Document:

Exhibit 4.1

 

EXECUTION VERSION

CABLEVISION LIGHTPATH LLC,

as Issuer,

and

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee, Paying Agent, Transfer Agent and Registrar

INDENTURE

Dated as of September 29, 2020

5.625% Senior Notes due 2028

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section
    1.01	Definitions	1
	Section 1.02	Other Definitions	45
	Section 1.03	Rules of Construction	46
	 	 	 
	ARTICLE 2 THE NOTES 	 	46
	Section 2.01	Form and Dating	46
	Section 2.02	Execution and Authentication	48
	Section 2.03	Transfer Agent, Registrar
    and Paying Agent	48
	Section 2.04	Paying Agent not a party
    to this Indenture to Hold Money	49
	Section 2.05	Holder Lists	50
	Section 2.06	Transfer and Exchange	50
	Section 2.07	Replacement Notes	58
	Section 2.08	Outstanding Notes	59
	Section 2.09	Treasury Notes	59
	Section 2.10	Temporary Notes	59
	Section 2.11	Cancellation	59
	Section 2.12	Defaulted Interest	60
	Section 2.13	Further Issues	60
	Section 2.14	Common Codes, ISIN and
    CUSIP Numbers	60
	Section 2.15	Currency Indemnity	60
	Section 2.16	Deposit of Moneys	61
	Section 2.17	Agents	61
	 	 	 
	ARTICLE
    3 REDEMPTION	61
	Section 3.01	Notices to Trustee	61
	Section 3.02	Selection of Notes to
    Be Redeemed or Repurchased	62
	Section 3.03	Notice of Redemption	62
	Section 3.04	Effect of Notice of Redemption	63
	Section 3.05	Deposit of Redemption Price	63
	Section 3.06	Notes Redeemed in Part	63
	Section 3.07	Optional Redemption	63
	Section 3.08	Tender Offer Redemption	64
	Section 3.09	Mandatory Redemption	64
	Section 3.10	Special Mandatory Redemption;
    Escrow of Proceeds	65
	Section 3.11	[Reserved]	66
	 	 	 
	ARTICLE
    4 COVENANTS	66
	Section 4.01	Payment of Notes	66
	Section 4.02	[Reserved]	66
	Section 4.03	Change of Control	66
	Section 4.04	Limitation on Indebtedness	68
	Section 4.05	Limitation on Restricted
    Payments	74
	Section 4.06	Limitation on Liens	81
	Section 4.07	Limitation on Restrictions
    on Distributions from Restricted Subsidiaries	81
	Section 4.08	Limitation on Sales of
    Assets and Subsidiary Stock	83
	Section 4.09	Limitation on Affiliate
    Transactions	87
	Section 4.10	Reports	89
	Section 4.11	Suspension of Covenants
    on Achievement of Investment Grade Status	92
	Section 4.12	[Reserved]	93
	Section 4.13	[Reserved]	93

 

    i

     

    

 

	Section
    4.14	Compliance
    Certificate	93
	Section
    4.15	[Reserved]	93
	Section
    4.16	[Reserved]	93
	Section
    4.17	[Reserved]	93
	Section
    4.18	[Reserved]	93
	Section
    4.19	[Reserved]	93
	Section
    4.20	Lines of Business	94
	Section
    4.21	Additional Guarantors	94
	Section
    4.22	Limitation on Parent
    Guarantor Activities	95
	Section
    4.23	[Reserved]	95
	Section
    4.24	Reserved Indebtedness	95
	Section
    4.25	Limited Condition Transaction	96
	Section
    4.26	Delaware LLC Divisions	97
	 	 	 
	ARTICLE
    5 SUCCESSOR COMPANY	97
	Section
    5.01	Merger and Consolidation
    of the Issuer	97
	Section
    5.02	Merger and Consolidation
    of the Subsidiary Guarantors.	98
	 	 	 
	ARTICLE
    6 DEFAULTS AND REMEDIES	99
	Section
    6.01	Events of Default	99
	Section
    6.02	Acceleration	102
	Section
    6.03	Other Remedies	102
	Section
    6.04	Waiver of Past Defaults	102
	Section
    6.05	Control by Majority	103
	Section
    6.06	Limitation on Suits	103
	Section
    6.07	Rights of Holders to
    Receive Payment	103
	Section
    6.08	Collection Suit by Trustee	103
	Section
    6.09	Trustee May File Proofs
    of Claim	103
	Section
    6.10	Priorities	104
	Section
    6.11	Undertaking for Costs	104
	Section
    6.12	Waiver of Stay or Extension
    Laws.	104
	Section
    6.13	Restoration of Rights
    and Remedies	104
	Section
    6.14	Rights and Remedies Cumulative	105
	Section
    6.15	Delay or Omission Not
    Waiver	105
	 	 	 
	ARTICLE
    7 TRUSTEE	105
	Section
    7.01	Duties of Trustee	106
	Section
    7.02	Rights of Trustee	108
	Section
    7.03	Individual Rights of
    Trustee	109
	Section
    7.04	Trustee’s Disclaimer	109
	Section
    7.05	Notice of Defaults	109
	Section
    7.06	[Reserved]	109
	Section
    7.07	Compensation and Indemnity	109
	Section
    7.08	Replacement of Trustee	110
	Section
    7.09	Successor Trustee by
    Merger	111
	Section
    7.10	[Reserved]	111
	Section
    7.11	Certain Provisions	111
	Section
    7.12	Resignation of Agents	111
	 	 	 
	ARTICLE
    8 DISCHARGE OF INDENTURE; DEFEASANCE	112
	Section
    8.01	Discharge of Liability
    on Notes; Defeasance	112
	Section
    8.02	Conditions to Defeasance	113
	Section
    8.03	Application of Trust
    Money	113
	Section
    8.04	Repayment to Issuer	114
	Section
    8.05	Indemnity for Government
    Obligations	114
	Section
    8.06	Reinstatement	114

 

    ii

     

    

 

	ARTICLE
    9 AMENDMENTS AND WAIVERS	114
	Section
    9.01	Without Consent
    of Holders	114
	Section 9.02	With Consent of Holders	115
	Section 9.03	Revocation and Effect
    of Consents and Waivers	116
	Section 9.04	Notation on or Exchange
    of Notes	117
	Section 9.05	Trustee to Sign Amendments	117
	 	 	 
	ARTICLE
    10 NOTE GUARANTEES	117
	Section 10.01	Note Guarantees	117
	Section 10.02	Successors and Assigns	119
	Section 10.03	No Waiver	119
	Section 10.04	Modification	119
	Section 10.05	Execution of Supplemental
    Indenture for Guarantors	119
	Section 10.06	Release of the Note Guarantees	120
	Section 10.07	Limitations on Obligations
    of Guarantors	121
	Section 10.08	Non-Impairment	121
	 	 	 
	ARTICLE
    11 [Reserved].	121
	 	 	 
	ARTICLE
    12 MISCELLANEOUS	121
	Section 12.01	Notices	121
	Section 12.02	Certificate and Opinion
    as to Conditions Precedent	122
	Section 12.03	Statements Required in
    Certificate or Opinion	123
	Section 12.04	When Notes Disregarded.	123
	Section 12.05	Rules by Trustee, Paying
    Agent and Registrar	123
	Section 12.06	Legal Holidays	123
	Section 12.07	Governing Law and Waiver
    of Trial by Jury	123
	Section 12.08	Consent to Jurisdiction
    and Service	124
	Section 12.09	No Recourse Against Others	124
	Section 12.10	Successors	124
	Section 12.11	Multiple Originals	124
	Section 12.12	Table of Contents; Headings	124
	Section 12.13	Prescription	124
	Section 12.14	Patriot Act	124
	Section 12.15	Severability	124

 

    iii

     

    

 

EXHIBITS

 

	Exhibit A	Form of Note
	 	 
	Exhibit B	Form of Certificate of Transfer
	 	 
	Exhibit C	Form of Certificate of Exchange
	 	 
	Exhibit D	Form of Supplemental
    Indenture

 

    i

     

    

 

 

INDENTURE dated as
of September 29, 2020, among Cablevision Lightpath LLC, a Delaware limited liability company (the “Issuer”)
and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), paying agent, transfer agent and registrar.

 

Each party agrees
as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) $415,000,000 aggregate
principal amount of the Issuer’s 5.625% Senior Notes due 2028 (the “Initial Notes”) and (ii) an
unlimited principal amount of additional securities having identical terms and conditions as the Initial Notes except as otherwise
set forth herein (the “Additional Notes”) that may be issued on any later issue date subject to the conditions
and in compliance with the covenants set forth herein. Unless the context otherwise requires, in this Indenture references to the
 “Notes” include the Initial Notes and the Additional Notes that are actually issued.

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01           
Definitions.

 

“Acquired
Indebtedness” means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person becomes
a Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not
Incurred by such Person in connection with such Person becoming a Restricted Subsidiary or such acquisition, or (3) of a Person
at the time such Person merges with or into or consolidates or otherwise combines with the Issuer or any Restricted Subsidiary.
Subject to Section 4.24 and Section 4.25, Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1)
of this definition, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of this definition,
on the date of consummation of such acquisition of assets and, with respect to clause (3) of this definition, on the date of the
relevant merger, consolidation or other combination.

 

“Additional
Assets” means:

 

		(1)	any property or assets (other than Indebtedness and Capital Stock) not classified as current assets
under GAAP used or to be used by the Issuer or a Restricted Subsidiary or otherwise useful in a Similar Business (it being understood
that capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are
the subject of an Asset Disposition shall be deemed an investment in Additional Assets);

 

		(2)	the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted Subsidiary
as a result of the acquisition of such Capital Stock by the Issuer or a Restricted Subsidiary; or

 

		(3)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted
Subsidiary.

 

“Affiliate”
of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Agents”
means the Paying Agent, Transfer Agent, Registrar and Authenticating Agent.

 

    1

     

    

 

“AHYDO Catch
Up Payment” means any payment on any Indebtedness that would be necessary to avoid such Indebtedness being characterized
as an “applicable high yield discount obligation” under Section 163(i) of the Code.

 

“Altice
USA” refers to Altice USA, Inc., a Delaware corporation listed on the New York Stock Exchange under the symbol “ATUS”.

 

“Applicable
Premium” means:

 

		(A)	with respect to any Note, the greater of:

 

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

 

		(ii)	the excess (to the extent positive) of:

 

		(1)	the present value at such redemption date of (i) the redemption price of such Note at September
15, 2023 (such redemption price (expressed in percentage of principal amount) being set forth in the table in clause (a) of paragraph
5 of each Global Note or Definitive Registered Note (excluding accrued and unpaid interest)), plus (ii) all required interest payments
due on such Note to and including September 15, 2023 (excluding accrued but unpaid interest), computed upon the redemption date
using a discount rate equal to the Treasury Rate at such redemption date (or, if greater than such Treasury Rate, zero) plus 50
basis points; over

 

		(2)	the outstanding principal amount of such Note,

                                                                                 

                                                                                as calculated by the Issuer or on behalf of the Issuer by such Person as the Issuer shall designate. For the avoidance of doubt, calculation of the Applicable Premium shall not be an obligation or duty of the Trustee or Paying Agents.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of DTC that apply to such transfer or exchange.

 

“Asset Disposition”
means, with respect to the Issuer and the Restricted Subsidiaries, any direct or indirect sale, lease (other than an operating
lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales,
leases (other than operating leases entered into in the ordinary course of business), transfers, issuances or dispositions that
are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property
or other assets (each referred to for the purposes of this definition as a “disposition”) by the Issuer or any
of the Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction; provided
that the sale, lease, transfer, issuance or other disposition of all or substantially all of the assets of the Issuer (or any successor
company) and its Restricted Subsidiaries taken as a whole will be governed by Section 4.03 and/or Article 5 and not by Section
4.08. Notwithstanding the preceding provisions of this definition, the following items shall not be deemed to be Asset Dispositions:

 

		(1)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted
Subsidiary to a Restricted Subsidiary;

 

		(2)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of cash, Cash Equivalents, Temporary Cash Investments or Investment Grade
Securities;

 

    2

     

    

 

		(3)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of inventory, consumer equipment, trading stock, communications capacity
or other assets in the ordinary course of business;

 

		(4)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of obsolete, surplus or worn out equipment or other assets or equipment
or other similar assets that are no longer useful in the conduct of the business (as determined in good faith by the Issuer) of
the Issuer and its Restricted Subsidiaries;

 

		(5)	transactions permitted under Article 5 of this Indenture (other than as permitted under Section
5.02(a)(3)(C)) or a transaction that constitutes a Change of Control;

 

		(6)	an issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted
Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors of the Issuer;

 

		(7)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, properties or assets in a single transaction
or series of related transactions with a fair market value (as determined in good faith by the Issuer at the time of such sale,
lease, transfer, issuance or other disposition or, at the option of the Issuer, on the date of contractually agreeing to such sale,
lease, transfer, issuance or other disposition) not to exceed the greater of $25 million and 10.0% of L2QA Pro Forma EBITDA;

 

		(8)	(i) any Restricted Payment that is permitted to be made under Section 4.05, any transaction specifically
excluded from the definition of “Restricted Payment” and the making of any Permitted Payment and Permitted Investment
and (ii) solely for the purposes of Section 4.08(b), a disposition, the proceeds of which are used to make such Restricted Payments
permitted to be made under Section 4.05, Permitted Payments or Permitted Investments;

 

		(9)	the granting of Liens not prohibited by Section 4.06;

 

		(10)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of receivables or related assets in connection with the compromise, settlement
or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;

 

		(11)	the licensing or sublicensing of intellectual property or other general intangibles and licenses,
sublicenses, leases, subleases of other property, in each case, in the ordinary course of business;

 

		(12)	foreclosure, condemnation, eminent domain or any similar action with respect to any property or
other assets;

 

		(13)	the sale or discount (with or without recourse, and on customary or commercially reasonable terms)
of tax receivables and factoring, accounts receivable or notes receivable arising in the ordinary course of business, or the conversion
or exchange of accounts receivable for notes receivable;

 

		(14)	sales, transfers or dispositions of receivables and related assets in connection with any Qualified
Receivables Financing or any factoring transaction or in the ordinary course

 

    3

     

    

 

of business, and Investments
in Receivables Subsidiaries consisting of cash or Securitization Assets;

 

		(15)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, Indebtedness or other securities of an Unrestricted
Subsidiary;

 

		(16)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted
Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration
in respect of such sale or acquisition;

 

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

 

		(18)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of assets to a Person who is providing services related to
such assets, the provision of which have been or are to be outsourced by the Issuer or any Restricted Subsidiary to such Person;
provided, however, that the Board of Directors of the Issuer shall certify that in the opinion of the Board of Directors,
the outsourcing transaction will be economically beneficial to the Issuer and the Restricted Subsidiaries (considered as a whole);

 

		(19)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, with respect to property built, owned or otherwise acquired
by the Issuer or any Restricted Subsidiary pursuant to customary sale and lease-back transactions, asset securitizations and other
similar financings not prohibited by this Indenture; provided that network assets of the Issuer or any Restricted Subsidiary
shall be excluded from this clause (19) unless the Net Cash Proceeds of such sale and leaseback transaction are applied in accordance
with Section 4.08(b);

 

		(20)	any sale, lease, transfer, conveyance or other disposition in one or a series of related transactions
of any assets (including Capital Stock) of the Issuer and its Subsidiaries or of any Person that becomes a Restricted Subsidiary
(i) acquired in a transaction permitted under this Indenture, which assets are not used or useful in the core or principal business
of the Issuer and its Restricted Subsidiaries, or (ii) made in connection with the approval of any applicable antitrust authority
or pursuant to Competition Laws or otherwise necessary or advisable in the good faith determination of the Issuer to consummate
any acquisition permitted under this Indenture;

 

		(21)	dispositions of property to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property that is purchased within 270 days thereof or (ii) an amount equal to the Net Available
Cash of such disposition are applied to the purchase price of such replacement property (which replacement property is purchased
within 270 days thereof);

 

		(22)	the lapse, abandonment or other disposition of intellectual property rights in the ordinary course
of business, which in the reasonable good faith determination of the Issuer are no longer commercially reasonable to maintain or
are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole;

 

    4

     

    

 

		(23)	to the extent allowable under Section 1031 of the Code, or any comparable or successor provision,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;

 

		(24)	sales, transfers and other dispositions of Investments in joint ventures to the extent required
by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements
and similar binding arrangements;

 

		(25)	contractual arrangements under long-term contracts with customers entered into by the Issuer or
a Restricted Subsidiary in the ordinary course of business which are treated as sales for accounting purposes; provided
that there is no transfer of title in connection with such contractual arrangement; and

 

		(26)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions in connection with the Transactions or any Permitted Reorganization.

 

In the event that
a transaction (or a portion thereof) meets the criteria of more than one of the categories described in clauses (1) through (26)
above or such transaction (or a portion thereof) would also be a permitted Restricted Payment or Permitted Investment, the Issuer,
in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof), and from time to time
reclassify such transaction (or a portion thereof), into one or more such categories and/or one or more of the types of permitted
Restricted Payments or Permitted Investments.

 

“Associate”
means (i) any Person engaged in a Similar Business of which the Issuer or a Restricted Subsidiary are the legal and beneficial
owners of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture engaged in a Similar Business entered
into by the Issuer or any Restricted Subsidiary.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

“Board of
Directors” means (1) with respect to any corporation, the board of directors or managers, as applicable, of the corporation,
or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of
the general partner of the partnership or any duly authorized committee thereof; and (3) with respect to any other Person, the
board or any duly authorized committee of such Person serving a similar function. Unless otherwise specified in this Indenture,
whenever any provision of this Indenture requires any action or determination to be made by, or any approval of, a Board of Directors,
such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on
any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a formal board
approval); provided that any action required to be taken under this Indenture by the Board of Directors of the Issuer can,
in the alternative, at the option of the Issuer, be taken by the Parent Guarantor and its successors or any Subsidiary thereof
that is a Parent of the Issuer.

 

“Book-Entry
Interest” means a beneficial interest in a Global Note held by or through a Participant. 

 

    5

     

    

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in London, United Kingdom
or New York, New York, United States are authorized or required by law to close.

 

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

 

“Capitalized
Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized lease or
finance lease for financial reporting purposes on the basis of GAAP. For the avoidance of doubt, operating leases will not be deemed
Capitalized Lease Obligations.

 

“Cash Equivalents”
means:

 

		(1)	securities issued or directly and fully Guaranteed or insured by the United States Government,
Canada, the United Kingdom, Switzerland or any member state of the European Union, in each case, any agency or instrumentality
of thereof (provided that the full faith and credit of such country or such member state is pledged in support thereof),
having maturities of not more than two years from the date of acquisition;

 

		(2)	certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of acquisition thereof issued by a bank or trust company
(a) whose commercial paper is rated at least “A-1” or the equivalent thereof by S&P, at least “P-1”
or the equivalent thereof by Moody’s or “F-1” or the equivalent thereof by Fitch (or if at the time neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in
the event that such bank or trust company does not have commercial paper which is rated) having combined capital and surplus in
excess of $500 million;

 

		(3)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clauses (1) and (2) entered into with any bank meeting the qualifications specified in clause (2) above;

 

		(4)	commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent
thereof by S&P, “P-2” or the equivalent thereof by Moody’s, “F-2” or the equivalent thereof by
Fitch or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating
agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of
which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition
thereof;

 

		(5)	readily marketable direct obligations issued by any state of the United States of America, the
United Kingdom, Switzerland, Canada, any member of the European Union or any political subdivision thereof, in each case, having
one of the two highest rating categories obtainable from either Moody’s, S&P or Fitch (or, if at the time, neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities
of not more than two years from the date of acquisition;

 

		(6)	Indebtedness or Preferred Stock issued by Persons with a rating of “BBB-” or higher
from S&P, “Baa3” or higher from Moody’s or “BBB-” or higher from Fitch (or, if at the time, neither
is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with
maturities of 12 months or less from the date of acquisition;

 

    6

     

    

 

		(7)	bills of exchange issued in the United States, Canada, a member state of the European Union, Switzerland
or the United Kingdom, eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);
and

 

		(8)	interests in any investment company, money market or enhanced high yield fund which invests 95%
or more of its assets in instruments of the type specified in clauses (1) through (7) above.

 

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

 

“CFC Holdco”
means a Subsidiary that has no material assets other than equity interests in, and/or indebtedness of, each as determined for U.S.
federal income tax purposes, one or more Foreign Subsidiaries that are CFCs, including the indirect ownership of such equity interests
or indebtedness through one or more CFC Holdcos that have no other material assets.

 

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

 

		(1)	the consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act)) other than one or more Permitted Holders (or a group controlled by one or more Permitted Holders) becomes the Beneficial
Owner, directly or indirectly, of more than 50% of the issued and outstanding Voting Stock of the Issuer (or any Successor Company),
measured by voting power rather than number of shares;

 

		(2)	following the first Public Offering by an IPO Entity, during any period of two consecutive years,
individuals who at the beginning of such period constituted the majority of the directors (excluding any employee representatives,
if any) on the Board of Directors of such IPO Entity (together with any new directors whose election by the majority of such directors
on such Board of Directors of the IPO Entity or whose nomination for election by shareholders of the IPO Entity, as applicable,
was approved by a vote of the majority of such directors on the Board of Directors of the IPO Entity then still in office who were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) ceased
for any reason to constitute the majority of the directors (excluding any employee representatives, if any) on the Board of Directors
of such IPO Entity, then in office; or

 

		(3)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially
all of the assets of the Issuer (or any Successor Company) and its Restricted Subsidiaries, taken as a whole, to a Person (including
any “person” as defined above), other than a Permitted Holder (or a group controlled by one or more Permitted Holders).

 

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

 

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

 

“Commodity
Hedging Agreements” means, in respect of a Person, any commodity purchase contract, commodity futures or forward contract,
commodities option contract or other similar contract (including commodities derivative agreements or arrangements), to which such
Person is a party or a beneficiary.

 

    7

     

    

 

“Competition
Laws” means any federal, state, foreign, multinational or supranational antitrust, competition or trade regulation statutes,
rules, regulations, orders, decrees, administrative and judicial doctrines and other laws that are designed or intended to prohibit,
restrict or regulate actions or transactions having the purpose or effect of monopolization or restraint of trade or lessening
of competition through merger or acquisition or effectuating foreign investment.

 

“Completion
Date” means the date on which the Disposition is consummated.

 

“Consolidated
EBITDA” for any period means, without duplication, the Consolidated Net Income for such period, plus the following to
the extent deducted in calculating such Consolidated Net Income:

 

		(1)	Consolidated Interest Expense and Receivables Fees;

 

		(2)	Consolidated Income Taxes;

 

		(3)	consolidated depreciation expense;

 

		(4)	consolidated amortization and impairment expense;

 

		(5)	Parent Expenses of a Parent;

 

		(6)	any expenses, charges or other costs related to any Equity Offering (including of a Parent), Investment,
acquisition (including amounts paid in connection with the acquisition or retention of one or more individuals comprising part
of a management team retained to manage the acquired business; provided that such payments are made in connection with such
acquisition and are consistent with the customary practice in the industry at the time of such acquisition), disposition, recapitalization
or the Incurrence of any Indebtedness permitted by this Indenture (whether or not successful) (including any such fees, expenses
or charges related to the Transactions (including of a Parent), in each case, as determined in good faith by the Issuer);

 

		(7)	any minority interest expense (whether paid or not) consisting of income attributable to minority
equity interests of third parties in such period or any prior period or any net earnings, income or share of profit of any Associates,
associated company or undertaking;

 

		(8)	the amount of management, monitoring, consultancy and advisory fees and related expenses or any
payments for financial advisory, financing, underwriting or placement services or any payments pursuant to franchising agreements,
business service related agreements or other similar arrangements paid in such period (or accruals relating to such fees and related
expenses) to any Permitted Holder (whether directly or indirectly, through any Parent) to the extent permitted by Section 4.09;
provided that any payments for such fees and related expense shall not be included in Consolidated EBITDA for any period
to the extent they were accrued for in such period or any prior period and added back to Consolidated EBITDA in such period or
any such prior period;

 

		(9)	other non-cash charges, write-downs or items reducing Consolidated Net Income (excluding any such
non-cash charge, write-down or item to the extent it represents an accrual of or reserve for cash charges in any future period)
or other non-cash items classified by the Issuer as special items less other non-cash items of income increasing Consolidated Net
Income (other than any non-cash items increasing such Consolidated Net Income pursuant to clauses (1) through (13) of the definition
of Consolidated Net Income and excluding any such non-cash item of income to the extent it represents a receipt of cash in any
future period);

 

    8

     

    

 

		(10)	(x) any loss from discontinued operations (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations
are actually disposed of), reduced by (y) any income from discontinued operations (but if such operations are classified
as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent
such operations are actually disposed of); and

 

		(11)	to the extent not already otherwise included herein, adjustments and add-backs of the nature used
in connection with the calculation of “Pro Forma Adjusted EBITDA” (as defined in the Offering Memorandum) included
in the Offering Memorandum.

 

“Consolidated
Income Taxes” means taxes or other payments, including deferred Taxes, based on income, profits or capital of the Issuer
and the Restricted Subsidiaries whether or not paid, estimated, accrued or required to be remitted to any governmental authority.

 

“Consolidated
Interest Expense” means, for any period (in each case, determined on the basis of GAAP), the consolidated net interest
income/expense of the Issuer and the Restricted Subsidiaries, whether paid or accrued, plus or including (without duplication)
any interest, costs and charges consisting of:

 

		(1)	interest expense attributable to Capitalized Lease Obligations;

 

		(2)	amortization of debt discount, but excluding (i) amortization of debt issuance costs, fees and
expenses and the expensing of any bridge or other financing fees and (ii) any expense from the discounting of any Indebtedness
in connection with the applications of purchase accounting in connection with an acquisition;

 

		(3)	non-cash interest expense;

 

		(4)	dividends or other distributions in respect of all Disqualified Stock of the Issuer and all Preferred
Stock of any Restricted Subsidiary, to the extent held by Persons other than the Issuer or a Subsidiary of the Issuer;

 

		(5)	the consolidated interest expense that was capitalized during such period (without duplication);

 

		(6)	net payments and receipts (if any) pursuant to Hedging Obligations (other than Currency Agreements)
(excluding unrealized mark-to-market gains and losses attributable to Hedging Obligations (other than Currency Agreements));

 

		(7)	any interest actually paid by the Issuer or any Restricted Subsidiary on Indebtedness of another
Person that is guaranteed by the Issuer or any Restricted Subsidiary or secured by a Lien on assets of the Issuer or any Restricted
Subsidiary; and

 

		(8)	premiums, penalties, annual agency fees, penalties for failure to comply with registration obligations
(if applicable) and any amendment fees, in each case, related to any Indebtedness of the Issuer or any Restricted Subsidiaries.

 

Notwithstanding any
of the foregoing, Consolidated Interest Expense shall not include (i) any interest accrued, capitalized or paid in respect of Subordinated
Shareholder Funding, (ii) any commissions, discounts, yield and other fees and charges related to a Qualified Receivables Financing,
(iii) any payments on any operating leases, including without limitation any payments on any lease, concession or license of property
(or Guarantee thereof) which would be considered an operating lease under GAAP, (iv) net payments and receipts (if any) pursuant
to Currency Agreements (including

 

    9

     

    

 

unrealized mark-to-market gains and losses
attributable to Hedging Obligations) and (v) any pension liability interest costs.

