of this Indenture.

 

“interest,”
with respect to the Notes, means interest on the Notes and, except for purposes of Article IX, any additional or special
interest pursuant to the terms of any Note.

 

“Interest
Payment Date” means, when used with respect to any Note and any installment of interest thereon, the date specified
in such Note as the fixed date on which such installment of interest is due and payable, as set forth in such Note.

 

“Interest
Rate Agreement” means, with respect to any Person, any interest rate protection agreement, future agreement, option
agreement, swap agreement, cap agreement, collar agreement, hedge agreement or other similar agreement or arrangement (including
derivative agreements or arrangements), as to which such Person is a party or a beneficiary.

 

“Inventory”
means goods held for sale, lease or use by a Person in the ordinary course of business, net of any reserve for goods that have
been segregated by such Person to be returned to the applicable vendor for credit, as determined in accordance with GAAP.

 

“Investment”
in any Person by any other Person means any direct or indirect advance, loan or other extension of credit (other than to customers,
dealers, licensees, franchisees, suppliers, consultants, directors, officers or employees of any Person in the ordinary course
of business) or capital contribution (by means of any transfer of cash or other property to others or any payment for property
or services for the account or use of others) to, or any purchase or acquisition of Capital Stock, Indebtedness or other similar
instruments issued by, such Person. For purposes of the definition of “Unrestricted Subsidiary” and Section 409
only, (i) “Investment” shall include the portion (proportionate to the Company’s equity interest
in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Company at the time that such Subsidiary
is designated an Unrestricted Subsidiary; provided that upon a redesignation of such Subsidiary as a Restricted Subsidiary,
the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount
(if positive) equal to (x) the Company’s “Investment” in such Subsidiary at the time of such redesignation
less (y) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market
Value of the net assets of such Subsidiary at the time of such redesignation, (ii) any property transferred to or
from an Unrestricted Subsidiary shall be valued at its Fair Market Value (as determined in good faith by the Company) at the time
of such transfer and (iii) for purposes of Section 409(a)(3)(C), the amount resulting from the redesignation
of any Unrestricted Subsidiary as a Restricted Subsidiary shall be the Fair Market Value of the Investment in such Unrestricted
Subsidiary at the time of such redesignation. Guarantees shall not be deemed to be Investments. The amount of any Investment outstanding
at any time shall be the original cost of such Investment, reduced (at the Company’s option) by any dividend, distribution,
interest payment, return of capital, repayment or other amount or value received in respect of such Investment; provided
that to the extent that the amount of Restricted Payments outstanding at any time pursuant to Section 409(a) is so

 

    27 

     

    

reduced
by any portion of any such amount or value that would otherwise be included in the calculation of Consolidated Net Income, such
portion of such amount or value shall not be so included for purposes of calculating the amount of Restricted Payments that may
be made pursuant to Section 409(a).

 

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

 

“Investment
Grade Securities” means (i) securities issued or directly and fully guaranteed or insured by the United
States government or any agency or instrumentality thereof (other than Cash Equivalents); (ii) debt securities or
debt instruments with an Investment Grade Rating, but excluding any debt securities or instruments constituting loans or advances
among the Company and its Subsidiaries; (iii) investments in any fund that invests exclusively in investments of the
type described in clauses (i) and (ii) above, which fund may also hold cash pending investment or distribution; and (iv) corresponding
instruments in countries other than the United States customarily utilized for high-quality investments.

 

“Issue
Date” means September 30, 2020.

 

“Junior
Capital” means, collectively, any Indebtedness of the Company that (i) is not secured by any asset of the
Company or any Restricted Subsidiary, (ii) is expressly subordinated to the prior payment in full of the Notes on
terms consistent with those for senior subordinated high yield debt securities issued by U.S. companies (as determined in good
faith by the Company, which determination shall be conclusive), (iii) has a final maturity date that is not earlier
than, and provides for no scheduled payments of principal prior to, the date that is 91 days after the maturity of the Notes
(other than through conversion or exchange of any such Indebtedness for Capital Stock (other than Disqualified Stock) of the Company
or any other Junior Capital), (iv) has no mandatory redemption or prepayment obligations other than (x) obligations
that are subject to the prior payment in full in cash of the Notes or (y) pursuant to an escrow or similar arrangement
with respect to the proceeds of such Junior Capital and (v) does not require the payment of cash interest until the
date that is 91 days after the maturity of the Notes.

 

“Lien”
means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale or other
title retention agreement or lease in the nature thereof).

 

“Limited
Condition Transaction” means (x) any acquisition, including by way of merger, amalgamation, consolidation or other business
combination or the acquisition of Capital Stock or otherwise, by one or more of the Company and its Restricted Subsidiaries of
any assets, business or Person or any other Investment permitted by this Indenture whose consummation is not conditioned on the
availability of, or on obtaining, third party financing or (y) any redemption, repurchase, defeasance, satisfaction and discharge
or repayment of Indebtedness, Disqualified Stock or Preferred Stock requiring irrevocable notice in advance of such redemption,
repurchase, defeasance, satisfaction and discharge or prepayment.

 

“Long
Derivative Instrument” means a Derivative Instrument (i) the value of which generally increases, and/or the payment
or delivery obligations under which generally decrease, with positive changes to the Performance References and/or (ii) the
value of which generally decreases, and/or the payment or delivery obligations under which generally increase, with negative changes
to the Performance References.

 

“Management
Advances” means (1) loans or advances made to directors, management members, officers, employees or consultants
of the Company or any Restricted Subsidiary (x) in respect of travel, entertainment or moving-related expenses incurred
in the ordinary course of business, (y) in respect of moving-related expenses incurred in connection with any closing
or consolidation of any facility or (z) in the ordinary course of business and (in the case of this clause (z))
not exceeding $20.0 million in the

 

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aggregate
outstanding at any time, (2) promissory notes of Management Investors acquired in connection with the issuance of
Management Stock to such Management Investors, (3) Management Guarantees, or (4) other Guarantees of borrowings
by Management Investors in connection with the purchase of Management Stock, which Guarantees are permitted under Section 407.

 

“Management
Guarantees” means guarantees (x) of up to an aggregate principal amount outstanding at any time of $30.0
million of borrowings by Management Investors in connection with their purchase of Management Stock or (y) made on
behalf of, or in respect of loans or advances made to, directors, officers, employees or consultants of the Company or any Restricted
Subsidiary (1) in respect of travel, entertainment and moving related expenses incurred in the ordinary course of
business or (2) in the ordinary course of business and (in the case of this clause (2)) not exceeding $15.0 million
in the aggregate outstanding at any time.

 

“Management
Indebtedness” means Indebtedness Incurred to (a) any Person other than a Management Investor of up to an
aggregate principal amount outstanding at any time of $30.0 million and (b) any Management Investor, in each case,
to finance the repurchase or other acquisition of Capital Stock of the Company or any Restricted Subsidiary (including any options,
warrants or other rights in respect thereof) from any Management Investor, which repurchase or other acquisition of Capital Stock
is permitted by Section 409.

 

“Management
Investors” means the management members, officers, directors, employees and other members of the management of the Company
or any of their respective Subsidiaries, or family members or relatives of any of the foregoing, or trusts, partnerships or limited
liability companies for the benefit of any of the foregoing, or any of their heirs, executors, successors and legal representatives,
who at any date beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company or any Restricted
Subsidiary.

 

“Management
Stock” means Capital Stock of the Company or any Restricted Subsidiary (including any options, warrants or other rights
in respect thereof) held by any of the Management Investors.

 

“Material
Indebtedness” means any long-term Indebtedness for borrowed money of the Company or any of its Wholly Owned Domestic
Restricted Subsidiaries with an aggregate principal amount (or, if applicable, committed amount) in excess of $250.0 million.

 

“Market
Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of capital stock
of the Company or any direct or indirect parent company on the date of declaration of the relevant dividend multiplied by (ii)
the arithmetic mean of the closing prices per share of such capital stock on the New York Stock Exchange (or, if the primary listing
of such capital stock is on another exchange, on such other exchange) for the 30 consecutive trading days immediately preceding
the date of declaration of such dividend.

 

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

 

“Net
Available Cash” from an Asset Disposition means an amount equal to the cash payments received (including any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when
received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or
other obligations relating to the properties or assets that are the subject of such Asset Disposition or received in any other
non-cash form) therefrom, in each case net of (i) all legal, title and recording tax expenses, commissions and other
fees and expenses incurred, and all Federal, state, provincial, foreign and local taxes required to be paid or to be accrued as
a liability under GAAP, in each case as a consequence of, or in

 

    29 

     

    

respect
of, such Asset Disposition (including as a consequence of any transfer of funds in connection with the application thereof in
accordance with Section 411), (ii) all payments made, and all installment payments required to be made, on
any Indebtedness (x) that is secured by any assets subject to such Asset Disposition, in accordance with the terms
of any Lien upon such assets, or (y) that must by its terms, or in order to obtain a necessary consent to such Asset
Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition, including but not limited to any
payments required to be made to increase borrowing availability under any revolving credit facility, (iii) all distributions
and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset
Disposition, or to any other Person (other than the Company or a Restricted Subsidiary) owning a beneficial interest in the assets
disposed of in such Asset Disposition, (iv) any liabilities or obligations associated with the assets disposed of
in such Asset Disposition and retained, indemnified or insured by the Company or any Restricted Subsidiary after such Asset Disposition,
including without limitation pension and other post-employment benefit liabilities, liabilities related to environmental matters,
and liabilities relating to any indemnification obligations associated with such Asset Disposition, and (v) the amount
of any purchase price or similar adjustment (x) claimed by any Person to be owed by the Company or any Restricted
Subsidiary, until such time as such claim shall have been settled or otherwise finally resolved, or (y) paid or payable
by the Company or any Restricted Subsidiary, in either case in respect of such Asset Disposition.

 

“Net
Cash Proceeds” with respect to any issuance or sale of any securities of the Company or any Subsidiary by the Company
or any Subsidiary, or any capital contribution, means the cash proceeds of such issuance, sale, contribution or Incurrence net
of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions
and brokerage, consultant and other fees actually incurred in connection with such issuance, sale, contribution or Incurrence
and net of all taxes paid or payable as a result, or in respect, thereof.

 

“Net
Income” means, with respect to any Person, the net income (loss) of such Person and its Restricted Subsidiaries, determined
in accordance with GAAP and before any reduction in respect of Preferred Stock dividends.

 

“Net
Short” means, with respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its
Short Derivative Instruments exceeds the sum of the (x) the value of its Notes plus (y) the value of its Long Derivative Instruments
as of such date of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or
Bankruptcy Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives
Definitions) to have occurred with respect to the Company or any Subsidiary Guarantor immediately prior to such date of determination.

 

“Non-U.S.
Person” means a Person who is not a U.S. person, as defined in Regulation S.

 

“Note
Documents” means the Notes (including any Additional Notes), the Subsidiary Guarantees and this Indenture.

 

“Notes”
means the Initial Notes and any Additional Notes that are actually issued. The Initial Notes and any Additional Notes subsequently
issued under this Indenture will be treated as a single class for all purposes under this Indenture, including waivers, amendments,
redemptions and offers to purchase, except for certain waivers and amendments as set forth herein.

 

“Obligations”
means, with respect to any Indebtedness, any principal, premium (if any), interest (including interest accruing on or after the
filing of any petition in bankruptcy or for reorganization relating to the Company or any Restricted Subsidiary whether or not
a claim for post-filing interest is allowed or allowable in such proceedings), fees, charges, expenses, reimbursement obligations,
Guarantees

 

    30 

     

    

of
such Indebtedness (or of Obligations in respect thereof), other monetary obligations of any nature and all other amounts payable
thereunder or in respect thereof.

 

“Offering
Memorandum” means the confidential Offering Memorandum of the Company, dated September 16, 2020, relating to the offering
of the Initial Notes.

 

“Officer”
means, with respect to the Company or any other obligor upon the Notes, the Chairman of the Board, the President, the Chief Executive
Officer, the Chief Financial Officer, any Vice President, the Controller, the Treasurer or the Secretary (a) of such
Person or (b) if such Person is owned or managed by a single entity, of such entity (or any other individual designated
as an “Officer” for the purposes of this Indenture by the Board of Directors).

 

“Officer’s
Certificate” means, with respect to the Company or any other obligor upon the Notes, a certificate signed by one Officer
of such Person.

 

“Open
Account Agreement” has the meaning specified in the ABL Facility Collateral Agreements.

 

“Open
Account Obligations” of any Person means the obligations of such Person pursuant to any Open Account Agreement.

 

“Opinion
of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may
be an employee of or counsel to the Company or the Trustee.

 

“Outstanding”
or “outstanding,” when used with respect to Notes means, as of the date of determination, all Notes theretofore
authenticated and delivered under this Indenture, except:

 

(i)  Notes
theretofore cancelled by the Trustee or delivered to the Trustee for cancellation;

 

(ii)  Notes
for whose payment or redemption money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent
in trust for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision therefor reasonably satisfactory to the Trustee has been made; and

 

(iii)  Notes
in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture.

 

A
Note does not cease to be Outstanding because the Company or any Affiliate of the Company holds the Note (and such Note shall
be deemed to be outstanding for purposes of this Indenture); provided that in determining whether the Holders of the requisite
amount of Outstanding Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder, Notes
owned by the Company or any Affiliate of the Company shall be disregarded and deemed not to be Outstanding, except that, for the
purpose of determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction,
notice, consent or waiver, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded.
Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the reasonable
satisfaction of the Trustee the pledgee’s right to act with respect to such Notes and that the pledgee is not the Company
or an Affiliate of the Company.

 

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“Parent
Entity” means, with respect to a Person, any direct or indirect parent of such Person, and, if not in reference to any
Person, any direct or indirect parent of the Company.

 

“Parent
Entity Expenses” means (i) costs (including all professional fees and expenses) incurred by any Parent Entity
in connection with maintaining its existence or in connection with its reporting obligations under, or in connection with compliance
with, applicable laws or applicable rules of any governmental, regulatory or self-regulatory body or stock exchange, this Indenture
or any other agreement or instrument relating to Indebtedness of the Company or any Restricted Subsidiary, including in respect
of any reports filed with respect to the Securities Act, the Exchange Act or the respective rules and regulations promulgated
thereunder, (ii) expenses incurred by any Parent Entity in connection with the acquisition, development, maintenance,
ownership, prosecution, protection and defense of its intellectual property and associated rights (including but not limited to
trademarks, service marks, trade names, trade dress, patents, copyrights and similar rights, including registrations and registration
or renewal applications in respect thereof; inventions, processes, designs, formulae, trade secrets, know-how, confidential information,
computer software, data and documentation, and any other intellectual property rights; and licenses of any of the foregoing) to
the extent such intellectual property and associated rights relate to the business or businesses of the Company or any Subsidiary
thereof, (iii) indemnification obligations of any Parent Entity owing to directors, officers, employees or other Persons
under its charter or by-laws or pursuant to written agreements with or for the benefit of any such Person, or obligations in respect
of director and officer insurance (including premiums therefor), (iv) other administrative and operational expenses
of any Parent Entity incurred in the ordinary course of business, (v) fees and expenses incurred by any Parent Entity in
connection with maintenance and implementation of any management equity incentive plan, and (vi) fees and expenses
incurred by any Parent Entity in connection with any offering of Capital Stock or Indebtedness, (w) which offering
is not completed, or (x) where the net proceeds of such offering are intended to be received by or contributed or
loaned to the Company or a Restricted Subsidiary, or (y) in a prorated amount of such expenses in proportion to the
amount of such net proceeds intended to be so received, contributed or loaned, or (z) otherwise on an interim basis
prior to completion of such offering so long as any Parent Entity shall cause the amount of such expenses to be repaid to the
Company or the relevant Restricted Subsidiary out of the proceeds of such offering promptly if completed.

 

“Paying
Agent” means any Person authorized by the Company to pay the principal of (and premium, if any) or interest on any Notes
on behalf of the Company; provided that neither the Company nor any of its Affiliates shall act as Paying Agent for purposes
of Section 1103 or Section 1205. The Trustee will initially act as Paying Agent for the Notes.

 

“Permitted
Investment” means an Investment by the Company or any Restricted Subsidiary in, or consisting of, any of the following:

 

(i)  
a Restricted Subsidiary, the Company, or a Person that will, upon the making of such Investment, become a Restricted Subsidiary
(and any Investment held by such Person that was not acquired by such Person, or made pursuant to a commitment by such Person
that was not entered into, in contemplation of so becoming a Restricted Subsidiary);

 

(ii)  
another Person if as a result of such Investment such other Person is merged or consolidated with or into, or transfers
or conveys all or substantially all its assets to, or is liquidated into, the Company or a Restricted Subsidiary (and, in each
case, any Investment held by such other Person that was not acquired by such Person, or made pursuant to a commitment by such
Person that was not entered into, in contemplation of such merger, consolidation or transfer);

 

(iii)  
Temporary Cash Investments, Investment Grade Securities or Cash Equivalents;

 

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(iv)  
receivables owing to the Company or any Restricted Subsidiary, if created or acquired in the ordinary course of business;

 

(v)  
any securities or other Investments received as consideration in, or retained in connection with, sales or other dispositions
of property or assets, including Asset Dispositions made in compliance with Section 411;

 

(vi)  
securities or other Investments received in settlement of debts created in the ordinary course of business and owing to,
or of other claims asserted by, the Company or any Restricted Subsidiary, or as a result of foreclosure, perfection or enforcement
of any Lien, or in satisfaction of judgments, including in connection with any bankruptcy proceeding or other reorganization of
another Person;

 

(vii)  
Investments in existence or made pursuant to legally binding written commitments in existence on the Issue Date, and in
each case any extension, modification, replacement, reinvestment or renewal thereof; provided that the amount of any such
Investment may be increased in such extension, modification, replacement, reinvestment or renewal only (x) as required
by the terms of such Investment or binding commitment as in existence on the Issue Date or (y) as otherwise permitted by
this Indenture;

 

(viii)  
Currency Agreements, Interest Rate Agreements, Commodities Agreements and related Hedging Obligations, which obligations
are Incurred in compliance with Section 407;

 

(ix)  
pledges or deposits (x) with respect to leases or utilities provided to third parties in the ordinary course
of business or (y) otherwise described in the definition of “Permitted Liens” or made in connection with
Liens permitted under Section 413;

 

(x)  
(1) Investments in or by any Receivables Subsidiary, or in connection with a Financing Disposition by, to,
in or in favor of any Receivables Subsidiary, including Investments of funds held in accounts permitted or required by the arrangements
governing such Financing Disposition or any related Indebtedness, or (2) any promissory note issued by the Company;

 

(xi)  
bonds secured by assets leased to and operated by the Company or any Restricted Subsidiary that were issued in connection
with the financing of such assets so long as the Company or any Restricted Subsidiary may obtain title to such assets at any time
by paying a nominal fee, canceling such bonds and terminating the transaction;

 

(xii)  
the Notes;

 

(xiii)  
any Investment to the extent made using Capital Stock of the Company (other than Disqualified Stock) or Junior Capital
as consideration;

 

(xiv)  
Management Advances;

 

(xv)  
Investments in Related Businesses in an aggregate amount outstanding at any time not to exceed an amount equal to the greater
of $100.0 million and 1.25% of Consolidated Tangible Assets;

 

(xvi)  
any transaction to the extent it constitutes an Investment that is permitted by and made in accordance with Section
412(b) (except transactions described in clauses (i), (v) and (vi)

 

    33 

     

    

of
Section 412(b)), including any Investment pursuant to any transaction described in Section 412(b)(ii) (whether or
not any Person party thereto is at any time an Affiliate of the Company);

 

(xvii)  
any Investment by any Captive Insurance Subsidiary in connection with its provision of insurance to the Company or its
Subsidiaries which Investment is made in the ordinary course of business of such Captive Insurance Subsidiary or by reason of
applicable law, rule, regulation or order, or is required or approved by any regulatory authority having jurisdiction over such
Captive Insurance Subsidiary or its business, as applicable;

 

(xviii)  
other Investments in an aggregate amount outstanding at any time not to exceed an amount equal to the greater of $100.0
million and 1.25% of Consolidated Tangible Assets;

 

(xix)  
Investments consisting of or to finance purchases and acquisitions of inventory, supplies, materials, services or equipment
or purchases of contract rights or licenses or leases of intellectual property in the ordinary course of business;

 

(xx)  
advances in the form of a prepayment of expenses, so long as such expenses are being paid in accordance with customary
trade terms of the Company or the Restricted Subsidiaries;

 

(xxi)  
any Investment in any Subsidiary of the Company or any joint venture in connection with intercompany cash management arrangements
or related activities arising in the ordinary course of business; and

 

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

 

If
any Investment pursuant to clause (xv) or (xviii) above, or Section 409(b)(vii) or Section 409(b)(xii), as
applicable, is made in any Person that is not a Restricted Subsidiary and such Person thereafter (A) becomes a Restricted
Subsidiary or (B) is merged or consolidated into, or transfers or conveys all or substantially all of its assets to,
or is liquidated into, the Company or a Restricted Subsidiary, then such Investment shall thereafter be deemed to have been made
pursuant to clause (i) or (ii) above, respectively, and not clause (xv) or (xviii) above, or Section 409(b)(vii)
or Section 409(b)(xi), as applicable.

 

“Permitted
Liens” means:

 

(a)  
Liens for taxes, assessments or other governmental charges not yet delinquent or the nonpayment of which in the aggregate
would not reasonably be expected to have a material adverse effect on the Company and its Restricted Subsidiaries, taken as a
whole, or that are being contested in good faith and by appropriate proceedings if adequate reserves with respect thereto are
maintained on the books of the Company or a Subsidiary thereof, as the case may be, in accordance with GAAP;

 

(b)  
Liens with respect to outstanding motor vehicle fines, and carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business in respect of obligations
that are not known to be overdue for a period of more than 60 days or that are bonded or that are being contested in good
faith and by appropriate proceedings;

 

    34 

     

    

(c)  
pledges, deposits or Liens in connection with workers’ compensation, professional liability insurance, insurance
programs, unemployment insurance and other social security and other similar legislation or other insurance-related obligations
(including, without limitation, pledges or deposits securing liability to insurance carriers under insurance or self-insurance
arrangements);

 

(d)  
pledges, deposits or Liens to secure the performance of bids, tenders, trade, government or other contracts (other than
for borrowed money), obligations for utilities, leases, licenses, statutory obligations, completion guarantees, surety, judgment,
appeal or performance bonds, other similar bonds, instruments or obligations, and other obligations of a like nature incurred
in the ordinary course of business;

 

(e)  
easements (including reciprocal easement agreements), rights-of-way, building, zoning and similar restrictions, utility
agreements, covenants, reservations, restrictions, encroachments, charges, and other similar encumbrances or title defects incurred,
or leases or subleases granted to others, in the ordinary course of business, which do not in the aggregate materially interfere
with the ordinary conduct of the business of the Company and its Subsidiaries, taken as a whole;

 

(f)  
Liens existing on, or provided for under written arrangements existing on, the Issue Date, or (in the case of any such
Liens securing Indebtedness of the Company or any of its Subsidiaries existing or arising under written arrangements existing
on the Issue Date) securing any Refinancing Indebtedness in respect of such Indebtedness (other than Indebtedness Incurred under
Section 407(b)(i) and secured under clause (k)(1) of this definition) so long as the Lien securing such Refinancing
Indebtedness is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or under such written arrangements would secure) the original Indebtedness;

 

(g)  
(i) mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have
been placed by any developer, landlord or other third party on property over which the Company or any Restricted Subsidiary of
the Company has easement rights or on any leased property and subordination or similar agreements relating thereto and (ii) any
condemnation or eminent domain proceedings affecting any real property;

 

(h)  
Liens securing Indebtedness or other obligations (including Liens securing any Obligations in respect thereof) consisting
of Hedging Obligations, Bank Products Obligations, Open Account Obligations, Purchase Money Obligations or Finance Lease Obligations
Incurred in compliance with Section 407;

 

(i)  
Liens arising out of judgments, decrees, orders or awards in respect of which the Company or any Restricted Subsidiary
shall in good faith be prosecuting an appeal or proceedings for review, which appeal or proceedings shall not have been finally
terminated, or if the period within which such appeal or proceedings may be initiated shall not have expired;

 

(j)  
leases, subleases, licenses or sublicenses to or from third parties;

 

(k)  
Liens securing Indebtedness (including Liens securing any Obligations in respect thereof) consisting of (1) Indebtedness
Incurred in compliance with Section 407(b)(i), (b)(iii) (other than Refinancing Indebtedness Incurred in respect
of Indebtedness described in Section 407(a)), (b)(iv), (b)(v), (b)(vii), (b)(viii) (other than
Section 407(b)(viii)(H)), (b)(xi), (b)(xiii), (b)(xv) or (b)(xvii), (2) the Existing
Secured Notes issued on the Reference Date and the Subsidiary Guarantees in respect thereof, (3) Indebtedness of any Restricted
Subsidiary that is not a Subsidiary Guarantor, or (4) obligations in respect

 

    35 

     

    

of
Management Advances or Management Guarantees; and in each case under the foregoing clauses (1) through (4) Liens securing any
Guarantee of any thereof;

 

(l)  
Liens existing on property or assets of a Person at, or provided for under written arrangements existing at, the time such
Person becomes a Subsidiary of the Company (or at the time the Company or a Restricted Subsidiary acquires such property or assets,
including any acquisition by means of a merger or consolidation with or into the Company or any Restricted Subsidiary); provided,
however, that such Liens and arrangements are not created in connection with, or in contemplation of, such other Person becoming
such a Subsidiary (or such acquisition of such property or assets), and that such Liens are limited to all or part of the same
property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or,
under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens relate; provided,
further, that for purposes of this clause (l), if a Person other than the Company is the Successor Company with respect
thereto, any Subsidiary thereof shall be deemed to become a Subsidiary of the Company, and any property or assets of such Person
or any such Subsidiary shall be deemed acquired by the Company or a Restricted Subsidiary, as the case may be, when such Person
becomes such Successor Company;

 

(m)  
Liens on Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary or any joint venture that is not
a Subsidiary of the Company that secure Indebtedness or other obligations of such Unrestricted Subsidiary or joint venture, respectively;

 

(n)  
any encumbrance or restriction (including, but not limited to, pursuant to put and call agreements or buy/sell arrangements)
with respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

(o)  
Liens securing Indebtedness (including Liens securing any Obligations in respect thereof) consisting of Refinancing Indebtedness
Incurred in respect of any Indebtedness (other than Indebtedness Incurred under Section 407(b)(i) and secured under clause (k)(1)
of this definition) secured by, or securing any refinancing, refunding, extension, renewal or replacement (in whole or in part)
of any other obligation secured by, any other Permitted Liens; provided that any such new Lien is limited to all or part
of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that
secured (or, under the written arrangements under which the original Lien arose, could secure) the obligations to which such Liens
relate;

 

(p)  
Liens (1) arising by operation of law (or by agreement to the same effect) in the ordinary course of business,
(2) on property or assets under construction (and related rights) in favor of a contractor or developer or arising
from progress or partial payments by a third party relating to such property or assets, (3) on receivables (including
related rights), (4) on cash set aside at the time of the Incurrence of any Indebtedness or government securities
purchased with such cash, in either case to the extent that such cash or government securities prefund the payment of interest
on such Indebtedness and are held in an escrow account or similar arrangement to be applied for such purpose, (5) securing
or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities
(including in connection with purchase orders and other agreements with customers), (6) in favor of the Company or
any Subsidiary (other than Liens on property or assets of the Company or any Subsidiary Guarantor in favor of any Subsidiary that
is not a Subsidiary Guarantor), (7) arising out of conditional sale, title retention, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business, (8) on inventory or other goods and proceeds
securing obligations in respect of bankers’ acceptances issued or created to facilitate the purchase, shipment or storage
of such inventory or other goods, (9) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft,
cash pooling or similar obligations incurred in the ordinary course of business, (10) attaching to commodity trading
or other brokerage accounts incurred in the ordinary course of business, (11) arising in connection

 

    36 

     

    

with
repurchase agreements permitted under Section 407 on assets that are the subject of such repurchase agreements, or (12)
in favor of any Receivables Subsidiary in connection with any Financing Disposition;

 

(q)  
other Liens securing Indebtedness or other obligations that in the aggregate at any time outstanding do not exceed an amount
equal to the greater of $200.0 million and 2.5% of Consolidated Tangible Assets at the time of Incurrence of such Indebtedness
or other obligations; and

 

(r)  
Liens securing Indebtedness (including Liens securing any Obligations in respect thereof) or other obligations of, or in
favor of, any Receivables Subsidiary, or in connection with a Specified Receivables Facility or otherwise Incurred pursuant to
Section 407(b)(ix).

 

For
purposes of determining compliance with this definition, (u) a Lien need not be incurred solely by reference to one
category of Permitted Liens described in this definition but may be incurred under any combination of such categories (including
in part under one such category and in part under any other such category), (v) in the event that a Lien (or any portion
thereof) meets the criteria of one or more of such categories of Permitted Liens, the Company shall, in its sole discretion, classify
or reclassify such Lien (or any portion thereof) in any manner that complies with this definition, (w) the principal
amount of Indebtedness secured by a Lien outstanding under any category of Permitted Liens shall be determined after giving effect
to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness, (x) any Lien securing
Indebtedness that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness shall also be permitted
to secure any increase in the amount of such Indebtedness in connection with the accrual of interest, the accretion of accreted
value, the payment of interest in the form of additional Indebtedness and the payment of dividends on Capital Stock constituting
Indebtedness in the form of additional shares of the same class of Capital Stock, (y) if any Indebtedness or other
obligation is secured by any Lien outstanding under any category of Permitted Liens measured by reference to a percentage of Consolidated
Tangible Assets at the time of incurrence of such Indebtedness or other obligations, and is refinanced by any Indebtedness or
other obligation secured by any Lien incurred by reference to such category of Permitted Liens, and such refinancing would cause
the percentage of Consolidated Tangible Assets to be exceeded if calculated based on the Consolidated Tangible Assets on the date
of such refinancing, such percentage of Consolidated Tangible Assets shall not be deemed to be exceeded (and such refinancing
Lien shall be deemed permitted) so long as the principal amount of such refinancing Indebtedness or other obligation does not
exceed an amount equal to the principal amount of such Indebtedness or other obligation being refinanced, plus the aggregate amount
of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest) incurred or payable
in connection with such refinancing and (z) if any Indebtedness or other obligation is secured by any Lien outstanding
under any category of Permitted Liens measured by reference to a dollar amount, and is refinanced by any Indebtedness or other
obligation secured by any Lien incurred by reference to such category of Permitted Liens, and such refinancing would cause such
dollar amount to be exceeded, such dollar amount shall not be deemed to be exceeded (and such refinancing Lien shall be deemed
permitted) so long as the principal amount of such refinancing Indebtedness or other obligation does not exceed an amount equal
to the principal amount of such Indebtedness being refinanced, plus the aggregate amount of fees, underwriting discounts, premiums
and other costs and expenses (including accrued and unpaid interest) incurred or payable in connection with such refinancing.

