Document:

EX-10.3

 Exhibit 10.3 
  

 
 August 25, 2020 

Mr. Kevin Burke 
 Dear Kevin, 

We consider your continued service and dedication to Superior Industries International, Inc. (the “Company” or “Superior”) essential to
our business. To retain you as a key leader of the Company, we are pleased to offer you this Retention Bonus Agreement. 
 Retention Awards 

You will be eligible for a restricted cash retention bonus of $270,000 (USD) subject to the terms of this letter and the attached Restricted Cash Retention
Award Agreement and its Exhibits. The retention bonus will be paid to you on the next reasonable payroll date following the Vesting Date indicated below (the “Vesting Date”) provided you remain an employee of the Company on the Vesting
Date. 
  

					
	Restricted Cash Award Amount:	 	 $270,000
	  	
	Grant Date:	 	 August 25, 2020
	  	
	Vesting Date (Restricted Period):	 	
                  Vesting
Date:
	  	
		 	  
	  	
		 	
                  August 31,
2022
	  	
		 	  
	  	

 Termination of Employment 

If the Company terminates your employment before the Vesting Date other than for cause, the Company will be obligated to pay you the full amount of the cash
retention bonus on the next reasonable payroll date following your termination date. 
 If you are terminated for cause at any point before the Vesting Date,
you will not be eligible for the cash payment related to the Vesting Date. 
 For purposes of this Agreement, cause means: 

Your willful and continued failure to perform substantially your duties with the Company. 

Your willful engagement in illegal conduct, gross misconduct, breach of fiduciary duty or willful disregard of published Company policies and procedures or
code of conduct. 

 Employment Relationship 

This Agreement does not constitute, and may not be construed as, a commitment by Company to employ you for any specific duration. This Agreement does not
change the at will nature of your employment relationship with Company. Consequently, either you or the Company may terminate your employment relationship at any time, with or without cause, and with or without notice. 

Confidentiality 
 You agree that the monetary terms of
this Agreement are confidential and will not be disclosed to any other person apart from attorney-client privileged communications, conversations with immediate family members and tax and financial advisors (whom you have informed of this
confidentiality agreement and requested to abide by it) or as required by law. 
 Governing Law 

The validity, interpretation and performance of this Agreement shall, in all respects, be governed by the relevant laws of the State of Michigan. 

Modification 
 No provision of this Agreement may be
modified, altered or amended, except by collective agreement between the Company and you in writing. 
 If you accept the terms of this Agreement, please
sign below in the space provided. 
 Again, thank you for your leadership and dedication. 

Sincerely, 
  

					
	 /s/ Majdi Abulaban
	 	    	 	   8/25/2020        

	Majdi Abulaban	 		 	  Date
	President and Chief Executive Officer	 		 	

  

							
	Acceptance	 	    	 	
				
	Signature:	 	   /s/ Kevin Burke
	 		 	   8/25/2020        

	Kevin Burke	 		 	  Date

 RESTRICTED CASH RETENTION AWARD AGREEMENT 

1.    Grant of Restricted Award. The Company has granted to you the Restricted Cash Award (as specified in the preceding letter
(“Notice of Grant”)) that represents the right to receive up to three cash payments, subject to the terms and conditions of the Notice of Grant and this Restricted Cash Retention Award Agreement (including the vesting conditions
provided in the Notice of Grant). 
 2.    Restricted Period and Vesting. The Restricted Period shall expire on the Vesting
Date. and the cash retention bonus payment, if any (“Vested Cash”), shall be distributed to the Participant as soon as reasonably practicable. Prior to the Vesting Date specified in the Notice of Grant, the remaining cash amount in the
Restricted Award shall be defined in this Agreement as “Unvested Cash.” 
 3.    Forfeiture of Unvested Cash. If
the Participant breaches any of the restrictive covenants contained in Exhibit A, then the Participant shall forfeit any cash payment contemplated under the Notice of Grant, whether Vested or Unvested and whether or not distributed to
the Participant. 
 4.    Restriction on Payment. None of the Unvested Cash or any beneficial interest therein shall be
transferred, encumbered or otherwise disposed of in any way until the occurrence of the Vesting Date. In addition, as a condition to any payment of Vested Cash after the Vesting Date, the Company may, in its discretion, require fulfillment of any
requirements deemed necessary by counsel for the Company to comply with applicable law, including tax withholding requirements. 

5.    Restrictive Covenants. Notwithstanding anything to the contrary in the Notice of Grant, to the extent permitted by applicable
law, as a condition precedent to the Company granting you the Restricted Award, and in order to receive any payments pursuant to Section 6, Participant must have complied with the time-vesting restrictive conditions, as set
forth in Exhibit A, through and including the Vesting Date and any post-employment restrictions that are applicable. For the avoidance of doubt, the restrictive conditions set forth in Exhibit A shall apply in addition to (and shall
not be limited by the provisions of) any other non-competition, non-pooling, non-solicitation, confidentiality, non-disparagement or similar covenants or conditions to which the Participant is a party with the Company or any affiliate thereof. 

6.    Distribution of Cash. The Company shall hold the Unvested Cash until the Vesting Date. When the Vesting Date occurs, as soon
as reasonably practicable, the Company shall promptly distribute the Vested Cash to the Participant, if any, subject to the terms of the Notice of Grant. 

8.    Tax Consequences. The Participant has reviewed with the Participant’s own tax advisors the federal, state, local and
foreign tax consequences of the transactions contemplated by the Notice of Grant. The Participant is relying solely on such advisors and not on any statements or representations of the Company or any of its employees or agents. The Participant
understands that only the Participant (and not the Company) shall be responsible for the Participant’s own tax liability that may arise as a result of the transactions contemplated by the Notice of Grant. 

9.    Withholding. No later than the date as of which an amount first becomes includible as income of Participant for any
income and/or employment tax purposes with respect to any Vested Cash hereunder, Participant shall pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, all federal, state, local and foreign income and/or
employment taxes that are required by applicable law to be withheld with respect to such amount. Participant authorizes the Company to withhold from his or her compensation to satisfy any income and/or employment tax withholding obligations in
connection with the Restricted Award. If Participant is no longer employed by the Company at the time any applicable taxes are due and must be remitted by the Company, Participant agrees to pay applicable taxes to the Company, and the Company may
delay distribution of the Vested Cash until proper payment of such taxes has been made by Participant. 
 10.    General. 

(a) The Notice of Grant shall be governed by and construed under the laws of the State of Michigan. 

	 	(b)	 The Notice of Grant, including this Restricted Cash Retention Award Agreement and its Exhibits, represent the
entire agreement between the parties with respect to the Restricted Award granted to the Participant. 

 (c) Any notice,
demand or request required or permitted to be delivered by either the Company or the Participant pursuant to the terms of the Notice of Grant shall be in writing and shall be deemed given when delivered personally, deposited with an international
courier service, or deposited in the U.S. Mail, First Class with postage prepaid, and addressed to (i) the Participant at the addresses set forth in the Notice of Grant or as the Participant may request by notifying the Company in writing
and (ii) the Company at its corporate headquarters to the attention of its Chief Financial Officer. 
 (d) The rights of the Company
under the Notice of Grant shall be transferable to any one or more persons or entities, and all covenants and agreements hereunder shall inure to the benefit of, and be enforceable by, the Company’s successors and assignees. The rights and
obligations of the Participant under the Notice and Agreement may only be assigned with the prior written consent of the Company. 
 (e) Upon
a request by the Company to the Participant, the Participant agrees to execute any further documents or instruments necessary or desirable to carry out the purposes or intent of the Notice of Grant. 

(f) Participant acknowledges and agrees that the Restricted Award granted pursuant to the Notice of Grant shall be vested only by providing
Continuous Service through the Vesting Date as an Employee. 
 (g) If any term, provision, covenant, paragraph, or condition of this
Agreement is held to be invalid, illegal, or unenforceable by any court of competent jurisdiction, that provision shall be modified or eliminated to the minimum extent necessary so this Agreement shall otherwise remain enforceable in full force and
effect. 

 EXHIBIT A: TO THE 2020 NOTICE OF GRANT AND 

RESTRICTED CASH RETENTION AWARD AGREEMENT 

As a condition precedent to the Company granting you the Restricted Award, and in order to receive any cash payments pursuant to such grant,
Participant must have complied with the following restrictive conditions, through and including the Vesting Date and any post-employment restrictions that are applicable. Any capitalized term in this Exhibit A that is not defined herein shall have
the meaning set forth in the Notice of Grant and Restricted Cash Retention Award Agreement. 
 1.    Nondisclosure and Nonuse of
Confidential Information.  
 Participant shall not use or disclose to any person, either during Participant’s Continuous
Service or thereafter, any Confidential Information (as defined below) of which Participant is or becomes aware, whether or not such information is developed by him or her, for any reason or purpose whatsoever, nor shall he or she make use of any of
the Confidential Information for his or her own purposes or for the benefit of any person except the Company or its affiliates, except (i) to the extent that such disclosure or use is directly related to and required by Participant’s
performance in good faith of duties assigned to Participant by the Company or an affiliate thereof or (ii) to the extent required to do so by a court of competent jurisdiction. Participant will take all appropriate steps to safeguard
Confidential Information and to protect it against disclosure, misuse, espionage, loss and theft. Participant shall deliver to the Company at the termination of Participant’s Continuous Service, or at any time the Company may request, all
memoranda, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information or the Work Product (as defined below) of the Company or any affiliate thereof that
Participant may then possess or have under his or her control. 
 “Confidential Information” means information that is not
generally known to the public (including the existence and content of the Notice of Grant) and that is used, developed or obtained by the Company or any of its affiliates in connection with its business, including, but not limited to, information,
observations and data obtained by Participant during Participant’s Continuous Service with the Company, an affiliate or any predecessors thereof (including those obtained prior to the date of the Notice of Grant) concerning (i) the
business or affairs of the Company or any affiliate (or such predecessors) and (ii) products, services, fees, costs, pricing structures, analyses, drawings, photographs and reports, computer software (including operating systems, applications
and program listings), data bases, accounting and business methods, inventions, devices, new developments, methods and processes (whether patentable or unpatentable and whether or not reduced to practice), customers and clients and customer and
client lists, all technology and trade secrets, and all similar and related information in whatever form. Notwithstanding the foregoing, “Confidential Information” will not include any information that has been published in a form
generally available to the public prior to the date Participant proposes to disclose or use such information. 
 Participant acknowledges
and agrees that the existence, terms and amount of the Notice of Grant is confidential in nature. In consideration of the Company granting the Restricted Award to Participant, Participant agrees that the Notice of Grant (i) will be kept
confidential by Participant and (ii) will not, without the Company’s prior written consent, be disclosed to any employee of the Company or any other person (other than any attorney, accountant, or spouse of a Participant or as required by
law). 
 For the avoidance of doubt, this Section 1 does not prohibit or restrict the Participant (or the
Participant’s attorney) from responding to any inquiry about the Notice of Grant or its underlying facts and circumstances by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, any other self-regulatory
organization or governmental entity, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. The Participant understands and acknowledges that he or she does not need the prior authorization of
the Company or an affiliate thereof to make any such reports or disclosures and that he or she is not required to notify the Company that he has made such reports or disclosures. 

Notwithstanding anything in this Section 1 or elsewhere in the Notice of Grant to the contrary, the Participant
understands that he or she may, pursuant to the U.S. Defend Trade Secrets Act of 2016 (“DTSA”), without informing the Company prior to any such disclosure, disclose Confidential Information (i) in confidence to a federal,
state, or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or 

 investigating a suspected violation of law or (ii) in a complaint or other document filed in a lawsuit
or other proceeding, if such filing is made under seal. Additionally, without informing the Company prior to any such disclosure, if the Participant files a lawsuit against the Company for retaliation for reporting a suspected violation of law, the
Participant may, pursuant to the DTSA, disclose Confidential Information to his or her attorney and use the Confidential Information in the court proceeding or arbitration, provided that the Participant files any document containing the Confidential
Information under seal and does not otherwise disclose the Confidential Information, except pursuant to court order. Without prior authorization of the Company, however, the Company does not authorize the Participant to disclose to any third party
(including any government official or any attorney the Participant may retain) any communications that are covered by the Company’s attorney-client privilege. 

2.    Covenants Not to Compete or Solicit. 

Non-Competition. During Participant’s Continuous Service (as defined below) and ending
twelve (12) full months after the later of (i) the effective date of the termination of such Continuous Service and (ii) the last date on which Participant receives compensation from Company or any of its affiliates related to
Participants’ employment or service relationship with the Company or any of its affiliates or any termination thereof (the “Exhibit A Restricted Period”), Participant shall not, and will cause his/her affiliates not to,
directly or indirectly, through or in association with any third party, in the applicable geographical area described in Exhibit B (the “Restricted Area”), (i) engage in, sell or provide any products or services which are the same or
similar to or otherwise competitive with the products and services sold or provided by the Company or any Affiliate; and/or (ii) own, acquire, or control any interest, financial or otherwise, in a third party or business engaged in selling or
providing the same, similar or otherwise competitive services or products which the Company or any affiliate is selling or providing, other than ownership of one percent (1%) or less of the equity of a publicly-traded company. 

“Continuous Service” means that a Participant’s employment or service relationship with the Company or any of its affiliates is
not interrupted or terminated. Continuous Service shall not be considered interrupted in the following cases: (i) any leave of absence approved by the Company or (ii) transfers between locations of the Company or between the Company and
any Subsidiary or successor. A leave of absence approved by the Company shall include sick leave, military leave or any other personal leave approved by an authorized representative of the Company. For purposes of any award that is subject to
Section 409A of the Internal Revenue Code, the determination of a leave of absence must comply with the requirements of a “bona fide leave of absence” as provided in Treasury Regulations
Section 1.409A-1(h). 
 Non-Solicitation. During
the Exhibit A Restricted Period, Participant shall not (i) directly, or indirectly through another person, hire any employee of the Company or any of its affiliates or induce any employee of the Company or any of its affiliates to leave the
employ of the Company or any of its affiliates, and/or (ii) directly, or indirectly through another person induce any customer, supplier, licensee, vendor or other business relation of the Company or any of its affiliates to cease doing
business with the Company or any of its affiliates, or in any way intentionally interfere with the relationship between any such customer, supplier, licensee, vendor or business relation, on the one hand, and the Company or any of its affiliates, on
the other hand. 
 3.    Intellectual Property Rights. 

(a)    Participant hereby assigns, transfers and conveys to the Company all of Participant’s right, title and interest
in and to all Work Product. Participant agrees that all Work Product belongs in all instances to the Company. Participant will promptly disclose such Work Product to the Company and perform all actions reasonably requested by the Company or an
affiliate thereof (whether during or after the period of Participant’s Continuous Service with the Company or an affiliate thereof) to establish and confirm the Company’s ownership of such Work Product (including, without limitation, the
execution and delivery of assignments, consents, powers of attorney and other instruments) and to provide reasonable assistance to the Company (whether during or after the period of Participant’s Continuous Service with the Company of an
affiliate thereof) in connection with the prosecution of any applications for patents, trademarks, trade names, service marks or reissues thereof or in the prosecution or defense of interferences relating to any Work Product. Participant recognizes
and agrees that the Work Product, to the extent copyrightable, 

 
constitutes works for hire under the copyright laws of the United States. 

(b)    “Work Product” means all inventions, innovations, improvements, technical information, systems,
software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, trade dress, logos and all similar or related information (whether patentable or unpatentable) which relates to the Company’s or any
of its affiliates’ actual or anticipated business, operations, research and development or existing or future products or services and which are conceived, developed or made by Participant (whether or not during usual business hours and whether
or not alone or in conjunction with any other person) during the period of Participant’s Continuous Service together with all patent applications, letters patent, trademark, trade name and service mark applications or registrations, copyrights
and reissues thereof that may be granted for or upon any of the foregoing. Notwithstanding the foregoing, “Work Product” shall not include the patents and other assets set forth on Exhibit C hereto. Participant hereby represents and
warrants that the patents and other assets owned by Participant set forth on Exhibit C are not related in any way to the Company, except as stated therein. 

(c)    Non-Disparagement. The Participant shall not, in any
manner, directly or indirectly, make any oral or written statement to any person that disparages or places the Company or an affiliate thereof or any of their respective officers, shareholders or advisors, or any member of the Board, in a false or
negative light; provided, however, that the Participant shall not be required to make any untruthful statement or to violate any law. 

4.    Enforcement. 

Participant understands that the restrictions set forth in Exhibit A to the Notice of Grant and Restricted Cash Retention Award
Agreement may limit his or her ability to earn a livelihood in a business similar to the business of the Company or an affiliate thereof, but he or she nevertheless believes that he or she has received and will receive sufficient consideration and
other benefits in connection with his or her Continuous Service with the Company or an affiliate thereof to clearly justify such restrictions which, in any event (given his or her education, skills and ability), Participant does not believe would
prevent him or her from otherwise earning a living. Participant has carefully considered the nature and extent of the restrictions placed upon him or her by Exhibit A to the Notice of Grant and Restricted Cash Retention Award Agreement, and
hereby acknowledges and agrees that the same are reasonable, do not confer a benefit upon the Company disproportionate to the detriment of Participant and are reasonable in time, scope and territory and necessary for the protection of the Company
and its affiliate and are an essential inducement to the Company’s grant of the Restricted Award. 
 Because Participant’s
services are unique and because Participant has access to Confidential Information and Work Product, the Parties hereto agree that money damages would be an inadequate remedy for any breach of the provisions of Exhibit A to the Notice of
Grant and Restricted Cash Retention Award Agreement. Therefore, in the event of a breach or threatened breach of the restrictions in Exhibit A to the Notice and Agreement, the Company or its successors or assigns may, in addition to other
rights and remedies existing in their favor at law or in equity, apply to any court of competent jurisdiction for specific performance and/or injunctive or other relief in order to enforce, or prevent any violations of, the provisions hereof
(without posting a bond or other security) or require Participant to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions
constituting a breach of the covenants contained in Exhibit A to the Notice and Agreement, if and when the judgment of a court of competent jurisdiction is so entered against Participant. 

If, at the time of enforcement of the restrictions provided in Exhibit A to the Notice and Agreement, a court or arbitrator holds that
the restrictions stated herein are unreasonable under the circumstances then existing, the parties agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or
area determined to be reasonable under the circumstances by such court or arbitrator, as applicable. 
 Participant covenants and agrees
that he or she will not seek to challenge the enforceability of the covenants contained in Exhibit A to the Notice and Agreement against the Company or any of its affiliates, nor will Participant assert as a defense to any action seeking
enforcement of the provisions contained in Exhibit A to the Notice and 

 
Agreement (including an action seeking injunctive relief) that such provisions are not enforceable due to lack of sufficient consideration received by Participant. 

 EXHIBIT B: RESTRICTED TERRITORY 

North America and Europe 

 Exhibit C: Excluded Work Product 

 

					
	      X      	 	I have no inventions.
		
	                	 	The following is a complete list of all Work Product relative to the subject matter of my Service with the Company that have been created by me, alone or jointly with others, prior to the Grant Date, which might relate
to the Company’s present business:
		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
		 	  

		
	                	 	Additional sheets attached.
			
	Participant Signature:	 	 /s/ Kevin Burke
	  	Date:8/25/2020Exhibit 4.1

 

EXECUTION VERSION

 

 

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

as Issuer

 

————————————————

 

4.625% SENIOR SECURED NOTES DUE 2028

 

————————————————

 

INDENTURE

 

DATED AS OF AUGUST 25, 2020

 

————————————————

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Trustee and Collateral Agent

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	Clause	Page
	 	 
	Article I DEFINITIONS AND INCORPORATION BY REFERENCE	1
	 	 
	SECTION 1.1 Definitions	1
	SECTION 1.2 Other Definitions	54
	SECTION 1.3 Trust Indenture Act Term	55
	SECTION 1.4 Rules of Construction	56
	 	 
	Article II THE NOTES	56
	 	 
	SECTION 2.1 Form and Dating	56
	SECTION 2.2 Execution and Authentication	58
	SECTION 2.3 Registrar; Paying Agent	59
	SECTION 2.4 Paying Agent to Hold Money in Trust	59
	SECTION 2.5 Holder Lists	59
	SECTION 2.6 Book-Entry Provisions for Global Securities	60
	SECTION 2.7 Replacement Notes	62
	SECTION 2.8 Outstanding Notes	62
	SECTION 2.9 Treasury Notes	62
	SECTION 2.10 Temporary Notes	63
	SECTION 2.11 Cancellation	63
	SECTION 2.12 [Reserved]	63
	SECTION 2.13 CUSIP Number	63
	SECTION 2.14 Special Transfer Provisions	63
	SECTION 2.15 Issuance of Additional Notes	66
	 	 
	Article III REDEMPTION AND PREPAYMENT	66
	 	 
	SECTION 3.1 Notices to Trustee	66
	SECTION 3.2 Selection of Notes to Be Redeemed	66
	SECTION 3.3 Notice of Redemption	67
	SECTION 3.4 Effect of Notice of Redemption	68
	SECTION 3.5 Deposit of Redemption Price	68
	SECTION 3.6 Notes Redeemed in Part	68
	SECTION 3.7 Optional Redemption	68
	SECTION 3.8 Offer to Purchase	70
	SECTION 3.9 [Reserved]	71
	SECTION 3.10 Mandatory Redemption	71
	 	 
	Article IV COVENANTS	71
	 	 
	SECTION 4.1 Payment of Notes	71
	SECTION 4.2 Maintenance of Office or Agency	71
	SECTION 4.3 Reports	72
	SECTION 4.4 Compliance Certificate	72

 

     

     

    

 

	SECTION 4.5 Taxes	73
	SECTION 4.6 Stay, Extension and Usury Laws	73
	SECTION 4.7 Limitation on Restricted Payments	73
	SECTION 4.8 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries	78
	SECTION 4.9 Limitation on Incurrence of Debt	81
	SECTION 4.10 Limitation on Asset Sales	82
	SECTION 4.11 Limitation on Transactions with Affiliates	85
	SECTION 4.12 Limitation on Liens	88
	SECTION 4.13 Limitation on Sale and Leaseback Transactions	89
	SECTION 4.14 Offer to Purchase upon a Change of Control	89
	SECTION 4.15 Maintenance of Properties, Corporate Existence and Insurance	90
	SECTION 4.16 Limited Condition Transactions	91
	SECTION 4.17 Additional Note Guarantees	92
	SECTION 4.18 Limitation on Creation of Unrestricted Subsidiaries	92
	SECTION 4.19 Creation and Perfection of Certain Security Interests After the Issue Date	93
	SECTION 4.20 Further Assurances	93
	SECTION 4.21 Suspension of Covenants	94
	 	 
	Article V SUCCESSORS	95
	 	 
	SECTION 5.1 Consolidation, Amalgamation, Merger, Conveyance, Transfer or Lease	95
	SECTION 5.2 Successor Person Substituted	97
	 	 
	Article VI DEFAULTS AND REMEDIES	97
	 	 
	SECTION 6.1 Events of Default	97
	SECTION 6.2 Acceleration	99
	SECTION 6.3 Other Remedies	100
	SECTION 6.4 Waiver of Past Defaults	100
	SECTION 6.5 Control by Majority	100
	SECTION 6.6 Limitation on Suits	101
	SECTION 6.7 Rights of Holders of Notes to Receive Payment	101
	SECTION 6.8 Collection Suit by Trustee	101
	SECTION 6.9 Trustee May File Proofs of Claim	102
	SECTION 6.10 Priorities	102
	SECTION 6.11 Undertaking for Costs	103
	 	 
	Article VII TRUSTEE	103
	 	 
	SECTION 7.1 Duties of Trustee	103
	SECTION 7.2 Rights of Trustee	104
	SECTION 7.3 Individual Rights of Trustee.	106
	SECTION 7.4 Trustee’s Disclaimer	106
	SECTION 7.5 Notice of Defaults	106

 

     

     

    

 

	SECTION 7.6 [Reserved]	107
	SECTION 7.7 Compensation and Indemnity	107
	SECTION 7.8 Replacement of Trustee	108
	SECTION 7.9 Successor Trustee by Merger, Etc.	109
	SECTION 7.10 Eligibility; Disqualification	109
	SECTION 7.11 Preferential Collection of Claims Against the Company	109
	SECTION 7.12 Trustee’s Application for Instructions from the Company	109
	SECTION 7.13 Limitation of Liability	110
	SECTION 7.14 Collateral Agent and Holders’ Authorization to Trustee	110
	SECTION 7.15 Co-Trustees; Separate Trustee; Collateral Agent.	110
	 	 
	Article VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE	112
	 	 
	SECTION 8.1 Option to Effect Legal Defeasance or Covenant Defeasance	112
	SECTION 8.2 Legal Defeasance	112
	SECTION 8.3 Covenant Defeasance	113
	SECTION 8.4 Conditions to Legal Defeasance or Covenant Defeasance	113
	SECTION 8.5 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	114
	SECTION 8.6 Repayment to Company	115
	SECTION 8.7 Reinstatement	115
	SECTION 8.8 Discharge	116
	 	 
	Article IX AMENDMENT, SUPPLEMENT AND WAIVER	117
	 	 
	SECTION 9.1 Without Consent of Holders.	117
	SECTION 9.2 With Consent of Holders	119
	SECTION 9.3 Revocation and Effect of Consents	120
	SECTION 9.4 Notation on or Exchange of Notes	120
	SECTION 9.5 Trustee to Sign Amendments, Etc.	121
	 	 
	Article X SECURITY	121
	 	 
	SECTION 10.1 Appointment and Authorization of the Collateral Agent	121
	SECTION 10.2 Security Documents; Additional Collateral	122
	SECTION 10.3 Recording, Registration and Opinions	122
	SECTION 10.4 Releases of Collateral	122
	SECTION 10.5 Form and Sufficiency of Release	123
	SECTION 10.6 Possession and Use of Collateral	124
	SECTION 10.7 Purchaser Protected	124
	SECTION 10.8
    Authorization of Actions to Be Taken by the Collateral Agent Under the Security Documents and the Intercreditor Agreement	124
	SECTION 10.9 Authorization of Receipt of Funds by the Trustee Under the Security Agreement	124
	SECTION 10.10 Powers Exercisable by Receiver or Collateral Agent	124

 

     

     

    

 

	Article XI NOTE GUARANTEES	125
	 	 
	SECTION 11.1 Note Guarantees	125
	SECTION 11.2 [Reserved]	126
	SECTION 11.3 Severability	126
	SECTION 11.4 Limitation of Guarantors’ Liability	126
	SECTION 11.5 Guarantors May Consolidate, Etc., on Certain Terms	126
	SECTION 11.6 Release of a Guarantor	128
	SECTION 11.7 Benefits Acknowledged	129
	SECTION 11.8 Future Guarantors	129
	SECTION 11.9 Subordination of Willscot Equipment II, LLC’s Guarantee.	129
	 	 
	Article XII MISCELLANEOUS	130
	 	 
	SECTION 12.1 [Reserved]	130
	SECTION 12.2 Notices	130
	SECTION 12.3 [Reserved]	131
	SECTION 12.4 Certificate and Opinion as to Conditions Precedent	131
	SECTION 12.5 Statements Required in Certificate or Opinion	131
	SECTION 12.6 Rules by Trustee and Agents	132
	SECTION 12.7 No Personal Liability of Directors, Officers, Employees and Stockholders	132
	SECTION 12.8 Governing Law	132
	SECTION 12.9 Consent to Jurisdiction; Waiver of Trial by Jury; Service of Process	132
	SECTION 12.10 No Adverse Interpretation of Other Agreements	133
	SECTION 12.11 Successors	133
	SECTION 12.12 Severability	133
	SECTION 12.13 Counterpart Originals	133
	SECTION 12.14 Table of Contents, Headings, Etc.	133
	SECTION 12.15 Acts of Holders	133
	SECTION 12.16 Security Documents	134
	SECTION 12.17 [Reserved]	135
	SECTION 12.18 USA Patriot Act	135
	SECTION 12.19 Force Majeure	135
	SECTION 12.20 Calculations	135
	SECTION 12.21 Electronic Signatures	136

 

     

     

    

 

EXHIBITS

 

	Exhibit A	FORM OF 4.625% SENIOR SECURED NOTE DUE 2028
	 	 
	Exhibit B	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A
	 	 
	Exhibit C	FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS PURSUANT TO REGULATION S
	 	 
	Exhibit D	FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY ANY FUTURE GUARANTORS

 

     

     

    

 

This Indenture, dated
as of August 25, 2020 is by and among Williams Scotsman International, Inc., a Delaware corporation (“WSII”)
as issuer, the Guarantors (as defined below) and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee
(in such capacity and not in its individual capacity, and together with its permitted successors and assigns in such capacity,
the “Trustee”) and as collateral agent (in such capacity and not in its individual capacity, and together with
its permitted successors and assigns in such capacity, the “Collateral Agent”).

 

Each party hereto agrees
as follows for the benefit of the other parties hereto and for the equal and ratable benefit of the Holders of (i) the Company’s
(as defined below) $500,000,000 4.625% Senior Secured Notes due 2028 issued on the date hereof (the “Initial Notes”)
and (ii) Additional Notes (as defined herein) issued from time to time (together with the Initial Notes and, in each case, any
Notes issued in replacement or substitution therefor in accordance with the provisions of this Indenture, the “Notes”).

 

Article
I

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section
1.1 Definitions.

 

“ABL Facility” has the
meaning assigned to such term in the definition of “Credit Facilities” below.

 

“Acquired
Debt” means Debt of a Person existing at the time such Person becomes a Restricted Subsidiary or assumed by the Company
or a Restricted Subsidiary in connection with the acquisition of assets from such Person; provided that such Debt is
not created or incurred in connection with or in contemplation of such acquisition or such other Person becoming a Restricted Subsidiary;
provided, further, that Debt of such Person which is redeemed, defeased, retired, or otherwise repaid at the time of or immediately
upon consummation of the transactions by which such Person becomes a Restricted Subsidiary or such asset acquisition shall not
be Acquired Debt.

 

“Additional
First Lien Claimholders” means, with respect to any Series of Additional First Lien Debt, the holders of such Debt, the
First Lien Representative with respect thereto, the First Lien Collateral Agent with respect thereto, any trustee or agent therefor
under any related Additional First Lien Loan Documents and the beneficiaries of each indemnification obligation undertaken by the
Company or any Guarantor under any related Additional First Lien Loan Documents and the holders of any other Additional First Lien
Obligations secured by the First Lien Collateral Documents for such Series of Additional First Lien Debt.

 

     

     

    

 

“Additional
First Lien Debt” means any Debt and guarantees thereof that is incurred, issued or guaranteed by the Company and/or
any Guarantor other than the Initial First Lien Debt, which Debt and guarantees are secured by the First Lien Collateral (or
a portion thereof) on a basis senior to the Second Lien Obligations; provided, however, that with respect to
any such Debt incurred after the Issue Date (i) such Debt is permitted to be incurred, secured and guaranteed on such
basis by each First Lien Loan Document and Second Lien Debt Document, (ii) unless already a party with respect to that
Series of Additional First Lien Debt, each of the First Lien Representative and the First Lien Collateral Agent for the
holders of such Debt shall have become party to (A) the Intercreditor Agreement pursuant to, and by satisfying the
conditions to becoming a party thereto set forth therein and (B) the First Lien Pari Passu Intercreditor Agreement
pursuant to, and by satisfying the conditions to becoming a party thereto set forth therein; provided, further,
that, if such Debt will be the initial Additional First Lien Debt incurred by the Company or any Guarantor after the Issue
Date, then the Guarantors, the Initial First Lien Representative, the Initial First Lien Collateral Agent, the First Lien
Representative for such Debt and the First Lien Collateral Agent for such Debt shall have executed and delivered the First
Lien Pari Passu Intercreditor Agreement and (iii) each of the other requirements of the Intercreditor Agreement shall
have been complied with. The requirements shall be tested only as of (x) the date of execution of such joinder agreement
by the applicable Additional First Lien Collateral Agent and Additional First Lien Representative if the Debt is incurred
pursuant to a commitment entered into at the time of such joinder agreement and (y) with respect to any later commitment
or amendment to those terms to permit such Debt, as of the date of such commitment and/or amendment, in each case, assuming
such commitments are fully drawn as of such date. Additional First Lien Debt shall include any Registered Equivalent Notes
and guarantees thereof by the Guarantors issued in exchange therefor.

 

“Additional
First Lien Loan Documents” means, with respect to any Series of Additional First Lien Debt, the loan agreements, promissory
notes, indentures and other operative agreements evidencing or governing such Debt, any document governing reimbursement obligations
in respect of letters of credit issued pursuant to any Additional First Lien Loan Documents and the First Lien Collateral Documents
securing such Series of Additional First Lien Debt.

 

“Additional
First Lien Obligations” means, with respect to any Series of Additional First Lien Debt, (a) all principal, interest
(including any post-petition interest), premium (if any), penalties, fees, expenses (including fees, expenses and disbursements
of agents, professional advisors and legal counsel), indemnifications, reimbursement obligations (including in respect of letters
of credit), damages and other liabilities, and guarantees of the foregoing amounts, in each case whether or not allowed or allowable
in an Insolvency or Liquidation Proceeding, payable with respect to such Additional First Lien Debt, (b) all other amounts
payable to the related Additional First Lien Claimholders under the related Additional First Lien Loan Documents (other than in
respect of any Debt not constituting Additional First Lien Debt), (c) subject to the terms of the Intercreditor Agreement,
any Hedging Obligations and Bank Product Obligations secured under the First Lien Collateral Documents securing such Series of
Additional First Lien Debt and (d) any renewals or extensions of the foregoing.

 

“Additional
Second Lien Claimholders” means, with respect to any Series of Additional Second Lien Debt, the holders of such Debt,
the Second Lien Representative with respect thereto, the Second Lien Collateral Agent with respect thereto, any trustee or agent
therefor under any related Additional Second Lien Debt Documents and the beneficiaries of each indemnification obligation undertaken
by the Company or any other Guarantor under any related Additional Second Lien Debt Documents and the holders of any other Additional
Second Lien Obligations secured by the Second Lien Collateral Documents for such Series of Additional Second Lien Debt.

 

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“Additional
Second Lien Debt” means any Debt and guarantees thereof that is incurred, issued or guaranteed by the Company
and/or any Guarantor other than the Initial Second Lien Debt, which Debt and guarantees are secured by the Second Lien
Collateral (or a portion thereof) on a basis junior to the First Lien Obligations, and will include the Debt incurred, issued
and guaranteed by the Company and/or any Guarantor under the Notes Documents; provided, however, that with respect to
any such Debt incurred after the Issue Date (i) the Consolidated Secured Net Debt Ratio of the Company and its
Restricted Subsidiaries would be less than or equal to 4.50 to 1.00, determined on a Pro Forma Basis but without netting the
cash proceeds of any such Additional Second Lien Debt to the extent not applied in such Pro Forma Basis determination, (ii)
such Debt is permitted to be incurred, secured and guaranteed on such basis by each First Lien Loan Document and Second Lien
Debt Document, (iii) unless already a party with respect to that Series of Additional Second Lien Debt, each of the
Second Lien Representative and the Second Lien Collateral Agent for the holders of such Debt shall have become party to
(A) the Intercreditor Agreement and by satisfying the conditions to becoming a party thereto set forth therein and
(B) the Second Lien Pari Passu Intercreditor Agreement pursuant to and by satisfying the conditions to becoming a party
thereto set forth therein; and (iv) each of the other requirements of the Intercreditor Agreements shall have been
complied with. The requirements of the Intercreditor Agreements shall be tested only as of (x) the date of execution of
such joinder agreement by the applicable Additional Second Lien Collateral Agent and Additional Second Lien Representative if
the Debt in incurred pursuant to a commitment entered into at the time of such joinder agreement, and (y) with respect
to any later commitment or amendment to those terms to permit such Debt, as of the date of such commitment and/or amendment,
in each case, assuming such commitments are fully drawn as of such date. Additional Second Lien Debt shall include any
Registered Equivalent Notes and guarantees thereof by the Guarantors issued in exchange therefor.

 

“Additional
Second Lien Debt Documents” means, with respect to any Series of Additional Second Lien Debt, the loan agreements, promissory
notes, indentures and other operative agreements evidencing or governing such Debt, any document governing reimbursement obligations
in respect of letters of credit issued pursuant to any Additional Second Lien Debt Documents and the Second Lien Collateral Documents
securing such Series of Additional Second Lien Debt, and includes the Notes Documents.

 

“Additional
Second Lien Obligations” means, with respect to any Series of Additional Second Lien Debt, (a) principal, interest
(including without limitation any post-petition interest), premium (if any), penalties, fees, expenses (including, without limitation,
fees, expenses and disbursements of agents, professional advisors and legal counsel), indemnifications, reimbursement obligations
(including in respect of letters of credit), damages and other liabilities, and guarantees of the foregoing amounts, in each case
whether or not allowed or allowable in an Insolvency or Liquidation Proceeding, payable with respect to such Additional Second
Lien Debt, (b) all other amounts payable to the related Additional Second Lien Claimholders under the related Additional Second
Lien Debt Documents (other than in respect of any Debt not constituting Additional Second Lien Debt), (c) subject to the terms
of the Intercreditor Agreement, any Hedging Obligations and Bank Product Obligations secured under the Second Lien Collateral Documents
securing such Series of Additional Second Lien Debt and (d) any renewals or extensions of the foregoing.

 

“Additional
Notes” means additional Notes (other than the Initial Notes) issued under this Indenture in accordance with Sections
2.2 and 4.9 hereof, of the same series as the Initial Notes.

 

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“Affiliate”
of any Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control
with such 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 that correspond to the foregoing.

 

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

 

“Applicable
Premium” means, with respect to any Note on any applicable redemption date, as calculated by the Company, the greater
of:

 

		(1)	1.00% of the then outstanding principal amount of the Note; and

 

		(2)	the excess of:

 

		(a)	the present value at such redemption date of (i) the redemption price of the Note at August 15,
2023 (such redemption price being set forth in the table appearing in Section 3.7(b)), plus (ii) all required interest payments
due on the Note through August 15, 2023 (excluding accrued but unpaid interest to such redemption date), in each case, computed
using a discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over

 

		(b)	the then outstanding principal amount of the Note.

 

“Asset Acquisition”
means:

 

		(a)	an Investment by the Company or any of its Restricted Subsidiaries in any other Person pursuant
to which such Person shall become a Restricted Subsidiary (including the redesignation of an Unrestricted Subsidiary), or shall
be merged with or into the Company or any of its Restricted Subsidiaries; or

 

		(b)	the acquisition by the Company or any of its Restricted Subsidiaries of the assets of any Person
(other than the Company or any of its Restricted Subsidiaries) which constitute all or substantially all of the assets of such
Person, any division or line of business of such Person or any other properties or assets of such Person other than in the ordinary
course of business.

 

“Asset Sale”
means:

 

		(a)	the sale, lease, transfer, conveyance or other disposition (each referred to for the purposes of
this definition as a “disposition”) of any assets of the Company or any of its Restricted Subsidiaries outside the
ordinary course in any single transaction or series of related transactions; provided that the disposition of all or
substantially all of the consolidated assets of the Company and its Restricted Subsidiaries taken as a whole, will be governed
by Section 4.14 and/or Section 5.1 and not by Section 4.10; and

 

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		(b)	the issue or sale by the Company or any of its Restricted Subsidiaries of Equity Interests in any
of the Company’s Restricted Subsidiaries (other than Equity Interests in the Company or directors’ qualifying shares
or shares or interests required to be held by foreign nationals pursuant to local law).

 

provided,
however, that the term “Asset Sale” shall exclude:

 

		(a)	any disposition of Equity Interests, property or assets, the gross proceeds of which (exclusive
of indemnities) do not exceed in any one or related series of transactions $50.0 million;

 

		(b)	dispositions of (i) cash, (ii) Cash Equivalents or (iii) other Investments in existence on the
Issue Date that are properly characterized under GAAP as cash and cash equivalents, short term investments, restricted cash or
long term investments;

 

		(c)	the disposition, abandonment or lease of equipment, products, services, and inventory in the ordinary
course of business and any disposition or abandonment of damaged, worn-out, used, surplus, obsolete or permanently retired assets
or assets that, in the good faith judgment of the Company, are no longer used or useful in its business;

 

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

 

		(e)	a Restricted Payment that is permitted by Section 4.7 or a Permitted Investment;

 

		(f)	any trade-in of equipment in exchange for other equipment in the ordinary course of business;

 

		(g)	the Incurrence of a Lien otherwise than in contravention of Section 4.12 (and the exercise of any
power of sale or other remedy thereunder);

 

		(h)	leases, assignments, licenses or subleases in the ordinary course of business which do not materially
interfere with the ordinary conduct of the business of the Company or any of its Restricted Subsidiaries and are otherwise not
prohibited under this Indenture;

 

		(i)	dispositions (i) by a Restricted Subsidiary to the Company or (ii) by the Company or a Restricted
Subsidiary to a Restricted Subsidiary;

 

		(j)	issuances of Equity Interests by a Restricted Subsidiary to the Company or to a Restricted Subsidiary;

 

		(k)	dispositions of accounts receivable including in connection with the collection or compromise thereof;

 

		(l)	any surrender or waiver of contract rights or the settlement, release, or surrender of contract,
tort, intangible claims or other claims;

 

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		(m)	licensing of intellectual property;

 

		(n)	dispositions of accounts receivable, or a fractional undivided interest therein, by a Receivables
Subsidiary in a Qualified Receivables Transaction;

 

		(o)	dispositions of accounts receivable, chattel paper and assets related thereto, including collateral
securing such accounts receivable, contracts and contract rights, purchase orders, security interests, financing statements and
other documentation, and all guarantees, warranties or other documentation or other obligations in respect of such accounts receivable,
and other assets which are customarily transferred in connection with asset securitization transactions involving receivables similar
to such accounts receivable (and any collections or proceeds thereof), in each case, to a Receivables Subsidiary pursuant to a
Qualified Receivables Transaction;

 

		(p)	the unwinding of any Hedging Obligations;

 

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

 

		(r)	the issuance by the Company or any of its Restricted Subsidiaries of Disqualified Stock that is
permitted by Section 4.9;

 

		(s)	dispositions to the extent required by, or made pursuant to, customary buy/sell arrangements between
the joint venture parties set forth in joint venture agreements and similar binding agreements;

 

		(t)	dispositions to the extent made pursuant to casualty or condemnation events or business interruption;
or

 

		(u)	dispositions made to comply with any order of any agency of the U.S. federal government or any
state authority or other regulatory body or any applicable law.

 

For purposes of this
definition, any series of related transactions that, if effected as a single transaction, would constitute an Asset Sale, shall
be deemed to be a single Asset Sale effected when the last such transaction which is part thereof is effected.

 

“Asset Sale
Offer” means an Offer to Purchase required to be made by the Company pursuant to Section 4.10 to all Holders.

 

“Attributable
Debt” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value (discounted
at the rate of interest implicit in such transaction, determined in accordance with GAAP) of the obligations of the lessee for
net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction (including any period
for which such lease has been or may, at the option of the lessor, be extended); provided, however, that if
such Sale and Leaseback Transaction results in a Capital Lease Obligation, the amount of Debt represented thereby will be determined
in accordance with the definition of “Capital Lease Obligation.”

 

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“Available
Excluded Contribution Amount” means the aggregate amount of cash, Cash Equivalents or the Fair Market Value of other
assets or property (as reasonably determined by the Company) received by Holdings (and promptly contributed by Holdings to the
Company) after the Issue Date from (without duplication): (i) contributions in respect of Equity Interests of Holdings other than
Disqualified Stock (other than any amounts received from the Company or any of its Restricted Subsidiaries), and (ii) the sale
of Equity Interests of Holdings (other than (x) to the Company or any of its Restricted Subsidiaries, (y) pursuant to any management
equity plan, stock option plan or any other management or employee benefit plan or (z) Disqualified Stock); provided that,
such amounts are designated as “Available Excluded Contribution Amounts” pursuant to an Officer’s Certificate
on or promptly after the date the relevant capital contribution is made or the relevant proceeds are received, as the case may
be; provided, further that:

 

		(1)	any such amounts received shall not increase the amount available for making Restricted Payments
to the extent the Company or its Restricted Subsidiaries Incurred Debt in reliance thereon, and such Debt (or Refinancing Debt
in respect thereof) remains outstanding; and

 

		(2)	any such amounts received shall be excluded for purposes of Debt permitted to be Incurred under
Section 4.9 to the extent the Company or any of its Restricted Subsidiaries make a Restricted Payment in reliance thereon.

 

“Bank Product
Obligations” means, all obligations and liabilities (whether direct or indirect, absolute or contingent, due or to become
due or now existing or hereafter incurred) of the Company, any Guarantor or any of their respective Subsidiaries, whether on account
of principal, interest, reimbursement obligations, fees, indemnities, costs, expenses or otherwise, which may arise under, out
of, or in connection with any treasury, investment, depository, clearing house, wire transfer, cash management or automated clearing
house transfers of funds services or any related services, to any Person permitted to be a secured party in respect of such obligations
under the applicable First Lien Loan Documents or Second Lien Debt Documents.