 

“Consolidated
Net Income” means, for any period, the net income (loss) of the Issuer and the Restricted Subsidiaries determined on
a consolidated basis on the basis of GAAP; provided, however, that there will not be included in such Consolidated
Net Income:

 

		(1)	any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that
the Issuer’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income
up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to the Issuer or
a Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend or other
distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below);

 

		(2)	solely for the purpose of determining the amount available for Restricted Payments under Section
4.05(a)(C)(i), any net income (loss) of any Restricted Subsidiary that is not a Guarantor if such Subsidiary is subject to restrictions,
directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly,
to the Issuer by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree,
order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a)
restrictions that have been waived or otherwise released, (b) restrictions pursuant to this Indenture, the Notes, the Senior Secured
Notes Indenture, the Senior Secured Notes and the Senior Secured Facilities (c) contractual or legal restrictions in effect on
the Issue Date with respect to a Restricted Subsidiary (including pursuant to the agreements specified in Section 4.07(b)(3) and
other restrictions with respect to such Restricted Subsidiary that, taken as a whole, are not materially less favorable to the
Holders than such restrictions in effect on the Issue Date, and (d) restrictions as in effect on the Issue Date specified in Section
4.07(b)(12) except that the Issuer’s equity in the net income of any such Restricted Subsidiary for such period will be included
in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents or non-cash distributions to the extent
converted into cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted Subsidiary
during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of
a dividend to another Restricted Subsidiary, to the limitation contained in this clause (2));

 

		(3)	any net gain (or loss) realized upon the sale, abandonment or other disposition of any asset or
disposed operations of the Issuer or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which is
not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer of the Issuer)
or returned surplus assets of any Pension Plan;

 

		(4)	any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any charges,
expenses or reserves in respect of any restructuring, redundancy or severance or any expenses, charges, reserves, gains or other
costs related to the Transactions and, to the extent not otherwise included in this clause (4): recruiting, retention and relocation
costs; signing bonuses and related expenses and one-time compensation charges; curtailments or modifications to pension and post-retirement
employee benefit plans; transaction and refinancing bonuses and special bonuses paid in connection with dividends and distributions
to equity holders; start-up, transition, strategic initiative (including any multi-year strategic initiative) and integration costs,
charges or expenses; costs, charges and expenses related to the start-up, pre-opening, opening, closure, and/or consolidation of
operations, offices and facilities; business

 

    10

     

    

 

optimization costs, charges
or expenses; costs, charges and expenses incurred in connection with new product design, development and introductions; costs and
expenses incurred in connection with intellectual property development and new systems design; costs and expenses incurred in connection
with implementation, replacement, development or upgrade of operational, reporting and information technology systems and technology
initiatives; any costs, expenses or charges relating to any governmental investigation or any litigation or other dispute (including
with any customer); costs and expenses in respect of warranty payments and liabilities related to product recalls or field service
campaigns; or any fees, charges, losses, costs and expenses incurred during such period, or any amortization thereof for such period,
in connection with or related to any acquisition, Restricted Payment, Investment, recapitalization, asset sale, issuance, incurrence,
registration or repayment or modification of Indebtedness, issuance or offering of Capital Stock, refinancing transaction or amendment,
modification or waiver in respect of the documentation relating to any such transaction and any charges or non-recurring merger
costs incurred during such period as a result of any such transaction;

 

		(5)	the cumulative effect of a change in accounting principles;

 

		(6)	any non-cash compensation charge or expense arising from any grant of stock, stock options or other
equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions;

 

		(7)	all deferred financing costs written off and premiums paid or other expenses incurred directly
in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

 

		(8)	any unrealized gains or losses in respect of Hedging Obligations or other derivative instruments
or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value or changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations or other
derivative instruments;

 

		(9)	any unrealized foreign currency translation gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses
relating to translation of assets and liabilities denominated in foreign currencies;

 

		(10)	any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness
or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary;

 

		(11)	any one-time non-cash charges or any increases in amortization or depreciation resulting from purchase
accounting, in each case, in relation to any acquisition of another Person or business or resulting from any reorganization or
restructuring involving the Issuer or its Subsidiaries;

 

		(12)	any goodwill or other intangible asset impairment charge or write-off; and

 

		(13)	the impact of capitalized, accrued or accreting or pay-in-kind interest or principal on Subordinated
Shareholder Funding.

 

“Consolidated
Net Leverage” means (A) the sum, without duplication, of the aggregate outstanding Specified Indebtedness of the Issuer
and its Restricted Subsidiaries on a consolidated basis (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness
Incurred pursuant to Section 4.04 in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma
EBITDA,

 

    11

     

    

 

less (B) the aggregate amount of cash and
Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

 

“Consolidated
Net Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Leverage at such date to
(y) the aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma calculation of the
Consolidated Net Leverage Ratio shall not give effect to (i) any Indebtedness incurred on the date of determination pursuant to
Section 4.04(b) or (ii) the discharge on the date of determination of any Indebtedness to the extent that such discharge results
from the proceeds incurred pursuant to Section 4.04(b). For the avoidance of doubt, in determining Consolidated Net Leverage Ratio,
no cash or Cash Equivalents shall be included that are the proceeds of Indebtedness in respect of which the calculation of the
Consolidated Net Leverage Ratio is to be made.

 

“Consolidated
Net Senior Secured Leverage” means (A) the sum of the aggregate outstanding Senior Secured Indebtedness of the Issuer
and its Restricted Subsidiaries (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section
4.04 in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma EBITDA), less (B) the aggregate amount
of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

 

“Consolidated
Net Senior Secured Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Senior Secured
Leverage at such date to (y) the aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma
calculation of the Consolidated Net Senior Secured Leverage Ratio shall not give effect to (i) any Indebtedness incurred on the
date of determination pursuant to Section 4.04(b) or (ii) the discharge on the date of determination of any Indebtedness to the
extent that such discharge results from the proceeds incurred pursuant to Section 4.04(b).

 

For the avoidance
of doubt, in determining Consolidated Net Senior Secured Leverage Ratio, no cash or Cash Equivalents shall be included that are
the proceeds of Indebtedness in respect of which the calculation of the Consolidated Net Senior Secured Leverage Ratio is to be
made.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly
or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”)
of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:

 

		(1)	to purchase any such primary obligation or any property constituting direct or indirect security
therefor;

 

		(2)	to advance or supply funds:

 

		(a)	for the purchase or payment of any such primary obligation; or

 

		(b)	to maintain the working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor; or

 

		(3)	to purchase property, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof.

 

“Credit
Facility” means, with respect to the Issuer or any of its Subsidiaries, one or more debt facilities, arrangements, instruments,
trust deeds, note purchase agreements or indentures or commercial paper facilities and overdraft facilities (including the Senior
Secured Facilities) with banks, institutions, funds or investors providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from

 

    12

     

    

 

such institutions against such receivables),
notes, bonds, debentures letters of credit or other Indebtedness, in each case, as amended, restated, modified, renewed, refunded,
replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in whole or
in part and whether or not with the original administrative agent and lenders or another administrative agent or agents or trustees
or other banks, institutions or investors and whether provided under one or more credit or other agreements, indentures, financing
agreements or otherwise) and in each case including all agreements, instruments and documents executed and delivered pursuant to
or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any Guarantee and collateral
agreement, patent and trademark security agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements,
security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility”
shall include any agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby,
(2) adding Subsidiaries of the Issuer as additional borrowers or Guarantors thereunder, (3) increasing the amount of Indebtedness
Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

 

“Currency
Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency futures contract,
currency option contract, cap, floor, ceiling, collar, currency derivative or other similar agreement to which such Person is a
party or beneficiary.

 

“Custodian”
means any receiver, trustee, examiner, assignee, liquidator, administrator, administrative receiver, custodian or similar official
under any Bankruptcy Code .

 

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

 

“Definitive
Registered Note” means a certificated Note registered in the name of the Holder thereof that does not include the Global
Notes Legend.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as
the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Designated
Non-Cash Consideration” means the fair market value (as determined in good faith by the Issuer) of non-cash consideration
received by the Issuer or a Restricted Subsidiary in connection with an Asset Disposition that is so designated as Designated Non-Cash
Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash, Cash
Equivalents or Temporary Cash Investments received in connection with a subsequent payment, redemption, retirement, sale or other
disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be
considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed
of in compliance with Section 4.08.

 

“Designated
Preference Shares” means, with respect to the Issuer, Preferred Stock (other than Disqualified Stock) (a) that is issued
for cash (other than to the Issuer or a Subsidiary of the Issuer or an employee stock ownership plan or trust established by the
Issuer or any such Subsidiary for the benefit of their employees to the extent funded by the Issuer or such Subsidiary) and (b)
that is designated as “Designated Preference Shares” pursuant to an Officer’s Certificate of the Issuer at or
prior to the issuance thereof, the Net Cash Proceeds of which are excluded from the calculation set forth in Section 4.05(a)(C)(ii).

 

“Disinterested
Director” means, with respect to any Affiliate Transaction, a member of the Board of Directors having no material direct
or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Issuer
shall be deemed not to have

 

    13

     

    

 

such a financial interest by reason of
such member’s holding Capital Stock of the Issuer or any Parent or any options, warrants or other rights in respect of such
Capital Stock.

 

“Disposition”
means the issuance and sale by CSC Holdings, LLC to NHIP III Lantern Holding LLC (or one or more of its affiliates) of 49.99% of
the equity interests of the Parent Guarantor pursuant to the Unit Purchase Agreement.

 

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

 

		(1)	matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking
fund obligation or otherwise;

 

		(2)	is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock
which is convertible or exchangeable solely at the option of the Issuer or a Restricted Subsidiary); or

 

		(3)	is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise
redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole
or in part,

 

in each case, on or prior to the earlier
of (a) the Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however,
that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or
is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital
Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase
such Capital Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute
Disqualified Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with Section
4.05.

 

“dollar”
or “$” means the lawful currency of the United States of America.

 

“Dollar
Equivalent” means, with respect to any monetary amount in a currency other than dollars (“Other Currency”),
at any time of determination thereof by the Issuer, the amount of dollars obtained by converting such Other Currency involved in
such computation into dollars at the spot rate for the purchase of dollars with the Other Currency as published in The Financial
Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information
is no longer available in The Financial Times, such source as may be selected in good faith by the Issuer) on the date of
such determination.

 

“Domestic
Subsidiary” means any direct or indirect Subsidiary that is organized under the laws of the United States, any state
thereof or the District of Columbia.

 

“DTC”
means The Depository Trust Company.

 

“Equity
Offering” means a public or private sale of (x) Capital Stock of the Issuer or (y) Capital Stock or other securities
of a Parent or an Affiliate, the proceeds of which are contributed as Subordinated Shareholder Funding or to the equity of the
Issuer or any of its Restricted Subsidiaries, in each case other than:

 

		(1)	Disqualified Stock;

 

		(2)	Designated Preference Shares;

 

    14

     

    

 

		(3)	offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar
offering in other jurisdictions;

 

		(4)	any such sale to an Affiliate of the Issuer, including the Issuer or a Restricted Subsidiary; and

 

		(5)	any such sale that constitutes an Excluded Contribution.

 

“Escrowed
Proceeds” means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account
with an independent escrow agent on the date of the applicable offering or Incurrence pursuant to escrow arrangements that permit
the release of amounts on deposits in such escrow account upon satisfaction of certain conditions or the occurrence of certain
events. The term “Escrowed Proceeds” shall include any interest earned on the amount held in escrow.

 

“Euroclear”
means Euroclear Bank SA/NV or any successor securities clearing agency.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder, as amended.

 

“Excluded
Contribution” means Net Cash Proceeds and the fair market value (determined by the Issuer at the time of such contribution
or, at the option of the Issuer, at the date of entry into of a commitment, contract or resolution with respect to such Excluded
Contribution, and not adjusted for any subsequent changes in fair market value) of marketable securities or property or assets
or Capital Stock of any Person, in each case, received by the Issuer as capital contributions to the equity (other than through
the issuance of Disqualified Stock or Designated Preference Shares of the Issuer) after the Completion Date or from the issuance
or sale (other than to the Issuer, a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer
or any Subsidiary of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted Subsidiary)
of Capital Stock (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding of the Issuer,
in each case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer.

 

“Excluded
Subsidiary” means (1) any Subsidiary that is not a Wholly Owned Subsidiary of the Issuer, (2) any CFC, (3) any Subsidiary
that is a direct or indirect Subsidiary of (i) a CFC or (ii) a CFC Holdco, (4) a CFC Holdco, (5) any Subsidiary, including any
regulated entity that is subject to net worth or net capital or similar capital and surplus restrictions, that is prohibited or
restricted by applicable law, accounting policies or by contractual obligation existing on the Completion Date and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of such agreements (provided
that such contractual obligations (A) were not incurred in contemplation of the Disposition (or, with respect to any Subsidiary
acquired by the Issuer or a Restricted Subsidiary after the Completion Date (and so long as such contractual obligation was not
incurred in contemplation of such acquisition), on the date such Subsidiary is so acquired) or (B) do not extend such prohibition
or extension to any non-Excluded Subsidiary) from providing a Guarantee, or if such Guarantee would require governmental (including
regulatory) or third party consent, approval, license or authorization, (6) any special purpose securitization vehicle (or similar
entity), including any Receivables Subsidiary, (7) any not for profit Subsidiary, (8) any other Subsidiary with respect to which,
in the reasonable judgment of the Issuer, the burden or cost (including any adverse tax consequences) of providing the Guarantee
will outweigh the benefits to be obtained by the Holders therefrom, (9) each Unrestricted Subsidiary and (10) Cablevision Lightpath
NJ LLC; provided that any such Subsidiary that is an Excluded Subsidiary pursuant to clause (8) above shall cease to be
an Excluded Subsidiary at any time such Subsidiary guarantees Indebtedness of the Issuer or any other Guarantor, and provided
further that clauses (2), (3) and (4) of this definition shall not apply unless the Issuer reasonably determines that the exclusion
of any such Subsidiary from the definition of Excluded Subsidiary would or is likely to result in material adverse tax consequences
to the Issuer, the Restricted Subsidiaries or any direct or indirect equityholder of the Issuer.

 

    15

     

    

 

 

“fair market
value” wherever such term is used in this Indenture (except as otherwise specifically provided in this Indenture), may
be conclusively established by means of an Officer’s Certificate or a resolution of the Board of Directors of the Issuer
setting out such fair market value as determined by such Officer or such Board of Directors in good faith.

 

“Fitch”
means Fitch Ratings Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Foreign
Subsidiary” means any direct or indirect Subsidiary of the Issuer that is not a Domestic Subsidiary.

 

“Global
Note Legend” means the legend set forth in Section 2.06(g)(1) to be placed on each Note certificate evidencing the Global
Notes (and all Notes issued in exchange therefor or in substitution thereof) except where otherwise permitted by the provisions
of this Indenture.

 

“Global
Notes” means, individually and collectively, each of the 144A Global Notes and the Regulation S Global Notes, deposited
with the Notes Custodian and registered in the name of Cede & Co., as nominee of DTC.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institution of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standard
Boards or in such other statement by such other entity as have been approved by a significant segment of the accounting profession,
and in effect on the Issue Date, or, with respect to Section 4.10 as in effect from time to time; provided that at any date
after the Issue Date, the Issuer may make an irrevocable election to establish that “GAAP” shall mean GAAP as in effect
on a date that is on or prior to the date of such election (other than with respect to Section 4.10 where GAAP will continue to
mean as in effect from time to time); and provided further that, at any time after the Issue Date, the Issuer may elect
to apply IFRS in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS
as in effect (except as otherwise provided for in this Indenture) on the date of such election or, with respect to Section 4.10,
as in effect from time to time; provided further that any such election to apply IFRS, once made, shall be irrevocable and
that upon first reporting its fiscal year results under IFRS, it shall restate the financial statements required to be delivered
under Section 4.10, on the basis of IFRS for the fiscal year ending immediately prior to the first fiscal year for which financial
statements have been prepared on the basis of IFRS. The Issuer shall give notice of any such election to the Trustee and the Holders.

 

“Grantor”
means each Person from time to time party to any Notes Security Document, in its capacity as a grantor, pledgor, obligor, chargor
or similar capacity thereunder.

 

“Group”
means the Issuer and its Restricted Subsidiaries.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person:

 

		(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or

 

		(2)	entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),

 

    16

     

    

 

provided, however, that the
term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business or any
guarantee of performance. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor”
means (i) as of the Completion Date, the Initial Guarantors and (ii) each Person that executes a Note Guarantee in accordance with
the provisions of this Indenture in its capacity as a Guarantor of the Notes and its respective successors and assigns, until the
Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

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

 

“Holder”
means each Person in whose name the Notes are registered.

 

“Holdings”
means Cablevision Lightpath Holdings LLC.

 

“IFRS”
means International Financial Reporting Standards as issued by the International Accounting Standards Board or any successor board
or agency as endorsed by the European Union.

 

“Immaterial
Subsidiary” shall mean, as of any date of determination, any Restricted Subsidiary that holds no more than 3% of the
Total Assets of the Issuer and its Restricted Subsidiaries, taken as a whole; provided, however, that if all of such
Immaterial Subsidiaries in the aggregate hold assets in excess of 3% of the Total Assets of the Issuer and its Restricted Subsidiaries,
then only the Restricted Subsidiaries with the smallest percentage of assets of the Issuer and its Restricted Subsidiaries (not
exceeding 3% individually or in the aggregate) would constitute “Immaterial Subsidiaries.”

 

“Incur”
means issue, create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for; provided, however,
that other than in the case of any action being taken in connection with a Limited Condition Transaction, which shall be governed
by Section 4.25, and any Indebtedness or Lien Incurred pursuant to the provisions of Section 4.24, which shall be governed by the
provisions thereof, (1) any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary
(whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by the Issuer or such Restricted Subsidiary
at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings
correlative to the foregoing and (2) any Indebtedness pursuant to any Credit Facility, bridge facility, revolving credit or similar
facility shall only be “Incurred” at the time any funds are borrowed thereunder; provided further, that the
Issuer in its sole discretion may elect that (x) any Indebtedness or portion thereof pursuant to any Credit Facility, bridge facility,
revolving credit or similar facility shall be deemed to be “Incurred” at the time of entry into the definitive agreements
or commitments in relation to any such facility and/or (y) any Indebtedness the proceeds of which are cash-collateralized shall
be deemed to be “Incurred” at the time such proceeds are no longer cash-collateralized.

 

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

 

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

 

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

 

		(3)	all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances
or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired
amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed)
(except to the extent such reimbursement obligations relate to trade

 

    17

     

    

 

payables), in each case only
to the extent that the underlying obligation in respect of which the instrument was issued would be treated as Indebtedness;

 

		(4)	the principal component of all obligations, or liquidation preference, of such Person with respect
to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any
accrued dividends);

 

		(5)	the principal component of all Indebtedness of other Persons secured by a Lien on any asset of
such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such
Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined in good
faith by the Issuer) and (b) the amount of such Indebtedness of such other Persons;

 

		(6)	Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and

 

		(7)	to the extent not otherwise included in this definition, net obligations of such Person under Currency
Agreements, Commodity Hedging Agreements and Interest Rate Agreements (the amount of any such obligations to be equal at any time
to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at
such time).

 

The term “Indebtedness” shall
not include (i) Subordinated Shareholder Funding, (ii) any lease (including for the avoidance of doubt, any network lease or any
Operating IRU), concession or license of property (or Guarantee thereof) which would be considered an operating lease under GAAP,
(iii) prepayments of deposits received from clients or customers in the ordinary course of business, (iv) any pension obligations,
(v) Contingent Obligations, (vi) receivables sold or discounted, whether recourse or non-recourse, including, for the avoidance
of doubt, any obligations under or in respect of Qualified Receivables Financing (including, without limitation, guarantees by
a Receivables Subsidiary of the obligations of another Receivables Subsidiary and any indebtedness in respect of Limited Recourse),
(vii) obligations under any license, permit or other approval (or Guarantees given in respect of such obligations) Incurred prior
to the Issue Date or in the ordinary course of business, (viii) non-interest bearing installment obligations and accrued liabilities
Incurred in the ordinary course of business that are not more than 120 days past due, (ix) Indebtedness in respect of the Incurrence
by the Issuer or any Restricted Subsidiary of Indebtedness in respect of standby letters of credit, performance bonds or surety
bonds provided by the Issuer or any Restricted Subsidiary in the ordinary course of business to the extent such letters of credit
or bonds are not drawn upon or, if and to the extent drawn upon are honored in accordance with their terms and if, to be reimbursed,
are reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement following payment
on the letter of credit or bond, (x) any obligations to pay the deferred and unpaid purchase price for assets acquired or services
supplied or otherwise owed to the Person (or any assignee thereof) from whom such assets are acquired or who supplies such services
in accordance with the terms pursuant to which the relevant assets were or are to be acquired or services were or are to be supplied,
(xi) any payroll accruals and (xii) Indebtedness Incurred by the Issuer or a Restricted Subsidiary in connection with a transaction
where (A) such Indebtedness is borrowed from a bank or trust company, having a combined capital and surplus and undivided profits
of not less than $250 million, whose debt has a rating immediately prior to the time such transaction is entered into, of at least
A or the equivalent thereof by S&P and A2 or the equivalent thereof by Moody’s or A or the equivalent thereof by Fitch
and (B) a substantially concurrent Investment is made by the Issuer or a Restricted Subsidiary in the form of cash deposited with
the lender of such Indebtedness, or a Subsidiary or Affiliate thereof, in amount equal to such Indebtedness. For the avoidance
of doubt and notwithstanding the above, the term “Indebtedness” excludes any accrued expenses and trade payables and
any obligations under guarantees issued in connection with various operating and telecommunications licenses.

 

    18

     

    

 

Subject to Section
4.24 and Section 4.25, the amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility
shall be the total amounts of funds borrowed and then outstanding. The amount of Indebtedness of any Person at any date shall be
determined as set forth above or otherwise provided in this Indenture, and (other than with respect to letters of credit or Guarantees
or Indebtedness specified in clauses (5), (6) or (7) above) shall equal the amount thereof that would appear on a balance sheet
of such Person (excluding any notes thereto) prepared on the basis of GAAP.

 

Notwithstanding the
above provisions, in no event shall the following constitute Indebtedness:

 

		(i)	in connection with the purchase by the Issuer or any Restricted Subsidiary of any business, any
post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing
balance sheet or such payment depends on the performance of such business after the closing;

 

		(ii)	for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early
retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions
or social security or wage Taxes;

 

		(iii)	parallel debt obligations, to the extent such obligations mirror other Indebtedness;

 

		(iv)	Capitalized Lease Obligations; or

 

		(v)	franchise and performance surety bonds or guarantees.

 

“Indenture”
means this indenture, dated as of the Issue Date, as amended and supplemented from time to time, among, inter alios, the
Issuer and the Trustee.

 

“Independent
Financial Advisor” means an investment banking or accounting firm of international standing or any third party appraiser
of international standing; provided, however, that such firm or appraiser is not an Affiliate of the Issuer.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial
Guarantors” means, collectively, the Parent Guarantor and the Subsidiary Guarantors.

 

“Intercreditor
Agreement” means the intercreditor agreement dated the Completion Date between, amongst others, Goldman Sachs Bank USA
as representative of the Senior Secured Facilities and certain representatives, as amended from time to time.

 

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

 

“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan, any letter of credit issued on the account of such Person on behalf of any other Person or other extensions
of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person
in the ordinary course of business, and excluding any debt or extension of credit represented by a bank deposit other than a time
deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others), or the

 

    19

     

    

 

Incurrence of a Guarantee of any obligation
of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and
all other items that are or would be classified as investments on a balance sheet (excluding any notes thereto) prepared on the
basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the ordinary course
of business will not be deemed to be an Investment. If the Issuer or any Restricted Subsidiary issues, sells or otherwise disposes
of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer
a Restricted Subsidiary, any Investment by the Issuer or any Restricted Subsidiary in such Person remaining after giving effect
thereto will be deemed to be a new Investment equal to the fair market value of the Capital Stock of such Subsidiary not sold or
disposed of in an amount determined as provided in Section 4.05(c).

 

For purposes of Section
4.05:

 

		(1)	“Investment” will include the portion (proportionate to the Issuer’s equity interest
in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted
Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however,
that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer will be deemed to continue to have a permanent
 “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Issuer’s “Investment”
in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Issuer’s equity interest
in such Subsidiary) of the fair market value of the net assets (as conclusively determined by an Officer or the Board of Directors
of the Issuer in good faith) of such Subsidiary at the time that such Subsidiary is so re-designated a Restricted Subsidiary; and

 

		(2)	any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market
value at the time of such transfer (or if earlier at the time of entering into an agreement to sell such property), in each case
as determined in good faith by an Officer or the Board of Directors of the Issuer.

 

The amount of any
Investment outstanding at any time shall be the original cost of such Investment, reduced (at the Issuer’s option) by any
dividend, distribution, interest payment, return of capital, repayment or other amount or value received in respect of such Investment.

 

“Investment
Grade Securities” means:

 

		(1)	securities issued or directly and fully Guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(2)	securities issued or directly and fully guaranteed or insured by the United Kingdom, a member state
of the European Union, Switzerland, Norway or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(3)	debt securities or debt instruments with a rating of “BBB-” or higher from S&P,
 “Baa3” or higher by Moody’s, “BBB-” or higher from Fitch or the equivalent of such rating by such
rating organization or, if no rating of Moody’s, S&P or Fitch then exists, the equivalent of such rating by any other
Nationally Recognized Statistical Ratings Organization, but excluding any debt securities or instruments constituting loans or
advances among the Issuer and its Subsidiaries; and

 

		(4)	investments in any fund that invests exclusively in investments of the type described in clauses
(1), (2) and (3) above which fund may also hold cash and Cash Equivalents pending investment or distribution.

 

“Investment
Grade Status” shall occur when the Notes receive any two of the following:

 

    20

     

    

 

		(1)	a rating of “BBB-” or higher from S&P;

 

		(2)	a rating of “Baa3” or higher from Moody’s; or

 

		(3)	a rating of “BBB–” or higher from Fitch,

 

or the equivalent of such rating by either
such rating organization or, if no rating of Moody’s, S&P or Fitch then exists, the equivalent of such rating by any
other Nationally Recognized Statistical Ratings Organization.

 

“Investor”
means the ultimate controlling shareholder of the Parent Guarantor on the Issue Date.

 

“Investor
Affiliate” means (i) the Investor or any of his immediate family members, and any such persons’ respective Affiliates
and direct and indirect Subsidiaries, (ii) any sponsor, limited partnerships or entities managed or controlled by the Investor
or any of his immediate family, or any of such persons’ respective Affiliates and direct or indirect Subsidiaries, (iii)
any trust of the Investor or any of his immediate family, or any of such persons’ respective Affiliates and direct or indirect
Subsidiaries or any trust in respect of which any such persons is a trustee, (iv) any partnership of which the Investor or any
of his immediate family, or any of such persons’ respective Affiliates or direct or indirect Subsidiaries is a partner that
is managed or controlled by the Investor, any of his immediate family or any of such persons’ respective Affiliates or direct
or indirect Subsidiaries, and (v) any trust, fund or other entity which is managed by, or is under the control of, the Investor
or any of his immediate family, or any of such persons’ respective Affiliates or direct or indirect Subsidiaries, but excluding
the Issuer or any of its Subsidiaries.

 

“IPO Entity”
means the Parent Guarantor or any Parent (or any successor of any such Person) provided that the IPO Entity shall be an
entity which will issue shares, or whose shares are to be sold, pursuant to a Public Offering.

 

“IRU Agreement”
means the master fiber IRU agreement to be entered into on or about the Completion Date, between CSC Holdings, LLC and the Issuer,
pursuant to which CSC Holdings, LLC will grant the Issuer an indefeasible right to use with respect to specified fiber optic cable
strands.

 

“Issue Date”
means September 29, 2020.

 

“Issuer”
means Cablevision Lightpath LLC, a Delaware limited liability company.

 

“L2QA Pro
Forma EBITDA” means as of any date of determination, Pro Forma EBITDA for the period of the most recent two consecutive
fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Issuer
are available multiplied by 2.0.

 

“LH2”
means Lightpath Holdco 2, Inc., a Delaware corporation.

 

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

 

“Limited
Condition Transaction” shall mean (i) any acquisition of any assets, business or Person, other investment or similar
transaction (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or
otherwise) permitted hereunder by one or more of the Issuer and its Restricted Subsidiaries whose consummation is not conditioned
on the availability of, or on obtaining, third party financing, (ii) any redemption, repurchase, defeasance, satisfaction and discharge
or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and
discharge or repayment and (iii) any Restricted Payment requiring irrevocable notice in advance thereof.

 

    21

     

    

 

“Limited
Recourse” means a letter of credit, revolving loan commitment, cash collateral account, guarantee or other credit enhancement
issued by the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) in connection with the incurrence
of Indebtedness by a Receivables Subsidiary under a Qualified Receivables Financing; provided that, the aggregate amount
of such letter of credit reimbursement obligations and the aggregate available amount of such revolving loan commitments, cash
collateral accounts, guarantees or other such credit enhancements of the Issuer and its Restricted Subsidiaries (other than a Receivables
Subsidiary) shall not exceed 25% of the principal amount of such Indebtedness at any time.

 

“Longstop
Date” means March 31, 2021.

 

“Management
Advances” means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers,
employees or consultants of any Parent, the Issuer or any Restricted Subsidiary:

 

		(1)	(a) in respect of travel, entertainment or moving related expenses Incurred in the ordinary course
of business or (b) for purposes of funding any such Person’s purchase of Capital Stock or Subordinated Shareholder Funding
(or similar obligations) of the Issuer, its Restricted Subsidiaries or any Parent (i) not to exceed an amount (net of repayments
of any such loans or advances) equal to $20 million in any calendar year (with unused amounts in any calendar year being carried
over to the succeeding calendar years; provided that the aggregate Management Advances made under this sub-clause (b)(i)
do not exceed $40 million in any fiscal year) or (ii) with the approval of the Board of Directors of the Issuer;

 

		(2)	in respect of moving related expenses Incurred in connection with any closing or consolidation
of any facility or office; or

 

		(3)	(in the case of this clause (3)) not exceeding $10 million in the aggregate outstanding at any
time.