 

“Person”
means any individual, partnership, corporation, limited liability company, joint stock company, business trust, trust, unincorporated
association, joint venture or other entity, or a government or political subdivision or agency thereof.

 

“Place
of Payment” means a city or any political subdivision thereof in which any Paying Agent appointed pursuant to Article III
is located.

 

    37 

     

    

“Predecessor
Notes” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 306
in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed
or stolen Note.

 

“Preferred
Stock” as applied to the Capital Stock of any corporation or company means Capital Stock of any class or classes (however
designated) that by its terms is preferred as to the payment of dividends, or as to the distribution of assets upon any voluntary
or involuntary liquidation or dissolution of such corporation or company, over Capital Stock of any other class of such corporation
or company.

 

“Purchase
Money Obligations” means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction or
improvement of property (real or personal) or assets, and whether acquired through the direct acquisition of such property or
assets or the acquisition of the Capital Stock of any Person owning such property or assets, or otherwise.

 

“QIB”
means a “qualified institutional buyer,” as that term is defined in Rule 144A.

 

“Rating
Agency” means Moody’s or S&P or, if Moody’s or S&P or both shall not make a rating on the Notes
publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company
which shall be substituted for Moody’s or S&P or both, as the case may be.

 

“Receivable”
means a right to receive payment pursuant to an arrangement with another Person pursuant to which such other Person is obligated
to pay, as determined in accordance with GAAP.

 

“Receivables
Facility” means any of one or more transactions pursuant to which the Company or any of the Restricted Subsidiaries
sells or conveys Receivables Facility Assets to a Receivables Subsidiary that borrows or issues debt on a secured basis against
Receivables Facility Assets.

 

“Receivables
Facility Assets” means (a) Accounts and, in each case, any related assets and rights (including any collateral securing
such Accounts, any contract rights in respect of such Accounts, proceeds collected on such Accounts, lockbox accounts into which
such proceeds are collected and related records) customarily transferred in connection with similar receivables financing or securitization
transactions and/or (b) Capital Stock issued by any Receivables Subsidiary;

 

“Receivables
Facility Guarantee” means (i) any guarantee of performance and related indemnification entered into by the Company or
any Restricted Subsidiary in respect of the obligations of a seller or servicer of Receivables Facility Assets in a Receivables
Facility or (ii) any other guarantee of performance entered into by the Company or any Restricted Subsidiary which the Company
has determined in good faith to be customary in a Receivables Facility.

 

“Receivables
Subsidiary” means a Subsidiary (x) formed as a special purpose entity for the purpose of facilitating or entering into
one or more Specified Receivables Facilities and (y) engaged only in activities reasonably related or incidental to Specified
Receivables Facilities (it being understood and agreed that any entity formed solely for the purpose of holding any bank account
into which collections or other proceeds of Receivables Facility Assets are paid shall satisfy the requirement in clause (y) above).

 

“Redemption
Date,” when used with respect to any Note to be redeemed or purchased, means the date fixed for such redemption or purchase
by or pursuant to this Indenture and the Notes.

 

“Reference
Date” means June 18, 2020.

 

    38 

     

    

“refinance”
means refinance, refund, replace, renew, repay, modify, restate, defer, substitute, exchange. supplement, reissue, resell or extend
(including pursuant to any defeasance or discharge mechanism); and the terms “refinances,” “refinanced”
and “refinancing” as used for any purpose in this Indenture shall have a correlative meaning.

 

“Refinancing
Indebtedness” means Indebtedness that is Incurred to refinance any Indebtedness (or unutilized commitment in respect
of Indebtedness) existing on the date of this Indenture or Incurred (or established) in compliance with this Indenture (including
Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary (to the extent permitted in this Indenture)
and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the Company or of another Restricted Subsidiary)
including Indebtedness that refinances Refinancing Indebtedness, and Indebtedness Incurred pursuant to a commitment that refinances
any Indebtedness or unutilized commitment; provided, that (1) if the Indebtedness being refinanced is Subordinated
Obligations or Guarantor Subordinated Obligations, the Refinancing Indebtedness has a final Stated Maturity at the time such Refinancing
Indebtedness is Incurred that is equal to or greater than the final Stated Maturity of the Indebtedness being refinanced (or if
shorter, of the Notes), (2) such Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued
with original issue discount, an aggregate issue price) that is equal to or less than the sum of (x) the aggregate
principal amount then outstanding of the Indebtedness being refinanced, plus (y) an amount equal to any unutilized
commitment relating to the Indebtedness being refinanced or otherwise then outstanding under a Credit Facility or other financing
arrangement being refinanced to the extent the unutilized commitment being refinanced could be drawn in compliance with Section 407
immediately prior to such refinancing, plus (z) fees, underwriting discounts, premiums and other costs and expenses
(including accrued and unpaid interest) Incurred or payable in connection with such refinancing and (3) Refinancing
Indebtedness shall not include (x) Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor that
refinances Indebtedness of the Company or a Subsidiary Guarantor that could not have been initially Incurred by such Restricted
Subsidiary pursuant to Section 407 or (y) Indebtedness of the Company or a Restricted Subsidiary that
refinances Indebtedness of an Unrestricted Subsidiary.

 

“Regular
Record Date” for the interest payable on any applicable Interest Payment Date means March 15 and September 15 (whether
or not a Business Day) immediately preceding such Interest Payment Date.

 

“Regulated
Bank” means a commercial bank with a consolidated combined capital surplus of at least $5,000,000,000 that is (i) a
U.S. depository institution the deposits of which are insured by the Federal Deposit Insurance Corporation; (ii) a corporation
organized under section 25A of the U.S. Federal Reserve Act of 1913; (iii) a branch, agency or commercial lending company of a
foreign bank operating pursuant to approval by and under the supervision of the Board of Governors under 12 CFR part 211; (iv)
a non-U.S. branch of a foreign bank managed and controlled by a U.S. branch referred to in clause (iii); or (v) any other
U.S. or non U.S. depository institution or any branch, agency or similar office thereof supervised by a bank regulatory authority
in any jurisdiction.

 

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

 

“Regulation S
Certificate” means a certificate substantially in the form attached hereto as Exhibit D.

 

“Related
Business” means those businesses in which the Company or any of its Subsidiaries is engaged on the Issue Date, or that
are similar, related, complementary, incidental or ancillary thereto or extensions, developments or expansions thereof.

 

    39 

     

    

“Relevant
Period” has the meaning assigned to such term in the definition of “Below Investment Grade Rating Event”.

 

“Representative”
means, with respect to any Person, such Person’s designated agent.

 

“Resale
Restriction Termination Date” means, with respect to any Note, the date that is one year (or such other period as may
hereafter be provided under Rule 144 under the Securities Act or any successor provision thereto as permitting the resale
by non-affiliates of Restricted Securities without restriction) after the later of the original issue date in respect of such
Note and the last date on which the Company or any Affiliate of the Company was the owner of such Note (or any Predecessor Note
thereto).

 

“Restricted
Payment Transaction” means any Restricted Payment permitted pursuant to Section 409, any Permitted Payment, any
Permitted Investment, or any transaction specifically excluded from the definition of the term “Restricted Payment”
(including pursuant to the exception contained in clause (i) of such definition and the parenthetical exclusions contained
in clauses (ii) and (iii) of such definition).

 

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

 

“Restricted
Security” has the meaning assigned to such term in Rule 144(a)(3) under the Securities Act; provided, however,
that the Trustee shall be entitled to receive, at its request, and conclusively rely on an Opinion of Counsel with respect to
whether any Note constitutes a Restricted Security.

 

“Restricted
Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary.

 

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

 

“Screened
Affiliate” means any Affiliate of a Holder (i) that makes investment decisions independently from such Holder and
any other Affiliate of such Holder that is not a Screened Affiliate, (ii) that has in place customary information screens
between it and such Holder and any other Affiliate of such Holder that is not a Screened Affiliate and such screens prohibit the
sharing of information with respect to the Company or its Subsidiaries, (iii) whose investment policies are not directed
by such Holder or any other Affiliate of such Holder that is acting in concert with such Holder in connection with its investment
in the Notes, and (iv) whose investment decisions are not influenced by the investment decisions of such Holder or any other
Affiliate of such Holder that is acting in concert with such Holder in connection with its investment in the Notes.

 

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

 

“Secured
Notes Collateral Agent” means U.S. Bank National Association in its capacity as “Collateral Agent” under
the indenture and the related collateral documentation with respect to the Secured Notes or any successor or assign thereto in
such capacity.

 

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

 

“Senior
Indebtedness” means any Indebtedness of the Company or any Restricted Subsidiary other than, (x) in the
case of the Company, Subordinated Obligations and (y) in the case of any Subsidiary Guarantor, Guarantor Subordinated
Obligations.

 

    40 

     

    

“Short
Derivative Instrument” means a Derivative Instrument (i) the value of which generally decreases, and/or the payment
or delivery obligations under which generally increase, with positive changes to the Performance References and/or (ii) the
value of which generally increases, and/or the payment or delivery obligations under which generally decrease, with negative changes
to the Performance References.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” of the Company within
the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, as such Regulation is in effect on the Issue Date (including
pursuant to SEC amendments adopted prior to the Issue Date but not yet effective).

 

“Special
Purpose Financing Fees” means distributions or payments made directly or by means of discounts with respect to any participation
interest issued or sold in connection with, and other fees paid to a Person that is not a Restricted Subsidiary in connection
with, any Specified Receivables Facility.

 

“Special
Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 307.

 

“Specified
Receivables Facility” means any Receivables Facility that meets the following conditions: (a) the Company shall have
determined in good faith that such Receivables Facility (including financing terms, covenants, termination events and other provisions)
is in the aggregate economically fair, reasonable and beneficial to the Company; (b) all sales or other conveyances of Receivables
Facility Assets by the Company or applicable Restricted Subsidiary to any Receivables Subsidiary are made for fair market value;
(c) the financing terms, covenants, termination events and other provisions thereof shall be on market terms (as determined by
the Company in good faith) and may include Standard Receivables Undertakings; and (d) the obligations under such Receivables Facility
shall not be guaranteed by, or secured by assets of, the Company or any of its Restricted Subsidiaries, other than a Receivables
Subsidiary (it being agreed that the foregoing shall not prohibit Standard Receivables Undertakings, or precautionary financing
statements or similar filings, in respect of Receivables Facility Assets).

 

“Standard
Receivables Undertakings” means any Receivables Facility Guarantee and/or any representations, warranties, covenants
and indemnities entered into by the Company or any Restricted Subsidiary which the Company has determined in good faith to be
customary in a Receivables Facility, including, without limitation, those relating to the servicing of the assets of a Receivables
Subsidiary.

 

“Stated
Maturity” means, with respect to any Indebtedness, the date specified in such Indebtedness as the fixed date on which
the payment of principal of such Indebtedness is due and payable, including pursuant to any mandatory redemption provision (but
excluding any provision providing for the repurchase or repayment of such Indebtedness at the option of the holder thereof upon
the happening of any contingency).

 

“Subordinated
Obligations” means any Indebtedness of the Company (whether outstanding on the date of this Indenture or thereafter
Incurred) that is expressly subordinated in right of payment to the Notes pursuant to a written agreement.

 

“Subsidiary”
of any Person means any corporation, association, partnership or other business entity of which more than 50.0% of the total voting
power of shares of Capital Stock or other equity interests (including partnership interests) entitled (without regard to the occurrence
of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly
or indirectly, by (i) such Person or (ii) one or more Subsidiaries of such Person.

 

    41 

     

    

“Subsidiary
Guarantee” means any guarantee of the Notes that may from time to time be entered into by a Restricted Subsidiary of
the Company on the Issue Date or after the Issue Date pursuant to Section 414. As used in this Indenture, “Subsidiary
Guarantee” refers to a Subsidiary Guarantee of the Notes.

 

“Subsidiary
Guarantor” means any Restricted Subsidiary of the Company that enters into a Subsidiary Guarantee, in each case, unless
and until such Subsidiary is released from such Subsidiary Guarantee in accordance with the terms of this Indenture.

 

“S&P”
means S&P Global, Inc., a division of The McGraw-Hill Companies, Inc., and its successors.

 

“Temporary
Cash Investments” means any of the following: (i) any investment in (x) direct obligations of
the United States of America, Canada, a member state of the European Union or any country in whose currency funds are being held
pending their application in the making of an investment or capital expenditure by the Company or a Restricted Subsidiary in that
country or with such funds, or any agency or instrumentality of any thereof, or obligations Guaranteed by the United States of
America or a member state of the European Union or any country in whose currency funds are being held pending their application
in the making of an investment or capital expenditure by the Company or a Restricted Subsidiary in that country or with such funds,
or any agency or instrumentality of any of the foregoing, or obligations guaranteed by any of the foregoing or (y) direct
obligations of any foreign country recognized by the United States of America rated at least “A” by S&P or “A-1”
by Moody’s (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s
then exists, the equivalent of such rating by any nationally recognized rating organization), (ii) overnight bank
deposits, and investments in time deposit accounts, certificates of deposit, bankers’ acceptances and money market deposits
(or, with respect to foreign banks, similar instruments) maturing not more than one year after the date of acquisition thereof
issued by (x) any bank or other institutional lender under a Credit Facility or any affiliate thereof or (y) a
bank or trust company that is organized under the laws of the United States of America, any state thereof or any foreign country
recognized by the United States of America having capital and surplus aggregating in excess of $250.0 million (or the foreign
currency equivalent thereof) and whose long term debt is rated at least “A” by S&P or “A-1” by Moody’s
(or, in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists,
the equivalent of such rating by any nationally recognized rating organization) at the time such Investment is made, (iii) repurchase
obligations for underlying securities or instruments of the types described in clause (i) or (ii) above entered into with
a bank meeting the qualifications described in clause (ii) above, (iv) Investments in commercial paper, maturing
not more than 24 months after the date of acquisition, issued by a Person (other than that of the Company or any of its Subsidiaries),
with a rating at the time as of which any Investment therein is made of “P-2” (or higher) according to Moody’s
or “A-2” (or higher) according to S&P (or, in either case, the equivalent of such rating by such organization
or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any nationally recognized rating organization),
(v) Investments in securities maturing not more than 24 months after the date of acquisition issued or fully guaranteed
by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof,
and rated at least “BBB-” by S&P or “Baa3” by Moody’s (or, in either case, the equivalent of
such rating by such organization or, if no rating of S&P or Moody’s then exists, the equivalent of such rating by any
nationally recognized rating organization), (vi) Indebtedness or Preferred Stock (other than of the Company or any
of its Subsidiaries) having a rating of “A” or higher by S&P or “A2” or higher by Moody’s (or,
in either case, the equivalent of such rating by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any nationally recognized rating organization), (vii) investment funds investing 95.0%
of their assets in securities of the type described in clauses (i) through (vi) above (which funds may also hold cash pending
investment and/or distribution), (viii) any money market deposit accounts issued or offered by a domestic commercial
bank or a commercial bank

 

    42 

     

    

organized
and located in a country recognized by the United States of America, in each case, having capital and surplus in excess of $250.0
million (or the foreign currency equivalent thereof), or investments in money market funds subject to the risk limiting conditions
of Rule 2a-7 (or any successor rule) of the SEC under the Investment Company Act of 1940, as amended, and (ix) similar
investments approved by the Board of Directors in the ordinary course of business.

 

“TIA”
means the Trust Indenture Act of 1939 (15 U.S.C. §§77aaa-77bbbb) as in effect on the date of this Indenture, except
as otherwise provided herein.

 

“Trade
Payables” means, with respect to any Person, any accounts payable or any indebtedness or monetary obligation to trade
creditors created, assumed or guaranteed by such Person arising in the ordinary course of business in connection with the acquisition
of goods or services.

 

“Transactions”
means, collectively, any or all of the following: (i) the entry into this Indenture, and the offer and issuance of the
Notes, (ii) the concurrent cash tender offers for certain of the Company’s outstanding 5.625% senior notes due 2022, 5.625%
senior notes due 2023, 7.600% senior notes due 2037 and 6.950% exchange debentures due 2033, (iii) the redemption of all of the
Company's outstanding 6.625% senior notes due 2021 and (iv) all other transactions relating to any of the foregoing (including
payment of fees and expenses related to any of the foregoing).

 

“Treasury
Rate” means, with respect to a Redemption Date, the weekly average rounded to the nearest 1/100th of a percentage point
(for the most recently completed week for which such information is available as of the date that is two Business Days prior to
such Redemption Date) of the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the Federal Reserve Statistical Release H.15 with respect to each applicable day during
such week (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most
nearly equal to the period from such Redemption Date to October 1, 2025; provided, however, that if the period from
the Redemption Date to such date is not equal to the constant maturity of a United States Treasury security for which such yield
is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the
weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the
Redemption Date to such date is less than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year shall be used.

 

“Trust
Officer” means any corporate trust officer or any other officer or assistant officer of the Trustee customarily performing
functions similar to those performed by the persons who at the time shall be such corporate trust officers who shall have direct
responsibility for the administration of this Indenture, or any other officer of the Trustee to whom a corporate trust matter
is referred because of his or her knowledge of and familiarity with the particular subject.

 

“Trustee”
means the party named as such in this Indenture until a successor replaces it and, thereafter, means the successor.

 

“U.S.
Government Obligation” means (x) any security that is (i) a direct obligation of the United
States of America for the payment of which the full faith and credit of the United States of America is pledged or (ii) an
obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which,
in either case under the preceding clause (i) or (ii) is not callable or redeemable at the option of the issuer thereof,
and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian
with respect to any U.S. Government Obligation that is specified in clause (x) above and held by such bank for the account

 

    43 

     

    

of
the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government
Obligation that is so specified and held, 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 depositary receipt from any amount received by the custodian
in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

 

“Uniform
Commercial Code” means the Uniform Commercial Code as in effect in the state of New York from time to time.

 

“Unrestricted
Subsidiary” means (i) each ETC Entity and each of its Subsidiaries and Retail Transportation Company and each
of its Subsidiaries, (ii) any Subsidiary of the Company that at the time of determination is an Unrestricted Subsidiary,
as designated by the Board of Directors in the manner provided below, and (iii) any Subsidiary of an Unrestricted
Subsidiary. The Board of Directors may designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary
of the Company) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness
of, or owns or holds any Lien on any property of, the Company or any other Restricted Subsidiary of the Company that is not a
Subsidiary of the Subsidiary to be so designated; provided, that (A) the Subsidiary to be so designated has
total consolidated assets of $1,000 or less or (B) if such Subsidiary has consolidated assets greater than $1,000,
then such designation would be permitted under Section 409. The Board of Directors may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided, that immediately after giving effect to such designation (x) the Company
could Incur at least $1.00 of additional Indebtedness under Section 407(a) or (y) the Consolidated Coverage
Ratio would be greater than it was immediately prior to giving effect to such designation or (z) such Subsidiary shall
be a Receivables Subsidiary with no Indebtedness outstanding other than Indebtedness that can be Incurred (and upon such designation
shall be deemed to be Incurred and outstanding) pursuant to Section 407(b)(ix). Any such designation by the Board of Directors
shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the resolution of the Company’s Board of
Directors giving effect to such designation and an Officer’s Certificate of the Company certifying that such designation
complied with the foregoing provisions.

 

“VS
Business” means the Company’s business conducted under the Victoria’s Secret and PINK brands.

 

“VS
Entities” means each of the Company’s Subsidiaries that are engaged primarily in the conduct of the VS Business.

 

“VS
Holdco” means an entity that, together with its Subsidiaries, holds no material assets (other than assets necessary
or appropriate for the conduct of the VS Business) and holds all material liabilities related to the VS Business (in each case
as determined in good faith by the Company).

 

“VS
Spin Transaction” means one or more transactions involving (i) the payment of a dividend or other distribution on the
common stock of the Company of, or other distribution in respect of the common stock of the Company of, equity interests of VS
Holdco, or (ii) the exchange of equity interests of VS Holdco for common stock of the Company.

 

“Wholly
Owned Domestic Restricted Subsidiary” means as to any Person, any Wholly Owned Domestic Subsidiary of such Person that
is not an Unrestricted Subsidiary.

 

“Wholly
Owned Domestic Subsidiary” means as to any Person, any Domestic Subsidiary of such Person, and of which such Person
owns, directly or indirectly through one or more Wholly Owned Domestic Subsidiaries, all of the Capital Stock of such Domestic
Subsidiary.

 

    44 

     

    

Section
102.  
Other Definitions.

 

	Term	Defined in Section
	“Act”	108
	“Affiliate Transaction”	412
	“Agent Members”	312
	“Amendment”	410
	“Authentication Order”	303
	“Bankruptcy Law”	601
	“Certificate of Beneficial Ownership”	313
	“Change of Control Offer”	415
	“Covenant Defeasance”	1203
	“Custodian”	601
	“Declined Excess Proceeds”	411
	“Defaulted Interest”	307
	“Defeasance”	1202
	“Defeased Notes”	1201
	“Directing Holder	608
	“Discharge” 	101
	“Event of Default”	601
	“Excess Proceeds”	411
	“Expiration Date”	108
	“Global Notes”	201
	“Initial Agreement”	410
	“Initial Lien”	413
	“LCT Election”	123
	“LCT Test Date”	123
	“Material Intellectual
        Property”

        

        “Note Register”
and “Note Registrar” 
	418

        

        305 

	“Noteholder Direction”
        

        

        “Notice of Default” 
	608

        

        601 

	“Offer”	411
	“Permanent Regulation S Global Notes”	201
	“Permitted Payment”	409
	“Physical Notes”	201
	“Position Representation” 	608
	“Private Placement Legend”	203
	“Ratio Tested Committed Amount”	407
	Refinancing Agreement”	410
	“Refunding Capital Stock” 	409
	“Regulation S Global Notes”	201
	“Regulation S Note Exchange Date”	313
	“Regulation S Physical Notes”	201
	“Reporting Date”	405
	“Restricted Payment”	409
	“Reversion Time”	416
	“Rule 144A Global Notes”	201
	“Rule 144A Physical Notes”	201
	“Subsidiary Guaranteed Obligations”	1301
	“Successor Company”	501
	“Suspended Covenants”	416
	“Suspension Date”	416
	“Suspension Period”	416
	“Treasury Capital Stock” 	409
	“Verification Covenant” 	608

    45 

     

    

Section
103.  
Rules of Construction. For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

 

(1)  
the terms defined in this Indenture have the meanings assigned to them in this Indenture;

 

(2)  
“or” is not exclusive;

 

(3)  
all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP;

 

(4)  
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;

 

(5)  
all references to “$” or “dollars” shall refer to the lawful currency of the United
States of America;

 

(6)  
the words “include,” “included” and “including,” as used herein,
shall be deemed in each case to be followed by the phrase “without limitation,” if not expressly followed by
such phrase or the phrase “but not limited to”;

 

(7)  
words in the singular include the plural, and words in the plural include the singular;

 

(8)  
references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor
sections or rules adopted by the SEC from time to time;

 

(9)  
any reference to a Section, Article or clause refers to such Section, Article or clause of this Indenture; and

 

(10)  notwithstanding
any provision of this Indenture, no provision of the TIA shall apply or be incorporated by reference into this Indenture or the
Notes, except as specifically set forth in this Indenture.

 

Section
104.  
[Reserved].

 

Section
105.  
[Reserved].

 

Section
106.  
Compliance Certificates and Opinions. Upon any application or request by the Company or by any other obligor upon
the Notes (including any Subsidiary Guarantor) to the Trustee to take any action under any provision of this Indenture, the Company
or such other obligor (including any Subsidiary Guarantor), as the case may be, shall furnish to the Trustee such certificates
and opinions as

 

    46 

     

    

may
be required under this Indenture. Each such certificate or opinion shall be given in the form of one or more Officer’s Certificates,
if to be given by an Officer, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of this
Indenture. Notwithstanding the foregoing, in the case of any such request or application as to which the furnishing of any Officer’s
Certificate or Opinion of Counsel is specifically required by any provision of this Indenture relating to such particular request
or application, no additional certificate or opinion need be furnished.

 

Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (except for certificates
provided for in Section 406) shall include:

 

(1)  
a statement that the individual signing such certificate or opinion has read such covenant or condition, as applicable,
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 such individual, he or she made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition, as applicable, has been complied
with; and

 

(4)  
a statement as to whether, in the opinion of such individual, such condition or covenant, as applicable, has been complied
with.

 

Section
107.  
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 may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, counsel, unless such Officer knows that the certificate or opinion or representations with respect to the
matters upon which his certificate or opinion is based are erroneous. Any such certificate or opinion of counsel may be based,
insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an Officer or Officers to the
effect that the information with respect to such factual matters is in the possession of the Company, unless such counsel knows
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
108.  
Acts of Noteholders; Record Dates. (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee,
and, where it is hereby expressly required, to the Company, as the case may be. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient
for any

 

    47 

     

    

purpose
of this Indenture and (subject to Section 701) conclusive in favor of the Trustee, the Company, and any other obligor
upon the Notes, if made in the manner provided in this Section 108.

 

(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 the certificate of any 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 an officer of a corporation or a member of a partnership or other legal entity other than an individual, on behalf
of such corporation or partnership or entity, such certificate or affidavit shall also constitute sufficient proof of such Person’s
authority. The fact and date of the execution of any such instrument or writing, or the authority of the person executing the
same, may also be proved in any other manner that the Trustee deems sufficient.

 

(c)  
The ownership of Notes shall be proved by the Note Register.

 

(d)  
Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall
bind the Holder of every Note issued upon the transfer thereof or in exchange therefor or in lieu thereof, in respect of anything
done, suffered or omitted to be done by the Trustee, the Company or any other obligor upon the Notes in reliance thereon, whether
or not notation of such action is made upon such Note.

 

(e)  
(i) The Company may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled
to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted
by this Indenture to be given, made or taken by Holders of Notes, provided that the Company may not set a record date for,
and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request
or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Notes on such record date (or their duly designated proxies), and no other Holders, shall be entitled to take the relevant action,
whether or not such Persons remain Holders after such record date; provided that no such action shall be effective hereunder
unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on
such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Company, at its expense, shall cause notice of such record date,
the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of
Notes in the manner set forth in Section 110.

 

(ii)  
The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to
join in the giving or making of (A) any Notice of Default, (B) any declaration of acceleration referred
to in Section 602, (C) any request to institute proceedings referred to in Section 607(ii)
or (D) any direction referred to in Section 612, in each case with respect to Notes. If any record date
is set pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled
to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by
Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed
to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant
to this paragraph (whereupon the record date previously set shall automatically and with no action by any

 

    48 

     

    

Person
be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders
of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed
action by Holders and the applicable Expiration Date to be given to the Company in writing and to each Holder of Notes in the
manner set forth in Section 110.

 

(iii)  
With respect to any record date set pursuant to this Section 108, the party hereto that sets such record dates
may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any
earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date
is given to the Company or the Trustee, whichever such party is not setting a record date pursuant to this Section 108(e)
in writing, and to each Holder of Notes in the manner set forth in Section 110, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 108, the
party hereto that set such record date shall be deemed to have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date.

 

(iv)  
Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular
Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each
of which may do so pursuant to such appointment with regard to all or any part of such principal amount.

 

(v)  
Without limiting the generality of the foregoing, a Holder, including the Depositary, that is the Holder of a Global Note,
may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice,
consent, waiver or other action provided in this Indenture to be made, given or taken by Holders, and the Depositary, as the Holder
of a Global Note, may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such
depositary’s standing instructions and customary practices.

 

(vi)  
The Company may fix a record date for the purpose of determining the persons who are beneficial owners of interests in
any Global Note held by the Depositary entitled under the procedures of such depositary to make, give or take, by a proxy or proxies
duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in
this Indenture to be made, given or taken by Holders. If such a record date is fixed, the Holders on such record date or their
duly appointed proxy or proxies, and only such persons, shall be entitled to make, give or take such request, demand, authorization
direction, notice consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such
request, demand, authorization, direction, notice, consent, waiver or other action shall be valid or effective if made, given
or taken more than 90 days after such record date.

 

Section
109.  
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 or by any other obligor upon the Notes shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at 10 W Broad St, Columbus, OH 43215 CN-OH-BD12,
Attention: Scott R. Miller, Vice President (telephone: 614-849-3402; email: scott.miller6@usbank.com) or at any other address
furnished in writing to the Company by the Trustee,

 

    49 

     

    

(2)  
the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder if in writing and mailed, first
class postage prepaid, to the Company at Three Limited Parkway, Columbus, Ohio 43230 or at any other address furnished in writing
to the Trustee by the Company,

 

(3)  
the Company or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices
or communications.

 

Section
110.  
Notices to Holders; Waiver. Where this Indenture provides for notice to Holders of any event, such notice shall
be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, or by
overnight air courier guaranteeing next day delivery, to each Holder, at such Holder’s address as it appears in the Note
Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In
any case where notice to Holders 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.

 

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.

 

In
case, by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail notice
of any event as required by any provision of this Indenture, then such notification as shall be made with the approval of the
Trustee (such approval not to be unreasonably withheld) shall constitute a sufficient notification for every purpose hereunder.

 

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

 

Section
111.  
Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are
for convenience only and shall not affect the construction hereof.

 

Section
112.  
Successors and Assigns. All covenants and agreements in this Indenture by the Company shall bind its respective
successors and assigns, whether so expressed or not. All agreements of the Trustee in this Indenture shall bind their respective
successors.

 

Section
113.  
Separability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
114.  
Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, any Paying Agent and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

 

Section
115.  
Governing Law. THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK. THE TRUSTEE, THE COMPANY, ANY

 

    50 

     

    

OTHER
OBLIGOR IN RESPECT OF THE NOTES, EACH SUBSIDIARY GUARANTOR AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO SUBMIT
TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW YORK IN
ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE NOTES.

 

Section
116.  
Waiver of Trial by Jury. Each of the parties hereto hereby waives the right to trial by jury with respect to any
litigation directly or indirectly arising out of, under or in connection with this Indenture.

 

Section
117.  
Legal Holidays. In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Note shall
not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Notes) payment
of interest or principal and premium (if any) need not be made at such Place of Payment on such date, but 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 or Redemption
Date, or at the Stated Maturity, and no interest shall accrue on such payment for the intervening period.

 

Section
118.  
No Personal Liability of Directors, Managers, Officers, Employees, Incorporators and Stockholders. No past, present
or future director, manager, officer, employee, incorporator, member, partner or stockholder of the Company, any Subsidiary Guarantor
or any Subsidiary of any thereof, in their respective capacities as such, shall have any liability for any obligation of the Company
or any Subsidiary Guarantor under the Note Documents, or for any claim based on, in respect of, or by reason of, any such obligation
or its creation. Each Noteholder, by accepting the Notes, waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes.