 

“Bankruptcy
Code” means Title 11 of the United States Code entitled “Bankruptcy,” as now and hereafter in effect, or
any successor statute.

 

“Bankruptcy
Law” means Title 11 of the Bankruptcy Code, as amended, or any
other United States federal or state bankruptcy, insolvency or similar law, fraudulent transfer or conveyance statute and any related
case law.

 

“Board of
Directors” means (i) with respect to the Company or any of its Restricted Subsidiaries, its board of directors or any
duly authorized committee thereof; (ii) with respect to a corporation, the board of directors of such corporation or any duly
authorized committee thereof; and (iii) with respect to any other entity, the board of directors or similar body of the general
partner or managers of such entity or any duly authorized committee thereof.

 

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

 

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“Borrowing
Base” means, at any time, an amount equal to the sum (expressed in U.S. Dollars) of, without duplication, (1) 85%
of the book value of the accounts receivable of the Company and its Restricted Subsidiaries, plus (2) 95% of the book value
of rental equipment of the Company and its Restricted Subsidiaries, plus (3) 90% of the book value of the inventory of the
Company and its Restricted Subsidiaries, plus (4) 85% of the book value of machinery and equipment of the Company and its
Restricted Subsidiaries not held for sale or rental, plus (5) 60% of the fair market value of domestic real property of the
Company and its Restricted Subsidiaries, plus (6) 100% of the unrestricted cash and cash equivalents of the Company and its
Restricted Subsidiaries that are subject to the valid, enforceable and first priority perfected security interest and pledge
of the Initial First Lien Collateral Agent in an investment account, deposit account or other account subject to a control
agreement in favor of the Initial First Lien Collateral Agent, in each case calculated on a Pro Forma Basis and in accordance
with GAAP.

 

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

 

“Capital Lease
Obligation” means, as to any Person, the obligation of such Person under a lease that is required to be classified and
accounted for as a capital lease or finance lease obligation under GAAP as in effect on the Issue Date; and the amount of
such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated Maturity
thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which
such lease may be terminated or prepaid by the lessee without payment of a penalty. For purposes of Section 4.12, a Capital Lease
Obligation shall be deemed secured by a Lien on the property being leased.

 

“Capital Stock”
means:

 

		(1)	in the case of a corporation, corporate stock or shares;

 

		(2)	in the case of an association or business entity other than a corporation, any and all shares,
interests, participations, rights or other equivalents (however designated) similar to corporate stock;

 

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

 

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

 

“Cash Equivalents”
means:

 

		(a)	U.S. Dollars, Canadian Dollars, Euros or such other foreign currencies held by the Company or its
Restricted Subsidiaries from time to time in the ordinary course of business;

 

		(b)	securities with maturities of two years or less from the date of acquisition issued or unconditionally
guaranteed by (i) the United States government, or by any state of the United States of America, or, in each case, by any political
subdivision or taxing authority thereof or (ii) the Canadian government or any province, territory, political subdivision, agency
or instrumentality thereof;

 

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		(c)	domestic and LIBOR certificates of deposit, demand deposits and Eurodollar time deposits with maturities
of two years or less from the date of acquisition, bankers’ acceptances with maturities not exceeding two years and overnight
bank deposits, in each case, issued by lender under the ABL Facility or any other bank having combined capital and surplus in excess
of $500.0 million (in the case of domestic banks);

 

		(d)	repurchase obligations 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) above or securities dealers
of recognized national standing;

 

		(e)	commercial paper, marketable short-term money market and similar securities at the time of acquisition,
having one of the two highest ratings obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating
Services (or, if at any time neither S&P nor Moody’s shall be rating such obligations, an equivalent rating from another
nationally recognized rating service);

 

		(f)	marketable short-term money market and similar funds having (i) assets in excess of $250.0 million
or (ii) a rating of at least A-1 or P-1 from either S&P or Moody’s (or, if at any time neither S&P nor Moody’s
shall be rating such obligations, an equivalent rating from another nationally recognized rating service);

 

		(g)	Debt or preferred stock issued by Persons with a rating of A- or higher from S&P or A3 or higher
from Moody’s (or, if at the time, neither is issuing comparable ratings, then a comparable rating of another rating agency)
with maturities of twelve (12) months or less from the date of acquisition;

 

		(h)	bills of exchange issued in the United States or Canada eligible for rediscount at the relevant
central bank and accepted by a bank (or any dematerialized equivalent);

 

		(i)	Investments with average maturities of twelve (12) months or less from the date of acquisition
in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better
by Moody’s;

 

		(j)	investment funds investing at least 95% of their assets in securities which are one or more of
the types of securities described in clauses (b) through (i) above; and

 

	 	(k)	in the case of Investments by any Foreign Subsidiary or Investments made in a country outside Canada and the United States, Cash
Equivalents shall also include (i) direct obligations of the sovereign nation (or any agency thereof) in which such Foreign Subsidiary
is organized and is conducting business or where such Investment is made, or in obligations fully and unconditionally guaranteed
by such sovereign nation (or any agency thereof), in each case maturing within a two years after such date and having, at the
time of the acquisition thereof, a rating equivalent to one of the two highest ratings from either S&P or Moody’s, (ii)
investments of the type and maturity described in clauses (b) through (j) above of foreign obligors, which Investments or obligors
(or the parents of such obligors) have ratings described in such clauses or equivalent ratings from comparable foreign rating
agencies, (iii) shares of money market mutual or similar funds which invest exclusively in assets otherwise satisfying the requirements
of this definition (including this clause (iii)) and (iv) other short-term investments utilized by such Foreign Subsidiaries in
accordance with normal investment practices for cash management in investments analogous to the foregoing investments in clauses
(b) through (j).

  

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“Cash Management
Agreements” means any agreement providing for treasury, depository, purchasing card or cash management services, including
in connection with any automated clearing house transfer of funds or any similar transaction.

 

“Certificated
Notes” means Notes that are in the form of Exhibit A attached hereto, including the applicable legend or legends
set forth in Exhibit A.

 

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

 

		(a)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d)
of the Exchange Act), becoming the ultimate “beneficial owner” (as such term is used in Rules 13d-3 and 13d-5 under
the Exchange Act, except that for purposes of this clause (a), such person or group shall be deemed to have “beneficial ownership”
of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after
the passage of time), directly or indirectly, of more than 50% of the Voting Stock in Parent unless the Permitted Holders otherwise
have the right (pursuant to contract, proxy or otherwise), directly or indirectly, to designate, nominate or appoint a majority
of the directors of Parent;

 

		(b)	Parent, WSII or any Restricted Subsidiary sells, conveys, transfers or leases (either in one transaction
or a series of related transactions) all or substantially all of Parent’s, WSII’s and the Restricted Subsidiaries’
assets (determined on a consolidated basis) to any Person other than Parent, WSII, a Restricted Subsidiary of WSII or any Permitted
Holder; or

 

		(c)	Parent ceases to own, directly or indirectly, 100% of the outstanding Capital Stock of WSII.

 

Notwithstanding
the foregoing, a transaction will not be deemed to involve a Change of Control if (1) Parent becomes a direct or indirect
wholly-owned Subsidiary of a company and (2) (a) the direct or indirect holders of the Voting Stock of the ultimate parent
holding company immediately following that transaction are substantially the same as the holders of Parent’s Voting
Stock immediately prior to that transaction or (b) no “person” or “group” of related persons (as such
terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes the beneficial owner (as defined in Rules 13d-3 and
13d-5 under the Exchange Act) of more than 50% of the total voting power of the Voting Stock of such ultimate parent holding
company (provided that if any “group” (other than a Permitted Holder) includes one or more Permitted
Holders, the issued and outstanding Voting Stock of Parent owned, directly or indirectly, by any Permitted Holders that are
part of such group shall not be treated as being beneficially owned by such group or any other member of such group for
purposes of determining whether a Change of Control has occurred).

 

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

 

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

 

“Common Stock”
means with respect to any Person, any and all shares, interest or other participations in, and other equivalents (however designated
and whether voting or nonvoting) of such Person’s common stock, whether or not outstanding on the Issue Date, and includes
all series and classes of such common stock.

 

“Company”
means WSII and its successors.

 

“Consolidated
EBITDA” means, with respect to the Company and its Restricted Subsidiaries for any period:

 

		(i)	the sum, without duplication, of the amounts for such
period, taken as a single accounting period, of:

 

		(a)	Consolidated Net Income;

 

		(b)	Consolidated Income Tax Expense;

 

		(c)	Consolidated Interest Expense for such period (but including items excluded from the definition
of “Consolidated Interest Expense” pursuant to clauses (1)(i) through (1)(ix) thereof), to the extent the same were
deducted (and not added back) in calculating such Consolidated Net Income;

 

		(d)	depreciation and amortization of the Company and the Restricted Subsidiaries for such period to
the extent the same were deducted (and not added back) in computing Consolidated Net Income;

 

		(e)	any expenses or charges (other than depreciation or amortization expenses) related to any equity
offering (including by any direct or indirect parent of the Company), acquisition, disposition, recapitalization or the Incurrence
of Debt permitted to be Incurred by this Indenture (including a refinancing of any Credit Facilities) (whether or not successful),
and any amendment or modification to the terms of any such transaction including such fees, expenses or charges (i) related to
the Transactions or (ii) any amendment or other modification of the Credit Facilities or this Indenture, and, in each case, deducted
(and not added back) in computing Consolidated Net Income;

 

	 	(f)	the amount of any restructuring charges or reserves, business optimization expenses or non-recurring integration costs deducted
(and not added back) in such period in computing Consolidated Net Income, including any one-time costs Incurred in connection
with acquisitions after the Issue Date and costs and charges related to the closure and/or consolidation of facilities, severance,
relocation costs, integration and facilities opening costs, transition costs and other restructuring costs;

  

    -11-

     

    

 

		(g)	any other non-cash charges, including any write offs or write downs (other than write offs or write
downs on accounts or chattel paper of the Company), reducing Consolidated Net Income for such period (and not added back) (provided
that if any such non-cash charges 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 such extent, and
excluding amortization of a prepaid cash item that was paid in a prior period);

 

		(h)	the amount of any non-controlling interest expense consisting of Subsidiary income attributable
to minority Equity Interests of third parties in any non-wholly-owned Subsidiary of the Company deducted (and not added back) in
such period in the calculation of Consolidated Net Income;

 

		(i)	the amount of loss or discount on sale of receivables and related assets to a Receivables Subsidiary
in connection with a Qualified Receivables Transaction deducted (and not added back) in such period in the calculation of Consolidated
Net Income;

 

		(j)	any costs or expenses Incurred by the Company or a Restricted Subsidiary pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder
agreement, to the extent that such costs or expenses are funded with cash proceeds contributed to the capital of the applicable
Person or Net Cash Proceeds of an issuance of Capital Stock or other Equity Interests of the applicable Person, in each case to
the extent deducted (and not added back) in such period in the calculation of Consolidated Net Income;

 

		(k)	the amount of expenses relating to payments made to option holders of Holdings or any other parent
(direct or indirect) of the Company in connection with, or as a result of, any distribution being made to shareholders of such
Person or its parent, which payments are being made to compensate such option holders as though they were shareholders at the time
of, and entitled to share in, such distribution, in each case to the extent permitted under this Indenture and to the extent deducted
(and not added back) in such period in the calculation of Consolidated Net Income;

 

		(l)	costs associated with, or in anticipation of, or preparation for, compliance with the requirements
of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated in connection therewith or other enhanced accounting
functions and Public Company Costs, in each case to the extent deducted (and not added back) in such period in the calculation
of Consolidated Net Income;

 

    -12-

     

    

 

		(m)	costs of surety bonds Incurred in such period in connection with financing activities to the extent
deducted (and not added back) in such period in the calculation of Consolidated Net Income; and

 

		(n)	payments paid or accrued during such period in respect of purchase price holdbacks or earn-outs
of the Company and its Restricted Subsidiaries (other than Debt), in each case to the extent deducted (and not added back) in such
period in the calculation of Consolidated Net Income;

 

		(ii)	less (without duplication) non-cash gains
increasing Consolidated Net Income of the Company and the Restricted Subsidiaries for such period, excluding any non-cash gains
to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA
in any prior period; provided that, to the extent non-cash gains are deducted pursuant to this clause (ii) for any previous
period and not otherwise added back to Consolidated EBITDA, Consolidated EBITDA shall be increased by the amount of any cash receipts
(or any netting arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods
to the extent not already included therein.

 

“Consolidated
Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of Consolidated EBITDA of such Person for such
Person’s most recent Four-Quarter Period, for which internal financial statements are available immediately preceding the
date of the transaction (the “Transaction Date”) giving rise to the need to calculate the Consolidated Fixed
Charge Coverage Ratio to the Consolidated Fixed Charges of such Person for the Four-Quarter Period. For purposes of this definition,
Consolidated EBITDA and Consolidated Fixed Charges shall be calculated on a Pro Forma Basis.

 

In calculating Consolidated
Interest Expense for purposes of determining the denominator (but not the numerator) of this Consolidated Fixed Charge Coverage
Ratio:

 

		(a)	interest on outstanding Debt determined on a fluctuating basis as of the Transaction Date and which
will continue to be so determined thereafter (other than working capital borrowings under any revolving credit facility incurred
in the ordinary course of business) shall be deemed to have accrued at the average rate per annum on such Debt during the Four-Quarter
Period (or if less, such period of time that it was outstanding);

 

		(b)	if interest on any Debt (other than working capital borrowings under any revolving credit facility
incurred in the ordinary course of business) actually Incurred on the Transaction Date may optionally be determined at an interest
rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate
in effect on the Transaction Date will be deemed to have been in effect during the Four-Quarter Period; and

 

	 	(c)	 notwithstanding clause (a) or (b) above, interest on Debt determined on a fluctuating basis, to the extent such interest is covered
by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to
the operation of these agreements.

 

    -13-

     

    

  

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

 

		(i)	Consolidated Interest Expense; and

 

		(ii)	all dividends and other distributions paid or accrued
during such period in respect of Disqualified Stock of such Person and its Restricted Subsidiaries (other than dividends paid
in Equity Interests not constituting Disqualified Stock), in each case, determined on a consolidated basis in accordance with
GAAP.

 

“Consolidated
Income Tax Expense” means, with respect to the Company and its Restricted Subsidiaries for any period, provision for
taxes based on income or profits or capital, including, without limitation, foreign, U.S. federal, state, franchise, excise and
similar taxes and foreign withholding taxes (including penalties and interest related to such taxes or arising from tax examinations)
of the Company and the Restricted Subsidiaries paid or accrued during such period deducted (and not added back) in computing Consolidated
Net Income and any payments to any direct or indirect parent of the Company in respect of any such taxes.

 

“Consolidated
Interest Expense” means, with respect to the Company and its Restricted Subsidiaries for any period the sum, without
duplication, of:

 

		(i)	consolidated
                                         interest expense of the Company and the Restricted Subsidiaries for such period, to the
                                         extent such expense was deducted (and not added back) in computing Consolidated Net Income
                                         (including (a) amortization of original issue discount resulting from the issuance of
                                         Debt at less than par, other than with respect to Debt issued in connection with the
                                         Transactions, (b) all commissions, discounts and other fees and charges owed with respect
                                         to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding
                                         any non-cash interest expense attributable to the movement in the mark to market valuation
                                         of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest
                                         component of Capital Lease Obligations, and (e) net payments, if any, pursuant to interest
                                         rate Hedging Obligations with respect to Debt, and excluding (i) penalties and interest
                                         relating to taxes, (ii) any “additional interest” relating to customary registration
                                         rights with respect to any securities, (iii) 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), (iv) interest expense attributable to a direct
                                         or indirect parent thereof resulting from push-down accounting, (v) accretion or accrual
                                         of discounted liabilities not constituting Debt, (vi) any expense resulting from the
                                         discounting of Debt in connection with the application of recapitalization or purchase
                                         accounting, (vii) amortization of deferred financing fees, debt issuance costs, commissions,
                                         fees and expenses and, with respect to Debt issued in connection with the Transactions,
                                         original issue discount, (viii) any expensing of bridge, commitment and other financing
                                         fees and (ix) commissions, discounts, yield and other fees and charges (including any
                                         interest expense) related to any Qualified Receivables Transaction); plus

 

    -14-

     

    

 

(ii)           consolidated
capitalized interest of the Company and the Restricted Subsidiaries for such period, whether paid or accrued;

 

(iii)         
less interest income of the Company and the Restricted Subsidiaries for such period.

 

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

 

“Consolidated
Net Income” means, with respect to the Company and its Restricted Subsidiaries for any period, the aggregate of the consolidated
net income (or loss) attributable to the Company and its Restricted Subsidiaries for such period, as determined in accordance with
GAAP and before any deduction in respect of any Dividends on preferred stock, adjusted by:

 

		(A)	excluding, to the extent included in calculating such net income, without duplication

 

		(i)	any after-tax effect of (a) extraordinary gains, losses
or charges (including all fees and expenses relating thereto) or expenses and (b) non-recurring or unusual gains, losses or charges
(including all fees and expenses relating thereto) or expenses (including the Transaction Expenses);

 

		(ii)	the cumulative effect of a change in accounting principles
during such period and changes as a result of the adoption or modification of accounting policies;

 

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

 

		(iv)	any after-tax effect of gains or losses (less all
fees and expenses relating thereto) attributable to asset dispositions or abandonments or the sale or other disposition of any
Capital Stock of any Person other than in the ordinary course of business, as determined in good faith by the Company;

 

		(v)	the net income for such period of any Non-Recourse
Subsidiary, any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by the equity method
of accounting; provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or distributions
or other payments that are actually paid in cash (or to the extent converted into cash or Cash Equivalents) by such Non-Recourse
Subsidiary or Person that is not a Subsidiary or Unrestricted Subsidiary, as the case may be, to the Company or any Restricted
Subsidiary thereof in respect of such period;

 

		(vi)	effects of adjustments (including the effects of such
adjustments pushed down to the Company and its Restricted Subsidiaries) in the inventory, property and equipment, software and
other intangible assets and in process research and development, deferred revenue and
debt line items in the Company’s consolidated financial statements pursuant to GAAP resulting from the application of purchase
accounting in relation to the Transactions or any consummated acquisition or the amortization or write-off of any amounts thereof,
net of taxes;

 

    -15-

     

    

 

		(vii)	any after-tax effect of income (loss) from the early
extinguishment of Debt or Hedging Obligations or other derivative instruments (including deferred financing costs written off
and premiums paid);

 

		(viii)	any impairment charge, asset write-off or write-down,
including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, Investments in
debt and equity securities or as a result of a change in law or regulation, the amortization of intangibles, and the effects of
adjustments to accruals and reserves during a prior period relating to any change in the methodology of calculating reserves for
returns, rebates and other chargebacks (including government program rebates), in each case, pursuant to GAAP;

 

		(ix)	any (a) non-cash compensation charge or expense related
to the grants of stock appreciation or similar rights, phantom equity, stock options, restricted stock or other rights and (b)
income (loss) attributable to deferred compensation plans or trusts;

 

		(x)	accruals and reserves that are established within
twelve (12) months after the closing of any acquisition (that are so required to be established as a result of such acquisition)
in accordance with GAAP or charges, accruals, expenses and reserves as a result of adoption or modification of accounting policies
in accordance with GAAP;

 

		(xi)	any net gain or loss resulting in such period from
currency transaction or translation gains or losses related to currency remeasurements and (b) any income (or loss) related to
currency gains or losses related to Debt, intercompany balance sheet items and Hedging Obligations; and

 

		(xii)	any deferred tax expense associated with tax deductions
or net operating losses arising as a result of the Transactions, or the release of any valuation allowance related to such item.

 

		(B)	including, to the extent not already accounted for, and notwithstanding anything to the contrary
in the foregoing, (i) the amount of proceeds received during such period from business interruption insurance in respect of insured
claims for such period, (ii) the amount of proceeds as to which the Company has determined there is reasonable evidence it will
be reimbursed by the insurer in respect of such period from business interruption insurance (with a deduction for any amounts included
to the extent not so reimbursed within 365 days) and (iii) reimbursements received of any expenses and charges that are covered
by indemnification or other reimbursement provisions in connection with any Investment or any sale, conveyance, transfer or other
disposition of assets, in each case to the extent permitted under this Indenture.

 

    -16-

     

    

 

“Consolidated
Secured Net Debt Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Debt of the Company
and its Restricted Subsidiaries that is secured by a Lien on the assets of the Company or any of its Restricted Subsidiaries on
the date of determination less the aggregate amount of cash and Cash Equivalents of the Company and its Restricted Subsidiaries
on a consolidated basis as of such date, to (b) Consolidated EBITDA of the Company and its Restricted Subsidiaries for the most
recent Four-Quarter Period, calculated on a Pro Forma Basis.

 

“Consolidated
Total Assets” means the total consolidated assets of the Company and its Restricted Subsidiaries on a consolidated basis
determined in accordance with GAAP, as shown on the most recent consolidated balance sheet of the Company; provided that,
for purposes of calculating “Consolidated Total Assets” for purposes of testing the covenants under this Indenture
in connection with any transaction, the total consolidated assets of the Company and its Restricted Subsidiaries shall be calculated
on a Pro Forma Basis for the most recent Four-Quarter Period.

 

“Consolidated
Total Debt” means, as of any date of determination, the aggregate principal amount of indebtedness of the Company and
its Restricted Subsidiaries outstanding on such date, determined on a consolidated basis in accordance with GAAP (but excluding
the effects of any discounting of indebtedness resulting from the application of purchase accounting in connection with any Asset
Sale or Asset Acquisition), consisting of indebtedness for borrowed money, Capital Lease Obligations and debt obligations evidenced
by promissory notes or similar instruments.

 

“Consolidated
Total Net Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Total Debt of the Company
and its Restricted Subsidiaries on the date of determination less the aggregate amount of cash and Cash Equivalents of the
Company and its Restricted Subsidiaries on a consolidated basis as of such date, to (b) Consolidated EBITDA of the Company and
its Restricted Subsidiaries for the most recent Four-Quarter Period prior to such date for which the Company has internal financial
statements available, in each case, calculated on a Pro Forma Basis.

 

“Corporate
Trust Office” means an office of the Trustee at which at any time its corporate trust business shall be administered,
which office at the Issue Date is located at 60 Wall Street, 24th Floor, Mail Stop: NYC60-2405, New York, New York 10005, or such
other address as the Trustee may designate from time to time by written notice to the Holders and the Company, or the principal
corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time
by notice to the Holders and the Company).

 

“Credit
Facilities” means (i) the ABL Credit Agreement, dated as of July 1, 2020 (as amended, restated, supplemented or
otherwise modified from time to time, the “ABL Facility”), by and among the Company, Williams Scotsman
Holdings Corp., each of the other persons identified on the signature pages thereto as a “Borrower” and a
“Guarantor”, Bank of America, N.A., as administrative agent and collateral agent, and the other lenders named
therein, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection
therewith, and in each case as amended, restated, supplemented, modified, renewed, refunded, replaced or refinanced from time
to time, including any agreement extending the maturity thereof, refinancing, replacing, supplementing or otherwise
restructuring all or any portion of the Debt thereunder or increasing or supplementing the amount loaned or issued thereunder
or altering the maturity thereof whether pursuant to a credit agreement, indenture or other debt facility (any of the
foregoing, an “Amendment”) and (ii) whether or not the financing agreement referred to in clause (i)
remains outstanding, if designated by the Company to be included in the definition of “Credit Facilities,” one or
more (A) debt facilities or commercial paper facilities, providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to lenders or to a Receivables Subsidiary or other special purpose
entities formed to borrow from lenders against such receivables) or letters of credit, (B) debt securities, indentures or
other forms of debt financing (including convertible or exchangeable debt instruments or bank guarantees or bankers’
acceptances), or (C) instruments or agreements evidencing any other Debt, in each case, with the same or different borrowers
or issuers and, in each case, as amended, supplemented, modified, extended, restructured, renewed, refinanced, restated,
replaced or refunded in whole or in part from time to time; provided, the Company and the Restricted Subsidiaries,
taken as a whole, do not incur Debt pursuant to any Amendment defined in clause (i) or any Debt incurred under clause (ii) in
an aggregate principal amount at any time outstanding in excess of the maximum aggregate principal amount of Debt permitted
to be incurred pursuant to clause (i) of the definition of “Permitted Debt.”

 

    -17-

     

    

 

“Custodian”
means any receiver, interim receiver, receiver and manager, trustee, assignee, liquidator, sequestrator or similar official under
Bankruptcy Law or any other person with like powers.

 

“Debt”
means at any time (without duplication), with respect to any Person, whether recourse is to all or a portion of the assets of
such Person, or non-recourse, the following: (i) all indebtedness of such Person for money borrowed; (ii) all
obligations of such Person evidenced by bonds, debentures, notes, or other similar instruments; (iii) all obligations of
such Person with respect to letters of credit (except letters of credit that are (x) secured by cash or Cash Equivalents, (y)
issued under any Credit Facility or (z) securing obligations, other than obligations referred to in clauses (i), (ii) and
(v), entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon
or, if and to the extent drawn upon, such drawing is reimbursed no later than the 10th Business Day following payment on the
letter of credit), bankers’ acceptances or similar facilities issued for the account of such Person; (iv)
indebtedness for the deferred purchase price of property and all obligations created or arising under any conditional sale or
other title retention agreement with respect to property or assets acquired by such Person(even if the rights and remedies of
the seller or lender under such agreement in the event of default are limited to repossession or sale of such property or
assets), in each case, excluding any trade payables or other current liabilities incurred in the ordinary course of
business; (v) all Capital Lease Obligations (including Attributable Debt with regards to Sale and Leaseback
Transactions) of such Person (but excluding obligations under operating leases); (vi) the maximum fixed redemption or
repurchase price of Disqualified Stock in such Person at the time of determination; (vii) any Hedging Obligations of
such Person at the time of determination (but taking into account only the mark-to-market value or, if any actual amount is
due as a result of the termination or close-out of such transaction, that amount); and (viii) all obligations of the
types referred to in clauses (i) through (vii) of this definition of another Person, the payment of which (A) such Person has
Guaranteed or (B) is secured by (or the holder of such Debt has an existing right, whether contingent or otherwise, to be
secured by) any Lien upon the property or other assets of such Person, even though such Person has not assumed or become
liable for the payment of such Debt, in each case if and to the extent that any of the foregoing (other than clauses (iii)
and (viii) of this definition) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such
Person prepared in accordance with GAAP. For purposes of the foregoing: (a) the maximum fixed repurchase price of any
Disqualified Stock that does not have a fixed repurchase price shall be calculated in accordance with the terms of such
Disqualified Stock as if such Disqualified Stock were repurchased on any date on which Debt shall be required to be
determined pursuant to this Indenture; provided, however, that, if such Disqualified Stock is not then
permitted to be repurchased, the repurchase price shall be the book value of such Disqualified Stock; (b) the amount
outstanding at any time of any Debt issued with original issue discount is the principal amount of such Debt less the
remaining unamortized portion of the original issue discount of such Debt at such time as determined in conformity with
GAAP; (c) the amount of any Debt described in clause (ix)(A) above shall be the maximum liability under any such
Guarantee; (d) the amount of any Debt described in clause (ix)(B) above shall be the lesser of (I) the maximum amount of
the obligations so secured and (II) the Fair Market Value of such property or other assets; and (e) interest, fees,
premium, and expenses and additional payments, if any, will not constitute Debt.

 

    -18-

     

    

 

Notwithstanding the
foregoing, in connection with the purchase or sale by the Company or any of its Restricted Subsidiaries of any assets or business,
the term “Debt” will exclude (x) customary indemnification obligations, (y) post-closing payment adjustments to which
the other party may become entitled to the extent such payment is determined by a final closing balance sheet or such payment is
otherwise contingent and (z) trade payments and accrued expenses, in each case arising in the ordinary course of business, and
deferred or prepaid revenue; provided that the amount of such payment would not be required to be reflected on the
face of a balance sheet prepared in accordance with GAAP.

 

The amount of Debt
of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above and
the maximum liability, upon the occurrence of the contingency giving rise to the obligations, of any contingent obligations at
such date.

 

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

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.3 as
the Depositary with respect to the Notes, until a successor shall have been appointed pursuant to Section 2.6(b), and, thereafter,
“Depositary” shall mean or include such successor.

 

“Designated
Non-cash Consideration” means the Fair Market Value of non-cash consideration received by the Company or any of its Restricted
Subsidiaries in connection with an Asset Sale that is designated as “Designated Non-cash Consideration” pursuant to
an Officer’s Certificate setting forth the basis of determining the Fair Market Value thereof.

 

“Discharge
of First Lien Obligations” means (a) the payment in full in cash (or cash collateralized or defeased in accordance
with the terms of the Credit Facilities or otherwise discharged in connection with any plan of reorganization, plan of
arrangement or similar restructuring plan in an insolvency proceeding approved by the requisite percentage of lenders under
the Credit Facilities) of all outstanding First Lien Obligations, excluding (i) Bank Product Obligations, (ii) Unasserted
Contingent Obligations, and (iii) contingent indemnity claims which have been asserted in good faith and in writing to one or
more of the borrowers under such Credit Facilities, (b) the termination of all commitments to extend credit under the Credit
Facilities that are First Lien Obligations, and (c) there are no outstanding letters of credit or similar instruments issued
under such Credit Facilities (other than such as have been cash collateralized (or for which a standby letter of credit
acceptable to the relevant agent or fronting bank has been delivered) or defeased in accordance with the terms of the Credit
Facilities that are First Lien Obligations or otherwise discharged in connection with any plan of reorganization, plan of
arrangement or similar restructuring plan in an insolvency proceeding approved by the requisite percentage of lenders under
such Credit Facilities). For purposes of this definition, “Unasserted Contingent Obligations” shall mean
at any time, any of the respective claims for taxes, costs, indemnification, reimbursements, damages and similar liabilities
in respect of which no written claim has been made at such time by the lenders under such Credit Facilities and the Holders,
respectively (and, in the case of claims for indemnification, no written claim for indemnification has been issued by the
indemnitee at such time).

 

    -19-

     

    

 

“Disqualified
Stock” means, with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which
it is convertible or for which it is exchangeable at the option of the holder) or upon the happening of any event:

 

		(1)	matures or is mandatorily redeemable under a sinking fund obligation or otherwise;

 

		(2)	is convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock
(excluding Capital Stock convertible or exchangeable solely at the option of the Company or any of its Subsidiaries); or

 

		(3)	is redeemable, in whole or in part, at the option of the holder thereof;

 

in each case on
or prior to the day that is 91 days after the Stated Maturity of the Notes; provided, however, that any
Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to
require such Person to purchase or redeem such Capital Stock upon the occurrence of an “asset sale” or
“change of control” occurring on or prior to the 91st day after the Stated Maturity of the Notes will not
constitute Disqualified Stock if the “asset sale” or “change of control” provisions applicable to
such Capital Stock are not more favorable, as measured by the purchase or redemption price or the breadth of the definition
of the event or events triggering such purchase or redemption obligation to the holders of such Capital Stock than the
provisions of Section 4.10 and Section 4.14, respectively, and any such requirement becomes operative only after compliance
with such corresponding terms applicable to the Notes, including the purchase of any Notes tendered pursuant thereto; provided,
further, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries
or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be
required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory
obligations; and provided, further, that any Capital Stock held by any future, current or former employee,
director, manager or consultant (or their respective trusts, estates, investment funds, investment vehicles or immediate
family members) of the Company, any of its Subsidiaries or any direct or indirect parent thereof, in each case upon the
termination of employment or death of such person pursuant to any stockholders’ agreement, management equity plan,
stock option plan or any other management or employee benefit plan or agreement, shall not constitute Disqualified Stock
solely because it may be required to be repurchased by the Company or its Subsidiaries or any direct or indirect parent of
the Company.

 

    -20-

     

    

 

“DTC”
means The Depository Trust Company.

 

“Enforcement
Action” means any action to:

 

		(1)	foreclose, execute, levy, or collect on, take possession or control of (other than for purposes
of perfection), sell or otherwise realize upon (judicially or non-judicially), or lease, license, or otherwise dispose of (whether
publicly or privately), Collateral, or otherwise exercise or enforce remedial rights with respect to Collateral under the First
Lien Loan Documents or the Second Lien Debt Documents (including by way of setoff, recoupment, notification of a public or private
sale or other disposition pursuant to the UCC or other applicable law, notification to account debtors, notification to depositary
banks under deposit account control agreements, or exercise of rights under landlord consents, if applicable);

 

		(2)	solicit bids from third Persons, approve bid procedures for any proposed disposition of Collateral,
conduct the liquidation or disposition of Collateral or engage or retain sales brokers, marketing agents, investment bankers, accountants,
appraisers, auctioneers, or other third Persons for the purposes of valuing, marketing, promoting, and selling Collateral;

 

		(3)	receive a transfer of Collateral in satisfaction of Debt or any other Obligation secured thereby;

 

		(4)	otherwise enforce a security interest or exercise another right or remedy, as a secured creditor
or otherwise, pertaining to the Collateral at law, in equity, or pursuant to the First Lien Loan Documents or Second Lien Debt
Documents (including the commencement of applicable legal proceedings or other actions with respect to all or any portion of the
Collateral to facilitate the actions described in the preceding clauses, and exercising voting rights in respect of equity interests
comprising Collateral); or

 

		(5)	effectuate or cause the disposition of Collateral by the Company or any Guarantor after the occurrence
and during the continuation of an event of default under any of the First Lien Loan Documents or the Second Lien Debt Documents
with the consent of the applicable First Lien Collateral Agent (or First Lien Claimholders) or Second Lien Collateral Agent (or
Second Lien Claimholders).

 

“Equity Interests”
in any Person means all Capital Stock in such Person and all warrants, options or other rights to acquire Capital Stock (but excluding
any debt security that is convertible into, or exchangeable for Capital Stock) in such Person.

 

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

 

“Excluded
Assets” has the meaning assigned to it in the Security Documents.

 

    -21-

     

    

 

“Excluded
Subsidiary” means (a) any Subsidiary that is not a wholly-owned Subsidiary of the Company; (b) (i) any Subsidiary that
is prohibited by any applicable law or its organizational documents existing on the Issue Date, in the case of Subsidiaries that
existed on such date, or on the date such Subsidiary is acquired (provided, that such prohibition is not created in contemplation
of such acquisition), from guaranteeing the Notes Obligations, (ii) any Subsidiary that is prohibited by any contractual obligation
existing on the Issue Date or on the date any such Subsidiary is acquired from guaranteeing the Notes Obligations (provided,
that such prohibition is not created in contemplation of such acquisition) and (iii) to the extent that the provision of any Guarantee
of the Notes Obligations would require the consent, approval, license or authorization of any governmental authority which has
not been obtained, any Subsidiary that is subject to such restrictions; provided that after such time that such restrictions
on Guarantees are waived, lapse, terminate or are no longer effective, such Restricted Subsidiary shall no longer be an Excluded
Subsidiary; (c) (i) any wholly-owned Subsidiary incorporated or organized under the laws of Canada or any province or territory
of Canada or (ii) any wholly-owned Subsidiary organized under the laws of the United States, any state of the United States or
the District of Columbia that (a) has no material assets other than Equity Interests of one or more Subsidiaries that are “controlled
foreign corporations” (within the meaning of Section 957(a) of the Code) or (b) is a Subsidiary of a Subsidiary that is a
“controlled foreign corporation” within the meaning of Section 957(a) of the Code) (provided any Subsidiary
described in the foregoing clauses (c)(i) or (c)(ii) shall be an Excluded Subsidiary only with respect to the guarantee of an obligation
of a United States person); (d) each Subsidiary that is not a Material Subsidiary, (e) any Subsidiary that is not a wholly-owned
Subsidiary incorporated or organized under the laws of Canada or any province or territory of Canada or a wholly-owned Subsidiary
organized under the laws of the United States, any state of the United States or the District of Columbia, (f) each Non-Recourse
Subsidiary, (g) each Unrestricted Subsidiary and (h) any Subsidiary for which the provision of a Guarantee would result in a material
adverse tax or regulatory consequence to the Company or one of its Subsidiaries, as applicable.

 

“Excluded
Swap Obligation” means, with respect to any Person, any Swap Obligation if, and to the extent that, all or a portion
of the guarantee of such Person, or the grant by such Person of a Lien to secure, such Swap Obligation (or any guarantee thereof)
is or becomes illegal under the Commodity Exchange Act, as amended, or any rule, regulation or order of the Commodity Futures Trading
Commission (or the application or official interpretation of any thereof) by virtue of such Person’s failure for any reason
to constitute an “eligible contract participant” as defined in the Commodity Exchange Act, as amended, and the regulations
thereunder at the time the guarantee of such Person or the grant of such Lien becomes effective with respect to such Swap Obligation.
If a Swap Obligation arises under a master agreement governing more than one swap, such exclusion shall apply only to the portion
of such Swap Obligation that is attributable to swaps for which such guarantee or Lien is or becomes illegal.

 

“Fair Market
Value” means, with respect to the consideration received or paid in any transaction or series of transactions, the fair
market value thereof as determined in good faith by the Board of Directors of the Company.

 

“First Lien
Claimholders” means the Initial First Lien Claimholders and any Additional First Lien Claimholders.

 

    -22-

     

    

 

“First Lien
Collateral” means any “Collateral” or “Pledged Collateral” or similar term as defined in any
First Lien Loan Document or any other assets of the Company or any Guarantor with respect to which a Lien is granted or purported
to be granted or required to be granted pursuant to a First Lien Loan Document as security for any First Lien Obligations and shall
include any property or assets subject to replacement Liens or adequate protection Liens in favor of any First Lien Claimholder.

 

“First Lien
Collateral Agent” means (i) in the case of any Initial First Lien Obligations or the Initial First Lien Claimholders,
the Initial First Lien Collateral Agent and (ii) in the case of any Additional First Lien Obligations and the Additional First
Lien Claimholders in respect thereof, the Person serving as collateral agent (or the equivalent) for such Additional First Lien
Obligations and that is named as the First Lien Collateral Agent in respect of such Additional First Lien Obligations in the applicable
joinder agreement (each, in the case of this clause (ii) together with its successors and assigns in such capacity, an “Additional
First Lien Collateral Agent”).

 

“First Lien
Collateral Documents” means the “Security Documents” or “Collateral Documents” or similar term
(as defined in the applicable First Lien Loan Documents) and any other agreement, document or instrument pursuant to which a Lien
is granted securing any First Lien Obligations or pursuant to which any such Lien is perfected.

 

“First Lien
Debt” means the Initial First Lien Debt and any Additional First Lien Debt.

 

“First Lien
Loan Documents” means the Initial First Lien Loan Documents and any Additional First Lien Loan Documents.

 

“First Lien
Obligations” means the Initial First Lien Obligations and any Additional First Lien Obligations, and shall not include,
for the avoidance of doubt, any Excluded Swap Obligations.

 

“First Lien
Pari Passu Intercreditor Agreement” means an agreement among each First Lien Representative and each First Lien Collateral
Agent allocating rights among the various Series of First Lien Obligations.

 

“First Lien
Representative” means (i) in the case of any Initial First Lien Obligations or the Initial First Lien Claimholders,
the Initial First Lien Representative and (ii) in the case of any Additional First Lien Obligations and the Additional First
Lien Claimholders in respect thereof, each trustee, administrative agent, collateral agent, security agent and similar agent that
is named as the First Lien Representative in respect of such Additional First Lien Obligations in the applicable joinder agreement
(each, in the case of this clause (ii), together with its successors and assigns in such capacity, an “Additional
First Lien Representative”).

 

“Foreign Subsidiary”
means any Subsidiary that is not organized or existing under the laws of the United States, any state thereof, any territory thereof,
or the District of Columbia.

 

“GAAP”
means generally accepted accounting principles in effect in the United States from time to time.

 

“Global Note
Legend” means the legend identified as such in Exhibit A hereto.

 

    -23-

     

    

 

“Global Notes”
means the Notes in global form that are in the form of Exhibit A hereto, including the applicable legend or legends set
forth in Exhibit A.

 

“Guarantee”
means, as applied to any Debt of another Person, a guarantee (other than by endorsement of negotiable instruments for collection
in the ordinary course of business), direct or indirect, in any manner, of any part or all of such Debt. “Guaranteed”
and “Guaranteeing” shall have meanings that correspond to the foregoing.

 

“Hedge Agreement”
means a Swap Contract entered into by the Company, any other Guarantor or any of their respective Subsidiaries with a counterparty
as permitted under the First Lien Loan Documents or the Second Lien Debt Documents, as the case may be.

 

“Hedging Obligations”
of any Person means any obligation of such Person pursuant to any Hedge Agreement.

 

“Holder”
means a Person in whose name a Note is registered on the Registrar’s books.

 

“Holdings”
means Williams Scotsman Holdings Corp., a Delaware corporation.

 

“Incur”
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (by conversion, exchange or otherwise),
assume, Guarantee or otherwise become liable in respect of such Debt or other obligation or the recording, as required pursuant
to GAAP or otherwise, of any such Debt or other obligation on the balance sheet of such Person; provided, however,
that a change in GAAP that results in an obligation of such Person that exists at such time becoming Debt shall not be deemed an
Incurrence of such Debt. Debt otherwise Incurred by a Person before it becomes a Restricted Subsidiary of the Company shall be
deemed to be Incurred at the time at which such Person becomes a Restricted Subsidiary of the Company. “Incurrence”
“Incurred,” “Incurrable” and “Incurring” shall have meanings that correspond
to the foregoing. A Guarantee by the Company or a Restricted Subsidiary of Debt Incurred by the Company or a Restricted Subsidiary,
as applicable, shall not be a separate Incurrence of Debt. In addition, the following shall not be deemed a separate Incurrence
of Debt:

 

		(1)	amortization of debt discount or accretion of principal with respect to a non-interest bearing
or other discount security;

 

		(2)	the payment of regularly scheduled interest in the form of additional Debt of the same instrument
or the payment of regularly scheduled dividends on Equity Interests in the form of additional Equity Interests of the same class
and with the same terms;

 

		(3)	the obligation to pay a premium in respect of Debt arising in connection with the issuance of a
notice of redemption or making of a mandatory offer to purchase such Debt; and

 

		(4)	unrealized losses or charges in respect of Hedging Obligations.

 

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

 

    -24-

     

    

 

“Initial First
Lien Claimholders” means the “Secured Parties” under the ABL Facility.

 

“Initial First
Lien Collateral Agent” means Bank of America, N.A., as administrative agent and collateral agent under the ABL Facility,
and its successors and/or assigns in such capacity.

 

“Initial First
Lien Debt” means the Debt and guarantees thereof now or hereafter incurred pursuant to the Initial First Lien Loan Documents.

 

“Initial First
Lien Loan Documents” means the ABL Facility and the other “Loan Documents” under the ABL Facility and any
other document or agreement entered into for the purpose of evidencing, governing, securing or perfecting the Initial First Lien
Obligations.

 

“Initial First
Lien Obligations” means “Secured Obligations” under the ABL Facility.

 

“Initial First
Lien Representative” means Bank of America, N.A.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, BofA Securities, Inc., Deutsche Bank Securities Inc., ING Financial Markets LLC, BNP Paribas
Securities Corp., M&T Securities, Inc., MUFG Securities Americas Inc., PNC Capital Markets LLC, BBVA Securities Inc. and BMO
Capital Markets Corp.

 

“Initial Second
Lien Claimholders” the “Secured Parties” under the June 2020 Notes Indenture.

 

“Initial Second
Lien Collateral Agent” means Deutsche Bank Trust Company Americas, on behalf of the holders of the June 2020 Notes.

 

“Initial Second
Lien Debt” means the Debt and guarantees incurred pursuant to the Initial Second Lien Debt Documents. Initial Second
Lien Debt shall include any Registered Equivalent Notes and guarantees thereof by the Guarantors issued in exchange thereof.

 

“Initial Second
Lien Debt Documents” means the June 2020 Indenture and the other June 2020 Notes Documents and any other document or
agreement entered into for the purpose of evidencing, governing, securing or perfecting the Notes Obligations.

 

“Initial Second
Lien Representative” means Deutsche Bank Trust Company Americas, on behalf of the holders of the June 2020 Notes.

 

“Insolvency
or Liquidation Proceeding” means any case or proceeding, application, meeting convened, resolution passed,
proposal, corporate action or any other proceeding commenced by or against a Person under any state, provincial, territorial,
federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy
Code, or any other steps being taken under any other insolvency, debtor relief, bankruptcy, receivership, debt adjustment law
or other similar law (whether state, provincial, territorial, federal or foreign), including the Bankruptcy and Insolvency
Act (Canada), the Companies’ Creditors Arrangement Act (Canada) and the Winding-Up and Restructuring Act (Canada); (b)
the appointment of a custodian for such Person or any part of its property; (c) an assignment or trust mortgage for the
benefit of creditors; (d) the winding-up or strike off of such Person; (e) the proposal or implementation of a scheme or plan
of arrangement or composition; and/or (f) a suspension of payment, moratorium of any debts, official assignment, composition
or arrangement with a Person’s creditors.