 

“Management
Investors” means the current or former officers, directors, employees and other members of the management of or consultants
to any Parent, the Issuer or any of their respective Subsidiaries, or spouses, family members or relatives thereof, or any trust,
partnership or other entity for the benefit of or the beneficial owner of which (directly or indirectly) is any of the foregoing,
or any of their heirs, executors, successors and legal representatives, who at any date beneficially own or have the right to acquire,
directly or indirectly, Capital Stock of the Issuer, any Restricted Subsidiary or any Parent.

 

“Market
Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of Capital Stock of the
IPO Entity on the date of the declaration of the relevant dividend or purchase, repurchase or other acquisition or retirement of
common stock or common equity interests multiplied by (ii) the arithmetic mean of the closing prices per share of such Capital
Stock for the 30 consecutive trading days immediately preceding the date of declaration of such dividends or purchase, repurchase
or other acquisition or retirement of common stock or common equity interests.

 

“Material
Subsidiary” shall mean each Restricted Subsidiary other than an Immaterial Subsidiary.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“Nationally
Recognized Statistical Rating Organization” shall have the same meaning as used in Section 3(a)(62) of the Exchange Act.

 

    22

     

    

 

“Net Available
Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition
of any securities received as consideration, but only as and when received, but excluding any other consideration received in the
form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the
subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:

 

		(1)	all legal, accounting, investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all Taxes paid or required to be paid or accrued as a liability under GAAP (after taking into account
any available tax credits or deductions and any Tax Sharing Agreements), as a consequence of such Asset Disposition;

 

		(2)	all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition,
in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent
to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition;

 

		(3)	all distributions and other payments required to be made to minority interest holders (other than
any Parent, the Issuer or any of their respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition;
and

 

		(4)	the deduction of appropriate amounts required to be provided by the seller as a reserve, on the
basis of GAAP, against (a) any liabilities associated with the assets disposed in such Asset Disposition and retained by the Issuer
or any Restricted Subsidiary after such Asset Disposition; or (b) any purchase price adjustment or earn-out in connection with
such Asset Disposition.

 

“Net Cash
Proceeds” means, with respect to any issuance or sale of Capital Stock or Subordinated Shareholder Funding, any Incurrence
of any Indebtedness or any sale of any asset, the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and
other fees and charges actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result
of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements).

 

“Non-Guarantor
Debt Cap” means an amount of Indebtedness Incurred equal to the greater of $50 million and 22% of L2QA Pro Forma EBITDA.

 

“Notes Custodian”
means the custodian with respect to a Global Note, as appointed by DTC, or any successor person thereto.

 

“Notes Documents”
means the Notes (including Additional Notes), this Indenture and the Notes Escrow Agreement.

 

“Notes Escrow
Accounts” refers to the segregated escrow accounts in the names of LH2 and Holdings in which the gross proceeds from
the offering of the Notes will be deposited.

 

“Notes Escrow
Agent” refers to Goldman Sachs Bank USA.

 

“Notes Escrow
Agreement” refers to the escrow and security agreement entered into on or about the Issue Date, between, among others,
the Issuer, the Trustee and the Notes Escrow Agent in connection with the funding of the proceeds of the Notes into the Notes Escrow
Accounts as described in the Offering Memorandum.

 

    23

     

    

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to
the provisions of this Indenture.

 

“Obligations”
means, with respect to any indebtedness, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements
and other amounts payable pursuant to the documentation governing such indebtedness.

 

“Offering
Memorandum” means the offering memorandum in relation to the Initial Notes, dated September 15, 2020.

 

“Officer”
means, with respect to any Person, (1) any member of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary (a) of such Person or (b) if
such Person is owned or managed by a single entity, of such entity, or (2) any other individual designated as an “Officer”
for the purposes of this Indenture by the Board of Directors of such Person.

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by one Officer of such Person.

 

“Operating
IRU” means an indefeasible right of use of, or operating lease or payable for, lit or unlit fiber optic cable or telecommunications
conduit or the use of either.

 

“Opinion
of Counsel” means a written opinion from legal counsel reasonably satisfactory to the Trustee, which opinion may contain
customary assumptions and qualifications. The counsel may be an employee of or counsel to any Parent, the Issuer or any of their
Subsidiaries.

 

“Parent”
means (i) the Parent Guarantor, (ii) any subsidiary of the Parent Guarantor of which the Issuer at any time is or becomes a Subsidiary
and (iii) any holding company that directly owns all of the ordinary voting interests of the Parent Guarantor or a Parent thereof,
which is established by any Permitted Holder for purposes of holding its investment in the Parent Guarantor or a Parent thereof
provided that such holding company (a) will have no material assets other than its equity interests in the Parent Guarantor or
a Parent thereof, (b) may not incur any Indebtedness and (c) will be limited to conducting activities directly related or reasonably
incidental to the establishment and/or maintenance of its or its Subsidiaries’ corporate existence.

 

“Parent
Expenses” means:

 

		(1)	costs (including all professional fees and expenses) Incurred by any Parent in connection with
reporting obligations under or otherwise Incurred in connection with compliance with applicable laws, rules or regulations of any
governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating
to Indebtedness of a Parent (excluding principal and interest under any such agreement or instrument relating to obligations of
the Parent), the Issuer or any Restricted Subsidiary, including in respect of any reports filed with respect to the Securities
Act, Exchange Act or the respective rules and regulations promulgated thereunder;

 

		(2)	customary indemnification obligations of any Parent owing to directors, officers, employees or
other Persons under its charter or by-laws or pursuant to written agreements with any such Person to the extent relating to a Parent,
the Issuer or their respective Subsidiaries;

 

		(3)	obligations of any Parent in respect of director and officer insurance (including premiums therefor)
to the extent relating to a Parent, the Issuer or their respective Subsidiaries and reasonable fees and reimbursement of expenses
to, and customary indemnities and employee benefit and pension expenses provided on behalf of,

 

    24

     

    

 

directors, officers, consultants
or employees of the Issuer, any Restricted Subsidiary or any Parent (whether directly or indirectly and including through any Person
owned or controlled by any of such directors, officers or employees);

 

		(4)	fees and expenses payable by any Parent in connection with the Transactions;

 

		(5)	general corporate overhead expenses, including (a) professional fees and expenses and other operational
expenses of any Parent related to the ownership or operation of the business of the Issuer or any of the Restricted Subsidiaries
including acquisitions or dispositions by the Issuer or a Subsidiary permitted hereunder (whether or not successful), in each case,
to the extent such costs, obligations and/or expenses are not paid by another Subsidiary of such Parent or (b) costs and expenses
with respect to any litigation or other dispute relating to the Transactions or the ownership, directly or indirectly, by any Parent;

 

		(6)	any fees and expenses required to maintain any Parent’s corporate existence and to provide
for other ordinary course operating costs, including customary salary, bonus and other benefits payable to officers and employees
of such Parent;

 

		(7)	to reimburse out-of-pocket expenses of the Board of Directors of any Parent and payment of all
reasonable out-of-pocket expenses Incurred by any Permitted Holder in connection with its direct or indirect investment in the
Issuer and its Subsidiaries;

 

		(8)	other fees, expenses and costs relating directly or indirectly to activities of the Issuer and
its Subsidiaries or any Parent or any other Person established for purposes of or in connection with the Transactions or which
holds directly or indirectly any Capital Stock or Subordinated Shareholder Funding of the Issuer, in an amount not to exceed $10
million in any fiscal year;

 

		(9)	any Public Offering Expenses;

 

		(10)	payments pursuant to any Tax Sharing Agreement in the ordinary course of business or as a result
of the formation and maintenance of any consolidated group for tax or accounting purposes in the ordinary course of business; and

 

		(11)	franchise, excise and similar taxes and other fees, taxes and expenses, in each case, required
for the Issuer to maintain its operations and paid by the Parent.

 

“Parent
Guarantor” means Lightpath Holdings LLC.

 

“Pari Passu
Indebtedness” means (1) with respect to the Issuer, any Indebtedness that ranks pari passu in right of payment
to the Notes; and (2) with respect to the Guarantors, any Indebtedness that ranks pari passu in right of payment to such
Guarantor’s Note Guarantee.

 

“Participant”
means a Person who has an account with DTC.

 

“Paying
Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any Note
on behalf of the Issuer.

 

“Payment
Block Event” means: (1) any Event of Default described in Section 6.01(a)(1) or (2) has occurred and is continuing; (2)
any Event of Default described in Section 6.01(a)(6) has occurred and is continuing; and (3) any other Event of Default has occurred
and is continuing and the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have
declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event
shall be deemed to have occurred unless the Trustee has delivered notice of the occurrence of such Payment Block Event to the Issuer.

 

    25

     

    

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Internal
Revenue Code or Section 302 of ERISA.

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination
of such assets and cash, Cash Equivalents or Temporary Cash Investments between the Issuer or any of the Restricted Subsidiaries
and another Person; provided that any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents
sold or exchanged must be applied in accordance with Section 4.08.

 

“Permitted
Holders” means, collectively, (1) the Investor, (2) Investor Affiliates, (3) the Purchaser and any Affiliates thereof
but not including, however, any portfolio company of any of the foregoing and (4) any Person who is acting as an underwriter in
connection with a public or private offering of Capital Stock of any Parent or the Issuer, acting in such capacity. Any person
or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer
is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional
Permitted Holder.

 

“Permitted
Investment” means (in each case, by the Issuer or any of the Restricted Subsidiaries):

 

		(1)	Investments in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary)
or the Issuer or (b) any Person (including the Capital Stock of any such Person) that is engaged in any Similar Business and such
Person will, upon the making of such Investment, become a Restricted Subsidiary;

 

		(2)	Investments in another Person if such Person is engaged in any Similar Business and as a result
of such Investment such other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or
substantially all its assets to, the Issuer or a Restricted Subsidiary;

 

		(3)	Investments in cash, Cash Equivalents, Temporary Cash Investments or Investment Grade Securities;

 

		(4)	Investments in receivables owing to the Issuer or any Restricted Subsidiary created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however,
that such trade terms may include such concessionary trade terms as the Issuer or any such Restricted Subsidiary deems reasonable
under the circumstances;

 

		(5)	Investments in payroll, travel and similar advances to cover matters that are expected at the time
of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

		(6)	Management Advances;

 

		(7)	Investments in Capital Stock, obligations or securities received in settlement of debts created
in the ordinary course of business and owing to the Issuer or any Restricted Subsidiary (including obligations of trade creditors
and customers), or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant
to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or in compromise or
resolution of any litigation, arbitration or other dispute;

 

		(8)	Investments made as a result of the receipt of non-cash consideration from a sale or other disposition
of property or assets, including an Asset Disposition, in each case, that was made in compliance with Section 4.08 and other Investments
resulting from the

 

    26

     

    

 

disposition of assets in transactions
excluded from the definition of “Asset Disposition” pursuant to the exclusions from such definition;

 

		(9)	Investments in existence on, or made pursuant to legally binding commitments in existence on, the
Issue Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment
may not be increased except (a) as required by the terms of such Investment as in existence on the Issue Date or (b) as otherwise
permitted by this Indenture;

 

		(10)	Currency Agreements, Interest Rate Agreements, Commodity Hedging Agreements and related Hedging
Obligations, which transactions or obligations are Incurred pursuant to Section 4.04(b)(7);

 

		(11)	pledges or deposits with respect to leases or utilities provided to third parties in the ordinary
course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens
permitted under Section 4.06;

 

		(12)	any Investment to the extent made using Capital Stock of the Issuer (other than Disqualified Stock
or Designated Preference Shares), Subordinated Shareholder Funding or Capital Stock of any Parent as consideration;

 

		(13)	any transaction to the extent constituting an Investment that is permitted and made in accordance
with Section 4.09(b) (except those described in clauses (1), (3), (6), (8), (9) and (12) of Section 4.09(b));

 

		(14)	Guarantees not prohibited by Section 4.04 and (other than with respect to Indebtedness) guarantees,
keepwells and similar arrangements in the ordinary course of business;

 

		(15)	Investments in the Notes, any Additional Notes, the Senior Secured Notes, the Term Loans or any
Pari Passu Indebtedness of the Issuer or a Guarantor;

 

		(16)	(a) Investments acquired after the Issue Date as a result of the acquisition by the Issuer or any
Restricted Subsidiary of another Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or
any of its Restricted Subsidiaries in a transaction that is not prohibited by Article 5 to the extent that such Investments were
not made in contemplation of such acquisition, merger, amalgamation or consolidation and (b) Investments of a Restricted Subsidiary
existing on the date such Person becomes a Restricted Subsidiary to the extent that such Investments were not made in contemplation
of such Person becoming a Restricted Subsidiary;

 

		(17)	Investments, taken together with all other Investments made pursuant to this clause (17) and at
any time outstanding, in an aggregate amount at the time of such Investment not to exceed the greater of 50% of L2QA Pro Forma
EBITDA and $115 million plus the amount of any distributions, dividends, payments or other returns in respect of such Investments
(without duplication for purposes of Section 4.05) (with the fair market value of each Investment being measured in accordance
with Section 4.05(c); provided, that, if an Investment is made pursuant to this clause in a Person that is not a Restricted
Subsidiary and such Person subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed to have been
made pursuant to clause (1) or (2) of the definition of “Permitted Investments” and not this clause;

 

		(18)	Investments, taken together with all other Investments made pursuant to this clause (18) and at
any time outstanding, the Consolidated Net Leverage Ratio would have been no greater than 6.50 to 1.00;

 

    27

     

    

 

		(19)	Investments by the Issuer or a Restricted Subsidiary in a Receivables Subsidiary or any Investment
by a Receivables Subsidiary in any other Person, in each case, in connection with a Qualified Receivables Financing, provided,
however, that any Investment in any such Person is in the form of a Purchase Money Note, or any equity interest or interests
in Receivables and related assets generated by the Issuer or a Restricted Subsidiary and transferred to any Person in connection
with a Qualified Receivables Financing or any such Person owning such Receivables;

 

		(20)	Investments made to effect, or otherwise made in connection with, the Transactions or any non-cash
Investments made in connection with Permitted Reorganizations; and

 

		(21)	Investments of all or a portion of the Escrowed Proceeds permitted under the Notes Escrow Agreement
and the SSN Escrow Agreement.

 

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

 

		(1)	Liens on assets or property of a Restricted Subsidiary that is not a Guarantor securing Indebtedness
of such Restricted Subsidiary or another Restricted Subsidiary that is not a Guarantor;

 

		(2)	pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws,
social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability
to insurance carriers under insurance or self-insurance arrangements and including Liens on insurance policies and proceeds thereof,
or other deposits, to secure insurance premium financings), or in connection with bids, tenders, completion guarantees, contracts
(other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety,
indemnity, judgment, appeal or performance bonds, guarantees of government contracts (or other similar bonds, instruments or obligations),
or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature,
in each case Incurred in the ordinary course of business;

 

		(3)	Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s and repairmen’s or other like Liens, in each case for sums not yet overdue for a period of more than
60 days or that are bonded or being contested in good faith by appropriate proceedings;

 

		(4)	Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment
or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant
to GAAP have been made in respect thereof;

 

		(5)	(a) Liens in favor of issuers of surety, performance or other bonds, guarantees or letters of credit
or bankers’ acceptances (not issued to support Indebtedness for borrowed money) issued pursuant to the request of and for
the account of the Issuer or any Restricted Subsidiary in the ordinary course of its business and (b) Liens in connection with
cash management programs established in the ordinary course of business;

 

		(6)	encumbrances, ground leases, easements (including reciprocal easement agreements), survey exceptions,
or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and
similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Issuer and the
Restricted Subsidiaries or to the ownership of its properties which do not in the aggregate materially adversely affect the value
of

 

    28

     

    

 

said properties or materially
impair their use in the operation of the business of the Issuer and the Restricted Subsidiaries;

 

		(7)	Liens on assets or property of the Issuer or any Restricted Subsidiary securing Hedging Obligations
permitted under this Indenture;

 

		(8)	leases, licenses, subleases and sublicenses of assets (including real property and intellectual
property rights), in each case entered into in the ordinary course of business;

 

		(9)	Liens arising out of judgments, decrees, orders or awards not giving rise to an Event of Default
and notices of lis pendens and associated rights so long as any appropriate legal proceedings which may have been duly initiated
for the review of such judgment, decree, order, award or notice have not been finally terminated or the period within which such
proceedings may be initiated has not expired;

 

		(10)	Liens on assets or property of the Issuer or any Restricted Subsidiary (including Capital Stock)
for the purpose of securing Capitalized Lease Obligations or Purchase Money Obligations, or securing the payment of all or a part
of the purchase price of, or securing other Indebtedness Incurred to finance or refinance the acquisition, improvement or construction
of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal
amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture (excluding Indebtedness
Incurred pursuant to Section 4.04(a)(2)) and (b) any such Lien may not extend to any assets or property of the Issuer or any Restricted
Subsidiary other than assets or property acquired, improved, constructed or leased with the proceeds of such Indebtedness and any
improvements or accessions to such assets and property;

 

		(11)	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens,
rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary or financial
institution (including, without limitation, Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code);

 

		(12)	Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other
applicable jurisdictions) regarding operating leases entered into by the Issuer and the Restricted Subsidiaries in the ordinary
course of business;

 

		(13)	with respect to the Issuer and its Restricted Subsidiaries, Liens existing on or provided for or
required to be granted under written agreements existing on the Issue Date after giving effect to the Transactions, including the
issuance of the Notes and the Senior Secured Notes and the application of the proceeds thereof (including after such proceeds are
released from the Notes Escrow Accounts and the SSN Escrow Accounts);

 

		(14)	Liens on property, other assets or shares of stock of a Person at the time such Person becomes
a Restricted Subsidiary (or at the time the Issuer or a Restricted Subsidiary acquires such property, other assets or shares of
stock, including any acquisition by means of a merger, consolidation or other business combination transaction with or into the
Issuer or any Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in
anticipation of or in connection with such other Person becoming a Restricted Subsidiary (or such acquisition of such property,
other assets or stock); provided, further, that such Liens are limited to all or part of the same property, other
assets or stock (plus improvements, accession, proceeds or dividends or distributions in connection with the original property,
other assets or stock) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations
to which such Liens relate;

 

    29

     

    

 

		(15)	Liens on assets or property of the Issuer or any Restricted Subsidiary securing Indebtedness or
other obligations of the Issuer or such Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary, or Liens in
favor of the Issuer or any Restricted Subsidiary;

 

		(16)	Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously
so secured, and permitted to be secured under this Indenture; provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured
(or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is
in respect of property that is or could be the security for or subject to a Permitted Lien hereunder;

 

		(17)	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease;

 

		(18)	(a) mortgages, liens, security interest, restrictions, encumbrances or any other matters of record
that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party on property
over which the Issuer or any Restricted Subsidiary has easement rights or on any leased property and subordination or similar arrangements
relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property;

 

		(19)	any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock
of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

		(20)	Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third party relating to such property or assets;

 

		(21)	Liens on Receivables Assets Incurred in connection with a Qualified Receivables Financing;

 

		(22)	Liens on Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters or arrangers thereof) or on cash set aside at the time of the Incurrence of any Indebtedness or government
securities purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest
on such Indebtedness and are held in an escrow account or similar arrangement to be applied for such purpose;

 

		(23)	bankers’ Liens, Liens on specific items of inventory or other goods (and the proceeds thereof)
of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary
course of business of such Person to facilitate the purchase, shipment or storage of such inventory or other goods and Liens securing
or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities;

 

		(24)	Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business, and pledges of goods, the related documents of title and/or
other related documents arising or created in the ordinary course of business or operations as Liens only for Indebtedness to a
bank or financial institution directly relating to the goods or documents on or over which the pledge exists;

 

    30

     

    

 

		(25)	Liens to secure (a) Indebtedness that is permitted to be Incurred under Section 4.04(a)(2),
(b) Indebtedness that is permitted to be Incurred under clauses (1), (2)(a) (in the case of (2)(a), to the extent such Note Guarantee
is in respect of Indebtedness otherwise permitted to be secured), (5) (so long as, in the case of clause (5), on the date of Incurrence
of Indebtedness pursuant to such clause (5) and after giving effect thereto on a pro forma basis (including a pro forma
application of the net proceeds therefrom) as if such Indebtedness had been Incurred at the beginning of the relevant period, either
(x) the Consolidated Net Senior Secured Leverage Ratio is not greater than 4.75 to 1.0 or (y) the Consolidated Net Senior Secured
Leverage Ratio would not be greater than it was immediately prior to giving effect to such acquisition or other transaction), (14)
and after giving effect thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom)
as if such Indebtedness had been Incurred at the beginning of the relevant period, the Consolidated Net Senior Secured Leverage
Ratio is not greater than 4.75 to 1.0 and clause (16) under Section 4.04(b).

 

		(26)	Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary;

 

		(27)	any security granted over Cash Equivalents in connection with the disposal thereof to a third party
and Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

		(28)	(a) Liens created for the benefit of or to secure, directly or indirectly, the Notes and the Note
Guarantees, (b) Liens pursuant to the Intercreditor Agreement and (c) Liens in respect of property and assets securing Indebtedness
if the recovery in respect of such Liens is subject to loss-sharing or similar provisions as among the Holders of the Notes and
the creditors of such Indebtedness pursuant to the Intercreditor Agreement or an Additional Intercreditor Agreement;

 

		(29)	Liens created on any asset of the Issuer or a Restricted Subsidiary established to hold assets
of any stock option plan or any other management or employee benefit or incentive plan or unit trust of the Issuer or a Restricted
Subsidiary securing any loan to finance the acquisition of such assets;

 

		(30)	Liens; provided that the maximum amount of Indebtedness secured in the aggregate at any
one time pursuant to this clause (30) does not exceed the greater of $45 million and 20% of L2QA Pro Forma EBITDA;

 

		(31)	Liens consisting of any right of set-off granted to any financial institution acting as a lockbox
bank in connection with a Qualified Receivables Financing;

 

		(32)	Liens for the purpose of perfecting the ownership interests of a purchaser of Receivables and related
assets pursuant to any Qualified Receivables Financing;

 

		(33)	Cash deposits or other Liens for the purpose of securing Limited Recourse;

 

		(34)	Liens arising in connection with other sales of Receivables permitted hereunder without recourse
to the Issuer or any of its Restricted Subsidiaries;

 

		(35)	Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching
to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

		(36)	Liens (a) on any cash earnest money deposits or cash advances made by the Issuer or any of the
Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture, or (b) on
other cash advances in favor of the

 

    31

     

    

 

seller of any property to be
acquired in an Investment or other acquisition permitted hereunder to be applied against the purchase price for such Investment
or other acquisition;

 

		(37)	Liens or rights of set-off against credit balances of the Issuer or any of the Restricted Subsidiaries
with credit card issuers or credit card processors or amounts owing by such credit card issuers or credit card processors to the
Issuer or any Restricted Subsidiaries in the ordinary course of business to secure the obligations of the Issuer or any Restricted
Subsidiary to the credit card issuers or credit card processors as a result of fees and charges;

 

		(38)	customary Liens of an indenture trustee on money or property held or collected by it to secure
fees, expenses and indemnities owing to it by any obligor under an indenture; and

 

		(39)	Liens arising in connection with any Permitted Reorganization.

 

“Permitted
Reorganization” means any reorganizations and other activities related to tax planning and tax reorganization, so long
as, after giving effect thereto, the enforceability of the Note Guarantees, taken as a whole, are not materially impaired.

 

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

 

“Preferred
Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation
or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 

“Private
Placement Legend” means the legend set forth in Section 2.06(g)(1) to be placed on each Note certificate evidencing
the Global Notes and the Definitive Registered Notes (and all Notes issued in exchange therefor or in substitution thereof) except
where otherwise permitted by the provisions of this Indenture.

 

“Pro Forma
EBITDA” means, for any period, the Consolidated EBITDA of the Issuer and the Restricted Subsidiaries, provided
that for the purposes of calculating Pro Forma EBITDA for such period, if, as of such date of determination:

 

		(1)	since the beginning of such period the Issuer or any Restricted Subsidiary has disposed of any
company, any business, or any group of assets constituting an operating unit of a business or otherwise ceases to be a Restricted
Subsidiary (and is not a Restricted Subsidiary at the end of such period) (any such disposition, a “Sale”) or
if the transaction giving rise to the need to calculate Pro Forma EBITDA is such a Sale, or, for the avoidance of doubt, if a definitive
agreement has been entered into in connection with an anticipated Sale, Pro Forma EBITDA for such period will be reduced by
an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such
period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period; provided
that if any such sale constitutes “discontinued operations” in accordance with GAAP, Consolidated Net Income shall
be reduced by an amount equal to the Consolidated Net Income (if positive) attributable to such operations for such period
or increased by an amount equal to the Consolidated Net Income (if negative) attributable thereto for such period;

 

    32

     

    

 

		(2)	since the beginning of such period, a Parent, the Issuer or any Restricted Subsidiary (by merger
or otherwise) has made an Investment in any Person that thereby becomes a Restricted Subsidiary, or otherwise has acquired any
company, any business, or any group of assets constituting an operating unit of a business or a Person otherwise becomes a Restricted
Subsidiary (and remains a Restricted Subsidiary at the end of such period) (any such Investment, acquisition or designation, a
 “Purchase”), including any such Purchase occurring in connection with a transaction causing a calculation to
be made hereunder, or, for the avoidance of doubt, if a definitive agreement has been entered into in connection with an anticipated
Sale, Pro Forma EBITDA for such period will be calculated after giving pro forma effect thereto as if such Purchase occurred
on the first day of such period; and

 

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

 

For the purposes
of this definition and the definitions of Consolidated EBITDA, Consolidated Income Taxes, Consolidated Interest Expense, Consolidated
Net Income, Consolidated Net Leverage Ratio and Consolidated Net Senior Secured Leverage Ratio or any other purpose hereunder (a)
whenever pro forma effect is to be given to any transaction (including, without limitation, transactions listed in clauses
(1) through (3) of this definition) or calculation hereunder or such other definitions, the pro forma calculations will
be as determined in good faith by a responsible financial or accounting officer of the Issuer or an Officer of the Issuer (including
in respect of anticipated expense and cost reductions and synergies (other than revenue synergies)) (calculated on a pro forma
basis as though such expense and cost reductions and synergies had been realized on the first day of the period for which Pro Forma
EBITDA is being determined and as though such cost savings, operating expense reductions and synergies were realized during the
entirety of such period), (b) in determining the amount of Indebtedness outstanding on any date of determination, pro forma
effect shall be given to any Incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness
as if such transaction had occurred on the first day of the relevant period and (c) if any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect
on the date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable
to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months).

 

“Public
Debt” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a
public offering registered under the Securities Act or (2) a private placement to institutional investors that is underwritten
for resale in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights
entitling the holders of such debt securities to registration thereof with the SEC for public resale.

 

“Public
Offering” means any offering of shares of common stock or other common equity interests that are listed on an exchange
or publicly offered (which shall include an offering pursuant to Rule 144A and/or Regulation S under the Securities Act to professional
market investors or similar persons).

 

“Public
Offering Expenses” means expenses Incurred by any Parent in connection with any Public Offering or any offering of Public
Debt (whether or not successful):

 

		(1)	where the net proceeds of such offering are intended to be received by or contributed or loaned
to the Issuer or a Restricted Subsidiary;

 

    33

     

    

 

		(2)	in a pro-rated amount of such expenses in proportion to the amount of such net proceeds intended
to be so received, contributed or loaned; or

 

		(3)	otherwise on an interim basis prior to completion of such offering so long as any Parent shall
cause the amount of such expenses to be repaid to the Issuer or the relevant Restricted Subsidiary out of the proceeds of such
offering promptly if completed, in each case, to the extent such expenses are not paid by another Subsidiary of such Parent.

 

“Purchase”
has the meaning ascribed to it in the definition of “Pro Forma EBITDA”.

 

“Purchaser”
means NHIP III Lantern Holding LLC (or one or more of its affiliates).

 

“Purchase
Money Note” means a promissory note of a Receivables Subsidiary evidencing the deferred purchase price of Receivables
(and related assets) and/or a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection
with a Qualified Receivables Financing with a Receivables Subsidiary, which deferred purchase price or line is repayable 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 owing to such investors
and amounts paid in connection with the purchase of newly generated Receivables.

 

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

 

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

 

“Qualified
Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:
(1) an Officer or the Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing
(including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable
to the Issuer and the Receivables Subsidiary, (2) all sales of accounts receivable and related assets to the Receivables Subsidiary
are made at fair market value (as determined in good faith by the Issuer), and (3) the financing terms, covenants, termination
events and other provisions thereof shall be on market terms (as determined in good faith by the Issuer) and may include Standard
Securitization Undertakings.