 

Section
119.  
Exhibits and Schedules. All exhibits and schedules attached hereto are by this reference made a part hereof with
the same effect as if herein set forth in full.

 

Section
120.  
Counterparts. This Indenture may be executed in any number of counterparts, each of which shall be an original;
but such counterparts shall together constitute but one and the same instrument. Delivery of an executed counterpart of this Indenture
by facsimile, electronically in portable document format (including any electronic signature covered by the U.S. federal ESIGN
Act of 2000, Uniform Electronic Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g.,
www.docusign.com) or in any other format will be effective as delivery of a manually executed counterpart. The Company agrees
to assume all risks arising out of the use of using electronic signatures and electronic methods to submit communications to the
Trustee, including without limitation the risk of Trustee acting on unauthorized instructions, and the risk of interception and
misuse by third parties. Trustee shall not have any duty to confirm that the person sending any notice instruction or other communication
(a “Notice”) by electronic transmission (including by e-mail, facsimile transmission, web portal or other electronic
methods) is, in fact, a person authorized to do so. Electronic signatures believed by Trustee to comply with the ESIGN Act of
2000 or other applicable law (including electronic images of handwritten signatures and digital signatures provided by DocuSign,
Orbit, Adobe Sign or any other digital signature provider acceptable to Trustee) shall be deemed original signatures for all purposes.
Notwithstanding the foregoing, Trustee may in any instance and in its sole discretion require that an original document bearing
a manual signature be delivered to Trustee in lieu of, or in addition to, any such electronic Notice.

 

Section
121.  
Force Majeure. To the extent permitted by the TIA, in no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond
its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances,
nuclear or natural

 

    51 

     

    

catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services
(it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances).

 

Section
122.  
USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326 of the USA PATRIOT Act, the
Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required
to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens
an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee (acting in any capacity hereunder)
with such information as it may reasonably request in order for the Trustee to satisfy the requirements of the USA PATRIOT Act.

 

Section
123.  
Limited Condition Transaction and Incurrence-Based Amounts.

 

(a)  
In connection with any action being taken in connection with a Limited Condition Transaction, for purposes of determining
compliance with any provision of this Indenture which requires that no Default, Event of Default or specified Event of Default,
as applicable, has occurred, is continuing or would result from any such action, as applicable, such condition shall, at the option
of the Company, be deemed satisfied, so long as no Default, Event of Default or specified Event of Default, as applicable, exists
on the date the definitive agreements for such Limited Condition Transaction are entered into or irrevocable notice of redemption,
repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is given.
For the avoidance of doubt, if the Company has exercised its option under the first sentence of this Section 123,
and any Default, Event of Default or specified Event of Default, as applicable, occurs following the date the definitive agreements
for the applicable Limited Condition Transaction were entered into or irrevocable notice of redemption, repurchase, defeasance,
satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred Stock is given and prior to the consummation
of such Limited Condition Transaction, any such Default, Event of Default or specified Event of Default, as applicable, shall
be deemed to not have occurred or be continuing for purposes of determining whether any action being taken in connection with
such Limited Condition Transaction is permitted hereunder.

 

In
connection with any action being taken in connection with a Limited Condition Transaction, for purposes of:

 

(i)  
determining compliance with any provision of this Indenture which requires the calculation of the Consolidated Coverage
Ratio, the Consolidated Secured Leverage Ratio or the Consolidated Total Leverage Ratio; or

 

(ii)  
testing baskets set forth in this Indenture (including baskets measured as a percentage of Consolidated Tangible Assets);

 

in
each case, at the option of the Company (the Company’s election to exercise such option in connection with any Limited Condition
Transaction, an “LCT Election”), the date of determination of whether any such action is permitted hereunder,
shall be deemed to be the date the definitive agreements for such Limited Condition Transaction are entered into or irrevocable
notice of redemption, repurchase, defeasance, satisfaction and discharge or repayment of Indebtedness, Disqualified Stock or Preferred
Stock is given, as applicable (the “LCT Test Date”), and if, after giving pro forma effect to the Limited Condition
Transaction and the other transactions to be entered into in connection therewith (including any Incurrence or discharge of Indebtedness
and the use of proceeds of such Incurrence) as if they had occurred at the beginning of the most recent four consecutive fiscal
quarters ending prior to the LCT Test Date for which consolidated

 

    52 

     

    

financial
statements of the Company are available, the Company could have taken such action on the relevant LCT Test Date in compliance
with such ratio, basket or amount, such ratio, basket or amount shall be deemed to have been complied with. For the avoidance
of doubt, if the Company has made an LCT Election and any of the ratios, baskets or amounts for which compliance was determined
or tested as of the LCT Test Date are exceeded as a result of fluctuations in any such ratio, basket or amount, including due
to fluctuations in Consolidated EBITDA or Consolidated Tangible Assets of the Company or the Person subject to such Limited Condition
Transaction or any applicable currency exchange rate, at or prior to the consummation of the relevant transaction or action, such
baskets, ratios or amounts will not be deemed to have been exceeded as a result of such fluctuations. If the Company has made
an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio, basket
or amount with respect to the Incurrence of Indebtedness or Liens, or the making of Restricted Payments, Asset Dispositions, mergers,
the conveyance, lease or other transfer of all or substantially all of the assets of the Company or the designation of an Unrestricted
Subsidiary on or following the relevant LCT Test Date and prior to the earlier of the date on which such Limited Condition Transaction
is consummated or the definitive agreement for such Limited Condition Transaction is terminated or expires without consummation
of such Limited Condition Transaction, any such ratio, basket or amount shall be calculated on a pro forma basis assuming such
Limited Condition Transaction and other transactions in connection therewith (including any Incurrence or discharge of Indebtedness
and the use of proceeds thereof) have been consummated.

 

(b)
Notwithstanding anything to the contrary herein, unless the Company otherwise elects, with respect to any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Indenture that does not require compliance with
a financial ratio or financial test (including any Consolidated Secured Leverage Ratio test, and/or any Consolidated Coverage
Ratio test) (any such amounts, the “Fixed Amounts”) substantially concurrently with any amounts incurred or
transactions entered into (or consummated) in reliance on a provision of this Indenture that requires compliance with a financial
ratio or financial test (including any Consolidated Secured Leverage Ratio test, and/or any Consolidated Coverage Ratio test)
(any such amounts, the “Incurrence-Based Amounts”) it is understood and agreed that (A) the incurrence of the
Incurrence-Based Amount shall be calculated first without giving effect to any Fixed Amount but giving full pro forma effect to
the use of proceeds of such Fixed Amount and the related transactions and (B) the incurrence of the Fixed Amount shall be calculated
thereafter. Unless the Company elects otherwise, the Company shall be deemed to have used amounts under an Incurrence-Based Amount
then available to the Company prior to utilization of any amount under a Fixed Amount then available to the Company.

 

ARTICLE
II

 

NOTE FORMS

 

Section
201.  
Forms Generally. The Initial Notes and the Trustee’s certificate of authentication relating thereto shall
be in substantially the forms set forth, or referenced, in this Article II and Exhibit A attached hereto
(as such forms may be modified in accordance with Section 301). Any Additional Notes and the Trustee’s certificate
of authentication relating thereto shall be in substantially the forms set forth, or referenced, in this Article II
and Exhibit A attached hereto (as such forms may be modified in accordance with Section 301). Exhibit A
is hereby incorporated in and expressly made a part of this Indenture. The Notes may have such appropriate insertions, omissions,
substitutions, notations, legends, endorsements, identifications and other variations as are required or permitted by law, stock
exchange rule or depositary rule or usage, agreements to which the Company is subject, if any, or other customary usage, or as
may consistently herewith be determined by the Officers of the Company executing such Notes, as evidenced by such execution (provided
always that any such notation, legend, endorsement, identification or variation is in a form acceptable to the Company). Each
Note shall be dated the date of its

 

    53 

     

    

authentication.
The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. Any portion of the text of
any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

 

Notes
offered and sold to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A shall, unless
the Company otherwise notifies the Trustee in writing, be issued in the form of one or more permanent global Notes substantially
in the form attached hereto as Exhibit A (as such form may be modified in accordance with Section 301),
except as otherwise permitted herein. Such Global Notes shall be referred to collectively herein as the “Rule 144A Global
Notes,” and shall be deposited with the Trustee, as custodian for the Depositary or its nominee, for credit to an account
of an Agent Member, and shall be duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate
principal amount of a Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided.

 

Notes
offered and sold in offshore transactions in reliance on Regulation S under the Securities Act shall, unless the Company otherwise
notifies the Trustee in writing, be issued in the form of one or more global Notes substantially in the form attached hereto as
Exhibit A (as such form may be modified in accordance with Section 301), except as otherwise permitted
herein. Such Global Notes shall be referred to herein as the “Regulation S Global Notes,” and shall be deposited
with the Trustee, as custodian for the Depositary or its nominee for the accounts of designated Agent Members holding on behalf
of Euroclear or Clearstream and shall be duly executed by the Company and authenticated by the Trustee as hereinafter provided.
The aggregate principal amount of a Regulation S Global Note may from time to time be increased or decreased by adjustments
made in the records of the Trustee, as custodian for the Depositary or its nominee, as hereinafter provided.

 

Subject
to the limitations on the issuance of certificated Notes set forth in Sections 312 and 313, Notes issued pursuant
to Section 305 in exchange for or upon transfer of beneficial interests (x) in a Rule 144A Global Note
shall be in the form of permanent certificated Notes substantially in the form attached hereto as Exhibit A (as such
form may be modified in accordance with Section 301) (the “Rule 144A Physical Notes”) or (y) in
a Regulation S Global Note (if any), on or after the Regulation S Note Exchange Date with respect to such Regulation S Global
Note, shall be in the form of permanent certificated Notes substantially in the form attached hereto as Exhibit A
(as such form may be modified in accordance with Section 301) (the “Regulation S Physical Notes”),
respectively, as hereinafter provided.

 

The
Rule 144A Physical Notes and Regulation S Physical Notes shall be construed to include any certificated Notes issued in respect
thereof pursuant to Section 304, 305, 306 or 1008, and the Rule 144A Global Notes and Regulation
S Global Notes shall be construed to include any global Notes issued in respect thereof pursuant to Section 304, 305,
306 or 1008. The Rule 144A Physical Notes and the Regulation S Physical Notes, together with any other certificated
Notes issued and authenticated pursuant to this Indenture, are sometimes collectively herein referred to as the “Physical
Notes.” The Rule 144A Global Notes and the Regulation S Global Notes, together with any other global Notes that are
issued and authenticated pursuant to this Indenture, are sometimes collectively referred to as the “Global Notes.”

 

Section
202.  
Form of Trustee’s Certificate of Authentication. The Notes will have endorsed thereon a Trustee’s certificate
of authentication in substantially the following form:

 

    54 

     

    

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

 

	 	 	 
	 	 	 
	 	as Trustee	 
	 	 	 
	 	By:	 	 
	 	 	Authorized Officer	 

 

Dated:

 

If
an appointment of an Authenticating Agent is made pursuant to Section 714, the Notes may have endorsed thereon, in
lieu of the Trustee’s certificate of authentication, an alternative certificate of authentication in substantially the following
form:

 

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

 

	 	[NAME]	 
	 	 	 
	 	as Trustee	 
	 	 	 
	 	By:	 	 
	 	 	As Authenticating Agent	 
	 	 	 	 
	 	By:	 	 
	 	 	Authorized Officer	 

Dated:

 

Section
203.  
Restrictive and Global Note Legends. Each Global Note and Physical Note (and all Notes issued in exchange therefor
or substitution thereof) shall bear the following legend set forth below (the “Private Placement Legend”) on
the face thereof until the Private Placement Legend is removed or not required in accordance with Section 313(4):

 

“THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT AS SET FORTH BELOW. EACH PURCHASER OF THIS NOTE IS HEREBY NOTIFIED THAT
THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE
144A, REGULATION S OR ANOTHER EXEMPTION THEREUNDER.

 

BY
ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE

 

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SECURITIES
ACT OR (C) IT IS AN “INSTITUTIONAL” ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1), (2), (3) OR (7) UNDER REGULATION
D PROMULGATED UNDER THE SECURITIES ACT (AN “ACCREDITED INVESTOR”) AND (2) AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, THAT IT WILL NOT WITHIN [ONE YEAR— FOR NOTES ISSUED PURSUANT TO RULE
144A][40 DAYS—FOR NOTES ISSUED IN OFFSHORE TRANSACTIONS PURSUANT TO REGULATION S] AFTER THE LATER OF THE DATE OF THE ORIGINAL
ISSUANCE OF THIS NOTE AND THE DATE ON WHICH THE COMPANY OR ANY OF ITS AFFILIATES OWNED THIS NOTE, OFFER, RESELL OR OTHERWISE TRANSFER
THIS NOTE EXCEPT (X) (I) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (II) FOR SO LONG AS THIS NOTE IS ELIGIBLE FOR RESALE PURSUANT
TO RULE 144A UNDER THE SECURITIES ACT INSIDE THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (III) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR
THAT IS ACQUIRING THE NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL
AMOUNT OF THE NOTES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR THE OFFER OR SALE IN CONNECTION WITH ANY
DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, AND THAT PRIOR TO SUCH TRANSFER, FURNISHES (OR HAS FURNISHED ON ITS BEHALF BY
A U.S. BROKER DEALER) TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE RESTRICTIONS
ON TRANSFER OF THIS NOTE (THE FORM OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE FOR THIS NOTE), (IV) OUTSIDE THE UNITED STATES
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT (IF AVAILABLE), (V) PURSUANT TO THE EXEMPTION
FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (VI) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS) OR (VII)
PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (Y) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES
LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. BY ITS ACCEPTANCE HEREOF, THE HOLDER OF THIS NOTE FURTHER AGREES
THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND IN CONNECTION
WITH ANY TRANSFER OF THIS NOTE PURSUANT TO SUBCLAUSES (III) TO (VI) OF CLAUSE (X) ABOVE, AND THAT, THE HOLDER MUST, PRIOR TO SUCH
TRANSFER, FURNISH TO THE TRUSTEE AND THE COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS EITHER OF THEM MAY
REASONABLY REQUIRE TO CONFIRM THAT SUCH TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT
TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.”

 

Each
Global Note, whether or not an Initial Note, shall also bear the following legend on the face thereof:

 

“UNLESS
THIS CERTIFICATE 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, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED

 

    56 

     

    

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.

 

TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE
WITH THE RESTRICTIONS SET FORTH IN SECTIONS 312 AND 313 OF THE INDENTURE (AS DEFINED HEREIN).”

 

Each Regulation S Global
Note shall also bear the following legend on the face thereof:

 

“BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS
ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANINGS GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT.”

 

Each
Note issued with OID will contain a legend substantially to the following effect:

 

THIS NOTE IS ISSUED
WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE. A HOLDER MAY OBTAIN THE ISSUE
PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A WRITTEN REQUEST FOR SUCH
INFORMATION TO: L BRANDS, INC., THREE LIMITED PARKWAY, COLUMBUS, OHIO 43230.”

 

ARTICLE
III

 

THE NOTES

 

Section
301.  
General Terms; Additional Notes. All Notes will vote (or consent) as a class with the other Notes and otherwise
be treated as a single class of Notes for all purposes of this Indenture. Each Note will bear interest at a rate of 6.625% per
annum from the Issue Date or from the most recent date to which interest has been paid or provided for, payable semi-annually
on April 1 and October 1 of each year (each such date, an “Interest Payment Date”), commencing April 1, 2021 to Holders
of record as of the close of business on March 15 and September 15, whether or not a Business Day, immediately preceding each
Interest Payment Date.

 

Additional
Notes ranking pari passu with the Initial Notes may be created and issued from time to time by the Company without notice
to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and shall have the
same terms as to status, redemption or otherwise as the Initial Notes other than with respect to the date of issuance and, if
applicable, original interest accrual date and original interest payment date; provided that the Company’s ability
to issue Additional Notes shall be subject to the Company’s compliance with Sections 407 and 413 hereof. Any Additional
Notes may be issued with the benefit of an indenture supplemental to this Indenture; provided further, however, that in
the event any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax purposes,

 

    57 

     

    

such
non-fungible notes will be issued with a separate CUSIP number or ISIN so they are distinguishable from the Initial Notes.

 

The
terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Company,
the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling.

 

Section
302.  
Denominations. The Notes shall be issuable only in fully registered form, without coupons, and only in minimum denominations
of $2,000 and integral multiples of $1,000 in excess thereof.

 

Section
303.  
Execution, Authentication and Delivery and Dating. The Notes shall be executed on behalf of the Company by one Officer
of the Company. The signature of any such Officer on the Notes may be manual or by facsimile.

 

Notes
bearing the manual or facsimile signature of an individual who was at any time an Officer of the Company shall bind the Company,
notwithstanding that such individual has ceased to hold such office prior to the authentication and delivery of such Notes or
did not hold such office at the date of such Notes.

 

At
any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Notes executed by the
Company to the Trustee for authentication; and the Trustee shall authenticate and deliver (i) Initial Notes for original
issue in the aggregate principal amount not to exceed $1,000.0 million and (ii) subject to Sections 407
and 413, Additional Notes from time to time for original issue in aggregate principal amounts specified by the Company
(which shall have identical terms as the Initial Notes, other than with respect to the date of issuance and, if applicable, original
interest accrual date and original interest payment date), in each case specified in clauses (i) and (ii) above, upon
a written order of the Company in the form of an Officer’s Certificate of the Company (an “Authentication Order”).
Such Authentication Order shall specify the amount of Notes to be authenticated and the date on which the Notes are to be authenticated,
the “CUSIP”, “ISIN”, “Common Code” or other similar identification numbers of such Notes,
if any, whether the Notes are to be Initial Notes or Additional Notes, the issue price (in the case of Additional Notes) and whether
the Notes are to be issued as one or more Global Notes or Physical Notes and such other information as the Company may include
or the Trustee may reasonably request.

 

All
Notes shall be dated the date of their authentication.

 

No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on
such Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature,
and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated
and delivered hereunder.

 

Section
304.  
Temporary Notes. Until definitive Notes are ready for delivery, the Company may prepare and upon receipt of an Authentication
Order the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but
may have variations that the Company considers appropriate for temporary Notes. If temporary Notes are issued, the Company will
cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes
shall be exchangeable for definitive Notes upon surrender of the temporary Notes at

 

    58 

     

    

the
office or agency of the Company in a Place of Payment, without charge to the Holder. Upon surrender for cancellation of any one
or more temporary Notes, the Company shall execute and upon receipt of an Authentication Order the Trustee shall authenticate
and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged the
temporary Notes shall in all respects be entitled to the same benefits under this Indenture as definitive Notes.

 

Section
305.  
Note Registrar and Paying Agent. The Company shall cause to be kept at the Corporate Trust Office of the Trustee
a register (the register maintained in such office and in any other office or agency of the Company in a Place of Payment being
herein sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable regulations
as it may prescribe, such Company shall provide for the registration of Notes and of transfers of Notes. The Company may have
one or more co-registrars. The term “Note Registrar” includes any co-registrars.

 

The
Company initially appoints the Trustee as “Note Registrar” and “Paying Agent” in connection with the Notes,
until such time as it has resigned or a successor has been appointed. The Company may have one or more additional paying agents,
and the term “Paying Agent” shall include any additional Paying Agent. The Company may change the Paying Agent
or Note Registrar without prior notice to the Holders of Notes. The Company may enter into an appropriate agency agreement with
any Note Registrar or Paying Agent not a party to this Indenture. Any such agency agreement shall implement the provisions of
this Indenture that relate to such agent. The Company shall notify the Trustee in writing of the name and address of any such
agent. If the Company fails to appoint or maintain a Note Registrar or Paying Agent, the Trustee shall act as such and shall be
entitled to appropriate compensation therefor pursuant to Section 707. The Company or any wholly-owned Domestic Subsidiary
of the Company may act as Paying Agent (except for purposes of Section 1103 or Section 1205) or Note Registrar.

 

Upon
surrender for transfer of any Note at the office or agency of the Company in a Place of Payment, in compliance with all applicable
requirements of this Indenture and applicable law, the Company shall execute, and the Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new Notes, of any authorized denominations and of a like
aggregate principal amount.

 

At
the option of the Holder, Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so surrendered for exchange,
the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that the Holder making the exchange is entitled
to receive.

 

All
Notes issued upon any transfer or exchange of Notes shall be the valid obligations of the Company, evidencing the same debt, and
entitled to the same benefits under this Indenture, as the Notes surrendered upon such transfer or exchange.

 

Every
Note presented or surrendered for transfer or exchange shall be duly endorsed, or be accompanied by a written instrument of transfer
in form satisfactory to the Company duly executed, by the Holder thereof or such Holder’s attorney duly authorized in writing.

 

No
service charge shall be made for any registration, transfer or exchange of Notes, but the Company may require payment of a sum
sufficient to cover any transfer tax or other governmental charge that may be imposed in connection therewith.

 

The
Company shall not be required (i) to issue, transfer or exchange any Note during a period beginning at the opening
of business 15 Business Days before the day of the mailing of a notice of

 

    59 

     

    

redemption
(or purchase) of Notes selected for redemption (or purchase) under Section 1004 and ending at the close of business
on the day of such mailing or (ii) to transfer or exchange any Note so selected for redemption (or purchase) in whole
or in part.

 

Section
306.  
Mutilated, Destroyed, Lost and Stolen Notes. If a mutilated Note is surrendered to the Note Registrar or if the
Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall
authenticate a replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder
(a) notifies the Company or the Trustee within a reasonable time after such Holder has notice of such loss, destruction
or wrongful taking and the Note Registrar does not register a transfer prior to receiving such notification, (b) makes
such request to the Company or the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303
of the Uniform Commercial Code and (c) satisfies any other reasonable requirements of the Company. If required by
the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of (i) the Trustee
to protect the Trustee and (ii) the Company to protect the Company, the Trustee, a Paying Agent and the Note Registrar,
from any loss that any of them may suffer if a Note is replaced.

 

In
case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Company in its discretion
may, instead of issuing a new Note, pay such Note.

 

Upon
the issuance of any new Note under this Section 306, 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 Note issued pursuant to this Section 306 in lieu of any destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Note shall be at any time enforceable
by anyone, and shall be entitled to all the benefits of this Indenture equally and ratably with any and all other Notes duly issued
hereunder.

 

The
provisions of this Section 306 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 Notes.

 

Section
307.  
Payment of Interest Rights Preserved. Interest on any Note 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 Note (or one or more Predecessor Notes) is registered
at the close of business on the Regular Record Date.

 

Any
interest on any Note 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 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, as
provided in clause (1) or clause (2) below:

 

(1)  
The Company may elect to make payment of any Defaulted Interest to the Persons in whose names the Notes (or their respective
Predecessor Notes) 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 and Paying Agent in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date of the proposed payment, and the Company shall deposit with the
Trustee or Paying Agent an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest
or shall make arrangements reasonably satisfactory to the Trustee or Paying Agent for such deposit prior

 

    60 

     

    

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 provided in this clause (1). Thereupon the Trustee shall fix a Special Record Date for the payment of such
Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less
than 10 days after the receipt by the Trustee and the Paying Agent 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
at such Holder’s address as it appears in the Note Register, not less than 10 days prior to such Special Record Date. Notice
of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) are registered on such
Special Record Date and shall no longer be payable pursuant to the following clause (2).

 

(2)  
The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent with the requirements
of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange.

 

Subject
to the foregoing provisions of this Section 307, each Note delivered under this Indenture upon transfer of or in exchange
for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, that were carried by such
other Note.

 

Section
308.  
Persons Deemed Owners. The Company, any Subsidiary Guarantor, the Trustee, the Paying Agent and any agent of any
of them may treat the Person in whose name any Note is registered as the owner of such Note for the purpose of receiving payment
of principal of (and premium, if any), and (subject to Section 307) interest on, such Note and for all other purposes
whatsoever, whether or not such Note be overdue, and neither the Company, any Subsidiary Guarantor, the Trustee, the Paying Agent
nor any agent of any of them shall be affected by notice to the contrary.

 

Section
309.  
Cancellation. All Notes surrendered for payment, redemption, transfer, exchange or conversion shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by
it. The Company may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder
that the Company may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee.
No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section 309,
except as expressly permitted by this Indenture. All cancelled Notes held by the Trustee shall be disposed of by the Trustee in
accordance with its customary procedures (subject to the record retention requirements of the Exchange Act).

 

Section
310.  
Computation of Interest. Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

 

Section
311.  
CUSIP Numbers, ISINs, Etc. The Company in issuing Notes may use “CUSIP” numbers, ISINs and “Common
Code” numbers (if then generally in use), and if so, the Trustee may use the CUSIP numbers, ISINs and “Common Code”
numbers in notices of redemption or exchange as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness or accuracy of such numbers printed in the notice or on the Notes;
that reliance may be placed only on the other identification numbers printed on the Notes; and that any redemption shall not be
affected by any defect in or omission of such numbers.

 

    61 

     

    

Section
312.  
Book-Entry Provisions for Global Notes. (a) Each Global Note initially shall (i) be registered in the
name of the Depositary for such Global Note or the nominee of such Depositary, in each case for credit to the account of an Agent
Member, and (ii) be delivered to the Trustee as custodian for such Depositary. None of the Company, any agent of the
Company or the Trustee shall 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 Note, or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

 

(b)  
Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under this Indenture
with respect to any Global Note held on their behalf by the Depositary, or its custodian, or under such Global Notes. The Depositary
may be treated by the Company, any other obligor upon the Notes, the Trustee and any agent of any of them as the absolute owner
of the Global Notes for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, any
other obligor upon the Notes, the Trustee or any agent of any of them from giving effect to any written certification, proxy or
other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary
practices governing the exercise of the rights of a beneficial owner of any Note. The Holder of a Global Note may grant proxies
and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take
any action that a Holder is entitled to take under this Indenture or the Notes.

 

(c)  
Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but, subject to the immediately
succeeding sentence, not in part, to the Depositary, its successors or their respective nominees. Interests of beneficial owners
in a Global Note may not be transferred or exchanged for Physical Notes unless (i) the Company has consented thereto
in writing, or such transfer or exchange is made pursuant to the next sentence, and (ii) such transfer or exchange
is in accordance with the applicable rules and procedures of the Depositary and the provisions of Section 305 and
Section 313. Subject to the limitation on issuance of Physical Notes set forth in Section 313(3), Physical
Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in the relevant Global Note, if
(i) the Depositary notifies the Company at any time that it is unwilling or unable to continue as Depositary for the
Global Notes and a successor depositary is not appointed within 120 days; (ii) the Depositary ceases to be registered
as a “Clearing Agency” under the Exchange Act and a successor depositary is not appointed within 120 days; (iii) the
Company, at its option, notifies the Trustee that it elects to cause the issuance of Physical Notes; or (iv) an Event
of Default shall have occurred and be continuing with respect to the Notes and the Trustee has received a written request from
the Depositary to issue Physical Notes.

 

(d)  
In connection with any transfer or exchange of a portion of the beneficial interest in any Global Note to beneficial owners
for Physical Notes pursuant to Section 312(c), the Note Registrar shall record on its books and records the date and
a decrease in the principal amount of such Global Note in an amount equal to the beneficial interest in the Global Note being
transferred, and the Company shall execute, and upon receipt of an Authentication Order the Trustee shall authenticate and deliver,
one or more Physical Notes of like principal amount of authorized denominations.

 

(e)  
In connection with a transfer of an entire Global Note to beneficial owners for Physical Notes pursuant to Section 312(c),
the applicable Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and
upon receipt of an Authentication Order the Trustee shall authenticate and deliver, to each beneficial owner identified by the
Depositary, in exchange for its beneficial interest in the applicable Global Note, an equal aggregate principal amount of Rule
144A Physical Notes (in the case of any Rule 144A Global Note) or Regulation S Physical Notes (in the case of any Regulation S
Global Note), as the case may be, of authorized denominations.

 

    62 

     

    

(f)  
The transfer and exchange of a Global Note or beneficial interests therein shall be effected through the Depositary, in
accordance with this Indenture (including applicable restrictions on transfer set forth in Section 313) and the procedures
therefor of the Depositary. Any beneficial interest in one of the Global Notes that is transferred to a Person who takes delivery
in the form of an interest in a different Global Note will, upon transfer, cease to be an interest in such Global Note and become
an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer restrictions, if any, and other
procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. A transferor
of a beneficial interest in a Global Note shall deliver to the Note Registrar a written order given in accordance with the Depositary’s
procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest
in the relevant Global Note. Subject to Section 313, the Note Registrar shall, in accordance with such instructions,
instruct the Depositary to credit to the account of the Person specified in such instructions a beneficial interest in such Global
Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred.

 

(g)  
Any Physical Note delivered in exchange for an interest in a Global Note pursuant to Section 312(c) shall,
unless such exchange is made on or after the Resale Restriction Termination Date applicable to such Note and except as otherwise
provided in Section 203 and Section 313, bear the Private Placement Legend.

 

(h)  
Notwithstanding the foregoing, through the Restricted Period, a beneficial interest in a Regulation S Global Note may be
held only through designated Agent Members holding on behalf of Euroclear or Clearstream unless delivery is made in accordance
with the applicable provisions of Section 313.

 

Section
313.  
Special Transfer Provisions.

 

(1)  
Transfers to Non-U.S. Persons. The following provisions shall apply with respect to the registration of any proposed
transfer of a Note that is a Restricted Security to any Non-U.S. Person: The Note Registrar shall register such transfer if it
complies with all other applicable requirements of this Indenture (including Section 305) and,

 

(a)  
if (x) such transfer is after the relevant Resale Restriction Termination Date with respect to such Note or
(y) the proposed transferor has delivered to the Note Registrar and the Company and the Trustee a Regulation S Certificate
and, unless otherwise agreed by the Company, an opinion of counsel, certifications and other information satisfactory to the Company,
and

 

(b)  
if the proposed transferor is or is acting through an Agent Member holding a beneficial interest in a Global Note, upon
receipt by the Note Registrar and the Company and the Trustee of (x) the certificate, opinion, certifications and
other information, if any, required by clause (a) above and (y) written instructions given in accordance with
the procedures of the Note Registrar and of the Depositary;

 

whereupon
(i) the Note Registrar shall reflect on its books and records the date and (if the transfer does not involve a transfer
of any Outstanding Physical Note) a decrease in the principal amount of the relevant Global Note in an amount equal to the principal
amount of the beneficial interest in the relevant Global Note to be transferred, and (ii) either (A) if
the proposed transferee is or is acting through an Agent Member holding a beneficial interest in a relevant Regulation S Global
Note, the Note Registrar shall reflect on its books and records the date and an increase in the principal amount of such Regulation
S Global Note in an amount equal to the principal amount of the beneficial interest being so transferred or (B) otherwise
the

 

    63 

     

    

Company
shall execute and (upon receipt of an Authentication Order) the Trustee shall authenticate and deliver one or more Physical Notes
of like amount.