 

    -25-

     

    

 

“Intercreditor
Agreement” means, as the context may require, (i) that certain intercreditor agreement, dated as of July 1, 2020, among
the Initial First Lien Collateral Agent, Deutsche Bank Trust Company Americas, in its capacity as the Initial Second Lien Collateral
Agent and the Initial Second Lien Representative and, from and following the Issue Date, Deutsche Bank Trust Company Americas,
as a Second Lien Representative and Second Lien Collateral Agent on behalf of the holders of the Notes, the Company, each Guarantor,
and the other parties thereto from time to time, and (ii) any other intercreditor agreement that may be entered into after the
Issue Date by the Company, any Guarantor and the Collateral Agent in connection with Credit Facilities not otherwise prohibited
by this Indenture (which is not materially less favorable to the Collateral Agent and the holders of the Notes (taken as a whole)
than the intercreditor agreement referred to in clause (i) of this definition) (as certified to by the Company in an Officer’s
Certificate delivered to the Trustee and the Collateral Agent), in each case, as it may be amended, restated, supplemented and/or
otherwise modified from time to time in accordance with the terms thereof and this Indenture.

 

“Intercreditor
Agreements” means the Intercreditor Agreement and the Second Lien Pari Passu Intercreditor Agreement.

 

“Investment”
means, with respect to any Person, all direct or indirect investments by such Person in other Persons in the form of loans,
advances (or other extensions of credit) or capital contributions (by means of any transfer of cash or other property or
assets to another Person or any other payments for property or services for the account or use of another Person), including
the following: (i) the purchase or acquisition of any Equity Interest or other evidence of beneficial ownership in another
Person; and (ii) the purchase, acquisition or Guarantee of the obligations of another Person, but shall exclude: (a) accounts
receivable, notes receivable and other extensions of trade credit in the ordinary course of business; (b) other credits to
suppliers in the ordinary course of business; (c) the acquisition of property and assets (including inventory, supplies,
materials and equipment or licenses or leases of intellectual property); (d) the purchase or acquisition of the business,
assets or services of another Person; (e) prepaid expenses and workers’ compensation, utility, lease and similar
deposits, in the ordinary course of business; (f) negotiable instruments held for collection and endorsements for collection
or deposit; and (g) loans and advances to officers, directors and employees for commission, travel, entertainment, relocation
and analogous ordinary business purposes, in each case, made in the ordinary course of business. If the Company or any
Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted
Subsidiary of the Company such that, after giving effect to any such disposition, such Person is no longer a Restricted
Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such disposition equal to
the Fair Market Value of the Company’s Investments in such Person that were not sold or disposed of. The acquisition by
the Company or any Restricted Subsidiary of the Company of a Person that holds an Investment in a third Person will be deemed
to be an Investment by the Company or such Restricted Subsidiary in such third Person in an amount equal to the Fair Market
Value of the Investments held by the acquired Person in such third Person. Except as otherwise provided in this Indenture,
the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent
changes in value.

 

    -26-

     

    

 

“Investment
Grade Status” shall apply at any time the Notes receive both a rating equal to or higher than BBB- (or the equivalent)
from S&P and a rating equal to or higher than Baa3 (or the equivalent) from Moody’s.

 

“Issue Date”
means August 25, 2020, the date on which Notes are originally issued under this Indenture.

 

“June 2020 Notes” means
the $650,000,000 in aggregate principal amount of 6.125% Senior Secured Notes due 2025 of the Company issued under the June 2020
Notes Indenture.

 

“June 2020 Notes Documents”
means the June 2020 Notes Indenture, the June 2020 Notes and the “Security Documents” (as defined in the June 2020
Notes Indenture).

 

“June 2020 Notes Indenture”
means the Indenture, dated as of June 15, 2020, among the Company, Deutsche Bank Trust Company Americas, as trustee and collateral
agent, and the guarantors from time to time party thereto, as amended or supplemented from time to time.

 

“June 2020
Notes Obligations” means the Obligations of the Company and the Guarantors under the June 2020 Notes Indenture, the June
2020 Notes and the other June 2020 Notes Documents, to pay principal of, premium, if any, and interest when due and payable, and
all other amounts due or to become due under or in connection with the June 2020 Notes Indenture, the June 2020 Notes and the performance
of all other obligations under the June 2020 Notes Indenture, the June 2020 Notes and the other June 2020 Notes Documents, according
to the respective terms thereof.

 

“Junior Lien
Obligations” means obligations under Debt that is unsecured or is secured by a Lien on a junior basis to the Liens securing
the Notes Obligations and subject to a customary intercreditor agreement.

 

“Legal Holiday”
means a Saturday, a Sunday or a holiday on which banking institutions in the City of New York, or at a place of payment are authorized
or required by law, regulation or executive order to remain closed. If a payment date in a place of payment is a Legal Holiday,
payment shall be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the
intervening period.

 

“Lien”
means any mortgage, pledge (including, without limitation, disclosed, undisclosed, possessory and non-possessory), security interest,
hypothecation, assignment, statutory trust, deemed trust, privilege, lien, charge, bailment or similar encumbrance, whether statutory,
based on common law, contract or otherwise, and including any option or agreement to give any of the foregoing, any filing of or
agreement to give any financing statement under the Uniform Commercial Code or the Personal Property Security Act (Ontario) (or
equivalent or successor statutes) of any jurisdiction to evidence any of the foregoing, any conditional sale or other title retention
agreement, any reservation of ownership or any lease in the nature thereof.

 

    -27-

     

    

 

“Limited Condition
Transaction” means any Investment or acquisition (whether by merger, amalgamation, consolidation or other business combination
or the acquisition of Equity Interests or otherwise) whose consummation is not conditioned on the availability of, or on obtaining,
third party financing.

 

“Market Capitalization”
means an amount equal to (i) the total number of issued and outstanding shares of common Equity Interests of the Company (or its
direct or indirect parent entity) on the date of the declaration of a Restricted Payment permitted pursuant to clause (xiii) of
the second paragraph of Section 4.7, multiplied by (ii) the arithmetic mean of the closing prices per share of such common Equity
Interests on the principal securities exchange on which such common Equity Interests are traded for the 30 consecutive trading
days immediately preceding the date of declaration of such Restricted Payment.

 

“Material
Subsidiary” means, as at any date of determination, each Restricted Subsidiary of the Company (a) whose total assets
(other than intercompany receivables) at the last day of the most recently ended Four-Quarter Period were equal to or greater than
2.5% of the Consolidated Total Assets of the Company and its Restricted Subsidiaries at such date or (b) whose gross revenues (other
than revenues generated from sales to the Company or any of its Restricted Subsidiaries) for such Four-Quarter Period were equal
to or greater than 2.5% of the consolidated gross revenues of the Company and its Restricted Subsidiaries for such period, in each
case determined in accordance with GAAP. Notwithstanding the foregoing, each Borrower (as defined in the ABL Facility) that is
a Subsidiary of the Company shall at all times be deemed to be a Material Subsidiary.

 

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

 

“Net Cash
Proceeds” means, with respect to Asset Sales of any Person, cash and Cash Equivalents received, net of: (i) the direct
costs and expenses of such Person incurred in connection with such a sale, including all legal, tax, investment banking, accounting,
title and recording tax expenses, broker or finder fees, commissions and other fees and expenses incurred and all federal, state,
foreign and local taxes arising in connection with such an Asset Sale that are paid or required to be accrued as a liability under
GAAP by such Person; (ii) all payments made by such Person on any Debt that is secured by such properties or other assets
in accordance with the terms of any Lien upon or with respect to such properties or other assets or that must, by the terms of
such Lien or such Debt, or in order to obtain a necessary consent to such transaction or by applicable law, be repaid to any other
Person (other than the Company or any Restricted Subsidiary thereof) in connection with such Asset Sale; (iii) distributions
and other payments made to minority interest holders in Restricted Subsidiaries of such Person as a result of such transaction
and (iv) any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP or
amount placed in an escrow account or cash reserves for purposes of such an adjustment and escrowed amounts and amounts taken by
the Company or its Restricted Subsidiaries as a reserve against liabilities associated with such Asset Sale, including pension
and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification
obligations associated with such Asset Sale, all as determined in accordance with GAAP; provided, however, that
any non-cash consideration received in connection with any transaction, which is subsequently converted to cash, shall become Net
Cash Proceeds only at such time as it is so converted.

 

    -28-

     

    

 

“Non-Recourse
Debt” means Debt (a) as to which neither the Company nor any of its Restricted Subsidiaries (other than any Non-Recourse
Subsidiaries) (i) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute
Debt) other than a pledge of the equity interests of any Non-Recourse Subsidiary, (ii) is directly or indirectly liable (as a guarantor
or otherwise) other than by virtue of a pledge of the equity interests of any Non-Recourse Subsidiary, or (iii) constitutes the
lender; (b) no default with respect to which (including any rights that the holders thereof may have to take enforcement action
against any Non-Recourse Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Debt (other than
Debt under the Credit Facilities or the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such
other Debt or cause the payment thereof to be accelerated or payable prior to its Stated Maturity; and (c) as to which the lenders
thereunder will not have any recourse to the Equity Interests or assets of the Company or any of its Restricted Subsidiaries (other
than the Non-Recourse Subsidiaries).

 

“Non-Recourse Subsidiary”
means any Canadian Subsidiary or U.S. Subsidiary of the Company created for the purpose of obtaining stand-alone financing
for the acquisition and lease of rental equipment to customers, and all of whose Debt is Non-Recourse Debt.

 

“Notes Custodian”
means the Trustee when serving as custodian for the Depositary with respect to the Global Notes, or any successor entity thereto.

 

“Notes Documents”
means this Indenture, the Notes, the Note Guarantees and the Security Documents.

 

“Note Guarantee”
means the Guarantee of the Notes, on a joint and several basis, by Holdings and each direct or indirect wholly-owned U.S. organized
Restricted Subsidiary that guarantees the Debt under the ABL Facility.

 

“Notes Liens”
means all Liens in favor of the Collateral Agent on Collateral securing the Notes Obligations, including any Second Lien Obligations.

 

“Notes Obligations”
means the Obligations of the Company and the Guarantors under this Indenture, the Notes and the Security Documents, to pay principal
of, premium, if any, and interest when due and payable, and all other amounts due or to become due under or in connection with
this Indenture, the Notes and the performance of all other obligations to the Trustee, the Collateral Agent and the Holders under
this Indenture, the Notes and the Security Documents, according to the respective terms thereof.

 

“Obligations”
means all obligations of every nature of the Company and each other Guarantor from time to time owed to any agent or trustee, the
First Lien Claimholders, the Second Lien Claimholders or any of them or their respective Affiliates, in each case, under the First
Lien Loan Documents, the Second Lien Debt Documents, Hedge Agreements or Bank Product Obligations, whether for principal, interest
or payments for early termination of Swap Contracts, fees, expenses, indemnification or otherwise and all guarantees of any of
the foregoing and including any interest and fees that accrue after the commencement by or against any Person of any proceeding
under any Bankruptcy Law naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are
allowed claims in such proceeding.

 

    -29-

     

    

 

“Offer to
Purchase” means a written offer (the “Offer”) sent by the Company by first class mail, postage prepaid
(or, to the extent permitted by applicable procedures or regulations, electronically), to each Holder at his address appearing
in the security register on the date of the Offer, offering to purchase up to the aggregate principal amount of Notes set forth
in such Offer at the purchase price set forth in such Offer (as determined pursuant to this Indenture). Unless otherwise required
by applicable law, the Offer shall specify an expiration date (the “Expiration Date”) of the Offer to Purchase
which shall be, subject to any contrary requirements of applicable law, not less than thirty (30) days or more than sixty (60)
days after the date of mailing of such Offer and a settlement date (the “Purchase Date”) for purchase of Notes
within five Business Days after the Expiration Date. The Company shall notify the Trustee at least fifteen (15) days (or such shorter
period as is acceptable to the Trustee) prior to the delivery of the Offer of the Company’s obligation to make an Offer to
Purchase, and the Offer shall be sent by the Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company. The Offer shall contain all instructions and materials necessary to enable such Holders to tender Notes
pursuant to the Offer to Purchase. The Offer shall also state:

 

		(1)	the Section of this Indenture pursuant to which the Offer to Purchase is being made;

 

		(2)	the Expiration Date and the Purchase Date;

 

		(3)	the aggregate principal amount of the outstanding Notes offered to be purchased pursuant to the
Offer to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to Section 4.10);

 

		(4)	the purchase price to be paid by the Company for each $1,000 principal amount of Notes accepted
for payment (as specified pursuant to this Indenture);

 

		(5)	that the Holder may tender all or any portion of the Notes registered in the name of such Holder
and that any portion of a Note tendered must be tendered in a minimum amount of $1,000 principal amount;

 

		(6)	the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase,
if applicable;

 

		(7)	that, unless the Company defaults in making such purchase, any Note accepted for purchase pursuant
to the Offer to Purchase will cease to accrue interest on and after the Purchase Date, but that any Note not tendered or tendered
but not purchased by the Company pursuant to the Offer to Purchase will continue to accrue interest at the same rate;

 

		(8)	that, on the Purchase Date, the Purchase Price will become due and payable upon each Note accepted
for payment pursuant to the Offer to Purchase;

 

		(9)	that each Holder electing to tender a Note pursuant to the Offer to Purchase will be required to
surrender such Note or cause such Note to be surrendered at the place or places set forth in the Offer prior to the close of business
on the Expiration Date (such Note being, if the Company or the Trustee so requires, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing);

 

    -30-

     

    

 

		(10)	that Holders will be entitled to withdraw all or any portion of Notes tendered if the Company (or
its paying agent) receives, not later than the close of business on the fifth Business Day prior to the Expiration Date, a facsimile
transmission or letter setting forth the name of the Holder, the aggregate principal amount of the Notes the Holder tendered, the
certificate number of the Note the Holder tendered and a statement that such Holder is withdrawing all or a portion of his tender;
and

 

		(11)	if applicable, that, in the case of any Holder whose Note is purchased only in part, the Company
shall execute, and 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 the aggregate principal amount equal to and in exchange for
the unpurchased portion of the aggregate principal amount of the Notes so tendered.

 

“Offering
Memorandum” means the Offering Memorandum, dated August 11, 2020, related to the issuance of the Initial Notes on the
Issue Date.

 

“Officer”
means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer,
the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary,
any Assistant Secretary or any Vice-President of such Person.

 

“Officer’s
Certificate” means a certificate signed by an Officer of the Company or a Guarantor, as applicable.

 

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

 

“Parent”
means WillScot Mobile Mini Holdings Corp., a Delaware corporation.

 

“Pari Passu
Debt” means (1) the Notes and any Debt which ranks equally in right of payment to the Notes (including the June 2020
Notes) and, in respect of any Asset Sale involving Collateral, with an equal ranking Lien on the assets disposed of in such Asset
Sale and (2) with respect to any Guarantor, its Note Guarantee and any Debt which ranks equally in right of payment to such Guarantor’s
Note Guarantee (including its guarantee of the June 2020 Notes) and, in respect of any Asset Sale involving Collateral, with an
equal ranking Lien on the assets disposed of in such Asset Sale.

 

“Participant”
means, with respect to DTC, a Person who has an account with DTC, including the Euroclear System and Clearstream Banking, S.A.

 

“Paying Agent”
means any Person authorized by the Company to pay the principal of, premium, if any, or interest on, or redemption, purchase, retirement,
defeasance, covenant defeasance or similar payment with respect to, any Notes on behalf of the Company.

 

    -31-

     

    

 

“Permitted
Business” means any business similar in nature to any business conducted by WSII and its Restricted Subsidiaries on the
Issue Date and any business reasonably ancillary, incidental, complementary or related to the business conducted by WSII and its
Restricted Subsidiaries on the Issue Date, or a reasonable extension, development or expansion thereof, in each case, as determined
in good faith by the Board of Directors of WSII.

 

“Permitted
Collateral Liens” means Permitted Liens (other than Liens described in clause (t) of the definition thereof).

 

“Permitted
Debt” means

 

		(i)	First Lien Obligations (including amounts outstanding on the Issue Date) in an aggregate principal
amount at any one time outstanding not to exceed the greater of (x) $2,600.0 million and (y) the Borrowing Base;

 

		(ii)	Debt outstanding under the Notes (excluding any Additional
Notes) and contribution, indemnification and reimbursement obligations owed by the Company or any Guarantor to any of the other
of them in respect of amounts paid or payable on such Notes, and any Refinancing Debt with respect to the foregoing;

 

		(iii)	Guarantees of the Notes, including any Refinancing
Debt is respect thereof;

 

		(iv)	(A) Debt of the Company or any of its Subsidiaries
(including any unused commitment) existing on the Issue Date (including the June 2020 Notes Obligations) (other than Debt described
in clause(i), (ii) or (iii) above) and (B) any Refinancing Debt with respect to the foregoing; provided that, the incurrence
of any such Refinancing Debt shall not be deemed to have refreshed capacity under the foregoing clause (A);

 

		(v)	intercompany Debt owed to the Company or to any of
its Restricted Subsidiaries; provided that if such Debt is owed by the Company or any Guarantor to a Restricted Subsidiary
that is not a Guarantor, such Debt shall be subordinated in right of payment to the prior payment in full of the Company’s
or such Guarantor’s Notes Obligations;

 

		(vi)	Guarantees Incurred by the Company of Debt of a Restricted
Subsidiary otherwise permitted to be incurred under this Indenture;

 

		(vii)	Guarantees by the Company or any of its Restricted
Subsidiaries of Debt of the Company or any of its Restricted Subsidiaries, including Guarantees by any Restricted Subsidiary of
Debt under Credit Facilities; provided that (a) such Debt is Permitted Debt or is otherwise Incurred in accordance
with Section 4.9 and (b) such Guarantees are subordinated in right of payment to the Note Guarantees to the same extent, if any,
as the Debt being guaranteed is subordinated in right of payment to the Notes;

 

		(viii)	Debt incurred in respect of workers’ compensation
claims, performance or surety bonds, health, disability or other employee benefits, property, casualty or liability insurance
or self-insurance obligations, indemnity, bid, performance, warranty, release, appeal, surety and similar bonds or obligations,
bankers’ acceptances, bank guarantees, letter of credit, warehouse receipt, completion guarantees and similar facilities,
or other Debt with respect to reimbursement type obligations
regarding the foregoing, in each case, provided or incurred (including Guarantees thereof) by the Company or any of its Restricted
Subsidiaries in the ordinary course of business;

 

    -32-

     

    

 

		(ix)	the Incurrence of Hedging Obligations by the Company
or any of its Restricted Subsidiaries except Hedging Obligations entered into for speculative purposes;

 

		(x)	(A) the Incurrence of Debt (including Debt comprised
of Capital Lease Obligations, mortgage financings or purchase money obligations and Debt arising under leases
entered into in connection with a Sale and Leaseback Transaction not prohibited by this Indenture), Disqualified Stock
or preferred stock by the Company or any of its Restricted Subsidiaries, in each case, Incurred for the purpose of financing all
or any part of the purchase price or cost of design, construction, lease, installation or improvement of, or repairs, improvements
or additions to property (real or personal), plant or equipment used or useful in the business of the Company or any of its Restricted
Subsidiaries; provided that at the time of Incurrence of any such Debt, the aggregate amount of Debt outstanding under
this clause (x)(A) does not exceed the greater of (x) $400.0 million and (y) 7.0% of Consolidated Total Assets and (B) any Refinancing
Debt in respect of each of the foregoing; provided that, the Incurrence of any such Refinancing Debt shall not be deemed
to have refreshed capacity under the foregoing clause (A);

 

		(xi)	Debt arising from agreements of the Company or any
of its Restricted Subsidiaries providing for indemnification, contribution, earnout, adjustment of purchase price or similar obligations,
in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or Equity Interests
of a Restricted Subsidiary otherwise permitted under this Indenture;

 

		(xii)	the issuance by any of the Company’s Restricted
Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of preferred stock; provided, however,
that:

 

		(a)	any subsequent issuance or transfer of Equity Interests that results in any such preferred stock
being held by a Person other than the Company or its Restricted Subsidiaries (other than to the extent secured by a Permitted Lien
until such Collateral has been foreclosed upon); and

 

		(b)	any sale or other transfer of any such preferred stock to a Person that is not either the Company
or a Restricted Subsidiary of the Company (other than to the extent secured by a Permitted Lien until such Collateral has-been
foreclosed upon);

 

shall be deemed, in each case,
to constitute an issuance of such preferred stock by the Company or such Restricted Subsidiary that was not permitted by this clause
(xii);

 

		(xiii)	Debt arising from the honoring by a bank or other
financial institution of a check, draft or similar instrument drawn against insufficient funds; provided, however,
that such Debt is extinguished within ten (10) Business Days after the Company receiving notice of the Incurrence thereof;

 

    -33-

     

    

 

		(xiv)	(A) additional Debt of the Company and its Restricted
Subsidiaries in an aggregate principal amount at any time outstanding not to exceed the greater of (x) $400.0 million and (y)
7.0% of Consolidated Total Assets and (B) any Refinancing Debt with respect thereto; provided, that the Incurrence of such
Refinancing Debt shall not be deemed to have refreshed capacity under the foregoing clause (A);

 

		(xv)	Refinancing Debt in respect of Debt Incurred pursuant
to the first paragraph of Section 4.9;

 

		(xvi)	(A) Debt Incurred by Restricted Subsidiaries that
are not Guarantors in an aggregate principal amount at any one time outstanding not to exceed the greater of (x) $450.0 million
and (y) 8.0% of Consolidated Total Assets as of the last date of the most recently ended Four-Quarter Period and (B) any Refinancing
Debt with respect thereto; provided, that the Incurrence of such Refinancing Debt shall not be deemed to have refreshed
capacity under the foregoing clause (A);

 

		(xvii)	(A) Non-Recourse Debt of any Non-Recourse Subsidiary;
provided that the aggregate Debt incurred under this clause (xvii) at any one time outstanding does not exceed the greater
of (x) $200.0 million and (y) 3.5% of Consolidated Total Assets and (B) any Refinancing Debt with respect thereto; provided,
that the Incurrence of such Refinancing Debt shall not be deemed to have refreshed capacity under the foregoing clause (A);

 

		(xviii)	Debt of the Company or any of its Restricted Subsidiaries
consisting of the financing of insurance premiums or “take or pay” obligations in the ordinary course of business;

 

		(xix)	(A) Debt consisting of unsecured promissory notes
or similar Debt issued by the Company or any of its Restricted Subsidiaries to current, future or former officers, directors and
employees thereof, or to their respective estates, spouses or former spouses, successors, executors, administrators, heirs, legatees
or distributees, in each case to finance the purchase or redemption of Equity Interests of the Company or any direct or indirect
parent thereof to the extent described in clause (iv) of the second paragraph of Section 4.7 and (B) any Refinancing Debt with
respect thereto; provided that, the incurrence of any such Refinancing Debt shall not be deemed to have refreshed capacity
under the foregoing clause (A);

 

		(xx)	Debt Incurred by the Company or any of its Restricted
Subsidiaries, to the extent that the net proceeds thereof are promptly deposited with the Trustee to redeem the Notes in full
or to defease or to satisfy and discharge the Notes;

 

		(xxi)	(A) Debt of any Receivables Subsidiary pursuant to
a Qualified Receivables Transaction in respect of any Qualified Receivables Transaction that is without recourse to the Company
or any Restricted Subsidiary or any of their respective assets (other than pursuant to Standard Securitization Undertakings) and
(B) any Refinancing Debt with respect to the foregoing; provided that, the incurrence of any such Refinancing Debt shall
not be deemed to have refreshed capacity under the foregoing clause (A);

 

    -34-

     

    

 

		(xxii)	(A) (i) Acquired Debt or (ii) other Debt of such Persons
or the Company or any of its Restricted Subsidiaries Incurred (x) to provide all or any portion of the funds utilized to consummate
the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary of the Company
(including being designated as a Restricted Subsidiary) or was otherwise acquired by, or merged into or amalgamated, arranged
or consolidated with the Company or any of its Restricted Subsidiaries or (y) otherwise in connection with, or in contemplation
of, such acquisition, merger, amalgamation, arrangement or consolidation; provided, however, that in the case of
(i) and (ii) of this clause (xxii), (a) the Company or any of its Restricted Subsidiaries would be permitted to Incur at least
$1.00 of additional Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under Section
4.9 or (b) the Consolidated Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would not be less than
such ratio for the Company and its Restricted Subsidiaries immediately prior to such transaction, and (B) any Refinancing Debt
with respect thereto;

 

		(xxiii)	Debt of the Company and any of its Restricted Subsidiaries
in respect of Cash Management Agreements and other Debt in respect of netting services, employees’ credit or purchase cards,
overdraft protections and similar arrangements, in each case, entered into in the ordinary course of business;

 

		(xxiv)	customer deposits and advance payments received in the
ordinary course of business from customers of goods and services purchased in the ordinary course of business;

 

		(xxv)	(A) Debt of the Company or any of its Restricted Subsidiaries
in an aggregate principal amount not to exceed the Available Excluded Contribution Amount, and (B) any Refinancing Debt with respect
to the foregoing; provided that, the incurrence of any such Refinancing Debt shall not be deemed to have refreshed capacity
under the foregoing clause (A); and

 

		(xxvi)	(A) Debt Incurred in connection with any Sale and Leaseback
Transaction permitted under Section 4.13 in an aggregate amount at any time outstanding not to exceed the greater of (x) $180.0
million and (y) 3.2% of Consolidated Total Assets and (B) any Refinancing Debt with respect thereto; provided, that the
Incurrence of such Refinancing Debt shall not be deemed to have refreshed capacity under the foregoing clause (A).

 

“Permitted
Holder” means the Sponsor, its Affiliates and/or the Sponsor Affiliates (in each case, including, as applicable, related
funds and general partners thereof).

 

“Permitted
Investments” means:

 

		(a)	Investments in existence on, or contemplated as of, the Issue Date, and any extension, modification,
renewal or reinvestment of any such Investments, but only to the extent not involving additional advances, contributions or increases
thereof (other than as a result of accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities,
in each case, pursuant to the terms thereof); provided that the amount of any such Investments may be increased (x)
as otherwise permitted under this Indenture or (y) as required by the terms of such Investment as in existence on the Issue Date;

 

    	 	-35-	 

     

    

 

		(b)	Investments required pursuant to any agreement or obligation of the Company or any of its Restricted
Subsidiaries, in effect on the Issue Date, to make such Investments;

 

		(c)	Investments in (x) cash and assets constituting Cash Equivalents at the time made and (y) the Notes
and Additional Second Lien Obligations (by way of purchase or other acquisition);

 

		(d)	Investments in property and other assets, owned or used by the Company or any of its Restricted
Subsidiaries in the operation of a Permitted Business;

 

		(e)	Investments by the Company or any of its Restricted Subsidiaries in the Company or any of its Restricted
Subsidiaries;

 

		(f)	Investments by the Company or any of its Restricted Subsidiaries in a Person, if (A) as a result
of such Investment such Person becomes a Restricted Subsidiary or (B) in connection with such Investment such Person is merged,
consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated or
wound-up into, the Company or any of its Restricted Subsidiaries;

 

		(g)	Investments represented by Hedging Obligations not for speculative purposes;

 

		(h)	Investments received or acquired (x) in settlement, compromise, partial or full satisfaction, or
resolution of obligations owed to the Company or any of its Restricted Subsidiaries, including pursuant to bankruptcy, insolvency
or similar proceedings (including as a result of any workout, reorganization or recapitalization), (y) on account of any claim
or Lien against, or interest in, any other Person or its properties as a result of a foreclosure or enforcement by the Company
or any of its Restricted Subsidiaries with respect to such claim or Lien against, or interest in, such other Person or its properties,
or (z) in compromise or resolution of any litigation, arbitration or other disputes (including those arising in the ordinary course
of business) with Persons who are not Affiliates of the Company;

 

		(i)	Investments consisting of loans and advances to officers, directors, consultants and employees
(i) in connection with such Person’s purchase of Equity Interests in any direct or indirect parent of the Company and (ii)
otherwise, in an amount not to exceed in the aggregate at any one time outstanding the greater of (x) $25.0 million and (y) 0.5%
of Consolidated Total Assets;

 

		(j)	Investments in any Person to the extent the consideration for such Investments consist solely of
Equity Interests of the Company or any direct or indirect parent of the Company;

 

		(k)	any Investment in any Person to the extent such Investment represents the non-cash portion of the
consideration received in connection with an Asset Sale consummated in compliance with
Section 4.10 or any other sale, transfer or other disposition of property not constituting an Asset Sale;

 

    	 	-36-	 

     

    

 

		(l)	Investments in the ordinary course of business consisting of UCC Article 4 customary trade arrangements
with customers consistent with past practices;

 

		(m)	payroll, travel and similar advances that are made in the ordinary course of business;

 

		(n)	guarantees of (x) Debt permitted by Section 4.9 and (y) leases (other than capital leases) or other
obligations that do not constitute Debt entered into in the ordinary course of business;

 

		(o)	Investments by any Restricted Subsidiary that is not a Guarantor in a Receivables Subsidiary in
connection with a Qualified Receivables Transaction;

 

		(p)	Investments made by the Company or a Restricted Subsidiary to repurchase or retire Equity Interests
of a direct or indirect parent of the Company owned by any employee stock ownership plan or key employee stock ownership plan of
the Company, any Restricted Subsidiary or any direct or indirect parent thereof;

 

		(q)	cash or Cash Equivalents or other property deposited in the ordinary course of business to secure
(or to secure letters of credit, banker’s acceptances or bank guarantees in connection with) the performance of statutory
obligations (including obligations under worker’s compensation, unemployment insurance or similar legislation), surety or
appeal bonds, customs bonds, leases, bids, agreements or other obligations under arrangements with utilities, insurance agreements,
construction agreements, government contracts, performance bonds or other obligations of a like nature incurred in the ordinary
course of business;

 

		(r)	Investments of a Person existing at the time such Person becomes a Restricted Subsidiary of the
Company or at the time such Person is acquired or otherwise merges or consolidates with the Company or any of its Restricted Subsidiaries,
in each case, in compliance with this Indenture; provided that such Investments were not made by such Person in connection
with or in contemplation of such acquisition, merger or consolidation;

 

		(s)	Investments in Permitted Joint Ventures and Unrestricted Subsidiaries made after the Issue Date
in an amount, when taken together with all other Investments made pursuant to this clause (s) since the Issue Date and then outstanding,
not to exceed the greater of (x) $75.0 million and (y) 1.3% of Consolidated Total Assets;

 

		(t)	Investments in Permitted Joint Ventures in connection with reorganizations and related activities
related to tax planning;

 

		(u)	Investments consisting of advances and loans (but not sales on open account on ordinary course
of business terms) made in the ordinary course of business, including those made to finance the sale of Inventory (as defined in
the ABL Facility), not to exceed $2.0 million
outstanding at any one time to any one Person and $10.0 million in the aggregate outstanding at any one time; and

 

    	 	-37-	 

     

    

 

		(v)	other Investments not otherwise permitted under this definition in an aggregate amount, when taken
together with all other Investments made pursuant to this clause (v) that are at the time outstanding, not to exceed the greater
of (a) $350.0 million and (b) 6.25% of Consolidated Total Assets as of the last date of the most recently ended Four-Quarter Period;

 

provided, however,
that with respect to any Investment, the Company may, in its sole discretion, at any time allocate or re-allocate all or any
portion of such Investment to one or more of the above clauses (a) through (u) so that all or a portion of such Investment would
be a Permitted Investment.

 

The amount of any Investment
shall be measured on the date each such Investment was made and without giving effect to subsequent changes in value other than
as a result of repayments of loans or advances, redemptions, returns of capital, sales or other dispositions thereof or similar
events.

 

“Permitted
Joint Venture” means, with respect to any Person at any time, any corporation, partnership, limited liability company
or other business entity (1) of which at least 20%, but not more than 50%, of the Voting Stock is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the Restricted Subsidiaries (other than a Receivables Subsidiary) of that
Person and (2) whose primary business constitutes or is reasonably expected to constitute at such time a Permitted Business.

 

“Permitted
Liens” means:

 

		(a)	Liens existing on the Issue Date (including the Liens existing to secure the June 2020 Notes Obligations)
or pursuant to agreements in existence on the Issue Date, other than pursuant to clause (b) below;

 

		(b)	Liens to secure First Lien Obligations incurred pursuant to clause (i) of the definition of “Permitted
Debt”; provided that, in each case, the First Lien Collateral Agent, or another agent for the holders of such Liens,
shall have entered into the Intercreditor Agreement or a supplement or amendment thereto agreeing on behalf of the holders of such
Liens to be bound by the terms thereof applicable to the holders of the First Lien Obligations;

 

		(c)	Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that
are being contested in good faith, if such proceedings have the effect of preventing the forfeiture or sale of the property or
assets subject to any such Lien; provided that any reserve or other appropriate provision as is required in conformity with
GAAP has been made therefor or for property taxes on property if the Company or one of its Restricted Subsidiaries has determined
to abandon such property and if the sole recourse for such tax, assessment, charge, levy or claim is to such property;

 

    	 	-38-	 

     

    

 

		(d)	Liens imposed or permitted by applicable federal, state, provincial, municipal, territorial, local
or statutory law, rules or regulations, including, but not limited to, carrier’s, freight forwarder’s, warehousemen’s,
materialmen’s, repairmen’s, logger’s, contractor’s, supplier of materials, architects’, mechanic’s,
landlord’s or other similar Liens and inchoate statutory Liens arising under ERISA, in each case, incurred in the ordinary
course of business for sums not then due or payable or past due by more than sixty (60) days (or which are being contested in good
faith and, to the extent necessary to prevent the forfeiture or sale of the property or assets subject to any such Lien, by appropriate
proceedings);

 

		(e)	survey exceptions, encumbrances, ground leases, easements or reservations of; or rights of others
for, licenses, rights-of-way, servitudes, drains, sewers, utilities (including Liens securing the payment of charges for hydroelectricity),
electric lines, telegraph and telephone and cable television lines and other similar purposes, or zoning, building codes, or other
similar restrictions (including minor defects and irregularities in title and similar encumbrances) as to the use of real properties
or Liens incidental to the conduct of the business of such Person or to the ownership of its properties which were not incurred
in connection with Debt and which do not in the aggregate materially impair the operation of the business of the Company and its
Restricted Subsidiaries, taken as a whole;

 

		(f)	Liens, pledges, deposits and security (i) in connection with workers’ compensation, unemployment
insurance, employers’ health tax, social security benefits and other types of statutory obligations, insurance related obligations
or the requirements of any official body (including, but not limited to, in respect of deductibles, self-insured retention amounts
and premiums and adjustments thereto); (ii) to secure the performance of tenders, bids, surety, warranty, release, appeal or performance
bonds, leases, purchase, construction, sales or servicing contracts and other similar obligations Incurred in the ordinary course
of business consistent with industry practice; (iii) to secure indemnification obligations (including to obtain or secure obligations
with respect to letters of credit, Guarantees, bonds or other sureties or assurances) given in connection with the activities described
in clauses (i) and (ii) above, in each case not Incurred or made in connection with the borrowing of money, the obtaining of advances
or credit or the payment of the deferred purchase price of property or services; (iv) arising in connection with any attachment
or judicial proceeding unless the Liens so arising shall not be satisfied or discharged or stayed pending appeal within sixty (60)
days after the entry thereof or the expiration of any such stay; or (v) to secure the payment or performance of statutory or public
obligations (including environmental, municipal and public utility commission obligations and requirements);

 

    	 	-39-	 

     

    

 

		(g)	Liens (x) on property or shares of stock or other assets of a Person existing at the time
                                                                 such Person is merged with or into or consolidated or amalgamated with the Company or any of its Restricted Subsidiaries; provided,
                                                                 that such Liens were not created or incurred in the contemplation of such merger, consolidation or amalgamation and do not
                                                                 extend to any assets other than those of the Person merged with or into or consolidated or amalgamated with the Company or
                                                                 any Restricted Subsidiary (other than after-acquired
property that is (1) affixed or appurtenant thereto or incorporated into the property covered by such Lien, (2) after-acquired
property of such Person subject to a Lien securing such Debt, the terms of which Debt require or include a pledge of after-acquired
property and (3) the proceeds and products thereof or improvements thereon); (y) on property (including Capital Stock) existing
at the time of acquisition of the property by the Company or any of its Restricted Subsidiaries; provided, that such Liens
were in existence prior to such acquisition, and not incurred in contemplation of, such acquisition; and (z) on assets, property
or shares of Equity Interests of another Person at the time such other Person becomes a Subsidiary of the Company or any of its
Restricted Subsidiaries; provided, however, that (A) the Liens may not extend to any other property owned by such
Person or any of its Restricted Subsidiaries (other than after-acquired property that is (1) affixed or appurtenant thereto or
incorporated into the property covered by such Lien, (2) after-acquired property of such Person subject to a Lien securing such
Debt, the terms of which Debt require or include a pledge of after-acquired property and (3) the proceeds and products thereof
or improvements thereon) and (B) such Liens are not created or incurred in connection with, or in contemplation of, such other
Person becoming such a Restricted Subsidiary;

 

		(h)	Liens in favor of the Company or any of its Restricted Subsidiaries; provided that if such
Liens are on the assets of a Guarantor, such Liens are in favor of the Company or another Guarantor ;

 

		(i)	other Liens (not securing Debt) incidental to the conduct of the business of the Company or any
of its Restricted Subsidiaries, as the case may be, or the ownership of their assets which do not in the aggregate materially adversely
affect the value of such assets, taken as a whole, or materially impair the operation of the business of the Company and its Restricted
Subsidiaries, taken as a whole;

 

		(j)	Liens to secure any Refinancing Debt incurred in compliance with this Indenture to refinance Debt
secured by Liens referred to in clauses (a), (g), (m), (o), (u), (gg), (hh), (mm) or (nn) of this definition or to this clause
(j); provided that (x) such Liens do not extend to any property or assets other than the property or assets securing the
Debt being extended, renewed, refinanced or refunded and after-acquired property affixed or incorporated in the property covered
by such Lien or subject to a Lien securing such Debt and (y) the principal amount (or accreted value, if applicable) of the obligations
secured by such Liens is not increased (except to the extent of any premiums, underwriting discounts, original issue discount and
other fees, commissions, expenses paid and transaction costs incurred in connection with such extension, renewal, refinancing or
refunding);

 

		(k)	Liens in favor of customs or revenue authorities arising as a matter of law to secure payment of
custom duties in connection with the importation of goods in the ordinary course of business;

 

    	 	-40-	 

     

    

 

		(l)	Liens arising out of licenses, leases, sublicenses and subleases of assets (including real property
and intellectual property rights) or on vehicles or equipment, in each case, in the ordinary course of business;

 

		(m)	Liens securing Debt (including Capital Lease Obligations) permitted to be incurred pursuant to
clause (x) of the definition of “Permitted Debt,” covering only the property or assets (or property affixed or appurtenant
thereto and any proceeds thereof) acquired with or financed by such Debt;

 

		(n)	Liens upon specific items of inventory or other goods (and the proceeds thereof) of any Person
securing such Person’s obligation in respect of banker’s acceptances or trade letters of credit issued or created in
the ordinary course of business for the account of such Person to facilitate the purchase, shipment, or storage of such inventory
or other goods;

 

		(o)	Liens securing Debt (or Obligations in respect of such Debt) Incurred to finance the construction,
purchase or lease of, or repairs, improvements or additions to, property, plant or equipment of such Person; provided, however,
that the Lien may not extend to any property owned by such Person or any of its Restricted Subsidiaries at the time the Lien is
Incurred (other than assets and property acquired, constructed, purchased, leased, repaired or improved with the proceeds of such
Debt or affixed or appurtenant thereto and any proceeds and products thereof), and the Debt (other than any interest thereon) secured
by the Lien must be permitted by Section 4.9;

 

		(p)	banker’s Liens, Liens that are contractual rights of set-off and similar Liens (A) relating
to the establishment of depository relations with banks not given in connection with the issuance of Debt, (B) relating to pooled
deposit or sweep accounts of the Company or any of its Restricted Subsidiaries to permit satisfaction of overdraft or similar obligations
and other cash management activities incurred in the ordinary course of business of the Company and its Restricted Subsidiaries
or (C) relating to purchase orders and other agreements entered into with customers of the Company or any of its Restricted Subsidiaries
in the ordinary course of business and (ii) Liens of a collection bank arising under Section 4-210 of the UCC (or any comparable
or successor provision) on items in the course of collection, (X) encumbering reasonable customary initial deposits and margin
deposits and attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, and
(Y) in favor of banking institutions arising as a matter of law or pursuant to customary account agreements encumbering deposits
(including the right of set-off) and which are within the general parameters customary in the banking industry ;

 

    	 	-41-	 

     

    

 

		(q)	Liens (i) arising by reason of any judgment, order or decree, but not giving rise to an Event of
Default, (ii) arising pursuant to an order of attachment, condemnation, eminent domain, distraint or similar legal process arising
in connection with legal proceedings, but not giving rise to an Event of Default, (iii) that are required to protect or enforce
rights in any administrative, arbitration or other court proceeding in the ordinary course of business,
but not giving rise to an Event of Default so long as such Liens are adequately bonded and any appropriate legal proceedings that
may have been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceedings
may be initiated has not expired and (iv) arising out of judgments or awards with regard to which an appeal or other proceeding
for review is in process;

 

		(r)	Deposits made or other security in the ordinary course of business to secure liability to insurance
carriers and Liens securing insurance premium financing arrangements ;

 

		(s)	Liens arising from UCC financing statement filings (including as a precautionary measure) in connection
with Capital Lease Obligations permitted to be incurred pursuant to clause (x) of the definition of “Permitted Debt,”
operating leases or consignments entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business,
in each case, covering only the property or assets (or property affixed or appurtenant thereto and any proceeds thereof) acquired
with, financed by or subject to such leases or consignments;

 

		(t)	Liens on the assets of a Restricted Subsidiary that is not a Guarantor securing Debt and other
obligations of a Restricted Subsidiary that is not a Guarantor incurred in compliance with this Indenture (including Liens incurred
in connection with a Qualified Receivables Transaction);

 

		(u)	Liens on the Collateral granted under the Security Documents in favor of the Collateral Agent to
secure the Notes (including Additional Notes to the extent constituting Additional Second Lien Obligations) and all corresponding
Obligations under the Notes Documents (including the Note Guarantees), any Additional Second Lien Obligations and administrative
expenses of the Collateral Agent;

 

		(v)	Liens (i) on assets purported to be sold or otherwise transferred to a Receivables Subsidiary,
(ii) over bank accounts of the Company or any Restricted Subsidiary, into which assets of the Qualified Receivables Transaction
are paid or (iii) on Equity Interests in a Receivables Subsidiary or on assets of a Receivables Subsidiary, in each case, created,
incurred or arising in connection with a Qualified Receivables Transaction;

 

		(w)	any customary provisions limiting the disposition or distribution of assets or property (including
Equity Interests) or any related restrictions thereon in joint venture, partnership, membership, stockholder and limited liability
company agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements, including
owners’ participation or similar agreements governing projects owned through an undivided interest; provided, however,
that any such limitation is applicable only to the assets that are the subjects of such agreements;

 

    	 	-42-	 

     

    

 

		(x)	Liens granted by a Person in favor of a commercial trading counterparty pursuant to a netting agreement,
which Liens encumber rights under agreements that are subject to such netting agreement and which Liens secure such Person’s
obligations to such counterparty under such netting agreement; provided that any such agreements and netting agreements
are entered into in the ordinary course of business; and provided, further, that the Liens are incurred in the ordinary
course of business and when granted, do not secure obligations which are past due;

 

		(y)	Liens securing Hedging Obligations permitted to be incurred under this Indenture;

 

		(z)	Liens on raw materials or on manufactured products as security for any drafts or bills of exchange
drawn in connection with the importation of such raw materials or manufactured products;

 

		(aa)	Liens consisting of conditional sale, title retention, consignment or similar arrangements for
the sale of goods acquired by the Company or any of its Restricted Subsidiaries in the ordinary course of business;

 

		(bb)	any pledge of the Equity Interests of an Unrestricted Subsidiary to secure Debt or other obligations
of such Unrestricted Subsidiary;

 

		(cc)	Liens on any cash earnest money deposits made by the Company or any Restricted Subsidiary in connection
with any letter of intent or purchase agreement;

 

		(dd)	Liens in the nature of the right of setoff in favor of counterparties to contractual agreements
with the Company or any Restricted Subsidiary in the ordinary course of business;

 

		(ee)	Liens arising by operation of law under Article 2 of the Uniform Commercial Code in favor of a
reclaiming seller of goods or buyer of goods;

 

		(ff)	Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge
or redemption of Debt;

 

		(gg)	Liens Incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries
with respect to Obligations in an aggregate principal amount that does not exceed $90.0 million at any one time outstanding;

 

		(hh)	Liens securing Obligations in respect of Debt incurred pursuant to clause (xxii) of the definition
of the term “Permitted Debt” so long as such Debt constitutes Additional Second Lien Obligations;

 

		(ii)	Liens arising or imposed under ERISA or the Code in connection with any “plan” (as
defined in ERISA); provided that reasonable and appropriate provision has been made in accordance with GAAP for the payment
of the obligations secured thereby;

 

		(jj)	Liens on accounts receivable and any assets related thereto, customarily created in connection
with sales, assignments, transfers or other dispositions of accounts receivable in transactions not
involving the Incurrence of Debt, and entered into in the ordinary course of business and consistent with past practice;

 

    	 	-43-	 

     

    

 

		(kk)	Liens securing Cash Management Agreements and related Obligations entered into in the ordinary
course of business;

 

		(ll)	Liens (x) deemed to exist in connection with Permitted Investments in repurchase agreements, (y)
on cash advances in favor of the seller of any property to be acquired in an Investment to be applied against the purchase price
for such Investment or (z) consisting of an agreement to sell, transfer, lease or otherwise dispose of any property in a transaction
permitted under this Indenture in each case, solely to the extent such Investment or sale, disposition, transfer or lease, as the
case may be, would have been permitted on the date of creation of such Lien;

 

		(mm)	Liens securing Obligations in respect of Debt incurred pursuant to the first paragraph of
                                                                  Section 4.9; provided, that (x) such Liens may secure Debt that constitutes either Additional Second Lien Obligations
                                                                  or Junior Lien Obligations to the extent the Consolidated Secured Net Debt Ratio for the most recently ended Four-Quarter
                                                                  Period the date on which such Debt is Incurred would have been no greater than 4.50 to 1.00, determined on a Pro Forma Basis,
                                                                  and (y) otherwise, such Liens may secure Debt that constitutes Junior Lien Obligations;

 

		(nn)	other Liens securing obligations which do not exceed an amount at any one time outstanding equal
to the greater of (x) $400.0 million and (y) 7.0% of Consolidated Total Assets; and

 

		(oo)	any extensions, modifications, refundings, substitutions, replacements or renewals (or successive
extensions, refundings, replacements or renewals) of the foregoing.