 

The grant of a security
interest in any accounts receivable of the Issuer or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure
Indebtedness under a Credit Facility or Indebtedness in respect of the Notes shall not be deemed a Qualified Receivables Financing.

 

“Receivable”
means a right to receive payment arising from a sale or lease of goods or services by a Person pursuant to an arrangement with
another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit, as determined on the basis of GAAP, and shall include, in any event, any items of property
that would be classified as an “account”, “chattel paper”, “payment intangible” or “instrument”
under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined.

 

“Receivables
Assets” means any assets that are or will be the subject of a Qualified Receivables Financing.

 

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

 

    34

     

    

 

“Receivables
Financing” means any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries
pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary
(in the case of a transfer by the Issuer or any of its Subsidiaries), or (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the
Issuer or any of its Subsidiaries, and any assets related thereto, including all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable
and other assets which are customarily transferred or in respect of which security interest are customarily granted in connection
with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Issuer or
any such Subsidiary in connection with such accounts receivable.

 

“Receivables
Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase
receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a
receivable or portion thereof becoming subject to any asserted defense, dispute, off-set or counterclaim of any kind as a result
of any action taken by, any failure to take action by or any other event relating to the seller.

 

“Receivables
Subsidiary” means a Wholly Owned Subsidiary of the Issuer (or another Person in which the Issuer or any Subsidiary of
the Issuer makes an Investment and to which the Issuer or any Subsidiary of the Issuer transfers accounts receivable and related
assets) which engages in no activities other than in connection with the financing of accounts receivable of the Issuer and its
Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any
business or activities incidental or related to such business, and which is designated by the Board of Directors of the Issuer
(as provided below) as a Receivables Subsidiary and:

 

		(1)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i)
is guaranteed by the Issuer or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and
interest on, Indebtedness) pursuant to Standard Securitization Undertakings); (ii) is recourse to or obligates the Issuer or any
Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or
asset of the Issuer or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings except, in each case, Limited Recourse and Permitted Liens as defined
in clauses (31) through (34) of the definition thereof;

 

		(2)	with which neither the Issuer nor any other Restricted Subsidiary has any material contract, agreement,
arrangement or understanding (except in connection with a Purchase Money Note or Qualified Receivables Financing) other than on
terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Restricted Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Issuer, other than fees payable in the ordinary course
of business in connection with servicing Receivables; and

 

		(3)	to which neither the Issuer nor any other Restricted Subsidiary has any obligation to maintain
or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other
than those related to or incidental to the relevant Qualified Receivables Financing), except for Limited Recourse.

 

Any such designation
by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a copy of the resolution of
the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing conditions.

 

    35

     

    

 

 

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

 

“Refinancing
Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary to refund, refinance, replace, exchange,
renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the date of this
Indenture or Incurred in compliance with this Indenture including Indebtedness that refinances Refinancing Indebtedness; provided,
however, that:

 

(1)       if
the Indebtedness being refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness has a final stated maturity
at the time such Refinancing Indebtedness is Incurred that is the same as or later than the final stated maturity of the Indebtedness
being refinanced or, if shorter, the Notes;

 

(2)       such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding of the Indebtedness being refinanced (and with respect to Reserved Indebtedness,
including an amount equal to any unutilized commitments for such Reserved Indebtedness being refinanced, extended, replaced, refunded,
renewed or defeased to the extent permanently terminated in connection with such Refinancing Indebtedness) (plus, without duplication,
any additional Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness,
tender premiums, and costs, expenses and fees Incurred in connection therewith);

 

(3)       if
the Indebtedness being refinanced is expressly subordinated to the Notes or any Note Guarantee, such Refinancing Indebtedness is
subordinated to the Notes or such Note Guarantee, as applicable, on terms at least as favorable to the Holders as those contained
in the documentation governing the Indebtedness being refinanced; and

 

(4)       if
the Issuer or any Guarantor was the obligor on the Indebtedness being refinanced, such Indebtedness is incurred either by the Issuer
or by a Guarantor,

 

provided, however, that Refinancing
Indebtedness shall not include (i) Indebtedness of the Issuer that refinances Indebtedness of an Unrestricted Subsidiary, or (ii)
Indebtedness of the Issuer owing to and held by the Issuer or any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary
owing to and held by the Issuer or any other Restricted Subsidiary.

 

Refinancing Indebtedness
in respect of any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge,
or repayment of any such Credit Facility or other Indebtedness.

 

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

 

“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.

 

“Regulation
S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of
the Restricted Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto deposited with or on behalf of
and registered in the name of the Depositary or its nominee,

 

    36

     

    

 

issued in a denomination equal to the outstanding
principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S (and includes the Regulation S Temporary Global
Note Legend set forth in Section 2.06(g) hereof).

 

“Related
Taxes” means, without duplication (including, for the avoidance of doubt, without duplication of any amounts paid pursuant
to any Tax Sharing Agreement):

 

		(1)	any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption,
franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar
Taxes (other than (x) Taxes measured by income and (y) withholding taxes), required to be paid (provided such Taxes are
in fact paid) by any Parent by virtue of its:

 

		(a)	being incorporated or otherwise being established or having Capital Stock outstanding (but not
by virtue of owning stock or other equity interests of any corporation or other entity other than, directly or indirectly, the
Parent Guarantor or any Subsidiary of the Parent Guarantor);

 

		(b)	issuing or holding Subordinated Shareholder Funding;

 

		(c)	being a holding company parent, directly or indirectly, of the Issuer or any Subsidiary of the
Issuer;

 

		(d)	receiving dividends from or other distributions in respect of the Capital Stock of, directly or
indirectly, the Issuer or any Subsidiary of the Issuer; or

 

		(e)	having made any payment in respect to any of the items for which the Issuer is permitted to make
payments to any Parent pursuant to Section 4.05; or

 

		(2)	if and for so long as the Issuer is a member of or included in a group filing a consolidated or
combined tax return of which a direct or indirect parent of the Issuer is the common parent, or for which the Issuer is a partnership
or disregarded entity for U.S. federal, state or local income tax purposes that is wholly-owned (directly or indirectly) by an
entity that is taxable as a corporation for U.S. federal income tax purposes, an amount of any such Taxes that the Issuer and Subsidiaries
of the Issuer would have been required to pay on a separate company basis or on a consolidated basis if the Issuer and the Subsidiaries
of the Issuer had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting
only of the Issuer and the Subsidiaries of the Issuer; or

 

		(3)	if and for so long as the Issuer is disregarded as separate from its Parent or a partnership for
U.S. federal income tax purposes and is not wholly owned (directly or indirectly) by an entity that is taxable as a corporation
for U.S. federal income tax purposes, an amount equal to the product of the net taxable income of the Group multiplied by the highest
marginal blended federal, state and local tax rate applicable to ordinary income or capital gains, as appropriate for an individual
resident in New York, New York.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee
having direct responsibility for the administration of this Indenture and any other officers of the Trustee to whom any corporate
trust matter is referred because of such person’s knowledge of any familiarity with the particular subject.

 

“Restricted
Investment” means any Investment other than a Permitted Investment.

 

“Restricted
Period” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other

 

    37

     

    

 

than distributors (as defined in Regulation S)
in reliance on Regulation S, written notice of which day shall be promptly given by the Issuer to the Trustee, and (b) the
Issue Date with respect to such Notes.

 

“Restricted
Subsidiary” means a Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“Reverse
IRU Agreement” means the agreement to be entered into on or about the Completion Date, between CSC Holdings, LLC and
the Issuer, pursuant to which the Issuer will grant CSC Holdings, LLC an indefeasible right to use with respect to specified fiber
optic cable strands.

 

“Revolving
Facility” refers to the senior secured revolving credit facility made available under the Senior Secured Facilities Agreement.

 

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

 

“S&P”
means S&P Global Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Sale”
has the meaning ascribed to it in the definition of “Pro Forma EBITDA”.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder,
as amended.

 

“Securitization
Assets” means (a) the account receivable, royalty or other revenue streams and other rights to payment and other assets
related thereto subject to a Qualified Receivables Financing and the proceeds thereof and (b) contract rights, lockbox accounts
and records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable
in a securitization financing.

 

“Security
Grant Date” means the date on which the security is granted under the Senior Secured Facilities and this Indenture.

 

“Senior
Secured Facilities” refers to the Revolving Facility and the Term Facility.

 

“Senior
Secured Facilities Agreement” refers to the credit agreement, to be entered into on or about the Issue Date, between,
inter alios, the Issuer, as Borrower, Goldman Sachs Bank USA, as administrative agent, Deutsche Bank Trust Company Americas,
as security agent, and the lenders party thereto, as amended, supplemented or otherwise modified from time to time, governing the
Senior Secured Facilities.

 

“Senior
Secured Facilities Security Documents” means the security agreements, pledge agreements, collateral assignments, and
any other instrument and document executed and delivered pursuant to the Senior Secured Facilities Agreement or otherwise or any
of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time, creating the security interests
in the collateral securing the Senior Secured Facilities as contemplated by the Senior Secured Facilities Agreement.

 

“Senior
Secured Indebtedness” means, with respect to any Person as of any date of determination, any Specified Indebtedness;
provided that such Indebtedness is in each case secured by a Lien on the assets of the Issuer or its Restricted Subsidiaries
on a basis inter alios with or senior to the security in favor of the Notes (other than any Liens on Escrowed Proceeds or
pursuant to the Notes Escrow Agreement).

 

“Senior
Secured Notes” refers to the Issuer’s $450 million aggregate principal amount of U.S. dollar-denominated 3.875%
senior secured notes due 2027, to be issued on or around the Issue Date.

 

    38

     

    

 

“Senior
Secured Notes Indenture” means the indenture, to be dated on or around the Issue Date, as amended, among, inter alios,
the Issuer, as issuer, the guarantors named therein and the trustee party thereto, governing the Senior Secured Notes.

 

“SSN Escrow
Accounts” refers to the segregated escrow accounts in the names of LH2 and Holdings in which the gross proceeds from
the offering of the Senior Secured Notes will be deposited.

 

“SSN Escrow
Agent” refers to Goldman Sachs Bank USA.

 

“SSN Escrow
Agreement” refers to the escrow and security agreement entered into on or about the Issue Date, between, among others,
the Issuer, the SSN Trustee and the SSN Escrow Agent in connection with the funding of the proceeds of the Senior Secured Notes
into the SSN Escrow Accounts as described in the Offering Memorandum under “Summary—The Transactions”.

 

“SSN Guarantee”
means the Guarantee by each SSN Guarantor of the Issuer’s obligations under the Senior Secured Notes Indenture and the Senior
Secured Notes, executed pursuant to the provisions of the Senior Secured Notes Indenture.

 

“SSN Guarantor”
means (i) as of the Issue Date, the meaning assigned to the Initial Guarantors and (ii) each Person that executes a SSN Guarantee
in accordance with the provisions of the Senior Secured Notes Indenture in its capacity as a guarantor of the Senior Secured Notes
and its respective successors and assigns, until the SSN Guarantee of such Person has been released in accordance with the provisions
of the Senior Secured Notes Indenture.

 

“SSN Parent
Guarantor” means Lightpath Holdings LLC.

 

“SSN Subsidiary
Guarantors” means, collectively, each existing material wholly-owned direct or indirect subsidiary of the Issuer that
is organized in the U.S., in each case that will guarantee the Senior Secured Notes, the Notes and the Senior Secured Facilities
within three business days of the Completion Date, subject to the requirements set forth in the Senior Secured Notes Indenture
and the Senior Secured Facilities Agreement (excluding, for the avoidance of doubt, Cablevision Lightpath NJ LLC and its subsidiaries).

 

“SSN Trustee”
refers to Deutsche Bank Trust Company Americas.

 

“Significant
Subsidiary” means any Restricted Subsidiary that meets any of the following conditions:

 

		(1)	the Issuer’s and the Restricted Subsidiaries’ investments in and advances to the Restricted
Subsidiary exceed 10% of total assets of the Issuer and the Restricted Subsidiaries on a consolidated basis as of the end of the
most recently completed fiscal year;

 

		(2)	the Issuer’s and the Restricted Subsidiaries’ proportionate share of the total assets
(after intercompany eliminations) of the Restricted Subsidiary exceeds 10% of total assets of the Issuer and the Restricted Subsidiaries
on a consolidated basis as of the end of the most recently completed fiscal year; or

 

		(3)	if positive, the Issuer’s and the Restricted Subsidiaries’ equity in the income from
continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle of the
Restricted Subsidiary exceeds 10% of such income of the Issuer and the Restricted Subsidiaries on a consolidated basis for the
most recently completed fiscal year.

 

“Similar
Business” means (a) any businesses, services or activities (including marketing) engaged in by the Issuer, Cablevision
Systems Corporation, Altice USA or any of their Subsidiaries on

 

    39

     

    

 

the Issue Date, (b) telecommunications,
broadcast television, broadband and fixed and mobile telephony businesses, including the distribution, sale and for provision of
mobile voice and data, fixed-line voice and internet services, transit voice traffic services and advertising and other services
and equipment in relation thereto, and producing and selling any print, audio, video or other content and (c) any businesses, services
and activities (including marketing) engaged in by the Issuer, Cablevision Systems Corporation, Altice USA or any of their Subsidiaries
that are (i) related, complementary, incidental, ancillary or similar to any of the foregoing or (ii) are reasonable extensions
or developments of any thereof.

 

“Special
Distribution” means a distribution from the Issuer to the Parent Guarantor and from the Parent Guarantor to its shareholders
as described in the Offering Memorandum under “Summary—The Transactions”.

 

“Specified
Indebtedness” means with respect to any Person as of any date of determination, any Indebtedness for borrowed money that
is Incurred under Section 4.04(a) or clauses (1), (4)(a), (4)(b), (5), (7), (14) or (16) of Section 4.04(b) and any Refinancing
Indebtedness in respect of the foregoing.

 

“Standard
Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance
entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Receivables
Financing, including, without limitation, Limited Recourse and those relating to the servicing of the assets of a Receivables Subsidiary,
it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal is scheduled to be paid, and will not include any contingent obligations to repay, redeem
or repurchase any such interest or principal prior to the date scheduled for the payment thereof.

 

“Subordinated
Indebtedness” means, in the case of the Issuer, any Indebtedness (whether outstanding on the Issue Date or thereafter
Incurred) which is expressly subordinated or junior in right of payment to the Notes pursuant to a written agreement and, in the
case of a Guarantor, any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated
or junior in right of payment pursuant to a written agreement to the Note Guarantee of such Guarantor.

 

“Subordinated
Shareholder Funding” means, collectively, any funds provided to the Issuer by any Parent, any Affiliate of any
Parent or any Permitted Holder or any Affiliate thereof, in exchange for or pursuant to any security, instrument or agreement other
than Capital Stock, in each case issued to and held by any of the foregoing Persons, together with any such security, instrument
or agreement and any other security or instrument other than Capital Stock issued in payment of any obligation under any Subordinated
Shareholder Funding; provided, however, that such Subordinated Shareholder Funding:

 

		(1)	does not mature or require any amortization, redemption or other repayment of principal or any
sinking fund payment prior to the first anniversary of the Stated Maturity of the Notes (other than through conversion or exchange
of such funding into Capital Stock (other than Disqualified Stock) of the Issuer or any funding meeting the requirements of this
definition) or the making of any such payment prior to the first anniversary of the Stated Maturity of the Notes is restricted
by an intercreditor agreement;

 

		(2)	does not require, prior to the first anniversary of the Stated Maturity of the Notes, payment of
cash interest, cash withholding amounts or other cash gross-ups, or any similar cash amounts or the making of any such payment
prior to the first anniversary of the Stated Maturity of the Notes is restricted by an intercreditor agreement;

 

    40

     

    

 

		(3)	contains no change of control or similar provisions and does not accelerate and has no right to
declare a default or event of default or take any enforcement action or otherwise require any cash payment, in each case, prior
to the date that is six months following the Stated Maturity of the Notes or the payment of any amount as a result of any such
action or provision or the exercise of any rights or enforcement action, in each case, prior to the date that is six months following
the Stated Maturity of the Notes, is restricted by an intercreditor agreement;

 

		(4)	does not provide for or require any security interest or encumbrance over any asset of the Issuer
or any of the Restricted Subsidiaries; and

 

		(5)	pursuant to its terms or to an intercreditor agreement, is fully subordinated and junior in right
of payment to the Notes pursuant to subordination, payment blockage and enforcement limitation terms which are customary in all
material respects for similar funding.

 

“Subsidiary”
means, with respect to any Person:

 

		(1)	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 ordinary voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) 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; or

 

		(2)	any partnership, joint venture, limited liability company or similar entity of which:

 

		(a)	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 interests or otherwise; and

 

		(b)	such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls
such entity.

 

“Subsidiary
Guarantors” means, collectively, each existing material wholly-owned direct or indirect subsidiary of the Issuer that
is organized in the U.S., in each case that will guarantee the Notes, the Senior Secured Notes and the Senior Secured Facilities
within three business days of the Completion Date, subject to the requirements in this Indenture and the Senior Secured Facilities
Agreement (excluding, for the avoidance of doubt, Cablevision Lightpath NJ LLC and its subsidiaries).

 

“Taxes”
means any present or future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties
or additions to tax.

 

“Tax Sharing
Agreement” means any tax sharing or profit and loss pooling or similar agreement with customary or arm’s-length
terms entered into with any Parent or Unrestricted Subsidiary, as the same may be amended, supplemented, waived or otherwise modified
from time to time in accordance with the terms thereof and of this Indenture.

 

“Temporary
Cash Investments” means any of the following:

 

		(1)	any investment in

 

    41

     

    

 

		(a)	direct obligations of, or obligations Guaranteed by, (i) the United States of America, (ii) Canada,
(iii) the United Kingdom, (iv) any European Union member state, (v) Switzerland, (vi) any country in whose currency funds are being
held specifically pending application in the making of an investment or capital expenditure by the Issuer or a Restricted Subsidiary
in that country with such funds or (vii) any agency or instrumentality of any such country or member state, or

 

		(b)	direct obligations of any country recognized by the United States of America rated at least “A”
by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent of such rating by
such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any Nationally
Recognized Statistical Rating Organization);

 

		(2)	overnight bank deposits, and investments in time deposit accounts, certificates of deposit, bankers’
acceptances and money market deposits (or, with respect to foreign banks, similar instruments) maturing not more than one year
after the date of acquisition thereof issued by:

 

		(a)	any institution authorized to operate as a bank in any of the countries or member states referred
to in subclause (1)(a) above, or

 

		(b)	any bank or trust company organized under the laws of any such country or member state or any political
subdivision thereof,

 

in each case, having capital
and surplus aggregating in excess of $250 million (or the foreign currency equivalent thereof) and whose long-term debt is rated
at least “A” by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent
of such rating by such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating
by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;

 

		(3)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clause (1) or (2) above entered into with a Person meeting the qualifications described in clause (2) above;

 

		(4)	Investments in commercial paper, maturing not more than 270 days after the date of acquisition,
issued by a Person (other than the Issuer or any of its Subsidiaries), with a rating at the time as of which any Investment therein
is made of “P-2” (or higher) according to Moody’s, “A-2” (or higher) according to S&P or “F-2”
(or higher) according to Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P,
Moody’s or Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

		(5)	Investments in securities maturing not more than one year after the date of acquisition issued
or fully Guaranteed by any state, commonwealth or territory of the United States of America, Canada, the United Kingdom, Switzerland,
any European Union member state or by any political subdivision or taxing authority of any such state, commonwealth, territory,
country or member state, and rated at least “BBB-” by S&P, “Baa3” by Moody’s or “BBB-”
by Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P, Moody’s or
Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

    42

     

    

 

		(6)	bills of exchange issued in the United States of America, Canada, Switzerland, the United Kingdom,
or a member state of the European Union eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized
equivalent);

 

		(7)	any money market deposit accounts issued or offered by a commercial bank organized under the laws
of a country that is a member of the Organization for Economic Co-operation and Development, in each case, having capital and surplus
in excess of $250 million (or the foreign currency equivalent thereof) or whose long term debt is rated at least “A”
by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent of such rating by
such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any Nationally
Recognized Statistical Rating Organization) at the time such Investment is made;

 

		(8)	investment funds investing 95% of their assets in securities of the type described in clauses (1)
through (7) above (which funds may also hold reasonable amounts of cash pending investment and/or distribution); and

 

		(9)	investments in money market funds complying with the risk limiting conditions of Rule 2a-7 (or
any successor rule) of the SEC under the U.S. Investment Company Act of 1940, as amended.

 

“Term Facility”
means the senior secured term loan facility made available pursuant to the Senior Secured Facilities Agreement.

 

“Term Loans”
means the term loans extended pursuant to the Senior Secured Facilities under which the Issuer or Guarantors, as the case may be,
are permitted to Incur Indebtedness under this Indenture.

 

“Total Assets”
means the consolidated total assets of the Issuer and the Restricted Subsidiaries as shown on the most recent consolidated balance
sheet of the Issuer prepared on the basis of GAAP prior to the relevant date of determination calculated to give pro forma
effect to any Purchase and Sales that have occurred subsequent to such period, including any such Purchase to be made with the
proceeds of the Indebtedness giving rise to the need to calculate Total Assets.

 

“Transactions”
means the transactions described under “Summary—The Transactions” in the Offering Memorandum, including
the Special Distribution, the Disposition, the issuance of the Notes and the Senior Secured Notes and the entering into and borrowings
under the Senior Secured Facilities.

 

“Transition
Services Agreement” means the services agreement to be entered into on or about the Completion Date, between CSC Holdings,
LLC and the Issuer, pursuant to which CSC Holdings, LLC will provide certain overhead functions and other services to the Issuer.

 

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

 

“Trustee”
refers to Deutsche Bank Trust Company Americas.

 

“U.S. Government
Obligations” means securities that are (a) direct obligations (or certificates representing an ownership interest in
such obligations) of the United States of America, for the timely payment of which its full faith and credit is pledged or (b)
obligations (or certificates representing an

 

    43

     

    

 

ownership interest in such obligations)
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, rated at least
 “A-1” by S&P, “P-1” by Moody’s or “A-1” by Fitch and which are not callable or redeemable
at the option of the issuer thereof.

 

“Uniform
Commercial Code” means the New York Uniform Commercial Code.

 

“Unit Purchase
Agreement” means the purchase agreement entered into on July 28, 2020, between, inter alia, CSC Holdings, LLC, the Parent
Guarantor and NHIP III Lantern Holding LLC, which governs the sale of 49.99% of the equity interests in the Parent Guarantor to
NHIP III Lantern Holding LLC.

 

“Unrestricted
Subsidiary” means:

 

		(1)	4Connections LLC (until such time that it may be designated to be a Restricted Subsidiary in accordance
with the second succeeding paragraph);

 

		(2)	any Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as
designated by the Board of Directors of the Issuer in the manner provided below); and

 

		(3)	any Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors
of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary or a Person becoming
a Subsidiary through merger, consolidation or other business combination transaction, or Investment therein) to be an Unrestricted
Subsidiary only if:

 

		(1)	such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or
own or hold any Lien on any property of, the Issuer, or any other Subsidiary of the Issuer which is not a Subsidiary of the Subsidiary
to be so designated or otherwise an Unrestricted Subsidiary; and

 

		(2)	such designation and the Investment of the Issuer and the Restricted Subsidiaries in such Subsidiary
complies with Section 4.05.

 

Any such designation by the Board of Directors
of the Issuer shall be evidenced to the Trustee by filing with the Trustee a copy of the resolution of the Board of Directors of
the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complies with
the foregoing conditions.

 

The Board of Directors
of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving
effect to such designation (1) no Default or Event of Default would result therefrom and (2)(x) the Issuer could Incur at least
$1.00 of additional Indebtedness under Section 4.04(a) or (y) the Consolidated Net Leverage Ratio would be no higher than it was
immediately prior to giving effect to such designation, in each case, on a pro forma basis taking into account such designation.
Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of
the resolution of the Board of Directors giving effect to such designation or an Officer’s Certificate certifying that such
designation complied with the foregoing provisions.

 

“Voting
Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in
the election of directors.

 

“Wholly
Owned Subsidiary” means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than (a) directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law, regulation
or to ensure limited liability and

 

    44

     

    

 

(b) in the case of a Receivables Subsidiary,
shares held by a Person that is not an Affiliate of the Issuer solely for the purpose of permitting such Person (or such Person’s
designee) to vote with respect to customary major events with respect to such Receivables Subsidiary, including without limitation
the institution of bankruptcy, insolvency or other similar proceedings, any merger or dissolution, and any change in charter documents
or other customary events) is owned by that Person directly or (2) indirectly by a Person that satisfies the requirements of clause
(1).

 

Section
1.02           
Other Definitions.

 

	Term	Defined

in

Section
	“Additional Notes”	Preamble
	“Advance Offer” 	4.08(c)
	“Advance Portion” 	4.08(c)
	“Affiliate Transactions”	4.09(a)
	“Applicable Law” 	12.14
	“Applicable Premium Deficit” 	8.01(a)
	“Asset Disposition Offer”	4.08(c)
	“Asset Disposition Offer Amount”	4.08(f)
	“Asset Disposition Offer Period”	4.08(f)
	“Asset Disposition Purchase Date”	4.08(f)
	“Authenticating Agent”	2.02
	“Authentication Order”	2.02
	“bankruptcy provisions”	6.01(a)(6)(i)
	“Change of Control Offer”	4.03(b)
	“Change of Control Payment”	4.03(b)(1)
	“Change of Control Payment Date”	4.03(b)(2)
	“covenant defeasance option”	8.01(b)
	“cross-acceleration provision”	6.01(a)(5)(B)
	“Cured Default”	6.01(d)(2)
	“defeasance trust”	8.02(a)
	“Event of Default”	6.01(a)
	“Elected Amount” 	4.24
	“Excess Proceeds”	4.08(c)
	“Executed Documentation”	12.01
	“Foreign Currency”	4.04(k)
	“guarantee provisions”	6.01(a)(9)
	“Initial Agreement”	4.07(b)(5)
	“Initial Default”	6.01(d)
	“Initial Notes”	Preamble
	“judgment default provision”	6.01(a)(6)(D)
	“LCT Election”	4.25(2)
	“LCT Test Date”	4.25(2)
	“legal defeasance option”	8.01(b)
	“Notes”	Preamble
	“Paying Agent” 	2.03(a)

 

    45

     

    

 

	Term	Defined

    in

    Section
	“payment default”	6.01(a)(5)(A)
	“Permitted Payments”	4.05(b)
	“protected purchaser”	2.07
	“Registrar”	2.03(a)
	“Regulation S-K” 	4.10(b)(1)(A)
	“Regulation S-X” 	4.10(b)(1)(B)
	“Release”	3.10(c)
	“Restricted Payment”	4.05(a)
	“Reversion Date”	4.11
	“Rule 144A Global Notes”	2.01(c)
	“Special Mandatory Redemption”	3.10(d)
	“Special Mandatory Redemption Date”	3.10(e)
	“Special Mandatory Redemption Price”	3.10(d)
	“Special Termination Date”	3.10(d)
	“Successor Company”	5.01(a)(1)
	“Suspension Event”	4.11
	“Suspension Period”	4.11
	“Transfer Agent”	2.03(a)
	“Trustee”	Preamble

 

Section
1.03           
Rules of Construction.

 

Unless the context
otherwise requires

 

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

 

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

 

(c)               
“or” is not exclusive;

 

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

 

(e)               
“including” means including without limitation;

 

(f)                
words in the singular include the plural and words in the plural include the singular;

 

(g)               
provisions apply to successive events and transactions; and

 

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

 

ARTICLE
2

THE NOTES

 

Section
2.01           
Form and Dating.

 

(a)               
General.

 

    46

     

    

 

The Notes and the
Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage and as provided herein. The
Issuer shall approve the form of the Notes and any notation, legend or endorsement thereon. Each Note will be dated the date of
its authentication.

 

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

 

(b)               
Global Notes.

 

Global Notes issued
in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule
of Increases or Decreases” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit
A hereto (but without the Global Note Legend thereon and without the “Schedule of Increases or Decreases” attached
thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that
it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions and purchases and cancellations. Any endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar, the Notes Custodian or
DTC, at the direction of the Registrar, in accordance with instructions given by the Holder thereof as required by Section 2.06.

 

(c)               
Rule 144A Global Notes and Regulation S Global Notes.

 

Notes offered and
sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary Global Note, which will be
deposited on behalf of the purchasers of the Notes represented thereby with the Registrar (or Notes Custodian), as custodian for
the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents
holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.
Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be automatically
exchanged for beneficial interests in the Regulation S Permanent Global Note, with no further action by the Issuer, pursuant to
the Applicable Procedures, on the first day following the expiry of the Restricted Period. Simultaneously with the authentication
of the Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal
amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased
or decreased by adjustments made by the Trustee to the schedule of increases or decreases in the Global Note, in connection
with transfers of interest as hereinafter provided.