 

(2)  
Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer
of a Note that is a Restricted Security to a QIB (excluding transfers to Non-U.S. Persons): The Note Registrar shall register
such transfer if it complies with all other applicable requirements of this Indenture (including Section 305) and,

 

(a)  
if such transfer is being made by a proposed transferor who has checked the box provided for on the form of such Note stating,
or has otherwise certified to the Note Registrar and the Company and the Trustee in writing, that the sale has been made in compliance
with the provisions of Rule 144A to a transferee who has signed the certification provided for on the form of such Note stating,
or has otherwise certified to Note Registrar and the Company and the Trustee in writing, that it is purchasing such Note for its
own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
QIB within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges
that it has received such information regarding the Company as it has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim
the exemption from registration provided by Rule 144A; and

 

(b)  
if the proposed transferee is an Agent Member, and the Note to be transferred consists of a Physical Note that after transfer
is to be evidenced by an interest in a Global Note or consists of a beneficial interest in a Global Note that after the transfer
is to be evidenced by an interest in a different Global Note, upon receipt by the Note Registrar of written instructions given
in accordance with the Depositary’s and the Note Registrar’s procedures, whereupon the Note Registrar shall reflect
on its books and records the date and an increase in the principal amount of the transferee Global Note in an amount equal to
the principal amount of the Physical Note or such beneficial interest in such transferor Global Note to be transferred, and the
Trustee shall cancel the Physical Note so transferred or reflect on its books and records the date and a decrease in the principal
amount of such transferor Global Note, as the case may be.

 

(3)  
Limitation on Issuance of Physical Notes. No Physical Note shall be exchanged for a beneficial interest in any Global
Note, except in accordance with Section 312 and this Section 313.

 

A
beneficial owner of an interest in a Regulation S Global Note shall not be permitted to exchange such interest for a Physical
Note until a date, which must be after the end of the Restricted Period, on which the Company receives a certificate of beneficial
ownership substantially in the form attached hereto as Exhibit C from such beneficial owner (a “Certificate
of Beneficial Ownership”). Such date, as it relates to a Regulation S Global Note, is herein referred to as the “Regulation
S Note Exchange Date.”

 

(4)  
Private Placement Legend. Upon the transfer, exchange or replacement of Notes not bearing the Private Placement
Legend, the Note Registrar shall deliver Notes that do not bear the Private Placement Legend. Upon the transfer, exchange or replacement
of Notes bearing the Private Placement Legend, the Note Registrar shall deliver only Notes that bear the Private Placement Legend
unless (i) the requested transfer is after the relevant Resale Restriction Termination Date with respect to such Notes,
(ii) upon written request of the Company after there is delivered to the Note Registrar an opinion of counsel (which
opinion and counsel are satisfactory to the Company) to the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the Securities Act, (iii) with respect

 

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to
a Regulation S Global Note (on or after the Regulation S Note Exchange Date with respect to such Regulation S Global Note) or
Regulation S Physical Note, in each case with the agreement of the Company, or (iv) such Notes are sold or exchanged
pursuant to an effective registration statement under the Securities Act.

 

(5)  
Other Transfers. The Note Registrar shall effect and register, upon receipt of a written request from the Company
to do so, a transfer not otherwise permitted by this Section 313, such registration to be done in accordance with
the otherwise applicable provisions of this Section 313, upon the furnishing by the proposed transferor or transferee
of a written opinion of counsel (which opinion and counsel are satisfactory to the Company) to the effect that, and such other
certifications or information as the Company may require (including, in the case of a transfer to an Accredited Investor (as defined
in Rule 501(a)(1), (2), (3) or (7) under Regulation D promulgated under the Securities Act), a certificate substantially in the
form attached hereto as Exhibit F) to confirm that, the proposed transfer is being made pursuant to an exemption from,
or in a transaction not subject to, the registration requirements of the Securities Act.

 

A
Note that is a Restricted Security may not be transferred other than as provided in this Section 313. A beneficial
interest in a Global Note that is a Restricted Security may not be exchanged for a beneficial interest in another Global Note
other than through a transfer in compliance with this Section 313.

 

(6)  
General. By its acceptance of any Note bearing the Private Placement Legend, each Holder of such a Note acknowledges
the restrictions on transfer of such Note set forth in this Indenture and in the Private Placement Legend and agrees that it will
transfer such Note only as provided in this Indenture.

 

The
Note Registrar shall retain copies of all letters, notices and other written communications received pursuant to Section 312
or this Section 313 (including all Notes received for transfer pursuant to this Section 313). The
Company shall have the right to require the applicable Note Registrar to deliver to the Company, at the Company’s expense,
copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written
notice to the Note Registrar.

 

In
connection with any transfer of any Note, the Trustee, the Note Registrar and the Company shall be entitled to receive, shall
be under no duty to inquire into, may conclusively presume the correctness of, and shall be fully protected in relying upon the
certificates, opinions and other information referred to herein (or in the forms provided herein, attached hereto or to the Notes,
or otherwise) received from any Holder and any transferee of any Note regarding the validity, legality and due authorization of
any such transfer, the eligibility of the transferee to receive such Note and any other facts and circumstances related to such
transfer.

 

ARTICLE
IV

 

COVENANTS

 

Section
401.  
Payment of Principal, Premium and Interest. The Company shall duly and punctually pay the principal of (and premium,
if any) and interest on the Notes in accordance with the terms of such Notes and this Indenture. Principal amount (and premium,
if any) and interest on the Notes shall be considered paid on the date due if the Company shall have deposited with the Paying
Agent (if other than the Company or another wholly-owned Domestic Subsidiary of the Company) as of 12:00 p.m. New York City time
on the due date money in immediately available funds and designated for and sufficient to

 

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pay
all principal amount (and premium, if any) and interest then due. At the option of the Company, payment of interest on such Note
may be made through the Paying Agent by wire transfer of immediately available funds to the account designated to the Company
by the Person entitled thereto or by check mailed to the address of the Person entitled thereto as such address shall appear in
the Note Register.

 

Section
402.  
Maintenance of Office or Agency. (a)  The Company shall maintain in the United States an office or agency
where such Notes may be presented or surrendered for payment, where such Notes may be surrendered for transfer or exchange and
where notices and demands to or upon the Company in respect of such Notes and this Indenture may be served. The Company shall
give prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at
any time the Company shall fail to maintain such 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 to the Trustee; provided, however, that
with respect to payments on the Notes and any exchange, transfer, or other surrender of the Notes, the Corporate Trust Office
shall mean the corporate trust operations office of the Trustee in St. Paul, Minnesota or such other office or location designated
by the Trustee by written notice; provided, further, that no service of legal process may be made against the Company
at any office of the Trustee.

 

(b)  
The Company may also from time to time designate one or more other offices or agencies where the Notes may be presented
or surrendered for any or all purposes and may from time to time rescind such designations.

 

The
Company hereby designates the Corporate Trust Office of the Trustee, as one such office or agency of the Company in accordance
with Section 305.

 

Section
403.  
Money for Payments to Be Held in Trust. If the Company shall at any time act as Paying Agent, it shall, on or before
12:00 p.m., New York City time, on each due date of the principal of (and premium, if any) or interest on, any of such Notes,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal (and premium,
if any) or interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided,
and shall promptly notify the Trustee in writing of its action or failure so to act.

 

If
the Company is not acting as Paying Agent, it shall, on or prior to 12:00 p.m., New York City time, on each due date of the principal
of (and premium, if any) or interest on, such Notes, deposit with a Paying Agent a sum sufficient to pay the principal (and premium,
if any) or interest, so becoming due, such sum to be held in trust for the benefit of the Persons entitled to such principal,
premium or interest, and (unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee in writing of
its action or failure so to act.

 

If
the Company is not acting as Paying Agent, the Company shall cause any Paying Agent 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 403,
that such Paying Agent shall:

 

(1)  
hold all sums held by it for the payment of principal of (and premium, if any) or interest on the Notes in trust for the
benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided;

 

(2)  
give the Trustee notice of any default by the Company (or any other obligor upon the Notes) in the making of any such payment
of principal (and premium, if any) or interest;

 

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(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; and

 

(4)  
acknowledge, accept and agree to comply in all respects with the provisions of this Indenture relating to the duties, rights
and liabilities of such Paying Agent.

 

The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of such Notes, 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 money.

 

Any
money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of principal of (and
premium, if any) or interest on any Note and remaining unclaimed for two years after such principal (and premium, if any) or interest
has become due and payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be discharged
from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof unless an applicable abandoned property law designates another Person, 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.

 

Section
404.  
[Reserved].

 

Section
405.  
Reports. Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding,
the Company will file with the SEC (unless the SEC will not accept such filings) and furnish to the Noteholders all quarterly
and annual financial information, and within 15 days of the dates, that would be required to be contained in a filing with the
SEC on Forms 10-Q and 10- K (including pursuant to any extension authorized by the SEC, rule, regulation or executive order).

 

In
addition, to the extent not satisfied by the foregoing, the Company will furnish to Holders of the Notes and prospective investors
in the Notes, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4).

 

The
Company will be deemed to have satisfied the requirements of the first paragraph of this this Section 405 if any Parent
Entity furnishes or makes available information regarding the Parent Entity of the type otherwise so required with respect to
the Company and such Parent Entity is subject to the reporting requirements of Section 13(a) or 15(d) of the Exchange Act and
has filed reports required under Section 13(a) or 15(d) of the Exchange Act with the SEC via EDGAR (or successor) filing system
and such reports are publicly available, in each case provided that the same is accompanied by information describing the non-equity
differences between the financial information relating to such Parent Entity and its Subsidiaries, on the one hand, and the financial
information relating to the Company and its Subsidiaries, on the other hand (as determined by the Company in good faith, which
determination shall be conclusive) and for the avoidance of doubt need not be audited or compliant with Regulation S-X.

 

Delivery
of reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such
shall not constitute constructive notice of any information contained therein or determinable from information contained therein,
including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively
on an Officer’s Certificate). The Trustee shall have no liability or responsibility for the filing, timeliness, or content
of such reports. The

 

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Trustee
is not obligated to monitor or confirm, on a continuing basis or otherwise, any reports or other documents filed with the SEC
or posted to any website or to participate in any conference calls.

 

Section
406.  
Statement as to Default. The Company shall deliver to the Trustee, within 120 days after the end of each fiscal
year of the Company commencing with the Company’s fiscal year ending January 30, 2021, an Officer’s Certificate to
the effect that to the best knowledge of the signer thereof (on behalf of the Company) the Company is or is not in default in
the performance and observance of any of the terms, provisions and conditions of this Indenture applicable to the Company (without
regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying
all such defaults and the nature and status thereof of which such signer may have knowledge.

 

Section
407.  
Limitation on Indebtedness. (a) The Company will not, and will not permit any Restricted Subsidiary to, Incur any
Indebtedness; provided, however, that the Company or any Restricted Subsidiary may Incur Indebtedness if on the
date of the Incurrence of such Indebtedness, after giving effect to the Incurrence thereof, the Consolidated Coverage Ratio would
be equal to or greater than 2.00:1.00.

 

(b)  
Notwithstanding the foregoing Section 407(a), the Company and its Restricted Subsidiaries may Incur the following
Indebtedness:

 

(i)  
Indebtedness (I) Incurred (including but not limited to in respect of letters of credit or bankers’ acceptances
issued or created thereunder) and (without limiting the foregoing), in each case, any Refinancing Indebtedness in respect thereof,
in a maximum principal amount at any time outstanding not exceeding in the aggregate the amount equal to the greater of (x) $1,250.0
million and (y) an amount equal to the Borrowing Base (plus, in the event of any refinancing of any such Indebtedness,
the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest)
Incurred or payable in connection with such refinancing) plus (II) in an unlimited amount, if on the date of the Incurrence
of such Indebtedness (other than any such Refinancing Indebtedness), after giving effect to such Incurrence (or, at the Company’s
option, on the date of the initial borrowing of such Indebtedness or entry into the definitive agreement providing the commitment
to fund such Indebtedness after giving pro forma effect to the Incurrence of the entire committed amount of such Indebtedness
(such committed amount, a “Ratio Tested Committed Amount”), in which case such Ratio Tested Committed Amount
may thereafter be borrowed and reborrowed, in whole or in part, from time to time, without further compliance with this clause)
the Consolidated Secured Leverage Ratio would be equal to or less than 2.00:1.00; and (in the case of this subclause (II))
any Refinancing Indebtedness with respect to any such Indebtedness (or Ratio Tested Committed Amount);

 

(ii)  
Indebtedness (A) of any Restricted Subsidiary to the Company, or (B) of the Company or any Restricted
Subsidiary to any Restricted Subsidiary; provided that, in the case of this Section 407(b)(ii), any subsequent issuance
or transfer of any Capital Stock of such Restricted Subsidiary to which such Indebtedness is owed, or other event, that results
in such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of such Indebtedness (except
to the Company or a Restricted Subsidiary) will be deemed, in each case, an Incurrence of such Indebtedness by the issuer thereof
not permitted by this Section 407(b)(ii);

 

(iii)  
Indebtedness represented by the Notes (other than Additional Notes), any Indebtedness (other than the Indebtedness under
any ABL Facility described in Section 407(b)(i)(I) above and the Indebtedness described in clause (xvii) below) outstanding
(or Incurred pursuant to any commitment outstanding) on the Issue Date (including the Existing Notes outstanding on the Issue
Date) and any Refinancing Indebtedness Incurred in respect of any

 

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Indebtedness
(or unutilized commitments) described in this Section 407(b)(iii) or Section 407(a) above;

 

(iv)  
Purchase Money Obligations and Finance Lease Obligations, and in each case any Refinancing Indebtedness with respect thereto,
(A) outstanding on the Issue Date and (B) in an additional aggregate principal amount at any time outstanding not
exceeding an amount equal to the greater of $300.0 million and 3.5% of Consolidated Tangible Assets;

 

(v)  
Indebtedness (A) supported by a letter of credit issued pursuant to any Credit Facility in a principal amount
not exceeding the face amount of such letter of credit or (B) consisting of accommodation guarantees for the benefit
of trade creditors of the Company or any of its Restricted Subsidiaries;

 

(vi)  
(A) Guarantees by the Company or any Restricted Subsidiary of Indebtedness or any other obligation or liability
of the Company or any Restricted Subsidiary (other than any Indebtedness Incurred by the Company or such Restricted Subsidiary,
as the case may be, in violation of this Section 407), or (B) without limiting Section 413, Indebtedness
of the Company or any Restricted Subsidiary arising by reason of any Lien granted by or applicable to such Person securing Indebtedness
of the Company or any Restricted Subsidiary (other than any Indebtedness Incurred by the Company or such Restricted Subsidiary,
as the case may be, in violation of this Section 407);

 

(vii)  
Indebtedness of the Company or any Restricted Subsidiary (A) arising from the honoring of a check, draft or
similar instrument of such Person drawn against insufficient funds in the ordinary course of business, or (B) consisting
of guarantees, indemnities, obligations in respect of earnouts or other purchase price adjustments, or similar obligations, Incurred
in connection with the acquisition or disposition of any business, assets or Person;

 

(viii)  
Indebtedness of the Company or any Restricted Subsidiary in respect of (A) letters of credit, bankers’
acceptances or other similar instruments or obligations issued, or relating to liabilities or obligations incurred, in the ordinary
course of business (including those issued to governmental entities in connection with self-insurance under applicable workers’
compensation statutes), (B) completion guarantees, surety, judgment, appeal or performance bonds, or other similar
bonds, instruments or obligations, provided, or relating to liabilities or obligations incurred, in the ordinary course of business,
including in respect of liabilities or obligations of franchisees, (C) Hedging Obligations, (D) Management
Guarantees or Management Indebtedness, (E) the financing of insurance premiums in the ordinary course of business,
(F) take-or-pay obligations under supply arrangements incurred in the ordinary course of business, (G) netting,
overdraft protection and other arrangements arising under standard business terms of any bank at which the Company or any Restricted
Subsidiary maintains an overdraft, cash pooling or other similar facility or arrangement, (H) Junior Capital, (I) Bank
Products Obligations or (J) Open Account Obligations;

 

(ix)  
Indebtedness (A) of a Receivables Subsidiary secured by a Lien on all or part of the assets disposed of in,
or otherwise Incurred in connection with, a Financing Disposition or (B) otherwise Incurred in connection with a Specified
Receivables Facility in an aggregate principal amount at any time outstanding under this this Section 407(b)(ix) not exceeding
an amount equal to the greater of $120.0 million and 60.0% of the aggregate accounts excluded from the definition of “Eligible
Accounts” under the ABL Facility as such definition is in effect on the Issue Date; provided that (1) such
Indebtedness is not recourse to the Company or any Restricted Subsidiary that is not a Receivables Subsidiary (other than with
respect to Standard Receivables

 

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Undertakings);
(2) in the event such Indebtedness shall become recourse to the Company or any Restricted Subsidiary that is not a
Receivables Subsidiary (other than with respect to Standard Receivables Undertakings), such Indebtedness will be deemed to be,
and must be classified by the Company as, Incurred at such time (or at the time initially Incurred) under one or more of the other
provisions of this Section 407 for so long as such Indebtedness shall be so recourse; and (3) in the event
that at any time thereafter such Indebtedness shall comply with the provisions of the preceding subclause (1), the Company
may classify such Indebtedness in whole or in part as Incurred under this Section 407(b)(ix);

 

(x)  
Contribution Indebtedness and any Refinancing Indebtedness with respect thereto;

 

(xi)  
Indebtedness of (A) the Company or any Restricted Subsidiary Incurred to finance or refinance, or otherwise
Incurred in connection with, any acquisition of assets (including Capital Stock), business or Person, or any merger or consolidation
of any Person with or into the Company or any Restricted Subsidiary, or (B) any Person that is acquired by or merged
or consolidated with or into the Company or any Restricted Subsidiary (including Indebtedness thereof Incurred in connection with
any such acquisition, merger or consolidation); provided that on the date of such acquisition, merger or consolidation,
after giving effect thereto, (x) in the case of any such Indebtedness that is secured by a Lien, either (1) the Consolidated
Secured Leverage Ratio would be equal to or less than 2.00:1.00 or (2) the Consolidated Secured Leverage Ratio would
be equal to or be less than the Consolidated Secured Leverage Ratio immediately prior to giving effect thereto, or (y) in the
case of any such Indebtedness that is unsecured, either (1) the Consolidated Coverage Ratio would be equal to or greater
than 2.00:1.00 or (2) the Consolidated Coverage Ratio would be equal to or be greater than the Consolidated Coverage Ratio
immediately prior to giving effect thereto; and any Refinancing Indebtedness with respect to any such Indebtedness;

 

(xii)  
Indebtedness of the Company or any Restricted Subsidiary in an aggregate principal amount at any time outstanding not exceeding
an amount equal to the greater of $500.0 million and 6.0% of Consolidated Tangible Assets;

 

(xiii)  
Indebtedness of the Company or any Restricted Subsidiary Incurred as consideration in connection with any acquisition of
assets (including Capital Stock), business or Person, or any merger or consolidation of any Person with or into the Company or
any Restricted Subsidiary, and any Refinancing Indebtedness with respect thereto, in an aggregate principal amount at any time
outstanding not exceeding an amount equal to the greater of $200.0 million and 2.5% of Consolidated Tangible Assets;

 

(xiv)  
Indebtedness issuable upon the conversion or exchange of shares of Disqualified Stock issued in accordance with Section
407(a), and any Refinancing Indebtedness with respect thereto;

 

(xv)  
Indebtedness of any Foreign Subsidiary in an aggregate principal amount at any time outstanding not exceeding an amount
equal to the greater of $400.0 million and 5.0% of Consolidated Tangible Assets;

 

(xvi)  
Indebtedness of any Restricted Subsidiary that is not a Guarantor in an aggregate principal amount at any time outstanding
not exceeding $400.0 million; and

 

(xvii)  
Indebtedness in respect of the China Facility Obligations, including Guarantees thereof by the Company and the Restricted
Subsidiaries, and any Refinancing Indebtedness with

 

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respect
thereto, in an aggregate principal amount at any time outstanding not exceeding $200.0 million.

 

(c)  
For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred
pursuant to and in compliance with, this Section 407, (i) any other obligation of the obligor on such Indebtedness
(or of any other Person who could have Incurred such Indebtedness under this Section 407) arising under any Guarantee,
Lien or letter of credit, bankers’ acceptance or other similar instrument or obligation supporting such Indebtedness shall
be disregarded to the extent that such Guarantee, Lien or letter of credit, bankers’ acceptance or other similar instrument
or obligation secures the principal amount of such Indebtedness; (ii) in the event that Indebtedness meets the criteria
of more than one of the types of Indebtedness described in Section 407(a) or (b) above, the Company, in its sole
discretion, shall classify or reclassify such item of Indebtedness and may include the amount and type of such Indebtedness in
Section 407(a) or one or more of the clauses or subclauses of Section 407(b) above (including in part under one
such clause or subclause and in part under another such clause or subclause); provided that (if the Company shall so determine)
any Indebtedness Incurred pursuant to Section 407(b)(iv), 407(b)(ix), 407(b)(xii), 407(b)(xiii), 407(b)(xv),
407(b)(xvi) or 407(b)(xvii) shall cease to be deemed Incurred or outstanding for purposes of such clause but shall
be deemed Incurred for the purposes of Section 407(a) or Section 407(b)(i)(II) from and after the first date on
which the Company or any Restricted Subsidiary could have Incurred such Indebtedness under Section 407(a) or Section
407(b)(i)(II), as applicable, without reliance on such clause; (iii) the amount of Indebtedness issued at a price that
is less than the principal amount thereof shall be equal to the amount of the liability in respect thereof determined in accordance
with GAAP; (iv) the principal amount of Indebtedness outstanding under any clause of Section 407(b) above shall
be determined after giving effect to the application of proceeds of any such Indebtedness to refinance any such other Indebtedness;
(v) if any Indebtedness is Incurred to refinance Indebtedness initially Incurred (or, Indebtedness Incurred to refinance
Indebtedness initially Incurred) in reliance on any provision of Section 407(b) above measured by reference to a percentage
of Consolidated Tangible Assets at the time of Incurrence, and such refinancing would cause such percentage of Consolidated Tangible
Assets to be exceeded if calculated based on the Consolidated Tangible Assets on the date of such refinancing, such percentage
of Consolidated Tangible Assets shall not be deemed to be exceeded (and such refinancing Indebtedness shall be deemed permitted)
so long as the principal amount of such refinancing Indebtedness does not exceed an amount equal to the principal amount of such
Indebtedness being refinanced, plus the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses
(including accrued and unpaid interest) Incurred or payable in connection with such refinancing; and (vi) if any Indebtedness
is Incurred to refinance Indebtedness initially Incurred (or, Indebtedness Incurred to refinance Indebtedness initially Incurred)
in reliance on any provision of Section 407(b) above measured by a dollar amount, such dollar amount shall not be deemed
to be exceeded (and such refinancing Indebtedness shall be deemed permitted) to the extent the principal amount of such newly
Incurred Indebtedness does not exceed the principal amount of such Indebtedness being refinanced, plus the aggregate amount of
fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest) Incurred or payable
in connection with such refinancing. Notwithstanding anything herein to the contrary, Indebtedness outstanding on the Issue Date
under the ABL Facility shall be classified as Incurred under Section 407(b)(i)(I), and may not later be reclassified.

 

(d)  
For purposes of determining compliance with any provision of Section 407(b) (or any category of Permitted Liens
described in the definition thereof) measured by a dollar amount or by reference to a percentage of Consolidated Tangible Assets,
in each case, for the Incurrence of Indebtedness or Liens securing Indebtedness denominated in a foreign currency, the dollar
equivalent principal amount of such Indebtedness Incurred pursuant thereto shall be calculated based on the relevant currency
exchange rate in effect on the date that such Indebtedness was Incurred, in the case of term Indebtedness, or first committed,
in the case of revolving or deferred draw Indebtedness; provided that (x) the dollar equivalent principal amount
of any such Indebtedness outstanding on the Issue Date shall be calculated based on the

 

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relevant
currency exchange rate in effect on the Issue Date, (y) if such Indebtedness is Incurred to refinance other Indebtedness
denominated in a foreign currency (or in a different currency from such Indebtedness so being Incurred), and such refinancing
would cause the applicable provision of Section 407(b) (or category of Permitted Liens) measured by a dollar amount or
by reference to a percentage of Consolidated Tangible Assets, as applicable, to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such provision of Section 407(b) (or category of Permitted Liens)
measured by a dollar amount or by reference to a percentage of Consolidated Tangible Assets, as applicable, shall be deemed not
to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed (i) the outstanding
or committed principal amount (whichever is higher) of such Indebtedness being refinanced plus (ii) the aggregate
amount of fees, underwriting discounts, premiums and other costs and expenses (including accrued and unpaid interest) Incurred
or payable in connection with such refinancing and (z) the dollar equivalent principal amount of Indebtedness denominated
in a foreign currency and Incurred pursuant to the ABL Facility or the China Facility Agreement shall be calculated based on the
relevant currency exchange rate in effect on, at the Company’s option, (A) the Issue Date, (B) any
date on which any of the respective commitments under the ABL Facility shall be reallocated between or among facilities or subfacilities
thereunder, or on which such rate is otherwise calculated for any purpose thereunder, or (C) the date of such Incurrence.
The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if Incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such
respective Indebtedness is denominated that is in effect on the date of such refinancing.

 

Section
408.  
[Reserved].

 

Section
409.  
Limitation on Restricted Payments. (a) The Company shall not, and shall not permit any Restricted Subsidiary, directly
or indirectly, to (i) declare or pay any dividend or make any distribution on or in respect of its Capital Stock (including
any such payment in connection with any merger or consolidation to which the Company is a party) except (x) dividends
or distributions payable solely in its Capital Stock (other than Disqualified Stock) and (y) dividends or distributions
payable to the Company or any Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such dividend or
distribution, to holders of its Capital Stock on no more than a pro rata basis, measured by the number of shares owned of the
applicable class), (ii) purchase, redeem, retire or otherwise acquire for value any Capital Stock of the Company held
by Persons other than the Company or a Restricted Subsidiary (other than any acquisition of Capital Stock deemed to occur upon
the exercise of options if such Capital Stock represents a portion of the exercise price thereof), (iii) voluntarily
purchase, repurchase, redeem, defease or otherwise voluntarily acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Subordinated Obligations (other than a purchase, repurchase, redemption, defeasance
or other acquisition or retirement for value in anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of such purchase, repurchase, redemption, defeasance or other acquisition
or retirement) or (iv) make any Investment (other than a Permitted Investment) in any Person (any such dividend, distribution,
purchase, repurchase, redemption, defeasance, other acquisition or retirement or Investment being herein referred to as a “Restricted
Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment after giving effect
thereto:

 

(1)  
an Event of Default shall have occurred and be continuing (or would result therefrom);

 

(2)  
the Company could not Incur at least an additional $1.00 of Indebtedness pursuant to Section 407(a); or

 

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(3)  
the aggregate amount of such Restricted Payment and all other Restricted Payments (the amount so expended, if other than
in cash, to be as determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by
a resolution of the Board of Directors) declared or made subsequent to the Reference Date and then outstanding would exceed, without
duplication, the sum of:

 

(A)  
50.0% of the Consolidated Net Income accrued during the period (treated as one accounting period) beginning on November
1, 2020 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which consolidated
financial statements of the Company are available (or, in case such Consolidated Net Income shall be a negative number, zero);

 

(B)  
the aggregate Net Cash Proceeds and the fair value (as determined in good faith by the Company) of property or assets received
(x) by the Company as capital contributions to the Company after the Reference Date or from the issuance or sale (other
than to a Restricted Subsidiary) of its Capital Stock (other than Disqualified Stock) after the Reference Date (other than Excluded
Contributions and Contribution Amounts) or (y) by the Company or any Restricted Subsidiary from the Incurrence by
the Company or any Restricted Subsidiary after the Reference Date of Indebtedness that shall have been converted into or exchanged
for Capital Stock of the Company (other than Disqualified Stock) or Capital Stock of any Parent Entity, plus the amount of any
cash and the fair value (as determined in good faith by the Company) of any property or assets, received by the Company or any
Restricted Subsidiary upon such conversion or exchange;

 

(C)  
(i) the aggregate amount of cash and the fair value (as determined in good faith by the Company) of any property
or assets received from dividends, distributions, interest payments, return of capital, repayments of Investments or other transfers
of assets to the Company or any Restricted Subsidiary from any Unrestricted Subsidiary, including dividends or other distributions
related to dividends or other distributions made pursuant to Section 409(b)(ix), plus (ii) the aggregate amount
resulting from the redesignation of any Unrestricted Subsidiary as a Restricted Subsidiary (valued in each case as provided in
the definition of “Investment”); and

 

(D)  
in the case of any disposition or repayment of any Investment constituting a Restricted Payment (without duplication of
any amount deducted in calculating the amount of Investments at any time outstanding included in the amount of Restricted Payments),
the aggregate amount of cash and the fair value (as determined in good faith by the Company) of any property or assets received
by the Company or a Restricted Subsidiary with respect to all such dispositions and repayments.