 

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

 

    	 	-44-	 

     

    

 

“Pro
Forma Basis” means, with respect to the calculation of any test, financial ratio, basket or covenant under this
Indenture, including for purposes of determining the Consolidated Fixed Charge Coverage Ratio, the Consolidated Total Net
Leverage Ratio, the Consolidated Secured Net Debt Ratio, and Consolidated Total Assets, of any Person and its Restricted
Subsidiaries, or the Borrowing Base, as of any date, that pro forma effect will be given to the transactions and
events giving rise to the need to make such calculation, including any acquisition, merger, amalgamation, consolidation,
Investment, Incurrence of Debt (including Debt issued, Incurred or assumed or repaid or redeemed as a result of, or to
finance, any relevant transaction and for which any such test, financial ratio, basket or covenant is being calculated), any
other issuance or redemption of preferred stock or Disqualified Stock, Asset Sales or other sales, transfers and other
dispositions or discontinuance of any Subsidiary, lines of business, divisions, segments or operating units, any operational
change (including the entry into any material contract or arrangement) or any designation of a Restricted Subsidiary as an
Unrestricted Subsidiary or of an Unrestricted Subsidiary as a Restricted Subsidiary, in each case, that have occurred during
the Company’s four most recent full fiscal quarters for which internal financial statements are available immediately
preceding the date of the transaction or event giving rise to the need to make such calculation (such four full fiscal
quarter period being referred to herein as the “Four-Quarter Period”), or subsequent to the end of such
Four-Quarter Period but on or prior to or simultaneously with the date of calculation or event or transaction for which a
determination under this definition is made (including any such event occurring at a Person who became a Restricted
Subsidiary of the subject Person or was merged, amalgamated or consolidated with or into the subject Person or any other
Restricted Subsidiary of the subject Person after the commencement of the applicable Four-Quarter Period), as if each such
event and transaction occurred on the first day of that Four-Quarter Period. Whenever pro forma effect is to be given with
respect to a transaction or event pursuant to this definition, pro forma calculations with respect thereto may
include the amount of “run-rate” cost savings, operating expense reductions (including as a result of
entering into any material contract or arrangement, strategic initiatives and purchasing improvements) charges attributable
to the undertaking and/or implementation of cost savings initiatives and improvements, business optimization and other
restructuring and integration charges and other synergies resulting from or relating to such transaction or event projected
by the Company in good faith to be realized as a result of actions taken or with respect to which substantial steps have been
taken or are expected to be taken (calculated on a pro forma basis as though such net costs savings, operating expense
reductions, charges and other synergies had been realized on the first day of such period and as if such net costs savings,
operating expense reductions, charges and other synergies were realized during the entirety of such period and such that
“run-rate” means the full recurring benefit for a period that is associated with any action taken, for which
substantial steps have been taken or are expected to be taken (including any savings expected to result from the elimination
of a public target’s compliance costs with Public Company Costs) net of the amount of actual benefits realized during
such period from such actions), and any such adjustments shall be included in the initial pro forma calculations of such
financial ratios, tests baskets or covenants relating to such transaction or event (and in respect of any subsequent pro
forma calculations in which such transaction or costs savings, operating expense reductions and synergies are given pro forma
effect) and during any applicable subsequent Four-Quarter Period for any subsequent calculation of such financial ratios,
tests, baskets and covenants; provided that (A) such amounts are reasonably identifiable and factually supportable in
the good faith judgment of the Company as set forth in an Officer’s Certificate of the Company, (B) such amounts have
been realized, or specified actions are taken or are reasonably expected to be taken, within eighteen (18) months of the date
of such transaction, and (C) no amounts shall be added to the extent duplicative of any amounts that are otherwise added back
in computing Consolidated EBITDA (or any other components thereof), whether through a pro forma adjustment or otherwise, with
respect to such period. Any calculation may include adjustments appropriate to reflect all adjustments included in the
calculation of Adjusted EBITDA set forth in the Offering Memorandum.

 

For purposes of making
any computation referred to above:

 

		(1)	if any Debt bears a floating rate of interest and is being given pro forma effect, the interest
on such Debt shall be calculated as if the rate in effect on the date for which a determination under this definition is made had
been the applicable rate for the entire period (taking into account any hedging obligations applicable to such Debt);

 

    	 	-45-	 

     

    

 

		(2)	interest on a Capital Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Company to be the rate of interest implicit in such Capital
Lease Obligation in accordance with GAAP;

 

		(3)	interest on any Debt under a revolving credit facility computed on a Pro Forma Basis shall be computed
based upon the average daily balance of such Debt during the applicable period;

 

		(4)	interest on Debt that may optionally be determined at an interest rate based upon a factor of a
prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate chosen as the Company may designate; and

 

To the extent not already
covered above, any such calculation may include adjustments calculated in accordance with Regulation S-X under the Securities Act
of 1933, as amended.

 

“Public Company
Costs” means costs relating to compliance with the provisions of the Securities Act of 1933 and the Securities Exchange
Act of 1934, as applicable to companies with equity or debt securities held by the public, the rules of national securities exchange
companies with listed equity or debt securities, directors’ or managers’ compensation, fees and expense reimbursement,
costs relating to investor relations, shareholder meetings and reports to shareholders or debtholders, directors’ and officers’
insurance and other executive costs, legal and other professional fees, and listing fees.

 

“Purchase
Money Note” means a promissory note of a Receivables Subsidiary to the Company or any of its Restricted Subsidiaries,
which note must be repaid from cash available to the Receivables Subsidiary, other than amounts required to be established as reserves
pursuant to agreements, amounts paid to investors in respect of interest, principal and other amounts owing to such investors and
amounts paid in connection with the purchase of newly generated receivables. The repayment of a Purchase Money Note may be subordinated
to the repayment of other liabilities of the Receivables Subsidiary on terms determined in good faith by the Company to be substantially
consistent with market practice in connection with Qualified Receivables Transactions.

 

“Qualified
Equity Offering” means (i) an underwritten public equity offering of Equity Interests pursuant to an effective registration
statement under the Securities Act or (ii) a private equity offering of Equity Interests of the Company or a direct or indirect
parent entity of the Company other than any public offerings of securities to be offered to employees pursuant to employee benefit
plans.

 

“Qualified
Receivables Transaction” means any transaction or series of transactions entered into by the Company or any of its
Subsidiaries pursuant to which the Company or any of its Subsidiaries sells, conveys or otherwise transfers to (a) a
Receivables Subsidiary (in the case of a transfer by the Company or any of its Subsidiaries) and (b) any other Person (in the
case of a transfer by a Receivables Subsidiary), or may grant a security interest in or pledge, any accounts receivable or
interests therein (whether now existing or arising in the future) of the Company or any of its Subsidiaries, and any assets
related thereto, including, without limitation, all collateral securing such accounts receivable, all contracts and contract
rights, purchase orders, security interests, financing statements or other documentation in respect thereof, and all
Guarantees, indemnities, warranties or other documentation or other obligations in respect of such accounts receivable,
proceeds of such accounts receivable and any other assets which are customarily transferred, or in respect of which security
interests are customarily granted, in connection with asset securitization transactions involving accounts receivable and any
collections or proceeds of the foregoing.

 

    	 	-46-	 

     

    

 

“Receivables
Subsidiary” means a Subsidiary of the Company:

 

		(1)	that engages in no activities other than activities in connection with the financing of accounts
receivable of the Company and/or its Restricted Subsidiaries;

 

		(2)	that is designated by the Board of Directors of the Company as a Receivables Subsidiary pursuant
to a resolution set forth in an Officer’s Certificate and delivered to the Trustee;

 

		(3)	no portion of the Debt or any other obligation (contingent or otherwise) of which (a) is at any
time Guaranteed by the Company. or any of its Restricted Subsidiaries (excluding Guarantees of obligations (other than the principal
of, and interest on, Debt) pursuant to Standard Securitization Undertakings), (b) is at any time recourse to or obligates the Company
or any of its Restricted Subsidiaries in any way, other than pursuant to Standard Securitization Undertakings or (c) subjects any
asset of the Company or any other Restricted Subsidiary of the Company (other than accounts receivable and related assets as provided
in the definition of “Qualified Receivables Transaction”), directly or indirectly, contingently or otherwise, to the
satisfaction thereof, other than pursuant to Standard Securitization Undertakings;

 

		(4)	with which neither the Company nor any of its Restricted Subsidiaries has any material contract,
agreement, arrangement or understanding other than (a) those entered into in the ordinary course of business on terms no less favorable
to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons that are not Affiliates
of the Company, (b) fees payable in the ordinary course of business in connection with servicing accounts receivable and (c) any
Purchase Money Note issued by such Receivables Subsidiary to the Company or any of its Restricted Subsidiaries; and

 

		(5)	with respect to which neither the Company nor any other Restricted Subsidiary of the Company has
any obligation to maintain or preserve such Subsidiary’s financial condition or cause such Subsidiary to achieve certain
levels of operating results.

 

“Redemption
Price,” when used with respect to any Note to be redeemed, means the price at which it is to be redeemed pursuant to
this Indenture.

 

    	 	-47-	 

     

    

 

“Refinancing
Debt” means Debt that refunds, refinances, renews, replaces, repays, purchases, redeems, defeases, retires or
extends any Debt permitted to be Incurred by the Company or any of its Restricted Subsidiaries pursuant to the terms of this
Indenture, whether involving the same or any other lender or creditor or group of lenders or creditors, but only to the
extent that

 

	 	(i)	the Refinancing Debt is subordinated in right of payment to the Notes to at least the same extent as the Debt being refunded, refinanced, renewed, replaced, repaid, purchased, redeemed, defeased, retired or extended, if such Debt was subordinated in right of payment to the Notes,
	 	 	 
	 	(ii)	the Refinancing Debt is scheduled to mature either (a) no earlier than the Debt being refunded, refinanced, renewed, replaced, repaid, purchased, redeemed, defeased, retired or extended or (b) at least 91 days after the maturity date of the Notes,
	 	 	 
	 	(iii)	the Refinancing Debt has a weighted average life to maturity at the time such Refinancing Debt is Incurred that is equal to or greater than the weighted average life to maturity of the Debt being refunded, refinanced, renewed, replaced, repaid, repurchased, redeemed, defeased, retired or extended,
	 	 	 
	 	(iv)	such Refinancing Debt is in an aggregate principal amount that is less than or equal to the sum of (a) the aggregate principal or accreted amount (in the case of any Debt issued with original issue discount) then outstanding under the Debt being refunded, refinanced, renewed, replaced, repaid, purchased, redeemed, defeased, retired or extended, (b) the amount of accrued and unpaid interest and premiums (including tender premiums), if any, on such Debt being refunded, refinanced, renewed, replaced, repaid, purchased, redeemed, defeased, retired or extended and (c) the amount of all fees (including underwriting discounts and other arranger fees), commissions, expenses and costs (including original issue discounts or similar payments Incurred in connection therewith) related to the Incurrence of such Refinancing Debt, and
	 	 	 
	 	(v)	such Refinancing Debt shall not include (x) Debt of a Restricted Subsidiary that is not a Guarantor that refinances Debt of the Company or a Guarantor that could not have been initially Incurred by such Restricted Subsidiary pursuant to Section 4.9 or(y) Debt of the Company or a Restricted Subsidiary that refinances Debt of an Unrestricted Subsidiary.

 

“Registrar”
means any Person authorized by the Company to maintain the Notes Register.

 

“Registered
Equivalent Notes” means, with respect to any notes originally issued in a Rule 144A or other private placement transaction
under the Securities Act of 1933, substantially identical notes (having the same guarantees and substantially the same collateral
provisions) issued in a dollar-for-dollar exchange therefor pursuant to an exchange offer registered with the SEC.

 

“Replacement
Assets” means (i) assets not classified as current assets under GAAP that are used or useful in a Permitted Business,
(ii) all or substantially all of the assets of, or any Equity Interests of, another Permitted Business, if, after giving effect
to any such acquisition of Equity Interests, the Permitted Business is or becomes a Restricted Subsidiary of the Company or (iii)
Equity Interests constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Company.

 

    	 	-48-	 

     

    

 

“Resale Restriction
Termination Date” has the meaning set forth in the Restricted Notes Legend.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer of the Trustee within the Corporate Trust Office (or
any successor unit or department), including any vice president, assistant vice president, assistant secretary, assistant treasurer,
trust officer, or any other officer of the Trustee who customarily performs functions similar to those performed by the persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s
knowledge of and familiarity with the particular subject and who shall have direct responsibility for administration of this Indenture.

 

“Restricted
Notes Legend” means the legend identified as such in Exhibit A hereto.

 

“Restricted
Payment” is defined to mean any of the following:

 

		(a)	any dividend or other distribution declared and paid on the Equity Interests in the Company or
any of its Restricted Subsidiaries to the direct or indirect holders thereof in their capacity as such (other than any dividends
or distributions to the extent payable in Equity Interests (other than Disqualified Stock) and dividends or distributions payable
to the Company or any of its Restricted Subsidiaries (and if such Restricted Subsidiary has stockholders other than the Company
or other Restricted Subsidiaries, to its stockholders on no more than a pro rata basis));

 

		(b)	any payment made by the Company or any of its Restricted Subsidiaries (other than to the extent
payment is made in Equity Interests (other than Disqualified Stock)) to purchase, redeem, acquire or retire for value any Equity
Interests in the Company or any of its Restricted Subsidiaries (including any issuance of Debt in exchange for such Equity Interests
or the conversion or exchange of such Equity Interests into or for Debt) other than any such Equity Interests held by the Company
or any of its Restricted Subsidiaries;

 

		(c)	any payment made by the Company or any of its Restricted Subsidiaries (other than to the extent
payment is made in Equity Interests (other than Disqualified Stock)) to redeem, purchase, repurchase, defease or otherwise acquire
or retire for value, prior to the scheduled final maturity, scheduled repayment or schedule sinking fund payment, any Debt (excluding
any intercompany Debt between the Company and any of its Restricted Subsidiaries or among Restricted Subsidiaries of the Company)
that is contractually subordinated in right of payment to the Notes or any Note Guarantee (it being understood that payments of
regularly scheduled principal and interest and mandatory prepayments, redemptions or offers to purchase shall be permitted), except
payments of principal or interest in anticipation of satisfying a sinking fund obligation or final maturity, in each case, within
one year of the due date thereof; or

 

		(d)	any Investment by the Company or any of its Restricted Subsidiaries in any Person, other than a
Permitted Investment.

 

    	 	-49-	 

     

    

 

“Restricted
Subsidiary” means the Company and any other Subsidiary of the Company that is not an Unrestricted Subsidiary.

 

“S&P”
means Standard & Poor’s Ratings Group, a division of The McGraw-Hill Companies, and its successors.

 

“Sale and
Leaseback Transaction” means any direct or indirect arrangement, or series of arrangements, pursuant to which property,
real or personal, now owned or hereafter acquired by the Company or any of its Restricted Subsidiaries is sold, transferred or
otherwise disposed of to a Person and in connection therewith is thereafter rented or leased back by the Company or any of its
Restricted Subsidiaries from such Person with the intention to use for substantially the same purpose or purposes as the property
being sold, transferred or disposed.

 

“SEC”
means the Securities and Exchange Commission and any successor thereto.

 

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

 

“Second Lien
Claimholders” means the Initial Second Lien Claimholders and any Additional Second Lien Claimholders (including the Collateral
Agent).

 

“Second Lien
Collateral” means any “Collateral,” “Pledged Collateral” or similar term as defined in any Second
Lien Debt Document or any other assets of the Company or any Guarantor with respect to which a Lien is granted, purported to be
granted or required to be granted pursuant to a Second Lien Debt Document as security for any Second Lien Obligations and shall
include any property or assets subject to replacement Liens or adequate protection Liens in favor of any Second Lien Claimholder.

 

“Second Lien
Collateral Agent” means (i) in the case of the Notes Obligations, the Collateral Agent, (ii) in the case of any
June 2020 Notes Obligations, the collateral agent under the June 2020 Notes Indenture and (iii) in the case of any other Additional
Second Lien Obligations and the Additional Second Lien Claimholders in respect thereof, the Person serving as collateral agent
(or the equivalent) for such Additional Second Lien Obligations and that is named as the Second Lien Collateral Agent in respect
of such Additional Second Lien Obligations in the applicable joinder agreement (each, in the case of this clause (iii), together
with its successors and assigns in such capacity, an “Additional Second Lien Collateral Agent”).

 

“Second Lien
Collateral Documents” means the “Security Documents” or “Collateral Documents” (as defined in
the applicable Second Lien Debt Documents) and any other agreement, document or instrument pursuant to which a Lien is granted
securing any Second Lien Obligations or pursuant to which any such Lien is perfected.

 

“Second Lien
Debt” means the Initial Second Lien Debt and any Additional Second Lien Debt (including the Notes).

 

“Second Lien
Debt Documents” means the Initial Second Lien Debt Documents and any Additional Second Lien Debt Documents (including
the Notes Documents).

 

    	 	-50-	 

     

    

 

“Second Lien
Obligations” means the June 2020 Lien Obligations, the Notes Obligations and any other Additional Second Lien Obligations,
including Additional Notes, and shall not include, for the avoidance of doubt, any Excluded Swap Obligations.

 

“Second Lien
Pari Passu Intercreditor Agreement” means, as the context may require, (i) that certain Second Lien Pari Passu Intercreditor
Agreement, dated as of July 1, 2020, among each Second Lien Representative, each Second Lien Collateral Agent, the Company, each
Guarantor and the other parties thereto from time to time, allocating rights among the various Series of Second Lien Obligations,
and (ii) any other intercreditor agreement that may be entered into after the Issue Date by the Company, any Guarantor and the
Collateral Agent in connection with Second Lien Obligations not otherwise prohibited by the Indenture (which is not materially
less favorable to the Collateral Agent and the holders of the Notes (taken as a whole) than the intercreditor agreement referred
to in clause (i) of this definition) (as certified to by the Company in an Officer’s Certificate delivered to the Trustee
and the Collateral Agent), in each case, as it may be amended, restated, supplemented and/or otherwise modified from time to time
in accordance with the terms thereof and the Indenture.

 

“Second Lien
Representative” means (i) in the case of the Initial Second Lien Claimholders, the Initial Second Lien Representative
and (ii) in the case of the Notes Obligations, Deutsche Bank Trust Company Americas in its capacity as Second Lien Representative
therefor, and in the case of any other Additional Second Lien Obligations and the Additional Second Lien Claimholders in respect
thereof, each trustee, administrative agent, collateral agent, security agent and similar agent that is named as the Second Lien
Representative in respect of such Additional Second Lien Obligations in the applicable joinder agreement (each, in the case of
this clause (ii), together with its successors and assigns in such capacity, an “Additional Second Lien Representative”).

 

“Security
Agreement” means (i) the security agreement to be dated as of the Issue Date among the Collateral Agent, the Company
and the Guarantors, as amended, supplemented or otherwise modified from time to time in accordance with its terms and (ii) any
other security agreement that may be entered into after the Issue Date by the Company, the Collateral Agent and any Guarantors,
identical in form and substance to the security agreement referred to in clause (i) of this definition except with such changes
as are necessary for such document to be governed by applicable law and to perfect the Notes Liens in Collateral of such Guarantors
pursuant to applicable law, as amended, supplemented or otherwise modified from time to time in accordance with its terms and the
terms of this Indenture.

 

“Security
Documents” means the Security Agreement, the Intercreditor Agreement, the Second Lien Pari Passu Intercreditor Agreement,
any mortgages and all of the security agreements, hypothecs, debentures, fixed and floating charges, pledges, collateral assignments,
deeds of trust, trust deeds or other instruments evidencing or creating or purporting to create any security interests in favor
of the Collateral Agent for its benefit and for the benefit of the Trustee and the Holders and the holders of any Second Lien Obligations,
in all or any portion of the Collateral, as amended, modified, restated, supplemented or replaced from time to time.

 

“Senior Management”
means the chief executive officer and the chief financial officer of the Company.

 

    	 	-51-	 

     

    

 

“Series”
means, (x) with respect to First Lien Debt or Second Lien Debt, all First Lien Debt or Second Lien Debt, as applicable, represented
by the same Representative acting in the same capacity and (y) with respect to First Lien Obligations or Second Lien Obligations,
all such obligations secured by same First Lien Collateral Documents or same Second Lien Collateral Documents, as the case may
be.

 

“Significant
Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as deemed in Article
1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this
Indenture.

 

“Sponsor”
means TDR Capital LLP, a limited liability company organized under the laws of England and Wales, having its registered office
at 20 Bentinck, London W1U 2EU and being registered with Companies House under number OC302604.

 

“Sponsor Affiliates”
means (a) TDR Capital II Holdings LP (as hereinafter used in this definition, the “TDR Investor”) and any other
fund (including, without limitation, any unit trust, investment trust, limited partnership or general partnership) which is advised
by, or the assets of which are managed (whether solely or jointly with others) from time to time by, the Sponsor or the TDR Investor
(or a group controlled by and whose members include the Sponsor and/or the TDR Investor or their Affiliates (other than Holdings
or any of its Subsidiaries or any portfolio company of the Sponsor or the TDR Investor)); and (b) any other fund (including, without
limitation, any unit trust, investment trust, limited partnership or general partnership) of which the Sponsor or the TDR Investor
(or a group controlled by and whose members include the Sponsor and/or the TDR Investor or their Affiliates (other than Holdings
or any of its Subsidiaries or any portfolio company of the Sponsor or the TDR Investor)) or the TDR Investor’s general partner,
trustee or nominee, is a general partner, manager, adviser, trustee or nominee (but, for the avoidance of doubt, excluding any
of Holdings or any of its Subsidiaries or any portfolio company of the Sponsor or the TDR Investor).

 

“Standard
Securitization Undertakings” means representations, warranties, covenants and indemnities entered into by the Company
or any of its Subsidiaries which are reasonably customary in an accounts receivable securitization transaction in connection with
a Qualified Receivables Transaction.

 

“Stated Maturity,”
when used with respect to any Debt (including the Notes) or any installment of interest thereon, means the date specified in the
instrument governing such Debt as the fixed date on which the principal of such Debt or such installment of interest is due and
payable, and will not include any contingent obligations to repay, redeem or repurchase any such principal or interest prior to
the date originally scheduled for the payment thereof.

 

“Subsidiary”
means, with respect to any Person, (a) any corporation, association or other business entity (other than a partnership, joint
venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital
Stock entitled to vote in the election of directors, managers or trustees thereof is at the time of determination owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination
thereof, and (b) any partnership, joint venture, limited liability company or similar entity of which (x) more than 50% of
the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as
applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise, and
(y) such Person or any Restricted Subsidiary of such Person is a controlling general partner or otherwise controls such
entity.

 

    	 	-52-	 

     

    

 

“Swap Contract”
means (a) any and all interest rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions,
commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or
bond index swaps or options for forward bond or forward bond price or forward bond index transactions, interest rate options, forward
foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any
master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms
and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association,
Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including such obligations or liabilities
under any such master agreement.

 

“Swap Obligation”
means, with respect any Person, any obligation to pay or perform under any agreement, contract or transaction that constitutes
a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act, as amended from time to time.

 

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

 

“Transaction
Expenses” means any fees or expenses incurred or paid by the Company or its Restricted Subsidiaries in connection with
the Transactions.

 

“Transactions”
means the transactions described in the Offering Memorandum.

 

“Transfer
Restricted Notes” means Notes that bear or are required to bear the Restricted Notes Legend.

 

“Treasury
Rate” means with respect to the Notes, at any redemption date, the yield to maturity as of such redemption date of United
States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release
H.15 (519) that has become publicly available at least two (2) Business Days prior to such redemption date (or, if such statistical
release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such
redemption date to August 15, 2023; provided, however, that if no published maturity exactly corresponds with
such date, then the Treasury Rate shall be interpolated or extrapolated on a straight-line basis from the arithmetic mean of the
yields for the next shortest and next longest published maturities; provided further, however, that if the period
from such redemption date to August 15, 2023, is less than one year, the weekly average yield on actually traded United States
Treasury securities adjusted to a constant maturity of one year will be used.

 

    	 	-53-	 

     

    

 

“Trustee”
has the meaning set forth in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions
of this Indenture and, thereafter, means the successor.

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in the State of New York; provided, however, that,
in the event that, if by reason of mandatory provisions of law, any or all of the perfection or priority of, or remedies with respect
to, any Collateral is governed by the Uniform Commercial Code as enacted and in effect in a jurisdiction other than the State of
New York, the term “UCC” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction
solely for purposes of the provisions hereof relating to such perfection, priority or remedies.

 

“U.S. Government
Obligation” means:

 

		(1)	any security which is: (x) a direct obligation of the United States of America the payment of which
the full faith and credit of the United States of America is pledged or (y) 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 of the United States of America, which, in either case, is not callable or redeemable at
the option of the issuer thereof; and

 

		(2)	any depository receipt issued by a bank (as defined in the Securities Act) as custodian with respect
to any U.S. Government Obligation and held by such bank for the account of the holder of such depository receipt, or with respect
to any specific payment of principal of or interest on any U.S. Government Obligation which 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 depository 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 depository receipt.

 

“Voting Stock”
of a Person means all classes of Capital Stock or other interests (including partnership interests) of such Person then outstanding
entitling the holders thereof generally to vote on the election of members of the Board of Directors or comparable body of such
Person.

 

Section
1.2 Other Definitions.

 

	Term	Defined in Section
	“ABL Facility”	1.1
	“Act”	12.15
	“Advanced Offer to Purchase”	4.14
	“Affiliate Transaction”	4.11
	“Agent Members”	2.6
	“Applicable Premium Deficit”	8.8
	“Authentication Order”	2.2
	“Base Currency”	12.17

 

    	 	-54-	 

     

    

 

	Term	Defined in Section
	“Change of Control Offer”	4.14
	“Collateral Agent”	Preamble
	“covenant defeasance”	8.3
	“defeasance”	8.3
	“Discharge”	8.8
	“Event of Default”	6.1
	“Excess Proceeds”	4.10
	“Expiration Date”	1.1
	“Four-Quarter Period”	1.1
	“Guarantor”	4.17
	“Judgment Currency”	12.17
	“Initial Notes”	Preamble
	“legal defeasance”	8.2
	“Notes Register”	2.3
	“Notes”	Preamble
	“Offer”	1.1
	“Offer Amount”	3.8
	“Payment Default”	6.1
	“Purchase Date”	1.1
	“Purchase Price”	4.14
	“QIB”	2.1
	“QIB Global Note”	2.1
	“rate(s) of exchange”	12.17
	“redemption date”	3.1
	“Regulation S”	2.1
	“Regulation S Global Note”	2.1
	“Restricted Period”	2.14
	“Reversion Date”	4.21
	“Rule 144A”	2.1
	“Successor Guarantor”	11.5
	“Surviving Entity”	5.1
	“Suspended Covenants”	4.21
	“Suspension Period”	4.21
	“Unrestricted Subsidiary"	4.18
	“Willscot Equipment”	11.9

 

Section
1.3 Trust Indenture Act Term.

 

The following TIA term
used in this Indenture has the following meaning:

 

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

 

    -55-

     

    

 

Section
1.4  Rules of Construction.

 

Unless the context
otherwise requires:

 

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

 

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

 

		(3)	“or” is disjunctive and not necessarily exclusive;

 

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

 

		(5)	“including” means including without limitation;

 

		(6)	unless otherwise specified, any reference to a Section or an Article refers to such Section or Article of this Indenture;

 

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

 

		(8)	References to “$” are to U.S. Dollars; and

 

		(9)	Any reference herein to a merger, consolidation, or transfer of assets, or similar terms, shall be deemed to apply to a division
of or by a limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of
such a division or allocation), as if it were a merger, consolidation, or transfer of assets, or similar term, as applicable, to,
of or with a separate Person. Any division of a limited liability company shall constitute a separate Person hereunder (and each
division of any limited liability company that is a Subsidiary, Restricted Subsidiary, Unrestricted Subsidiary, joint venture or
any other like term shall also constitute such a Person or entity).

 

Article
II

THE NOTES

 

Section
2.1 Form and Dating.

 

The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes may have notations,
legends or endorsements required by law, stock exchange rule or usage. Each Note shall be dated the date of its authentication.
The Notes initially shall be issued only in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

 

    -56-

     

    

 

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

 

(a)              
The Notes shall be issued initially in the form of one (1) or more Global Notes substantially in the form attached as Exhibit
A hereto, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Trustee as custodian
for the Depositary, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.

 

Each Global Note shall
represent such of the outstanding Notes as shall be specified therein and shall provide that it shall represent the aggregate amount
of outstanding Notes from time to time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby
may from time to time be reduced or increased, as appropriate, to reflect exchanges, redemptions and transfers of interests. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the amount of outstanding Notes represented thereby
shall be made by the Trustee or the Notes Custodian, at the direction of the Trustee, in accordance with written instructions given
by the Holder thereof as required by Section 2.6.

 

Except as set forth
in Section 2.6, the Global Notes may be transferred, in whole and not in part, only to another nominee of the Depositary or to
a successor of the Depositary or its nominee.

 

(b)              
The Initial Notes are being issued by the Company only to “qualified institutional buyers” (as defined in Rule
144A under the Securities Act (“Rule 144A”)) (“QIBs”) and outside the United States to persons
other than U.S. persons in reliance upon Regulation S under the Securities Act (“Regulation S”). Initial Notes
to non-U.S. persons that are Transfer Restricted Notes may be transferred to QIBs, in reliance on Rule 144A, outside the United
States pursuant to Regulation S or to the Company, in accordance with Section 2.14. Initial Notes that are offered in reliance
on Rule 144A shall be issued in the form of one (1) or more permanent Global Notes substantially in the form set forth in Exhibit
A (the “QIB Global Note”) deposited with the Trustee, as Notes Custodian, duly executed by the Company and
authenticated by the Trustee as hereinafter provided. Initial Notes that are resold in offshore transactions in reliance on Regulation
S shall be issued in the form of one (1) or more Global Notes substantially in the form set forth in Exhibit A (the “Regulation
S Global Note”) deposited with the Trustee, as Notes Custodian, duly executed by the Company and authenticated by the
Trustee as hereinafter provided. The QIB Global Note and the Regulation S Global Note shall each be issued with separate CUSIP
numbers. The aggregate principal amount of each Global Note may from time to time be increased or decreased by adjustments made
on the records of the Trustee, as Notes Custodian. Transfers of Notes to QIBs or pursuant to Regulation S shall be represented
by appropriate increases and decreases to the respective amounts of the appropriate Global Notes, as more fully provided in Section
2.14.

 

(c)              
Section 2.1(b) shall apply only to Global Notes deposited with or on behalf of the Depositary.

 

    -57-

     

    

 

The Company shall execute
and the Trustee shall, upon receipt of an Authentication Order, in accordance with Section 2.1(b) and Section 2.2, authenticate
and deliver the Global Notes, which (i) shall be registered in the name of the Depositary or the nominee of the Depositary and
(ii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions or held by the Trustee
as Notes Custodian for the Depositary.

 

The Trustee shall have
no responsibility or obligation to any Holder, any member of(or a Participant in) DTC or any other Person with respect to the accuracy
of the records of DTC (or its nominee) or of any Participant or member thereof, with respect to any ownership interest in the Notes
or with respect to the delivery of any notice (including any notice of redemption) or the payment of any amount or delivery of
any Notes (or other security or property) under or with respect to the Notes. The Trustee may rely (and shall be fully protected
in relying) upon information furnished by DTC with respect to its members, Participants and any owners of beneficial interests
in the Notes.

 

(d)              
Notes issued in certificated form, including Global Notes, shall be substantially in the form of Exhibit A attached
hereto.

 

Section
2.2 Execution and Authentication.

 

An Officer shall sign
the Notes for the Company by manual, electronic or facsimile signature.

 

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

 

A Note shall not be
valid until authenticated by the manual or electronic signature of a Responsible Officer of the Trustee. Such signature shall be
conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee will, upon
receipt of a written order of the Company signed by one Officer of the Company (an “Authentication Order”),
authenticate Notes for original issue up to the aggregate principal amount of the Notes that may be validly issued under this Indenture
including (i) Initial Notes for original issuance in an aggregate principal amount of $500,000,000 and (ii) subject to compliance
with Sections 4.9 and 4.12, any Additional Notes for original issuance from time to time after the Issue Date.

 

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

 

    -58-

     

    

 

Section
2.3 Registrar; Paying Agent.

 

The Company shall
maintain (i) an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) where Notes may be
presented to a Registrar for registration of transfer or for exchange and (ii) an office or agency (which may be an office of
the Trustee or an affiliate of the Trustee) where Notes may be presented to a Paying Agent for payment. The Registrar shall
keep a register of the Notes (the “Notes Register”) and of their transfer and exchange. The Company may
appoint one (1) or more co-registrars and one (1) or more paying agents; provided, however, that at all
times there shall be only one (1) Notes Register. The term “Registrar” includes any co-registrar and the term
“Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without
notice to any Holder. The Company or any of its Subsidiaries may act as Paying Agent or Registrar.

 

The Company shall notify
the Trustee of the name and address of any Agent not a party to this Indenture. The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture, which shall incorporate the provisions of Section 317(b) of the TIA. The
agreement shall implement the provisions of this Indenture that relate to such Agent.

 

The Company initially
appoints the Trustee to act as the Registrar and Paying Agent and initially designates the Corporate Trust Office of the Trustee
as the office or agency of the Company for such purposes.

 

The Company initially
appoints DTC to act as the Depositary with respect to the Global Notes.

 

Section
2.4 Paying Agent to Hold Money in Trust.

 

The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of the Holders
or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and
shall notify the Trustee of any Default by the Company in making any such payment. While any such Default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay
all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary
thereof) shall have no further liability for the money. If the Company or a Subsidiary thereof acts as Paying Agent, it shall segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon the occurrence of events
specified in clause (8) of the first paragraph of Section 6.1, the Trustee shall serve as Paying Agent for the Notes.

 

Section
2.5 Holder Lists.

 

The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders.
If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven (7) Business Days before each interest
payment date, and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of the Holders, including the aggregate principal amount of the Notes held by
each Holder thereof.

 

    -59-

     

    

 

Section
2.6 Book-Entry Provisions for Global Securities.

 

(a)              
Each Global Note shall (i) be registered in the name of the Depositary for such Global Notes or the nominee of such Depositary,
(ii) be delivered to the Trustee as custodian for such Depositary and (iii) bear legends as required by Section 2.6(e).

 

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 the Trustee as its custodian, or under the Global Note, and the Depositary may be treated
by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or
the Trustee, from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair,
as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a
Holder of any Note.

 

(b)              
Transfers of a Global Note shall be limited to transfers of such Global Note in whole, but not in part, to the Depositary,
its successors or their respective nominees. Beneficial interests in a Global Note may be transferred in accordance with Section
2.14 and the rules and procedures of the Depositary. In addition, Certificated Notes shall be transferred to all owners of a beneficial
interest in exchange for their beneficial interests only if the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for the Global Notes or the Depositary ceases to be a “clearing agency” registered under
the Exchange Act and a successor depositary is not appointed by the Company within ninety (90) days of such notice.

 

(c)              
In connection with the transfer of the entire Global Note to owners of beneficial interests pursuant to clause (b) of this
Section 2.6, such Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute,
and the Trustee shall upon receipt of an Authentication Order authenticate and deliver, to each owner of a beneficial interest
identified in writing by the Depositary in exchange for its beneficial interest in such Global Note an equal aggregate principal
amount of Certificated Notes of authorized denominations.

 

(d)              
The registered holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and
persons that may hold an interest through Agent Members, to take any action which a Holder is entitled to take under this Indenture
or any Note.

 

(e)              
Each Global Note shall bear the Global Note Legend on the face thereof. Notes offered and sold in reliance on Regulation
S shall be issued initially in the form of one or more temporary Global Notes bearing the Temporary Regulation S Notes Legend.

 

(f)                At
such time as all beneficial interests in Global Notes have been exchanged for Certificated Notes, redeemed, repurchased or
cancelled, all Global Notes shall be returned to or retained by the Trustee and cancelled in accordance with Section 2.11. At
any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Certificated Notes,
redeemed, repurchased or cancelled, the principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note, by the Trustee or the Notes Custodian at the direction of
the Trustee, to reflect such reduction.

 

    -60-

     

    

 

(g)              
General provisions relating to transfers and exchanges, subject to Section 2.14:

 

(i)                
To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global
Notes and Certificated Notes at the Registrar’s request.

 

(ii)             
No service charge shall be made to a Holder for any registration of transfer or exchange, but the Company may require payment
of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than
any such stamp or transfer taxes or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.2, 2.10,
3.6, 4.10, 4.14 and 9.4 hereto).

 

(iii)           
All Global Notes and Certificated Notes issued upon any registration of transfer or exchange of Global Notes or Certificated
Notes shall, upon execution by the Company and authentication by the Trustee in accordance with the provisions hereof, be the valid
obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes
or Certificated Notes surrendered upon such registration of transfer or exchange.

 

(iv)            
The Registrar shall not be required (A) to issue, to register the transfer of or to exchange Notes during a period beginning
at the opening of fifteen (15) days before the day of any mailing of a notice of Notes selected for redemption under Section 3.2
and ending at the close of business on the day of mailing, (B) to register the transfer of or to exchange any Note so selected
for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, or (C) to register the transfer
of or to exchange a Note between a record date and the next succeeding interest payment date.

 

(v)              
Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem
and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Note and for all other purposes, and neither the Trustee, any Agent nor the Company shall
be affected by notice to the contrary.

 

(vi)            
The Trustee shall authenticate Global Notes and Certificated Notes in accordance with the provisions of Section 2.2. Except
as provided in Section 2.6(b), neither the Trustee nor the Registrar shall authenticate or deliver any Certificated Note in exchange
for a Global Note.

 

(vii)         
Each Holder agrees to provide indemnity reasonably satisfactory to the Company and the Trustee against any liability that
may result from the transfer, exchange or assignment of such Holder’s Note in violation of any provision of this Indenture
and/or applicable United States federal or state securities law.

 

    -61-

     

    

 

(viii)        The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Agent Members or owners of beneficial interests in any Global Note) other than to require delivery
of such certificates and other documentation or evidence as are expressly required by the terms of this Indenture, and to
examine the same to determine substantial compliance as to form with the express requirements hereof.

 

Section
2.7 Replacement Notes.

 

If any mutilated Note
is surrendered to the Trustee, or the Company and the Trustee receive evidence to their satisfaction of the destruction, loss or
theft of any Note, the Company shall execute and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied
by the Holder that is sufficient in the judgment of (i) the Trustee to protect the Trustee and (ii) the Company to protect the
Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The
Company and the Trustee may charge a Holder for their expenses in replacing a Note.

 

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

 

Section
2.8 Outstanding Notes.

 

The Notes outstanding
at any time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation,
those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.8 as not outstanding. Except as set forth in Section 2.9, a Note does not cease to be outstanding because the
Company or a Subsidiary of the Company holds the Note.

 

If a Note is replaced
pursuant to Section 2.7, it ceases to be outstanding except to the extent otherwise required by applicable law.

 

If the principal amount
of any Note is considered paid under Section 4.1, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
(other than the Company or a Subsidiary thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable
on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest.

 

Section
2.9 Treasury Notes.

 

In determining
whether the Holders of the required aggregate principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Company or by any Affiliate of the Company shall be considered as though not outstanding, except that for
the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only
Notes shown on the Notes Register as being so owned shall be so disregarded. Notwithstanding the foregoing, Notes that are to
be acquired by the Company or an Affiliate of the Company pursuant to an exchange offer, tender offer or other agreement
shall not be deemed to be owned by such entity until legal title to such Notes passes to such entity.

 

    -62-

     

    

 

Section
2.10 Temporary Notes.

 

Until Certificated
Notes are ready for delivery, the Company may prepare and the Trustee shall, upon receipt of an Authentication Order, authenticate
temporary Notes. Temporary Notes shall be substantially in the form of Certificated Notes but may have variations that the Company
considers appropriate for temporary Notes. Without unreasonable delay, the Company shall execute and the Trustee shall, upon receipt
of an Authentication Order, authenticate Certificated Notes in exchange for temporary Notes.

 

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

 

Section
2.11 Cancellation.

 

The Company at any
time may deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder or which the Company
may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Trustee upon the receipt
of a cancellation request from the Company signed by an Officer. All Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation if surrendered to any Person other than the Trustee, shall be delivered to the Trustee. The
Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation.
Subject to Section 2.7, the Company may not issue new Notes to replace Notes that it has redeemed or paid or that have been delivered
to the Trustee for cancellation. All cancelled Notes held by the Trustee shall be cancelled and disposed of in accordance with
its customary practice, and certification of their cancellation delivered to the Company upon written request.

 

Section
2.12 [Reserved].

 

Section
2.13 CUSIP Number.

 

The Company in issuing
or otherwise dealing with the Notes may use a “CUSIP” and/or ISIN or other similar number, and if it does so, the Company
may use the CUSIP and/or ISIN or other similar number in notices of redemption or exchange as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or
other similar number printed in the notice or on the Notes and that reliance may be placed only on the other identification numbers
printed on the Notes. The Company shall promptly notify the Trustee in writing of any change in the CUSIP and/or ISIN or other
similar number.

 

Section
2.14 Special Transfer Provisions.

 

Unless and until a
Transfer Restricted Note is transferred or exchanged pursuant to an exemption under the Securities Act or under an effective registration
statement under the Securities Act the following provisions shall apply:

 

    -63-

     

    

 

(a)              
 Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer
of a Transfer Restricted Note (other than pursuant to Regulation S):

 

(i)                
The Registrar shall register the transfer of a Transfer Restricted Note by a Holder to a QIB if such transfer is being made
by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate of transfer in the form
attached to the Note and (b) a letter substantially in the form set forth in Exhibit B hereto.

 

(ii)             
If the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest
in the Regulation S Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions
given in accordance with the Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its
books and records the date and an increase in the principal amount of the QIB Global Note in an amount equal to the principal amount
of the beneficial interest in the Regulation S Global Note to be so transferred, and the Registrar shall reflect on its books and
records the date and an appropriate decrease in the principal amount of such Regulation S Global Note.

 

(b)              
Transfers Pursuant to Regulation S. On or after the termination of the Restricted Period (as defined in United States Treasury
Regulations Section 1.163 -5(c)(2)(i)(D)(7)), interests in a Global Note bearing the Temporary Regulation S Notes Legend shall
be exchangeable for corresponding interests in a Global Note. Prior to the expiration of the Restricted Period, transfers of beneficial
interests in a Global Note bearing the Temporary Regulation S Notes Legend may not be made to a U.S. Person or for the account
or benefit of a U.S. Person (other than an Initial Purchaser). Transfers of beneficial interests in a Global Note bearing the Temporary
Regulation S Notes Legend only may be transferred upon (A) delivery by a beneficial owner of an interest therein to the Depositary
or its nominee (as the case may be) of a written certification in the form of Exhibit C, and (b) delivery by the transferee
of such interest to the Depositary or its nominee (as the case may be) of a written certification in the form of Exhibit C.
After the expiration of the Restricted Period, the Registrar shall register the transfer of any Regulation S Global Note without
requiring any additional certification. The following provisions shall apply with respect to registration of any proposed transfer
of a Transfer Restricted Note pursuant to Regulation S:

 

(i)                
The Registrar shall register any proposed transfer of a Transfer Restricted Note pursuant to Regulation S by a Holder if
such transfer is being made by a proposed transferor who has provided the Registrar with (a) an appropriately completed certificate
of transfer in the form attached to the Note and (b) a written certificate in the form of Exhibit C hereto.