 

Notes offered and
sold to QIBs in reliance on Rule 144A shall be issued initially in the form of one or more Definitive Registered Notes or
one or more Global Notes, each substantially in the form of Exhibit A hereto, with such applicable legends as are provided
in Exhibit A hereto, except as otherwise permitted herein. Such Notes in the form of Global Notes (the “Rule 144A
Global Notes”) shall be deposited on behalf of the purchasers of the Notes represented thereby with the Registrar (or
Notes Custodian) as custodian for DTC, and registered in the name of Cede & Co., as nominee of DTC, for the accounts of DTC,
duly executed by the Issuer and authenticated by the Trustee or the Authenticating Agent as hereinafter provided. The aggregate
principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made by the
Registrar on Schedule A to the Rule 144A Global Notes and recorded in the register maintained by the Registrar, as hereinafter
provided.

 

    47

     

    

 

(d)               
 Definitive Registered Notes.

 

Definitive Registered
Notes shall be issued in accordance with this Indenture. Notes issued in definitive registered form will be substantially in the
form of Exhibit A hereto (excluding the Global Note Legend thereon and without the “Schedule of Increases or
Decreases in the Global Note” attached thereto).

 

(e)               
Book-Entry Provisions.

 

The Applicable Procedures
shall be applicable to Book-Entry Interests in the Global Notes that are held by Participants through DTC.

 

(f)                
Denomination.

 

The Notes shall be
in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.

 

Section
2.02           
Execution and Authentication.

 

At least one Officer
must execute the Notes on behalf of the Issuer by manual, facsimile, or electronic (in “.pdf’ format) signature. If
an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless
be valid.

 

A Note will not be
valid until authenticated by the manual or electronic signature of the authorized signatory of the Trustee or its Authenticating
Agent. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. Notwithstanding the
foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, the Issuer
shall deliver such Note to the Trustee for cancellation pursuant to Section 2.11.

 

The Trustee or the
Authenticating Agent will, upon receipt of a written order of the Issuer signed by an authorized representative (an “Authentication
Order”), authenticate the Notes for issue that may be validly issued under this Indenture, including any Additional Notes.
The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized
for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.07.

 

The Trustee may appoint
one or more authentication agents (each, an “Authenticating Agent”) to authenticate Notes. Such an Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with Holders
or an Affiliate of the Issuer. The Trustee hereby appoints Deutsche Bank Trust Company Americas as its Authenticating Agent in
respect of the Notes. Deutsche Bank Trust Company Americas accepts such appointment, and the Issuer hereby confirms these appointments.

 

Section
2.03           
Transfer Agent, Registrar and Paying Agent.

 

(a)               
The Issuer shall maintain an office or agency where Notes may be presented for registration (the “Registrar”)
in New York, New York and where Notes may be presented for payment (the “Paying Agent”); provided that payments
on Global Notes will be made to Cede & Co. as the registered holder of the Global Notes, which will in turn make such payments
to DTC or its nominee. The Registrar shall keep a register reflecting ownership of the Notes outstanding from time to time and
of their transfer and exchange. In addition, the Issuer shall maintain an office or agency in New York, New York where Notes may
be presented for transfer or exchange (the “Transfer Agent”). The Issuer may have one or more co-registrars
and one or more additional transfer and paying agents. The terms “Paying Agent” and “Transfer Agent”
include the Paying Agent, the Transfer Agent and any additional paying agent or transfer agent, as applicable, and the term “Registrar”
includes any co-registrars. The

 

    48

     

    

 

Issuer initially appoints Deutsche Bank
Trust Company Americas, in New York, who accepts such appointment, as Paying Agent. The Issuer initially appoints Deutsche Bank
Trust Company Americas, in respect of the Notes, who accepts such appointment, as a Transfer Agent. The Issuer initially appoints
Deutsche Bank Trust Company Americas, in respect of the Notes, who accepts such appointment, as Registrar. The Registrar shall
provide a copy of the register and any update thereof to the Issuer upon request. The Issuer initially appoints The Depository
Trust Company to act as Depositary with respect to the Global Notes. The Issuer initially appoints the Trustee to act as Paying
Agent and Registrar for the Notes and to act as Custodian with respect to the Global Notes.

 

(b)               
The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture.
Such agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee
of the name and address of any such agent. If the Issuer fails to maintain a Transfer Agent, Registrar or Paying Agent, the Trustee
may act, or may arrange for appropriate parties to act, as such and shall be entitled to appropriate compensation therefor pursuant
to Section 7.07. The Issuer or any Restricted Subsidiary may act as Paying Agent or Registrar in respect of the Notes.

 

(c)               
The Issuer may change any Registrar, Paying Agent or Transfer Agent upon written notice to such Registrar, Paying Agent
or Transfer Agent and to the Trustee, without prior notice to the Holders; provided, however, that no such removal shall
become effective until (i) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into
by the Issuer and such successor Registrar, Paying Agent, or Transfer Agent, as the case may be, and delivered to the Trustee or
(ii) notification to the Trustee that the Trustee shall, to the extent that it determines that it is able, serve as Registrar
or Paying Agent or Transfer Agent until the appointment of a successor in accordance with clause (i) above. The Registrar,
Paying Agent or the Transfer Agent may resign by providing 30 days’ written notice to the Issuer and the Trustee.

 

If any Notes are listed
on an exchange and the rules of such exchange so require, the Issuer will satisfy any requirement of such exchange as to Paying
Agents, Registrars and Transfer Agents and will comply with any notice requirements required under such exchange in connection
with any change of Paying Agent, Registrar or Transfer Agent.

 

Section
2.04           
Paying Agent not a party to this Indenture to Hold Money.

 

No later than 10:00
a.m. (New York time) on the Business Day that is the due date of the principal of, interest and premium (if any) on any Note, the
Issuer shall deposit with the Paying Agent (or if the Issuer or a Restricted Subsidiary of the Issuer is acting as Paying Agent,
segregate and hold in trust for the benefit of, or to the extent the concept of trust is not recognized in the relevant jurisdiction,
hold on behalf of and for the benefit of, the Persons entitled thereto) a sum sufficient to pay such principal, interest and premium
(if any) when so becoming due and, subject to receipt of such monies, the Paying Agent shall make payment on the Notes in accordance
with this Indenture. The Issuer shall require each Paying Agent that is not a party to this Indenture to agree in writing (and
any Paying Agent party to this Indenture agrees) that such Paying Agent shall hold for the benefit of the Trustee all money held
by the Paying Agent for the payment of principal of, interest and premium (if any) on the Notes and shall notify the Trustee of
any default by the Issuer (or any other obligor on the Notes) in making such payment. The Issuer shall, no later than 10:00
a.m. (New York time) the Business Day prior to the date on which such payment is due, send to the Paying Agent an irrevocable payment
instruction. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.04, the Paying Agent shall
have no further liability for the money delivered to the Trustee. For the avoidance of doubt, the Paying Agent and the Trustee
shall be held harmless and have no liability or obligation with respect to payments or disbursements to be made by the Paying Agent
and Trustee (i) for which payment instructions are not made or that are not otherwise

 

    49

     

    

 

deposited by the respective times set forth
in this Section 2.04, and (ii) until they have confirmed receipt of funds sufficient to make the relevant payment.

 

In the event that
the funds received by the Paying Agent to be applied in accordance with this Section 2.04 exceeds the amount necessary to
satisfy all of the Issuer’s obligations pursuant to the Notes and this Indenture, upon request by the Issuer, the Paying
Agent shall promptly furnish the Issuer with such excess amount.

 

Section
2.05           
Holder Lists.

 

The Registrar shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders.
Following the exchange of beneficial interests in Global Notes for Definitive Registered Notes, the Issuer shall furnish, or cause
the Registrar to furnish, to the Trustee, in writing at least five Business Days before each interest payment date, and at such
other times as the Trustee may reasonably require, the names and addresses of Holders of such Definitive Registered Notes.

 

Section
2.06           
Transfer and Exchange.

 

(a)               
Transfer and Exchange of Global Notes.

 

A Regulation S
Global Note or Rule 144A Global Note may not be transferred except as a whole by DTC to a Notes Custodian or a nominee of
such Notes Custodian, by a Notes Custodian or a nominee of such Notes Custodian to DTC or to another nominee or Notes Custodian
of DTC, or by such Notes Custodian or DTC or any such nominee to a successor of DTC or a Notes Custodian or a nominee thereof.

 

All Global Notes will
be exchanged by the Issuer for Definitive Registered Notes:

 

(1)              
if DTC notifies the Issuer that it is unwilling or unable to continue to act as depositary and a successor depositary is
not appointed by the Issuer within 120 days;

 

(2)              
if DTC so requests following an Event of Default under this Indenture; or

 

(3)              
if the owner of a Book-Entry Interest requests such exchange in writing delivered through DTC, following an Event of Default
under this Indenture; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Issuer
for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act.

 

Upon the occurrence
of any of the preceding events in clauses (1) through (3) above, the Issuer shall issue Definitive Registered Notes registered
in the name or names and issued in any approved denominations, as requested by or on behalf of DTC (in accordance with their respective
customary procedures and based upon directions received from participants reflecting the beneficial ownership of Book-Entry Interests),
to the Trustee and the Registrar, and such transfer or exchange shall be recorded in the Register.

 

Global Notes also
may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.10. A Global Note may not
be exchanged for another Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b) or (c).

 

(b)               
General Provisions Applicable to Transfer and Exchange of Book-Entry Interests in the Global Notes.

 

    50

     

    

 

The transfer and exchange
of Book-Entry Interests shall be effected through DTC in accordance with the provisions of this Indenture and the Applicable Procedures.
In connection with all transfers and exchanges of Book-Entry Interests (other than transfers of Book-Entry Interests in connection
with which the transferee takes delivery thereof in the form of a Book-Entry Interest in the same Global Note), the Transfer Agent
(copied to the Trustee) must receive: (i) a written order from a Participant or an Indirect Participant given to DTC in accordance
with the Applicable Procedures directing DTC to debit from the transferor a Book-Entry Interest in an amount equal to the Book-
Entry Interest to be transferred or exchanged; (ii) a written order from a Participant or an Indirect Participant given to
DTC in accordance with the Applicable Procedures directing DTC to credit or cause to be credited a Book-Entry Interest in another
Global Note in an amount equal to the Book- Entry Interest to be transferred or exchanged; and (iii) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant account to be credited or debited with
such increase or decrease, if applicable.

 

In connection with
a transfer or exchange of a Book-Entry Interest for a Definitive Registered Note, the Transfer Agent (copied to the Trustee and
the Registrar) must receive: (i) a written order from a Participant or an Indirect Participant given to DTC in accordance
with the Applicable Procedures directing DTC to debit from the transferor a Book-Entry Interest in an amount equal to the Book-Entry
Interest to be transferred or exchanged; (ii) a written order from a Participant directing the Registrar to cause to be issued
a Definitive Registered Note in an amount equal to the Book Entry Interest to be transferred or exchanged; and (iii) instructions
containing information regarding the Person in whose name such Definitive Registered Note shall be registered to effect the transfer
or exchange referred to above.

 

In connection with
any transfer or exchange of Definitive Registered Notes, the Holder of such Notes shall present or surrender to the Registrar the
Definitive Registered Notes duly endorsed or accompanied by a written instruction of transfer in a form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, in connection with a transfer or exchange
of a Definitive Registered Note for a Book-Entry Interest, the Transfer Agent (copied to the Trustee) must receive a written order
directing DTC to credit the account of the transferee in an amount equal to the Book-Entry Interest to be transferred or exchanged.

 

Upon satisfaction
of all of the requirements for transfer or exchange of Book-Entry Interests in Global Notes (other than transfers of Book-Entry
Interests in connection with which the transferee takes delivery thereof in the form of a Book-Entry Interest in the same Global
Note) contained in this Indenture, the Transfer Agent (copied to the Trustee or the Registrar), as specified in this Section 2.06,
shall endorse the Global Note(s) with any increase or decrease and instruct DTC to reflect such increase or decrease in its systems.

 

Transfers of Book-Entry
Interests shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities
Act. Transfers and exchanges of Book- Entry Interests for Book-Entry Interests also shall require compliance with either subparagraph (b)(1)
or (b)(2) below, as applicable, as well as subparagraph (b)(3) below, if applicable:

 

(1)              
Transfer of Book-Entry Interests in the Same Global Note. Book-Entry Interests will be limited to persons that have
accounts with DTC or persons that may hold interests through such participants. Book-Entry Interests in a Global Note may be transferred
to Persons who take delivery thereof in the form of a Book-Entry Interest in a Global Note in accordance with the transfer restrictions
set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, Book-Entry
Interests in the Regulation S Temporary Global Note will be limited to persons who hold interests in an Euroclear or Clearstream
account through DTC, and any sale or transfer of such interest to U.S. persons shall not be permitted during the Restricted
Period unless such resale or transfer is made pursuant to Rule 144A. No written orders or instructions shall be required to
be delivered to the Trustee to effect the transfers described in this Section 2.06(b)(1).

 

    51

     

    

 

(2)              
 All Other Transfers and Exchanges of Book-Entry Interests in Global Notes. A Holder may transfer or exchange a Book-Entry
Interest in Global Notes in a transaction not subject to Section 2.06(b)(1) above only if the Trustee and the Registrar or
the Transfer Agent (copied to the Trustee) receives either:

 

(A)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to DTC in accordance with the Applicable Procedures
directing DTC to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the Book-Entry
Interest to be transferred or exchanged; and

 

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

 

(B)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to DTC in accordance with the Applicable Procedures
directing DTC to cause to be issued a Definitive Registered Note in an amount equal to the Book-Entry Interest to be transferred
or exchanged; and

 

(ii)              
instructions given by DTC to the Registrar containing information specifying the identity of the Person in whose name such
Definitive Registered Note shall be registered to effect the transfer or exchange referred to in (1) above, the principal
amount of such securities and the ISIN, Common Code, CUSIP or other similar number identifying the Notes; provided that
in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required
pursuant to Rule 903 under the Securities Act,

 

provided that any such
transfer or exchange is made in accordance with the transfer restrictions set forth in the Private Placement Legend.

 

(3)              
Transfer of Book-Entry Interests to Another Global Note. A Book-Entry Interest in any Global Note may be transferred
to a Person who takes delivery thereof in the form of a Book-Entry Interest in another Global Note if the transfer complies with
the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)             
if the transferee will take delivery in the form of a Book-Entry Interest in a Rule 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;
and

 

(B)             
if the transferee will take delivery in the form of a Book-Entry Interest in a Regulation S Temporary Global Note or the
Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

 

(c)               
Transfer or Exchange of Book-Entry Interests in Global Notes for Definitive Registered Notes.

 

If any holder of a
Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a Definitive Registered Note or to transfer
such Book-Entry Interest to a Person who takes

 

    52

     

    

 

delivery thereof in the form of a Definitive
Registered Note, then, upon receipt by the Trustee and the Registrar of the following documentation:

 

(1)              
in the case of a transfer on or before the expiration of the Restricted Period by a holder of a Book-Entry Interest in a
Regulation S Global Note, the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (2) thereof;

 

(2)              
in the case of an exchange by a holder of a Book-Entry Interest in a Global Note of such Book-Entry Interest for a Definitive
Registered Note, the Trustee shall have received a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1) thereof;

 

(3)              
in the case of a transfer after the expiration of the Restricted Period by a holder of a Book-Entry Interest in a Regulation S
Global Note, the transfer complies with Section 2.06(b);

 

(4)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note to a QIB in reliance on Rule 144A,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (1) thereof;

 

(5)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Regulation S,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (2) thereof; or

 

(6)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Rule 144,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3) thereof,

 

the Paying Agent or Registrar shall cause
the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the
Issuer shall execute and the Trustee or its Authenticating Agent shall authenticate and deliver to the Person designated in the
instructions a Definitive Registered Note in the appropriate principal amount. Any Definitive Registered Note issued in exchange
for, or upon transfer of, a Book-Entry Interest in a Global Note pursuant to this clause (c) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such Book-Entry Interest shall instruct the Registrar
through instructions from DTC and the Participant or Indirect Participant. The Registrar shall deliver (or cause to be delivered)
such Definitive Registered Notes to the Persons in whose names such Notes are so registered. Any Definitive Registered Note issued
in exchange for a Book-Entry Interest in a Global Note pursuant to this clause (c) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

 

(d)               
Transfer and Exchange of Definitive Registered Notes for Book-Entry Interests in the Global Notes. If any Holder
of a Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note or to transfer such Definitive
Registered Notes to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Global Note, then, upon receipt
by the Trustee, the Transfer Agent and the Registrar of the following documentation:

 

(1)              
if the Holder of such Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2) thereof;

 

(2)              
if such Definitive Registered Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(3)              
if such Definitive Registered Note is being transferred in reliance on Regulation S or Rule 144, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in items (2) or (3) thereof, as
applicable;

 

    53

     

    

 

(4)              
 if such Definitive Registered Note is being transferred to the Issuer or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; and

 

the Registrar will cancel the Definitive
Registered Note and record such exchange or transfer in the Register, and the Registrar will increase or cause to be increased
the aggregate principal amount of, in the case of clause (1) above, the appropriate Global Note, in the case of clause (2)
above, the appropriate Rule 144A Global Note, in the case of clause (3) above, the appropriate Global Note, and in the
case of clause (4) above, the appropriate Global Note.

 

(e)               
Transfer and Exchange of Definitive Registered Notes for Definitive Registered Notes.

 

Definitive Registered
Notes may be transferred or exchanged in whole or in part, in minimum denominations of $200,000 in principal amount and integral
multiples of $1,000 in excess thereof to persons who take delivery thereof in the form of Definitive Registered Notes in accordance
with this clause (e). Upon request by a Holder of Definitive Registered Notes and such Holder’s compliance with the
provisions of this clause (e), the Transfer Agent or the Registrar will register the transfer or exchange of Definitive Registered
Notes of which registration the Issuer will be informed of by the Transfer Agent or the Registrar (as the case may be) upon request.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Transfer Agent or the
Registrar the Definitive Registered Notes duly endorsed and accompanied by a written instruction of transfer in a form satisfactory
to the Transfer Agent or the Registrar duly executed by such Holder or its attorney, duly authorized to execute the same in writing.
In the event that the Holder of such Definitive Registered Notes does not transfer the entire principal amount of Notes represented
by any such Definitive Registered Note, the Transfer Agent or the Registrar will cancel or cause to be cancelled such Definitive
Registered Note and the Issuer (who has been informed of such cancellation) shall execute and the Trustee or the Authenticating
Agent, upon receipt of an Authentication Order, shall authenticate and deliver to the requesting Holder and any transferee Definitive
Registered Notes in the appropriate principal amounts. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this clause (e).

 

Any Definitive Registered
Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Definitive Registered
Note if the Registrar receives the following:

 

(1)              
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof; and

 

(2)              
if the transfer will be made in reliance on Regulation S, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof.

 

(f)                
Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Section 2.06(c)(1)(A)
and Section 2.06(c)(1)(C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive
Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities
Act other than Rule 903 or Rule 904.

 

(g)               
Legend.

 

(1)              
Except as permitted by the following paragraphs (2), (3) or (4), each certificate evidencing the Global Notes
and the Definitive Registered Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend
in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only):

 

    54

     

    

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ISSUE DATE OF THE ORIGINAL ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE
ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN
RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D)
OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S
NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT
OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
SECURITIES ACT.]

 

BY ITS ACQUISITION OF THIS SECURITY, THE
HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER
TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER
ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH
PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE
 “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT (EACH, A “PLAN”), OR (2)(X) THE ACQUISITION
AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE OR A 

 

    55

     

    

 

 

 

SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS AND (Y) EACH PURCHASER AND SUBSEQUENT TRANSFEREE THAT
IS, OR IS ACQUIRING A NOTE OR ANY INTEREST THEREIN WITH THE ASSETS OF, A PLAN WILL BE DEEMED TO REPRESENT, WARRANT AND ACKNOWLEDGE
AS LONG AS IT HOLDS SUCH INVESTMENT THAT A FIDUCIARY INDEPENDENT OF THE ISSUER, THE GUARANTORS, THE INITIAL PURCHASERS AND THE
TRUSTEE, AND THEIR RESPECTIVE AFFILIATES (THE “TRANSACTION PARTIES”) ACTING ON THE ERISA PLAN’S BEHALF IS AND
AT ALL TIMES WILL BE RESPONSIBLE FOR ITS DECISION TO INVEST IN AND HOLD THE NOTES AS CONTEMPLATED HEREBY, AND NONE OF THE TRANSACTION
PARTIES ARE ACTING, OR WILL ACT, AS A FIDUCIARY TO ANY PLAN WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THE NOTES.

 

Each Global Note shall bear the following
legend:

 

THIS GLOBAL NOTE IS HELD BY THE NOTES CUSTODIAN
(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 (I) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, AND (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

The following legend shall also be included,
if applicable:

 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST,
THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE
NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT THE
ISSUER.

 

Each Definitive Registered Note shall bear
the following additional legend:

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Each Regulation S Temporary Global Note
shall bear the following additional legend:

 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL
NOTE FOR PURPOSES OF REGULATION S UNDER THE U.S. SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY
BE OFFERED, SOLD, DELIVERED OR EXCHANGED FOR AN INTEREST IN A PERMANENT GLOBAL NOTE OR OTHER NOTE EXCEPT UPON DELIVERY OF THE CERTIFICATIONS
SPECIFIED IN THE INDENTURE.

 

(2)              
Upon any sale or transfer of a Transfer Restricted Note that is a Definitive Registered Note, the Registrar shall permit
the Holder thereof to exchange such Transfer Restricted Note for a Definitive Registered Note that does not bear the legends set
forth above and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to
the Transfer Agent and Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to
be in the form set forth on the reverse of the Note).

 

    56

     

    

 

(3)              
 Upon a sale or transfer after the expiration of the Restricted Period of any Note acquired pursuant to Regulation S,
all requirements that such Note bear the Private Placement Legend shall cease to apply and the requirements requiring any such
Note be issued in global form shall continue to apply.

 

(4)              
Any additional Notes sold in a registered offering under the Securities Act shall not be required to bear the Private Placement
Legend.

 

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

 

(i)                
General Provisions Relating to Transfers and Exchanges.

 

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

 

(2)              
No service charge will be made by the Issuer or the Registrar to a Holder of a Book-Entry Interest in a Global Note, a Holder
of a Global Note or a Holder of a Definitive Registered Note for any registration of transfer or exchange, but the Issuer and the
Trustee may require payment of a sum sufficient to cover any stamp duty, stamp duty reserve, documentary or other similar tax or
governmental charge that may be imposed in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Section 2.10, Section 3.06, Section 4.03, Section 4.08 and Section 9.04).

 

(3)              
No Transfer Agent or Registrar will be required to register the transfer of or exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(4)              
All Global Notes and Definitive Registered Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Registered Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits
under this Indenture, as the Global Notes or Definitive Registered Notes surrendered upon such registration of transfer or exchange.

 

(5)              
Except as may be separately agreed by the Issuer, the Issuer shall not be required to register the transfer into its register
kept at its registered office of any Definitive Registered Notes: (A) for a period of 15 calendar days prior to any date
fixed for the redemption of the Notes under Section 3.03; (B) for a period of 15 calendar days immediately prior
to the date fixed for selection of Notes to be redeemed in part; (C) for a period of 15 calendar days prior to the record
date with respect to any interest payment date; or (D) which the Holder has tendered (and not withdrawn) for repurchase in
connection with a Change of Control Offer or an Asset Disposition Offer. Any such transfer will be made without charge to the Holder,
other than any taxes, duties and governmental charges payable in connection with such transfer.

 

    57

     

    

 

(6)              
 The Trustee, any Agent and the Issuer shall deem and treat the Person in whose name any Note is registered in the register
maintained by the Registrar as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium,
if any) or interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected
by notice to the contrary.

 

(7)              
All certifications, certificates and Opinions of Counsel required to be submitted to the Issuer, the Trustee or the Registrar
pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted initially by facsimile with
originals to be delivered promptly thereafter to the Trustee.

 

None of the Trustee
or any Agent shall have any 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 Participants or beneficial owners of interests in any Definitive Registered Note or Global Note) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof.

 

None of the Trustee
or any Agent shall have any responsibility or obligation to any beneficial owner in a Global Note, a Participant or other Person
with respect to the accuracy of the records of the Depositary or its nominee or of any Participant, with respect to any ownership
interest in a Global Note or with respect to the delivery to any Participant, beneficial owner or other Person (other than the
Depositary or its nominee) of any notice (including any notice of redemption) or the payment of any amount (other than the Depositary
or its nominee), under or with respect to such Global Notes. All notices and communications to be given to the Holders and all
payments to be made to Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered
holders (which shall be the Depositary or its nominee in the case of the Global Note). The rights of beneficial owners in the Global
Note shall be exercised only through the Depositary subject to the applicable procedures. The Trustee and the Agents shall be entitled
to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, Participants
and any beneficial owners. The Trustee and the Agents shall be entitled to deal with the Depositary, and any nominee thereof, that
is the registered holder of any Global Note for all purposes of this Indenture relating to such Global Note (including the payment
of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or
to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and shall
have no obligations to the beneficial owners thereof. None of the Trustee or any Agent shall have any responsibility or liability
for any acts or omissions of the Depositary with respect to such Global Note for the records of any such Depositary, including
records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary
and any Participant or between or among the Depositary, any such Participant and/or any holder or owner of a beneficial interest
in such Global Note, or for any transfers of beneficial interests in any such Global Note.

 

Section
2.07           
Replacement Notes.

 

If a mutilated Note
is surrendered to the Registrar or if the Holder claims that the Note has been lost, destroyed or wrongfully taken, the Issuer
shall issue and the Trustee or the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate a replacement
Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) notifies
the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and
the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to the Issuer or the
Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial
Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee. If required
by the Trustee or the Issuer, such Holder shall

 

    58

     

    

 

furnish an indemnity bond sufficient in
the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, the Authenticating Agent, Paying Agent and the Registrar
from any loss that any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for their expenses
in replacing a Note including, but not limited to, reasonable fees and expenses of counsel and any tax that may be imposed with
respect to the replacement of such Note. In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or
is about to become due and payable, the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement
thereof.

 

Every replacement
Note is an additional obligation of the Issuer.

 

The provisions of
this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.

 

Section
2.08           
Outstanding Notes.

 

Notes outstanding
at any time are all Notes authenticated by the Trustee or the Authenticating Agent except for those canceled by it pursuant to
Section 2.11, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Subject
to Section 12.04, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.
If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Issuer receive proof
satisfactory to them that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial
Code).

 

If the principal amount
of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
receives (or if the Issuer or a Subsidiary of the Issuer is acting as Paying Agent and such Paying Agent segregates and holds in
trust) in accordance with this Indenture, no later than 10:00 a.m. (New York time) on the Business Day that is a redemption
date or maturity date, money sufficient to pay all principal and interest and premium, if any, payable on that date with respect
to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from
paying such amount to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes
(or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

Section
2.09           
Treasury Notes.

 

The Issuer shall promptly
notify the Trustee of any Notes owned by the Issuer or any Affiliate of the Issuer.

 

Section
2.10           
Temporary Notes.

 

In the event that
Definitive Registered Notes are to be issued under the terms of this Indenture, until such Definitive Registered Notes are ready
for delivery, the Issuer may prepare and the Trustee or the Authenticating Agent, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Registered Notes but may have variations
that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee
or the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate Definitive Registered Notes and deliver
them in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge
to the Holder.

 

Section
2.11           
Cancellation.

 

    59

     

    

 

The Issuer at any
time may deliver Notes to the Registrar for cancellation. The Trustee and the Paying Agent shall forward to the Registrar any Notes
surrendered to them for registration of transfer, exchange or payment. The Registrar (or an agent authorized by the Registrar)
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose
of canceled Notes in accordance with its customary procedures or deliver canceled Notes to the Issuer pursuant to written direction
by an Officer of the Issuer. Upon the written request of the Issuer, certification of the destruction of all canceled Notes shall
be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes it has redeemed or delivered to the Registrar for
cancellation. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes, unless and until the same are surrendered to the Registrar for cancellation pursuant
to this Section 2.11. Neither the Trustee nor the Authenticating Agent shall authenticate Notes in place of canceled Notes
other than pursuant to the terms of this Indenture.

 

Section
2.12           
Defaulted Interest.

 

If the Issuer defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01. The Issuer will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special
record date and payment date; provided that no such special record date may be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon
the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to
the Holders in accordance with Section 12.01 a notice that states the special record date, the related payment date and the
amount of such interest to be paid.

 

Section
2.13           
Further Issues.