 

(b)  
The provisions of Section 409(a) do not prohibit any of the following (each, a “Permitted Payment”):

 

(i)  
(x) any purchase, redemption, repurchase, defeasance or other acquisition or retirement of Capital Stock of
the Company (“Treasury Capital Stock”) or Subordinated Obligations made by exchange (including any such exchange
pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional
shares) for, or out of the proceeds of the issuance or sale of, Capital Stock of the Company (other than Disqualified Stock and
other than Capital Stock issued or sold to a Subsidiary) (“Refunding Capital Stock”) or a capital contribution
to the Company, in each case other than Excluded Contributions and Contribution Amounts; provided that the Net Cash

 

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Proceeds
from such issuance, sale or capital contribution shall be excluded in subsequent calculations under Section 409(a)(3)(B)
and (y) if immediately prior to such acquisition or retirement of such Treasury Capital Stock, dividends thereon
were permitted pursuant to Section 409(b)(xi), dividends on such Refunding Capital Stock in an aggregate amount per
annum not exceeding the aggregate amount per annum of dividends so permitted on such Treasury Capital Stock;

 

(ii)  
any purchase, redemption, repurchase, defeasance or other acquisition or retirement of Subordinated Obligations (w) made
by exchange for, or out of the proceeds of the Incurrence of, Indebtedness of the Company or any of its Restricted Subsidiaries
or Refinancing Indebtedness Incurred in compliance with Section 407, (x) from Net Available Cash or an equivalent
amount to the extent permitted by Section 411, (y) following the occurrence of a Change of Control Triggering
Event (or other similar event described therein as a “change of control triggering event”), but only if the
Company shall have complied with Section 415 and, if required, purchased all Notes tendered pursuant to the offer to repurchase
all the Notes required thereby, prior to purchasing or repaying such Subordinated Obligations or (z) constituting
Acquired Indebtedness;

 

(iii)  
any dividend paid or redemption made within 60 days after the date of declaration thereof or of the giving of notice
thereof, as applicable, if at such date of declaration or the giving of such notice, such dividend or redemption would have complied
with this Section 409;

 

(iv)  
Investments or other Restricted Payments in an aggregate amount outstanding at any time not to exceed the amount of Excluded
Contributions;

 

(v)  
loans, advances, dividends or distributions by the Company to any Parent Entity to permit any Parent Entity to repurchase
or otherwise acquire its Capital Stock (including any options, warrants or other rights in respect thereof), or payments by the
Company to repurchase or otherwise acquire Capital Stock of the Company (including any options, warrants or other rights in respect
thereof), in each case from current or former Management Investors or repurchases of equity from others to offset dilution from
issuances of equity to such persons (including any repurchase or acquisition by reason of the Company retaining any Capital Stock,
option, warrant or other right in respect of tax withholding obligations, and any related payment in respect of any such obligation),
such payments, loans, advances, dividends or distributions not to exceed an amount (net of repayments of any such loans or advances)
equal to (w) (1) $50.0 million, plus (2) $25.0 million multiplied by the number of calendar
years that have commenced since the Reference Date, plus (x) the Net Cash Proceeds received by the Company since the
Reference Date from, or as a capital contribution from, the issuance or sale to Management Investors of Capital Stock (including
any options, warrants or other rights in respect thereof), to the extent such Net Cash Proceeds are not included in any calculation
under Section 409(a)(3)(B)(x), plus (y) the cash proceeds of key man life insurance policies received
by the Company or any Restricted Subsidiary since the Reference Date to the extent such cash proceeds are not included in any
calculation under Section 409(a)(3)(A); provided that any cancellation of Indebtedness owing to the Company or any
Restricted Subsidiary by any current or former Management Investor in connection with any repurchase or other acquisition of Capital
Stock (including any options, warrants or other rights in respect thereof) from any Management Investor shall not constitute a
Restricted Payment for purposes of this covenant or any other provision of this Indenture;

 

(vi)  
any Restricted Payments in an amount not to exceed in any fiscal year of the Company the greater of (x) $280.0 million
and (y) 6.0% of Market Capitalization;

 

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(vii)  
Restricted Payments (including loans or advances) in an aggregate amount outstanding at any time not to exceed an amount
(net of repayments of any such loans or advances) equal to the greater of $250.0 million and 3.0% of Consolidated Tangible Assets;

 

(viii)  
loans, advances, dividends or distributions to any Parent Entity or other payments by the Company or any Restricted Subsidiary
(A) to satisfy or permit any Parent Entity to satisfy obligations under any management agreements, (B) pursuant
to any tax sharing agreement, or (C) to pay or permit any Parent Entity to pay (but without duplication) any Parent
Entity Expenses or any related taxes;

 

(ix)  
payments by the Company, or loans, advances, dividends or distributions by the Company to any Parent Entity to make payments,
to holders of Capital Stock of the Company in lieu of issuance of fractional shares of such Capital Stock;

 

(x)  
dividends or other distributions of, or Investments paid for or made with, Capital Stock, Indebtedness or other securities
of Unrestricted Subsidiaries;

 

(xi)  
 (A) dividends on any Designated Preferred Stock of the Company issued after the Reference Date; provided
that at the time of such issuance and after giving effect thereto on a pro forma basis, the Consolidated Coverage Ratio would
be equal to or greater than 2.00:1.00, (B) loans, advances, dividends or distributions to any Parent Entity to permit
dividends on any Designated Preferred Stock of any Parent Entity issued on or after the Reference Date if the net proceeds of
the issuance of such Designated Preferred Stock have been contributed to the Company or any of its Restricted Subsidiaries; provided
that the aggregate amount of all loans, advances, dividends or distributions paid pursuant to this subclause (B) shall
not exceed the net proceeds of such issuance of Designated Preferred Stock received by or contributed to the Company or any of
its Restricted Subsidiaries or (C) any dividend on Refunding Capital Stock that is Preferred Stock; provided
that at the time of the declaration of such dividend and after giving effect thereto on a pro forma basis, the Consolidated Coverage
Ratio would be at least 2.00:1.00;

 

(xii)  
Investments in Unrestricted Subsidiaries or joint ventures in an aggregate amount outstanding at any time not exceeding
an amount equal to the greater of $200.0 million and 2.5% of Consolidated Tangible Assets;

 

(xiii)  
distributions or payments of Special Purpose Financing Fees;

 

(xiv)  
the declaration and payment of dividends to holders of any class or series of Disqualified Stock, or of any Preferred Stock
of a Restricted Subsidiary, Incurred in accordance with the terms of Section 407;

 

(xv)  
Investments or other Restricted Payments in an aggregate amount outstanding at any time not to exceed an amount equal to
Declined Excess Proceeds;

 

(xvi)  
any Restricted Payment; provided that on a pro forma basis after giving effect to such Restricted Payment the Consolidated
Total Leverage Ratio would be equal to or less than 4.00:1.00;

 

(xvii)  
any distribution, as a dividend or otherwise, of all or any portion of the equity interests of any VS Entity or assets
of the VS Business;

 

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(xviii)  
any BBW Spin Transaction; provided that after giving effect to such BBW Spin Transaction, (x) if BBW Holdco is not
the Company, BBW Holdco shall have assumed all of the rights and obligations of, and become, the issuer with respect to the Notes
(and the Company shall be released from its Obligations with respect to the Notes in its capacity as issuer at such time) and
(y) each Wholly Owned Domestic Restricted Subsidiary of BBW Holdco upon consummation of such transaction shall be or become, as
applicable, a Guarantor with respect to the Notes to the extent such a guarantee would be required under the covenant described
under Section 414 were such entity a Wholly Owned Domestic Restricted Subsidiary of the Company;

 

(xix)  
the distribution, as a dividend or otherwise, of shares of Capital Stock of, or Indebtedness owed to the Company or a Restricted
Subsidiary by, Unrestricted Subsidiaries; and

 

(xx)  
payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation,
amalgamation, merger or transfer of all or substantially all of the assets of the Company and the Restricted Subsidiaries, taken
as a whole, that complies with the covenant described under Section 501; provided that as a result of such consolidation,
amalgamation, merger or transfer of assets, the Company shall have made a Change of Control Offer (if required by this Indenture)
and that all Notes tendered by Holders in connection with such Change of Control Offer have been repurchased, redeemed or acquired
for value;

 

provided
that (A) in the case of clause (iii) of this Section 409(b), the net amount of any such Permitted
Payment shall be included in subsequent calculations of the amount of Restricted Payments, (B) in all cases other
than pursuant to clause (A) immediately above, the net amount of any such Permitted Payment shall be excluded in subsequent
calculations of the amount of Restricted Payments, and (C) solely with respect to clauses (vi) and (xvi) of this
Section 409(b), no Default or Event of Default shall have occurred and be continuing at the time of any such Permitted
Payment after giving effect thereto. The Company, in its sole discretion, may classify any Investment or other Restricted Payment
as being made in part under one of the clauses or subclauses of this Section 409, (or, in the case of any Investment, the
clauses or subclauses of Permitted Investments) and in part under one or more other such clauses or subclauses (or, as applicable,
clauses or subclauses).

 

Notwithstanding
any other provision of this Indenture, this Indenture does not restrict any redemption or other payment by the Company or any
Restricted Subsidiary made as a mandatory principal redemption or other payment in respect of Subordinated Obligations pursuant
to an “AHYDO saver” provision of any agreement or instrument in respect of Subordinated Obligations, and the Company’s
determination in good faith of the amount of any such “AHYDO saver” mandatory principal redemption or other payment
shall be conclusive and binding for all purposes under this Indenture.

 

Section
410.  
Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company will not, and will not permit
any Restricted Subsidiary to, create or otherwise cause to exist or become effective any consensual encumbrance or restriction
on the ability of any Restricted Subsidiary to (i) pay dividends or make any other distributions on its Capital Stock or
pay any Indebtedness or other obligations owed to the Company, (ii) make any loans or advances to the Company or (iii) transfer
any of its property or assets to the Company (provided that dividend or liquidation priority between classes of Capital
Stock, or subordination of any obligation (including the application of any remedy bars thereto) to any other obligation, will
not be deemed to constitute such an encumbrance or restriction), except any encumbrance or restriction:

 

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(1)  
pursuant to an agreement or instrument in effect at or entered into on the Issue Date, any Credit Facility, the Existing
Unsecured Notes, the Existing Unsecured Notes Indentures, the Existing Secured Notes, the Existing Secured Notes Indenture, this
Indenture or the Notes;

 

(2)  
pursuant to any agreement or instrument of a Person, or relating to Indebtedness or Capital Stock of a Person, which Person
is acquired by or merged or consolidated with or into the Company or any Restricted Subsidiary, or which agreement or instrument
is assumed by the Company or any Restricted Subsidiary in connection with an acquisition of assets from such Person, or any other
transaction entered into in connection with any such acquisition, merger or consolidation, as in effect at the time of such acquisition,
merger, consolidation or transaction (except to the extent that such Indebtedness was incurred to finance, or otherwise in connection
with, such acquisition, merger, consolidation or transaction); provided that for purposes of this clause (2), if a
Person other than the Company is the Successor Company with respect thereto, any Subsidiary thereof or agreement or instrument
of such Person or any such Subsidiary shall be deemed acquired or assumed, as the case may be, by the Company or a Restricted
Subsidiary, as the case may be, when such Person becomes such Successor Company;

 

(3)  
pursuant to an agreement or instrument (a “Refinancing Agreement”) effecting a refinancing of Indebtedness
Incurred or outstanding pursuant or relating to, or that otherwise extends, renews, refunds, refinances or replaces, any agreement
or instrument referred to in clause (1) or (2) of this Section 410 or this clause (3) (an “Initial Agreement”)
or that is, or is contained in, any amendment, supplement or other modification to an Initial Agreement or Refinancing Agreement
(an “Amendment”); provided, however, that the encumbrances and restrictions contained in any such Refinancing
Agreement or Amendment taken as a whole are not materially less favorable to the Holders of the Notes than encumbrances and restrictions
contained in the Initial Agreement or Initial Agreements to which such Refinancing Agreement or Amendment relates (as determined
in good faith by the Company);

 

(4)  
pursuant to customary provisions in joint venture agreements and other similar agreements entered into in the ordinary
course of business;

 

(5)  
(A) pursuant to any agreement or instrument that restricts in a customary manner the assignment or transfer
thereof, or the subletting, assignment or transfer of any property or asset subject thereto, (B) by virtue of any
transfer of, agreement to transfer, option or right with respect to, or Lien on, any property or assets of the Company or any
Restricted Subsidiary not otherwise prohibited by this Indenture, (C) contained in mortgages, pledges or other security
agreements securing Indebtedness or other obligations of the Company or a Restricted Subsidiary to the extent restricting the
transfer of the property or assets subject thereto, (D) pursuant to customary provisions restricting dispositions
of real property interests set forth in any reciprocal easement agreements of the Company or any Restricted Subsidiary, (E) pursuant
to Purchase Money Obligations that impose encumbrances or restrictions on the property or assets so acquired, (F) on
cash or other deposits, net worth or inventory imposed by customers or suppliers under agreements entered into in the ordinary
course of business, (G) pursuant to customary provisions contained in agreements and instruments entered into in the
ordinary course of business (including but not limited to leases and licenses) or in joint venture and other similar agreements
or in shareholder, partnership, limited liability company and other similar agreements in respect of non-wholly owned Restricted
Subsidiaries, (H) that arises or is agreed to in the ordinary course of business and does not detract from the value
of property or assets of the Company or any Restricted Subsidiary in any manner material to the Company or such Restricted Subsidiary,
or (I) pursuant to Hedging Obligations, Bank Products Obligations or Open Account Obligations;

 

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(6)  
with respect to any agreement for the direct or indirect disposition of Capital Stock, property or assets of any Person,
property or assets, imposing restrictions with respect to such Person, Capital Stock, property or assets pending the closing of
such sale or disposition;

 

(7)  
by reason of any applicable law, rule, regulation or order, or required by any regulatory authority having jurisdiction
over the Company or any Restricted Subsidiary or any of their businesses, including any such law, rule, regulation, order or requirement
applicable in connection with such Restricted Subsidiary’s status (or the status of any Subsidiary of such Restricted Subsidiary)
as a Captive Insurance Subsidiary; or

 

(8)  
pursuant to an agreement or instrument (A) relating to any Indebtedness permitted to be Incurred subsequent to the
Issue Date pursuant to Section 407 (i) if the encumbrances and restrictions contained in any such agreement or instrument
taken as a whole are not materially less favorable to the Holders of the Notes than the encumbrances and restrictions contained
in the Initial Agreements (as determined in good faith by the Company) or (ii) if such encumbrance or restriction is not
materially more disadvantageous to the Holders of the Notes than is customary in comparable financings (as determined in good
faith by the Company) and either (x) the Company determines in good faith that such encumbrance or restriction will not materially
affect the Company’s ability to make principal or interest payments on the Notes or (y) such encumbrance or restriction
applies only if a default occurs in respect of a payment or financial covenant relating to such Indebtedness, (B) relating
to any sale of receivables by or Indebtedness of a Foreign Subsidiary or (C) relating to Indebtedness of or a Financing Disposition
by or to or in favor of any Receivables Subsidiary.

 

Section
411.  
Limitation on Sales of Assets and Subsidiary Stock. (a) The Company will not, and will not permit any Restricted
Subsidiary to, make any Asset Disposition unless:

 

(i)  
the Company or such Restricted Subsidiary receives consideration (including by way of relief from, or by any other Person
assuming responsibility for, any liabilities, contingent or otherwise) at the time of such Asset Disposition at least equal to
the Fair Market Value of the shares and assets subject to such Asset Disposition, as such Fair Market Value (on the date a legally
binding commitment for such Asset Disposition was entered into) may be determined in good faith by the Company, whose determination
shall be conclusive (including as to the value of all noncash consideration);

 

(ii)  
in the case of any Asset Disposition (or series of related Asset Dispositions) having a Fair Market Value (on the date
a legally binding commitment for such Asset Disposition was entered into) of $50.0 million or more, at least 75.0% of the consideration
therefor (excluding, in the case of an Asset Disposition (or series of related Asset Dispositions), any consideration by way of
relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise, that are not Indebtedness)
for such Asset Disposition, together with all other Asset Dispositions since the Issue Date (on a cumulative basis) received by
the Company or such Restricted Subsidiary is in the form of cash; provided that this Section 411(a)(ii) shall not
apply in the case of an Asset Disposition of all or a portion of the equity interests in, or assets of, the VS Business; and

 

(iii)  
an amount equal to 100.0% (as may be adjusted pursuant to the last proviso to this Section 411(a)(iii)) of the Net
Available Cash from such Asset Disposition is applied by the Company (or any Restricted Subsidiary, as the case may be) as follows:

 

(A)  
first, either (x) to the extent the Company or such Restricted Subsidiary elects (or is required by the terms
of any Senior Indebtedness of the Company or any

 

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Subsidiary
Guarantor or any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor), to prepay, repay or purchase any
such Indebtedness or Obligations in respect thereof or (in the case of letters of credit, bankers’ acceptances or other
similar instruments) cash collateralize any such Indebtedness or Obligations in respect thereof (in each case other than Indebtedness
owed to the Company or a Restricted Subsidiary) within 365 days after the later of the date of such Asset Disposition and
the date of receipt of such Net Available Cash, or (y) to the extent the Company or such Restricted Subsidiary elects,
to invest in Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with an amount
equal to Net Available Cash received by the Company or another Restricted Subsidiary) within 365 days from the later of the date
of such Asset Disposition and the date of receipt of such Net Available Cash or, if such investment in Additional Assets is a
project authorized by the Board of Directors that will take longer than such 365 days to complete, the period of time necessary
to complete such project; provided that the Company and its Restricted Subsidiaries will be deemed to have reinvested such
Net Available Cash if and to the extent that, within 365 days after the Asset Disposition that generated the Net Available Cash,
the Company or such Restricted Subsidiary has entered into and not abandoned or rejected a binding agreement to consummate any
such investment described in this clause (A) with the good faith expectation that such Net Available Cash will be applied to satisfy
such commitment within 180 days of such commitment;

 

(B)  
second, to the extent of the balance of such Net Available Cash after application in accordance with clause (A) above
(such balance, the “Excess Proceeds”), to make an offer to purchase Notes and (to the extent the Company or
such Restricted Subsidiary elects, or is required by the terms thereof) to purchase, redeem, prepay or repay any other Senior
Indebtedness of the Company or a Restricted Subsidiary, pursuant and subject to Section 411(b) and Section 411(c)
and the agreements governing such other Indebtedness; and

 

(C)  
third, to the extent of the balance of such Net Available Cash after application in accordance with clauses (A) and
(B) above (the amount of such balance, “Declined Excess Proceeds”), to fund (to the extent consistent with
any other applicable provision of this Indenture) any general corporate purpose (including but not limited to the repurchase,
repayment or other acquisition or retirement of any Subordinated Obligations or the making of other Restricted Payments);

 

provided,
however, that (1) in connection with any prepayment, repayment or purchase of Indebtedness pursuant to clause (A)(x)
or (B) above, the Company or such Restricted Subsidiary will cause the related loan commitment (if any) to be permanently reduced
in an amount equal to the principal amount so prepaid, repaid or purchased and (2) the Company (or any Restricted
Subsidiary, as the case may be) may elect to invest in Additional Assets prior to receiving the Net Available Cash attributable
to any given Asset Disposition (provided that such investment shall be made no earlier than the earliest of notice to the
Trustee of the relevant Asset Disposition, execution of a definitive agreement for the relevant Asset Disposition, and consummation
of the relevant Asset Disposition) and deem the amount so invested to be applied pursuant to and in accordance with clause (A)(y)
above with respect to such Asset Disposition.

 

Notwithstanding
the foregoing provision in Section 411(a)(iii), to the extent that repatriating any or all of the Net Available Cash from
any Asset Disposition by a Foreign Subsidiary (x) would result in material adverse tax consequences to the Company
or any of its Subsidiaries or (y) is prohibited or delayed by applicable local law from being repatriated to the United
States (in the case of the foregoing clauses (x) and (y), as reasonably determined by the Company in good faith which determination

 

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shall
be conclusive), the portion of such Net Available Cash so affected will not be required to be applied in compliance with clause
(iii) of the first paragraph of this covenant, and such amounts may be retained by the applicable Foreign Subsidiary; provided
that, in the case of this clause (y), the Company shall take commercially reasonable efforts to cause the applicable Foreign
Subsidiary to take all actions reasonably required by the applicable local law, applicable organizational impediments or other
impediment to permit such repatriation, and if such repatriation of any of such affected Net Available Cash can be achieved such
repatriation will be promptly effected and such repatriated Net Available Cash will be applied (whether or not repatriation actually
occurs) in compliance with clause (iii) of the first paragraph of this covenant. The time periods set forth in this covenant
shall not start until such time as the Net Available Cash may be repatriated whether or not such repatriation actually occurs.

 

Notwithstanding
the foregoing provisions of this Section 411, the Company and the Restricted Subsidiaries shall not be required to apply
any Net Available Cash or equivalent amount in accordance with this Section 411 except to the extent that the aggregate
Net Available Cash from all Asset Dispositions or equivalent amount that is not applied in accordance with this Section 411
exceeds $30.0 million. If the aggregate principal amount of Notes and/or other Indebtedness of the Company or a Restricted
Subsidiary validly tendered and not withdrawn (or otherwise subject to purchase, redemption or repayment) in connection with an
offer pursuant to clause (B) above exceeds the Excess Proceeds, the Excess Proceeds will be apportioned between such Notes
and such other Indebtedness of the Company or a Restricted Subsidiary, with the portion of the Excess Proceeds payable in respect
of such Notes to equal the lesser of (x) the Excess Proceeds amount multiplied by a fraction, the numerator of which
is the outstanding principal amount of such Notes and the denominator of which is the sum of the outstanding principal amount
of the Notes and the outstanding principal amount of the relevant other Indebtedness of the Company or a Restricted Subsidiary,
and (y) the aggregate principal amount of Notes validly tendered and not withdrawn.

 

For
the purposes of Section 411(a)(ii), the following are deemed to be cash: (1) Temporary Cash Investments and
Cash Equivalents; (2) the assumption of Indebtedness of the Company (other than Disqualified Stock of the Company)
or any Restricted Subsidiary and the release of the Company or such Restricted Subsidiary from all liability on payment of the
principal amount of such Indebtedness in connection with such Asset Disposition; (3) Indebtedness of any Restricted
Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition, to the extent that the Company and
each other Restricted Subsidiary are released from any Guarantee of payment of the principal amount of such Indebtedness in connection
with such Asset Disposition; (4) securities received by the Company or any Restricted Subsidiary from the transferee
that are converted by the Company or such Restricted Subsidiary into cash within 180 days; (5) consideration
consisting of Indebtedness of the Company or any Restricted Subsidiary; (6) Additional Assets; and (7) any
Designated Noncash Consideration received by the Company or any of its Restricted Subsidiaries in an Asset Disposition having
an aggregate Fair Market Value, taken together with all other Designated Noncash Consideration received pursuant to this clause,
not to exceed an aggregate amount at any time outstanding equal to the greater of $100.0 million and 1.25% of Consolidated Tangible
Assets (with the Fair Market Value of each item of Designated Noncash Consideration being measured on the date a legally binding
commitment for such disposition (or, if later, for the payment of such item) was entered into and without giving effect to subsequent
changes in value).

 

(b)  In
the event of an Asset Disposition that requires the purchase of Notes pursuant to Section 411(a)(iii)(B), the Company will
be required to purchase Notes validly tendered and not withdrawn pursuant to an offer by the Company for the Notes (the “Offer”)
at a purchase price of 100.0% of their principal amount plus accrued and unpaid interest to the date of purchase in accordance
with the procedures (including prorating among the Notes and other applicable Indebtedness) set forth in Section 411(c).
If the aggregate purchase price of the Notes validly tendered and not withdrawn pursuant to the Offer is less than the Net Available
Cash allotted to the purchase of Notes, the remaining Net

 

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Available
Cash will be available to the Company and the Restricted Subsidiaries for use in accordance with Section 411(a)(iii)(B)
(to repay other Senior Indebtedness of the Company or a Restricted Subsidiary) or Section 411(a)(iii)(C) and the amount
of Excess Proceeds will be reset at zero. The Company shall not be required to make an Offer for Notes pursuant to this Section
411 if the Net Available Cash available therefor (after application of the proceeds as provided in Section 411(a)(iii)(A))
is less than $50.0 million for any particular Asset Disposition (which lesser amounts shall be carried forward for purposes of
determining whether an Offer is required with respect to the Net Available Cash from any subsequent Asset Disposition). No Note
will be repurchased in part if less than $2,000 in original principal amount of such Note would be left outstanding.

 

(c)  The
Company shall, not later than 45 days after the Company becomes obligated to make an Offer pursuant to this Section 411,
mail or otherwise deliver in accordance with the applicable procedures of DTC a notice to each Holder with a copy to the Trustee
stating: (1) that an Asset Disposition that requires the purchase of a portion of the Notes has occurred and that
such Holder has the right (subject to the prorating described below) to require the Company to purchase a portion of such Holder’s
Notes at a purchase price in cash equal to 100.0% of the principal amount thereof, plus accrued and unpaid interest, if
any, to the date of purchase (subject to the right of Holders of record on a record date to receive interest on the relevant Interest
Payment Date falling prior to or on the purchase date); (2) the repurchase date (which shall be no earlier than 10
days nor later than 60 days from the date such notice is mailed or delivered, except that such notice may be delivered more than
60 days prior to the purchase date if the purchase is delayed as provided in clause (5) of this Section 411(c)); (3) the
instructions determined by the Company, consistent with this Section 411, that a Holder must follow in order to have
its Notes purchased; (4) the amount of the Offer which amount may be contingent upon the Net Available Cash remaining
following the application of Net Available Cash pursuant to Section 411(a)(iii)(A) and (5) if such notice
is mailed or delivered prior to the date the Net Available Cash attributable to such Asset Disposition is received, that such
offer is conditioned upon receipt of such Net Available Cash and that the purchase date may, in the Company’s discretion,
be delayed until such time as the Net Available Cash is received. If, upon the expiration of the period for which the Offer remains
open, the aggregate principal amount of Notes surrendered by Holders exceeds the amount of the Offer, the Company shall select
the Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by the Company so that
only Notes in denominations of $2,000 or integral multiples of $1,000 in excess thereof shall be purchased).

 

(d)  The
Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 411. To the
extent that the provisions of any securities laws or regulations conflict with provisions of this Section 411, the
Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under this Section 411 by virtue thereof.

 

Section
412.  
Limitation on Transactions with Affiliates. (a) The Company will not, and will not permit any Restricted Subsidiary
to, directly or indirectly, enter into or conduct any transaction or series of related transactions (including the purchase, sale,
lease or exchange of any property or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”)
involving aggregate consideration in excess of $20.0 million unless (i) the terms of such Affiliate Transaction are
not materially less favorable to the Company or such Restricted Subsidiary, as the case may be, than those that could be obtained
at the time in a transaction with a Person who is not such an Affiliate and (ii) if such Affiliate Transaction involves
aggregate consideration in excess of $50.0 million, the terms of such Affiliate Transaction have been approved by a majority of
the Board of Directors. For purposes of this Section 412(a), any Affiliate Transaction shall be deemed to have satisfied
the requirements set forth in this Section 412(a) if (x) such Affiliate Transaction is approved by a majority
of the Disinterested Directors or

 

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(y) in
the event there are no Disinterested Directors, a fairness opinion is provided by a nationally recognized appraisal or investment
banking firm with respect to such Affiliate Transaction.

 

(b)  
The provisions of Section 412(a) will not apply to:

 

(i)  
any Restricted Payment Transaction;

 

(ii)  
(1) the entering into, maintaining or performance of any employment or consulting contract, collective bargaining
agreement, benefit plan, program or arrangement, related trust agreement or any other similar arrangement for or with any current
or former management member, employee, officer or director or consultant of or to the Company or any Restricted Subsidiary heretofore
or hereafter entered into in the ordinary course of business, including vacation, health, insurance, deferred compensation, severance,
retirement, savings or other similar plans, programs or arrangements, (2) payments, compensation, performance of indemnification
or contribution obligations, the making or cancellation of loans in the ordinary course of business to any such management members,
employees, officers, directors or consultants, (3) any issuance, grant or award of stock, options, other equity related
interests or other securities, to any such management members, employees, officers, directors or consultants, (4) the
payment of reasonable fees to directors of the Company or any of its Subsidiaries (as determined in good faith by the Company
or such Subsidiary), or (5) any transaction with an officer or director of the Company or any of its Subsidiaries
in the ordinary course of business, or (6) Management Advances and payments in respect thereof (or in reimbursement of
any expenses referred to in the definition of such term);

 

(iii)  
any transaction between or among any of the Company, one or more Restricted Subsidiaries, or one or more Receivables Subsidiaries,

 

(iv)  
any transaction arising out of agreements or instruments in existence on the Issue Date, and any payments made pursuant
thereto;

 

(v)  
any transaction in the ordinary course of business on terms that are fair to the Company and its Restricted Subsidiaries
in the reasonable determination of the Board of Directors or senior management of the Company, or are not materially less favorable
to the Company or the relevant Restricted Subsidiary than those that could be obtained at the time in a transaction with a Person
who is not an Affiliate of the Company;

 

(vi)  
any transaction in the ordinary course of business, or approved by a majority of the Board of Directors, between the Company
or any Restricted Subsidiary and any Affiliate of the Company controlled by the Company that is a joint venture or similar entity;

 

(vii)  
the Transactions, all transactions in connection therewith (including but not limited to the financing thereof), and all
fees and expenses paid or payable in connection with the Transactions;

 

(viii)  
any issuance or sale of Capital Stock (other than Disqualified Stock) of the Company or Junior Capital or any capital contribution
to the Company;

 

(ix)  
any investment by any Affiliate of the Company in securities or term loans of the Company or any of its Restricted Subsidiaries
(and payment of out-of-pocket expenses incurred by any such Affiliate in connection therewith) so long as such securities or term
loans are being

 

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offered
generally to investors (other than Affiliates of the Company) on the same or more favorable terms; and

 

(x)  
any transactions undertaken in connection with a VS Spin Transaction or a BBW Spin Transaction; provided that after
giving effect to such BBW Spin Transaction, (x) if BBW Holdco is not the Company, BBW Holdco shall have assumed all of the rights
and obligations of, and become, the issuer with respect to the Notes (and the Company shall be released from its Obligations with
respect to the Notes in its capacity as issuer at such time) and (y) each Wholly Owned Domestic Restricted Subsidiary of BBW Holdco
upon consummation of such transaction shall be or become, as applicable, a Guarantor with respect to the Notes to the extent such
a guarantee would be required under the covenant described under Section 414 were such entity a Wholly Owned Domestic Restricted
Subsidiary of the Company.

 

Section
413.  
Limitation on Liens. The Company shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly,
create or permit to exist any Lien (the “Initial Lien”) on any of its property or assets (including Capital
Stock of any other Person), whether owned on the date of this Indenture or thereafter acquired, securing any Indebtedness, other
than such Initial Lien if (a) the Notes and the Subsidiary Guarantees are equally and ratably secured with (or on a senior basis
to, in the case such Initial Lien secures any Subordinated Obligations) the Obligations secured by such Initial Lien or (b) such
Initial Lien is a Permitted Lien.

 

Any
such Lien thereby created in favor of the Notes or any such Subsidiary Guarantee will be automatically and unconditionally released
and discharged upon (i) the release and discharge of the Initial Lien to which it relates, (ii) in the
case of any such Lien in favor of any such Subsidiary Guarantee, upon the termination and discharge of such Subsidiary Guarantee
in accordance with the terms of Section 1303 or (iii) any sale, exchange or transfer (other than a transfer
constituting a transfer of all or substantially all of the assets of the Company that is governed by Section 501) to any
Person not an Affiliate of the Company of the property or assets secured by such Initial Lien, or of all of the Capital Stock
held by the Company or any Restricted Subsidiary in, or all or substantially all the assets of, any Restricted Subsidiary creating
such Initial Lien.