 

(ii)              If
the proposed transferee is an Agent Member and the Transfer Restricted Note to be transferred consists of an interest in a
QIB Global Note, upon receipt by the Registrar of (x) the items required by paragraph (i) above and (y) instructions given in
accordance with the Depositary’s and the Registrar’s procedures therefor, the Registrar shall reflect on its
books and records the date and an increase in the principal amount of the Regulation S Global Note in an amount equal to the
principal amount of the beneficial interest in the QIB Global Note to be transferred, and the Registrar shall reflect on its
books and records the date and an appropriate decrease in the principal amount of the QIB Global Note.

 

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(c)              
[Reserved].

 

(d)              
[Reserved].

 

(e)              
Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not bearing the Restricted Notes Legend,
the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Until the Resale Restriction Termination Date,
upon the transfer, exchange or replacement of Notes bearing the Restricted Notes Legend, the Registrar shall deliver only Notes
that bear the Restricted Notes Legend unless there is delivered to the Registrar an Opinion of Counsel reasonably 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. On and after the Resale Restriction Termination Date, upon the transfer,
exchange or replacement of Notes bearing the Restricted Notes Legend, which transfer, exchange or replacement may be initiated
by the Company, the Registrar shall deliver Notes that do not bear the Restricted Notes Legend. Upon request by any Holder, the
Company shall cooperate to have the Restricted Notes Legend removed if the Company has determined such legend is no longer required.
At any time on or after the Resale Restriction Termination Date with respect to a Note, if such Note is represented by one or more
Global Notes that bear the Restricted Notes Legend, the Company shall remove the Restricted Notes Legend on such Note by:

 

		(1)	providing written notice to the Trustee and the Registrar that the Resale Restriction Termination Date has occurred and instructing
the Trustee to remove the Restricted Notes Legend from such Global Notes;

 

		(2)	providing written notice to each Holder of such Global Notes, which notice will state that the Restricted Notes Legend has
been removed from the applicable Global Note and include the unrestricted CUSIP that will thereafter apply to such applicable Global
Note;

 

		(3)	providing written notice to the Trustee and the Depositary that the CUSIP number for each such Global Note will be changed
to an unrestricted CUSIP number, which unrestricted CUSIP number will be listed in such notice; and

 

		(4)	complying with any Applicable Procedures for legend removal.

 

(f)               
General. By its acceptance of any Note bearing the Restricted Notes Legend, each Holder of such a Note acknowledges
the applicable restrictions on transfer of such Note set forth in this Indenture and in the Restricted Notes Legend and agrees
that it shall transfer such Note only as provided herein and therein.

 

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Section
2.15 Issuance of Additional Notes.

 

The Company shall be
entitled to issue Additional Notes under this Indenture that shall have identical terms as the Initial Notes, other than with respect
to the date of issuance, issue price, accreted value, CUSIP or ISIN numbers, first interest payment date and amount of interest
payable on the first interest payment date applicable thereto, as applicable; provided that such issuance is not otherwise
prohibited by the terms of this Indenture, including Section 4.9 and Section 4.12. All Notes issued under this Indenture (including
Additional Notes) shall be treated as a single class for all purposes under this Indenture including for purposes of any vote,
consent, waiver or other act of Holders; provided, however, that if any such Additional Notes are not fungible with
other Notes issued hereunder for federal income tax purposes, then such additional Notes shall have a separate CUSIP number.

 

With respect to any
Additional Notes, the Company shall set forth in an Officer’s Certificate, a copy of which shall be delivered to the Trustee,
the following information:

 

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

 

		(2)	the issue price, the issue date, the CUSIP number of such Additional Notes, the first interest payment date and the amount
of interest payable on such first interest payment date applicable thereto and the date from which interest shall accrue.

 

Article
III

REDEMPTION AND PREPAYMENT

 

Section
3.1 Notices to Trustee.

 

If the Company elects
to redeem Notes pursuant to Section 3.7, it shall furnish to the Trustee, at least fifteen (15) days but not more than sixty (60)
days (or such shorter period as is acceptable to the Trustee) before a date fixed for redemption (the “redemption date”),
an Officer’s Certificate setting forth (i) the Section of this Indenture pursuant to which the redemption shall occur, (ii)
the redemption date, (iii) the principal amount of Notes to be redeemed and (iv) the Redemption Price.

 

Section
3.2 Selection of Notes to Be Redeemed.

 

If less than all of
the Notes are to be redeemed at any time pursuant to Section 3.7, the Trustee will select the Notes (or portions thereof) on a
pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate (subject to the Depositary’s
procedures as applicable); provided that no Notes of $2,000 principal amount or less will be redeemed in part. The
Trustee shall make the selection from the Notes outstanding and not previously called for redemption and shall promptly notify
the Company in writing of the Notes selected for redemption. The Trustee may select for redemption portions (equal to $2,000 or
integral multiples of $1,000 in excess thereof) of Notes that have denominations larger than $2,000.

 

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Section
3.3 Notice of Redemption.

 

At least fifteen (15)
days but not more than sixty (60) days before a redemption date, the Company shall mail or cause to be mailed by first class mail
(or, deliver electronically if held by DTC or in accordance with DTC’s applicable procedures), a notice of redemption to
each Holder whose Notes are to be redeemed at its registered address and for the Notes registered in the name of the Depositary,
in accordance with the Depositary’s applicable procedures.

 

The notice shall identify
the Notes to be redeemed and shall state:

 

		(1)	the redemption date;

 

		(2)	the Redemption Price;

 

		(3)	if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date, upon surrender of such Note, and in the case of physical Notes, new Note or Notes in principal amount equal to
the unredeemed portion shall be issued upon cancellation of the original Note;

 

		(4)	the name, telephone number and address of the Paying Agent;

 

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

 

		(6)	that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue
on and after the redemption date;

 

		(7)	the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;
and

 

		(8)	that no representation is made as to the correctness or accuracy of the CUSIP and/or ISIN or other similar number, if any,
listed in such notice or printed on the Notes.

 

At the Company’s written request,
the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided,
however, that the Company shall have delivered to the Trustee at least twenty (20) days prior to the redemption date (or
such shorter period as is acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice
and setting forth the information to be stated in the notices as provided in the preceding paragraph. The notice sent in the manner
herein provided shall be conclusively presumed to have been duly given whether or not a Holder receives such notice. In any case,
failure to give such notice by mail (or electronically if held by DTC) or any defect in the notice to the Holder of any Note shall
not affect the validity of the proceeding for the redemption of any other Note.

 

Notwithstanding any
of the foregoing, notices of redemption may be sent more than sixty (60) days prior to a redemption date if the notice is issued
in connection with a satisfaction and discharge of this Indenture.

 

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Section
3.4 Effect of Notice of Redemption.

 

Once notice of redemption
is mailed in accordance with Section 3.3, subject to any conditions, Notes called for redemption become irrevocably due and payable
on the redemption date at the Redemption Price. On and after the redemption date, interest shall cease to accrue on Notes or portions
thereof called for redemption, provided that the Company has delivered the requisite funds to the Trustee or the Paying
Agent.

 

Section
3.5 Deposit of Redemption Price.

 

On or before 11:00
a.m. (New York City time) on each redemption date the Company shall deposit with the Trustee or with the Paying Agent (other than
the Company or a Subsidiary thereof) money sufficient to pay the Redemption Price (including any applicable premium) of and accrued
and unpaid interest, if any, for all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the
Redemption Price (including any applicable premium) of, and accrued and unpaid interest, if any, on, all Notes to be redeemed.

 

Section
3.6 Notes Redeemed in Part.

 

In the case of Certificated
Notes, upon surrender and cancellation of a Note that is redeemed in part, the Company shall execute and, upon receipt of an Authentication
Order, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the
unredeemed portion of the Note surrendered.

 

Section
3.7 Optional Redemption.

 

(a)              
[Reserved].

 

(b)              
Optional Redemption on or After August 15, 2023. At any time and from time to time on and after August 15, 2023,
the Company, at its option, may redeem the Notes, in whole or in part, upon not less than fifteen (15) nor more than sixty (60)
days’ prior written notice to Holders and not less than twenty (20) days’ prior written notice to the Trustee (or such
shorter timeline as the Trustee may agree), at the redemption prices (expressed as percentages of the principal amount of the Notes
to be redeemed) set forth below, plus accrued and unpaid interest, if any, to but not including the applicable redemption date
(subject to the right of Holders on the relevant record date to receive interest due on an interest payment date falling on or
prior to the redemption date), if redeemed during the 12-month period beginning on August 15 of each of the years set forth below.

 

	Year	 	Redemption Price	 
	2023	 	 	102.313	%
	2024	 	 	101.156	%
	2025 and thereafter	 	 	100.000	%

 

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(c)               Optional
Redemption with Proceeds of Qualified Equity Offerings. At any time and from time to time prior to August 15, 2023, upon
not less than fifteen (15) nor more than sixty (60) days’ prior written notice to Holders and not less than twenty (20)
days’ prior written notice to the Trustee (or such shorter timeline as the Trustee may agree), the Company, at its
option, may redeem up to 40% of the aggregate principal amount of the outstanding Notes (including any Additional Notes) at a
redemption price equal to 104.625% of the principal amount of the Notes redeemed, plus accrued and unpaid interest, if any,
to but not including the applicable redemption date (subject to the right of Holders on the relevant record date to receive
interest due on an interest payment date falling on or prior to the redemption date) if:

 

		(1)	such redemption is made with the net proceeds of one or more Qualified Equity Offerings;

 

		(2)	at least 60% of the aggregate principal amount of the Notes (including any Additional Notes) issued under this Indenture remains
outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or its Subsidiaries);
and

 

		(3)	the redemption occurs within 90 days following the closing of such Qualified Equity Offering.

 

(d)              
Optional Redemption at Make-Whole Price. At any time and from time to time prior to August 15, 2023, upon not less
than fifteen (15) nor more than sixty (60) days’ prior written notice to Holders and not less than twenty (20) days’
prior written notice to the Trustee (or such shorter timeline as the Trustee may agree), the Company, at its option, may redeem
the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes, plus the Applicable Premium
as of, and accrued and unpaid interest to but not including the redemption date (subject to the right of Holders on the relevant
record date to receive interest due on an interest payment date falling on or prior to the redemption date).

 

(e)              
Optional Redemption before August 15, 2023. At any time and from time to time prior to August 15, 2023, upon
not less than fifteen (15) nor more than sixty (60) days’ prior written notice to Holders and not less than twenty (20) days’
prior written notice to the Trustee (or such shorter timeline as the Trustee may agree), the Company, at its option, may redeem
up to 10% of the aggregate principal amount of the outstanding Notes (including any Additional Notes) during each twelve-month
period commencing with the Issue Date, at a redemption price equal to 103% of the principal amount of the Notes redeemed, plus
accrued and unpaid interest, if any, to but not including the applicable redemption date (subject to the right of Holders on the
relevant record date to receive interest due on an interest payment date falling on or prior to the redemption date).

 

(f)                Notice
of any redemption or any redemption in respect of the Notes may, at the Company’s discretion, be subject to one or more
conditions precedent, including, but not limited to, completion of any related Qualified Equity Offering. In addition, if
such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption 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), or such redemption may not occur and such
notice, upon written notice to the Trustee, may be rescinded in the event that any or all such conditions shall not have been
satisfied (waived) by the redemption date as stated in such notice, or by the redemption date as so delayed; provided that
in no event shall such redemption date be delayed to a date later than sixty (60) days after the date on which the original
redemption notice was sent. The Company shall provide notice to the Trustee at least one Business Day prior to the then
scheduled redemption date of the delayed redemption date or the rescinding of the redemption notice. The Company may provide
in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such
redemption may be performed by another Person.

 

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

 

Section
3.8 Offer to Purchase.

 

In the event that the
Company shall be required to commence an Offer to Purchase pursuant to an Asset Sale Offer or a Change of Control Offer, the Company
shall follow the procedures specified below.

 

On the Purchase Date,
the Company shall, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary in the case of
an Asset Sale Offer, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Offer to Purchase and not withdrawn;
provided, however, that the authorized denominations of the Notes are maintained. All such Notes delivered in response
of an Offer to Purchase shall be in $2,000 principal amounts or an integral multiple of $1,000 in excess thereof.

 

On the Purchase Date,
the Company shall purchase the aggregate principal amount of Notes so accepted for payment (the “Offer Amount”).
If the Purchase Date is on or after the interest record date and on or before the related interest payment date, accrued and unpaid
interest, if any, shall be paid to the Person in whose name a Note is registered at the close of business on such record date,
and no additional interest shall be payable to the Holders who tender Notes pursuant to the Offer to Purchase.

 

On or before
11:00 a.m. (New York City time) on each Purchase Date, the Company shall deposit with the Trustee or Paying Agent (other than
the Company or a Subsidiary thereof) the aggregate purchase price equal to the Offer Amount, together with accrued and unpaid
interest, if any, for all the Notes accepted for payment (taking into account the provisions of the immediately preceding
paragraph). The Trustee or the Paying Agent shall promptly, following such payment to Holders, return to the Company any
money deposited with the Trustee or Paying Agent by the Company in excess of the amounts necessary to pay the Offer Amount
together with accrued and unpaid interest, if any, on the Notes accepted for payment and not withdrawn (taking into account
the provisions of the immediately preceding paragraph). The Company, the Depositary or the Paying Agent, as the case may be,
shall promptly (but in any case not later than three (3) Business Days after the Purchase Date) mail or deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for
purchase, plus any accrued and unpaid interest, if any, on the Notes accepted for payment (taking into account the provisions
of the immediately preceding paragraph), and the Company shall promptly issue a new Note, and the Trustee, upon receipt of an
Authentication Order, shall authenticate and mail or deliver at the expense of the Company such new Note to such Holder,
equal in principal amount to any unpurchased portion of such Holder’s Notes surrendered; provided that each
such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Note not so
accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the
results of the Offer to Purchase on or as soon as reasonably practicable after the Purchase Date.

 

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Other than as specifically
provided in this Section 3.8, any purchase pursuant to this Section 3.8 shall be made pursuant to the provisions of Sections 3.1
through 3.6 hereof.

 

Section
3.9 [Reserved]

 

Section
3.10 Mandatory Redemption.

 

The Company shall not
be required to make mandatory redemption or sinking fund payments with respect to the Notes; provided, however, that
under certain circumstances, the Company may be required to offer to purchase the Notes described under Sections 4.10 and 4.14
hereof. The Company may at any time and from time to time purchase the Notes in the open market or otherwise.

   

Article
IV

COVENANTS

 

Section
4.1 Payment of Notes.

 

The Company shall pay
or cause to be paid through the Paying Agent the principal of, premium, if any, and interest on the Notes on the dates and in the
manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid for all purposes hereunder on the
date the Paying Agent, if other than the Company or a Subsidiary thereof, holds, as of 11:00 a.m. (New York City time), money deposited
by the Company in immediately available funds and designated for and sufficient to pay all such principal, premium, if any, and
interest then due. All of the funds provided to the Paying Agent must be in U.S. Dollars.

 

Section
4.2 Maintenance of Office or Agency.

 

The Company shall maintain
an office or agency where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served.
The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or
agency.

 

The Company may
also from time to time designate one (1) or more other offices or agencies where the Notes may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or
agency.

 

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Section
4.3 Reports.

 

Notwithstanding that
the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will provide
the Trustee with such annual and quarterly reports and such information, documents and other reports as are specified in Sections
13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such information, documents and
reports to be so provided at the times specified for the filing of such information, documents and reports under such Sections.

 

Notwithstanding the
foregoing, the Company will not be required to furnish any information required by Rule 3-05, 3-09 or 3-10 of Regulation S-X.

 

The financial statements,
information and other documents required to be provided as described above may be those of (i) the Company or (ii) any direct or
indirect parent of the Company; provided that, if the financial information so delivered relates to such direct or indirect
parent of the Company, and such parent conducts, transacts or engages in any material business or operations other than its direct
or indirect ownership of all of the Equity Interests in, and its management, of the Company, the same is accompanied by a reasonably
detailed description of the quantitative differences between the information relating to such parent, on the one hand, and the
information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand.

 

The Company will not
be required to provide the Trustee with any such information, documents or reports that are filed with the SEC and the Trustee
shall have no responsibility whatsoever to determine if such reports and information have been filed with the SEC or to monitor
the Company’s filings.

 

Notwithstanding anything
herein to the contrary, the Company will not be deemed to have failed to comply with any of its obligations hereunder for purposes
of Section 6.1(5) until 120 days after the date any report hereunder is due.

 

Any such reports delivered
or filed by the Company with the Trustee shall be considered for informational purposes only and the Trustee’s receipt of
such reports shall not constitute notice or actual knowledge 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).

 

Section
4.4 Compliance Certificate.

 

The Company shall
deliver to the Trustee, within 120 days after the end of each fiscal year, an Officer’s Certificate stating, as to each
such Officer signing such certificate, that, to his or her knowledge, each of the Company and the Guarantors is not in
default as of the end of such fiscal year in the performance or observance of any of the terms, provisions and conditions of
this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default
of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and
that, to his or her knowledge, no event has occurred and remains in existence by reason of which payments on account of the
principal of, premium, if any, or interest on the Notes is prohibited or if such event has occurred, a description of the
event and what action the Company is taking or proposes to take with respect thereto.

 

    -72-

     

    

 

The Company shall,
so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any Officer of the Company becoming aware of
any Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default and what action the
Company is taking or proposes to take with respect thereto.

 

Section
4.5 Taxes.

 

The Company shall pay,
and shall cause each of its Subsidiaries to pay, prior to delinquency all material taxes, assessments and governmental levies,
except such as are contested in good faith and by appropriate negotiations and proceedings and with respect to which appropriate
reserves have been taken in accordance with GAAP or where the failure to effect such payment is not adverse in any material respect
to the Holders.

 

Section
4.6 Stay, Extension and Usury Laws.

 

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

 

Section
4.7  Limitation on Restricted Payments.

 

The Company shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment unless, at the time of such Restricted
Payment:

 

(a)              
no Event of Default shall have occurred and be continuing or would occur as a consequence thereof;

 

(b)              
after giving effect to such Restricted Payment on a Pro Forma Basis, the Company could Incur at least $1.00 of additional
Debt (other than Permitted Debt) pursuant to the provisions described in the first paragraph under Section 4.9; and

 

(c)              
such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its
Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (ii) through (xii), (xiv) and
(xv) of the next succeeding paragraph), shall not exceed the sum (without duplication) of:

 

(1)               50%
of the Consolidated Net Income (or, if Consolidated Net Income shall be a deficit, minus 100% of such deficit) of the Company
accrued on a cumulative basis during the period (taken as one accounting period) from and including January 1, 2021 and
ending on the last day of the Company’s most recently ended fiscal quarter for which internal financial statements are
available at the time of such Restricted Payment, plus

 

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(2)              
100% of the aggregate net proceeds (including the Fair Market Value of property other than cash) received by the Company
subsequent to the Issue Date either (i) as a contribution to its common equity capital or (ii) from the issuance or sale (other
than to a Restricted Subsidiary) of its Equity Interests (other than Disqualified Stock); provided that (x) this shall
apply only to the extent such net proceeds have not been used to make any Restricted Payments pursuant to clauses (ii) and (iii)(y)
of the next succeeding paragraph and (y) such proceeds shall not include any Available Excluded Contribution Amount that has been
used to make a Restricted Payment, plus

 

(3)              
the amount equal to the sum of (x) the net reduction in Investments (other than Permitted Investments) made by the Company
or any Restricted Subsidiary, subsequent to the Issue Date, in any Person, resulting from payments of interest on Debt, dividends,
repayments of loans or advances, repurchases, repayments or redemptions of such Investments by such Person; proceeds (including
the Fair Market Value of property other than cash) representing the return of capital; and proceeds (including the Fair Market
Value of property other than cash) received upon the sale or other disposition of such Investments and (y) in the event that any
Unrestricted Subsidiary is redesignated as a Restricted Subsidiary, the portion (proportionate to the Company’s or any Restricted
Subsidiary’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Unrestricted Subsidiary
at the time such Unrestricted Subsidiary is re-designated as a Restricted Subsidiary; provided, however, that
the foregoing sum will not exceed, in the case of any such Person, the amount of Investments (other than Permitted Investments)
previously made (and treated as a Restricted Payment) by the Company or any Restricted Subsidiary in such Person or Unrestricted
Subsidiary, plus

 

(4)              
the amount by which Debt of the Company and its Restricted Subsidiaries is reduced on the Company’s balance sheet
upon the conversion into or exchange (other than by a Restricted Subsidiary of the Company) subsequent to the Issue Date for Equity
Interests (other than Disqualified Stock) of the Company or any of its Restricted Subsidiaries (less the amount of any cash, or
the Fair Market Value of any other property, distributed by the Company or any of its Restricted Subsidiaries (other than to the
Company or any of its Restricted Subsidiaries) upon such conversion or exchange), plus

 

(5)              
$250.0 million.

 

Notwithstanding the
foregoing provisions, the Company and its Restricted Subsidiaries may take the following actions:

 

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

  

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(ii)          
 any Restricted Payment made in exchange for, or with the net proceeds from, the substantially concurrent issuance or sale
(other than to a Restricted Subsidiary of the Company) of Equity Interests (other than Disqualified Stock) of the Company (or any
direct or indirect parent of the Company) or a substantially concurrent equity contribution received by the Company or such Restricted
Subsidiary;

 

(iii)         
the making of any payment (including a sinking fund payment) on or with respect to, or the purchase, repurchase, redemption,
defeasance, acquisition or retirement for value of any Debt or Disqualified Stock of the Company or any of its Restricted Subsidiaries
that is subordinate in right of payment to the Notes or to any Note Guarantee (A) with, in exchange for, or with the net proceeds
from (x) an Incurrence of new Debt of the Company or any of its Restricted Subsidiaries, as the case may be, Incurred in accordance
with this Indenture or (y) an issuance or sale of Equity Interests (other than Disqualified Stock) of the Company (or any direct
or indirect parent of the Company), and/or any capital contribution in respect of such Equity Interests (other than any amount
that has been added to the Available Excluded Contribution Amount), and (B) as a result of the conversion of all or any portion
of such Debt or Disqualified Stock into Equity Interests of the Company (or any direct or indirect parent of the Company) (other
than Disqualified Stock of the Company);

 

(iv)          the
purchase, repurchase, redemption, retirement or other acquisition for value of Equity Interests in the Company or any direct
or indirect parent of the Company held by current or former officers, directors, employees or consultants (or their
respective permitted transferees, estates or beneficiaries under their estates) of any such parent, the Company or any of its
Restricted Subsidiaries; provided that the aggregate consideration paid for such purchase, repurchase, redemption,
retirement or other acquisition for value of such Equity Interests does not exceed in any calendar year the greater of (x)
$25.0 million and (y) 0.5% of Consolidated Total Assets (plus the amount of net cash proceeds received by the Company
and its Restricted Subsidiaries (a) in respect of “key-man” life insurance, (b) from the issuance of Equity
Interests by the Company to members of management of the Company and its Subsidiaries, to the extent that those amounts did
not provide the basis for any previous Restricted Payment and (c) amounts obtained by any direct or indirect parent of the
Company (to the extent contributed to the Company or a Restricted Subsidiary) during the applicable calendar year from the
sale of Equity Interests to other officers, directors, employees or consultants of such parent and its Subsidiaries in
connection with any permitted compensation or incentive arrangements) in any calendar year; provided that any unused
amounts in any fiscal year may be carried forward to one or more future periods; provided, further, that the
aggregate amount of repurchases made pursuant to this clause (iv) may not exceed the greater of (x) $60.0 million and (y)
1.0% of Consolidated Total Assets (plus the amount of net cash proceeds received by the Company and its Restricted
Subsidiaries (a) in respect of “key-man” life insurance, (b) from the issuance of Equity Interests by the
Company to members of management of the Company and its Subsidiaries, to the extent that those amounts did not provide the
basis for any previous Restricted Payment, and (c) amounts obtained by any direct or indirect parent of the Company (to the
extent contributed to the Company or a Restricted Subsidiary) during the applicable calendar year from the sale of Equity
Interests to other officers, directors, employees or consultants of such parent and its Subsidiaries in connection with any
permitted compensation or incentive arrangements) in any calendar year;

 

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(v)          
repurchases of Equity Interests deemed to occur upon the exercise of stock options, warrants or other convertible or exchangeable
securities to the extent such Equity Interests represent all or a portion of the exercise price of those stock options, warrants
or other convertible or exchangeable securities or all or a portion of any taxes required to be withheld in connection with such
exercise;

 

(vi)         
the prepayment of Debt owed by the Company or any of its Restricted Subsidiaries to the Company or any of its Restricted
Subsidiaries, the Incurrence of which was permitted pursuant to Section 4.9;

 

(vii)        
the declaration and payment of dividends to holders of any class or series of Disqualified Stock of the Company or any of
its Restricted Subsidiaries issued or Incurred in compliance with Section 4.9 to the extent such dividends are included in the
definition of “Consolidated Fixed Charges”;

 

(viii)       
the declaration of any dividend or distribution by any of the Company’s Restricted Subsidiaries to the holders of
its Equity Interests on a pro rata basis;

 

(ix)          
upon the occurrence of (i) a Change of Control and after the completion of the Offer to Purchase pursuant to Section 4.14
or (ii) an Asset Sale to the extent that an Offer to Purchase is required to be made in accordance with this Indenture and after
the completion of the Offer to Purchase pursuant to Section 4.10 (including, in each case, the purchase of all Notes validly tendered
(and not withdrawn), any purchase, defeasance, retirement, redemption or other acquisition of Debt that is contractually subordinated
in right of payment to the Notes or any Note Guarantee required under the terms of such Debt as a result of such Change of Control
or Asset Sale, as applicable;

 

(x)           
payments or distributions of Equity Interests or Debt or other securities of an Unrestricted Subsidiary;

 

(xi)         
Restricted Payments to a direct or indirect parent of the Company in amounts sufficient to permit such parent to pay (or
to make a dividend to permit any direct or indirect parent to pay):

 

		(A)	income tax obligations in each relevant jurisdiction, for so long as the Company or such Restricted Subsidiary is a member
of the group filing a consolidated, combined, unitary, affiliated or other similar tax return with such parent, and only to the
extent that such tax liability is directly attributable to the taxable income of the Company or such Restricted Subsidiary (that
are included in such consolidated, combined, unitary, affiliated or other similar tax return), determined as if the Company or
such Restricted Subsidiary filed a separate consolidated, combined, unitary, affiliated or other similar tax return as a stand-alone
group and will be used to pay (or to make distributions to allow any direct or indirect parent to pay), promptly, and in any event
within forty-five (45) days of the receipt thereof, the tax liability in each relevant
jurisdiction in respect of such consolidated, combined, unitary, affiliated or other similar returns;

 

    -76-

     

    

 

		(B)	franchise taxes and other fees, taxes and expenses required to maintain such parent’s corporate existence; and

 

		(C)	(i) operating expenses incurred in the ordinary course of business and other corporate overhead costs and expenses (including
administrative, legal, accounting and similar expenses provided by third parties), plus any reasonable and customary indemnification
claims made by directors or officers of the Company (or any parent thereof) attributable to the ownership or operations of the
Company and its Subsidiaries or (ii) fees and expenses otherwise (1) due and payable by the Company or any of its Subsidiaries
and (2) permitted to be paid by the Company or such Subsidiary under this Indenture;

 

(xii)        
Restricted Payments in an amount not to exceed the portion, if any of the Available Excluded Contribution Amount on such
date that the Company elects to apply to this clause (xii);

 

(xiii)       
so long as no Event of Default shall have occurred and be continuing or would occur as a consequence thereof, dividends
on, or the purchase, redemption, defeasance or other acquisition or retirement for value of, Equity Interests in the Company or
the payment of dividends to any direct or indirect parent of the Company to fund a payment of dividends on such company’s
or parent’s common stock or to fund such company’s or parent’s purchase, redemption, defeasance or other acquisition
or retirement for value of such company’s or parent’s common stock (excluding any debt security that is convertible
into, or exercisable for, common stock), in an amount per calendar year not to exceed the sum of (A) 6% of the net cash proceeds
received by or contributed to the Company from a capital contribution or the issuance or offering of its Equity Interests after
the Issue Date, other than (x) with respect to Disqualified Stock or (y) to the extent such proceeds constitute Available Excluded
Contribution Amounts the Company has elected to apply to clause (xii) above and (B) an aggregate amount not to exceed the greater
of (x) $150.0 million and (y) 5.0% of Market Capitalization;

 

(xiv)       
additional Restricted Payments so long as the Consolidated Total Net Leverage Ratio for the Company’s most recently
ended Four-Quarter Period for which internal financial statements are available immediately preceding the date on which any such
Restricted Payment is made would have been no greater than 3.00 to 1.00, determined on a Pro Forma Basis; and

 

(xv)        
other Restricted Payments not in excess of an aggregate amount equal to $100.0 million.

 

For purposes of
this Section 4.7, if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described
above and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Company
may classify all or any portion of such Investment or Restricted Payment in any manner that complies with this Section 4.7
and may later reclassify from time to time all or any portion of such Investment or Restricted Payment so long as the
Investment or Restricted Payment (as so reclassified) would be permitted to be made in reliance on the applicable exception
as of the date of such reclassification.

 

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If any Person in which
an Investment is made, which Investment constitutes a Restricted Payment when made, thereafter becomes a Restricted Subsidiary
in accordance with this Indenture, all such Investments previously made in such Person shall no longer be counted as Restricted
Payments for purposes of calculating the aggregate amount of Restricted Payments pursuant to clause (c) of the first paragraph
under this Section 4.7, in each case to the extent such Investments would otherwise be so counted.

 

For
purposes of this Section 4.7, if a particular Restricted Payment involves a non-cash payment, including a distribution of assets
or securities, then such Restricted Payment shall be deemed to be an amount equal to the cash portion of such Restricted Payment,
if any, plus an amount equal to the Fair Market Value of the non-cash portion of such Restricted Payment, and the Fair Market Value
of any such non-cash portion shall be determined conclusively by the Board of Directors of the Company acting in good faith.

 

Section
4.8 Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries.

 

The Company shall not
permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 

(i)           
pay dividends or make any other distributions to the Company or any Restricted Subsidiary with respect to its Capital Stock
or any other interest or participation in, or measured by, its profits or pay any Debt owed to the Company or any Restricted Subsidiary
(it being understood that the priority of any preferred stock in receiving dividends or liquidating distributions prior to dividends
or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions
on Capital Stock and the subordination of loans or advances made to the Company or any of its Restricted Subsidiaries to other
Debt Incurred by the Company or any of its Restricted Subsidiaries shall not be deemed a restriction on the ability to pay any
Debt or other Obligations);

 

(ii)          
make any loans or advances to the Company or any Restricted Subsidiary (it being understood that the subordination of loans
or advances made to the Company or any of its Restricted Subsidiaries to other Debt Incurred by the Company or any of its Restricted
Subsidiaries shall not be deemed a restriction on the ability to make loans or advances); or

 

(iii)         
sell, lease or transfer any of its property or assets to the Company or any Restricted Subsidiary (it being understood that
such transfers shall not include any type of transfer described in clause (i) or (ii) above).

 

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However, the preceding restrictions will
not apply to encumbrances or restrictions existing under or by reason of:

 

(a)              
agreements or instruments in effect or entered into on the Issue Date, including agreements or instruments governing Debt
outstanding on the Issue Date, and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements,
refinancings or extensions thereof; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements, refinancings or extensions are not materially more restrictive, taken as a whole, as determined
in good faith by the Company, with respect to such dividend and other payment restrictions than those contained in the agreements
or instruments governing such Debt on the Issue Date;

 

(b)              
any agreement relating to an acquisition of property, so long as the encumbrances or restrictions in any such agreement
relate solely to the property so acquired (and are not or were not created solely in contemplation of or in connection with the
acquisition thereof) and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements,
refinancings or extensions thereof; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements, refinancings or extensions are not materially more restrictive, taken as a whole, as determined
in good faith by the Company, with respect to such dividend and other payment restrictions than those contained in the agreement
prior to such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements, refinancings
or extensions;

 

(c)              
any agreement or other instrument of a Person acquired by the Company or any of its Restricted Subsidiaries in existence
at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person and its Subsidiaries, or the property or assets
of the Person and its Subsidiaries, so acquired, and any amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements, refinancings or extensions thereof; provided that such amendments, modifications, restatements,
renewals, increases, supplements, refundings, replacements, refinancings or extensions are not materially more restrictive, taken
as a whole, as determined in good faith by the Company, with respect to such dividend and other payment restrictions than those
contained in such agreements or other instruments prior to such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements, refinancings or extensions;

 

(d)              
customary provisions restricting subletting or assignment of any property or asset that is subject to any lease, contract,
or license of the Company or any of its Restricted Subsidiaries or provisions in agreements that restrict the assignment or transfer
of such agreement or any rights thereunder;

 

(e)              
applicable law, rule, regulation, order, approval, license, permit or similar restriction;

 

(f)               
any restriction on the sale or other disposition of assets or property securing Debt as a result of a Permitted Lien on
such assets or property;

 

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(g)              
 the Notes Documents, the ABL Facility and the other Loan Documents (as defined in the ABL
Facility, as in effect on the Issue Date), the June 2020 Notes Documents and in each case any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements, refinancings or extensions thereof; provided that
such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements, refinancings or extensions
are not materially more restrictive, taken as a whole, as determined in good faith by the Company, with respect to such dividend
and other payment restrictions than those contained in the ABL Facility and the other Loan Documents (as defined in the ABL Facility)
and the June 2020 Notes Documents, in each case, on the Issue Date;

 

(h)              
restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course
of business;

 

(i)               
customary provisions limiting the disposition or distribution of assets or property in partnership agreements, limited liability
company organizational materials, stockholder agreements, joint venture agreements, asset sale agreements, sale-leaseback agreements,
stock sale agreements and other similar agreements, which limitation is applicable only to the assets (including Equity Interests
of Subsidiaries) that are the subject of such agreements;

 

(j)               
Liens permitted to be incurred under this Indenture, including under Section 4.12, that limit the right of the Company or
any of its Restricted Subsidiaries to sell or dispose of the property or assets subject to such Liens;

 

(k)              
any agreement for the sale or other disposition of a Restricted Subsidiary that restricts distributions by that Restricted
Subsidiary pending its sale or other disposition;

 

(l)               
customary arrangements entered into or incurred by and relating exclusively to a Receivables Subsidiary in connection with
a Qualified Receivables Transaction that, in the good faith determination of the Company is reasonably necessary to effect such
Qualified Receivables Transaction;

 

(m)            
(i) purchase money obligations for property acquired in the ordinary course of business and (ii) Capital Lease Obligations
permitted under this Indenture that impose restrictions on the property purchased or leased of the nature described in clause (iii)
of the preceding paragraph of this Section 4.8;

 

(n)              
restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or
other agreement to which the Company or any Restricted Subsidiary a party entered into in the ordinary course of business;

 

(o)              
those arising in connection with any Hedging Obligations and/or Bank Product Obligations; and

 

(p)               those
arising under other Debt of the Company or any of its Restricted Subsidiaries permitted to be Incurred subsequent to the
Issue Date pursuant to Section 4.9; provided that the restrictions contained therein are not materially more
restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in this
Indenture or would not materially adversely affect the Company’s ability to make anticipated principal and interest
payments on the Notes, in each case, as determined in good faith by the Company.

 

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Nothing contained in this Section 4.8 shall
prevent the Company or any of its Restricted Subsidiaries from creating, incurring or suffering to exist any Permitted Lien or
Permitted Collateral Lien.

 

Section
4.9 Limitation on Incurrence of Debt.

 

The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt); provided, however,
that the Company and any Guarantor may Incur Debt (including Acquired Debt) if, the Company’s Consolidated Fixed Charge
Coverage Ratio for the Company’s most recently ended Four-Quarter Period for which internal financial statements are available
on or immediately preceding the date on which such additional Debt is Incurred, would have been at least 2.00 to 1.00, calculated
on a Pro Forma Basis (including a pro forma application of the net proceeds therefrom).

 

Notwithstanding the
first paragraph of this Section 4.9, the Company and its Restricted Subsidiaries may Incur Permitted Debt.

 

For purposes of determining
compliance with this Section 4.9, (x) Guarantees or obligations with respect to letters of credit supporting Debt otherwise included
in the determination of the amount of Debt shall not be included and (y) in the event that an item of Debt meets the criteria of
more than one of the categories of Permitted Debt and/or would have been permitted to have been Incurred pursuant to the first
paragraph of this Section 4.9, the Company, in its sole discretion, may classify, and from time to time may reclassify, all or
any portion of such item of Debt as being within one or more of such categories or as being Debt permitted to be Incurred pursuant
to the first paragraph of this Section 4.9; provided that all Indebtedness outstanding under the ABL Facility on the Issue
Date shall be treated as incurred under clause (i) of the definition of “Permitted Debt”. Debt permitted by this Section
4.9 need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by one such provision
and in part by one or more other provisions of this Section 4.9 permitting such Debt.

 

The accrual of interest
and dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest
on any Debt in the form of additional Debt, the payment of dividends on Equity Interests in the forms of additional shares of Equity
Interests with the same terms, and changes to amounts outstanding in respect of Hedging Obligations solely as a result of fluctuations
in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder will
not be deemed to be an Incurrence of Debt.

 

For purposes of
determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Debt, the U.S. Dollar-equivalent
principal amount of Debt denominated in a foreign currency shall be calculated based on the relevant currency exchange rate
in effect on the date such Debt was Incurred, in the case of term Debt, or first committed, in the case of revolving credit
Debt ;provided that if such Debt is Incurred to refinance other Debt denominated in a foreign currency, and such
refinancing would cause the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant
currency exchange rate in effect on the date of such refinancing, such U.S. Dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such Refinancing Debt does not exceed the principal amount of
such Debt being refinanced (plus interest or premiums, defeasance costs, underwriting discounts and fees and expenses
incurred in connection therewith). Notwithstanding any other provision of this Section 4.9, any increase in the U.S. Dollar
equivalent of outstanding Debt of the Company or any of its Restricted Subsidiaries denominated in a currency other than U.S.
Dollars resulting from fluctuations in the exchange values of currencies will not be considered to be an Incurrence of Debt
for purposes of this Section 4.9; provided that the amount of Debt of the Company and its Restricted Subsidiaries
outstanding at any time for purposes of covenant compliance will be the U.S. Dollar equivalent of all such Debt of the
Company and its Restricted Subsidiaries outstanding at such time.

 

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In the event an item
of Debt (or any portion thereof) is Incurred as Permitted Debt on the same date that an item of Debt is Incurred under the first
paragraph of this Section 4.9, then the Consolidated Fixed Charge Coverage Ratio will be calculated with respect to such Incurrence
under the first paragraph of this Section 4.9 without regard to any Incurrence of such Permitted Debt. Unless the Company elects
otherwise, the Incurrence of Debt will be deemed Incurred first under the first paragraph of this Section 4.9 to the extent permitted,
with the balance Incurred as Permitted Debt.

 

The Company will not,
and will not permit any Guarantor to Incur, any Debt that pursuant to its terms is subordinate or junior in right of payment to
any other Debt of the Company or such Guarantor, unless such Debt is also subordinated in right of payment to the Notes or the
Note Guarantee of such Guarantor, as the case may be, on substantially identical terms; provided that Debt will not
be considered subordinate or junior in right of payment to any other Debt solely by virtue of being unsecured or by virtue of being
secured on a junior lien or priority basis.

 

Section
4.10 Limitation on Asset Sales.

 

The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

 

(1)           
The Company or the Restricted Subsidiary, as the case may be, receives consideration at the time of the Asset Sale at least
equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; and

 

(2)           
at least 75% of the consideration received by the Company or such Restricted Subsidiary, as the case may be, in such Asset
Sale is in the form of cash, Cash Equivalents or Replacement Assets; provided that to the extent the assets disposed
of constituted Collateral, any Replacement Assets received constitute Collateral.

 

For purposes of this
provision, each of the following will be deemed to be cash:

 

(a)               any
liabilities (as shown on the most recent consolidated balance sheet of the Company (or any direct or indirect parent of the
Company) or in the notes thereto or, if incurred, increased, or decreased subsequent to the date of such balance sheet, such
liabilities that would have been reflected on such balance sheet or in the notes thereto if such incurrence, increase or
decrease had taken place on the date of such balance sheet, as reasonably determined in good faith by the Company) of the
Company or a Restricted Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to
the Notes or any Note Guarantee) that are assumed by the transferee (or a third party on behalf of the transferee) of any
such assets pursuant to an agreement that releases or indemnifies the Company or such Restricted Subsidiary (or a third party
on behalf of the transferee), as the case may be, from further liability;

 

    -82-

     

    

 

(b)              
any Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale having
an aggregate Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause
(b), less the amount of cash or Cash Equivalents received in connection with a subsequent sale, redemption or payment of, or collected
on or with respect to any such Designated Non-cash Consideration, not to exceed 5.0% of Consolidated Total Assets at the time of
receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration
being measured at the time received and without giving effect to subsequent changes in value); and

 

(c)              
any securities, notes or other obligations or assets received by the Company or any such Restricted Subsidiary from such
transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days of their
receipt to the extent of the cash or Cash Equivalents received in that conversion;

 

Within 365 days after the receipt of any
Net Cash Proceeds from an Asset Sale, the Company or the applicable Restricted Subsidiary, as the case may be, may apply (or cause
to be applied) such Net Cash Proceeds at its option:

 

(1)          
(x) to the extent such Net Cash Proceeds constitute proceeds from the sale of Collateral, to repay First Lien Obligations,
or (y) to the extent such Net Cash Proceeds constitute proceeds from the sale of assets not constituting Collateral, to repay any
Debt of a Restricted Subsidiary that is not a Guarantor;

 

(2)          
to prepay, repay or purchase (or offer to prepay, repay or purchase, as applicable) the Notes and any other Second Lien
Obligations on a pro rata basis; provided that any repayment, prepayment or purchase of (or offer to repay,
prepay or purchase) obligations under the Notes shall be made (x) as provided in Section 3.7, (y) through open-market purchases
(to the extent such purchases are at or above 100% of the principal amount of the Notes purchased, plus accrued and unpaid interest
to but excluding the date of purchase) or (z) by making an Offer to Purchase (in accordance with the procedures set forth below
with respect to Excess Proceeds) to all holders of Notes to purchase their Notes (at 100% of the principal amount of the Notes
purchased, plus accrued and unpaid interest to but excluding the date of purchase);

 

(3)          
to make capital expenditures or expenditures for maintenance, repair or improvement of existing properties and assets;
provided that to the extent such Net Cash Proceeds constitute proceeds from the disposition of Collateral, such properties
and assets constitute Collateral;

 

    -83-

     

    

 

(4)          
 to acquire Replacement Assets; provided that to the extent such Net Cash Proceeds constitute proceeds from
the disposition of Collateral, such Replacement Assets also constitute Collateral; or

 

(5)          
any combination of the foregoing;

 

or enter into a binding commitment regarding
clauses (3) or (4) above; provided that such binding commitment shall be treated as a permitted application of Net
Cash Proceeds from the date of such commitment until the earlier of (x) the date on which such acquisition or expenditure is consummated
and (y) the 180th day following the expiration of the aforementioned 365 day period. If such acquisition or expenditure is not
consummated on or before such 180th day and the Company or such Restricted Subsidiary shall not have applied such Net Cash Proceeds
pursuant to clauses (1) through (5) of this paragraph on or before such 180th day, such commitment shall be deemed not to have
been a permitted application of Net Cash Proceeds on such 180th day.

 

Pending the final application
of any such Net Cash Proceeds, the Company or a Restricted Subsidiary may temporarily reduce Debt under Credit Facilities or otherwise
invest such Net Cash Proceeds in any manner that is not prohibited by this Indenture.

 

Any Net Cash Proceeds
from Asset Sales that are not applied or invested as provided in the third paragraph of this Section 4.10 will constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $75.0 million, within thirty days thereof, the Company
will make an Offer to Purchase to all Holders and all holders of Pari Passu Debt containing provisions similar to those set forth
in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, in each case, equal to the
maximum principal amount of Notes and such other Pari Passu Debt that may be purchased out of the Excess Proceeds. The offer price
in any such Offer to Purchase will be equal to 100% of the principal amount of the Notes purchased, plus accrued and unpaid interest
to but excluding the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of such an
Offer to Purchase, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture and such
remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under this Indenture. If the aggregate principal
amount of Notes and such other Pari Passu Debt tendered into such Offer to Purchase exceeds the amount of Excess Proceeds, the
Trustee will select the Notes and the Company will select such other Pari Passu Debt to be purchased on a pro rata basis
as between the Notes and Pari Passu Debt. Upon completion of each Offer to Purchase, the amount of Excess Proceeds will be reset
at zero. Any such Offer to Purchase will be conducted in accordance with the procedures specified in Section 3.8.