 

Subject to compliance
with Section 4.04, the Issuer may from time to time issue Additional Notes ranking pari passu with the Initial Notes
and with the same terms as to status, redemption and otherwise as such Notes (save for payment of interest accruing prior to the
issue date of such Additional Notes or for the first payment of interest following the issue date of such Additional Notes). The
Initial Notes and, if issued, any Additional Notes will be treated as a single class for all purposes under this Indenture, including,
without limitation, waivers, amendments, redemptions, and offers to purchase except as otherwise specified with respect to the
Notes. Whenever it is proposed to create and issue any Additional Notes, the Issuer shall give to the Trustee not less than three
Business Days’ notice in writing of its intention to do so, stating the amount of Additional Notes proposed to be created
and issued.

 

Section
2.14           
Common Codes, ISIN and CUSIP Numbers.

 

The Issuer in issuing
the Notes may use Common Codes, ISIN and CUSIP numbers (if then generally in use) and, if so, the Issuer shall use Common Codes,
ISIN and CUSIP numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such numbers. In order for any Initial Notes and/or Additional
Notes to have the same CUSIP number and ISIN as the Notes, such Initial Notes and/or Additional Notes must be fungible with the
Notes for U.S. federal income tax purposes. If any Initial Notes and/or Additional Notes are not fungible with the Notes,
such Initial Notes and/or Additional Notes shall have a different ISIN and/or Common Code number (or other applicable identifying
number). The Issuer will promptly notify the Trustee and the Paying Agent, in writing, of any change in the Common Code, ISIN or
CUSIP numbers.

 

Section
2.15           
Currency Indemnity.

 

    60

     

    

 

The sole currency
of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with the Notes and Note Guarantees
thereof is U.S. dollars, including damages. Any amount received or recovered in a currency other than U.S. dollars, whether
as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of
the Issuer, any Guarantor or otherwise by any Holder or by the Trustee, in respect of any sum expressed to be due to it from the
Issuer or a Guarantor will only constitute a discharge to the Issuer or such Guarantor, as applicable, to the extent of the U.S. dollar,
as the case may be, which the recipient is able to purchase with the amount so received or recovered in that other currency on
the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which
it is practicable to do so).

 

If that U.S. dollar
amount is less than the U.S. dollar amount expressed to be due to the recipient or the Trustee under any Note, the Issuer
and the Guarantors will indemnify them against any loss sustained by such recipient or the Trustee as a result. In any event, the
Issuer and the Guarantors will indemnify the recipient or the Trustee on a joint or several basis against the cost of making any
such purchase. For the purposes of this currency indemnity provision, it will be prima facie evidence of the matter stated
therein for the Holder of a Note or the Trustee to certify in a manner reasonably satisfactory to the Issuer (indicating the sources
of information used) the loss it Incurred in making any such purchase. These indemnities constitute a separate and independent
obligation from the Issuer’s and the Guarantors’ other obligations, will give rise to a separate and independent cause
of action, will apply irrespective of any waiver granted by any Holder of a Note or the Trustee (other than a waiver of the indemnities
set out herein) and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount
in respect of any sum due under any Note, any Note Guarantee or to the Trustee.

 

Section
2.16           
Deposit of Moneys.

 

No later than 10:00
a.m. (New York time) on the Business Day that is an interest payment date, the maturity date of the Notes and each payment date
relating to an Asset Disposition Offer or a Change of Control Offer, and on the Business Day immediately following any acceleration
of the Notes pursuant to Section 6.02, the Issuer shall deposit with the Paying Agent, in immediately available funds, money in
dollars sufficient to make cash payments, if any, due on such day or date, as the case may be. Subject to actual receipt of such
funds as provided by this Section 2.16 by the designated Paying Agent, such Paying Agent shall remit such payment in a timely
manner to the Holders on such day or date, as the case may be, to the Persons and in the manner set forth in paragraph 2 of
the Notes; provided, however, that no Paying Agent shall be obliged to make a payment until it has received funds sufficient
to make such payment. The Issuer shall promptly notify the Trustee and the Paying Agent of its failure to so act.

 

Section
2.17           
Agents.

 

(a)               
The rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint
and several, and the Agents shall only be obliged to perform those duties expressly set out in this Indenture and shall have no
implied duties.

 

(b)               
The Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by
notice in writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from,
the Trustee. Until they have received such written notice from the Trustee, the Agents shall act solely as agents of the Issuer
and need have no concern for the interests of the Holders.

 

ARTICLE
3

REDEMPTION

 

Section
3.01           
Notices to Trustee.

 

    61

     

    

 

If the Issuer elects
to redeem Notes pursuant to Section 3.07, it shall notify the Trustee and the Paying Agent of the redemption date and the
principal amount of Notes to be redeemed and the section of the Note pursuant to which the redemption will occur.

 

Unless otherwise specified,
the Issuer shall give each notice in writing to the Trustee and the Paying Agent in writing provided for in this Article 3
at least 10 days, but not more than 60 days, before the redemption date unless the Trustee or the Paying Agent
(as the case may be) consents to a shorter period in its sole discretion. In the case of a redemption pursuant to Section 3.07,
prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to Section 3.03, the
Issuer will deliver such notice along with an Officer’s Certificate from the Issuer to the Trustee to the effect that such
redemption will comply with the conditions herein. The Trustee will accept and shall be entitled to rely conclusively and without
further inquiry on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction
of the conditions precedent as described in Section 3.07 in which event it will be conclusive and binding on the Holders.

 

Section
3.02           
Selection of Notes to Be Redeemed or Repurchased.

 

If less than all of
the Notes are to be redeemed at any time, such Notes for redemption will be selected in accordance with the procedures of DTC,
or if DTC prescribes no method of selection, then the Issuer will instruct the Trustee or the Registrar to select the Notes for
redemption in compliance with the requirements of the principal securities exchange, if any, on which the Notes are listed, as
certified to the Trustee or the Registrar or if the Notes are not so listed or such exchange prescribes no method of selection,
then based on a method that most nearly approximates a pro rata selection or by lot; provided, however, that no Note
of $200,000 in aggregate principal amount or less shall be redeemed in part and only Notes in integral multiples of $1,000 will
be redeemed. Neither the Trustee nor the Registrar will be liable for any selections made by it or DTC in accordance with this
Section 3.02.

 

Section
3.03           
Notice of Redemption.

 

(a)               
Other than as provided in Section 3.03(b), not less than 10 days but not more than 60 days before
a date for redemption of Notes, the Issuer shall transmit a notice of redemption in accordance with Section 12.01. If such
Notes are in global form, notice of redemption will be delivered to DTC for communication to the entitled account holders.

 

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

 

(1)              
the redemption date;

 

(2)              
the redemption price, and, if applicable, the appropriate calculation of such redemption price and the amount of accrued
interest to the redemption date;

 

(3)              
the name and address of the Paying Agent;

 

(4)              
that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(5)              
that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment
pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after
the redemption date;

 

(6)              
the Common Codes, ISIN or CUSIP number, as applicable, if any, printed on the Notes being redeemed;

 

(7)              
the paragraph of the Notes or section of this Indenture pursuant to which the Notes are being redeemed;

 

    62

     

    

 

(8)              
 that no representation is made as to the correctness or accuracy of the Common Codes, ISIN or CUSIP number, as applicable,
if any, listed in such notice or printed on the Notes; and

 

(9)              
if any Notes of a series are to be redeemed in part only, the portion of the principal amount thereof to be redeemed.

 

(b)              At
the Issuer’s request and expense, the Trustee or the Paying Agent shall give the notice of redemption in the Issuer’s
name. In such event, the Issuer shall provide the Trustee and the Paying Agent at least two Business Days prior to the date on
which notice of redemption is to be delivered to Holders (unless a shorter period of time is acceptable to the Trustee and the
Paying Agent), an Officer’s Certificate requesting the Trustee or the Paying Agent to give such notice and also containing
the information required to be contained in such notice pursuant to this Section 3.03.

 

Section
3.04           
Effect of Notice of Redemption.

 

Once notice of redemption
is delivered, Notes called for redemption become due and payable, on the redemption date and at the redemption price stated in
the notice, plus accrued interest, if any, to, but not including, the redemption date; provided, however, that any redemption
notice given in respect of the redemption referred to in Section 3.07 may, at the Issuer’s discretion, be subject to
the satisfaction of one or more conditions precedent as set forth in Section 3.07(d). Upon surrender to the Paying Agent,
the Notes shall be paid at the redemption price stated in the notice, plus accrued interest, if any, to, but not including, the
redemption date; provided, however, that if the redemption date is after a regular record date and on or prior to
the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant
record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any
other Holder.

 

Section
3.05           
Deposit of Redemption Price.

 

No later than 10:00
a.m. (New York time) on the Business Day that is a redemption date, the Issuer shall deposit with the Paying Agent (or, if the
Issuer or a Restricted Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay
the redemption price of and accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions
of Notes called for redemption that have been delivered by the Issuer to the Registrar for cancellation. On and after the redemption
date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with
the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest, if any, on, the Notes to be redeemed,
unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. For the avoidance of doubt,
the Paying Agent and the Trustee shall be held harmless and have no liability or obligation with respect to payments or disbursements
to be made by the Paying Agent and Trustee (i) for which payment instructions are not made or that are not otherwise deposited
by the respective times set forth in this Section 3.05 and (ii) until they have confirmed receipt of funds sufficient
to make the relevant payment.

 

Section
3.06           
Notes Redeemed in Part.

 

Subject to the terms
hereof, upon surrender of a Note that is redeemed in part, (i) in the case of a Definitive Registered Note, a new Definitive
Registered Note in principal amount equal to the unredeemed portion of any Definitive Registered Note redeemed in part will be
issued in the name of the Holder thereof upon cancellation of the original Definitive Registered Note and (ii) in the case
of a Global Note, an appropriate notation will be made on such Note to decrease the principal amount thereof to an amount equal
to the unredeemed portion thereof.

 

Section
3.07           
Optional Redemption.

 

(a)               
The Issuer may redeem all or part of the Notes pursuant to the optional redemption provisions of paragraph 5 of each
Global Note or Definitive Registered Note.

 

    63

     

    

 

(b)               
 If a redemption date is not a Business Day, the Holders will not be entitled to payment of the amount due until the next
succeeding Business Day, and will not be entitled to any further interest or other payment as a result of such delay.

 

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

 

(d)               
Any redemption notice given in respect of the redemption of the Notes (including upon an Equity Offering or in connection
with a transaction (or series of related transactions) or an event that constitutes a Change of Control) may, at the Issuer’s
discretion, be subject to the satisfaction of one or more conditions precedent, including, but not limited to, the completion or
occurrence of the relevant transaction, as the case may be. In addition, if such redemption or purchase is subject to satisfaction
of one or more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the
Issuer’s discretion, the redemption date may be delayed until such time (including more than 60 days after the
date the notice of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall
be satisfied or waived, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or
all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date as so delayed, or
such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all
of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of the redemption price
and performance of the Issuer’s obligations with respect to such redemption may be performed by another Person. In no event
shall the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of the Notes eligible
under this Indenture to be redeemed.

 

(e)               
Any redemption pursuant to this Section 3.07 shall be made pursuant to Section 3.01 through Section 3.06.

 

(f)                
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
any such redemption and the principal amount of such Notes outstanding following any partial redemption of such Notes. In no event
will the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of Notes eligible under
this Indenture to be redeemed.

 

Section
3.08           
Tender Offer Redemption.

 

In connection with
any tender offer or other offer to purchase for all of the Notes, if Holders of not less than 90% of the aggregate principal
amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuer,
or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly
withdrawn by such Holders, all of the Holders of the Notes will be deemed to have consented to such tender or other offer and,
accordingly, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
notice following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the
price paid to each other Holder in such tender offer (other than any incentive payment for early tenders), plus, to the extent
not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the repurchase date
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date). In determining whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes have
validly tendered and not validly withdrawn Notes in a tender offer or other offer to purchase for all of the Notes, Notes owned
by an Affiliate of the Issuer or by funds controlled or managed by any Affiliate of the Issuer, or any successor thereof, shall
be deemed to be outstanding for the purposes of any such tender offer or other offer, as applicable.

 

Section
3.09           
Mandatory Redemption.

 

    64

     

    

 

Except as set forth
in Section 3.10 below, the Issuer is not required to make mandatory redemption payments or sinking fund payments with respect to
the Notes.

 

Section
3.10           
Special Mandatory Redemption; Escrow of Proceeds.

 

(a)               
Concurrently with the closing of the offering of the Notes on the Issue Date, Goldman Sachs
 & Co. LLC, as representative of the initial purchasers of the Notes, will deposit the gross proceeds of the Notes into the
Notes Escrow Accounts of LH2 and Holdings, pursuant to the terms of the Notes Escrow Agreement to be entered into on the Issue
Date between the Issuer, LH2, Holdings, the Trustee and the Notes Escrow Agent. LH2 and Holdings will enter into a pledge agreement
over the Notes Escrow Accounts for the benefit of the holders of the Notes. The initial funds deposited in
the Notes Escrow Accounts, and all other funds, securities, interest, dividends, distributions and other property and payments
credited to the Notes Escrow Accounts (less any property and/or funds paid in accordance with the applicable Notes Escrow Agreement)
are referred to, collectively, as the Escrowed Proceeds. The Notes will be secured by a first priority security interest over the
Escrowed Proceeds in the Notes Escrow Accounts.

 

(b)               
Pursuant to the Notes Escrow Agreement, the Issuer will be entitled to instruct the Notes Escrow
Agent to release some or all of the cash in the Notes Escrow Accounts to invest such cash in certain permitted investments including
in cash and/or any highly rated stable net asset value money market fund. The Notes Escrow Agreement will require that all proceeds
of such investments be deposited back into the relevant Notes Escrow Accounts when such investments are sold, liquidated or otherwise
returned.

 

(c)               
In order to cause the Notes Escrow Agent to release any Escrowed Proceeds to LH2 and Holdings
for purposes of completing the Disposition (any such release, the “Release”), the Notes Escrow Agent and the
Trustee shall have received from the Issuer, on or before the Longstop Date, an officer’s certificate, in the form attached
to the Notes Escrow Agreement certifying that:

 

(1)              
(A) the Unit Purchase Agreement shall not have been modified, amended or waived in any respect
that is material and adverse to the holders of the Notes (as reasonably determined by the Issuer) without the prior consent of
the Holders of at least a majority of the aggregate principal amount of the outstanding Notes; (B) the Unit Purchase Agreement
remains in full force and effect and (C) the Disposition shall have been consummated (or shall be consummated substantially concurrently)
in accordance with the Unit Purchase Agreement in all material respects; and

 

(2)              
as of the date of the certificate, no Event of Default under Section 6.01(a)(6) has
occurred and is continuing with respect to the Issuer.

 

Upon such release, the Escrowed Proceeds will
be paid out in accordance with the Notes Escrow Agreement and the Notes Escrow Accounts will be reduced to zero.

 

(d)               
In the event that the Notes are funded into the Notes Escrow Accounts and (1) the Completion Date does not take place on
or prior to the Longstop Date; (2) the Disposition is abandoned; or (3) an Event of Default under Section 6.01(a)(6) has occurred
and is continuing with respect to the Issuer on or prior to the Longstop Date (the date of any such event being the “Special
Termination Date”), the Issuer will redeem all of the Notes (the “Special Mandatory Redemption”) at
a price (the “Special Mandatory Redemption Price”) equal to 100% of the initial issue price of the Notes, plus
accrued but unpaid interest from the Issue Date to (but not including) the Special Mandatory Redemption Date (as defined below
and subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

(e)               
Notice of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the
Special Termination Date, to the Trustee and to the Notes Escrow Agent, and will provide that the Notes shall be redeemed on a
date that is no later than the fifth Business Day after such notice is given by the Issuer in accordance with the terms of the
Notes Escrow Agreement

 

    65

     

    

 

(the “Special Mandatory Redemption
Date”). On the Business Day immediately preceding the Special Mandatory Redemption Date, the Notes Escrow Agent shall
pay to the Paying Agent for payment to each holder of Notes to be redeemed the Special Mandatory Redemption Price for such holder’s
Notes.

 

(f)                
In the event the Issuer has not delivered the notice to Holders of the Special Mandatory Redemption in accordance with Section
3.10(e), the Trustee, upon the Issuer’s request, shall deliver such notice on the second Business Day following the Special
Termination Date to the Escrow Agent and the Holders in the Issuer’s name and at the Issuer’s expense.

 

(g)               
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
the occurrence of any such Special Mandatory Redemption and any relevant details relating thereto.

 

Section
3.11           
[Reserved].

 

ARTICLE
4

COVENANTS

 

Section
4.01           
Payment of Notes.

 

The Issuer shall promptly
pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal
and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with
this Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may
be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

 

Section
4.02           
[Reserved].

 

Section
4.03           
Change of Control.

 

(a)               
If a Change of Control occurs, subject to the terms of this Section 4.03, each Holder will have the right to require
the Issuer to repurchase all or any part (equal to $200,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s
Notes at a purchase price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to
the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date); provided, however, that the Issuer shall not be obliged to repurchase Notes as described under this
Section 4.03 in the event and to the extent that it has unconditionally exercised its right to redeem all of the Notes pursuant
to Section 3.07 or all conditions to such redemption have been satisfied or waived. No such purchase in part shall reduce
the principal amount at maturity of the Notes held by any holder to below $200,000.

 

(b)               
Unless the Issuer has unconditionally exercised its right to redeem all the Notes pursuant to Section 3.07 or all conditions
to such redemption have been satisfied or waived, no later than the date that is 60 days after any Change of Control
or, at the Issuer’s option, at any time prior to a Change of Control following the public announcement thereof or if a definitive
agreement is in place for the Change of Control, the Issuer will send a notice (the “Change of Control Offer”)
to each Holder of any such Notes by mail or otherwise in accordance with the procedures set forth in this Indenture, with a copy
to the Trustee:

 

(1)              
stating that a Change of Control has occurred or may occur and that such Holder has the right to require the Issuer to purchase
all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes
plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on a record
date to receive interest on the relevant interest payment date) (the “Change of Control Payment”);

 

    66

     

    

 

(2)              
 stating the repurchase date (which shall be no earlier than 10 days from the date such notice is mailed nor later
than the later of 60 days from the date such notice is mailed and 60 days after the Change of Control) (the
 “Change of Control Payment Date”) and the record date;

 

(3)              
stating that any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the
Change of Control Payment Date unless the Change of Control Payment is not paid, and that any Notes or part thereof not tendered
will continue to accrue interest;

 

(4)              
describing the circumstances and relevant facts regarding the transaction or transactions that constitute the Change of
Control;

 

(5)              
describing the procedures determined by the Issuer, consistent with this Indenture, that a Holder must follow in order to
have its Notes repurchased;

 

(6)              
if such notice is mailed prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control; and

 

(7)              
certain other procedures that a holder of Notes must follow to accept a Change of Control Offer or to withdraw such acceptance.

 

(c)               
The Issuer shall cause to be published the notice described above through the newswire service of Bloomberg (or if Bloomberg
does not then operate, any similar agency). In addition, if any Notes are listed on an exchange, and the rules of the exchange
so require, the Issuer will notify the exchange of the results of any Change of Control Offer.

 

(d)               
On the Change of Control Payment Date, if the Change of Control shall have occurred, the Issuer will, to the extent lawful:

 

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

 

(2)              
deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes so tendered;

 

(3)              
deliver or cause to be delivered to the Trustee an Officer’s Certificate stating the aggregate principal amount of
Notes or portions of the Notes being purchased by the Issuer in the Change of Control Offer;

 

(4)              
in the case of Global Notes, deliver, or cause to be delivered, to the Paying Agent the applicable Global Notes in order
to reflect thereon the portion of such Notes or portions thereof that have been tendered to and purchased by the Issuer; and

 

(5)              
in the case of Definitive Registered Notes, deliver, or cause to be delivered, to the Registrar for cancellation all Definitive
Registered Notes accepted for purchase by the Issuer.

 

If any Definitive
Registered Notes have been issued, the Paying Agent, at the Issuer’s expense, will promptly mail to each Holder of Definitive
Registered Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly instruct its authenticating
agent to authenticate and, at the Issuer’s expense, mail (or cause to be transferred by book-entry) to each Holder of Definitive
Registered Notes a new Definitive Registered Note equal in principal amount to the unpurchased portion of the Notes surrendered,
if any; provided that each such new Note will be in a principal amount that is at least $200,000 and integral multiples
of $1,000 in excess thereof.

 

(e)               
This Section 4.03 will be applicable whether or not any other provisions of this Indenture are applicable.

 

    67

     

    

 

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

 

(g)               
Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control,
conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making
of the Change of Control Offer. The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of
the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.03.
To the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Issuer
will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
Change of Control provisions of this Indenture by virtue of the conflict.

 

(h)               
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly
withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of
the Issuer in accordance with this Section 4.03, purchases all of the Notes validly tendered and not validly withdrawn by
such Holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above,
to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount
thereof plus accrued and unpaid interest to but excluding the date of the delivery of the notice for such redemption. In determining
whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes have validly tendered
and not validly withdrawn Notes in a Change of Control Offer, Notes owned by any Affiliate of the Issuer or by funds controlled
or managed by any Affiliate of the Issuer, or any successor thereof, shall be deemed to be outstanding for the purpose of such
Change of Control Offer. Any redemption pursuant to this Section 4.03 shall be made in accordance with Section 3.03 (other
than the time periods specified therein, which shall be made in accordance with this Section 4.03).

 

(i)                
The provisions of this Indenture relating to the Issuer’s obligation to make an offer to repurchase the Notes as a
result of a Change of Control may be waived or modified with the written consent of holders of a majority in outstanding principal
amount of the Notes.

 

Section
4.04           
Limitation on Indebtedness.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided however,

 

(1)              
that the Issuer and any Restricted Subsidiary may Incur Indebtedness, if on the date on which such Indebtedness is Incurred,
the Consolidated Net Leverage Ratio would have been no greater than 6.75 to 1.00; and

 

(2)              
if such Indebtedness is Senior Secured Indebtedness, the Issuer or any Restricted Subsidiary may incur such Indebtedness
so long as the Consolidated Net Senior Secured Leverage Ratio would have been no greater than 4.75 to 1.0.

 

in each case determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if such Indebtedness had
been Incurred at the beginning of the relevant period.

 

(b)               
Section 4.04(a) will not prohibit the Incurrence of the following items of Indebtedness:

 

(1)              
Indebtedness Incurred pursuant to any Credit Facility (including in respect of letters of credit or bankers’ acceptances
issued or created thereunder) and any Refinancing Indebtedness

 

    68

     

    

 

in respect thereof, in a maximum aggregate
principal amount at any time outstanding not to exceed the sum of (A) the greater of (i) $225.0 million and (ii) 100% of L2QA Pro
Forma EBITDA and (B) the greater of (x) $730 million and (y) an unlimited amount, if after giving effect thereto on a pro forma
basis as if such Indebtedness had been incurred on the first day of the relevant period, the Consolidated Net Senior Secured Leverage
Ratio is not greater than 4.75 to 1.00; provided, that solely for the purpose of calculating the Consolidated Net Senior Secured
Leverage Ratio under this clause (1), any outstanding Indebtedness incurred under this clause (1) that is unsecured or secured
on a junior basis (in whole or in part) to the Notes shall nevertheless be deemed to be secured by a pari passu Lien;

 

(2)              
(a) Guarantees by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary to
the extent such guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.04; provided
that (i) if such Indebtedness is subordinated in right of payment to, or pari passu in right of payment with, the Notes
or a Note Guarantee, as applicable, then the Guarantee of such Indebtedness shall be subordinated in right of payment to, or pari
passu in right of payment with, the Notes or such Note Guarantee, as applicable, substantially to the same extent as such guaranteed
Indebtedness and (ii) if such Guarantee is of Indebtedness of the Issuer or a Guarantor, such Restricted Subsidiary complies
with Section 4.21(a); or (b) without limiting Section 4.06, Indebtedness arising by reason of any Lien granted by or applicable
to the Issuer or any Restricted Subsidiary securing Indebtedness of the Issuer or any Restricted Subsidiary so long as the Incurrence
of such Indebtedness is not prohibited by the terms of this Indenture;

 

(3)              
Indebtedness of the Issuer owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing
to and held by the Issuer or any other Restricted Subsidiary; provided, however, that if the Issuer or any Guarantor is
the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such Indebtedness must be unsecured and ((i) except
in respect of intercompany current liabilities incurred in connection with cash management positions of the Issuer and the Restricted
Subsidiaries and (ii) only to the extent legally permitted (the Issuer and the Restricted Subsidiaries having completed all
procedures required in the reasonable judgment of directors or officers of the obligee or obligor to protect such Persons from
any penalty or civil or criminal liability in connection with the subordination of such Indebtedness)) expressly subordinated to
the prior payment in full in cash of all obligations then due with respect to the Notes, in the case of the Issuer, or the Note
Guarantee, in the case of a Guarantor; provided that:

 

(i)                
any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially
held by a Person other than the Issuer or a Restricted Subsidiary; and

 

(ii)              
any sale or other transfer of any such Indebtedness to a Person other than the Issuer or a Restricted Subsidiary, shall
be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (3) by the Issuer or
such Restricted Subsidiary, as the case may be;

 

(4)              
(a) Indebtedness represented by the Notes (other than any Additional Notes) issued on the Issue Date and the Note Guarantees
thereof; (b) any Indebtedness (other than Indebtedness described in clauses (1) and (3) of this Section 4.04(b))
outstanding on the Issue Date, after giving effect to the Transactions, including the issuance of the Notes and the Senior Secured
Notes, and the application of the proceeds thereof (including after such proceeds of the Notes and the Senior Secured Notes are
released from the Notes Escrow Accounts and the SSN Escrow Accounts, as applicable); (c) Refinancing Indebtedness Incurred
in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any, or otherwise
Incurred in respect of any, Indebtedness described in sub-clauses (a) or (b) of this Section 4.04(b)(4) or Section 4.04(b)(5)
or Incurred pursuant to Section 4.04(a); and (d) Management Advances;

 

(5)              
Indebtedness of (i) any Person Incurred or outstanding on the date on which such Person becomes a Restricted Subsidiary
or is merged, consolidated, amalgamated or otherwise

 

    69

     

    

 

combined with the Issuer or any Restricted
Subsidiary or pursuant to any acquisition of assets and assumption of related liabilities by the Issuer or a Restricted Subsidiary
(including in contemplation of such transaction) or (ii) the Issuer or any Restricted Subsidiary Incurred to provide all or
any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which a Person became
a Restricted Subsidiary or was otherwise acquired by the Issuer or a Restricted Subsidiary or pursuant to any Investment or acquisition
of assets and assumption of related liabilities by the Issuer or a Restricted Subsidiary or otherwise in connection with or in
contemplation of such acquisition or other transaction; provided, however, that the Indebtedness Incurred under this clause
(5) in an aggregate amount not to exceed (A) the greater of (i) $55 million and (ii) 25% of L2QA Pro Forma EBITDA at any time outstanding
plus (B) an unlimited amount of additional Indebtedness to the extent that immediately following the consummation of such acquisition
or other transaction and without giving effect to any Indebtedness Incurred pursuant to Section 4.04(b)(5)(A) on the date of determination,
(x) the Issuer would have been able to incur $1.00 of additional Indebtedness pursuant to Section 4.04(a) after giving effect
to the Incurrence of such Indebtedness pursuant to this clause (5)(B) or (y) the Consolidated Net Leverage Ratio would
not be greater than it was immediately prior to giving effect to such acquisition or other transaction (it being understood that
any Indebtedness incurred pursuant to Section 4.04(b)(5)(A) shall cease to be deemed Incurred or outstanding for purposes of Section
4.04(b)(5)(A) but shall be deemed Incurred under Section 4.04(b)(5)(B)(x) from and after the first date on which the Issuer or
such Restricted Subsidiary could have incurred such Indebtedness under Section 4.04(b)(5)(B)(x) without reliance on Section 4.04(b)(5)(A);

 

(6)              
[Reserved];

 

(7)              
(a) Indebtedness under Currency Agreements (other than Currency Agreements described in (b) below), Interest Rate Agreements
and Commodity Hedging Agreements and (b) Indebtedness under Currency Agreements entered into in order to hedge any operating
expenses and capital expenditures Incurred in the ordinary course of business; in each case with respect to clauses (a) and
(b) of this clause (7), entered into for bona fide hedging purposes of the Issuer or the Restricted Subsidiaries and
not for speculative purposes (as determined in good faith by an Officer or the Board of Directors of the Parent Guarantor or the
Issuer);

 

(8)              
Indebtedness consisting of (A) mortgage financings, Purchase Money Obligations or other financings Incurred for the
purpose of financing all or any part of the purchase price or cost of design, construction, installation or improvement of property
(real or personal), plant or equipment or other assets (including Capital Stock) used or useful in a Similar Business or (B) Indebtedness
otherwise Incurred to finance the purchase, lease, rental or cost of design, construction, installation or improvement of property
(real or personal), plant or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets
or the Capital Stock of any Person owning such assets, in an aggregate outstanding principal amount which, when taken together
with the principal amount of all other Indebtedness Incurred pursuant to this clause (8) and then outstanding, will not exceed
at any time outstanding the greater of $20 million and 10% of L2QA Pro Forma EBITDA; provided that any Indebtedness
incurred under this clause (8) may be refinanced with additional Indebtedness in an amount equal to the principal of the Indebtedness
so refinanced, plus any additional amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance
costs and fees in connection therewith;

 

(9)              
Indebtedness in respect of (a) workers’ compensation claims, self-insurance obligations, performance, indemnity,
surety, judgment, appeal, advance payment, customs, VAT or other tax or other guarantees or other similar bonds, instruments or
obligations and completion guarantees and warranties provided by the Issuer or a Restricted Subsidiary or relating to liabilities,
obligations or guarantees Incurred in the ordinary course of business or in respect of any governmental requirement, including
in relation to a governmental requirement to provide a guarantee or bond, (b) letters of credit, bankers’ acceptances,
guarantees or other similar instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary
course of business; provided, however, that upon the drawing of such letters of credit or other instrument, such obligations
are reimbursed

 

    70

     

    

 

within 30 days following such
drawing; (c) the financing of insurance premiums in the ordinary course of business; and (d) any customary cash management,
cash pooling or netting or setting off arrangements in the ordinary course of business;

 

(10)           
Indebtedness arising from agreements providing for customary guarantees, indemnification, obligations in respect of earnouts
or other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with
the acquisition or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than Guarantees
of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of
financing such acquisition or disposition);

 

(11)           
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within 30 Business Days of Incurrence;

 

(12)           
Indebtedness under daylight borrowing facilities incurred in connection with any refinancing of Indebtedness (including
by way of set-off or exchange); provided that such Indebtedness does not exceed the principal amount of the Indebtedness
being refinanced and the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection
with such refinancing, so long as any such Indebtedness is repaid within three days of the date on which such Indebtedness is Incurred;

 

(13)           
Indebtedness Incurred by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(14)           
Indebtedness Incurred by the Issuer or a Guarantor or Disqualified Stock of the Issuer in an aggregate outstanding principal
amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (14)
and then outstanding, will not exceed 100% of the Net Cash Proceeds received by the Issuer and the Restricted Subsidiaries
from the issuance or sale (other than to the Issuer or a Restricted Subsidiary) of its Subordinated Shareholder Funding or Capital
Stock (other than Disqualified Stock, Designated Preference Shares or an Excluded Contribution or the Disposition) or otherwise
contributed to the equity (other than through the issuance of Disqualified Stock, Designated Preference Shares or an Excluded Contribution
or the Disposition) of the Issuer, in each case, subsequent to the Completion Date; provided, however, that (i) any
such Net Cash Proceeds that are so received or contributed shall be excluded for purposes of making Restricted Payments under Section
4.05(a) and clauses (1), (6) and (10) of Section 4.05(b)) to the extent the Issuer or a Guarantor incurs Indebtedness in reliance
thereon and (ii) any Net Cash Proceeds that are so received or contributed shall be excluded for purposes of Incurring Indebtedness
pursuant to this clause (14) to the extent the Issuer or any Restricted Subsidiary makes a Restricted Payment under clauses (1),
(6) and (10) of Section 4.05(b) in reliance thereon; provided that any Indebtedness incurred under this clause (14) may
be refinanced with additional Indebtedness in an amount equal to the principal of the Indebtedness so refinanced, plus any additional
amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection
therewith;

 

(15)           
Indebtedness of the Issuer or any of its Restricted Subsidiaries arising pursuant to any Permitted Reorganization; and

 

(16)           
Indebtedness Incurred (including any Refinancing Indebtedness in respect thereof) in an aggregate outstanding principal
amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (16) and
then outstanding, will not exceed the greater of $115 million and 50% of L2QA Pro Forma EBITDA; provided that any Indebtedness
incurred under this clause (16) may be refinanced with additional Indebtedness in an amount equal to the principal of the
Indebtedness so refinanced, plus any additional amount to pay

 

    71

     

    

 

premiums (including tender premiums), accrued
and unpaid interest, expenses, defeasance costs and fees in connection therewith.