 

Section
414.  
Future Subsidiary Guarantors. The Company will cause each Wholly Owned Domestic Restricted Subsidiary that is not
a Subsidiary Guarantor and that (x) guarantees payment by the Company or any Subsidiary Guarantor of any Indebtedness of
the Company or any Subsidiary Guarantor under the ABL Facility, (y) becomes a borrower under the ABL Facility or (z)
becomes a primary obligor or guarantor in respect of any Material Indebtedness to execute and deliver to the Trustee within 30
days thereafter a supplemental indenture or other instrument pursuant to which such Wholly Owned Domestic Restricted Subsidiary
will guarantee payment of the Notes, whereupon such Wholly Owned Domestic Restricted Subsidiary will become a Subsidiary Guarantor
for all purposes under this Indenture. The Company will also have the right to cause any other Subsidiary to guarantee payment
of the Notes. Subsidiary Guarantees will be subject to release and discharge under certain circumstances prior to payment in full
of the Notes pursuant to Section 1303.

 

Section
415.  
Purchase of Notes Upon a Change of Control Triggering Event. (a) If a Change of Control Triggering Event occurs,
unless the Company has exercised its right to redeem the Notes pursuant to Article X, Noteholders will have the right to require
the Company to repurchase all or any part in an integral multiple of $1,000 of such Noteholder’s Notes (provided that no
Note will be purchased in part if the remaining principal amount of such Note would be less than $2,000) pursuant to the offer
described below (the “Change of Control Offer”) on the terms set forth in this Indenture. In the Change of
Control Offer, the Company will be required to offer payment in cash equal to 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest, if any, on the Notes repurchased,

 

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to
but excluding the date of purchase (the “Change of Control Payment”). Within 30 days following any Change of
Control Triggering Event, or, at the Company’s option, prior to any Change of Control, but after the public announcement
of the Change of Control, the Company will be required to send a notice to Noteholders describing the transaction or transactions
that constitute or may constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified
in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is sent (the “Change
of Control Payment Date”), pursuant to the procedures required by this Indenture and described in such notice. The notice
shall, if sent prior to the date of consummation of the Change of Control, state that the offer to purchase is conditioned on
the Change of Control Triggering Event occurring on or prior to the payment date specified in the notice. The Company must comply
with the requirements of Rule 14e-1 of the Exchange Act and any other securities laws and regulations thereunder to the extent
those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering
Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control provisions
of this Indenture, the Company will be required to comply with the applicable securities laws and regulations and will not be
deemed to have breached its obligations under this Section 415 by virtue of such conflicts.

 

(b)  
On the Change of Control Payment Date, the Company will be required, to the extent lawful, to (i) accept for payment
all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit with the paying
agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and (iii)
deliver or cause to be delivered to the Trustee the Notes properly accepted together with an officers’ certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased.

 

(c)  
The Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if a third
party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth
in this Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer.

 

(d)  
The Company will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act
and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 415.
To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 415,
the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations
under this Section 415 by virtue thereof.

 

(e)  
A Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement that if fully performed would result in a Change of Control Triggering Event is in effect
at the time of making of the Change of Control Offer.

 

Section
416.  
Suspension of Covenants on Achievement of Investment Grade Rating. (a) If on any day following the Issue Date (a) the
Notes have Investment Grade Ratings from both Rating Agencies, and (b) no Default has occurred and is continuing under
this Indenture (the occurrence of the events described in the foregoing clauses (a) and (b) being collectively referred to as
a “Covenant Suspension Event”), then, beginning on that day (the “Suspension Date”) subject
to the provisions of the following paragraph, the covenants listed under Section 407, Section 409, Section
410, Section 411, Section 412, Section 414, Section 501(a)(iii) and Section 501(a)(iv)
(collectively, the “Suspended Covenants”) will be suspended. During any period that the foregoing covenants
have been suspended, the Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries unless such

 

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designation
would have complied with Section 409 as if Section 409 would have been in effect during such period.

 

(b)  
If on any subsequent date one or both of the Rating Agencies downgrade the ratings assigned to the Notes below an Investment
Grade Rating, the foregoing covenants will be reinstated as of and from the time at which the Company obtains actual knowledge
of such rating decline (any such time, a “Reversion Time”). The period of time between the Suspension Date
and the Reversion Time is referred to as the “Suspension Period.” Upon such reinstatement, all Indebtedness
Incurred during the Suspension Period will be deemed to have been Incurred under the exception provided by Section 407(b)(iii).
With respect to Restricted Payments made after any such reinstatement, the amount of Restricted Payments will be calculated as
if Section 409 had been in effect prior to, but not during, the Suspension Period. For purposes of Section 411,
upon the occurrence of the Reversion Time the amount of Net Available Cash not applied in accordance with such covenant will be
deemed to be reset to zero. In addition, for purposes of Section 412, all agreements and arrangements entered into by the
Company and any Restricted Subsidiary with an Affiliate of the Company during the Suspension Period prior to such Reversion Time
will be deemed to have been entered into on or prior to the Issue Date, and for purposes of Section 410, all contracts
entered into during the Suspension Period prior to such Reversion Time that contain any of the encumbrances or restrictions subject
to such covenant will be deemed to have been existing on the Issue Date. The Subsidiary Guarantees of the Subsidiary Guarantors
will be released during the Suspension Period. The Trustee shall not have any duty to monitor any Suspension Period or Reversion
Time or to notify Holders of such.

 

(c)  
During the Suspension Period, any reference in the definitions of “Permitted Liens” and “Unrestricted
Subsidiary” to Section 407 or any provision thereof shall be construed as if such covenant were in effect during
the Suspension Period.

 

Notwithstanding
that the Suspended Covenants may be reinstated, no Default or Event of Default will be deemed to have occurred as a result of
any actions taken by the Company or any Subsidiary (including for the avoidance of doubt any failure to comply with the Suspended
Covenants) or other events that occurred during any Suspension Period (or upon termination of the Suspension Period or after that
time arising out of events that occurred or actions taken during the Suspension Period) and the Company and any Subsidiary will
be permitted, without causing a Default or Event of Default or breach of any kind under this Indenture, to honor, comply with
or otherwise perform any contractual commitments or obligations entered into during a Suspension Period following a Reversion
Time and to consummate the transactions contemplated thereby.

 

(d)  
The Company shall deliver promptly to the Trustee an Officer’s Certificate notifying it of the occurrence of any
Suspension Date or any Reversion Time, but failure to so notify the Trustee shall not invalidate the occurrence of any Suspension
Date or Reversion Time and shall not constitute a Default or Event of Default by the Company. The Trustee shall have no independent
obligation to determine if a Suspension Period or Reversion Time has commenced or terminated or to notify Holders regarding the
same.

 

Section
417.  
[Reserved].

 

Section
418.  
Additional Limitations on Intellectual Property Transfers. Neither the Company nor any Subsidiary Guarantor will
transfer the ownership of any intellectual property that the Company determines in good faith is material to the Company and its
Restricted Subsidiaries taken as a whole (“Material Intellectual Property”) to an Unrestricted Subsidiary except
to the extent such Material Intellectual Property is related to the anticipated business activities to be conducted by such Unrestricted
Subsidiary (as determined by the Company in good faith).

 

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ARTICLE
V

 

SUCCESSORS

 

Section
501.  
When the Company May Merge, Etc. (a) The Company will not consolidate with or merge with or into, or convey, lease
or otherwise transfer other than for cash all or substantially all its assets to, any Person, unless:

 

(i)  
the resulting, surviving or transferee Person (the “Successor Company”) will be a Person organized and
existing under the laws of the United States of America, any State thereof or the District of Columbia and the Successor Company
(if not the Company) will expressly assume all the obligations of the Company under the Notes and this Indenture by executing
and delivering to the Trustee an Officer’s Certificate, an Opinion of Counsel and a supplemental indenture or one or more
other documents or instruments in form reasonably satisfactory to the Trustee;

 

(ii)  
immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor
Company or any Restricted Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such
Restricted Subsidiary at the time of such transaction), no Default will have occurred and be continuing;

 

(iii)  
immediately after giving effect to such transaction, either (A) the Company (or, if applicable, the Successor
Company with respect thereto) could Incur at least $1.00 of additional Indebtedness pursuant to Section 407(a) or
(B) the Consolidated Coverage Ratio of the Company (or, if applicable, the Successor Company with respect thereto)
would equal or exceed the Consolidated Coverage Ratio of the Company immediately prior to giving effect to such transaction;

 

(iv)  
each Subsidiary Guarantor (other than (x) any Subsidiary Guarantor that will be released from its obligations
under its Subsidiary Guarantee in connection with such transaction and (y) any party to any such consolidation or
merger) shall have delivered a supplemental indenture or other document or instrument in form reasonably satisfactory to the Trustee,
confirming its Subsidiary Guarantee (other than any Subsidiary Guarantee that will be discharged or terminated in connection with
such transaction); and

 

(v)  
the Company will have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect
that such consolidation, merger or transfer complies with the provisions described in this Section 501(a); provided
that (x) in giving such opinion such counsel may rely on an Officer’s Certificate as to compliance with
the foregoing clauses (ii) and (iii) and as to any matters of fact, and (y) no Opinion of Counsel will be required
for a consolidation, merger or transfer described in Section 501(b).

 

Any
Indebtedness that becomes an obligation of the Company (or, if applicable, the Successor Company with respect thereto) or any
Restricted Subsidiary (or that is deemed to be Incurred by any Restricted Subsidiary that becomes a Restricted Subsidiary) as
a result of any such transaction undertaken in compliance with this Section 501, and any Refinancing Indebtedness
with respect thereto, shall be deemed to have been Incurred in compliance with Section 407.

 

(b)  
Clauses (ii) and (iii) of Section 501(a) will not apply to any transaction in which the Company consolidates
or merges with or into or transfers all or substantially all its properties and assets to (x) an Affiliate incorporated
or organized for the purpose of reincorporating or reorganizing the Company in another jurisdiction or changing its legal structure
to a corporation, limited liability company or other entity or (y) a Restricted Subsidiary of the Company so long
as all assets of the Company and the Restricted

 

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Subsidiaries
immediately prior to such transaction (other than Capital Stock of such Restricted Subsidiary) are owned by such Restricted Subsidiary
and its Restricted Subsidiaries immediately after the consummation thereof. Section 501(a) will not apply to any transaction
in which any Restricted Subsidiary consolidates with, merges into or transfers all or part of its assets to the Company.

 

Notwithstanding
the foregoing, this Section 501 shall not apply to (i) any BBW Spin Transaction, so long as after giving effect to such
BBW Spin Transaction, (x) if BBW Holdco is not the Company, BBW Holdco shall have assumed all of the rights and obligations of,
and become, the issuer with respect to the Notes (and the Company shall be released from its Obligations with respect to the Notes
in its capacity as issuer at such time) and (y) each Wholly Owned Domestic Restricted Subsidiary of BBW Holdco upon consummation
of such transaction shall be or become, as applicable, a Guarantor with respect to the Notes to the extent such a guarantee would
be required under the covenant described under Section 414 were such entity a Wholly Owned Domestic Restricted Subsidiary
of the Company, or (ii) any VS Spin Transaction.

 

Section
502.  
Successor Company Substituted. Upon any transaction involving the Company in accordance with Section 501
in which the Company is not the Successor Company, the Successor Company will succeed to, and be substituted for, and may exercise
every right and power of, the Company under the Note Documents, and thereafter the predecessor Company shall be relieved of all
obligations and covenants under the Note Documents, except that the predecessor Company the case of a lease of all or substantially
all its assets will not be released from the obligation to pay the principal of and interest on the Notes.

 

ARTICLE
VI

 

REMEDIES

 

Section
601.  
Events of Default. An “Event of Default” means the occurrence of the following:

 

(i)  
a default in any payment of interest on any Note when due, continued for a period of 30 days;

 

(ii)  
a default in the payment of principal of any Note when due, whether at its Stated Maturity, upon optional redemption, upon
required repurchase, upon declaration of acceleration or otherwise;

 

(iii)  
the failure by the Company to comply with its obligations under Sections 501(a);

 

(iv)  
the failure by the Company to comply for 30 days after the notice specified in the penultimate paragraph of this Section
601 with any of its obligations under Section 415 (other than a failure to purchase the Notes);

 

(v)  
the failure by the Company to comply for (x) 180 days after the notice specified in the penultimate paragraph
of this Section 601 with any of its obligations under Section 405 or (y) 60 days after the notice
specified in the penultimate paragraph of this Section 601 with its other agreements contained in a Note Document;

 

(vi)  
the failure by any Subsidiary Guarantor to comply for 45 days after the notice specified in the penultimate paragraph
of this Section 601 with its obligations under its Subsidiary Guarantee;

 

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(vii)  
the failure by the Company or any Restricted Subsidiary to pay any Indebtedness for borrowed money (other than Indebtedness
owed to the Company or any Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration
of any such Indebtedness by the holders thereof because of a default, if the total amount of such Indebtedness so unpaid or accelerated
exceeds $100.0 million or its foreign currency equivalent; provided that no Default or Event of Default will be deemed
to occur with respect to any such Indebtedness that is paid or otherwise acquired or retired (or for which such failure to pay
or acceleration is waived or rescinded) within 20 Business Days after such failure to pay or such acceleration;

 

(viii)  
the taking of any of the following actions by the Company or a Significant Subsidiary, pursuant to or within the meaning
of any Bankruptcy Law:

 

(A)  
the commencement of a voluntary case;

 

(B)  
the consent to the entry of an order for relief against it in an involuntary case;

 

(C)  
the consent to the appointment of a Custodian of it or for any substantial part of its property; or

 

(D)  
the making of a general assignment for the benefit of its creditors;

 

(ix)  
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 any substantial part of its property; or

 

(C)  
orders the winding up or liquidation of the Company or any Significant Subsidiary;

 

and
the order or decree remains unstayed and in effect for 60 days;

 

(x)  
the rendering of any judgment or decree for the payment of money in an amount (net of any insurance or indemnity payments
actually received in respect thereof prior to or within 90 days from the entry thereof, or to be received in respect thereof
in the event any appeal thereof shall be unsuccessful) in excess of $100.0 million or its foreign currency equivalent against
the Company or a Significant Subsidiary that is not discharged, or bonded or insured by a third Person, if such judgment or decree
remains outstanding for a period of 90 days following such judgment or decree and is not discharged, waived or stayed; or

 

(xi)  
the failure of any Subsidiary Guarantee by a Subsidiary Guarantor that is a Significant Subsidiary to be in full force
and effect (except as contemplated by the terms thereof or of this Indenture) or the denial or disaffirmation in writing by any
Subsidiary Guarantor that is a Significant Subsidiary of its obligations under this Indenture or any Subsidiary Guarantee (other
than by reason of the termination of this Indenture or such Subsidiary Guarantee or the release of such Subsidiary Guarantee in
accordance with such Subsidiary Guarantee or this Indenture), if such Default continues for 10 days.

 

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The
foregoing will constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary
or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body.

 

The
term “Bankruptcy Law” means Title 11, United States Code, or any similar Federal, state or foreign law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law.

 

However,
a Default under Section 601(iv), Section 601(v) or Section 601(vi) will not constitute an
Event of Default until the Trustee or the Holders of at least 30.0% in principal amount of the Outstanding Notes notify the Company
in writing of the Default and the Company does not cure such Default within 30 days after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of Default.” When
a Default or an Event of Default is cured, it ceases. Notwithstanding anything to the contrary set forth above, a notice of Default
may not be given with respect to any action taken, and reported publicly or to Holders, more than two years prior to such notice
of Default.

 

The
Company shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any Event of Default under Section 601(vii) or Section 601(x) and any event that
with the giving of notice or the lapse of time would become an Event of Default under Section 601(iv), Section 601(v) or
Section 601(vi), its status and what action the Company is taking or proposes to take with respect thereto.

 

Section
602.  
Acceleration of Maturity; Rescission and Annulment. If an Event of Default (other than an Event of Default specified
in Section 601(viii) or Section 601(ix) with respect to the Company) occurs and is continuing, the Trustee
by written notice to the Company, or the Holders of at least 30.0% in principal amount of the Outstanding Notes by written notice
to the Company and the Trustee, in either case specifying in such notice the respective Event of Default and that such notice
is a “notice of acceleration,” may declare the principal of and accrued but unpaid interest on all the Notes to be
due and payable. Upon the effectiveness of such a declaration, such principal and interest will be due and payable immediately.

 

Notwithstanding
the foregoing, if an Event of Default specified in Section 601(viii) or Section 601(ix) with respect to the
Company occurs and is continuing, the principal of and accrued but unpaid interest on all the Outstanding Notes will ipso facto
become immediately due and payable without any declaration or other act on the part of the Trustee or any Holder.

 

The
Holders of a majority in principal amount of the Outstanding Notes by notice to the Company and the Trustee may rescind an acceleration
and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have
been cured or waived except non-payment of principal or interest that has become due solely because of such acceleration. No such
rescission shall affect any subsequent Default or impair any right consequent thereto.

 

Section
603.  
Other Remedies; Collection Suit by Trustee. If an Event of Default occurs and is continuing, the Trustee may, but
is not obligated under this Section 603 to, pursue any available remedy to collect the payment of principal of or
interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. If an Event of Default specified
in Section 601(i) or 601(ii) occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid
interest to the extent lawful) and the amounts provided for in Section 707.

 

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Section
604.  
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may
be necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative
to the Company or any other obligor upon the Notes, its creditors or its property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions,
and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and
any other amounts due the Trustee under Section 707.

 

No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

 

Section
605.  
Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or
the Notes may be prosecuted and enforced by the Trustee without the possession of any of the Notes 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 Notes in respect
of which such judgment has been recovered.

 

Section
606.  
Application of Money Collected. Any money or property collected by the Trustee pursuant to this Article VI
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
or property on account of principal (or premium, if any) or interest, upon presentation of the Notes 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 under Section 707;

 

Second:
to the payment in full of the Obligations in respect of the Notes (including the Subsidiary Guarantees) (the amounts so applied
to be distributed among the holders of such Obligations pro rata in accordance with the amounts of the obligations owed to them
on the date of such distribution); and

 

Third:
to the Company or such other Subsidiary Guarantor, as applicable, their successors or assigns, or as a court of competent jurisdiction
may otherwise direct.

 

Section
607.  
Limitation on Suits. No Holder may pursue any remedy with respect to this Indenture or the Notes unless:

 

(i)  
such Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(ii)  
Holders of at least 30.0% in principal amount of the Outstanding Notes have requested the Trustee in writing to pursue
the remedy;

 

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

 

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

 

(v)  
Holders of a majority in principal amount of the Outstanding Notes have not given the Trustee a written direction inconsistent
with the request within such 60-day period.

 

A
Holder may not use this Indenture to affect, disturb or prejudice the rights of another Holder, to obtain a preference or priority
over another Holder or to enforce any right under this Indenture except in the manner herein provided and for the equal and ratable
benefit of all Holders.

 

Section
608.  
Net Short Provisions.

 

Any
notice of Default, notice of acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration
or take any other action (a “Noteholder Direction”) provided by any one or more Holders (each a “Directing
Holder”) must be accompanied by a written representation from each such Holder to the Company and the Trustee that such
Holder is not (or, in the case such Holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners
that have represented to such Holder that they are not) Net Short (a “Position Representation”), which representation,
in the case of a Noteholder Direction relating to a notice of Default shall be deemed repeated at all times until the resulting
Event of Default is cured or otherwise ceases to exist or the notes are accelerated. In addition, each Directing Holder must,
at the time of providing a Noteholder Direction, covenant to provide the Company with such other information as the Company may
reasonably request from time to time in order to verify the accuracy of such Holder’s Position Representation within five
Business Days of request therefor (a “Verification Covenant”). In any case in which the Holder is DTC or its
nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner of
the Notes in lieu of DTC or its nominee. If, following the delivery of a Noteholder Direction, but prior to the acceleration of
the Notes, the Company determines in good faith that there is a reasonable basis to believe a Directing Holder providing such
Noteholder Direction was, at any relevant time, in breach of its Position Representation and provides to the Trustee evidence
that the Company has filed papers with a court of competent jurisdiction seeking a determination that such Directing Holder was,
at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default that resulted from the
applicable Noteholder Direction, the cure period with respect to such Event of Default shall be automatically stayed pending a
final and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery
of a Noteholder Direction, but prior to acceleration of the Notes, the Company provides to the Trustee an Officer’s Certificate
stating that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to any Event of Default
that resulted from the applicable Noteholder Direction shall be automatically stayed pending satisfaction of such Verification
Covenant. Any breach of the Position Representation shall result in such Holder’s participation in such Noteholder Direction
being disregarded; and, if, without the participation of such Holder, the percentage of Notes held by the remaining Holders that
provided such Noteholder Direction would have been insufficient to validly provide such Noteholder Direction, such Noteholder
Direction shall be void ab initio, with the effect that such Event of Default shall be deemed never to have occurred.

 

For
the avoidance of doubt, the Trustee shall be entitled to conclusively rely without liability on any Noteholder Direction delivered
to it in accordance with this Indenture, shall have no duty to inquire as to or investigate the accuracy of any Position Representation,
enforce compliance with any Verification Covenant, verify any statements in any Officer’s Certificate delivered to it, or
otherwise make calculations, investigations or determinations with respect to Derivative Instruments, Net Shorts, Long Derivative
Instruments, Short Derivative Instruments or otherwise and shall have no liability for ceasing to take any action or staying any
remedy. The Trustee shall have no liability to the Company, any Holder or

 

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any
other Person in acting in good faith on a Noteholder Direction or taking no action in good faith with respect thereto.

 

Section
609.  
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right
or remedy under this Indenture or any Note 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, any other obligor upon the Notes,
the Trustee and the Holders 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
610.  
Rights and Remedies Cumulative. No right or remedy herein conferred upon or reserved to the Trustee or to the Holders
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
611.  
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note 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 VI or by law to the Trustee or to
the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as
the case may be.

 

Section
612.  
Control by Holders. The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes
shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee
or of exercising any trust or power conferred on the Trustee; provided that

 

(1)  
such direction shall not be in conflict with any rule of law or with this Indenture, and

 

(2)  
the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction.

 

However,
the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 701,
that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would subject the Trustee to personal
liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee shall be entitled to indemnification
satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 

Section
613.  
Waiver of Past Defaults. The Holders of not less than a majority in aggregate principal amount of the Outstanding
Notes may on behalf of the Holders of all the Notes waive any past Default hereunder and its consequences, except a Default

 

(1)  
in the payment of principal of or interest on any Note (which may only be waived with the consent of each Holder of Notes),
or

 

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(2)  
in respect of a covenant or provision hereof that pursuant to the second paragraph of Section 902 cannot be
modified or amended without the consent of the Holder of each Outstanding Note.

 

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. In case of any such waiver, the Company, any other obligor upon the Notes, the Trustee and
the Holders shall be restored to their former positions and rights hereunder and under the Notes, respectively.

 

Section
614.  
Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by such Holder’s 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 the Notes, or in any suit against the Trustee for any action taken, suffered 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, 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. This Section 614
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 10.0% in principal amount of the Outstanding Notes, or to any suit instituted by any Holder for the enforcement
of the payment of principal of (or premium, if any) or interest on any Note on or after the respective Stated Maturity or Interest
Payment Dates expressed in such Note.

 

Section
615.  
Waiver of Stay, Extension or Usury Laws. The Company agrees (to the extent that it may lawfully do so) that it shall
not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension
law or any usury or other similar law wherever enacted, now or at any time hereafter in force, that would prohibit or forgive
the Company from paying all or any portion of the principal of (or premium, if any) or interest on the Notes contemplated herein
or in the Notes or that 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 shall 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.

 

ARTICLE
VII

 

THE TRUSTEE

 

Section
701.  
Certain Duties and Responsibilities. (a) Except during the continuance of an Event of Default,

 

(1)  
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in the Note Documents,
and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

 

(2)  
in the absence of negligence or willful misconduct on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture; but in the case of any such certificates or opinions that 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 need not verify the contents thereof.

 

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

 

(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 (i) this paragraph does not limit the effect
of Section 701(a); (ii) the Trustee shall not be liable for any error of judgment made in good faith by
a Trust Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and (iii) the
Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 612.

 

(d)  
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it.

 

(e)  
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 701 and Section 703.

 

Section
702.  
Notice of Defaults. If a Default occurs and is continuing and is known to the Trustee, the Trustee must mail within
90 days after it occurs, to all Holders as their names and addresses appear in the Note Register, 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 principal of, or premium, if any, or interest on, any Note, the Trustee may withhold notice
if it in good faith determines that the withholding of such notice is in the interests of the Holders. The Trustee will not be
deemed to have knowledge of any Defaults or Events of Default unless written notice of a Default or Event of Default has been
delivered to and actually received by a Trust Officer of the Trustee at its office specified in this Indenture and such notice
references the Notes and this Indenture and states that it is a “Notice of Default.”

 

Section
703.  
Certain Rights of Trustee. Subject to the provisions of Section 701:

 

(1)  
the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, note, other evidence of indebtedness or other paper
or document 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 thereof, and any resolution of any Person’s board of directors shall be sufficiently evidenced if certified by an
Officer of such Person as having been duly adopted and being in full force and effect on the date of such certificate;

 

(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 request and, in the absence of bad faith on its part, rely upon an Officer’s Certificate of the Company;

 

(4)  
the Trustee shall be entitled to request and receive written instructions from the Company and shall have no responsibility
or liability for any losses or damages of any nature that

 

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may
arise from any action taken or not taken by the Trustee in accordance with the written direction of the Company;

 

(5)  
the Trustee may consult with counsel and the 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;

 

(6)  
the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security
or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction;

 

(7)  
the Trustee shall not be responsible for nor have any duty to monitor the performance or any action of the Company or any
other party to this Indenture, or any of their directors, members, officers, agents, affiliates or employee, nor shall it have
any liability in connection with the malfeasance or nonfeasance by such party;

 

(8)  
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, note, other evidence of indebtedness
or other paper or document;

 

(9)  
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;

 

(10)  
to the extent permitted by applicable law, the Trustee shall not be liable to any Person for special, punitive, indirect,
consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee
has been advised of the likelihood of such loss or damage; and

 

(11)  
the permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless
so specified herein.

 

Section
704.  
Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Company, and 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 Notes, except that the Trustee represents that it is duly authorized to execute and deliver this Indenture,
authenticate the Notes and perform its obligations hereunder. Neither the Trustee nor any Authenticating Agent shall be accountable
for the use or application by the Company of Notes or the proceeds thereof.

 

Section
705.  
May Hold Notes. The Trustee, any Authenticating Agent, any Paying Agent, any Note Registrar or any other agent of
the Company, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to Section 708
and Section 713, may otherwise deal with the Company or its Affiliates with the same rights it would have if it
were not Trustee, Authenticating Agent, Paying Agent, Note Registrar or such other agent.

 

Section
706.  
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

 

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liability
for interest on any money received by it hereunder except as otherwise agreed in writing with the Company.

 

Section
707.  
Compensation and Reimbursement. The Company agrees,

 

(1)  
to pay to the Trustee from time to time the reasonable compensation agreed to by the Company in writing for all services
rendered by the Trustee 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 the Trustee upon its request for all reasonable out-of-pocket
expenses incurred by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable
to its negligence or willful misconduct; and

 

(3)  
to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without negligence
or willful misconduct on the Trustee’s part, arising out of or in connection with the administration of the trust or trusts
hereunder, including, without limitation, reasonable attorneys’ fees and expenses, the costs of enforcement of this Indenture
or any provision thereof and 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.

 

The Company
need not pay for any settlement made without its consent (which consent shall not be unreasonably withheld). The provisions of
this Section 707 shall survive the termination of this Indenture or the resignation and removal of the Trustee.

 

The
Trustee shall have a claim prior to the Notes for payment of all amounts due the Trustee under this Section 707 on
all money or property held or collected by the Trustee, other than money or property held in trust to pay the principal of and
interest on any Notes.

 

Section
708.  
Conflicting Interests. If the Trustee has or shall acquire a conflicting interest within the meaning of the TIA,
the Trustee shall eliminate such interest, apply to the SEC for permission to continue as Trustee with such conflict or resign,
to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. The Trustee shall not
be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Initial Notes and Additional
Notes, or a trustee under any other indenture between the Company and the Trustee.

 

Section
709.  
Corporate Trustee Required; Eligibility. There shall at all times be one (and only one) Trustee hereunder. The Trustee
shall be a Person that is eligible pursuant to the TIA to act as such and has a combined capital and surplus of at least $50.0 million.
If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising
or examining authority, then for the purposes of this Section 709 and to the extent permitted by the TIA, the combined
capital and surplus of such Person 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 709,
it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section
710.  
Resignation and Removal; Appointment of Successor. No resignation or removal of the Trustee and no appointment of
a successor Trustee pursuant to this Article shall become

 

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effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 711.

 

The
Trustee may resign at any time by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 711 shall not have been delivered to the Trustee within 30 days after the giving
of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a
successor Trustee.

 

The
Trustee may be removed at any time by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered
to the Trustee and to the Company.

 

If
at any time:

 

(1)  
the Trustee shall fail to comply with Section 708 after written request therefor by the Company or by any Holder
who has been a bona fide Holder of a Note for at least six months, or

 

(2)  
the Trustee shall cease to be eligible under Section 709 and shall fail to resign after written request therefor
by the Company or by any such Holder, or

 

(3)  
the Trustee shall become incapable of acting or shall be adjudged 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, (A) the Company may remove the Trustee, or (B) subject to Section 614, any
Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of itself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

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, the Company shall promptly appoint a successor Trustee and shall comply with the applicable requirements of Section 711.
If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with
the applicable requirements of Section 711, become the successor Trustee and to that extent supersede the successor
Trustee appointed by the Company. If no successor Trustee shall have been so appointed by the Company or the Holders and accepted
appointment in the manner required by Section 711, then, subject to Section 614, any Holder who has been
a bona fide Holder of a Note for at least six months may, on behalf of itself and all others similarly situated, petition any
court of competent jurisdiction for the appointment of a successor Trustee.

 

The
Company shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all
Holders in the manner provided in Section 110. Each notice shall include the name of the successor Trustee and the
address of its Corporate Trust Office.

 

Notwithstanding
the replacement of the Trustee pursuant to this Section 710, the Company’s obligations under Section 707
shall continue for the benefit of the retiring Trustee.

 

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Section
711.  
Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee, 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 the 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.

 

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 above.

 

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 VII.

 

Section
712.  
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 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 VII, without the execution or filing of any paper or any further act on the part of any
of the parties hereto. In case any Notes 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
Notes so authenticated with the same effect as if such successor Trustee had itself authenticated such Notes.

 

Section
713.  
Preferential Collection of Claims Against the Company. If and when the Trustee shall be or become a creditor of
the Company (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the TIA regarding the collection
of claims against the Company (or any such other obligor) or realizing on certain property received by it in respect of such claims.

 

Section
714.  
Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent acceptable to the Company to
authenticate such Notes. Any such appointment shall be evidenced by an instrument in writing signed by a Trust Officer, a copy
of which instrument shall be promptly furnished to the Company. Unless limited by the terms of such appointment, an Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication (or execution
of a certificate of authentication) by the Trustee includes authentication (or execution of a certificate of authentication) by
such Authenticating Agent. An Authenticating Agent has the same rights as any Note Registrar, Paying Agent or agent for service
of notices and demands.