 

To the extent that
any portion of Net Cash Proceeds payable in respect of the Notes is denominated in a currency other than U.S. Dollars, the amount
thereof payable in respect of the Notes shall not exceed the net amount of funds in U.S. Dollars that is actually received by the
Company upon converting such portion into U.S. Dollars.

 

The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to
the extent such laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Offer to
Purchase. To the extent that the provisions of any securities laws or regulations conflict with Section 3.8 or this Section
4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under Section 3.8 or this Section 4.10 by virtue of such compliance.

 

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Section
4.11 Limitation on Transactions with Affiliates.

 

The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from in any transaction or series
of related transactions, or enter into or make or amend, any contract, agreement, loan, advance or guarantee with, or for the benefit
of, any Affiliate of the Company (each of the foregoing, an “Affiliate Transaction”) involving aggregate consideration
in excess of $25.0 million, unless:

 

(i)           
such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted
Subsidiary than those that could reasonably have been obtained in a comparable arm’s-length transaction by the Company or
such Restricted Subsidiary with an unaffiliated third party; and

 

(ii)          
with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $50.0 million, the Company delivers to the Trustee a resolution adopted by the Board of Directors of the Company approving
such Affiliate Transaction and an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (i)
above.

 

The foregoing limitation does not limit,
and shall not apply to:

 

(i)            
Permitted Investments and/or other Restricted Payments that are permitted by Section 4.7;

 

(ii)          
the payment of any fees or expenses incurred or paid by the Company and any Restricted Subsidiary in connection with the
Transactions;

 

(iii)         
any employment or consulting agreement, director’s engagement agreement, employee benefit plan, officer or director
indemnification agreement, severance arrangement, compensation or any similar arrangement entered into by the Company (or any direct
or indirect parent thereof) or any of its Restricted Subsidiaries in the ordinary course of business or approved in good faith
by the relevant Board of Directors and payments pursuant thereto;

 

(iv)         
the payment of reasonable fees, reasonable out of pocket costs, compensation and other benefits (including retirement, health,
stock, option, deferred compensation and other benefit plans), reimbursements and indemnities paid to, or provided on behalf of,
or for the benefit of, former, current or future directors, officers, employees, managers and consultants of any direct or indirect
parent of the Company, the Company or any of its Restricted Subsidiaries to the extent attributable to the ownership or operation
of the Company and its Restricted Subsidiaries;

 

    -85-

     

    

 

(v)          
 payments to any future, current or former employee, director, officer or consultant of Company (any direct or indirect
parent thereof) or any of its Subsidiaries pursuant to a management equity plan or stock option plan or any other management or
employee benefit plan or agreement or any stock subscription or shareholder agreement and any employment agreements, stock option
plans and other compensatory arrangements (and any successor plans thereto) and any health, disability and similar insurance or
benefit plans or supplemental executive retirement benefit plans or arrangements with any such employees, directors, officers or
consultants that are, in each case, approved by the Company in good faith;

 

(vi)         
transactions between or among the Company and one or more of its Restricted Subsidiaries (including any Person that becomes
a Restricted Subsidiary in connection with such transaction) or between or among one or more Restricted Subsidiaries (including
any Person that becomes a Restricted Subsidiary in connection with such transaction);

 

(vii)        
any transaction with a Person which would constitute an Affiliate Transaction solely because the Company or a Restricted
Subsidiary owns, directly or indirectly, Equity Interests of or otherwise controls such Person

 

(viii)       
the issuance or sale of Capital Stock or other Equity Interests of any direct or indirect parent of the Company to the management
of the Company, any of its Restricted Subsidiaries (or any direct or indirect parent thereof), or any of their respective subsidiaries
pursuant to employee and severance arrangements in the ordinary course of business, or to any director, officer, employee or consultant
(or their respective estates, investment funds, investment vehicles, spouses or former spouses) of the Company, any of the Company’s
subsidiaries or any direct or indirect parent of the Company and the granting and performing of reasonable and customary registration
rights;

 

(ix)          
any agreement, instrument or arrangement as in effect on the Issue Date (including agreement, instrument or arrangement
underlying affiliate transactions described in this offering memorandum), and any transactions contemplated thereby and amendments
or modifications thereto or replacements thereof, so long as any such amendment, modification or replacement is not disadvantageous
in any material respect to the Holders, taken as a whole, as compared to the original agreement, instrument or arrangement in effect
on the Issue Date;

 

(x)           
transactions as to which the Company or any Restricted Subsidiary delivers to the Trustee a written opinion of an investment
banking, accounting, consulting or appraisal firm of national standing in the United States to the effect that the transaction
complies with clause (i) above or is fair, from a financial point of view or otherwise, to the Company or the Restricted Subsidiary
that is a party thereto, as the case may be;

 

(xi)          
any contribution of capital to the Company or any Restricted Subsidiary otherwise permitted hereunder;

 

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(xii)         
 transactions with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services,
in each case, in the ordinary course of business or consistent in all material respects with past practice and which are (x) in
the good faith determination of the Company (including by senior management or the board thereof), fair to the Company and its
Restricted Subsidiaries or (y) on terms that are not less favorable, taken as a whole, to the Company or such Restricted Subsidiary,
than those that might reasonably have been obtained in a comparable arm’s-length transaction with an unaffiliated third party;

 

(xiii)       
sales or other dispositions of accounts receivable and related assets and interests therein of the type specified in the
definition of “Qualified Receivables Transaction” to a Receivables Subsidiary in a Qualified Receivables Transaction
and Permitted Investments and other transactions in connection with a Qualified Receivables Transaction and any other Standard
Securitization Undertakings in connection with a Qualified Receivables Transaction;

 

(xiv)       
the entering into of a tax sharing agreement, or payments pursuant thereto, between the Company and one or more Restricted
Subsidiaries, on the one hand, and any other Person (including any direct or indirect parent of the Company) with which the Company
and/or such Restricted Subsidiaries files a consolidated tax return; provided that any such tax sharing agreement, or payment
pursuant thereto, shall be on customary terms to the extent attributable to the ownership or operation of the Company and the relevant
Restricted Subsidiaries;

 

(xv)        
any merger, amalgamation, arrangement, consolidation or other reorganization of the Company with an Affiliate solely for
the purpose and with the sole effect of forming a holding company or reincorporating the Company in a new jurisdiction;

 

(xvi)       
transactions between the Company or any of its Restricted Subsidiaries and any Person that is an Affiliate solely because
one or more of its directors is also a director of the Company or any of its Restricted Subsidiaries; provided that such
director abstains from voting as a director of the Company or such Restricted Subsidiary, as the case may be, on any matter involving
such other Person;

 

(xvii)      
any issuance or sale of Capital Stock (other than Disqualified Stock) to Affiliates of the Company and any agreement that
grants registration and other customary rights in connection therewith or otherwise to the direct or indirect security holders
of the Company (and the performance of such agreements);

 

(xviii)      (A)
investments by Affiliates (other than any direct or indirect parent of the Company or any such parent’s subsidiaries)
in securities of the Company or any of the Restricted Subsidiaries (and payment of reasonable out-of-pocket expenses incurred
in connection therewith) so long as (x) the investment is being offered generally to investors on the same or more favorable
terms and (y) the investment constitutes less than 10.0% of the proposed issue amount of such class of securities, and (B)
transactions with Affiliates solely in their capacity as holders of Debt or Equity Interests of the Company or any of the
Restricted Subsidiaries, so long as such transaction is with all holders of such class (and there are such non-Affiliate
holders) and such Affiliates are treated no more favorably than all other holders of such class generally;

 

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(xix)        
any agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by, merged
into or amalgamated, arranged or consolidated with the Company or any of its Restricted Subsidiaries; provided that such
agreement was not entered into in contemplation of such acquisition, merger, amalgamation, arrangement or consolidation and any
amendment thereto (so long as any such amendment is not materially more disadvantageous to the Company or such Restricted Subsidiary
in the good faith judgment of Senior Management or the Board of Directors of the Company, when taken as a whole, as compared to
the applicable agreement as in effect on the date of such acquisition, merger, amalgamation, arrangement or consolidation);

 

(xx)         
any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any Affiliate of the Company, as
lessor, in the ordinary course of business, and any lease, sublease, license or sublicense of intellectual property in the ordinary
course of business;

 

(xxi)        
pledges of Equity Interests of Unrestricted Subsidiaries to support the Debt of any such Unrestricted Subsidiary; and

 

(xxii)       
payments to and from and transactions with any joint venture in the ordinary course of business; provided that such
joint venture is not controlled by an Affiliate (other than a Restricted Subsidiary) of the Company.

 

Section
4.12 Limitation on Liens.

 

The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur or assume any Lien of any kind
securing Debt on the Collateral, except Permitted Collateral Liens.

 

For purposes of determining
compliance with this Section 4.12, in the event that a proposed Lien (or a portion thereof) meets the criteria of more than one
of the categories described in one or more of the clauses contained in the definition of “Permitted Liens,” the Company
will be entitled to divide or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such
Lien (or any portion thereof) among one or more clauses contained in the definition of “Permitted Liens” in a manner
that otherwise complies with this Section 4.12. In the event a Lien (or any portion thereof) is Incurred under clause (mm) of the
definition of “Permitted Liens” on the same date that a Lien is incurred under a different clause of the definition
of “Permitted Liens”, then the Consolidated Secured Net Debt Ratio will be calculated with respect to such Incurrence
under such clause (mm) without regard to any Incurrence of such other Permitted Lien.

 

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Section
4.13 Limitation on Sale and Leaseback Transactions.

 

The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction unless:

 

(i)           
the consideration received in such Sale and Leaseback Transaction is at least equal to the Fair Market Value of the property
that is the subject of such Sale and Leaseback Transaction, and in the case of any Sale and Leaseback Transaction with a Fair Market
Value equal to or greater than $50.0 million, such Fair Market Value is certified to the Trustee in an Officer’s Certificate;

 

(ii)          
the Company or the Restricted Subsidiary could have incurred an aggregate amount of such Debt in an amount equal to the
Attributable Debt relating to such Sale and Leaseback Transaction under Section 4.9; and

 

(iii)         
if such Sale and Leaseback Transaction constitutes an Asset Sale, the transfer of assets in such Sale and Leaseback Transaction
is permitted by, and the Company or such Restricted Subsidiary, as the case may be, applies the Net Cash Proceeds of such transaction
in compliance with Section 4.10.

 

Section
4.14 Offer to Purchase upon a Change of Control.

 

Upon the occurrence
of a Change of Control, the Company will be required to make an Offer to Purchase (a “Change of Control Offer”)
all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a purchase
price (the “Purchase Price”) in cash equal to 101% of the principal amount of the Notes tendered, plus accrued
and unpaid interest to but not including the Purchase Date (subject to the right of Holders on the relevant record date to receive
interest due on an interest payment date falling on or prior to the Purchase Date). For purposes of the foregoing, a Change of
Control Offer shall be deemed to have been made if (i) within thirty (30) days following a Change of Control, the Company commences
an Offer to Purchase all outstanding Notes at the Purchase Price and (ii) all Notes validly tendered (and not withdrawn) pursuant
to the Offer to Purchase are purchased in accordance with the terms of such Offer to Purchase. Any Change of Control Offer will
be conducted in accordance with the procedures specified in Section 3.8.

 

The Company will not
be required to make a Change of Control Offer if (i) a third party makes such Offer to Purchase in the manner, at the times and
otherwise in compliance with the requirements set forth in this Section 4.14 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 or (ii) a notice of redemption
for all of the outstanding Notes has been given pursuant to Section 3.7. An Offer to Purchase may be made in advance of a Change
of Control (an “Advanced Offer to Purchase”), conditional upon such Change of Control, if a definitive agreement
is in place for the Change of Control at the time such Advanced Offer to Purchase is made. The Company will not be required to
make another Change of Control Offer if an Advanced Offer to Purchase has already been made.

 

The Company will
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to
the extent those laws and regulations are applicable in connection with any Offer to Purchase described above. To the extent
that the provisions of any securities laws or regulations conflict with Section 3.8 or this Section 4.14, the Company will
comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under
Section 3.8 or this Section 4.14 by virtue of such compliance.

 

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In the event that Holders
of not less than 90% of the aggregate principal amount of the outstanding Notes accept a Change of Control Offer (or Advanced Offer
to Purchase) and the Company purchases all of the Notes held by such Holders, within 90 days of such purchase, the Company will
have the right, upon not less than fifteen (15) days’ nor more than sixty (60) days’ prior notice, to redeem all of
the Notes that remain outstanding following such purchase at the Purchase Price plus, to the extent not included in the Purchase
Price, accrued and unpaid interest on the Notes to the date of redemption (subject to the right of Holders of record on the relevant
record date to receive interest due on an interest payment date that is on or prior to the redemption date).

 

Section
4.15 Maintenance of Properties, Corporate Existence and Insurance.

 

Subject to and in compliance
with the provisions of Article X and the provisions of the applicable Security Documents, all property (including equipment) material
to, and used or useful in the conduct of the business of, the Company and its Restricted Subsidiaries, taken as whole, shall be
maintained and kept in good operating condition and working order (ordinary wear and tear and casualty loss excepted), and the
Company and its Restricted Subsidiaries shall make any repairs, replacements and improvements thereto as they determine to be reasonable
and prudent; provided that the Company. and its Restricted Subsidiaries shall not be obligated to comply with the foregoing
provisions of this Section 4.15 to the extent that the failure to do so would not result in a material adverse effect on the ability
of the Company and its Restricted Subsidiaries to satisfy their obligations under the Notes, the Guarantees, this Indenture and
the Security Documents.

 

The Company shall do
or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence and the corporate,
partnership, limited liability company or other existence of each of its Restricted Subsidiaries in accordance with the respective
organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and the rights (charter
and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that (a) this Section
4.15 shall not apply to any transaction or series of transactions to which Article V is applicable and (b) the Company shall not
be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries,
if the Board of Directors of the Company shall determine, in its discretion, that the preservation thereof is no longer desirable
in the conduct of the business of the Company and its Restricted Subsidiaries and that the loss thereof would not result in a material
adverse effect on the ability of the Company and its Restricted Subsidiaries to satisfy their obligations under the Notes, the
Guarantees, this Indenture and the Security Documents.

 

The Company will
provide or cause to be provided, for itself and its Restricted Subsidiaries, insurance (including appropriate self-insurance)
on its and its Subsidiaries business and the Collateral, with recognized, financially sound insurers or with the government
of the United States of America, or an agency or instrumentality thereof, in such amounts, with such deductibles and by such
methods as are determined by the Company in good faith to be reasonable and prudent, taking into account the risks that are
usually insured against in the same general area by companies engaged in the same business or a business that the Company
deems reasonably similar (in each case, after giving effect to any self-insurance determined by the Company to be reasonable
and prudent).

 

    -90-

     

    

 

Section
4.16 Limited Condition Transactions.

 

When
calculating the availability under any basket or ratio under this Indenture or compliance with any provision of this Indenture
in connection with any Limited Condition Transaction, any actions or transactions related thereto (including, without limitation,
acquisitions, Investments (including designation of restricted or unrestricted subsidiaries), the Incurrence of Debt and the use
of proceeds therefrom, the incurrence of Liens and Restricted Payments), and determining compliance with Defaults and Events of
Default, in each case, at the option of the Company (the Company’s election to exercise such option, an “LCT Election”),
the date of determination for availability under any such basket or ratio and whether any such action or transaction is permitted
(or any requirement or condition therefor is complied with or satisfied (including, without limitation, as to the absence of any
continuing Default or Event of Default)) under this Indenture shall be deemed to be the date the definitive agreements for such
Limited Condition Transaction are entered into (or, if applicable, the date of delivery of a notice or similar event or date of
a binding commitment to provide debt in connection therewith, and including the date of declaration with respect to any Restricted
Payment) (the “LCT Test Date”), and if, after giving effect to the Limited Condition Transaction and any actions
or transactions related thereto (including, without limitation, acquisitions, Investments (including designation of restricted
or unrestricted subsidiaries), the Incurrence of Debt and the use of proceeds therefrom, the incurrence of Liens and Restricted
Payments) on a Pro Forma Basis, the Company or any of its Restricted Subsidiaries would have been permitted to take such actions
or consummate such transactions on the relevant LCT Test Date in compliance with such ratio, test or basket (and any related requirements
and conditions), such ratio, test or basket (and any related requirements and conditions) shall be deemed to have been complied
with (or satisfied) for all purposes under this Indenture (in the case of Debt, for example, whether such Debt is committed, issued
or otherwise Incurred at the LCT Test Date or at any time thereafter); provided, that compliance with such ratios, tests
or baskets (and any related requirements and conditions) shall not be determined or tested at any time after the applicable LCT
Test Date for such Limited Condition Transaction or any actions or transactions related thereto (including, without limitation,
acquisitions, Investments, the Incurrence of Debt and the use of proceeds therefrom, the incurrence of Liens and Restricted Payments).

 

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

 

    -91-

     

    

 

Section
4.17 Additional Note Guarantees.

 

After the Issue Date,
the Company will cause each existing and subsequently acquired or organized direct or indirect wholly-owned U.S. organized Restricted
Subsidiary that guarantees the Debt under the ABL Facility or any other Debt for borrowed money in a principal amount in excess
of $40.0 million to Guarantee the Notes (collectively, the “Guarantors”).

 

Any Restricted Subsidiary
that becomes a Guarantor after the Issue Date shall execute (i) a supplemental indenture, in accordance with the terms of this
Indenture, pursuant to which such Restricted Subsidiary shall unconditionally Guarantee, on a senior secured basis, all of the
Company’s Obligations under the Notes upon the terms set forth in this Indenture and (ii) a joinder agreement to the applicable
Security Documents defining the terms of the security interests that secure payment and performance when due of the Notes, and
take all actions required by the Security Documents to cause the Notes Liens created thereunder to be duly perfected in accordance
with applicable law (subject to Section 4.19 hereof), including the execution and delivery of other applicable Security Documents
and the filing of financing statements in the jurisdictions of incorporation or formation of the Company and the Guarantors.

 

Section
4.18 Limitation on Creation of Unrestricted Subsidiaries.

 

The Company may designate
any of its Subsidiaries to be an “Unrestricted Subsidiary” as provided below, in which event such Subsidiary and each
other Person that is a Subsidiary of such Subsidiary will be deemed to be an Unrestricted Subsidiary.

 

“Unrestricted
Subsidiary” means:

 

		(i)	any Subsidiary of the Company designated as such by the Board of Directors of the Company after
the Issue Date as set forth below; and

 

		(ii)	any Subsidiary of an Unrestricted Subsidiary.

 

After the Issue Date,
the Company may designate any Subsidiary of the Company to be an Unrestricted Subsidiary unless after giving effect to such designation,
such Subsidiary would own any Equity Interests of, or would own or hold any Lien on any property of, any other Restricted Subsidiary
of the Company; provided that either:

 

    -92-

     

    

 

(x)           the
Subsidiary to be so designated has total assets (determined on a consolidated basis in accordance with GAAP) of $100,000 or less;
or

 

(y)           the
Company could make a Restricted Payment or Permitted Investment in an amount equal to the greater of the Fair Market Value or book
value of such Subsidiary pursuant to Section 4.7 and such amount is thereafter treated as a Restricted Payment or Permitted Investment,
as applicable, for the purpose of calculating the amount available for Restricted Payments or Permitted Investments thereunder.

 

An Unrestricted Subsidiary may be designated
as a Restricted Subsidiary if (i) all the Debt of such Unrestricted Subsidiary could be Incurred under Section 4.9 and (ii) all
the Liens on the property and assets of such Unrestricted Subsidiary could be incurred under Section 4.12.

 

Section
4.19 Creation and Perfection of Certain Security Interests After the Issue Date.

 

To the extent that
any security interest in the Collateral is not created or perfected by the Issue Date, the Company and the Guarantors shall use
their respective commercially reasonable efforts to do or cause to be done all acts and things that would be required, including
obtaining any required consents from third parties, to have all security interests in the Collateral duly created and enforceable
and perfected, to the extent required by the Security Documents, in each case, promptly following the Issue Date, but in no event
later than 120 days thereafter. Failure to obtain such consents and create and perfect a security interest in such Collateral within
such period constitutes an Event of Default if and to the extent provided under clause (9) under Section 6.1. Notwithstanding the
foregoing, if after using commercially reasonable efforts such a security interest in an asset could not be created or perfected
because a third party consent had not been obtained or local law did not permit a security interest to more than one secured party,
the Company will not be required to create or perfect such security interest. For the avoidance of doubt, references in this paragraph
to Collateral do not include Excluded Assets. Neither the Trustee nor the Collateral Agent on behalf of the holders of the Notes
has any duty or responsibility to see to or monitor the performance of the Company and the Guarantors with regard to these matters.

 

Section
4.20 Further Assurances.

 

The Company and each
of the Guarantors shall execute and deliver such additional instruments, certificates or documents, and take all such further actions
as may be reasonably required from time to time in order to:

 

		(1)	carry out more effectively the purposes of the Security Documents;

 

		(2)	create, grant, perfect and maintain the validity, effectiveness and priority (subject to Permitted Collateral Liens) of any
of the Security Documents and the Liens created, or intended to be created, by the Security Documents; and

 

		(3)	ensure the protection and enforcement of any of the rights granted or intended to be granted to the Collateral Agent or Trustee
under any other instrument executed in connection therewith

 

    -93-

     

    

 

Section
4.21 Suspension of Covenants.

 

(a)              
The covenants contained in Section 4.7; Section 4.8; Section 4.9; Section 4.10; Section 4.11; clauses
(ii) and (iii) of Section 4.13 and clause (vii) of Section 5.1 (collectively, the “Suspended Covenants”) will
not apply during any period during which the Notes have an Investment Grade Status (a “Suspension Period”).

 

(b)             
Additionally, during any Suspension Period, the Company will no longer be permitted to designate any Restricted Subsidiary
as an Unrestricted Subsidiary.

 

(c)              
In the event that the Company and its Restricted Subsidiaries are not subject to the Suspended Covenants for any period
of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Notes cease to have
Investment Grade Status, then the Suspended Covenants will apply with respect to events occurring following the Reversion Date
(unless and until the Notes subsequently attain an Investment Grade Status, in which case the Suspended Covenants will again be
suspended for such time that the Notes maintain an Investment Grade Status); provided, however, that no Default,
Event of Default or breach of any kind will be deemed to exist under any of the Notes Documents with respect to the Suspended Covenants,
and none of the Company or any of its Subsidiaries will bear any liability for any actions taken or events occurring during a Suspension
Period and before any related Reversion Date, or any actions taken at any time pursuant to any contractual obligation or binding
commitment arising prior to such Reversion Date, regardless of whether those actions or events would have been permitted if the
applicable Suspended Covenant had remained in effect during such period.

 

On each Reversion Date,
all Debt Incurred during the Suspension Period prior to such Reversion Date will be deemed to be Debt existing on the Issue Date.
For purposes of calculating the amount available to be made as Restricted Payments under clause (c) of the first paragraph of Section
4.7 on or after the Reversion Date, such calculations shall be made as though such covenant had been in effect during the entire
period of time after the Issue Date (including the Suspension Period).

 

Restricted Payments
made during the Suspension Period not otherwise permitted pursuant to any of clauses (ii) through (xvi) under the second paragraph
of Section 4.7 will reduce the amount available to be made as Restricted Payments under clause (c) of the first paragraph of Section
4.7; provided that the amount available to be made as Restricted Payments on the Reversion Date shall not be reduced
to below zero solely as a result of such Restricted Payments. In addition, for purposes of the other Suspended Covenants all agreements
entered into and all actions taken during the Suspension Period, including the Incurrence of Debt shall be deemed to have been
taken or to have existed prior to the Issue Date.

 

The Company,
in an Officer’s Certificate, shall provide the Trustee notice of any Suspension Period or Reversion Date. The Trustee will
have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination regarding
the impact of actions taken during the Suspension Period on the Company’s future compliance with its covenants or (iii) notify
the Holders of a Suspension Period or Reversion Date.

 

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Article
V

 

SUCCESSORS

 

Section
5.1 Consolidation, Amalgamation, Merger, Conveyance, Transfer or Lease.

 

The Company shall not,
in any transaction or series of related transactions (i) consolidate or amalgamate with or merge with or into any other Person
(other than (1) a consolidation, or merger or amalgamation, of a Restricted Subsidiary into the Company in which the Company is
the continuing or surviving Person, or (2) the consolidation, or merger or amalgamation, of a Restricted Subsidiary into or with
another Restricted Subsidiary or another Person that as a result of such transaction or series of transactions becomes, consolidates
with, or amalgamates or merges into a Restricted Subsidiary) or (ii) sell, assign, convey, transfer, lease or otherwise dispose
of all or substantially all of the property and assets of, the Company and its Restricted Subsidiaries, taken as a whole, to any
other Person, unless:

 

(i)          
either:

 

(a)              
if the transaction or series of transactions is a consolidation or amalgamation of the Company with, or a merger of the
Company with or into, any other Person, the Company shall be the surviving Person of such consolidation, amalgamation or merger;
or

 

(b)              
if the transaction or series of transactions is a consolidation or amalgamation of the Company with, or a merger of the
Company with or into, any other Person, or involves the sale, assignment, conveyance, lease, disposal or other transfer of all
or substantially all of the assets or properties of the Company, the Person formed by such consolidation or amalgamation or into
which the Company is merged, or to which all or substantially all of such properties and assets are sold, assigned, conveyed, transferred,
leased or otherwise disposed of (such Person, the “Surviving Entity”) shall be a corporation, partnership, limited
liability company or similar entity organized and existing under the laws of the United States, any political subdivision thereof
or any state thereof or the District of Columbia, and such Person shall expressly assume by (i) supplemental indenture, all of
the Obligations of the Company under this Indenture and (ii) amendment, supplement or other instrument, all of the Obligations
of the Company under the Security Documents, and in connection therewith shall cause such instruments to be filed and recorded
in such jurisdictions and take such other actions as may be required by applicable law to perfect or continue the perfection of
the Notes Lien created under the Security Documents on the Collateral owned by or transferred to the Surviving Entity;

 

(ii)          immediately after giving effect to such transaction or series of related transactions on a Pro Forma Basis (including any
Debt Incurred in connection with or in respect of such transaction or series of transactions), no Default or Event of Default shall
have occurred and be continuing and have resulted therefrom;

 

    	 	-95-	 

     

    

 

(iii)         the
Company or the Surviving Entity, as applicable, causes such amendments, supplements or other instruments to be executed, delivered,
filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect the Notes
Lien of the Security Documents on the Collateral owned by or transferred to the Company or the Surviving Entity, as applicable;

 

(iv)         the Collateral owned by or transferred to the Company or the Surviving Entity, as applicable, shall (a) continue to constitute
Collateral under this Indenture and the Security Documents, (b) be subject to the Notes Lien in favor of the Collateral Agent for
the benefit of the Trustee and the Holders, and (c) not be subject to any Lien other than such Liens as are permitted pursuant
to the terms of this Indenture;

 

(v)          after giving effect to any such transaction or series of transactions on a Pro Forma Basis (including any Debt Incurred
or anticipated to be Incurred in connection with or in respect of such transaction or series of transactions) as if such transaction
or series of transactions had occurred on the first day of the applicable determination period, the Surviving Entity (a) would
be permitted to Incur at least $1.00 of additional Debt (other than Permitted Debt) pursuant to the Consolidated Fixed Charge Coverage
Ratio test set forth under the first paragraph of Section 4.9 or (b) the Consolidated Fixed Charge Coverage Ratio for the Surviving
Entity and its Restricted Subsidiaries would not be less than such ratio for the Company and its Restricted Subsidiaries immediately
prior to such transaction;

 

(vi)        
each Guarantor, unless it is the Surviving Entity, shall have by supplemental indenture confirmed that its Note Guarantee
shall apply to the Successor Entity’s obligations under this Indenture and the Notes; and

 

(vii)       
the property and assets of each Person which is merged, consolidated or amalgamated with or into the Company to the extent
that they are property or assets of the types which would constitute Collateral of the Company under the Security Documents, shall
be treated as after-acquired property and the Company, the Surviving Entity shall take such action as may be reasonably necessary
to cause such property and assets to be made subject to the Notes Lien of the Security Documents in the manner and to the extent
required in this Indenture.

 

The foregoing
requirements shall not apply to any transaction or series of transactions involving the sale, assignment, conveyance,
transfer, lease or other disposition of any properties or assets by any Restricted Subsidiary of the Company to the Company
or any Guarantor or by any Subsidiary of the Company that is not a Material Subsidiary to another Subsidiary of the Company
that is not a Material Subsidiary, or the consolidation, amalgamation or merger of any Restricted Subsidiary of the Company
with or into the Company or any Guarantor or of any Subsidiary that is not a Material Subsidiary with or into another
Subsidiary of the Company that is not a Material Subsidiary. Clauses (ii) through (vi) of the preceding paragraph shall not
apply to (a) a merger of the Company with an Affiliate solely for the purpose of reincorporating the Company in another
jurisdiction, (b) a merger transaction among the Company or any direct or indirect parent of the Company or (c) a merger,
consolidation or amalgamation of a Foreign Subsidiary with another Foreign Subsidiary or the sale, assignment, conveyance,
transfer, lease or other disposition of any properties or assets of a Foreign Subsidiary to another Foreign Subsidiary.

 

    	 	-96-	 

     

    

 

In connection with
any consolidation, amalgamation, merger, sale, assignment, conveyance, transfer, lease or other disposition contemplated by the
foregoing provisions, the Company shall deliver, or cause to be delivered, to the Trustee, an Officer’s Certificate and an
Opinion of Counsel, each to the effect that such consolidation, amalgamation, merger, sale, assignment, conveyance, transfer, lease
or other disposition complies with the requirements of this Indenture.

 

Section
5.2 Successor Person Substituted.

 

Upon the consummation
of any transaction or series of related transactions that are of the type, and are effected in accordance with the conditions,
described in Section 5.1 and for which there is a Surviving Entity (other than the Company) (i) the Surviving Entity shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under the Notes Documents with the same effect
as if such Surviving Entity had originally been named as the Company therein; and (ii) when a Surviving Entity duly assumes all
of the obligations and covenants of the Company pursuant to this Indenture, the Notes and the Note Guarantees, as applicable, the
predecessor Person shall be released from of all of its Obligations and covenants under the Notes Documents, except in the case
of a lease.

 

Article
VI

DEFAULTS AND REMEDIES

 

Section
6.1 Events of Default.

 

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

 

		(1)	default in the payment when due of the principal of (or premium, if any, on) any Note (whether
at Stated Maturity, upon redemption or otherwise);

 

		(2)	default in the payment of any interest upon any Note when it becomes due and payable, and continuance
of such default for a period of thirty (30) days;

 

		(3)	failure to perform or comply with Section 5.1;

 

		(4)	except as permitted by this Indenture, the Note Guarantee of any Subsidiary of the Company that
is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary),
shall be held in a judicial proceeding to be unenforceable or invalid, or any Person acting on behalf of any Guarantor, shall deny
or disaffirm its obligations under its Note Guarantee (other than by reason of a release of such Guarantor in accordance with this
Indenture, as applicable);

 

    	 	-97-	 

     

    

 

		(5)	default in the performance, or breach, of (i) any covenant or agreement of the Company or any Guarantor
in this Indenture (other than (x) a covenant or agreement a default in whose performance or whose breach is specifically dealt
with in clause (1), (2), (3) or (4) above or (y) Section 4.3), and continuance
of such default or breach for a period of sixty (60) days after written notice thereof has been given to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 30% in aggregate principal amount of the outstanding Notes or (ii)
Section 4.3 and continuance of such default or breach for a period of 120 days after written notice thereof has been given to the
Company by the Trustee or to the Company and the Trustee by the Holders of at least 30% in aggregate principal amount of the outstanding
Notes;

 

		(6)	default under any bonds, debentures, notes or other evidences of Debt for money borrowed (other
than the Notes) by the Company or any of its Restricted Subsidiaries whether such Debt exists on the Issue Date or shall thereafter
be created, which default (A) is caused by a failure to pay the principal of such Debt when due and payable after the expiration
of any applicable grace period provided in such Debt (a “Payment Default”) or (B) results in the acceleration
of such Debt prior to its Stated Maturity and, in each case, the principal amount of any such Debt, together with the principal
amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so accelerated and
remains unpaid, aggregates in excess of $100.0 million;

 

		(7)	failure by the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group
of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary) to pay final and non-appealable judgments
aggregating in excess of $100.0 million, which are not covered by indemnities or third-party insurance, which judgments are not
paid, discharged, vacated or stayed for a period of 60 consecutive days;

 

		(8)	the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary), pursuant to or under or within the meaning of
any Bankruptcy Law:

 

		(a)	commences a voluntary case or proceeding;

 

		(b)	consents to the entry of an order for relief against it in an involuntary case or proceeding;

 

		(c)	consents to the appointment of a Custodian of it or for all or substantially all of its property;

 

		(d)	makes a general assignment for the benefit of its creditors;

 

		(e)	admits, in writing, its inability generally to pay its debts as they become due; or

 

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

 

			(i)	is for relief against the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary), in an involuntary case or proceeding;

 

    	 	-98-	 

     

    

 

			(ii)	 appoints a Custodian of the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary) or for all or substantially all of the property
of the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted Subsidiaries that, taken
as a whole, would constitute a Significant Subsidiary); or
	 	 	 	 
	 	 	(iii)	orders the liquidation of the Company or any Restricted Subsidiary that is a Significant Subsidiary (or any group of Restricted
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary);

 

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

 

		(9)	unless all of the Collateral has been released from the Notes Liens in accordance with the provisions
of the Security Documents, the default, repudiation or disaffirmation by the Company or any of its Restricted Subsidiaries of any
of their obligations under the Security Documents (other than by reason of a release of such obligation or Lien related thereto
in accordance with this Indenture or the Security Documents), which default, repudiation or disaffirmation results in Collateral
having an aggregate Fair Market Value in excess of $75.0 million not being subject to a valid, perfected security interest in favor
of the Collateral Agent under any applicable law (other than the law of any foreign jurisdiction) (to the extent required under
the Collateral Documents), or a determination in a judicial proceeding that the Security Documents are unenforceable or invalid
against the Company or any of its Restricted Subsidiaries for any reason with respect to Collateral having an aggregate Fair Market
Value of $75.0 million or more; provided that such default, repudiation, disaffirmation or determination is not rescinded,
stayed, or waived by the Persons having such authority pursuant to the Security Documents or otherwise cured within sixty (60)
days after the Company receives written notice thereof specifying such occurrence from the Trustee or the Holders of at least 30%
of the outstanding principal amount of the Notes demanding that such default be remedied.

 

Section
6.2 Acceleration.

 

If an Event of Default
(other than an Event of Default specified in clause (8) of Section 6.1 with respect to the Company) occurs and is continuing, then
and in every such case, the Trustee or the Holders of not less than 30% in aggregate principal amount of the outstanding Notes
may declare the principal amount of the Notes and any accrued and unpaid interest on the Notes to be due and payable immediately
by a notice in writing to the Company (and to the Trustee if given by Holders); provided, however, that after
such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal amount
of the outstanding Notes may rescind and annul such acceleration if (i) all Events of Default, other than the nonpayment of accelerated
principal of or interest on the Notes, have been cured or waived as provided herein and (ii) such rescission or annulment would
not conflict with any decree of judgment of a court of competent jurisdiction.

 

    	 	-99-	 

     

    

 

In the event
of a declaration of acceleration of the Notes because an Event of Default described in clause (6) of Section 6.1 has occurred
and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of
default or payment default triggering such Event of Default pursuant to clause (6) of Section 6.1 shall be remedied or cured by
the Company or such Restricted Subsidiary or waived by the holders of the relevant Debt within thirty (30) Business Days after
the declaration of acceleration with respect thereto and if the rescission and annulment of the acceleration of the Notes would
not conflict with any judgment or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts
due on the Notes.

 

If an Event of Default
specified in clause (8) of Section 6.1 occurs with respect to the Company, the principal amount of and any accrued and unpaid interest
on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder. The Trustee may withhold from Holders notice of any Default (except Default in payment of
principal of, premium, if any, and interest on, any Note) if the Trustee determines that withholding notice is in the interests
of the Holders.

 

Section
6.3 Other Remedies.

 

If an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, or
interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or any Security Document, subject,
in each case, to the Intercreditor Agreement.

 

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

 

Section
6.4 Waiver of Past Defaults.

 

The Holders of a majority
in aggregate principal amount of the Notes then outstanding by written notice to the Trustee may on behalf of the Holders of all
of the Notes waive any existing Default or Event of Default and its consequences under this Indenture except a continuing Default
or Event of Default in the payment of interest on, or the principal of, the Notes (other than as a result of an acceleration),
which shall require the written consent of all of the Holders of the Notes then outstanding.

 

Section
6.5 Control by Majority.

 

Subject to the
provisions of the Security Documents, the Holders of a majority in aggregate principal amount of the then outstanding Notes
may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or
exercising any trust or power conferred on it. However, (i) the Trustee may refuse to follow any direction that conflicts
with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of other Holders or that may
involve the Trustee in personal liability, and (ii) the Trustee may take any other action deemed proper by the Trustee which
is not inconsistent with such direction.

 

    	 	-100-	 

     

    

 

Section
6.6 Limitation on Suits.

 

No Holder of any Note
will have any right to institute any proceeding with respect to this Indenture or for any remedy hereunder, unless:

 

(a)              
such Holder shall have previously given the Trustee written notice of a continuing Event of Default;

 

(b)              
the Holders of at least 30% in aggregate principal amount of the outstanding Notes shall have in writing requested the Trustee
to institute such proceeding;

 

(c)              
such Holders shall have offered the Trustee indemnity reasonably satisfactory to the Trustee; and

 

(d)              
the Trustee shall not have received from the Holders of a majority in aggregate principal amount of the outstanding Notes
a written direction inconsistent with such request and shall have failed to institute such proceeding within sixty (60) days.

 

A Holder may not use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

 

Section
6.7 Rights of Holders of Notes to Receive Payment.

 

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

 

Section
6.8 Collection Suit by Trustee.

 

If an Event of Default
specified in Section 6.1(1) or (2) occurs and is continuing, without the possession of any of the Notes or the production thereof
in any proceeding related thereto, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest
on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the reasonable
costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee (including
without limitation any amounts due to the Trustee pursuant to Section 7.7), its agents and counsel.

 

    	 	-101-	 

     

    

 

Section
6.9 Trustee May File Proofs of Claim.

 

The Trustee is
authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute
any money or other securities or property payable or deliverable upon the conversion or exchange of the Notes or on any such
claims and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.7. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.7 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other
properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding.

 

Section
6.10 Priorities

 

Subject to the provisions
of the Security Documents, any money or property collected by the Trustee (or received by the Trustee from the Collateral Agent
under any Security Documents) pursuant to this Article VI and any money or other property distributable in respect of the Company’s
obligations under this Indenture after an Event of Default 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,
if any, 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 Trustee and Collateral Agent (including any predecessor Trustee and/or Collateral Agent), its agents and attorneys for amounts
due under Section 7.7, including payment of all reasonable compensation, fees, expenses and liabilities incurred, and all advances
made, by the Trustee and the costs and expenses of collection;

 

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

 

Third: without
duplication, to the Holders for any other Obligations owing to the Holders under this Indenture and the Notes; and Fourth:
to the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record date and payment
date for any payment to Holders pursuant to this Section 6.10.

 

    	 	-102-	 

     

    

 

Section
6.11 Undertaking for Costs

 

In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it
as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs
of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.7, or a suit by Holders of
more than 10% in principal amount of the then outstanding Notes.

 

Article
VII

TRUSTEE

 

Section
7.1 Duties of Trustee.

 

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

 

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

 

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

 

(ii)          
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall be under a duty to examine the certificates and opinions specifically required to be
furnished to it to determine whether or not they conform on their face to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts or conclusions stated therein).

 

(c)         
The Trustee may not be relieved 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 paragraphs (b) or (e) of this Section 7.1;

 

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

 

    	 	-103-	 

     

    

 

(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 in accordance with the terms hereof.

 

(d)        
Whether or not therein expressly so provided, every provision of this Indenture, the Intercreditor Agreement or any provision
of any Security Document that in any way relates to the Trustee or the Collateral Agent is subject to Sections 7.1 and 7.2.

 

(e)         
No provision of this Indenture or the Security Documents shall require the Trustee or the Collateral Agent to expend or
risk its own funds or incur any liability. The Trustee and the Collateral Agent shall be under no obligation to exercise any of
their rights and powers under this Indenture or the Security Documents at the request of any Holder, unless such Holder shall have
offered to the Trustee and/or the Collateral Agent, as applicable, security and indemnity satisfactory to it against any loss,
liability or expense.

 

(f)         
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)         
The Trustee will be permitted to engage in other transactions; provided, however, that if it acquires
any conflicting interest it must eliminate such conflict within 90 days or resign.

 

(h)         
The Trustee and the Collateral Agent agree to accept and act upon facsimile or electronic transmission of manually-signed
documents (including portable document format) hereunder.

 

Section
7.2 Rights of Trustee

 

(a)          The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting on any document believed
by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter
stated in any such document.

 

(b)         
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s
Certificate or Opinion of Counsel. The Trustee may consult with counsel of the Trustee’s own choosing and the Trustee shall
be fully protected from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
on the advice or opinion of such counsel or on any Opinion of Counsel.

 

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

 

(d)          The
Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or
within the rights or powers conferred upon it by this Indenture. Any request or direction of the Company mentioned herein
shall be sufficiently evidenced by an Officer’s Certificate and a Board Resolution delivered to the Trustee. Whenever
in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to
taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed)
may, in the absence of negligence or willful misconduct on its part, conclusively rely upon an Officer’s
Certificate.

 

    	 	-104-	 

     

    

 

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

 

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

 

(g)         
The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness
or other paper or documents, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall have
reasonable access after reasonable notice during normal business hours to the books, records and premises of the Company or any
Guarantor, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such
inquiry or investigation.

 

(h)        
The rights, privileges, protections and benefits given to the Trustee, including its rights to be indemnified, are extended
to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Persons
employed to act hereunder or under any Security Document (including the Collateral Agent).

 

(i)          
The permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture or any Security
Document shall not be construed as a duty.

 

(j)           In
the event that the Trustee (in such capacity or in any other capacity hereunder, under any Security Document) is
unable to decide between alternative courses of action permitted or required by the terms of this Indenture or any Security
Document, or in the event that the Trustee is unsure as to the application of any provision of this Indenture or any Security
Document, or believes any such provision is ambiguous as to its application, or is, or appears to be, in conflict with any
other applicable provision, or in the event that this Indenture or any Security Document permits any determination by or the
exercise of discretion on the part of the Trustee or is silent or is incomplete as to the course of action that the Trustee
is required to take with respect to a particular set of facts, the Trustee may give notice (in such form as shall be
appropriate under the circumstances) to the Holders requesting instruction as to the course of action to be adopted, and to
the extent the Trustee acts in good faith in accordance with any written instructions received from a majority in aggregate
principal amount of the then outstanding Notes, the Trustee shall not be liable on account of such action to any Person. If
the Trustee shall not have received appropriate instruction within ten (10) days of such notice (or such shorter period as
reasonably may be specified in such notice or as may be necessary under the circumstances) it may, but shall be under no duty
to, take or refrain from taking such action as it shall deem to be in the interests of the Holders and the Trustee shall have
no liability to any Person for such action or inaction.

 

    	 	-105-	 

     

    

 

Section
7.3 Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate
of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights and duties.
The Trustee is also subject to Sections 7.10 and 7.11.

 

Section
7.4 Trustee’s Disclaimer

 

The Trustee shall not
be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, or the existence,
genuineness, value, filing or protection of any Collateral (except for the safe custody of Collateral in its possession in accordance
with the terms hereof), for the legality, effectiveness or sufficiency of any Security Document, or for the creation, perfection,
priority, sufficiency or protection of any Notes Lien, and it shall not be accountable for the Company’s use of the proceeds
from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it
shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall
not be responsible for any statement or recital herein, any statement in the Notes, or any statement or recital in any document
in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication on the Notes.
The Trustee shall not be responsible for calculating the Applicable Premium, or determining whether such amounts are due.

 

Section
7.5 Notice of Defaults

 

If a Default occurs
and is continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders a notice
of the Default within 90 days after it occurs, or if discovered after such 90 day period, promptly after the Trustee learns of
such Default (unless such Default shall have been cured or waived). Except in the case of a Default in payment of principal of,
premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines
that withholding the notice is in the interests of the Holders.