 

(c)               
Notwithstanding the foregoing, a Restricted Subsidiary that is not a Guarantor may not Incur Indebtedness under Section
4.04(a) and clauses (1), (5) and (16) of Section 4.04 (b) if the Non-Guarantor Debt Cap would be exceeded, as determined on a pro
forma basis (including a pro forma application of the net proceeds therefrom).

 

(d)               
[Reserved].

 

(e)               
[Reserved].

 

(f)                
For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred
pursuant to and in compliance with, this Section 4.04:

 

(1)              
in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 4.04(a)
and Section 4.04(b), the Issuer, in its sole discretion, will classify, and may from time to time reclassify, such item of
Indebtedness and only be required to include the amount and type of such Indebtedness in Section 4.04(a) or one of the clauses
of Section 4.04(b); provided that Indebtedness Incurred (or deemed Incurred) on the Completion Date or any Refinancing
Indebtedness in respect thereof under Section 4.04(b)(1) cannot be reclassified;

 

(2)              
all Indebtedness outstanding on the Completion Date under the Senior Secured Facilities shall be deemed Incurred on the
Completion Date under Section 4.04(b)(1) and not Section 4.04(a) or Section 4.04(b)(4)(b);

 

(3)              
Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating
to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall
not be included;

 

(4)              
if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant
to any Credit Facility and are being treated as Incurred pursuant to clauses (1), (8), (14) or (16) of Section 4.04(b)
or Section 4.04(a) and the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness,
then such other Indebtedness shall not be included;

 

(5)              
the principal amount of any Disqualified Stock of the Issuer or a Restricted Subsidiary, or Preferred Stock of a Restricted
Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case,
any redemption or repurchase premium) or the liquidation preference thereof;

 

(6)              
Indebtedness permitted by this Section 4.04 need not be permitted solely by reference to one provision permitting such
Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.04 permitting
such Indebtedness; and

 

(7)              
the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount
of the liability in respect thereof determined on the basis of GAAP.

 

(g)               
Accrual of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue
discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares
of Preferred Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due
to a change in GAAP will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.04. The amount of
any Indebtedness outstanding as of any date shall be (a) the accreted value thereof in the case of any

 

    72

     

    

 

Indebtedness issued with original issue
discount and (b) the principal amount, or liquidation preference thereof, in the case of any other Indebtedness.

 

(h)               
If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be
deemed to be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as
of such date under this Section 4.04, the Issuer shall be in Default of this Section 4.04).

 

(i)                
For purposes of determining compliance with any dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar
Equivalent of the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred or, at the option of the Issuer, on the date first committed;
provided that (a) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a currency other
than dollars, and such refinancing would cause the applicable dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed
not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount
of such Indebtedness being refinanced plus any amount to pay premiums (including tender premiums), accrued and unpaid interest,
expenses, defeasance costs and fees in connection therewith; (b) the Dollar Equivalent of the principal amount of any such
Indebtedness outstanding on the Issue Date shall be calculated based on the relevant currency exchange rate in effect on the Issue
Date; and (c) if any such Indebtedness that is denominated in a currency other than dollars is subject to a Currency Agreement
with respect to the currency in which such Indebtedness is denominated covering principal amount and interest payable on such Indebtedness,
the amount of such Indebtedness, will be the Dollar Equivalent of the principal payment required to be made under such Currency
Agreement plus the Dollar Equivalent of any premium which is at such time due and payable but is not covered by such Currency Agreement.

 

(j)                
For purposes of determining compliance with the Consolidated Net Leverage Ratio or, the Consolidated Net Senior Secured
Leverage Ratio, on the Incurrence of Indebtedness, the Dollar Equivalent of the principal amount of Indebtedness denominated in
another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred
or, at the option of the Issuer, the date first committed; provided that (a) if such Indebtedness is Incurred to refinance
other Indebtedness denominated in a currency other than dollars, and such refinancing would cause the applicable dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced plus any amount to pay premiums (including tender premiums),
accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith; and (b) the Dollar Equivalent of
the principal amount of any such Indebtedness outstanding on the Issue Date shall be calculated based on the relevant currency
exchange rate in effect on the Issue Date.

 

(k)               
For purposes of calculating the Consolidated Net Leverage Ratio or, the Consolidated Net Senior Secured Leverage Ratio to
test compliance with any covenant in this Indenture, in determining the amount of Indebtedness outstanding in dollars on any date
of determination, with respect to any Indebtedness denominated in a currency other than dollars (the “Foreign Currency”):

 

(1)              
subject to a currency swap arrangement or contract, the aggregate principal amount of such Foreign Currency Indebtedness
on any such date of determination shall be the dollar amount of the aggregate principal amount to be paid by the Issuer or a Restricted
Subsidiary on the maturity date of such currency swap arrangement or contract pursuant to the terms thereof; or

 

(2)              
subject to a currency forward arrangement, forward accretion curve or contract, the aggregate principal amount of such Foreign
Currency Indebtedness shall be converted into dollars

 

    73

     

    

 

at the exchange rate specified under the
terms of such currency forward arrangement, forward accretion curve or contract as applicable to such Foreign Currency Indebtedness
on such date of determination.

 

(l)                
For the avoidance of doubt, notwithstanding a Group member entering into any such arrangement or contract hedging foreign
exchange exposure of any Foreign Currency Indebtedness, for the purposes of calculating the Consolidated Net Leverage Ratio or,
the Consolidated Net Senior Secured Leverage Ratio, the aggregate principal amount of Indebtedness subject to any such arrangement
or contract shall be attributed to the total Indebtedness of the Person that originally Incurred such Indebtedness.

 

(m)             
Notwithstanding any other provision of this Section 4.04, the maximum amount of Indebtedness that the Issuer or a Restricted
Subsidiary may Incur pursuant to this Section 4.04 shall not be deemed to be exceeded solely as a result of fluctuations in
the exchange rate of currencies.

 

(n)               
Neither the Issuer nor any Guarantor will incur any Indebtedness (including any Indebtedness permitted to be Incurred pursuant
to this Section 4.04(b)) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or
such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable
Note Guarantee on substantially identical terms (as determined in good faith by the Issuer); provided, however, that no
Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or any
Guarantor solely by virtue of being unsecured, by virtue of being secured with different collateral, by virtue of being secured
on a junior priority basis, by virtue of not being guaranteed by one or more of the Issuer’s Subsidiaries or by virtue of
the application of waterfall or other payment-ordering provisions affecting different tranches of Indebtedness under Credit Facilities.

 

Section
4.05           
Limitation on Restricted Payments.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)              
declare or pay any dividend or make any other payment or distribution on account of or in respect of the Issuer’s
or any Restricted Subsidiary’s Capital Stock (including, without limitation, any payment in connection with any merger or
consolidation involving the Issuer or any Restricted Subsidiary) except:

 

(A)             
dividends or distributions payable in Capital Stock of the Issuer (other than Disqualified Stock) or in options, warrants
or other rights to purchase such Capital Stock of the Issuer (other than Disqualified Stock) or in Subordinated Shareholder Funding;
and

 

(B)             
dividends or distributions payable to the Issuer or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary
making such dividend or distribution, to holders of its Capital Stock other than the Issuer or another Restricted Subsidiary on
no more than a pro rata basis, measured by value);

 

(2)              
purchase, redeem, retire or otherwise acquire for value (including, without limitation, any payment in connection with any
merger or consolidation involving the Issuer) any Capital Stock of the Issuer or any direct or indirect Parent of the Issuer held
by Persons other than the Issuer or a Restricted Subsidiary (other than in exchange for Capital Stock of the Issuer (other than
Disqualified Stock));

 

(3)              
make any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior
to scheduled maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (a) any
such payment, purchase, repurchase, redemption, defeasance or other acquisition or retirement or in anticipation of satisfying
a

 

    74

     

    

 

sinking fund obligation, principal installment
or final maturity, in each case, due within one year of the date of payment, purchase, repurchase, redemption, defeasance or other
acquisition or retirement; and (b) any Indebtedness Incurred pursuant to Section 4.04(b)(3));

 

(4)              
make any cash payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated
Shareholder Funding (other than in exchange for Capital Stock of the Issuer (other than Disqualified Stock) or for options, warrants
or other rights to purchase such Capital Stock of the Issuer (other than Disqualified Stock)); or

 

(5)              
make any Restricted Investment in any Person;

 

(any such dividend, distribution, payment,
purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (1)
through (5) of this Section 4.05(a) are referred to herein as a “Restricted Payment”), if at the time the Issuer or
a Restricted Subsidiary makes such Restricted Payment:

 

(A)             
a Default or Event of Default (or in the case of a Restricted Investment, an Event of Default under clauses (1), (2) or
(6) of Section 6.01(a)) shall have occurred and be continuing (or would result immediately thereafter therefrom);

 

(B)             
except in the case of a Restricted Investment, if such Restricted Payment is made in reliance on Section 4.05(a)(C)(i),
the Issuer is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.04(a) after giving effect, on a pro forma
basis, to such Restricted Payment; or

 

(C)             
the aggregate amount of such Restricted Payment and all other Restricted Payments made by the Issuer and the Restricted
Subsidiaries subsequent to the Completion Date (and not returned or rescinded) (including Permitted Payments permitted below by
clauses (5) (without duplication of amounts paid pursuant to any other clause of Section 4.05(b)), (6), (10) and (20) (to the extent
it relates to Restricted Payments permitted by clauses (5) or (10)) of Section 4.05(b), but excluding all other Restricted Payments
permitted by Section 4.05(b)) would exceed the sum of (without duplication):

 

(i)                
an amount equal to 100% of the Consolidated EBITDA for the period beginning on the first day of the first full fiscal quarter
commencing prior to the Completion Date to the end of the Issuer’s most recently ended full fiscal quarter ending prior to
the date of such Restricted Payment for which internal consolidated financial statements of the Issuer are available, taken as
a single accounting period, less the product of 1.3 times the Consolidated Interest Expense for such period;

 

(ii)              
100% of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of
property or assets or marketable securities, received by the Issuer from the issue or sale of its Capital Stock (other than Disqualified
Stock or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise contributed
to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer subsequent
to the Completion Date (other than (x) Net Cash Proceeds or property or assets or marketable securities received from an issuance
or sale of such Capital Stock to the Issuer or a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Issuer or any Subsidiary of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted
Subsidiary, (y) Net Cash Proceeds or property or assets or marketable securities to the

 

    75

     

    

 

extent that any Restricted
Payment has been made from such proceeds in reliance on Section 4.05(b)(6), and (z) Excluded Contributions);

 

(iii)            
100% of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of
property or assets or marketable securities, received by the Issuer or any Restricted Subsidiary from the issuance or sale (other
than to the Issuer or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any Subsidiary
of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted Subsidiary) by the Issuer or
any Restricted Subsidiary subsequent to the Completion Date of any Indebtedness that has been converted into or exchanged for Capital
Stock of the Issuer (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding (plus the
amount of any cash, and the fair market value (as determined in accordance with Section 4.05(c)) of property or assets or marketable
securities, received by the Issuer or any Restricted Subsidiary upon such conversion or exchange) but excluding (x) Net Cash Proceeds
or property or assets or marketable securities to the extent that any Restricted Payment has been made from such proceeds in reliance
on Section 4.05(b)(6), and (y) Excluded Contributions;

 

(iv)            
the amount equal to the net reduction in Restricted Investments made by the Issuer or any of the Restricted Subsidiaries
resulting from repurchases, redemptions or other acquisitions or retirements of any such Restricted Investment, proceeds realized
upon the sale or other disposition to a Person other than the Issuer or a Restricted Subsidiary of any such Restricted Investment,
repayments of loans or advances or other transfers of assets (including by way of dividend, distribution, interest payments or
returns of capital) to the Issuer or any Restricted Subsidiary, which amount, in each case under this clause (iv), constituted
a Restricted Payment made after the Completion Date; provided, however, that no amount will be included in Consolidated EBITDA
for purposes of Section 4.05(a)(C)(i) to the extent that it is (at the Issuer’s option) included under this clause (iv);

 

(v)              
the amount of the cash and the fair market value (as determined in accordance with Section 4.05(c)) of property, assets
or marketable securities received by the Issuer or any Restricted Subsidiary after the Completion Date in connection with:

 

		(1)	the sale or other disposition (other than to the Issuer or a Restricted Subsidiary or an employee
stock ownership plan or trust established by the Issuer or any Subsidiary of the Issuer for the benefit of its employees to the
extent funded by the Issuer or any Restricted Subsidiary) of Capital Stock of an Unrestricted Subsidiary of the Issuer; and

 

		(2)	any dividend or distribution made by an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary;
	 	 	 
	 	 	provided, however, that no amount will be included in Consolidated EBITDA for purposes of Section 4.05(a)(C)(i) to the extent that it
is (at the Issuer’s option) included under this clause (v); and

  

    76

     

    

 

(vi)            
 in the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary or all of the assets of such Unrestricted
Subsidiary are transferred to the Issuer or a Restricted Subsidiary, or the Unrestricted Subsidiary is merged or consolidated into
the Issuer or a Restricted Subsidiary, in each case, after the Completion Date, 100% of such amount received in cash and the fair
market value (as determined in accordance with Section 4.05(c)) of any property, assets or marketable securities received by the
Issuer or a Restricted Subsidiary in respect of such redesignation, merger, consolidation or transfer of assets, excluding any
amount of any Investment in such Unrestricted Subsidiary pursuant to clause (17) of the definition of “Permitted Investment”,
in each case of this clause (vi); provided however, that no amount will be included in Consolidated EBITDA for purposes of Section
4.05(a)(C)(i) to the extent that it is (at the Issuer’s option) included under this clause (vi); provided further, however,
that such amount shall not exceed the amount included in the calculation of the amount of Restricted Payments referred to in the
first sentence of Section 4.05(a)(C) .

 

(b)               
Section 4.05(a) will not prohibit any of the following (collectively, “Permitted Payments”):

 

(1)              
any Restricted Payment made in exchange (including any such exchange pursuant to the exercise of a conversion right or privilege
in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the Net Cash Proceeds within
120 days after the sale (other than to the Issuer or a Subsidiary of the Issuer) of, Capital Stock of the Issuer (other than Disqualified
Stock or Designated Preference Shares or through an Excluded Contribution), Subordinated Shareholder Funding or within 120 days
after the contribution to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares or
through an Excluded Contribution) of the Issuer; provided, however, that to the extent so applied, the Net Cash Proceeds, or fair
market value (as determined in accordance with Section 4.05(c)) of property, assets or marketable securities, from such sale of
Capital Stock or Subordinated Shareholder Funding or such contribution will be excluded for purposes of Section 3.07;

 

(2)              
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness of the
Issuer or a Guarantor made by exchange for, or out of the Net Cash Proceeds within 120 days after the Incurrence of, Refinancing
Indebtedness permitted to be Incurred pursuant to Section 4.04;

 

(3)              
(a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Preferred Stock of the Issuer
or a Restricted Subsidiary made by exchange for or out of the Net Cash Proceeds within 120 days after the sale of Preferred Stock
of the Issuer or a Restricted Subsidiary, and (b) any purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Disqualified Stock of the Issuer or a Restricted Subsidiary made by exchange for or out of the Net Cash Proceeds within 120
days after the sale of Disqualified Stock of the Issuer or a Restricted Subsidiary, as the case may be, that, in each case under
(a) and (b) of this Section 4.05(b)(3), is permitted to be Incurred pursuant to Section 4.04, and that in each case (other than
such sale of Preferred Stock of the Issuer that is not Disqualified Stock) constitutes Refinancing Indebtedness;

 

(4)              
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness (or any
loans, advances, dividends or other distributions by the Issuer to any Parent to permit such Parent to purchase, repurchase, redeem,
defease or otherwise acquire or retire Indebtedness of any Parent so long as the Net Cash Proceeds (or portion thereof) of such
Indebtedness has been received by the Issuer from the issue or sale of its Capital Stock (other than Disqualified Stock or Designated
Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise contributed to the equity
(other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer subsequent to the Completion
Date):

 

    77

     

    

 

(A)             
 (i) from Net Available Cash to the extent permitted under Section 4.08, but only if the Issuer shall have first complied
with Section 4.08, as applicable, and purchased all Notes tendered pursuant to any offer to repurchase all the Notes required thereby,
prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness (or making
any such loans, advances, dividends or other distributions to any Parent) and (ii) at a purchase price not greater than 100% of
the principal amount of such Subordinated Indebtedness (or such Indebtedness of any Parent) plus accrued and unpaid interest (and
costs, expenses and fees incurred in connection therewith);

 

(B)             
to the extent required by the agreement governing such Subordinated Indebtedness (or such Indebtedness of any Parent), following
the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only
(i) if required, if the Issuer shall have first complied with Section 4.03 and purchased all Notes tendered pursuant to the offer
to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or
retiring such Subordinated Indebtedness (or making any such loans, advances, dividends or other distributions to any Parent) and
(ii) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness or such Indebtedness of
any Parent plus accrued and unpaid interest (and costs, expenses and fees incurred in connection therewith); and

 

(C)             
consisting of Acquired Indebtedness (other than Indebtedness Incurred (A) 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 or
was otherwise acquired by the Issuer or a Restricted Subsidiary or (B) otherwise in connection with or in contemplation of such
acquisition).

 

(5)              
any dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have
complied with this Section 4.05;

 

(6)              
the purchase, repurchase, redemption, defeasance or other acquisition, cancellation or retirement for value of Capital Stock
of the Issuer, any Restricted Subsidiary or any Parent (including any options, warrants or other rights in respect thereof) and
loans, advances, dividends or distributions by the Issuer to any Parent to permit any Parent to purchase, repurchase, redeem, defease
or otherwise acquire, cancel or retire for value Capital Stock of the Issuer, any Restricted Subsidiary or any Parent (including
any options, warrants or other rights in respect thereof), or payments to purchase, repurchase, redeem, defease or otherwise acquire,
cancel or retire for value Capital Stock of the Issuer, any Restricted Subsidiary or any Parent (including any options, warrants
or other rights in respect thereof), in each case from Management Investors; provided that such payments, loans, advances, dividends
or distributions do not exceed an amount (net of repayments of any such loans or advances) equal to (1) the greater of $20 million
and 10% of L2QA Pro Forma EBITDA in any calendar year (with unused amounts thereunder in any calendar year being carried over to
the immediately succeeding calendar year), plus (2) the Net Cash Proceeds received by the Issuer or the Restricted Subsidiaries
since the Completion Date (including through receipt of proceeds from the issuance or sale of its Capital Stock or Subordinated
Shareholder Funding to a Parent) from, or as a contribution to the equity (in each case under this clause (6), other than through
the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer from, the issuance or sale to Management Investors
of Capital Stock (including any options, warrants or other rights in respect thereof), to the extent such Net Cash Proceeds are
not included in any calculation under Section 4.05(a)(C)(ii);

 

(7)              
the declaration and payment of dividends to holders of any class or series of Disqualified Stock, or of any Preferred Stock
of a Restricted Subsidiary, Incurred in accordance with Section 4.04;

 

    78

     

    

 

(8)              
 purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed to occur
upon the exercise of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the
exercise price thereof;

 

(9)              
dividends, loans, advances or distributions to any Parent or other payments by the Issuer or any Restricted Subsidiary in
amounts equal to (without duplication):

 

(A)             
any Parent Expenses of a Parent or any Related Taxes; and

 

(B)             
amounts constituting or to be used for purposes of making payments to the extent specified in clauses (2) (with respect
to fees and expenses incurred in connection with the transactions described therein), (5) and (11) of Section 4.09(b);

 

(10)           
the declaration and payment by the Issuer of, or loans, advances, dividends or distributions to any Parent to pay, dividends
on the common stock or common equity interests of the Issuer or any Parent, or purchases, repurchases or other acquisitions or
retirements of common stock or common equity interests of the Issuer or any Parent, in an amount not to exceed in any fiscal year
the greater of (a) 6% of the Net Cash Proceeds received by the Issuer from a Public Offering or contributed to the equity (other
than through the issuance of Disqualified Stock or Designated Preference Shares or through an Excluded Contribution) of the Issuer
or contributed as Subordinated Shareholder Funding to the Issuer and (b) an aggregate amount per annum not to exceed 5% of Market
Capitalization;

 

(11)           
payments by the Issuer, or loans, advances, dividends or distributions to any Parent to make payments, to holders of Capital
Stock of the Issuer or any Parent in lieu of the issuance of fractional shares of such Capital Stock; provided, however, that any
such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this Section 4.05
or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good
faith by an Officer or the Board of Directors of the Issuer);

 

(12)           
Restricted Payments in an aggregate amount outstanding at any time not to exceed the fair market value of Excluded Contributions,
or Investments in exchange for or using as consideration Investments previously made under this clause (12);

 

(13)           
payment of any Receivables Fees and purchases of Receivables Assets pursuant to a Receivables Repurchase Obligation in connection
with a Qualified Receivables Financing;

 

(14)           
dividends or other distributions of Capital Stock, Indebtedness or other securities of Unrestricted Subsidiaries;

 

(15)           
so long as no Payment Block Event has occurred and is continuing, Restricted Payments in an amount required by a Parent
to pay interest and/or principal (including AHYDO Catch Up Payments) on Indebtedness of any Parent so long as the Net Cash Proceeds
(or portion thereof) of such Indebtedness has been received by the Issuer from the issue or sale of its Capital Stock (other than
Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise
contributed to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer
subsequent to the Completion Date; provided that the principal amount of any Indebtedness able to be repaid pursuant to this clause
(15) is limited to the amount of Net Cash Proceeds received by the Issuer plus fees and expenses related to the refinancing of
such Indebtedness and, any Refinancing Indebtedness in respect thereof permitted to be Incurred pursuant to Section 4.04;

 

(16)           
the declaration and payment of dividends to holders of any class or series of Designated Preference Shares of the Issuer
issued after the Completion Date; provided, however, that the amount of all dividends declared or paid by the Issuer pursuant to
this clause (16) shall not exceed the Net Cash Proceeds received by the Issuer from the issuance or sale of such Designated Preference
Shares;

 

    79

     

    

 

(17)           
 so long as no Event of Default has occurred and is continuing (or would result therefrom), any Restricted Payment to the
extent that, after giving pro forma effect to any such Restricted Payment, the Consolidated Net Leverage Ratio would be no greater
than 6.25 to 1.00;

 

(18)           
so long as no Event of Default has occurred and is continuing (or would result therefrom), Restricted Payments in an aggregate
amount outstanding at any time not to exceed the greater of $70 million and 30% of L2QA Pro Forma EBITDA;

 

(19)           
Restricted Payments made in connection with the Transactions (including, without limitation, the Special Distribution, any
distribution, loan or repayment of any indebtedness owed to CSC Holdings, LLC or any of its subsidiaries that was incurred by the
Issuer or the Parent Guarantor in connection with the Transactions, any amounts held as Escrowed Proceeds and released in connection
with the Transactions on or after the Completion Date (other than in connection with a Special Mandatory Redemption)) or constituting
any part of any Permitted Reorganization and, in each case, fees and expenses relating thereto;

 

(20)           
Restricted Payments to finance Investments or other acquisitions by a Parent or any Affiliate (other than the Issuer or
a Restricted Subsidiary) which would be otherwise permitted to be made pursuant to this Section 4.05 if made by the Issuer or a
Restricted Subsidiary; provided, that (i) such Restricted Payment shall be made within 120 days of the closing of such Investment
or other acquisition, (ii) such Parent or Affiliate of the Issuer shall, on or prior to the date such Restricted Payment is made
or if later, promptly following the closing of the Investment or the acquisition, cause (1) all property acquired (whether assets
or Capital Stock) to be contributed to the Issuer or one of its Restricted Subsidiaries or (2) the merger, amalgamation, consolidation,
or sale of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (in a manner not prohibited by Article
5) in order to consummate such Investment or other acquisition, (iii) such Parent or Affiliate of the Issuer receives no consideration
or other payment in connection with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given
such consideration or made such payment in compliance with this Section 4.05 or Section 4.09 (without reference to this clause
(20)) and (iv) any property received in connection with such transaction shall not constitute an Excluded Contribution up to the
amount of such Restricted Payment made under this clause (20);

 

(21)           
any payments in cash or in kind relating to the settlement of any future, forward or other derivative contract entered into
for non-speculative purposes;

 

(22)           
the declaration and payment of dividends or distributions by the Issuer to, or the making of loans to, a Parent in amounts
required for a Parent to pay or cause to be paid, in each case without duplication, fees and expenses related to any equity or
debt offering (whether or not successful) of such Parent; and

 

(23)           
the repayment of Subordinated Indebtedness, so long as after giving pro forma effect thereto (including a pro forma application
of the net proceeds therefrom), the Consolidated Net Leverage Ratio would be no greater than 6.50 to 1.00.