 

ARTICLE
VIII

 

HOLDERS’ LISTS AND REPORTS BY

TRUSTEE AND THE COMPANY

 

Section
801.  
The Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish or cause to be furnished
to the Trustee

 

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(1)  
semi-annually, not more than 10 days after each Regular Record Date, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders as of such Regular Record Date, and

 

(2)  
at such other times as the Trustee may request in writing, within 30 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 days prior to the time such list is furnished;

 

provided,
however, that if and to the extent and so long as the Trustee shall be the Note Registrar, no such list need be furnished
pursuant to this Section 801.

 

Section
802.  
Preservation of Information; Communications to Holders. The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent list, if any, furnished to the Trustee as provided
in Section 801 and the names and addresses of Holders received by the Trustee in its capacity as Note Registrar; provided,
however, that if and so long as the Trustee shall be the Note Registrar, the Note Register shall satisfy the requirements
relating to such list. None of the Company, any Subsidiary Guarantor or the Trustee or any other Person shall be under any responsibility
with regard to the accuracy of such list. The Trustee may destroy any list furnished to it as provided in Section 801
upon receipt of a new list so furnished.

 

The
rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Notes, and
the corresponding rights and privileges of the Trustee, shall be as provided by the TIA.

 

Every
Holder of Notes, by receiving and holding the same, agrees with the Company and the Trustee that neither the Company, nor the
Trustee, nor any agent of any of them, shall be held accountable by reason of any disclosure of information as to names and addresses
of Holders made pursuant to the TIA.

 

Section
803.  
Reports by Trustee. Within 60 days after each June 1, beginning with June 1, 2021, the Trustee shall transmit to
Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the TIA at the
times and in the manner provided pursuant thereto for so long as any Notes remain outstanding. A copy of each such report shall,
at the time of such transmission to Holders, be filed by the Trustee or any applicable listing agent with each stock exchange
upon which any Notes are listed, with the SEC and with the Company. The Company shall notify the Trustee in writing when any Notes
are listed on any stock exchange, but any failure to so notify the Trustee shall not constitute a Default or Event of Default
by Company.

 

ARTICLE
IX

 

AMENDMENT, SUPPLEMENT OR WAIVER

 

Section
901.  
Without Consent of Holders. Without the consent of any Holder, the Company, the Trustee and, as applicable, any
Subsidiary Guarantor may amend or supplement the Note Documents for any of the following purposes:

 

(1)  
to cure any ambiguity, mistake, omission, defect or inconsistency;

 

(2)  
to provide for the assumption by a successor of the obligations of the Company or a Subsidiary Guarantor under any Note
Document (and to make appropriate conforming changes to the Note Documents in connection therewith);

 

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(3)  
to provide for uncertificated Notes in addition to or in place of certificated Notes;

 

(4)  
to add Guarantees with respect to the Notes;

 

(5)  
to mortgage, pledge, hypothecate or grant any Lien in favor of the Trustee and the Holders, as security for the payment
and performance of all or any portion of the Obligations in respect of the Notes and the Subsidiary Guarantees, in any property
or assets, including any which are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted
to or for the benefit of the Trustee pursuant to this Indenture;

 

(6)  
to evidence a successor Trustee;

 

(7)  
to confirm and evidence the release, termination or discharge of any Subsidiary Guarantee when such release, termination
or discharge is provided for under this Indenture or the Notes;

 

(8)  
to add to the covenants of the Company for the benefit of the Holders or to surrender any right or power conferred upon
the Company or any Subsidiary Guarantor;

 

(9)  
to provide for or confirm the issuance of Additional Notes in compliance with this Indenture;

 

(10)  
to conform the text of the Note Documents to any provision of the “Description of Notes” section of the Offering
Memorandum;

 

(11)  
to make any change that does not materially adversely affect the rights of any Holder; or

 

(12)  
to comply with any requirement of the SEC in connection with any qualification of this Indenture under the TIA or otherwise.

 

Section
902.  
With Consent of Holders. Subject to Section 608 and except as otherwise expressly provided below in
this Section 902, the Company, the Trustee and (as applicable) any Subsidiary Guarantor may amend or supplement the
Note Documents with the written consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding
Notes (including consents obtained in connection with a tender offer or exchange offer for Notes) and the Holders of not less
than a majority in aggregate principal amount of the Outstanding Notes by written notice to the Trustee (including consents obtained
in connection with a tender offer or exchange offer for Notes) may waive any existing Default or Event of Default or compliance
by the Company or any Subsidiary Guarantor with any provision of this Indenture, the Notes or any Subsidiary Guarantee.

 

Notwithstanding
the provisions of this Section 902 to the contrary, without the consent of Holders of at least 90% of the principal
amount of the Outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for Notes), an
amendment, supplement or waiver, including a waiver pursuant to Section 613, may not:

 

(i)  
reduce the principal amount of the Notes whose Holders must consent to an amendment, supplement or waiver;

 

(ii)  
reduce the rate of or extend the time for payment of interest on any Note;

 

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(iii)  
reduce the principal of or extend the Stated Maturity of any Note;

 

(iv)  
reduce the premium payable upon the redemption of any Note or change the date on which any Note may be redeemed as described
in Section 1009;

 

(v)  
make any Note payable in money other than that stated in such Note;

 

(vi)  
amend or waive the legal right of any Holder to receive payment of principal of and interest on such Holder’s Note
on or after the Stated Maturity for the principal or Interest Payment Date for the interest expressed in such Note, or to institute
suit for the enforcement of any such payment on or after the Stated Maturity or Interest Payment Date;

 

(vii)  
make any change in the amendment or waiver provisions described in this paragraph; or

 

(viii)  
make any change or modification to the ranking of the Notes that would adversely affect the rights of a Holder in any material
respect.

 

Any
amendment, supplement or waiver referred to in any of the preceding clauses (i) through (viii) that are consented to by Holders
of at least 90% of the principal amount of the Outstanding Notes will be binding on any non-consenting Holder of the Notes.

 

It
shall not be necessary for the consent of the Holders under this Section 902 to approve the particular form of any
proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.

 

Section
903.  
Execution of Amendments, Supplements or Waivers. After an amendment, supplement or waiver under this Section 902
becomes effective, the Company shall mail to the Holders, with a copy to the Trustee, a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair
or affect the validity of any supplemental indenture or the effectiveness of any such amendment, supplement or waiver. The Trustee
shall sign any amendment, supplement or waiver authorized pursuant to this Article IX if the amendment, supplement
or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may,
but need not, sign it. In signing or refusing to sign such amendment, supplement or waiver, the Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel to the effect that the
execution of such amendment, supplement or waiver is authorized or permitted or complies with this Indenture, that all conditions
precedent to such amendment, supplement or waiver required by this Indenture have been complied with and that such amendment,
supplement or waiver is a valid and binding agreement of the Company, enforceable against the Company in accordance with its terms.

 

Section
904.  
Revocation and Effect of Consents. Until an amendment, supplement or waiver becomes effective, a consent to it by
a Holder is a continuing consent by the Holder and every subsequent Holder of that Note or any Note that evidences all or any
part of the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. Subject
to the following paragraph of this Section 904, any such Holder or subsequent Holder may revoke the consent as to
such Holder’s Note by written notice to the Trustee or the Company, received by the Trustee or the Company, as the case
may be, before the date on which the Trustee receives an Officer’s Certificate from the Company certifying that the Holders
of the requisite principal amount of Notes have consented (and not theretofore revoked such consent) to the amendment, supplement
or waiver. The Company may, but shall not be obligated to, fix a

 

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record
date for the purpose of determining the Holders entitled to consent to any amendment, supplement or waiver as set forth in Section 108.

 

After
an amendment, supplement or waiver becomes effective, it shall bind every Holder of Notes.

 

Section
905.  
[Reserved].

 

Section
906.  
Notation on or Exchange of Notes. If an amendment, supplement or waiver changes the terms of a Note, the Trustee
shall (if required by the Company and in accordance with the specific direction of the Company) request the Holder of the Note
to deliver it to the Trustee. The Trustee shall (if required by the Company and in accordance with the specific direction of the
Company) place an appropriate notation on the Note about the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms. Failure to make the appropriate notation or issue a new Note shall not affect the validity
and effect of such amendment, supplement or waiver.

 

ARTICLE
X

 

REDEMPTION OF NOTES

 

Section
1001.   Applicability
of Article. The Notes are redeemable at the option of the Company, in whole or in part, before their Stated Maturity in accordance
with this Article X.

 

Section
1002.   [Reserved].

 

Section
1003.   Election to
Redeem; Notice to Trustee. In case of any redemption of less than all of the Notes, the Company shall, at least two Business
Days (but not more than 60 days (except that such notice may be delivered more than 60 days prior to the Redemption Date if the
Redemption Date is delayed as provided in Section 1009)), prior to the date on which notice is required to be delivered
to Holders pursuant to Section 1005, notify the Trustee of such Redemption Date and of the principal amount of Notes
to be redeemed, but failure to so notify the Trustee shall not invalidate any notice given in accordance with Section 1005
and shall not constitute a Default or Event of Default by the Company.

 

Section
1004.   Selection by
Trustee of Notes to Be Redeemed. In the case of any partial redemption, selection of the Notes for redemption will be made
by the Trustee on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to
be fair and appropriate, and in the case of global notes, in accordance with the procedures of DTC, in integral multiples of $1,000,
although no Note of $2,000 in original principal amount or less will be redeemed in part.

 

The
Trustee shall promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected
for partial redemption, the principal amount thereof to be redeemed. On and after the Redemption Date, interest will cease to
accrue on Notes or portions thereof called for redemption.

 

For
all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Notes shall
relate, in the case of the Notes redeemed or to be redeemed only in part, to the portion of the principal amount of the Notes
that has been or is to be redeemed.

 

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Section
1005.   Notice of Redemption.
Subject to the third paragraph of Section 110, notice of redemption or purchase as provided in Section 1001
shall be given electronically or, at the Company’s option, by first-class mail, postage prepaid, mailed not less than
10 nor more than 60 days prior to the Redemption Date (except that such notice may be delivered more than 60 days prior to the
Redemption Date if such notice is issued in connection with the defeasance of Notes pursuant to Section 1201 or a satisfaction
and discharge of this Indenture and the Notes pursuant to Section 1101, or if the Redemption Date is delayed as provided
in Section 1009), to each Holder of Notes to be redeemed, at such Holder’s address appearing in the Note Register.

 

Any
such notice shall state:

 

(1)  
the expected Redemption Date,

 

(2)  
the redemption price (or the formula by which the redemption price will be determined),

 

(3)  
if less than all Outstanding Notes are to be redeemed, the identification (and, in the case of partial redemption, the
portion of the respective principal amounts) of the Notes to be redeemed,

 

(4)  
that, on the Redemption Date, the redemption price will become due and payable upon each such Note, and that, unless the
Company defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant to the
terms of this Indenture, interest thereon shall cease to accrue from and after said date, and

 

(5)  
the place where such Notes are to be surrendered for payment of the redemption price.

 

In addition,
if such redemption, purchase or notice is subject to satisfaction (or, waiver by the Company in its sole discretion) of one or
more conditions precedent, as permitted by Section 1009, such notice shall describe each such condition, and if applicable,
shall state that, in the Company’s discretion, the Redemption Date may be delayed until such time as any or all such conditions
shall be satisfied (or waived by the Company in its sole discretion), or such redemption or purchase may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been (or, in the Company’s sole determination,
may not be) satisfied (or waived by the Company in its sole discretion) by the Redemption Date, or by the Redemption Date as so
delayed.

 

The
Company may provide in such notice that payment of the redemption price and the performance of the Company’s obligations
with respect to such redemption may be performed by another Person.

 

Notice
of any redemption or purchase of Notes hereunder (or the selection of Notes in connection with a partial redemption) to be so
redeemed or purchased at the election of the Company shall be given by the Company or, at the Company’s request (made to
the Trustee at least 15 days (or such shorter period as shall be reasonably satisfactory to the Trustee) prior to the Redemption
Date), by the Trustee in the name and at the expense of the Company. Any such request will set forth the information to be stated
in such notice, as provided by this Section 1005.

 

The
notice if delivered in the manner herein provided shall be conclusively presumed to have been given, whether or not the Holder
receives such notice. In any case, failure to give such notice

 

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by
mail or any defect in the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the
validity of the proceedings for the redemption of any other Note.

 

Section
1006.   Deposit of
Redemption Price. On or prior to 12:00 p.m., New York City time, on 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, the Company shall segregate and hold in
trust as provided in Section 403) an amount of money sufficient to pay the redemption price of, and any accrued and
unpaid interest on, all the Notes or portions thereof which are to be redeemed on that date.

 

Section
1007.   Notes Payable
on Redemption Date. Notice of redemption having been given as provided in this Article X, the Notes so to be redeemed
shall (subject to the satisfaction or waiver by the Company of any applicable conditions precedent), on the Redemption Date, become
due and payable at the redemption price herein specified and from and after such date (unless the Company shall default in the
payment of the redemption price or the Paying Agent is prohibited from paying the redemption price pursuant to the terms of this
Indenture) such Notes shall cease to bear interest. Upon surrender of such Notes for redemption in accordance with such notice,
such Notes shall be paid by the Company at the redemption price. Installments of interest whose Interest Payment Date is on or
prior to the Redemption Date shall be payable to the Holders of such Notes registered as such on the relevant Regular Record Dates
according to their terms and the provisions of Section 307.

 

On
and after any Redemption Date, if money sufficient to pay the redemption price of and any accrued and unpaid interest on Notes
called for redemption shall have been made available in accordance with Section 1006, the Notes (or the portions thereof)
called for redemption will cease to accrue interest and the only right of the Holders of such Notes (or portions thereof) will
be to receive payment of the redemption price of and, subject to the last sentence of the preceding paragraph, any accrued and
unpaid interest on such Notes (or portions thereof) to the Redemption Date. If any Note (or portion thereof) called for redemption
shall not be so paid upon surrender thereof for redemption, the principal (and premium, if any) shall, until paid, bear interest
from the Redemption Date at the rate borne by the Note (or portion thereof).

 

Section
1008.   Notes Redeemed
in Part. Any Note that is to be redeemed only in part shall be surrendered at the Place of Payment (with due endorsement by,
or a written instrument of transfer in form satisfactory to the Company duly executed by, the Holder thereof or its attorney duly
authorized in writing) and the Company shall execute and (upon receipt of an Authentication Order) the Trustee shall authenticate
and deliver to the Holder of such Note without service charge, a new Note or Notes, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Note
so surrendered (or if the Note is a global note, an adjustment shall be made to the schedule attached thereto).

 

Section
1009.   Optional Redemption.

 

The
Notes will be redeemable, at the Company’s option, in whole or in part, at any time and from time to time on and after October
1, 2025, at the applicable redemption price set forth below. The Notes will be so redeemable at the following redemption prices
(expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, to the relevant Redemption Date (subject
to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment
Date falling prior to or on the Redemption Date), if redeemed during the 12-month period commencing on October 1 of the years
set forth below:

 

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	Redemption Period Price	 
	2025	103.313%
	2026	102.208%
	2027	101.104%
	2028 and thereafter	100.000%

 

In
addition, at any time and from time to time prior to October 1, 2023, the Company at its option may redeem Notes in an aggregate
principal amount equal to up to 40.0% of the original aggregate principal amount of the Notes (including the principal amount
of any Additional Notes), with funds in an aggregate amount not exceeding the aggregate proceeds of one or more Equity Offerings,
at a redemption price (expressed as a percentage of principal amount thereof) of 106.625%, plus accrued and unpaid interest, if
any, to the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date falling prior to or on the Redemption Date); provided, however, that if
Notes are redeemed pursuant to this paragraph, an aggregate principal amount of Notes equal to at least 50.0% of the original
aggregate principal amount of Notes (including the principal amount of any Additional Notes) must remain outstanding immediately
after each such redemption of Notes (unless all the Notes not redeemed under this paragraph are concurrently being redeemed under
any other applicable provision of this Indenture). Any amount payable in any such redemption may be funded from any source. Any
notice of any such redemption may be given prior to the completion of the related Equity Offering, but in no event may be given
more than 180 days after the completion of the related Equity Offering.

 

At
any time and from time to time prior to October 1, 2025, Notes may also be redeemed in whole or in part, at the Company’s
option, at a price equal to 100.0% of the principal amount thereof plus the Applicable Premium as of, and accrued but unpaid interest,
if any, to, the Redemption Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest
due on the relevant Interest Payment Date falling prior to or on the Redemption Date).

 

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

 

Any
redemption of Notes may be made upon notice sent electronically or, at the Company’s option, mailed by first-class mail
to each Holder’s registered address in accordance with Section 1005, and, if applicable, the Company should notify
the Trustee of such Redemption Date, and the principal amount of Notes to be redeemed in accordance with Section 1003.
The Company may provide in any redemption notice that payment of the redemption price and the performance of the Company’s
obligations with respect to such redemption may be performed by another Person.

 

Any
redemption of Notes (including in connection with an Equity Offering) or notice thereof may, at the Company’s discretion,
be subject to the satisfaction (or, waiver by the Company in its sole discretion) of one or more conditions precedent, which may
include consummation of any related Equity Offering or the occurrence of a Change of Control. If such redemption or notice is
subject to satisfaction of one or more conditions precedent, such notice may state that, in the Company’s discretion, the
Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or

 

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waived
by the Company in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been (or, in the Company’s sole determination, may not be) satisfied (or waived by
the Company in its sole discretion) by the Redemption Date, or by the Redemption Date so delayed.

 

ARTICLE
XI

 

SATISFACTION AND DISCHARGE

 

Section
1101.   Satisfaction
and Discharge of Indenture. The Outstanding Notes and this Indenture shall be discharged and shall cease to be of further
effect (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for), and
the Trustee on demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of the Outstanding Notes and this Indenture, when

 

(i)  
either

 

(a)  
all Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen
and that have been replaced or paid as provided in Section 306, and (ii) Notes 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 403) have been cancelled or delivered to the Trustee for cancellation;
or

 

(b)  
all such Notes not theretofore cancelled or delivered to the Trustee for cancellation

 

(1)  have
become due and payable,

 

(2)  will
become due and payable at their Stated Maturity within one year, or

 

(3)  have
been called for redemption, or are to be called for redemption within one year under arrangements reasonably satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company;

 

(ii)  
the Company has irrevocably deposited or caused to be deposited with the Trustee money, U.S. Government Obligations or
a combination thereof, sufficient (without reinvestment) to pay and discharge the entire Indebtedness on the Notes not previously
cancelled or delivered to the Trustee for cancellation, for principal (and premium, if any) and interest to the date of such deposit
(in the case of Notes that have become due and payable), or to the Stated Maturity or Redemption Date, as the case may be (provided
that if such redemption shall be pursuant to the third paragraph of Section 1009, (x) the amount of money or U.S.
Government Obligations, or a combination thereof, that the Company must irrevocably deposit or cause to be deposited shall be
determined using an assumed Applicable Premium calculated as of the date of such deposit, as calculated by the Company in good
faith, and (y) the Company must irrevocably deposit or cause to be deposited additional money in trust on the Redemption
Date, as required by Section 1006, as necessary to pay the Applicable Premium as determined on such date);

 

(iii)  
the Company has paid or caused to be paid all other sums then payable hereunder by the Company; and

 

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(iv)  
the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each to the effect that
all conditions precedent provided for in this Section 1101 relating to the satisfaction and discharge of this Indenture
have been complied with; provided that any such counsel may rely on any Officer’s Certificate as to matters of fact
(including as to compliance with the foregoing clauses (i), (ii) and (iii)).

 

Notwithstanding
the satisfaction and discharge of this Indenture and the Outstanding Notes, (a) the obligations of the Company to
the Trustee under Section 707 and, if money shall have been deposited with the Trustee pursuant to Section 1101(ii),
the obligations of the Trustee under Section 1103 shall survive such satisfaction and discharge, and (b) if
such satisfaction and discharge is effected through redemption in accordance with Section 1101(i)(b)(3), the provisions
of Section 1007 shall survive such satisfaction and discharge, and the other provisions of Article X shall
survive such satisfaction and discharge until the Redemption Date shall have occurred.

 

Section
1102.   [Reserved]

 

Section
1103.   Application
of Trust Money. Subject to the provisions of the last paragraph of Section 403, all money and/or U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 1101 shall be held in
trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any)
and interest on the Notes; but such money need not be segregated from other funds except to the extent required by law.

 

ARTICLE
XII

 

DEFEASANCE OR COVENANT DEFEASANCE

 

Section
1201.   The Company’s
Option to Effect Defeasance or Covenant Defeasance. The Company may, at its option, at any time, elect to have terminated
the obligations of the Company with respect to Outstanding Notes and the other Note Documents and to have terminated all of the
obligations of the Subsidiary Guarantors with respect to the Subsidiary Guarantees, in each case, as set forth in this Article XII,
and elect to have either Section 1202 or 1203 be applied to all of the Outstanding Notes (the “Defeased
Notes”), upon compliance with the conditions set forth below in Section 1204. Either Section 1202
or Section 1203 may be applied to the Defeased Notes to any Redemption Date or the Stated Maturity of the Notes.

 

Section
1202.   Defeasance
and Discharge. Upon the Company’s exercise under Section 1201 of the option applicable to this Section 1202,
the Company shall be deemed to have been released and discharged from its obligations with respect to the Defeased Notes and the
Subsidiary Guarantors shall be deemed to have been released and discharged from their obligations with respect to the Subsidiary
Guarantees on the date the relevant conditions set forth in Section 1204 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 the Defeased Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1205
and the other Sections of this Indenture referred to in clauses (a) and (b) below, and the Company, and each of
the Subsidiary Guarantors shall be deemed to have satisfied all other obligations under such Notes, Subsidiary Guarantees and
this Indenture insofar as such Notes 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 Defeased Notes to receive, solely from the trust fund described in Section 1204 and as more fully
set forth in such Section, payments in respect of

 

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principal
of and premium, if any, and interest on such Notes when such payments are due, (b) the Company’s obligations
with respect to such Defeased Notes under Sections 304, 305, 306, 402, and 403, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder, including the Trustee’s rights (and the Company’s
obligations) under Section 707, and (d) this Article XII. If the Company exercises its option
under this Section 1202, payment of the Notes may not be accelerated because of an Event of Default with respect thereto.
Subject to compliance with this Article XII, the Company may, at its option and at any time, exercise its option under
this Section 1202 notwithstanding the prior exercise of its option under Section 1203 with respect to
the Notes.

 

Section
1203.   Covenant Defeasance.
Upon the Company’s exercise under Section 1201 of the option applicable to this Section 1203, (a) the
Company shall be released from its obligations under any covenant or provision contained in Section 405, Sections 407
through 415, the provisions of clauses (iii), (iv) and (v) of Section 501(a) and the provisions
of clauses (iii) and (iv) of Section 501(b) shall not apply, and (b) the occurrence of any event specified
in clause (iv), (v) (with respect to Section 405, Sections 407 through 415, inclusive), (vi),
(vii), (viii) (with respect to Subsidiaries), (ix) (with respect to Subsidiaries), (x) or (xi) of Section 601
shall be deemed not to be or result in an Event of Default, in each case with respect to the Defeased Notes on and after the
date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not to be “Outstanding” for the purposes of any direction, waiver, consent or declaration or
Act of Holders (and the consequences of any thereof) in connection with such covenants or provisions, but shall continue to be
deemed “Outstanding” for all other purposes hereunder. For this purpose, such Covenant Defeasance means that, with
respect to the Outstanding Notes, 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 covenant or provision, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or provision or by reason of any reference in any such covenant or provision 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 601,
but, except as specified above, the remainder of this Indenture and such Outstanding Notes shall be unaffected thereby.

 

Section
1204.   Conditions
to Defeasance or Covenant Defeasance. The following shall be the conditions to application of either Section 1202
or Section 1203 to the Outstanding Notes:

 

(1)  
The Company shall have irrevocably deposited or caused to be deposited with the Trustee, in trust, money or U.S. Government
Obligations, or a combination thereof, in amounts as will be sufficient (without reinvestment), to pay and discharge the principal
of, and premium, if any, and interest on the Defeased Notes issued by the Company to the Stated Maturity or relevant Redemption
Date in accordance with the terms of this Indenture and the Notes (provided that if such redemption shall be pursuant to
the third paragraph of Section 1009, (x) the amount of money or U.S. Government Obligations or a combination thereof
that the Company must irrevocably deposit or cause to be deposited shall be determined using an assumed Applicable Premium calculated
as of the date of such deposit, as calculated by the Company in good faith and (y) the Company must irrevocably deposit
or cause to be deposited additional money in trust on the Redemption Date, as required by Section 1006, as necessary
to pay the Applicable Premium as determined on such date);

 

(2)  
No Default or Event of Default shall have occurred and be continuing on the date of such deposit;

 

(3)  
Such deposit shall not result in a breach or violation of, or constitute a Default or Event of Default under, this Indenture
or any other material agreement or instrument to which the Company is a party or by which it is bound;

 

    108 

     

    

(4)  
In the case of an election under Section 1202, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that (x) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling or (y) since the Issue Date, there has been a change in the applicable U.S. federal income tax law,
in either case to the effect that, and based thereon such opinion shall confirm to the effect that, the Holders of the Outstanding
Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Defeasance and will be
subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if
such Defeasance had not occurred; provided that such Opinion of Counsel need not be delivered if all Notes theretofore
authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced
or paid as provided in Section 306, and (ii) Notes 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 403) not theretofore delivered to the Trustee for cancellation have become due and payable, will
become due and payable at their Stated Maturity within one year, or have been called for redemption or are to be called for redemption
within one year under arrangements reasonably satisfactory to the Trustee in the name, and at the expense, of the Company;

 

(5)  
In the case of an election under Section 1203, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of the Outstanding Notes will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; and

 

(6)  
The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect
that all conditions precedent provided for in this Section 1204 relating to either the Defeasance under Section 1202
or the Covenant Defeasance under Section 1203, as the case may be, have been complied with. In rendering such
Opinion of Counsel, counsel may rely on an Officer’s Certificate as to compliance with the foregoing clauses (1), (2) and
(3) of this Section 1204 or as to any matters of fact.

 

Section
1205.   Deposited Money
and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject to the provisions of the last
paragraph of Section 403, all money and U.S. Government Obligations (including the proceeds thereof) deposited with
the Trustee (or such other Person that would qualify to act as successor trustee under Article VII, collectively and
solely for purposes of this Section 1205, the “Trustee”) pursuant to Section 1204 in
respect of the Defeased Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any Paying Agent as the Trustee may determine, to the Holders of
such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need
not be segregated from other funds except to the extent required by law.

 

The
Company shall pay and indemnify the Trustee and its agents and hold them harmless against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited by the Company pursuant to Section 1204, or the principal,
premium, if any, and interest received in respect thereof, other than any such tax, fee or other charge that by law is for the
account of the Holders of the Defeased Notes.

 

Anything
in this Article XII to the contrary notwithstanding, the Trustee shall deliver to the Company from time to time, upon
Company Request, any money or U.S. Government Obligations held by it as provided in Section 1204 that, in the opinion
of a nationally recognized accounting or investment

 

    109 

     

    

banking
firm expressed in a written certification thereof to the Trustee, are in excess of the amount thereof that would then be required
to be deposited to effect an equivalent Defeasance or Covenant Defeasance. Subject to Article VII, the Trustee shall
not incur any liability to any Person by relying on such opinion.

 

Section
1206.   Reinstatement.
If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in accordance with Section 1202
or 1203, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining
or otherwise prohibiting such application, then the obligations of the Company and the Subsidiary Guarantors under this Indenture,
the Notes and the Subsidiary Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 1202
or 1203, as the case may be, until such time as the Trustee or Paying Agent is permitted to apply all such money and
U.S. Government Obligations in accordance with Section 1202 or 1203, as the case may be; provided, however,
that if the Company or any Subsidiary Guarantor makes any payment of principal, premium, if any, or interest on any Note following
the reinstatement of its obligations, the Company or Subsidiary Guarantor, as the case may be, shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money and U.S. Government Obligations held by the Trustee or Paying
Agent.

 

Section
1207.   Repayments
to the Company. The Trustee shall pay to the Company upon Company Request any money held by it for the payment of principal
or interest that remains unclaimed for two years after the Stated Maturity or the Redemption Date, as the case may be. After payment
to the Company, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned
property law designates another Person and all liability of the Trustee or Paying Agent with respect to such money shall thereupon
cease.

 

ARTICLE
XIII

 

SUBSIDIARY GUARANTEES

 

Section
1301.   Guarantees
Generally.

 

(a)  
Guarantee of Each Subsidiary Guarantor. Each Subsidiary Guarantor, as primary obligor and not merely as surety,
hereby jointly and severally, irrevocably and fully and unconditionally Guarantees, on a senior basis, the punctual payment when
due, whether at Stated Maturity, by acceleration or otherwise, of all monetary obligations of the Company under this Indenture
and the Notes, whether for principal of or interest on the Notes, expenses, indemnification or otherwise (all such obligations
guaranteed by such Subsidiary Guarantors being herein called the “Subsidiary Guaranteed Obligations”).

 

The
obligations of each Subsidiary Guarantor will be limited to the maximum amount as will, after giving effect to all other contingent
and fixed liabilities of such Subsidiary Guarantor (including, but not limited to, any Guarantee by it of any Credit Facility
Indebtedness) and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor
in respect of the obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Subsidiary Guarantor under the Subsidiary Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under applicable law, or being void or unenforceable under any law relating to
insolvency of debtors.

 

(b)  
Further Agreements of Each Subsidiary Guarantor. (i) Each Subsidiary Guarantor hereby agrees that (to the fullest
extent permitted by law) its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability
of this Indenture, the Notes or the obligations of the Company or any other Subsidiary Guarantor to the Holders, the Trustee hereunder
or thereunder, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any

 

    110 

     

    

provisions
hereof or thereof, any release of any other Subsidiary Guarantor, the recovery of any judgment against the Company, any action
to enforce the same, whether or not a notation concerning its Subsidiary Guarantee is made on any particular Note, or any other
circumstance that might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor.