 

The Trustee shall not
be deemed to have notice or be charged with knowledge of any Default or Event of Default (other than a Default or Event of Default
in the payment of interest or premium, if any, on, or the principal of, the Notes)unless a Responsible Officer of the Trustee has
actual knowledge thereof or shall have received written notice thereof at its address set forth in Section 12.2 from the Company,
any Guarantor or Holders of 30 % in aggregate principal amount of the then outstanding Notes specifying the occurrence and nature
thereof and stating that such notice is a notice of default.

 

    	 	-106-	 

     

    

 

Section
7.6 [Reserved]

 

Section
7.7 Compensation and Indemnity

 

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

 

The Company and the
Guarantors, jointly and severally, shall indemnify the Trustee (which for purposes of this Section 7.7 shall include its officers,
directors, agents and employees) against any and all claims, damages, losses, liabilities or expenses incurred by it arising out
of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses
of enforcing this Indenture against the Company (including this Section 7.7) and defending itself against any claim (whether asserted
by the Company or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder, except to the extent any such loss, claim, damage, liability or expense may be attributable to its negligence
or willful misconduct, as determined by a final non-appealable judgment of a court of competent jurisdiction. The Trustee shall
notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall
not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the
defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of one such counsel.
The Company and the Guarantors need not pay for any settlement made without their consent, which consent shall not be unreasonably
withheld.

 

The obligations of
the Company and the Guarantors under this Section 7.7 shall survive the satisfaction and discharge or termination for any reason
of this Indenture, including any termination or rejection hereof under any Bankruptcy Law, or the resignation or removal of the
Trustee.

 

To secure the Company’s
and the Guarantors’ obligations in this Section 7.7, the Trustee shall have a Lien prior to the Notes on all money or property
held or collected by the Trustee, except that held in trust to pay principal, premium, if any, or interest, if any, on particular
Notes. Such Lien shall survive the satisfaction and discharge or termination for any reason of this Indenture and the resignation
or removal of the Trustee.

 

In addition, and without
prejudice to the rights provided to the Trustee under any of the provisions of this Indenture, when the Trustee incurs expenses
or renders services after an Event of Default specified in clause (8) of the first paragraph of Section 6.1 occurs, the expenses
and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses
of administration under any Bankruptcy Law.

 

    	 	-107-	 

     

    

 

“Trustee”
for the purposes of this Section 7.7 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder
and each agent, custodian and other person employed to act hereunder or under any Security Document; provided, however,
that the negligence or willful misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder.

 

The Trustee shall comply
with the provisions of TIA § 313(b)(2) to the extent applicable.

 

Section
7.8 Replacement of Trustee

 

A resignation or removal
of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance
of appointment as provided in this Section 7.8.

 

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

 

(a)         
the Trustee fails to comply with Section 7.10;

 

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

 

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

 

(d)         
the Trustee becomes incapable of acting.

 

If the Trustee resigns,
is removed or becomes incapable of acting, or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly
appoint a successor Trustee.

 

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

 

If the Trustee, after
written request by any Holder who has been a Holder for at least six (6) months, fails to comply with Section 7.10, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 

A successor Trustee
shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and the duties
of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to the Holders. The retiring Trustee
shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all sums owing to
the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.7. Notwithstanding replacement of the Trustee
pursuant to this Section 7.8, the Company’s obligations under and the Lien provided for in Section 7.7 shall continue for
the benefit of the retiring Trustee.

 

    	 	-108-	 

     

    

 

Section
7.9 Successor Trustee by Merger, Etc.

 

Any entity into which
the Trustee or any Agent may be merged or converted or with which the Trustee or any Agent may be consolidated, or any entity resulting
from any merger, conversion or consolidation to which the Trustee or any Agent shall be a party, or any entity succeeding to all
or substantially all of the corporate trust business of the Trustee or any Agent, shall be the successor of the Trustee or any
Agent hereunder, as applicable, provided such entity shall be otherwise qualified and eligible under this Article VII, to the extent
operative, without the execution or filing of any document or further act on the part of any of the parties hereto. In the 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
7.10 Eligibility; Disqualification

 

There shall at all
times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America
or of any state thereof that is authorized under such laws to exercise corporate trust power and that is subject to supervision
or examination by federal or state authorities. The Trustee shall at all times have a combined capital surplus of at least $50.0
million as set forth in its most recent annual report of condition. If at any time the Trustee ceases to be eligible in accordance
with the provisions of this Section 7.10, it shall resign immediately in the manner and with the effect specified in this Article
VII.

 

This Indenture shall
always have a Trustee who satisfies the requirements of TIA §§ 310(a)(1), (2) and (5). The Trustee is subject to TIA
§ 310(b) including the provision in § 310(b)(1); provided that there shall be excluded from the operation
of TIA § 310(b)(1) any indenture or indentures under which other securities, or certificates of interest or participation
in other securities, of the Company or the Guarantors are outstanding if the requirements for exclusion set forth in TIA §
310(b)(1) are met.

 

Section
7.11 Preferential Collection of Claims Against the Company

 

The Trustee is subject
to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed
shall be subject to TIA § 311(a) to the extent indicated therein.

 

Section
7.12 Trustee’s Application for Instructions from the Company

 

Any application
by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action
proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be
taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the
Trustee in accordance with a proposal included in such application on or after the date specified in such application (which
date shall not be less than twenty (20) Business Days after the date any Officer of the Company actually receives such
application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such
action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response
to such application specifying the action to be taken or omitted.

 

    	 	-109-	 

     

    

 

Section
7.13 Limitation of Liability

 

In no event shall the
Trustee or the Collateral Agent, Paying Agent or Registrar or in any other capacity hereunder, be liable under or in connection
with this Indenture or under any Security Documents for indirect, special, incidental, punitive or consequential losses or damages
of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee or the Collateral
Agent, Paying Agent or Registrar or in any other capacity hereunder, has been advised of the possibility thereof and regardless
of the form of action in which such damages are sought. The Trustee, the Collateral Agent and/or the Agent shall not be responsible
or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly
or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes;
fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics; riots; interruptions;
loss or malfunctions of utilities, computer (hardware or software) or communication services; accidents; labor disputes;
and acts of civil or military authority and governmental action. The provisions of this Section 7.13 shall survive satisfaction
and discharge or the termination for any reason of this Indenture and the resignation or removal of the Trustee, the Collateral
Agent or the Agent.

 

Section
7.14 Collateral Agent and Holders’ Authorization to Trustee

 

The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended
to, and shall be enforceable by, the Collateral Agent.

 

Section
7.15 Co-Trustees; Separate Trustee; Collateral Agent.

 

At any time or times,
for the purpose of meeting the legal requirements of any jurisdiction in which any of the Collateral may at the time be located,
the Company, the Collateral Agent and the Trustee shall have power to appoint, and, upon the written request of (i) the Trustee
or the Collateral Agent or (ii) the Holders of at least a majority of the outstanding principal amount at maturity of the Notes,
the Company shall for such purpose join with the Trustee in the execution, delivery and performance of all instruments and agreements
necessary or proper to appoint, one (1) or more Persons approved by the Trustee either to act as co-trustee, jointly with the Trustee,
or to act as separate trustee, co-collateral agent, sub-collateral agent or separate collateral agent of any such property, in
either case with such powers as may be provided in the instrument of appointment, and to vest in such Person or Persons in the
capacity aforesaid, any property, title, right or power deemed necessary or desirable, subject to the other provisions of this
Section 7.15. If the Company does not join in such appointment within fifteen (15) days after the receipt by it of a request in
accordance with this Section 7.15 so to do, or in case an Event of Default has occurred and is continuing, the Trustee or the Collateral
Agent alone shall have power to make such appointment.

 

Should any
written instrument from the Company be requested by any co-trustee or separate trustee or co-collateral agent, sub-collateral
agent or separate collateral agent so appointed for more fully confirming to such co-trustee or separate trustee such
property, title, right or power, any and all such instruments shall, on request of such co-trustee or separate trustee or
separate collateral agent, be executed, acknowledged and delivered by the Company.

 

    	 	-110-	 

     

    

 

Any co-trustee, separate
trustee or co-collateral agent, sub-collateral agent or separate collateral agent shall agree in writing to be and shall be subject
to the provisions of the applicable Security Documents as if it were the Trustee thereunder (and the Trustee shall continue to
be so subject).

 

Every co-trustee or
separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent shall, to the extent permitted by law,
but to such extent only, be appointed subject to the following terms and subject in all cases to the provisions of the Security
Documents, namely:

 

The Notes shall be
authenticated and delivered, and all rights, powers, duties and obligations hereunder in respect of the custody of securities,
cash and other personal property held by, or required to be deposited or pledged with, the Trustee hereunder, shall be exercised
solely, by the Trustee.

 

The rights, powers,
duties and obligations hereby conferred or imposed upon the Trustee in respect of any property covered by such appointment shall
be conferred or imposed upon and exercised or performed by the Trustee or by the Trustee and such co-trustee or separate trustee
jointly, or by the Trustee and such co-collateral agent, sub-collateral agent or separate collateral agent jointly as shall be
provided in the instrument appointing such co-trustee, separate trustee or separate collateral agent, except to the extent that
under any law of any jurisdiction in which any particular act is to be performed, the Trustee shall be incompetent or unqualified
to perform such act, in which event such rights, powers, duties and obligations shall be exercised and performed by such co-trustee,
separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent.

 

The Trustee at any
time, by an instrument in writing executed by it, with the concurrence of the Company evidenced by a Board Resolution, may accept
the resignation of or remove any co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral
agent appointed under this Section 7.15, and, in case an Event of Default has occurred and is continuing, the Trustee shall have
power to accept the resignation of, or remove, any such

co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent without the concurrence
of the Company. Upon the written request of the Trustee, the Company shall join with the Trustee in the execution, delivery and
performance of all instruments and agreements necessary or proper to effectuate such resignation or removal. A successor to any
co-trustee, separate trustee or co-collateral agent, sub-collateral agent or separate collateral agent so resigned or removed may
be appointed in the manner provided in this Section 7.15.

 

No co-trustee, separate
trustee or co-collateral agent, sub-collateral agent or separate collateral agent hereunder shall be liable by reason of any act
or omission of the Trustee, or any other such trustee, co-trustee, separate trustee, co-collateral agent, sub-collateral agent
or separate collateral agent hereunder.

 

    	 	-111-	 

     

    

 

The Trustee shall not
be liable by reason of any act or omission of any co-trustee, separate trustee, co-collateral agent, sub-collateral agent or separate
collateral agent.

 

Any Act of Holders
delivered to the Trustee shall be deemed to have been delivered to each such co-trustee, separate trustee or co-collateral agent,
sub-collateral agent or separate collateral agent, as the case may be.

 

Article
VIII

 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

Section
8.1 Option to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may, at
its option and at any time evidenced by a Board Resolution set forth in an Officer’s Certificate, elect to have either Section
8.2 or 8.3 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII.

 

Section
8.2 Legal Defeasance.

 

Upon the Company’s
exercise under Section 8.1 of the option applicable to this Section 8.2, the Company shall, subject to the satisfaction of the
conditions set forth in Section 8.4, be deemed to have been discharged from its obligations with respect to all outstanding Notes,
and all obligations of the Guarantors shall be deemed to have been discharged with respect to their Note Guarantees, on the date
the conditions set forth below are satisfied (hereinafter, “legal defeasance”). For this purpose, legal defeasance
means that the Company shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes, which
shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 and the other Sections of this
Indenture referred to in (a) and (b) below, and to have satisfied all of its other obligations under such Notes and this Indenture
(and the Trustee, on written demand of and at the expense of the Company, shall execute proper instruments acknowledging the same),
except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

(a)         
the rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, and interest
on such Notes when such payments are due from the trust referred to in Section 8.4(l);

 

(b)         
the Company’s obligations with respect to the Notes under Sections 2.2, 2.3, 2.4, 2.5, 2.6, 2.7, 2.10 and 4.2;

 

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

 

(d)         
the provisions of this Article VIII.

 

Subject to compliance
with this Article VIII, the Company may exercise its option under this Section 8.2 notwithstanding the prior exercise of its option
under Section 8.3.

 

    	 	-112-	 

     

    

 

Section
8.3 Covenant Defeasance.

 

Upon the Company’s
exercise under Section 8.1 of the option applicable to this Section 8.3, the Company and the Guarantors shall, subject to the satisfaction
of the conditions set forth in Section 8.4, be released from their obligations under the covenants contained in Sections 4.3, 4.4,
4.7, 4.8, 4.9, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, 4.17, 4.18, 4.19, 4.20 and 5.1 with respect to the outstanding Notes and Note
Guarantees on and after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”
and, together with legal defeasance, “defeasance”), and the Notes shall thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, covenant defeasance means that, with
respect to the outstanding Notes, the Company or any of its Subsidiaries may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any
other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.1, but, except
as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.1 of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth
in Section 8.4, clauses (3), (4), (5), (6), (7) and (9) of the first paragraph of Section 6.1 shall not constitute Events of Default.

 

Section
8.4 Conditions to Legal Defeasance or Covenant Defeasance.

 

The following shall
be the conditions to the application of either Section 8.2 or 8.3 to the outstanding Notes:

 

		(1)	the Company must irrevocably deposit or cause to be irrevocably deposited with the Trustee, in trust, for the benefit of the
Holders, cash in U.S. Dollars, non-callable U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient,
in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent chartered public accountants,
expressed in a written opinion thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee
to pay the principal of, premium, if any, and interest on the outstanding Notes on the Stated Maturity or on the applicable redemption
date, as the case may be, and the Company must specify whether the Notes are being defeased to Stated Maturity or to a particular
redemption date;

 

		(2)	in the case of legal defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling or (B) since the Issue Date, there
has been a change in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon such Opinion
of Counsel shall confirm that, the Holders and beneficial owners of the outstanding Notes will not recognize gain or loss for U.S.
federal income tax purposes as a result of such legal defeasance and will be subject to U.S. federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had
not occurred;

 

    	 	-113-	 

     

    

 

		(3)	in the case of covenant defeasance, the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that
the Holders and beneficial owners of the outstanding Notes will not recognize gain or loss for U.S. federal income tax purposes
as a result of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance had not occurred;

 

		(4)	no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event
of Default resulting from the borrowing of funds to be applied to such deposit or the granting of any Lien to secure such borrowing);

 

		(5)	such legal defeasance or covenant defeasance shall not result in a breach or violation of, or constitute a default under, any
material agreement or instrument (other than this Indenture) to which the Company is a party or by which the Company is bound;
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 relating to such legal defeasance or covenant defeasance have been satisfied.

 

Notwithstanding the foregoing, the Opinion
of Counsel required by clause (2) above with respect to a legal defeasance need not to be delivered if all Notes not theretofore
delivered to the Trustee for cancellation (x) have become due and payable by reason of the mailing of a notice of redemption or
otherwise, (y) will become due and payable within one year or (z) 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.

 

Section
8.5 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section
8.6, all money and non-callable U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.5, the “Trustee”) pursuant to Section 8.4 in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes
and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any Subsidiary thereof
acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in
respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent
required by law.

 

The Company shall
pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
U.S. Government Obligations deposited pursuant to Section 8.4 or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

 

    	 	-114-	 

     

    

 

Anything in this Article
VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon the written request
of the Company and be relieved of all liability with respect to any money or non-callable U.S. Government Obligations held by it
as provided in Section 8.4 which, in the opinion of a nationally recognized firm of independent chartered public accountants expressed
in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1)), are in excess
of the amount thereof that would then be required to be deposited to effect an equivalent legal defeasance or covenant defeasance.

 

Section
8.6 Repayment to Company.

 

Subject to applicable
law, any money or property deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment
of the principal of, premium, if any, or interest, if any, on any Note and remaining unclaimed for one (1) year after such principal
and premium, if any, or interest has become due and payable shall be paid to the Company on its written request or (if then held
by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general
creditor, look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause
to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than thirty (30) days from the date of such notification or publication,
any unclaimed balance of such money or property then remaining shall be repaid to the Company.

 

Section
8.7 Reinstatement.

 

If the Trustee or Paying
Agent is unable to apply any U.S. Dollars or non-callable U.S. Government Obligations in accordance with Section 8.2 or 8.3, 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 under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 8.2 or 8.3 until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.2 or 8.3, as the case may be; provided, however, that, if
the Company makes any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations,
the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or property held
by the Trustee or Paying Agent.

    -115-

     

    

  

Section
8.8 Discharge.

 

This Indenture will
be discharged and will cease to be of further effect as to all Notes issued hereunder (subject to those provisions that by their
express terms shall survive) (a “Discharge”), when:

 

		(1)	either

 

		(A)	all Notes theretofore authenticated and delivered (except lost, stolen or destroyed Notes which have been replaced or paid
and Notes for whose payment money has been deposited in trust and thereafter repaid to the Company) have been delivered to the
Trustee for cancellation, or

 

		(B)	all Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of the mailing
of a notice of redemption or otherwise, (ii) will become due and payable within one year or (iii) are to be called for redemption
within one year under arrangements reasonably satisfactory to the Trustee for the giving of notice of redemption and, in each case,
the Company has irrevocably deposited or caused to be deposited with the Trustee funds in trust of cash in U.S. Dollars, non-callable
U.S. Government Obligations, or a combination thereof in an amount sufficient to pay and discharge the principal, premium, if any,
and interest on, the Notes to the Stated Maturity thereof or the date of redemption, as the case may be; provided,
that upon any redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes
of this Indenture to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the
date of the notice of redemption, with any deficit as of the date of redemption (any such amount, the “Applicable Premium
Deficit”) only required to be deposited with the Trustee by 11:00 am NY time on or prior to the date of redemption. Any
Applicable Premium Deficit shall be set forth in an Officer’s Certificate delivered to the Trustee simultaneously with the
deposit of such Applicable Premium Deficit that confirms that such Applicable Premium Deficit shall be applied toward such redemption;

 

		(2)	the Company has paid or caused to be paid all other sums then due and payable under this Indenture by the Company;

 

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

 

		(4)	the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes
at maturity or on the redemption date, as the case may be; and

 

    -116-

     

    

 

		(5)	the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the Trustee, each stating
that all conditions precedent under this Indenture relating to the Discharge have been satisfied.

 

The Collateral will
be released from the Notes Lien securing the Notes, as provided under Section 10.4 hereof, upon a Discharge in accordance with
the provisions of this Section 8.8.

 

Article
IX

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section
9.1 Without Consent of Holders.

 

Notwithstanding Section
9.2 of this Indenture, without the consent of any Holders, the Company, the Guarantors, the Trustee and/or the Collateral Agent,
as applicable, may amend or supplement the Notes Documents to:

 

		(1)	cure any ambiguity, defect, omission, mistake, or inconsistency or to make any modification of a formal, minor or technical
nature;

 

		(2)	evidence the succession of another Person to the Company or any Guarantor and the assumption by any such successor of the covenants
and other obligations of the Company or such Guarantor under this Indenture, the Notes, the Note Guarantees or the Security Documents;

 

		(3)	comply with the covenant relating to consolidations, amalgamations, mergers, conveyances, transfers and leases;

 

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

 

		(5)	add additional Events of Default;

 

		(6)	provide for uncertificated Notes in addition to or in place of certificated Notes, provided that such uncertificated Notes
are in registered form for purposes of Section 163(f) of the Code;

 

		(7)	evidence and provide for the acceptance and appointment under this Indenture or the Security Documents of a successor Trustee
or Collateral Agent;

 

		(8)	provide for or confirm the issuance of Additional Notes and all related obligations in accordance with the terms of this Indenture
and the Security Documents;

 

		(9)	add Guarantors with respect to the Notes or to release a Guarantor from its Note Guarantee in accordance with this Indenture;

 

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		(10)	make any change that would provide any additional rights or benefits to the Holders or that does not adversely affect the legal
rights of the Holders in any material respect, as determined by the Company in good faith;

 

		(11)	make any amendment to the provisions of this Indenture relating to the transfer and legending of Notes as permitted by this
Indenture, including to facilitate the issuance and administration of the Notes or to comply with the rules of any applicable securities
depository; provided, however, that (i) compliance with this Indenture as so amended would not result in Notes
being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially
and adversely affect the rights of Holders to transfer Notes;

 

		(12)	conform the text of this Indenture or any other Notes Document to any provision of the “Description of Notes” in
the Offering Memorandum to the extent that such was intended to be a verbatim recitation of a provision of this Indenture or any
other Notes Documents, as certified in an Officer’s Certificate;

 

		(13)	provide for the release, addition, completion, confirmation or grant of Collateral or Note Guarantees permitted or required
by this Indenture or the Security Documents, including the entering into or execution of additional or supplemental Collateral
Documents, supplemental indentures and/or Note Guarantees or to subordinate such Lien when permitted or required by this Indenture
or the Security Documents, including the Intercreditor Agreement;

 

		(14)	mortgage, pledge, hypothecate or grant any other Lien in favor of the Collateral Agent for the benefit of the Trustee and the
Holders, as additional security for the payment and performance of all or any portion of the Notes Obligations under this Indenture
and the Notes, 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 the Collateral Agent for the benefit of the Holders pursuant to this Indenture, any of the
Security Documents or otherwise;

 

		(15)	(i) enter into additional, amended or supplemental Security Documents (including an amended Intercreditor Agreement to provide
for Additional First Lien Obligations or Additional Second Lien Obligations incurred pursuant to this Indenture and an amended
Second Lien Pari Passu Intercreditor Agreement to provide for Additional Second Lien Obligations) or (ii) provide for the release
of Collateral from the Lien of this Indenture and the Security Documents when permitted or required by the Security Documents,
the Intercreditor Agreement, the Second Lien Pari Passu Intercreditor Agreement or this Indenture; or

 

		(16)	secure any Additional Second Lien Obligations under the Security Documents.

 

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Section
9.2 With Consent of Holders.

 

Except as
provided below in this Section 9.2, the Notes Documents may be amended or supplemented with the consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with
a purchase of, or tender offer or exchange offer for, the Notes), and any existing Default or Event of Default or compliance
with any provision of the Notes Documents may be waived with the consent of the Holders of at least a majority in aggregate
principal amount of the then outstanding Notes (including consents obtained in connection with purchase of, or tender offer
or exchange offer for, the Notes); provided, however, that without the consent of each Holder of Notes
affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):

 

		(1)	change the Stated Maturity of the principal of, or any installment of interest on, any Note;

 

		(2)	reduce the principal of, or rate of interest on, or premium payable on, any Note;

 

		(3)	change the place of payment where, or the currency in which, the principal of, or interest or premium, if any, on any Note
is payable or impair the right to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof;

 

		(4)	change the date on which any Notes may be subject to redemption or reduce the redemption price therefor (it being understood
that a change to any advance notice requirement with respect to such date shall not be deemed to be a change of such date);

 

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

 

		(6)	subordinate, in right of payment, the Notes to any other Debt of the Company;

 

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

 

		(8)	waive a redemption payment with respect to any Note (other than a payment required by Section 4.10 or Section 4.14);

 

		(9)	make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of holders of Notes
to receive payments of principal of, premium, if any, and interest on the Notes when due and payable; or

 

		(10)	make any change in the preceding amendment and waiver provisions.

 

In addition, any
amendment or supplement to, or waiver of, the provisions of the Notes Documents that has the effect of releasing (x) all or
substantially all of the Collateral from the Notes Liens securing the Notes or (y) any Guarantor from any of its obligations
under its Note Guarantee or this Indenture, except in accordance with the terms of this Indenture, will, in each case,
require the consent of the Holders of at least 66 2/3% in aggregate principal amount of the outstanding Notes.

 

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The consent of the
Holders is not necessary under this Section 9.2 to approve the particular form of any proposed amendment of any Notes Document.
It is sufficient if such consent approves the substance of the proposed amendment. A consent to any amendment or waiver under this
Indenture by any Holder of Notes given in connection with a tender of such Holder’s Notes will not be rendered invalid by
such tender.

 

For the avoidance of
doubt, no amendment to, or deletion of any of the covenants described in Article IV or action taken in compliance with the covenants
in effect at the time of such action, shall be deemed to impair or affect any rights of any Holder of Notes to receive payment
of principal of, or premium, if any, or interest on, the Notes or to institute suit for the enforcement of any payment on or with
respect to such Holder’s Notes.

 

Section
9.3 Revocation and Effect of Consents.

 

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

 

The Company may, but
shall not be obligated to, fix a record date for determining which Holders consent to such amendment, supplement or waiver. If
the Company fixes a record date, the record date shall be fixed at (i) the later of thirty (30) days prior to the first solicitation
of such consent or the date of the most recent list of Holders furnished for the Trustee prior to such solicitation pursuant to
Section 2.5 or (ii) such other date as the Company shall designate.

 

Section
9.4 Notation on or Exchange of Notes.

 

The Trustee may place
an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange
for all Notes may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver.

 

Failure to make the
appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

 

After any amendment,
supplement or waiver becomes effective, the Company shall mail to Holders a notice briefly describing such amendment, supplement
or waiver. The failure to give such notice shall not affect the validity and effect of such amendment, supplement or waiver.

 

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Section
9.5 Trustee to Sign Amendments, Etc.

 

The Trustee shall
sign any amended or supplemental indenture authorized pursuant to this Article IX if the amendment or supplement does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company and the Guarantors may not sign an
amendment or supplemental indenture until their respective Boards of Directors approve it. In signing or refusing to sign any
amendment or supplemental indenture the Trustee shall be entitled to receive and shall be fully protected in relying upon an
Officer’s Certificate and an Opinion of Counsel stating that the execution of such amendment or supplemental indenture
is authorized or permitted by this Indenture, that all conditions precedent thereto have been satisfied or waived, that such
amendment or supplemental indenture is not inconsistent herewith, and that it will be valid and binding upon the Company in
accordance with its terms. The Trustee may but need not sign any such amendment or supplemental indenture. In signing such
amendment or supplemental indenture, the Trustee shall receive indemnity reasonably satisfactory to it.

 

Article
X

SECURITY

 

Section
10.1 Appointment and Authorization of the Collateral Agent.

 

(a)              
The Collateral Agent is hereby designated and appointed as the Collateral Agent of the Trustee and the Holders under the
Security Documents, and is authorized as the Collateral Agent for the Trustee and such Holders to execute and enter into each of
the Security Documents and the Intercreditor Agreement and all other instruments relating to the Security Documents and (i) to
take action and exercise such powers as are expressly required or permitted hereunder and under the Security Documents and the
Intercreditor Agreement and all instruments relating hereto and thereto and (ii) to exercise such powers and perform such duties
as are in each case, expressly delegated to the Collateral Agent by the terms hereof and thereof together with such other powers
as are reasonably incidental hereto and thereto.

 

(b)              
The Collateral Agent is hereby authorized to execute and enter into any other Intercreditor Agreement that may be entered
into after the Issue Date by the Company, any Guarantor and the Collateral Agent in connection with Credit Facilities not otherwise
prohibited by this Indenture (which is not materially less favorable to the Collateral Agent and the Holders (taken as a whole)
than the Intercreditor Agreement referred to in clause (i) of the definition of “Intercreditor Agreement” set forth
in Section 1.1) (as certified to by the Company in an Officer’s Certificate delivered to the Trustee and the Collateral Agent).

 

(c)              
Notwithstanding any provision to the contrary elsewhere in this Indenture, the Intercreditor Agreement or the Security Documents,
the Collateral Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary
relationship with any Holder or the Trustee, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Indenture, the Intercreditor Agreement or any Security Document or otherwise exist against the Collateral
Agent.

 

(d)               Before
the Collateral Agent acts or refrains from acting, it may require an Officer’s Certificate or Opinion of Counsel or
both. The Collateral Agent shall not be liable for any action it takes or omits to take in good faith in reliance on any such
Officer’s Certificate or Opinion of Counsel. The Collateral Agent may consult with counsel of the Collateral
Agent’s own choosing and the Collateral Agent shall be fully protected from liability in respect of any action taken,
suffered or omitted by it hereunder or under the Security Documents in good faith and in reliance on the advice or opinion of
such counsel or on any Opinion of Counsel.

 

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Section
10.2 Security Documents; Additional Collateral.

 

(a)              
Security Documents. In order to secure the due and punctual payment of the Notes Obligations, the Company, the Guarantors,
the Collateral Agent and the other parties thereto have simultaneously with the execution of this Indenture entered or, in accordance
with the provisions of Section 4.19, Section 4.20 and this Article X and Sections 5.1 and 12.1 of the security agreement referred
to in clause (i) of the definition of “Security Agreement” set forth in Section 1.1, will enter into the Security Documents,
including any security agreement entered into after the Issue Date by the Company, the Collateral Agent and any Guarantors, identical
in form and substance to the abovementioned Security Agreement, except with such changes as are necessary for such document to
be governed by U.S. law and to perfect the Notes Liens in the Collateral owned by such Guarantors.

 

(b)              
Additional Collateral. With respect to assets acquired after the Issue Date, the Company or applicable Guarantor
will take the applicable actions required by the Security Documents.

 

Section
10.3 Recording, Registration and Opinions.

 

The Company shall furnish
to the Collateral Agent (with a copy to the Trustee) on or within one month after November 29 of each year, commencing November
29, 2020, an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements, financing statement
amendments and continuation statements have been or will be executed (if required) and filed that are necessary, as of such date
or promptly thereafter and during the succeeding twelve (12) months, to maintain the perfection of Notes Liens under the Security
Documents on the Collateral, and reciting the details of such action or (B) stating that, in the opinion of such counsel, no such
action is necessary to maintain the perfection of such Notes Liens. Such Opinion of Counsel may refer to prior Opinions of Counsel
and contain customary assumptions, qualifications and exceptions and may rely on an Officer’s Certificate of the Company.

 

Section
10.4 Releases of Collateral.

 

The Company and the
Guarantors will be entitled to releases of assets included in the Collateral from the Notes Liens securing the Obligations under
the Notes and the Note Guarantees under any one or more of the following circumstances:

 

		(1)	in whole or in part, as applicable, as to all or any portion of property subject to such Notes Liens which has been taken by
eminent domain, condemnation or other similar circumstances;

 

		(2)	in connection with asset dispositions permitted or not prohibited under Section 4.10 (provided that, for the avoidance of doubt,
if any assets included in the Collateral are released to a Restricted Subsidiary that is (or is required to be) a Guarantor, the
assets will not be released from the Notes Liens securing the Obligations under the Notes and the Note Guarantees);

 

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		(3)	if any Guarantor is released from its Note Guarantee in accordance with the terms of this Indenture (including by virtue of
such Guarantor ceasing to be a Restricted Subsidiary or becoming an Excluded Subsidiary), that Guarantor’s assets will also
be released from the Notes Liens securing the Obligations under the Notes and the Note Guarantees; or

 

		(4)	if required in accordance with the terms of the Intercreditor Agreement, including in connection with any Enforcement Action
by any First Lien Representative or any First Lien Collateral Agent or any other exercise of any First Lien Representative’s
or any First Lien Collateral Agent’s remedies in respect of the Collateral.

 

The Notes Liens securing
the Obligations under the Notes and the Note Guarantees also will be released:

 

		(1)	upon legal defeasance or covenant defeasance or discharge of this Indenture as described in Article VIII; or

 

		(2)	with the consent of the holders of the requisite percentage of Notes in accordance with Article IX.

 

The Collateral Agent
shall execute such acknowledgments and releases as the Company may request in connection with any release, and the Collateral Agent
shall be entitled to rely exclusively on an Officer’s Certificate of the Company when executing any such acknowledgment or
release.

 

Section
10.5 Form and Sufficiency of Release.

 

In the event that either
Company or any Guarantor has sold, exchanged, or otherwise disposed of or proposes to sell, exchange or otherwise dispose of any
portion of the Collateral that, under the terms of this Indenture may be sold, exchanged or otherwise disposed of by the Company
or any Guarantor, and the Company or such Guarantor requests the Trustee to furnish a written disclaimer, release or quitclaim
of any interest in such property under this Indenture, the applicable Guarantee and the Security Documents, upon receipt of an
Officer’s Certificate and Opinion of Counsel to the effect that such release complies with Section 10.4 and specifying the
provision in Section 10.4 pursuant to which such release is being made (upon which the Trustee may exclusively and conclusively
rely), the Trustee shall execute, acknowledge and deliver to the Company or such Guarantor (or instruct the Collateral Agent to
do the same) such an instrument in the form provided by the Company, and providing for release without recourse and shall take
such other action as the Company or such Guarantor may reasonably request and as necessary to effect such release. Before executing,
acknowledging or delivering any such instrument, the Trustee shall be furnished with an Officer’s Certificate and an Opinion
of Counsel (on which the Trustee shall be entitled to conclusively and exclusively rely) each to the effect that such release is
authorized and permitted by the terms hereof and the Security Documents and that all conditions precedent with respect to such
release have been satisfied.

 

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Section
10.6 Possession and Use of Collateral.

 

Subject to the provisions
of the Security Documents and the Intercreditor Agreement, the Company and the Guarantors shall have the right to remain in possession
and retain exclusive control of and to exercise all rights with respect to the Collateral (other than monies or U.S. Government
Obligations deposited pursuant to Article VIII, and other than as set forth in the Security Documents, the Intercreditor Agreement
and this Indenture), to operate, manage, develop, lease, use, consume and enjoy the Collateral (other than monies and U.S. Government
Obligations deposited pursuant to Article VIII and other than as set forth in the Security Documents, the Intercreditor Agreement
and this Indenture), to alter or repair any Collateral so long as such alterations and repairs do not impair the Lien of the Security
Documents hereon, and to collect, receive, use, invest and dispose of the reversions, remainders, interest, rents, lease payments,
issues, profits, revenues, proceeds and other income thereof.

 

Section
10.7 Purchaser Protected.

 

No purchaser or grantee
of any property or rights purporting to be released shall be bound to ascertain the authority of the Trustee or Collateral Agent
to execute the release or to inquire as to the existence of any conditions herein prescribed for the exercise of such authority
so long as the conditions set forth in Section 10.5 have been satisfied.

 

Section
10.8 Authorization of Actions to Be Taken by the Collateral Agent Under the Security Documents and the Intercreditor
Agreement.

 

The Holders agree that
the Collateral Agent shall be entitled to the rights, privileges, protections, immunities, indemnities and benefits provided to
the Collateral Agent by the Security Documents and the Intercreditor Agreement. Furthermore, each Holder of a Note, by accepting
such Note, consents to the terms of and authorizes and directs the Trustee and the Collateral Agent to enter into and perform the
Security Documents and the Intercreditor Agreement in each of its capacities thereunder.

 

Section
10.9 Authorization of Receipt of Funds by the Trustee Under the Security Agreement.

 

The Trustee is authorized
to receive any funds for the benefit of Holders distributed under the Security Documents to the Trustee, and to apply such funds
as provided in Section 6.10.

 

Section
10.10 Powers Exercisable by Receiver or Collateral Agent.

 

In case the Collateral
shall be in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article X upon the Company
or any Guarantor, as applicable, with respect to the release, sale or other disposition of such Collateral may be exercised by
such receiver or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument
of the Company or any Guarantor, as applicable, or of any Officer or Officers thereof required by the provisions of this Article
X.

 

For the avoidance
of doubt, nothing herein shall require the Collateral Agent to file financing statements or continuation statements, or to be
responsible for maintaining the security interests purported to be created as described herein (except for the safe custody
of any Collateral in its possession and the accounting for moneys actually received by it hereunder or under any other
Security Documents) and such responsibility shall be solely that of the Company.

 

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Article
XI

NOTE GUARANTEES

 

Section
11.1 Note Guarantees.

 

(a)              
Each Guarantor hereby jointly and severally, unconditionally and irrevocably guarantees the Notes and obligations of the
Company hereunder and thereunder, and guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the
Trustee on behalf of such Holder, that: (i) the principal of and premium, if any, and interest on the Notes shall be paid in full
when due, whether at Stated Maturity, by acceleration, call for redemption or otherwise (including, without limitation, the amount
that would become due but for the operation of the automatic stay under Section 362(a) of the Bankruptcy Code), and all other obligations
of the Company to the Holders or the Trustee hereunder or thereunder shall be paid in full or performed, all in accordance with
the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes or of any such
other obligations, the same shall be paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at Stated Maturity, by acceleration or otherwise. Each of the Note Guarantees of the Guarantors shall be a guarantee of
payment and not of collection.

 

(b)              
Each Guarantor hereby agrees that its obligations hereunder shall be unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder
with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same
or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor.

 

(c)               Each
Guarantor hereby waives the benefits of diligence, presentment, demand for 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 or any other
Person, protest, notice and all demands whatsoever and covenants that the Note Guarantee of such Guarantor shall not be
discharged as to any Note except by complete performance of the obligations contained in such Note and such Note Guarantee or
as provided for in this Indenture. Each of the Guarantors hereby agrees that, in the event of a default in payment of
principal or premium, if any, or interest on such Note, whether at its Stated Maturity, by acceleration, call for redemption,
purchase or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by, the Holder of such Note,
subject to the terms and conditions set forth in this Indenture, directly against each of the Guarantors to enforce such
Guarantor’s Note Guarantee without first proceeding against the Company or any other Guarantor. Each Guarantor agrees
that if, after the occurrence and during the continuance of an Event of Default, the Trustee or any of the Holders are
prevented by applicable law from exercising their respective rights to accelerate the maturity of the Notes, to collect
interest on the Notes, or to enforce or exercise any other right or remedy with respect to the Notes, such Guarantor shall
pay to the Trustee for the account of the Holders, upon demand therefor, the amount that would otherwise have been due and
payable had such rights and remedies been permitted to be exercised by the Trustee or any of the Holders.

 

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(d)              
If any Holder or the Trustee is required by any court or otherwise to return to the Company or any Guarantor, or any custodian,
trustee, liquidator or other similar official acting in relation to the Company or any Guarantor, any amount paid by any of them
to the Trustee or such Holder, the Note Guarantee of each of the Guarantors, to the extent theretofore discharged, shall be reinstated
in full force and effect. This paragraph (d) shall remain effective notwithstanding any contrary action which may be taken by the
Trustee or any Holder in reliance upon such amount required to be returned. This paragraph (d) shall survive the termination of
this Indenture.

 

(e)              
Each Guarantor further agrees that, as between each Guarantor, on the one hand, and the Holders and the Trustee, on the
other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article VI for the purposes
of the Note Guarantee of such Guarantor, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the Obligations guaranteed hereby, and (y) 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 each Guarantor for the purpose
of the Note Guarantee of such Guarantor.

 

Section
11.2 [Reserved].

 

Section
11.3 Severability.

 

In case any provision
of any Note Guarantee 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
11.4 Limitation of Guarantors’ Liability.

 

Each Guarantor and
by its acceptance hereof each Holder confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor
not constitute a fraudulent transfer or fraudulent conveyance for purposes of the Bankruptcy Law. To effectuate the foregoing intention,
the Trustee, the Holders and the Guarantors hereby irrevocably agree that the Obligations of such Guarantor under its Note Guarantee
shall be limited to the maximum amount that will, after giving effect to all other contingent and fixed liabilities of such Guarantor
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the Obligations of such other Guarantor under its Note Guarantee, result in the Obligations of such Guarantor
under its Note Guarantee not becoming voidable under applicable Bankruptcy Law relating to fraudulent transfer or fraudulent conveyance.

 

Section
11.5 Guarantors May Consolidate, Etc., on Certain Terms.

 

Subject to Section
11.6, a Guarantor (other than the Company) may not sell or otherwise dispose of all or substantially all of its assets, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person unless:

 

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

 

		(2)	either:

 

		(A)	the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation
or merger (if other than such Guarantor) (the “Successor Guarantor”) assumes all the obligations of that Guarantor
under this Indenture pursuant to a supplemental indenture in substantially the form attached as Exhibit D; or

 

		(B)	the Net Cash Proceeds of any such sale or other disposition are applied in accordance with the provisions of Section 4.10;
and

 

		(3)	in the case of any transaction pursuant to subclause (2)(A) above,

 

		(A)	such Guarantor or the Successor Guarantor, as applicable, causes such amendments, supplements or other instruments to be executed,
delivered, filed and recorded, as applicable, in such jurisdictions as may be required by applicable law to preserve and protect
the Lien of the Security Documents on the Collateral owned by or transferred to the Successor Guarantor;

 

		(B)	the Collateral owned by or transferred to such Guarantor or the Successor Guarantor, as applicable, shall (a) continue to constitute
Collateral under this Indenture and the Security Documents, (b) be subject to the Notes Lien in favor of the Collateral Agent for
the benefit of the Trustee and the Holders of the Notes, and (c) not be subject to any Lien other than Permitted Collateral Liens;

 

		(C)	the property and assets of the Person which is merged or consolidated with or into such Guarantor or the Successor Guarantor,
as applicable, to the extent that they are property or assets of the types which would constitute Collateral under the Security
Documents, shall be treated as after-acquired property and such Guarantor or the Successor Guarantor shall take such action as
may be reasonably necessary to cause such property and assets to be made subject to the Notes Lien of the Security Documents in
the manner and to the extent required in this Indenture; and

 

		(4)	the Company delivers, or causes to be delivered, to the Trustee an Officer’s Certificate and an Opinion of Counsel (upon
which the Trustee shall be entitled to conclusively and exclusively rely), each stating that such sale, other disposition, consolidation
or merger complies with the requirements of this Indenture.

 

In case of any such consolidation,
merger, sale or conveyance and upon the assumption by the Successor Guarantor, by supplemental indenture, executed and
delivered to the Trustee, of the Note Guarantee and the due and punctual performance of all of the covenants and conditions
of this Indenture to be performed by the Guarantor, such Successor Guarantor shall succeed to and be substituted for the
Guarantor with the same effect as if it had been named herein as a Guarantor. All the Note Guarantees so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore and thereafter issued
in accordance with the terms of this Indenture as though all such Note Guarantees had been issued at the date of the
execution hereof.

 

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Except as set forth
in Articles IV and V, and notwithstanding clauses (1) and (2) above, nothing contained in this Indenture or in any of the Notes
shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale
or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

 

Section
11.6 Release of a Guarantor.

 

The Note Guarantee
of a Guarantor and its obligations under the Notes Documents will be automatically and unconditionally released:

 

(a)              
in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including
by way of merger, consolidation, amalgamation or otherwise) to a Person that is not (either before or after giving effect to such
transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition does not violate Section 4.10
or Section 5.1;

 

(b)              
in connection with any sale, issuance or other disposition of Equity Interests of that Guarantor to a Person that is not
(either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale,
issuance or other disposition does not violate Section 4.10 and the Guarantor ceases to be a Restricted Subsidiary of the Company
as a result of such sale, issuance or other disposition;

 

(c)              
if the Company designates that Guarantor to be an Unrestricted Subsidiary in accordance with the applicable provisions of
this Indenture;

 

(d)              
upon receipt by the Trustee of an Officer’s Certificate certifying that such Guarantor has met the definition of an
Excluded Subsidiary;

 

(e)              
upon the release, discharge or termination of the guarantee by, or direct obligations of, such Guarantor under the ABL Facility
and all First Lien Obligations, other than a release, discharge or termination by or as a result of payment in connection with
the enforcement of remedies under such guarantee or direct obligations;

 

(f)               
upon the release of such Guarantor from its Note Guarantee with the consent of the Holders of the requisite percentage of
Notes in accordance with Article IX; or

 

(g)              
upon legal defeasance, covenant defeasance or Discharge of this Indenture under Article VIII.

 

Upon any release
of a Guarantor from its Note Guarantee, such Guarantor shall also be automatically and unconditionally released from its
obligations under the Security Documents. At the Company’s request and expense, the Trustee will execute and deliver
any instrument evidencing the release of any Guarantor from its obligations under its Note Guarantee pursuant to this Section
11.6.

 

    -128-

     

    

 

Section
11.7 Benefits Acknowledged.

 

Each Guarantor acknowledges
that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that its Guarantee
and waivers pursuant to its Note Guarantee are knowingly made in contemplation of such benefits.

 

Section
11.8 Future Guarantors.

 

Each Restricted Subsidiary
of the Company organized under the laws of the United States, any political subdivision thereof, any state thereof or the District
of Columbia that is required to Guarantee the Notes (and thereby become a Guarantor) after the Issue Date pursuant to Section 4.17
shall promptly (i) execute and deliver to the Trustee a supplemental indenture, in substantially the form attached hereto as Exhibit
D, pursuant to which such Restricted Subsidiary shall unconditionally Guarantee, on a senior secured basis, all of the Company’s
Obligations under the Notes upon the terms set forth in this Indenture and (ii) execute and deliver to the Collateral Agent a joinder
agreement to each of the applicable Security Documents defining the terms of the security interests that secure payment and performance
when due of the Notes, and take all actions required by the Security Documents to cause the Notes Liens created thereunder to be
duly perfected in accordance with applicable law, including the execution and delivery of other applicable Security Documents and
the filing of financing statements in the jurisdictions of incorporation or formation of such Guarantor and where such Guarantor’s
assets are located. Concurrently with the execution and delivery of such supplemental indenture, the Company shall deliver to the
Trustee an Opinion of Counsel and an Officer’s Certificate (upon which the Trustee shall be entitled to conclusively and
exclusively rely) to the effect that such supplemental indenture has been duly authorized, executed and delivered by such Guarantor
and that such supplemental indenture is a legally valid and binding obligation of such Guarantor, enforceable against such Guarantor
in accordance with its terms and/or to such other matters as the Trustee may reasonably request (subject to customary exceptions,
assumptions and qualifications).

 

Section
11.9 Subordination of Willscot Equipment II, LLC’s Guarantee.

 

Anything herein to
the contrary notwithstanding, each of the Company and the Guarantors, for itself and its successors, and each Holder agrees that
the payment by Willscot Equipment II, LLC (“Willscot Equipment”) of all Obligations with respect to its Note
Guarantee is subordinated in right of payment to the prior payment in full in cash of all Obligations under the ABL Facility. The
Trustee is authorized and shall take such action as may be necessary or appropriate to effectuate the subordination as provided
in this Section 11.9. No provision of this Section 11.9 shall prevent the occurrence of any Default or Event of Default hereunder.

 

Upon any payment
or distribution of the assets of Willscot Equipment to creditors upon a total or partial liquidation or dissolution, or in a
reorganization, of Willscot Equipment, or, in each case, any similar proceeding relating to Willscot Equipment or its
property, the holders of Obligations under the ABL Facility shall be entitled to receive payment in full in cash with respect
to the assets or property of Willscot Equipment before Holders of the Notes shall be entitled to receive any payment with
respect to the assets or property of Willscot Equipment.

 

    -129-

     

    

 

Article
XII

MISCELLANEOUS

 

Section
12.1 [Reserved].

 

Section
12.2 Notices.

 

Any notice or communication
by the Company, any Guarantor, the Collateral Agent or the Trustee to the others is duly given if in writing and delivered in person
or mailed by first class mail (registered or certified, return receipt requested) or sent by electronic transmission (including
facsimile transmission or e- mail) or overnight air courier guaranteeing next day delivery, to the others address:

 

If to WSII and/or any
Guarantor:

 

Williams Scotsman International, Inc.

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona 85008

Facsimile: (800) 298-2585

Attention: General Counsel

 

With a copy to:

 

Allen & Overy LLP

1221 Avenue of the Americas

21st Floor

New York, New York 10020

Facsimile: (212) 610-6399

Attention: William F. Schwitter

 

If to the Trustee or
to the Collateral Agent:

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2405

New York, New York 10005

Facsimile: (732) 578-4635

Attention: Corporates Team Deal Manager – Williams Scotsman International, Inc. – SF 2993

 

WSII, the Guarantors, the Trustee, and
the Collateral Agent by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

    -130-

     

    

 

All notices and communications
(other than those sent to Holders, the Collateral Agent and the Trustee) shall be deemed to have been duly given: at the time delivered
by hand, if personally delivered; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed;
when receipt acknowledged, if delivered by electronic transmission; and the next Business Day after timely delivery to the
courier, if sent by overnight air courier promising next Business Day delivery. All notices and communications to the Trustee and/or
the Collateral Agent shall only be deemed to have been duly given upon receipt by a Responsible Officer of the Trustee.

 

Any notice or communication
to a Holder shall be mailed by first class mail or by overnight air courier promising next Business Day delivery to its address
shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders.

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it, except in the case of notices or communications given to the Trustee, which shall be effective only upon actual receipt.

 

If the Company sends
a notice or communication to Holders, it shall send a copy to the Trustee and each Agent at the same time.

 

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 or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently
given if given to DTC (or its designee) if delivered electronically.

 

Section
12.3 [Reserved].

 

Section
12.4 Certificate and Opinion as to Conditions Precedent.

 

Upon any request or
application by the Company to the Trustee to take any action under this Indenture (other than the initial issuance of the Notes),
the Company shall furnish to the Trustee upon request:

 

(a)              
an Officer’s Certificate (which shall include the statements set forth in Section 12.5) to the effect that, in the
opinion of the signer or signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the
proposed action have been satisfied; and

 

(b)              
an Opinion of Counsel (which shall include the statements set forth in Section 12.5) to the effect that, in the opinion
of such counsel, all such conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action
have been satisfied.

 

Section
12.5 Statements Required in Certificate or Opinion.

 

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

 

    -131-

     

    

 

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

 

(b)              
a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained
in such certificate or opinion are based;

 

(c)              
a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

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

 

provided, that an issuer
of an Opinion of Counsel may rely as to matters of fact on an Officer’s Certificate or a certificate of a public official.

 

Section
12.6 Rules by Trustee and Agents.

 

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

 

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

 

No past, present or
future director, officer, employee, general or limited partner, incorporator or stockholder of the Company or any of its Subsidiaries,
as such, will have any personal liability for any obligations of the Company or any Guarantor by reason of his, her or its status
as such director, officer, employee, stockholder, general partner, limited partner or incorporator, under the Notes Documents or
for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes. Such waiver
may not be effective to waive liabilities under the U.S. federal securities laws or other corporate laws, and it is the view of
the SEC that such a waiver is against public policy.

 

Section
12.8 Governing Law.

 

THE LAW OF THE STATE
OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES OF THE GUARANTORS, IF ANY.

 

Section
12.9 Consent to Jurisdiction; Waiver of Trial by Jury; Service of Process.

 

The parties to
this Indenture each hereby irrevocably submit to the non-exclusive jurisdiction of any New York State or federal court
sitting in the Borough of Manhattan in The City of New York in any action or proceeding arising out of or relating to the
Notes, the Note Guarantees or this Indenture, and all such parties hereby irrevocably agree that all claims in respect of
such action or proceeding may be heard and determined in such New York State or federal court and hereby irrevocably waive,
to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or
proceeding. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE
GUARANTEES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

    -132-

     

    

 

Section
12.10 No Adverse Interpretation of Other Agreements.

 

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

 

Section
12.11 Successors.

 

All agreements of the
Company and the Guarantors in this Indenture, the Notes and the Note Guarantees, as applicable, shall (except as provided in Section
11.6) bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and
assigns.

 

Section
12.12 Severability.

 

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
12.13 Counterpart Originals.

 

The parties may sign
any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.
Delivery of an executed counterpart of a signature page to this Indenture by telecopier, facsimile or other electronic transmission
(i.e. “pdf”, “docusign” or “tif”) shall be effective as delivery of a manually executed counterpart
thereof.

 

Section
12.14 Table of Contents, Headings, Etc.

 

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

 

Section
12.15 Acts of Holders.

 

(a)               Any
request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or
taken by Holders may be embodied in and evidenced by one (1) or more instruments (including instruments in electronic,
digital or other machine-readable form) of substantially similar tenor signed (including signatures in electronic, digital or
other machine-readable form) by such Holders in person or by agent duly appointed in writing (including signatures in
electronic, digital or other machine-readable form); and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly
required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of Holders signing such instrument or instruments. Proof of execution
of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 12.15.

 

    -133-

     

    

 

(b)              
The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness
of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying
that the individual signing such instrument or writing acknowledged to such officer the execution thereof. Where such execution
is by a signer acting in a capacity other than such signer’s individual capacity, such certificate or affidavit shall also
constitute sufficient proof of such signer’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 which the Trustee deems sufficient.

 

(c)              
The ownership of Notes shall be proved by the Holder list maintained under Section 2.5 hereunder.

 

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

 

(e)              
If the Company shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or
other Act, the Company may, at its option, fix in advance a record date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other Act, but the Company shall have no obligation to do
so. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be
given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed
to be Holders for the purposes of determining whether Holders of the requisite proportion of outstanding Notes have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose
the outstanding Notes shall be computed as of such record date; provided that no such request, demand, authorization,
direction, notice, consent or waiver by the Holders on such record date shall be deemed effective unless it shall become effective(pursuant
to the provisions of this Indenture, to the extent applicable) not later than six (6) months after the record date.

 

Section
12.16 Security Documents.

 

The Trustee, the Collateral
Agent and the Holders are bound by the terms of the Security Documents and the Intercreditor Agreement.

 

    -134-

     

    

 

Section
12.17 [Reserved].

 

Section
12.18 USA Patriot Act. In order to comply with the laws, rules, regulations and executive orders in effect from time
to time applicable to banking institutions, including, without limitation, those relating to the funding of terrorist activities
and money laundering, including Section 326 of the USA PATRIOT Act of the United States (“Applicable AML Law”),
the Trustee and Collateral Agent are required to obtain, verify, record and update certain information relating to individuals
and entities which maintain a business relationship with the Trustee and Collateral Agent. Accordingly, each of the parties agree
to provide the Trustee and the Collateral Agent, upon their request from time to time, such identifying information and documentation
as may be available for such party in order to enable the Trustee and Collateral Agent to comply with Applicable AML Law.

 

Section
12.19 Force Majeure. In no event shall the Trustee, the Collateral Agent and/or the Agent 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 catastrophes or acts of God, and interruptions, epidemic, loss or malfunctions of utilities, communications
or computer (software and hardware) services, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire
or communication facility; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances.

 

Section
12.20 Calculations. Except as otherwise provided, the Company will be responsible for making all calculations called
for under this Indenture or the Notes. The Company will make all such calculations in good faith and, absent manifest error, its
calculations will be final and binding on Holders. The Company will provide a schedule of its calculations to the Trustee and the
Trustee is entitled to rely conclusively upon the accuracy of such calculations without independent verification. The Trustee will
deliver a copy of such schedule to any Holder upon the written request of such Holder.

 

    -135-

     

    

 

Section
12.21 Electronic Signatures. Facsimile, documents executed, scanned and transmitted electronically and
electronic signatures, including those created or transmitted through a software platform or application, shall be deemed
original signatures for purposes of this Indenture and all matters and agreements related thereto, with such facsimile,
scanned and electronic signatures having the same legal effect as original signatures. The parties agree that this Indenture
or any instrument, agreement or document necessary for the consummation of the transactions contemplated by this Indenture or
related hereto or thereto (including, without limitation, addendums, amendments, notices, instructions, communications with
respect to the delivery of securities or the wire transfer of funds or other communications) (“Executed
Documentation”) may be accepted, executed or agreed to through the use of an electronic signature in accordance with
applicable laws, rules and regulations in effect from time to time applicable to the effectiveness and enforceability of
electronic signatures. Any Executed Documentation accepted, executed or agreed to in conformity with such laws, rules and
regulations will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby
consents to the use of any third party electronic signature capture service providers as may be reasonably chosen by a
signatory hereto or thereto. When the Trustee or the Collateral Agent, as applicable, acts on any Executed Documentation sent
by electronic transmission, the Trustee or the Collateral Agent , as applicable will not be responsible or liable for any
losses, costs or expenses arising directly or indirectly from its reliance upon and compliance with such Executed
Documentation, notwithstanding that such Executed Documentation (a) may not be an authorized or authentic communication of
the party involved or in the form such party sent or intended to send (whether due to fraud, distortion or otherwise) or (b)
may conflict with, or be inconsistent with, a subsequent written instruction or communication; it being understood and agreed
that the Trustee or the Collateral Agent , as applicable, shall conclusively presume that Executed Documentation that
purports to have been sent by an authorized officer of a Person has been sent by an authorized officer of such Person. The
party providing Executed Documentation through electronic transmission or otherwise with electronic signatures agrees to
assume all risks arising out of such electronic methods, including, without limitation, the risk of the Trustee or the
Collateral Agent, as applicable acting on unauthorized instructions and the risk of interception and misuse by third
parties.

  

[Signatures on following pages]

 

    -136-

     

    

 

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

  

	 	WILLIAMS SCOTSMAN INTERNATIONAL, INC.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Williams Scotsman HOLDINGS CORP.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Williams Scotsman, INC.
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	WillSCOT EQUIPMENT II, LLC
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer

   

     

     

    

 

	 	NEW ACTON MOBILE INDUSTRIES LLC
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	ONSITE SPACE LLC
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	ACTon mobile holdings llc
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	modular space, llc
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	resun modspace, llc
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer

 

    -2-

     

    

 

	 	resun chippewa, llc
	 	 
	 	By:	 /s/ Timothy D. Boswell 
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Modspace government financial
    services, llc
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini, Inc.
	 	 
	 	By:	/s/ Van Welch
	 	Name: Van Welch
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini I, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini Dealer, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer

  

    -3-

     

    

 

	 	Mobile Mini, LLC (California)
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini, LLC (Delaware)
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	A Royal Wolf Portable Storage, Inc.
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Temporary Mobile Storage, Inc.
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Storage Group, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	MSG Investments, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer

 

    -4-

     

    

 

	 	A Better Mobile Storage Company
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini Finance, LLC
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	MSA, MMI (Texas) L.P.
	 	 
	 	By:	/s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Gulf Tanks Holdings, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Mobile Mini Tank and Pump Solutions, Inc.
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer
	 	 
	 	Water Movers Contracting, LLC
	 	 
	 	By:	 /s/ Timothy D. Boswell
	 	Name: Timothy D. Boswell
	 	Title: Chief Financial Officer

 

    -5-

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
 as Trustee

 

	 	By:	/s/ Bridgette Casasnovas
	 	 	Name: Bridgette Casasnovas
	 	 	Title: Vice President

 

	 	By:	/s/ Robert Peschler
	 	 	Name: Robert Peschler
	 	 	Title: Vice President

 

    -6-

     

    

   

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Collateral Agent

 

	 	By:	/s/ Bridgette Casasnovas
	 	 	Name: Bridgette Casasnovas
	 	 	Title: Vice President

 

	 	By:	/s/ Robert Peschler
	 	 	Name: Robert Peschler
	 	 	Title: Vice President

   

     

     

    

 

Exhibit
A

  

FORM
OF 4.625% SENIOR SECURED NOTE DUE 2028

 

(Face of 4.625% Senior Secured Note)

4.625% Senior Secured Notes due 2028

 

[Insert Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND
IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.6 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION
2.6 OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE
AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC OR SUCH OTHER REPRESENTATIVE OF DTC
OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC(AND ANY PAYMENT HEREON 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

[Insert Restricted Notes Legend, if applicable
pursuant to the provisions of the Indenture]

 

THIS SECURITY (OR ITS PREDECESSOR) WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”). NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE OFFERED, SOLD, ASSIGNED,
PLEDGED, ENCUMBERED, DISPOSED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.

 

    A-1

     

    

 

THE HOLDER OF THIS SECURITY AGREES
FOR THE BENEFIT OF THE COMPANY THAT, PRIOR TO THE DATE WHICH IS ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF,
ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS
NOTE (OR ANY PREDECESSOR OF THIS NOTE) (THE “RESALE RESTRICTION TERMINATION DATE”), SUCH SECURITY MAY BE RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED, ONLY (A) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT,
(B) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (C) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY
RULE 144 THEREUNDER (IF APPLICABLE), (D) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND THE SECURITIES LAWS OF ANY OTHER JURISDICTION (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE
COMPANY IF THE COMPANY SO REQUESTS), (E) TO THE COMPANY OR ANY SUBSIDIARY THEREOF OR (F) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO,
NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS SET FORTH ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE
AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THIS SECURITY. THIS LEGEND WILL BE REMOVED UPON THE REQUEST
OF A HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

 

[Insert Temporary Regulation S Notes Legend,
if applicable pursuant to the provisions of the Indenture]

 

THIS SECURITY IS A REGULATION S TEMPORARY
GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE GOVERNING THIS NOTE. EXCEPT IN THE CIRCUMSTANCES DESCRIBED IN THE INDENTURE, NO
TRANSFER OR EXCHANGE OF AN INTEREST IN THIS TEMPORARY GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN A TRANSFER RESTRICTED NOTE. NO
EXCHANGE OF AN INTEREST IN THIS TEMPORARY GLOBAL NOTE MAY BE MADE FOR AN INTEREST IN THE REGULATION S GLOBAL NOTE EXCEPT (A) ON
OR AFTER THE TERMINATION OF THE DISTRIBUTION COMPLIANCE PERIOD (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) AND (B) UPON
DELIVERY OF THE OWNER NOTES CERTIFICATION AND THE TRANSFEREE NOTES CERTIFICATION RELATING TO SUCH INTEREST IN ACCORDANCE WITH THE
TERMS OF THE INDENTURE.

 

UNTIL 40 DAYS AFTER THE COMMENCEMENT OF
THE OFFERING OF THE NOTES, AN OFFER OR SALE OF THE NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT)
MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH
RULE 144A UNDER THE SECURITIES ACT.

 

    A-2

     

    

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

4.625% SENIOR SECURED NOTE DUE 2028

 

	No. [A-1][S-1]	NOTES CUSIP: [144A: 96950G AE2]/[Reg S: U9697N AE5]
	 	NOTES ISIN: [144A: US96950GAE26]/[Reg S: USU9697NAE59]

  

Williams
Scotsman International, Inc., a Delaware corporation (the “Company”) for value received promises to pay to
Cede & Co. or its registered assigns, the principal sum of [ ● ][ ● ] UNITED STATES DOLLARS (US$[ ● ])
on August 15, 2028, and to pay interest thereon as hereinafter set forth.

 

Interest Payment Dates:
August 15 and February 15, beginning February 15, 2021

 

Record Dates: August
1 and February 1

 

Dated: August 25, 2020

 

Reference is made to 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 or electronic signature, this Note shall not
be entitled to any benefits under the Indenture referred to on the reverse hereof or be valid or obligatory for any purpose.

  

    A-3

     

    

 

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

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one (1) of the 4.625% Senior Secured Notes due 2028

referred to in the within-mentioned Indenture:

Dated: August 25, 2020

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its

individual capacity, but solely as Trustee

  

	By:		 
		Authorized Signatory	 

 

    A-4

     

    

 

(Reverse of 4.625% Senior Secured Note)

4.625% Senior Secured Notes due 2028

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

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

 

		(1)	Interest. The Company promises to pay interest on the principal amount of this Note at the
rate of 4.625% per annum from August 25, 2020 until maturity. The Company will pay interest in U.S. Dollars (except as otherwise
provided herein) semiannually in arrears on August 15 and February 15, commencing on February 15, 2021 or if any such day is not
a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes
shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the
date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated
between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from
such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall
accrue from the date of authentication. Interest will be calculated based on a 360-day year consisting of twelve (12) months of
thirty (30) days.

 

		(2)	Method of Payment. The Company will pay interest on the Notes (except defaulted interest)
on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on the August
1 and February 1 immediately preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on
or before such Interest Payment Date, except as otherwise provided in the Indenture (as defined below). The Notes shall be payable
as to principal of, premium, if any, interest, at the office or agency of the Company maintained for such purpose, or, at the option
of the Company, with respect to Notes represented by definitive Notes; payment may be made by check mailed to the Holders
at their respective addresses set forth in the register of Holders, or, with respect to Notes represented by global Notes the Holders
of which have provided the Company or the Paying Agent with wire transfer instructions, by wire transfer of immediately available
funds to the account or accounts specified. Principal, premium, if any, interest, shall be considered paid for all purposes hereunder
on the date the Paying Agent, if other than the Company or a Subsidiary thereof, holds, as of 11:00 a.m. (New York City time),
money deposited by the Company in immediately available funds and designated for and sufficient to pay all such principal, premium,
if any, interest, then due. Such payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

Any payments of principal of
and interest on this Note prior to the Stated Maturity shall be binding upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. The amount due and
payable at the maturity of this Note shall be payable only upon presentation and surrender of this Note at
an office of the Paying Agent or the Paying Agent’s agent appointed for such purposes.

 

    A-5

     

    

  

		(3)	Paying Agent and Registrar. Initially, Deutsche Bank Trust Company Americas, the Trustee
under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice
to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

 

		(4)	Indenture. The Company issued this Note under an Indenture, dated as of August 25, 2020
(the “Indenture”), among the Company, the Guarantors party thereto, the Trustee and the Collateral Agent. The
terms of this Note include those stated in the Indenture. To the extent the provisions of this Note are inconsistent with the provisions
of the Indenture, the Indenture shall govern. The Notes are subject to all such terms, and Holders are referred to the Indenture
for a statement of such terms. The Notes issued on the Issue Date are senior secured Obligations of the Company limited to $500,000,000
in aggregate principal amount. The Indenture permits the issuance of Additional Notes subject to compliance with certain conditions.

 

		(5)	Guarantees and Security. The payment of principal and interest on the Notes is unconditionally
guaranteed on a senior secured basis by the Company and the other Guarantors to the extent set forth in and subject to the conditions
of the Indenture, and the Notes are secured by the Collateral on the terms and subject to the conditions set forth in the Indenture,
the Intercreditor Agreements and the Security Documents.

 

		(6)	Optional Redemption.

 

		(a)	Optional Redemption on or After August 15, 2023. At any time and from time to time on and
after August 15, 2023, the Company, at its option, may redeem the Notes, in whole or in part, upon not less than fifteen (15) nor
more than sixty (60) days’ prior written notice to Holders and not less than twenty (20) days’ prior written notice
to the Trustee (or such shorter timeline as the Trustee may agree), at the redemption prices (expressed as percentages of the principal
amount of the Notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to but not including the applicable
redemption date (subject to the right of Holders on the relevant record date to receive interest due on an interest payment date
falling on or prior to the redemption date), if redeemed during the 12-month period beginning on August 15 of each of the years
set forth below.

 

	Year	Redemption Price
	2023	102.313%
	2024	101.156%
	2025 and thereafter	100.000%

 

    A-6

     

    

 

	 	(b)	 Optional Redemption with Proceeds of Qualified Equity Offerings. At any time and from
    time to time prior to August 15, 2023, upon not less than fifteen (15) nor more than sixty (60) days’ prior written
    notice to Holders and not less than twenty (20) days’ prior written notice to the Trustee (or such shorter timeline as
    the Trustee may agree), the Company, at its option, may redeem up to 40% of the aggregate principal amount of the outstanding
    Notes (including any Additional Notes) at a redemption price equal to 104.625% of the principal amount of the Notes redeemed,
    plus accrued and unpaid interest, if any, to but not including the applicable redemption date (subject to the right of
    Holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption
    date) if:

 

(1)           
such redemption is made with the net proceeds of one or more Qualified Equity Offerings;

 

(2)           
at least 60% of the aggregate principal amount of the Notes (including any Additional Notes) issued under this Indenture
remains outstanding immediately after the occurrence of such redemption (excluding Notes held by the Company or its Subsidiaries);
and

 

(3)           
the redemption occurs within 90 days following the closing of such Qualified Equity Offering.

 

		(c)	Optional Redemption at Make-Whole Price. At any time and from time to time prior to August
15, 2023, upon not less than fifteen (15) nor more than sixty (60) days’ prior written notice to Holders and not less than
twenty (20) days’ prior written notice to the Trustee (or such shorter timeline as the Trustee may agree), the Company, at
its option, may redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes,
plus the Applicable Premium as of, and accrued and unpaid interest to but not including the redemption date (subject to the right
of Holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption
date).

 

		(d)	Optional Redemption before August 15, 2023. At any time, and from time to time, prior to
August 15, 2023, upon not less than fifteen (15) nor more than sixty (60) days’ prior written notice to Holders and not less
than twenty (20) days’ prior written notice to the Trustee (or such shorter timeline as the Trustee may agree), the Company,
at its option, may redeem up to 10% of the aggregate principal amount of the outstanding Notes (including any Additional Notes)
during each twelve-month period commencing with the Issue Date, at a redemption price equal to 103% of the principal amount of
the Notes redeemed, plus accrued and unpaid interest, if any, to but not including the applicable redemption date (subject to the
right of Holders on the relevant record date to receive interest due on an interest payment date falling on or prior to the redemption
date).

 

    A-7

     

    

 

	 	(e)	Notice of any redemption or any redemption in respect of the Notes may, at the Company’s discretion, be subject to one or
more conditions precedent, including, but not limited to, completion of any related Qualified Equity Offering. In addition, if
such redemption is subject to satisfaction of one or more conditions precedent, such notice of redemption 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), or such redemption may not occur and such notice, upon
written notice to the Trustee, may be rescinded in the event that any or all such conditions shall not have been satisfied (waived)
by the redemption date as stated in such notice, or by the redemption date as so delayed; provided that in no event shall
such redemption date be delayed to a date later than sixty (60) days after the date on which the original redemption notice was
sent. The Company shall provide notice to the Trustee at least one Business Day prior to the then scheduled redemption date of
the delayed redemption date or the rescinding of the redemption notice. The Company may provide in such notice that payment of
the redemption price and performance of the Company’s obligations with respect to such redemption may be performed by another
Person.

 

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

 

		(g)	If any Note is redeemed in part only, a new Note equal in principal amount to the unredeemed portion
of the original Note will be issued in the name of the Holder thereof upon cancellation of the original Note. Subject to any conditions,
Notes called for redemption become due on the date fixed for redemption. On and after the redemption date and interest will cease
to accrue on Notes or portions of the Notes called for redemption.

 

		(h)	Notwithstanding any of the foregoing, notices of redemption may be sent more than sixty (60) days
prior to a redemption date if the notice is issued in connection with a Discharge of this Indenture.

 

		(i)	The Company may at any time, and from time to time, purchase Notes by means other than redemption,
whether in open market transactions or otherwise, subject to compliance with applicable securities laws.

 

		(7)	Mandatory Redemption. The Company is not required to make mandatory redemption or sinking
fund payments with respect to the Notes.

 

		(8)	Notice of Redemption. Subject to Section 3.3 of the Indenture, notice of redemption will
be mailed by first class mail (or, delivered electronically if held by DTC) at least fifteen (15) days but not more than sixty
(60) days before the redemption date to each Holder whose Notes are to be redeemed at its registered address and for the Notes
registered to DTC, in accordance with DTC’s applicable procedures. If any Note is to be redeemed in part only, the notice
of redemption that relates to that Note will state the portion of the principal amount thereof to be redeemed. No Notes of $2,000
principal amount or less will be redeemed in part.

 

    A-8

     

    

 

		(9)	Repurchase at Option of Holder.

 

	 	(a)	 Upon the occurrence of a Change of Control, the Company will be required to make an Offer to Purchase (a “Change of
Control Offer”) all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s
Notes at a purchase price (the “Purchase Price”) in cash equal to 101% of the principal amount of the Notes
tendered, plus accrued and unpaid interest, if any, to but not including the Purchase Date (subject to the right of Holders on
the relevant record date to receive interest due on an interest payment date falling on or prior to the Purchase Date). For purposes
of the foregoing, a Change of Control Offer shall be deemed to have been made if (i) within thirty (30) days following a Change
of Control, the Company commences an Offer to Purchase all outstanding Notes at the Purchase Price and (ii) all Notes validly
tendered (and not withdrawn) pursuant to the Offer to Purchase are purchased in accordance with the terms of such Offer to Purchase.
Any Change of Control Offer will be conducted in accordance with the procedures specified in Section 3.8 of the Indenture.

 

		(b)	If the Company or any of its Restricted Subsidiaries consummates an Asset Sale, any Net Cash Proceeds
therefrom that are not applied or invested as provided in the third paragraph of Section 4.10 of the Indenture within 365 days
after the receipt of any Net Cash Proceeds from such applicable Asset Sale will constitute Excess Proceeds. When the aggregate
amount of Excess Proceeds exceeds $25.0 million, within thirty days thereof, the Company will make an Offer to Purchase (“Asset
Sale Offer”) to all Holders and all holders of Pari Passu Debt containing provisions similar to those set forth in the
Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, in each case, equal to the maximum
principal amount of Notes and such other Pari Passu Debt that may be purchased out of the Excess Proceeds. The offer price in any
such Asset Sale Offer will be equal to 100% of the principal amount of the Notes purchased, plus accrued and unpaid interest, if
any, to but excluding the date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of an
Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise prohibited by the Indenture and such
remaining amount shall not be added to any subsequent Excess Proceeds for any purpose under the Indenture. If the aggregate principal
amount of Notes and such other Pari Passu Debt tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee
will select the Notes and the Company will select such other Pari Passu Debt to be purchased on a pro rata basis as between
the Notes and Pari Passu Debt. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero. Any
Asset Sale Offer will be conducted in accordance with the procedures specified in Section 3.8 of the Indenture.

 

		(c)	Holders that are the subject of a Change of Control Offer or an Asset Sale Offer (each, an “Offer
to Purchase”), will receive notice of an Offer to Purchase from the Company prior to any related Purchase Date and may
elect to have such Notes purchased by completing the form titled “ Option of Holder to Elect Purchase” appearing
below.

 

    A-9

     

    

 

	 	(10)	 Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000
and integral multiples of $1,000 in excess thereof. The transfer of the Notes may be registered and the Notes may be exchanged
as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements
and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the
unredeemed portion of any Note being redeemed in part. Also, the Company and the Registrar shall not be required (A) to issue,
to register the transfer of or to exchange Notes during a period beginning at the opening of fifteen (15) days before the day
of any mailing of a notice of redemption under Section (6) hereof and ending at the close of business on the day of mailing, (B)
to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part, or (C) to register the transfer of or to exchange a Note between a record date and the next
succeeding Interest Payment Date.

 

		(11)	Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all
purposes.

 

		(12)	Discharge and Defeasance. Subject to the conditions set forth in the Indenture, the Company
and the Guarantors at any time shall be entitled to terminate some or all of their obligations under the Indenture and the Notes
or the Note Guarantees, as applicable, if the Company irrevocably deposits with the Trustee, in trust, for the benefit of the Holders,
cash in U.S. Dollars, non-callable U.S. Government Obligations, or a combination thereof, for the payment of principal of, premium,
if any, and interest on the outstanding Notes to redemption or maturity, as the case may be; provided, that upon any
redemption that requires the payment of the Applicable Premium, the amount deposited shall be sufficient for purposes of the Indenture
to the extent that an amount is deposited with the Trustee equal to the Applicable Premium calculated as of the date of the notice
of redemption, with any deficit as of the date of redemption (any such amount, the “ Applicable Premium Deficit”)
only required to be deposited with the Trustee on or prior to the date of redemption. Any Applicable Premium Deficit shall be set
forth in an Officer’s Certificate delivered to the Trustee simultaneously with the deposit of such Applicable Premium Deficit
that confirms that such Applicable Premium Deficit shall be applied toward such redemption.

 

		(13)	Amendment, Supplement and Waiver. The Indenture, the Notes or any Notes Document may be
amended or supplemented as provided in the Indenture.

 

	 	(14)	Defaults and Remedies. The Events of Default relating to the Notes are defined in Section 6.1 of the Indenture. If an Event
of Default (other than an Event of Default specified in Section 6.1(h) of the Indenture with respect to the Company) occurs and
is continuing, then and in every such case, the Trustee or the Holders of not less than 30% in aggregate principal amount of the
outstanding Notes may declare the principal amount of the Notes and any accrued and unpaid interest on the Notes to be due and
payable immediately by a notice in writing to the Company (and to the Trustee if given by Holders); provided, however,
that after such acceleration, but before a judgment or decree based on acceleration, the Holders of a majority in aggregate principal
amount of the outstanding Notes may rescind and annul such acceleration if (i) all Events of Default, other than the nonpayment
of accelerated principal of or interest on the Notes, have been cured or waived as provided in the Indenture and (ii) such rescission
or annulment would not conflict with any decree of judgment of a court of competent jurisdiction.

  

    A-10

     

    

 

In the event
of a declaration of acceleration of the Notes because an Event of Default described in Section 6.1(f) of the Indenture has occurred
and is continuing, the declaration of acceleration of the Notes shall be automatically rescinded and annulled if the event of default
or payment default triggering such Event of Default pursuant to Section 6.1(f) shall be remedied or cured by the Company or such
Restricted Subsidiary or waived by the holders of the relevant Debt within thirty (30) Business Days after the declaration of acceleration
with respect thereto and if the rescission and annulment of the acceleration of the Notes would not conflict with any judgment
or decree of a court of competent jurisdiction obtained by the Trustee for the payment of amounts due on the Notes.

 

If an Event
of Default specified in Section 6.1(h) occurs with respect to the Company, the principal amount of and any accrued and unpaid interest
on the Notes then outstanding shall ipso facto become immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder. The Trustee may withhold from Holders notice of any Default (except Default in payment of
principal of, premium, if any, and interest on, any Note) if the Trustee determines that withholding notice is in the interests
of the Holders.

 

		(15)	Trustee Dealings with the Company. The Trustee, in its individual or any other capacity,
may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same
rights it would have if it were not Trustee.

 

		(16)	No Recourse Against Others. No past, present or future director, officer, employee, general
or limited partner, incorporator or stockholder of the Company or any of its Subsidiaries, as such, will have any personal liability
for any obligations of the Company or any Guarantor by reason of his, her or its status as such director, officer, employee, stockholder,
general partner, limited partner or incorporator, under the Notes Documents, or for any claim based on, in respect of, or by reason
of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver
and release are part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities
under the U.S. federal securities laws or other corporate laws, and it is the view of the SEC that such a waiver is against public
policy.

 

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

 

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

 

	 	(19)	 CUSIP, ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on
    Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee
    may use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience to the Holders. No representation is
    made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and
    reliance may be placed only on the other identification numbers placed thereon.

  

    A-11

     

    

 

 

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

 

Williams Scotsman International, Inc.

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona 85008

Facsimile: (800) 298-2585

Attention: General Counsel

 

    A-12

     

    

 

ASSIGNMENT FORM

 

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

 

 

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

 

 

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint ________________________________________to
transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

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

 

	Signature guarantee:	 	 	 
	 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 

    A-13

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note
purchased by the Company pursuant to Section 4.10 (Asset Sales) or 4.14 (Change of Control) of the Indenture, as applicable, check
the box below:

 

[ ] Section 4.10 [ ] Section 4.14

 

If you want to elect to have only part
of the Note purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, as applicable, state the amount you elect
to have purchased: $

 

	Date:	   	 	Your Signature:	 
	 	(Sign exactly as your name appears on the Note)

 

Tax Identification No.:

 

	Signature guarantee:	 	 	 
	 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 

    A-14

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR REGISTRATION

OF TRANSFER RESTRICTED NOTES BY A PERSON OTHER THAN THE COMPANY

 

 

Williams Scotsman International, Inc.

 

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona 85008

Facsimile: (800) 298-2585

Attention: General Counsel

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200

Jacksonville, FL 32256 USA

Attention: Transfer Department

 

		Re:	Williams Scotsman International, Inc.

4.625% Senior Secured Notes due 2028

CUSIP # [96950G AE2]/[U9697N AE5]

 

Reference is hereby made to that certain
Indenture, dated August 25, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among Williams Scotsman International, Inc. (the “Company”), the Guarantors party thereto, the Trustee and the
Collateral Agent. Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture.

 

__________________________ (the “Transferor”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein in the principal amount of $                          in
such Note[s] held in (check applicable space)                          book-entry or                          definitive form by the undersigned.

 

The Transferor ___________________ (check
one (1) box below):

 

	[ ]	hereby requests the Registrar to deliver in exchange for its beneficial interest in the Global Note held by the Depositary a Note
or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial
interest in such Global Note (or the portion thereof indicated above), in accordance with Section 2.6 of the Indenture; or

 

	[ ]	hereby requests the Trustee to exchange or register the transfer of a Note or Notes to _____________ (transferee).

 

In connection with any transfer of any
of the Notes evidenced by this certificate occurring prior to the expiration of the periods referred to in Rule 144 under the Securities
Act of 1933, as amended (the “Securities Act”), the Transferor confirms that such Notes are being transferred
in accordance with its terms:

 

    A-15

     

    

 

CHECK ONE
(1) BOX BELOW:

 

		(1)	[ ]	to the Company or a subsidiary thereof; or

 

		(2)	[ ]	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule
144A”)) that purchases for its own account or for the account of a qualified institutional buyer to whom notice is given
that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A; or

 

		(3)	[ ]	outside the United States in an offshore transaction to a person other than a “U.S. person” within the meaning of
Regulation S under the Securities Act, in compliance with Rule 904 thereunder.

 

Unless one (1) of the boxes is checked,
the Registrar will refuse to register any of the Note[s] evidenced by this certificate in the name of any person other than the
registered Holder thereof; provided that if box (2) or (3) is checked, the Company or the Trustee may require, prior
to registering any such transfer of the Note[s], in its sole discretion, such legal opinions, certifications and other information
as the Trustee or the Company reasonably request 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.

 

	 	 
		Signature

 

	Signature guarantee:	 	 	 
	 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 

TO BE COMPLETED BY PURCHASER IF (2) 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, 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.

 

    A-16

     

    

 

[Name of Transferee]

 

	Dated:	 	 	 	 
	 	 	NOTICE: To be executed by an executive officer

 

    A-17

     

    

 

SCHEDULE OF EXCHANGES OF 4.625% SENIOR SECURED
NOTES DUE 2028

 

The following exchanges of a part of this
Global Note for other 4.625% Senior Secured Notes due 2028 have been made:

 

	Date of Exchange	Amount of Decrease in Principal Amount of This Global Note	Amount of Increase in Principal Amount of This Global Note	Principal Amount of This Global Note Following Such Decrease (or Increase)	Authorized Officer of Trustee or 4.625% Senior Secured Note due 2028 Custodian

 

    A-1

     

    

 

Exhibit
B

 

[FORM
OF CERTIFICATE TO BE DELIVERED

IN CONNECTION WITH TRANSFERS PURSUANT TO RULE 144A]

 

 

Williams Scotsman International, Inc.

 

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona 85008

Facsimile: (800) 298-2585

Attention: General Counsel

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200

Jacksonville, FL 32256 USA

Attention: Transfer Department

 

		Re:	Williams Scotsman International, Inc. (the “Company”)

4.625% Senior Secured Notes due 2028 (the “Notes”)

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Indenture, dated August 25, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among Williams Scotsman International, Inc. (the “Company”), the Guarantors party thereto, the Trustee and the
Collateral Agent. Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture.

 

__________________________ (the “Transferor”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein. In connection with the Transferor’s
proposed sale of $__________ aggregate principal amount at maturity of the Note[s], the Transferor hereby certifies that such transfer
is being effected pursuant to and in accordance with Rule 144A (“Rule 144A”) under the United States Securities
Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the Note[s] are being transferred to a person that the Transferor reasonably believes is purchasing the Note[s] for its own account,
or for one (1) or more accounts with respect to which such person exercises sole investment discretion, and such person and each
such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements
of Rule 144A and such Note[s] are being transferred in compliance with any applicable blue sky securities laws of any state of
the United States. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Note[s]
will be subject to the restrictions on transfer enumerated in the Restricted Notes Legend printed on the QIB Global Note and in
the Indenture and the Securities Act.

 

The addressees of this letter 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.

 

    B-1

     

    

 

 

		Very truly yours,
	 	 
	 	 
	 	[Name of Transferor]
	 	 
	 	By:	 
	 	 	Authorized Signature

 

	Signature guarantee:	 	 	 
	 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 

    B-2

     

    

 

Exhibit
C

 

[FORM
OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS 

PURSUANT TO REGULATION S]

 

 

Williams Scotsman International, Inc.

 

4646 E. Van Buren Street, Suite 400

Phoenix, Arizona 85008

Facsimile: (800) 298-2585

Attention: General Counsel

 

DB Services Americas, Inc.

5022 Gate Parkway, Suite 200

Jacksonville, FL 32256 USA

Attention: Transfer Department

 

		Re:	Williams Scotsman International, Inc. (the “Company”)

4.625% Senior Secured Notes due 2028 (the “Notes”)

 

Ladies and Gentlemen:

 

Reference is hereby made to that certain
Indenture, dated August 25, 2020 (as amended, supplemented or otherwise modified from time to time, the “Indenture”),
among Williams Scotsman International, Inc. (the “Company”), the Guarantors party thereto, the Trustee and the
Collateral Agent. Capitalized terms used but not defined herein shall have the meanings set forth in the Indenture.

 

__________________________ (the “Transferor”)
owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein. In connection with our proposed sale of
$________ aggregate principal amount at maturity of the Note[s], the Transferor confirms that such sale has been effected pursuant
to and in accordance with Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor represents that:

 

		(1)	the transfer of the Note[s] was not made to a person in the United States;

 

		(2)	either (a) at the time the buy order was originated, the transferee was outside the United States
or the Transferor and any person acting on the Transferor’s behalf reasonably believed that the transferee 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 the Transferor nor any person acting on the Transferor’s behalf knows that the transaction has been prearranged 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(b) or Rule 904(b) of Regulation S, as applicable; and

 

    C-1

     

    

 

		(4)	the transaction is not part of a plan or scheme to evade the registration requirements of the Securities
Act.

 

In addition, if the sale is made during
a restricted period and the provisions of Rule 903(b) or Rule 904(b) of Regulation S are applicable thereto, the Transferor confirms
that such sale has been made in accordance with the applicable provisions of Rule 903(b) or Rule 904(b), as the case may be. Upon
consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred Note[s] will be subject to
the restrictions on transfer enumerated in the Restricted Notes Legend printed on the Regulation S Global Note and in the Indenture
and the Securities Act.

 

    C-2

     

    

 

The addressees of this letter 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 Transferor]
	 	 
	 	By:	 
	 	 	Authorized Signature

 

	Signature guarantee:	 	 	 
	 	(Signature must be guaranteed by a participant in a recognized signature guarantee medallion program)

 

    C-3

     

    

 

Exhibit
D

 

    D-1

     

    

 

FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED
BY SUBSEQUENT GUARANTORS

 

WILLIAMS SCOTSMAN INTERNATIONAL, INC.

 

as Issuer

 

and

 

THE GUARANTORS PARTY HERETO

 

————————————————

 

4.625% SENIOR SECURED NOTES DUE 2028

 

————————————————

 

SUPPLEMENTAL INDENTURE

 

DATED AS OF [ ]

 

————————————————

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

 

as Trustee and Collateral Agent

 

    D-2

     

    

 

This SUPPLEMENTAL INDENTURE, dated as of
[ ] is by and among Williams Scotsman International, Inc., a Delaware corporation (the “Company”), each of the
parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”),
Deutsche Bank Trust Company Americas, as trustee (in such capacity and not in its individual capacity, the “Trustee”)
and Deutsche Bank Trust Company Americas, as collateral agent (in such capacity and not in its individual capacity, the “Collateral
Agent”).

 

RECITALS

 

WHEREAS, Williams Scotsman International,
Inc., a Delaware corporation (the “Company”), certain guarantors party thereto, the Trustee and the Collateral
Agent entered into an Indenture, dated as of August 25, 2020 (the “Indenture”), providing for the issuance of
$500,000,000 in principal amount of 4.625% Senior Secured Notes due 2028 (the “Notes”);

 

WHEREAS, Section 9.1(2) of the Indenture
provides that the Company, the Guarantors, the Trustee and the Collateral Agent may supplement the Indenture in order to add Guarantors
pursuant to Sections 4.17 and 11.8 thereof, without the consent of the Holders; and

 

WHEREAS, all acts and procedures prescribed
by the Indenture to make this Supplemental Indenture a legally valid and binding instrument on the Company, the Guarantors, the
Trustee and the Collateral Agent, in accordance with its terms, have been duly done and performed;

 

NOW, THEREFORE, in compliance with the
provisions of the Indenture and in consideration of the above premises, the Company, the Guarantors, the Trustee and the Collateral
Agent covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:

 

		(1)	This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form
a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes.

 

		(2)	This Supplemental Indenture shall become effective immediately upon its execution and delivery
by each of the Company, the Guarantors, the Trustee and the Collateral Agent.

 

		(3)	From this date, by executing this Supplemental Indenture, the Guarantors whose signatures appear
below are subject to the provisions of the Indenture to the extent applicable.

 

		(4)	Except as specifically modified herein, the Indenture and the Notes are in all respects ratified
and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized
terms used herein without definition having the same respective meanings ascribed to them as in the Indenture.

 

		(5)	Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed,
or shall be construed to be assumed, by the Trustee or the Collateral Agent by reason of this Supplemental Indenture. This Supplemental
Indenture is executed and accepted by the Trustee and the Collateral Agent subject to all the terms and conditions set forth in
the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable
to the Trustee and the Collateral Agent with respect hereto.

 

    D-3

     

    

 

		(6)	No past, present or future director, officer, employee, incorporator, stockholder, partner, member
or joint venturer of the Company or any Guarantor, as such, shall have any liability for any obligations of the Company or any
Guarantor under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes.

 

		(7)	NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
THIS SUPPLEMENTAL INDENTURE.

 

		(8)	The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall
be an original, but all of such executed copies together shall represent the same agreement. Delivery of an executed counterpart
of a signature page to this Supplemental Indenture by telecopier, facsimile or other electronic transmission (i.e. “pdf”,
“docusign” or “tif”) shall be effective as delivery of a manually executed counterpart thereof.

 

[NEXT PAGE IS SIGNATURE PAGE]

 

    D-4

     

    

 

IN WITNESS WHEREOF, the parties hereto
have caused this Supplemental Indenture to be duly executed, all as of the date first written above.

 

		WILLIAMS SCOTSMAN INTERNATIONAL, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[GUARANTORS]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[ADDITIONAL GUARANTORS]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-5

     

    

 

		DEUTSCHE BANK TRUST COMPANY AMERICAS,as Collateral
    Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    D-6

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