 

(ii)  
Each Subsidiary Guarantor hereby waives (to the fullest extent permitted by law) the benefit of diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require
a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that (except as otherwise provided
in Section 1303) its Subsidiary Guarantee will not be discharged except by complete performance of the obligations
contained in the Notes, this Indenture and this Subsidiary Guarantee. Such Subsidiary Guarantee is a guarantee of payment and
not of collection. Each Subsidiary Guarantor further agrees (to the fullest extent permitted by law) that, as between it, on the
one hand, and the Holders of Notes and the Trustee, on the other hand, subject to this Article XIII, (1) the
maturity of the obligations guaranteed by its Subsidiary Guarantee may be accelerated as and to the extent provided in Article VI
for the purposes of such Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed by such Subsidiary Guarantee, and (2) in the event of any acceleration of
such obligations as provided in Article VI, such obligations (whether or not due and payable) shall forthwith become
due and payable by such Subsidiary Guarantor in accordance with the terms of this Section 1301 for the purpose of
such Subsidiary Guarantee. Neither the Trustee nor any other Person shall have any obligation to enforce or exhaust any rights
or remedies or to take any other steps under any security for the Subsidiary Guaranteed Obligations or against the Company or
any other Person or any property of the Company or any other Person before the Trustee is entitled to demand payment and performance
by any or all Subsidiary Guarantors of their obligations under their respective Subsidiary Guarantees or under this Indenture.

 

(iii)  
Until terminated in accordance with Section 1303, each Subsidiary Guarantee shall remain in full force and
effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization,
should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed
for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to
be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable
law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee on such Notes, whether as a “voidable
preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made.
In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest
extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or
returned.

 

(c)  
Each Subsidiary Guarantor that makes a payment or distribution under its Subsidiary Guarantee shall have the right to seek
contribution from the Company or any non-paying Subsidiary Guarantor that has also Guaranteed the relevant Subsidiary Guaranteed
Obligations in respect of which such payment or distribution is made, so long as the exercise of such right does not impair the
rights of the Holders under the Subsidiary Guarantees.

 

(d)  
Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements
contemplated by this Indenture and that its Subsidiary Guarantee, and the waiver set forth in Section 1305, are knowingly
made in contemplation of such benefits.

 

(e)  
Each Subsidiary Guarantor, pursuant to its Subsidiary Guarantee, also hereby agrees to pay any and all reasonable out-of-pocket
expenses (including reasonable counsel fees and expenses) incurred by the Trustee or the Holders in enforcing any rights under
its Subsidiary Guarantee.

 

    111 

     

    

Section
1302.   Continuing
Guarantees. (a) Each Subsidiary Guarantee shall be a continuing Guarantee and shall (i) subject to Section 1303,
remain in full force and effect until payment in full of the principal amount of all Outstanding Notes (whether by payment at
maturity, purchase, redemption, defeasance, retirement or other acquisition) and all other Subsidiary Guaranteed Obligations then
due and owing, (ii) be binding upon such Subsidiary Guarantor, and (iii) inure to the benefit of and be
enforceable by the Trustee, the Holders and their permitted successors, transferees and assigns.

 

(b)  
The obligations of each Subsidiary Guarantor hereunder shall continue to be effective or shall be reinstated, as the case
may be, if at any time any payment which would otherwise have reduced or terminated the obligations of any Subsidiary Guarantor
hereunder and under its Subsidiary Guarantee (whether such payment shall have been made by or on behalf of the Company, or by
or on behalf of a Subsidiary Guarantor) is rescinded or reclaimed from any of the Holders upon the insolvency, bankruptcy, liquidation
or reorganization of the Company, or any Subsidiary Guarantor or otherwise, all as though such payment had not been made.

 

Section
1303.   Release of
Subsidiary Guarantees. Notwithstanding the provisions of Section 1302, Subsidiary Guarantees will be subject to
termination and discharge under the circumstances described in this Section 1303. Any Subsidiary Guarantor will automatically
and unconditionally be released from all obligations under its Subsidiary Guarantee, and such Subsidiary Guarantee shall thereupon
terminate and be discharged and of no further force or effect, (i) concurrently with any direct or indirect sale or
disposition (by merger or otherwise) of any Subsidiary Guarantor or any interest therein, or any other transaction, (x) in accordance
with the terms of this Indenture (including Section 411 and Section 501) or (y) pursuant to an enforcement
action in accordance with the terms of any intercreditor agreement, in each case, following which such Subsidiary Guarantor is
no longer a Restricted Subsidiary of the Company, (ii) at any time that such Subsidiary Guarantor is (or, substantially
concurrently with the release of the Subsidiary Guarantee of such Subsidiary Guarantor, will be) released from all of its obligations
under its Guarantee of payment by the Company and all other Subsidiary Guarantors of any Indebtedness of the Company and such
other Subsidiary Guarantors under the ABL Facility (and, if applicable, released from all of its obligations as a borrower under
the ABL Facility and as a primary obligor or guarantor in respect of any other then outstanding Material Indebtedness), except
in the case of a release as a result of payment under the relevant Indebtedness (it being understood that a release subject to
contingent reinstatement is still a release, and that if any such Guarantee is so reinstated, such Subsidiary Guarantee shall
also be reinstated to the extent that such Subsidiary Guarantor would then be required to provide a Subsidiary Guarantee pursuant
to Section 414), (iii) upon the merger or consolidation of any Subsidiary Guarantor with and into the
Company or another Subsidiary Guarantor that is the surviving Person in such merger or consolidation, or upon the liquidation
of such Subsidiary Guarantor following the transfer of all of its assets to the Company or another Subsidiary Guarantor, (iv) concurrently
with any Subsidiary Guarantor becoming an Unrestricted Subsidiary or ceasing to constitute a Wholly Owned Domestic Subsidiary
of the Company, (v)  upon the occurrence of a Covenant Suspension Event; provided that after the Reversion
Time, such Subsidiary Guarantee shall be reinstated to the extent required and within the time period provided under the covenant
described under Section 414, (vi) upon Defeasance or Covenant Defeasance of the Company’s obligations
under, or satisfaction and discharge of this Indenture pursuant to Section 1101, or (vii) subject to Section 1302(b),
upon payment in full of the aggregate principal amount of all Notes then Outstanding and all other Subsidiary Guaranteed Obligations
then due and owing. In addition, the Company will have the right, upon 10 days’ notice to the Trustee (or such shorter
period as agreed to by the Trustee), to cause any Subsidiary Guarantor that is not a primary obligor or guarantor under the ABL
Facility or any other then outstanding Material Indebtedness to be unconditionally released from all obligations under its Subsidiary
Guarantee, and such Subsidiary Guarantee shall thereupon terminate and be discharged and of no further force or effect.

 

    112 

     

    

Upon any
such occurrence specified in this Section 1303, the Trustee shall execute any documents (subject to the review and
approval of counsel to the Trustee) reasonably requested by the Company in order to evidence such release, discharge and termination
in respect of such Subsidiary Guarantee.

 

Section
1304.   [Reserved].

 

Section
1305.   Waiver of Subrogation.
Each Subsidiary Guarantor hereby irrevocably waives any claim or other rights that it may now or hereafter acquire against the
Company that arise from the existence, payment, performance or enforcement of the Company’s obligations under the Notes
and this Indenture or such Subsidiary Guarantor’s obligations under its Subsidiary Guarantee and this Indenture, including
any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of
any Holder of Notes against the Company, whether or not such claim, remedy or right arises in equity, or under contract, statute
or common law, until this Indenture is discharged and all of the Notes are discharged and paid in full. If any amount shall be
paid to any Subsidiary Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount
shall be deemed to have been paid to such Subsidiary Guarantor for the benefit of, and held in trust for the benefit of, the Holders
of the Notes, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Notes,
whether matured or unmatured, in accordance with the terms of this Indenture.

 

Section
1306.   Notation Not
Required. Neither the Company nor any Subsidiary Guarantor shall be required to make a notation on the Notes to reflect any
such Subsidiary Guarantee or any release, termination or discharge thereof.

 

Section
1307.   Successors
and Assigns of Subsidiary Guarantors. All covenants and agreements in this Indenture by each Subsidiary Guarantor shall bind
its respective successors and assigns, whether so expressed or not.

 

Section
1308.   Execution and
Delivery of Subsidiary Guarantees. The Company shall cause each Restricted Subsidiary that is required to become a Subsidiary
Guarantor pursuant to Section 414, and each Subsidiary of the Company that the Company causes to become a Subsidiary
Guarantor pursuant to Section 414, to promptly execute and deliver to the Trustee a Guarantor Supplemental Indenture,
or a supplemental indenture otherwise in form reasonably satisfactory to the Trustee evidencing its Subsidiary Guarantee on substantially
the terms set forth in this Article XIII. Concurrently therewith, the Company shall deliver to the Trustee an Opinion
of Counsel to the effect that such Guarantor Supplemental Indenture has been duly authorized or permitted or complies with this
Indenture, that all conditions precedent to such Guarantor Supplemental Indenture required by this Indenture have been complied
with and that such Guarantor Supplemental Indenture is a valid and binding agreement of the applicable Subsidiary Guarantor, enforceable
against such Subsidiary Guarantor in accordance with its terms.

 

Section
1309.   Notices.
Notice to any Subsidiary Guarantor shall be sufficient if addressed to such Subsidiary Guarantor care of the Company at the address,
place and manner provided in Section 109.

 

    113 

     

    

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

 

	 	L BRANDS, INC.	 
	 	 	 
	 	 	 
	 	By:	/s/ TIMOTHY FABER	 
	 	 	Name: Timothy J. Faber	 
	 	 	Title: Senior Vice President, Treasurer	 
	 	 	 	 
	 	 	 	 
	 	SUBSIDIARY GUARANTORS:	 
	 	 	 
	 	BATH & BODY WORKS BRAND MANAGEMENT, INC.
	 	BATH
    & BODY WORKS DIRECT, INC.	 
	 	BATH
    & BODY WORKS, LLC	 
	 	BEAUTYAVENUES,
    LLC	 
	 	DIRECT
    FACTORING, LLC	 
	 	DISTRIBUTION
    LAND COMPANY, LLC	 
	 	INTIMATE
    BRANDS HOLDING, LLC	 
	 	INTIMATE
    BRANDS, INC.	 
	 	L
    BRANDS DIRECT FULFILLMENT, LLC	 
	 	L
    BRANDS SERVICE COMPANY, LLC	 
	 	L BRANDS STORE DESIGN & CONSTRUCTION, INC.
	 	MII
    BRAND IMPORT, LLC	 
	 	VICTORIA’S SECRET DIRECT BRAND MANAGEMENT, LLC
	 	VICTORIA’S SECRET STORES BRAND MANAGEMENT, LLC
	 	VICTORIA’S
    SECRET STORES, LLC	 
	 	 	 
	 	 	 
	 	By:	/s/ TIMOTHY J. FABER	 
	 	 	Name: Timothy J. Faber	 
	 	 	Title: Senior Vice President, Treasurer	 

 

[Signature
Page to Indenture]

 

     

     

    

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	 
	 	By:	/s/ SCOTT MILLER	 
	 	 	Name: Scott Miller	 
	 	 	Title: Vice President	 

 

[Signature
Page to Indenture]

 

     

     

    

EXHIBIT A

 

Form of Initial
Note1

(FACE OF NOTE)

 

L Brands,
Inc.

 

6.625% Senior
Notes due 2030

 

CUSIP No. [
               ]

ISIN No. [             
]

No. __________$ ________

 

L
Brands, Inc., a corporation duly organized and existing under the laws of the state of Delaware, (and its successors and assigns,
the “Company”) hereby promises to pay to ________________, or its registered assigns, the principal sum of
$________________ ([  ]
United States Dollars) [(or such lesser or greater amount as shall be outstanding hereunder from time to time in accordance with
Sections 312 and 313 of the Indenture referred to on the reverse hereof)]2
(the “Principal Amount”) on October 1, 2030. The Company hereby promises to pay interest semi-annually
in arrears on April 1 and October 1 in each year, commencing [  ], 20[  ]3,
at the rate of 6.625% per annum (subject to adjustment as provided below), until the Principal Amount is paid or made available
for payment. [Interest on this Note will accrue from the most recent date to which interest on this Note or any of its Predecessor
Notes has been paid or duly provided for or, if no interest has been paid, from the Issue Date.]4
[Interest on this Note will accrue (or will be deemed to have accrued) from the most recent date to which interest
on this Note or any of its Predecessor Notes has been paid or duly provided for or, if no such interest has been paid, from __________,
____5.]6
Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 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 Person
in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for
such interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor
Notes) 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 Notes not less than 10 days prior to such Special Record Date, or
be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

 

1
Insert any applicable legends as provided in Article II of the Indenture.

 

2
Include only if the Note is issued in global form.

 

3
April 1, 2021 for the Initial Notes.

 

4
Include only for Initial Notes.

 

5
Insert applicable date.

 

6
Include only for Additional Notes.

    A-1

     

    

Payment
of principal of (and premium, if any) and interest on this Note will be made at the Corporate Trust Office of the Trustee, or
such other office or agency of the Company maintained for that

 

    A-2

     

    

purpose;
provided, however, that at the option of the Company payment of interest may be made through the Paying Agent by
wire transfer or immediately available funds to the account designated to the Company by the Person entitled thereto or by check
mailed to the address of the Person entitled thereto as such address shall appear in the Note Register.

 

Reference
is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place.

 

Unless
the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-3

     

    

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

 

	 	L BRANDS, INC.
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Name:	 
	 	 	Title:	 

    A-4

     

    

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

 

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

Dated: ____________________

 

    A-5

     

    

(REVERSE
OF NOTE)

 

This
Note is one of the duly authorized issue of 6.625% Senior Notes due 2030 of the Company (herein called the “Notes”),
issued under an Indenture, dated as of September 30, 2020 (the “Indenture,” which term shall have the meaning
assigned to it in such instrument), among L Brands, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (the “Company”), as issuer, the Subsidiary Guarantors from time to time parties thereto, and U.S.
Bank National Association, in its capacity as Trustee (herein called the “Trustee,” which term includes any
successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, any other obligor upon this Note, the Trustee and the
Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The terms of the Notes
include those stated in the Indenture and Holders are referred to the Indenture for a statement of such terms. To the maximum
extent permitted by law, in the case of any conflict between the provisions of this Note and the Indenture, the provisions of
the Indenture shall control. Additional Notes may be issued from time to time under the Indenture and will vote as a class with
the Notes and otherwise be treated as Notes for purposes of the Indenture.

 

All
terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

This
Note may hereafter be entitled to certain Subsidiary Guarantees made for the benefit of the Holders. Reference is made to Article XIII
of the Indenture for terms relating to such Subsidiary Guarantees, including the release, termination and discharge thereof. Neither
the Company nor any Subsidiary Guarantor shall be required to make any notation on this Note to reflect any Subsidiary Guarantee
or any such release, termination or discharge.

 

The
Notes are redeemable, at the Company’s option, in whole or in part, as provided in the Indenture.

 

The
Indenture provides that, upon the occurrence after the Issue Date of a Change of Control Triggering Event and subject to further
limitations contained therein, each Holder will have the right to require that the Company repurchase all or any part of such
Holder’s Notes in accordance with the provisions set forth in Section 415 of the Indenture.

 

The
Notes will not be entitled to the benefit of a sinking fund.

 

The
Indenture contains provisions for defeasance at any time of the entire Indebtedness of this Note or certain restrictive covenants
and certain Events of Default with respect to this Note, in each case upon compliance with certain conditions set forth in the
Indenture.

 

If
an Event of Default with respect to the Notes shall occur and be continuing, the principal of and accrued but unpaid interest
on the Notes may be declared due and payable in the manner and with the effect provided in 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 Notes to be effected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of at least a majority in principal amount of the Notes at the time Outstanding. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at the time Outstanding,
on behalf of the Holders of all Notes, to waive compliance by the Company and its Subsidiaries with certain provisions of the
Indenture and certain past defaults under the Indenture and their

 

    A-6

     

    

consequences.
Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders
of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

As
provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any
proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless
such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Notes,
the Holders of not less than 30.0% in principal amount of the Notes at the time Outstanding shall have made written request to
the Trustee to pursue such remedy in respect of such Event of Default as Trustee and offered the Trustee security or indemnity
satisfactory to it against any loss, liability or expense, and the Trustee shall not have received from the Holders of a majority
in principal amount of Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute
any such proceeding, for 60 days after receipt of such notice, request and offer of security or indemnity. The foregoing shall
not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or interest
hereon on or after the respective due dates expressed herein.

 

As
provided in the Indenture and subject to certain limitations and other provisions therein set forth, (a) the transfer
of this Note is registrable in the Note Register, upon surrender of this Note for registration of transfer at the office or agency
of the Company in a Place of Payment, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Company duly executed by, the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one
or more new Notes, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee
or transferees, (b) the Notes are issuable only in fully registered form without coupons in minimum denominations
of $2,000 and any integral multiple of $1,000 in excess thereof, and (c) the Notes are exchangeable for a like aggregate
principal amount of Notes of a different authorized denomination, as requested by the Holder surrendering the same.

 

No
service charge shall be made for any such registration, transfer or exchange, but the Company may require payment of a sum sufficient
to cover any transfer tax or other governmental charge payable in connection therewith.

 

Prior
to due presentment of this Note for registration or transfer, the Company, any other obligor in respect of this Note, the Trustee
and any agent of any of them may treat the Person in whose name this Note is registered as the owner hereof for all purposes,
whether or not this Note be overdue, and none of the Company, any other obligor in respect of this Note, the Trustee nor any such
agent shall be affected by notice to the contrary.

 

No
past, present or future director, manager, officer, employee, incorporator, member, partner or stockholder of the Company, any
Subsidiary Guarantor or any Subsidiary of any thereof, in their respective capacities as such, shall have any liability for any
obligation of the Company or any Subsidiary Guarantor under the Note Documents, or for any claim based on, in respect of, or by
reason of, any such obligation or its creation. Each Noteholder, by accepting the Notes, waives and releases all such liability.
The waiver and release are part of the consideration for issuance of the Notes.

 

THE
INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. THE TRUSTEE,
THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THIS NOTE AND (BY ITS ACCEPTANCE OF THIS NOTE) THE HOLDER HEREOF AGREE TO SUBMIT
TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE

 

    A-7

     

    

BOROUGH
OF MANHATTAN, IN THE CITY OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THIS NOTE, OR THE
SUBSIDIARY GUARANTEES.

 

    A-8

     

    

[FORM OF
CERTIFICATE OF TRANSFER]

 

FOR
VALUE RECEIVED the undersigned Holder hereby sell(s), assign(s) and transfer(s) unto

 

Insert Taxpayer
Identification No.

 

(Please print
or typewrite name and address including zip code of assignee)

                                                                                                                                               

                                                                                                                                               

 

the within
Note and all rights thereunder, hereby irrevocably constituting and appointing

                                                                                                                                               

 

attorney
to transfer such Note on the books of the Company with full power of substitution in the premises.

 

Check One

 

		[   ] (a)	this
                                         Note is being transferred in compliance with the exemption from registration under the
                                         Securities Act of 1933, as amended, provided by Rule 144A thereunder.

 

or

 

		[   ] (b)	this
                                         Note is being transferred other than in accordance with (a) above and documents are being
                                         furnished which comply with the conditions of transfer set forth in this Note and the
                                         Indenture.

 

If neither
of the foregoing boxes is checked, the Trustee or other Note Registrar shall not be obligated to register this Note in the name
of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein
and in Section 313 of the Indenture shall have been satisfied.

 

Date:                                    

 __________________ _

NOTICE:
The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument
in every particular, without alteration or any change whatsoever.

 

Signature
Guarantee:                                                                 

 

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

 

    A-9

     

    

TO BE COMPLETED
BY PURCHASER IF (a) ABOVE IS CHECKED.

 

The
undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it
exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within
the meaning of Rule 144A under the Securities Act of 1933, as amended, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such information regarding the Company as the undersigned has requested
pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon
the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	Dated:	 	 	 	 
	 	 	 	NOTICE:  To be executed by an executive
	 	 	 	officer	 

    A-10

     

    

OPTION OF
HOLDER TO ELECT PURCHASE

 

If
you wish to have this Note purchased by the Company pursuant to Section 411 or Section 415 of the Indenture, check the box:
[  ].

 

If
you wish to have a portion of this Note purchased by the Company pursuant to Section 411 or Section 415 of the Indenture,
state the amount (in principal amount) below:

 

$
                  

 

Date:                       

 

Your Signature:
                       

 

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

 

Signature
Guarantee:                           

 

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

 

    A-11

     

    

SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL NOTE

 

The following
increases or decreases in this Global Note have been made:

 

	Date
of

Exchange 
	Amount
of decreases in Principal

Amount of this

Global Note 
	Amount
of increases in Principal

Amount of this Global Note 
	Principal
amount

of this Global Note following such decreases or increases 
	Signature

of authorized signatory of Trustee 

	 	 	 	 	 

    A-12

     

    

EXHIBIT B

 

[Reserved]

 

    B-1

     

    

EXHIBIT C

 

Form of
Certificate of Beneficial Ownership

 

On or after
[__________], 20[  ]

 

U.S. BANK NATIONAL
ASSOCIATION

10 W Broad St

Columbus, OH
43215 

Attention:
Scott R. Miller, Vice President

 

Re:L BRANDS, INC.
(the “Company”)

 

6.625%
Senior Notes due 2030 (the “Notes”)

 

Ladies and
Gentlemen:

 

This
letter relates to $________ principal amount of Notes represented by the offshore global note certificate (the “Regulation
S Global Note”). Pursuant to Section 313(3) of the Indenture dated as of September 30, 2020 relating to the Notes
(as amended, supplemented, waived or otherwise modified, the “Indenture”), we hereby certify that (1) we
are the beneficial owner of such principal amount of Notes represented by the Regulation S Global Note and (2) we
are either (i) a Non-U.S. person to whom the Notes could be transferred in accordance with Rule 903 or 904 of Regulation
S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Act”)
or (ii) a U.S. person who purchased securities in a transaction that did not require registration under the Act.

 

You,
the Company, and counsel for the Company are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to
the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.

 

	 	Very truly yours,	 
	 	 	 	 
	 	[Name of Holder]	 
	 	 	 
	 	 	 
	 	By:	 	 
	 	 	Authorized Signature	 

    C-1

     

    

EXHIBIT D

 

Form of
Regulation S Certificate

 

U.S. BANK NATIONAL
ASSOCIATION

10 W Broad St

Columbus, OH
43215 

Attention:
Scott R. Miller, Vice President

 

Re:L BRANDS, INC.
(the “Company”)

 

6.625%
Senior Notes due 2030 (the “Notes”) 

 

Ladies and
Gentlemen:

 

In
connection with our proposed sale of $________ aggregate principal amount of Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended
(the “Securities Act”), and accordingly, we hereby certify as follows:

 

1.
The offer of the Notes was not made to a person in the United States (unless such person or the account held by it for which it
is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k) of Regulation S under the circumstances
described in Rule 902(h)(3) of Regulation S) or specifically targeted at an identifiable group of U.S. citizens abroad.

 

2.
Either (a) at the time the buy order was originated, the buyer was outside the United States or we and any person
acting on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed
in, on or through the facilities of a designated offshore securities market, and neither we nor any person acting on our behalf
knows that the transaction was pre-arranged with a buyer in the United States.

 

3.
No directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or Rule
904(a)(2) of Regulation S, as applicable.

 

4.
The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

5.
If we are a dealer or a person receiving a selling concession or other fee or remuneration in respect of the Notes, and the proposed
transfer takes place before end of the distribution compliance period under Regulation S, or we are an officer or director of
the Company or a distributor, we certify that the proposed transfer is being made in accordance with the provisions of Rules 903
and 904 of Regulation S.

 

6.
If the proposed transfer takes place before the end of the distribution compliance period under Regulation S, the beneficial interest
in the Notes so transferred will be held immediately thereafter through Euroclear (as defined in such Indenture) or Clearstream
(as defined in such Indenture).

 

7.
We have advised the transferee of the transfer restrictions applicable to the Notes.

 

You,
the Company, and counsel for the Company are entitled to rely upon this Certificate and are irrevocably authorized to produce
this Certificate or a copy hereof to any interested party in any

 

    D-1

     

    

administrative
or legal proceeding or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings
set forth in Regulation S.

 

	 	Very truly yours,	 
	 	 	 	 	 
	 	[NAME OF SELLER]	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

 

Date of
this Certificate: _________________, 20__

 

    D-2

     

    

EXHIBIT E

 

Form of
Supplemental Indenture in Respect of Subsidiary Guarantee

 

SUPPLEMENTAL
INDENTURE, dated as of [_________] (this “Supplemental Indenture”), among [name of Guarantor(s)] (the “New
Subsidiary Guarantor(s)”), [name of Company] (the “Company”), and each other then-existing Subsidiary Guarantor
under the Indenture referred to below (the “Existing Guarantors”), and U.S. Bank National Association, as Trustee
under the Indenture referred to below.

 

W I T N E
S S E T H:

 

WHEREAS,
the Company, any Existing Guarantors and the Trustee have heretofore become parties to an Indenture, dated as of September 30,
2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance
of the Notes;

 

WHEREAS,
Section 1308 of the Indenture provides that the Company is required to cause (i) each Restricted Subsidiary that is required
to become a Subsidiary Guarantor pursuant to Section 414 of the Indenture and (ii) each Subsidiary of the Company that the Company
causes to become a Subsidiary Guarantor pursuant to Section 414 of the Indenture, to execute and deliver to the Trustee a supplemental
indenture pursuant to which such Restricted Subsidiary shall guarantee the Subsidiary Guaranteed Obligations pursuant to a Subsidiary
Guarantee on the terms and conditions set forth herein and in Article XIII of the Indenture;

 

WHEREAS,
each New Subsidiary Guarantor desires to enter into this Supplemental Indenture for good and valuable consideration, including
substantial economic benefit in that the financial performance and condition of such New Subsidiary Guarantor is dependent on
the financial performance and condition of the Company, the obligations hereunder of which such New Subsidiary Guarantor has guaranteed,
and on such New Subsidiary Guarantor’s access to working capital through the Company’s access to revolving credit
borrowings under the ABL Credit Agreement; and

 

WHEREAS,
pursuant to Section 901 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental Indenture
to amend the Indenture, without the consent of any Holder;

 

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

 

1.  Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2.  Agreement
to Guarantee. The New Subsidiary Guarantor hereby agrees, jointly and severally with [all] [any] other Existing Subsidiary
Guarantors and fully and unconditionally, to guarantee the Subsidiary Guaranteed Obligations under the Indenture and the Notes
on the terms and subject to the conditions set forth in Article XIII of the Indenture and to be bound by (and shall be entitled
to the benefits of) all other applicable provisions of the Indenture as a Subsidiary Guarantor.

 

3.  Termination,
Release and Discharge. The New Subsidiary Guarantor’s Subsidiary Guarantee shall terminate and be of no further force
or effect, and the New Subsidiary Guarantor shall be

 

    E-1

     

    

released
and discharged from all obligations in respect of such Subsidiary Guarantee, as and when provided in Section 1303 of the
Indenture.

 

4.  Parties.
Nothing in this Supplemental Indenture is intended or shall be construed to give any Person, other than the Holders and the Trustee,
any legal or equitable right, remedy or claim under or in respect of the New Subsidiary Guarantor’s Subsidiary Guarantee
or any provision contained herein or in Article XIII of the Indenture.

 

5.  Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
THE TRUSTEE, THE COMPANY, ANY OTHER OBLIGOR IN RESPECT OF THE NOTES AND (BY THEIR ACCEPTANCE OF THE NOTES) THE HOLDERS AGREE TO
SUBMIT TO THE JURISDICTION OF ANY UNITED STATES FEDERAL OR STATE COURT LOCATED IN THE BOROUGH OF MANHATTAN, IN THE CITY OF NEW
YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE.

 

6.  Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby. The Trustee makes no representation or warranty as to the validity or sufficiency of this
Supplemental Indenture or as to the accuracy of the recitals to this Supplemental Indenture.

 

7.  Counterparts.
The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute
one and the same agreement.

 

8.  Headings.
The section headings herein are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation
of any provisions hereof.

 

    E-2

     

    

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

 

	 	[NAME OF GUARANTOR(S)],	 
	 	as Subsidiary Guarantor	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	L BRANDS, INC.	 
	 	 	 	 	 
	 	 	 	 	 
	 	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 
	 	 	 
	 	 	 
	 	By:	   	 
	 	 	Authorized Officer	 

    E-3

     

    

EXHIBIT F

 

Form of
Certificate from Acquiring Institutional Accredited Investors

 

U.S. BANK NATIONAL
ASSOCIATION

10 W Broad St

Columbus, OH
43215 

Attention:
Scott R. Miller, Vice President

 

Re:L BRANDS, INC.
(the “Company”)

 

6.625%
Senior Notes due 2030 (the “Notes”) 

 

Ladies and
Gentlemen:

 

In
connection with our proposed sale of $________ aggregate principal amount of Notes, we confirm that:

 

1.  We
understand that any subsequent transfer of the Notes is subject to certain restrictions and conditions set forth in the Indenture
dated as of September 30, 2020, relating to the Notes (as amended, supplemented, waived or otherwise modified, the “Indenture”)
and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes except in compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”).

 

2.  We
understand that the Notes have not been registered under the Securities Act or any other applicable securities law, and that the
Notes may not be offered, sold or otherwise transferred except as permitted in the following sentence. We agree, on our own behalf
and on behalf of any accounts for which we are acting as hereinafter stated, that if we should offer, sell, transfer, pledge,
hypothecate or otherwise dispose of any Notes within one year after the original issuance of the Notes, we will do so only (A) to
the Company, (B) inside the United States to a “qualified institutional buyer” in compliance with Rule
144A under the Securities Act, (C) inside the United States to an institutional “accredited investor”
(as defined below) that, prior to such transfer, furnishes to you a signed letter substantially in the form of this letter, (D) outside
the United States to a foreign person in compliance with Rule 904 of Regulation S under the Securities Act, (E) pursuant
to the exemption from registration provided by Rule 144 under the Securities Act (if available), or (F) pursuant to
an effective registration statement under the Securities Act, and we further agree to provide to any person purchasing any of
the Notes from us a notice advising such purchaser that resales of the Notes are restricted as stated herein and in the Indenture.

 

3.  We
understand that, on any proposed transfer of any Notes prior to the later of the original issue date of the Notes and the last
date the Notes were held by an affiliate of the Company pursuant to paragraphs 2(C), 2(D) and 2(E) above, we will be required
to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably
require to confirm that the proposed transfer complies with the foregoing restrictions. We further understand that the Notes purchased
by us will bear a legend to the foregoing effect.

 

4.  We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act)
and have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of
our investment in the Notes, and we and any accounts for which we are acting are acquiring the Notes for investment purposes and
not with a view to, or offer or sale in connection with, any distribution in violation of the Securities Act, and we are each
able to bear the economic risk of our or its investment.

 

    F-1

     

    

5.  We
are acquiring the Notes purchased by us for our own account or for one or more accounts (each of which is an institutional “accredited
investor”) as to each of which we exercise sole investment discretion.

 

You,
the Company and counsel to the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter
or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters
covered hereby.

 

	 	Very truly yours,	 
	 	 	 	 
	 	(Name of Transferee)	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	 	Authorized Signature	 

    F-2

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