 

(c)               
Except as otherwise specified, the amount of all Restricted Payments or Permitted Investments (other than cash) shall be
the fair market value on the date of such Restricted Payment or Permitted Investment (or, at the option of the Issuer, on the date
of entry into of a commitment, contract or resolution with respect to such Restricted Payment or Permitted Investment) of the asset(s)
or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant
to such Restricted Payment or Permitted Investment and without giving effect to subsequent changes in value. The fair market value
of any cash Restricted Payment or Permitted Investment shall be its face amount, and the fair market value of any non-cash Restricted
Payment or Permitted Investment or any other property, assets or securities required to be valued by this Section 4.05 shall be
determined conclusively by an Officer or the Board of Directors of the Issuer acting in good faith.

 

    80

     

    

 

(d)               
 For purposes of determining compliance with this Section 4.05 and the definition of “Permitted Investments”,
as applicable, in the event that a Restricted Payment or a Permitted Investment meets the criteria of more than one of the categories
described in clauses (1) through (23) of Section 4.05(b) or in the definition of “Permitted Investments”, as applicable,
or is permitted pursuant to Section 4.05(a), the Issuer will be entitled to classify such Restricted Payment (or portion thereof)
or such Permitted Investment (or portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion
thereof) or such Permitted Investment (or portion thereof) in any manner that complies with this Section 4.05.

 

Section
4.06           
Limitation on Liens.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or
suffer to exist any Lien upon any of their property or assets (including Capital Stock of a Restricted Subsidiary), whether owned
on the Issue Date or acquired after that date, or any interest therein or any income or profits therefrom, which Lien is securing
any Indebtedness except

 

(i)                
Permitted Liens or (ii) Liens on assets that are not Permitted Liens if the Notes and this Indenture (or a Note Guarantee
in the case of Liens of a Guarantor) are directly secured equally and ratably with, or prior to, in the case of Liens with respect
to Subordinated Indebtedness, the Indebtedness secured by such Lien for so long as such Indebtedness is so secured.

 

(b)               
For purposes of determining compliance with this Section 4.06, in the event that a Lien (or any portion thereof) meets the
criteria of one or more of the clauses contained in the definition of “Permitted Liens”, the Issuer shall be entitled
to, in its sole discretion, divide, classify or subsequently reclassify, in whole or in part, at any time, such Lien (or any portion
thereof) among one or more of the clauses contained in the definition of “Permitted Liens”.

 

Section
4.07           
Limitation on Restrictions on Distributions from Restricted Subsidiaries.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause or permit to exist
or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 

(1)              
pay dividends or make any other distributions in cash or otherwise on its Capital Stock to the Issuer or any Restricted
Subsidiary or pay any Indebtedness or other obligations owed to the Issuer or any Restricted Subsidiary;

 

(2)              
make any loans or advances to the Issuer or any Restricted Subsidiary; or

 

(3)              
sell, lease or transfer any of its property or assets to the Issuer or any Restricted Subsidiary,

 

provided that (x) the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common
stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the
Issuer or any Restricted Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary, or any prohibition
on securing such loans or advances made to the Issuer or any Restricted Subsidiary, shall not be deemed to constitute such an encumbrance
or restriction.

 

(b)               
Section 4.07(a) will not prohibit:

 

(1)              
any encumbrance or restriction pursuant to any Credit Facility or any other agreement or instrument, in each case, in effect
at or entered into on the Issue Date, and any amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings of such agreements; provided that the amendments, restatements, modifications, renewals,

 

    81

     

    

 

supplements, refundings, replacements or
refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions
than those contained in those agreements on the Issue Date (as determined in good faith by the Issuer);

 

(2)              
[Reserved];

 

(3)              
encumbrances or restrictions existing under or by reason of this Indenture, the Notes, the Senior Secured Notes, the Senior
Secured Notes Indenture, the Senior Secured Facilities, the guarantees thereof, the Senior Secured Facilities Security Documents,
the Notes Escrow Agreement and the SSN Escrow Agreement;

 

(4)              
 any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness
of a Person, entered into on or before the date on which (i) such Person was acquired by or merged, consolidated or otherwise combined
with or into the Issuer or any Restricted Subsidiary, (ii) such agreement or instrument is assumed by the Issuer or any Restricted
Subsidiary in connection with an acquisition of assets or (iii) such Person became a Restricted Subsidiary (in each case, other
than Capital Stock or Indebtedness Incurred as consideration in, or 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 or was acquired
by the Issuer or was merged, consolidated or otherwise combined with or into the Issuer or any Restricted Subsidiary) and outstanding
on such date; provided that, for the purposes of this clause (4), if another Person is the Successor Company, or any Subsidiary
thereof, any agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Issuer or
any Restricted Subsidiary when such Person becomes the Successor Company;

 

(5)              
any encumbrance or restriction pursuant to an agreement or instrument effecting a refunding, replacement or refinancing
of Indebtedness Incurred pursuant to, or that otherwise extends, renews, refunds, refinances or replaces an agreement or instrument
referred to in clauses (1), (3), (4) or this clause (5) of this Section 4.07(b) (an “Initial Agreement”) or contained
in any amendment, supplement or other modification to an agreement referred to in clauses (1), (3), (4) or this clause (5) of this
Section 4.07(b); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained
in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances
and restrictions contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or
other modification relates (as determined in good faith by the Issuer);

 

(6)              
any encumbrance or restriction:

 

(A)             
that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to
a lease, license or similar contract, or the assignment or transfer of any lease, license or other contract;

 

(B)             
contained in mortgages, pledges or other security agreements permitted under this Indenture or securing Indebtedness of
the Issuer or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the
transfer of the property or assets subject to such mortgages, pledges or other security agreements;

 

(C)             
pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement
agreements of the Issuer or any Restricted Subsidiary; or

 

(D)             
pursuant to the terms of any license, authorization, concession or permit;

 

    82

     

    

 

(7)              
 any encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under
this Indenture, in each case, that impose encumbrances or restrictions on the property so acquired or any encumbrance or restriction
pursuant to a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;

 

(8)              
any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant
to an agreement entered into for the direct or indirect sale or disposition to a Person of all or substantially all the Capital
Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing
of such sale or disposition;

 

(9)              
customary provisions in leases, licenses, joint venture agreements and other similar agreements and instruments entered
into in the ordinary course of business;

 

(10)           
encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation, governmental
license or order, or required by any regulatory authority or stock exchange;

 

(11)           
any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business;

 

(12)           
any encumbrance or restriction pursuant to Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements;

 

(13)           
any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to
be Incurred subsequent to the Issue Date pursuant to Section 4.04 if the encumbrances and restrictions contained in any such agreement
or instrument taken as a whole are not materially less favorable to the Holders of the Notes than (i)
the encumbrances and restrictions contained in the Senior Secured Facilities on the Completion Date, together with the security
documents associated therewith, if any, as in effect on or immediately prior to the Completion Date or (ii)
is customary in comparable financings (as determined in good faith by the Issuer) and where, in the case of clause (ii), the Issuer
determines at the time of issuance of such Indebtedness that such encumbrances or restrictions (x) will not adversely affect, in
any material respect, the Issuer’s ability to make principal or interest payments on the Notes as and when they become due
or (y) such encumbrances and restrictions apply only if a default occurs in respect of a payment or financial covenant relating
to such Indebtedness;

 

(14)           
any encumbrance or restrictions arising in connection with any Purchase Money Note, other Indebtedness or a Qualified Receivables
Financing that, in the good faith determination of an Officer or the Board of Directors of the Issuer, are necessary or advisable
to effect such Qualified Receivables Financing; or

 

(15)           
any encumbrance or restriction existing by reason of any Lien permitted under Section 4.06.

 

Section
4.08           
Limitation on Sales of Assets and Subsidiary Stock.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:

 

(1)              
the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or
by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value
(such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as determined in good
faith by an Officer or the Board of Directors of the Issuer, of the shares and assets subject to such Asset

 

    83

     

    

 

Disposition (including, for the avoidance
of doubt, if such Asset Disposition is a Permitted Asset Swap); and

 

(2)              
in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition or such series of related Asset Dispositions
(excluding any consideration by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent
or otherwise, other than Indebtedness), together with all other Asset Dispositions since the Issue Date (except to the extent any
such Asset Disposition was a Permitted Asset Swap) on a cumulative basis received by the Issuer or such Restricted Subsidiary,
as the case may be, is in the form of cash, Cash Equivalents or Temporary Cash Investments.

 

(b)               
After the receipt of Net Available Cash from an Asset Disposition, the Issuer or a Restricted Subsidiary, as the case may
be, may apply such Net Available Cash directly or indirectly (at the option of the Issuer or such Restricted Subsidiary):

 

(1)              
within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash
(i) to prepay, repay, purchase or redeem any Indebtedness secured by a Lien on the assets
of the Issuer or a Restricted Subsidiary not Incurred in contravention of this Indenture; provided, however, that, in connection
with any prepayment, repayment or purchase of Indebtedness pursuant to this clause (i), the Issuer or such Restricted Subsidiary
will retire such Indebtedness and will cause the related commitment (if any) (except in the case of any revolving Indebtedness)
to be permanently reduced in an amount equal to the principal amount so prepaid, repaid, purchased or redeemed; (ii)
unless included in clause (i), to prepay, repay, purchase or redeem any Pari Passu Indebtedness of the Issuer or a Subsidiary Guarantor,
at a price of no more than 100% of the principal amount of such Pari Passu Indebtedness plus accrued and unpaid interest to the
date of such prepayment, repayment, purchase or redemption; provided that the Issuer or such Subsidiary Guarantor, as applicable,
shall prepay, redeem, repay or repurchase Pari Passu Indebtedness that is Public Debt pursuant to this clause (ii) only if the
Issuer or such Subsidiary Guarantor purchases through open-market purchases at a price equal to or higher than 100% of the principal
amount thereof, or makes an offer to the Holders of the Notes to purchase their Notes at a purchase price in cash equal to at least
100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the date of purchase (subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date) for,
in each case, an aggregate principal amount of Notes at least equal to the proportion that (x) the total aggregate principal amount
of Notes outstanding bears to (y) the sum of the total aggregate principal amount of Notes outstanding plus the total aggregate
principal amount outstanding of such Pari Passu Indebtedness; (iii) to prepay, repay, purchase
or redeem any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor (iv)
to purchase the Notes through open-market purchases at a price equal to or higher than 100% of the principal amount thereof, or
make an offer to all holders of the Notes at a purchase price in cash equal to at least 100% of the principal amount of the Notes,
plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment date) or (v)
to redeem the Notes as described under Section 3.07;

 

(2)              
to the extent the Issuer or such Restricted Subsidiary elects, to invest in or purchase or commit to invest in or purchase
Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash
received by the Issuer or another Restricted Subsidiary) within 365 days from the later of (i) the date of such Asset Disposition
and (ii) the receipt of such Net Available Cash; provided, however, that any such reinvestment in Additional Assets made pursuant
to a definitive binding agreement or a commitment approved by the Board of Directors of the Issuer that is executed or approved
within such time will satisfy this requirement, so long as such investment or commitment to invest is consummated within 180 days
of such 365th day;

 

(3)              
to make a capital expenditure within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt
of such Net Available Cash; provided, however, that any

 

    84

     

    

 

such capital expenditure made pursuant
to a definitive binding agreement or a commitment approved by the Board of Directors of the Issuer that is executed or approved
within such time will satisfy this requirement, so long as such investment is consummated within 180 days of such 365th day; or

 

(4)              
any combination of clauses (1) through (3) of Section 4.08(b),

 

provided that, pending the final application
of any such Net Available Cash in accordance with clauses (1), (2), (3) or (4) of Section 4.08(b), the Issuer and the Restricted
Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in any manner not prohibited by this
Indenture.

 

(c)               
Any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied or invested as
provided in Section 4.08(b) will be deemed to constitute “Excess Proceeds.” On the 366th day (or the 546th day, in
the case of any Net Available Cash committed to be used pursuant to a definitive binding agreement or commitment approved by the
Board of Directors of the Issuer pursuant to clause (2) or (3) of Section 4.08(b)) after the later of (A) the date of such Asset
Disposition and (B) the receipt of such Net Available Cash, if the aggregate amount of Excess Proceeds exceeds $35 million, the
Issuer will be required within ten (10) Business Days thereof to make an offer (“Asset Disposition Offer”) to all holders
of the Notes and, to the extent the Issuer or a Guarantor elects or the Issuer or a Guarantor is required by the terms of other
outstanding Pari Passu Indebtedness, to all holders of such other outstanding Pari Passu Indebtedness to purchase the maximum principal
amount of such Notes and any such Pari Passu Indebtedness to which the Asset Disposition Offer applies that may be purchased out
of the Excess Proceeds, at an offer price in respect of the Notes in an amount equal to (and, in the case of any Pari Passu Indebtedness,
an offer price of no more than) 100% of the principal amount of such Notes and 100% of the principal amount of Pari Passu Indebtedness,
in each case, plus accrued and unpaid interest, if any, to, but not including, the date of purchase, in accordance with the procedures
set forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, and in the case of the Notes,
in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof. No such purchase in part shall reduce
the principal amount at maturity of the Notes held by any holder to below $200,000. The Issuer may satisfy the foregoing obligations
with respect to any Net Available Cash from an Asset Disposition by making an Asset Disposition Offer with respect to such Net
Available Cash prior to the time period that may be required by this Indenture with respect to all or a part of the available Net
Available Cash (the “Advance Portion”) in advance of being required to do so by this Indenture (an “Advance Offer”).

 

(d)               
To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn
pursuant to an Asset Disposition Offer is less than the Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion),
the Issuer and the Restricted Subsidiaries may use any remaining Excess Proceeds (or, in the case of an Advance Offer, the Advance
Portion) for general corporate purposes, to the extent not prohibited by the other covenants contained in this Indenture. If the
aggregate principal amount of the Notes surrendered in any Asset Disposition Offer by Holders and other Pari Passu Indebtedness
surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds (or, in the case of an Advance Offer, the
Advance Portion), the Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion) shall be allocated among the Notes
and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes
and Pari Passu Indebtedness. For the purposes of calculating the principal amount of any such Indebtedness not denominated in dollars,
such Indebtedness shall be calculated by converting any such principal amounts into their Dollar Equivalent determined as of a
date selected by the Issuer that is within the Asset Disposition Offer Period (as defined below). Upon completion of any Asset
Disposition Offer, the amount of Excess Proceeds shall be reset at zero, and in the case of an Advance Offer, the amount of Net
Available Cash the Issuer is offering to apply in such Advance Offer shall be excluded in subsequent calculations of Excess Proceeds.

 

    85

     

    

 

(e)               
 To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other
than dollars, the amount thereof payable in respect of the Notes shall not exceed the net Dollar Equivalent of the amount that
is actually received by the Issuer.

 

(f)                
The Asset Disposition Offer, in so far as it relates to the Notes, will remain open for a period of not less than 20 Business
Days following its commencement or such shorter period of time required to comply with Section 14(e) of the Exchange Act and any
other applicable securities laws or regulations in connection with the Asset Disposition Offer (the “Asset Disposition Offer
Period”). No later than five (5) Business Days after the termination of the Asset Disposition Offer Period (the “Asset
Disposition Purchase Date”), the Issuer will purchase the principal amount of Notes and, to the extent it elects, Pari Passu
Indebtedness required to be purchased by it pursuant to this Section 4.08 (the “Asset Disposition Offer Amount”) or,
if less than the Asset Disposition Offer Amount has been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered
in response to the Asset Disposition Offer.

 

(g)               
On or before the Asset Disposition Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata
basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Indebtedness or portions of Notes and
Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less than
the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness
so validly tendered and not properly withdrawn and, in the case of the Notes, in minimum denominations of $200,000 and in integral
multiples of $1,000 in excess thereof.

 

(h)               
The Issuer will deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 4.08. The Issuer or the Paying Agent, as the case may be,
will promptly (but in any case not later than five (5) Business Days after termination of the Asset Disposition Offer Period) mail
or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes so validly tendered and not properly
withdrawn by such Holder, and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note (or amend the
applicable Global Note), and the Trustee, upon receipt of an Officer’s Certificate from the Issuer, will, via an authenticating
agent, authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount
with a minimum denomination of $200,000. Any Note not so accepted will be promptly mailed or delivered (or transferred by book-entry)
by the Issuer to the Holder thereof.

 

(i)                
For the purposes of Section 4.08(a)(2), the following will be deemed to be cash:

 

(1)              
the assumption by the transferee (or other extinguishment in connection with the transactions relating to such Asset Dispositions)
of Indebtedness and any other liabilities (as recorded on the balance sheet of the Issuer or any Restricted Subsidiary or in the
footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been
reflected on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereof if such incurrence
or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer
or any Restricted Subsidiary (other than Subordinated Indebtedness of the Issuer or a Guarantor) and the release of the Issuer
or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition;

 

(2)              
securities, notes or other obligations received by the Issuer or any Restricted Subsidiary from the transferee that are
converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such
Asset Disposition;

 

(3)              
Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition,
to the extent that the Issuer and each other Restricted Subsidiary (as applicable) are released from any Guarantee of payment of
such Indebtedness in connection with such Asset Disposition;

 

    86

     

    

 

(4)              
 consideration consisting of Indebtedness of the Issuer or a Guarantor (other than Subordinated Indebtedness) received after
the Issue Date from Persons who are not the Issuer or any Restricted Subsidiary; and

 

(5)              
any Designated Non-Cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Dispositions having
an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this Section
4.08 that is at that time outstanding, not to exceed (at the time of the receipt of such Designated Non-Cash Consideration or,
at the Issuer’s option, at the time of contractually agreeing to such Asset Disposition) the greater of $55.0 million and
25% of L2QA Pro Forma EBITDA (with the fair market value of each item of Designated Non-Cash Consideration being measured at the
time received or, at the option of the Issuer, on the date of contractually agreeing to the relevant Asset Disposition and without
giving effect to subsequent changes in value).

 

(j)                
The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Indenture. To the extent that the provisions
of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of any conflict.

 

Section
4.09           
Limitation on Affiliate Transactions.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct
any transaction or series of related transactions (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate of the Issuer (any such transaction or series of related transactions being “Affiliate
Transactions”) involving aggregate value of the greater of $40 million and 18% of L2QA Pro Forma EBITDA unless:

 

(1)              
the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Issuer or such Restricted
Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or
the execution of the agreement providing for such transaction in arm’s-length dealings with a Person who is not such an Affiliate,
or, if there are no comparable transactions involving non-Affiliates to apply for comparative purposes, the transaction is otherwise
on terms that, taken as a whole, the Issuer has conclusively determined in good faith to be fair to the Issuer or such Restricted
Subsidiary; and

 

(2)              
in the event such Affiliate Transaction involves an aggregate value in excess of $80 million, the terms of such transaction
or series of related transactions have been approved by a resolution of the majority of the members of the Board of Directors of
the Issuer resolving that such transaction complies with Section 4.09(a)(1). An Affiliate Transaction shall be deemed to have satisfied
the requirements set forth in this clause (2) if either (x) such Affiliate Transaction is approved by a majority of the Disinterested
Directors or (y) the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial
point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person
on arm’s-length basis.

 

(b)               
Section 4.09(a) will not apply to:

 

(1)              
any Restricted Payment permitted to be made pursuant to Section 4.05, any Permitted Payments (other than pursuant to Section
4.05(b)(9)(B) or Section 4.05(b)(20)) or any Permitted Investment (other than Permitted Investments as defined in clauses (1)(b)
or (2) of the definition thereof);

 

    87

     

    

 

(2)              
 any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments,
awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment,
consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other similar agreement
and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Issuer, any Restricted
Subsidiary or any Parent, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans
or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance,
retirement, savings or similar plans, programs or arrangements) or indemnities provided on behalf of officers, employees, directors
or consultants approved by the Board of Directors of the Issuer, in each case in the ordinary course of business;

 

(3)              
any Management Advances and any waiver or transaction with respect thereto;

 

(4)              
any transaction between or among the Issuer and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary
as a result of such transaction), or between or among the Issuer, Restricted Subsidiaries or any Receivables Subsidiary;

 

(5)              
the payment of reasonable fees and reimbursement of expenses to, and customary indemnities and employee benefit and pension
expenses provided on behalf of, directors, officers, consultants or employees of the Issuer, any Restricted Subsidiary or any Parent
(whether directly or indirectly and including through any Person owned or controlled by any of such directors, officers or employees);

 

(6)              
the Transactions, any Permitted Reorganization, the Transition Services Agreement, the IRU Agreement and the Reverse IRU
Agreement and the entry into and performance of obligations of the Issuer or any of its Restricted Subsidiaries under the terms
of any transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect
as of or on the Issue Date or entered into after the Issue Date in connection with the Special Distribution (other than, for the
avoidance of doubt, any share repurchase program to take effect following the Special Distribution), in each case as these agreements
and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time (including, without limitation,
to add additional Persons in connection with any such Person becoming a Restricted Subsidiary) in accordance with the other terms
of this covenant or to the extent not more disadvantageous to the Holders in any material respect and the entry into and performance
of any registration rights or other listing agreement in connection with any Public Offering;

 

(7)              
execution, delivery and performance of any Tax Sharing Agreement or the formation and maintenance of any consolidated group
for tax, accounting or management purposes in the ordinary course of business;

 

(8)              
transactions with customers, clients, suppliers or purchasers or sellers of goods or services and Associates, in each case
in the ordinary course of business (including, without limitation, pursuant to joint venture arrangements), which are fair to the
Issuer or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors or an officer of the Issuer
or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at
such time from an unaffiliated party;

 

(9)              
any transaction in the ordinary course of business between or among the Issuer or any Restricted Subsidiary and any Affiliate
of the Issuer or an Associate or similar entity (in each case, other than an Unrestricted Subsidiary) that would constitute an
Affiliate Transaction solely because the Issuer or a Restricted Subsidiary or any Affiliate of the Issuer or a Restricted Subsidiary
or any Affiliate of any Permitted Holder owns an equity interest in or otherwise controls such Affiliate, Associate or similar
entity;

 

    88

     

    

 

(10)           
 (a) issuances or sales of Capital Stock (other than Disqualified Stock or Designated Preference Shares) of the Issuer or
options, warrants or other rights to acquire such Capital Stock or Subordinated Shareholder Funding; provided that the interest
rate and other financial terms of such Subordinated Shareholder Funding are approved by a majority of the members of the Board
of Directors of the Issuer in their reasonable determination and (b) any amendment, waiver or other transaction with respect to
any Subordinated Shareholder Funding in compliance with the other provisions of this Indenture;

 

(11)           
without duplication in respect of payments made pursuant to the definition of Parent Expenses, (a) payments by the Issuer
or any Restricted Subsidiary to any Permitted Holder (whether directly or indirectly, including through any Parent) of annual management,
consulting, monitoring or advisory fees and related expenses in an aggregate amount not to exceed an amount equal to the greater
of $3.0 million or 1.5% of L2QA Pro Forma EBITDA per annum (with unused amounts in any calendar year being carried over to the
succeeding calendar years) and; (b) customary payments by the Issuer or any Restricted Subsidiary to any Permitted Holder (whether
directly or indirectly, including through any Parent) for financial advisory, financing, underwriting or placement services or
in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments in
respect of this clause (b) are approved by a majority of the Board of Directors of the Issuer in good faith; and (c) payments of
all fees and expenses related to the Transactions and any Permitted Reorganization;

 

(12)           
any transaction effected as part of a Qualified Receivables Financing and other Investments in Receivables Subsidiaries
consisting of cash or Securitization Assets;

 

(13)           
any participation in a rights offer or public tender or exchange offers for securities or debt instruments issued by the
Issuer or any of its Subsidiaries that are conducted on arm’s-length terms and provide for the same price or exchange ratio,
as the case may be, to all holders accepting such rights, tender or exchange offer;

 

(14)           
transactions between the Issuer or any Restricted Subsidiary and any other Person that would constitute an Affiliate Transaction
solely because a director of such other Person is also a director of the Issuer or any Parent; provided, however, that such director
abstains from voting as a director of the Issuer or such Parent, as the case may be, at any board meeting approving such transaction,
on any matter including such other Person;

 

(15)           
payments to and from, and transactions with, any joint ventures entered into in the ordinary course of business or consistent
with past practices (including, without limitation, any cash management activities related thereto);

 

(16)           
commercial contracts (including franchising agreements, business services related agreements or other similar arrangements)
between an Affiliate of the Issuer and the Issuer or any Restricted Subsidiary that are on arm’s length terms or on a basis
that senior management of the Issuer reasonably believes allocates costs fairly; and

 

(17)           
(i) transactions with Affiliates solely in their capacity as holders of Indebtedness,
Equity Interests of the Issuer, Parent Guarantor or any of its Subsidiaries or Subordinated Shareholder Debt (and payment of reasonable
out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the opportunity to participate in
such transaction is offered by the Issuer, Parent Guarantor or such Restricted Subsidiary generally to other investors on the same
or more favorable terms; and (ii) payments to Permitted Holders and holders of shares of Capital
Stock of an entity established for the purposes of management participation in an equity incentive plan in respect of securities
or Indebtedness of the Issuer or any Restricted Subsidiary contemplated in the foregoing clause (i) or that were acquired from
Persons other than the Restricted Subsidiaries, in each case, in accordance with the terms of such securities or Indebtedness.

 

Section
4.10           
Reports.

 

    89

     

    

 

(a)               
 For so long as any Notes are outstanding, the Issuer will provide to the Trustee the following reports:

 

(1)              
within 120 days (or, in the case of the first such report, 150 days) after the end of the Issuer’s (or, if the Issuer
elects to satisfy its obligation under this clause (1) by delivering the annual reports of a Parent in accordance with Section
4.10(c), of such Parent’s) fiscal year beginning with the first fiscal year ending December 31, 2020, annual reports containing
the following information: audited consolidated balance sheet of the Issuer as of the end of the most recent fiscal year (and comparative
information as of the end of the prior fiscal year) and audited consolidated income statements and statements of cash flow of the
Issuer for the most recent fiscal year (and comparative information as of the end of the prior fiscal year), including complete
footnotes to such financial statements and the report of the independent auditors on the financial statements; unaudited pro forma
income statement information and balance sheet information of the Issuer (which, for the avoidance of doubt, shall not include
the provision of a full income statement or balance sheet to the extent not reasonably available), together with explanatory footnotes,
for (i) any acquisition or disposition by the Issuer or a Restricted Subsidiary that, individually or in the aggregate when considered
with all other acquisitions or dispositions that have occurred since the beginning of the most recently completed fiscal year as
to which such annual report relates, represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating
cash flow, or assets of the Issuer on a pro forma consolidated basis or (ii) recapitalizations by the Issuer or a Restricted Subsidiary,
in each case, that have occurred during the most recently completed fiscal year as to which such annual report relates (unless
such pro forma information has been provided in a prior report pursuant to clause (2) or (3) of this Section 4.10(a)); provided
that such pro forma financial information will be provided only to the extent not provided in a previous report pursuant to clause
(2) or (3) of this Section 4.10(a) and to the extent available without unreasonable expense and in the case pro forma financial
information is not provided, the Issuer will provide, in the case of a material acquisition, to the extent available to the Issuer
or a Restricted Subsidiary without unreasonable expense, financial statements of the acquired company for the most recent fiscal
year, and in the case of a material disposition, financial statements of the business or assets comprising the disposition perimeter
for the most recent fiscal year which, in each case, may be unaudited; (c) an operating and financial review of the audited financial
statements, including a discussion of the results of operations, financial condition, and liquidity and capital resources of the
Issuer, and a discussion of material commitments and contingencies and critical accounting policies; (d) description of the business,
management and shareholders of the Issuer (to the extent not previously reported pursuant to clause (2) or (3) of this Section
4.10(a)), all material affiliate transactions and a description of all material contractual arrangements, including material debt
instruments; and (e) a description of material risk factors and material recent developments (to the extent not previously reported
pursuant to clause (2) or (3) of this Section 4.10(a));

 

(2)              
within 60 days (or, in the case of the first three fiscal quarters ending after the Completion Date, 90 days) following
the end of the first three fiscal quarters in each fiscal year of the Issuer (or, if the Issuer elects to satisfy its obligation
under this clause (2) by delivering the quarterly reports of a Parent in accordance with Section 4.10(c), of such Parent) beginning
with the fiscal quarter ending September 30, 2020, all quarterly reports of the Issuer containing, to the extent applicable: (a)
an unaudited condensed consolidated balance sheet as of the end of such quarter and unaudited condensed consolidated statements
of income and cash flow for the most recent quarter year-to-date period ending on the date of the unaudited condensed balance sheet,
and the comparable prior year periods, together with condensed footnote disclosure; (b) beginning with the fiscal quarter ending
March 31, 2021, unaudited pro forma income statement information and balance sheet information (which, for the avoidance of doubt,
shall not include the provision of a full income statement or balance sheet to the extent not reasonably available), together with
explanatory footnotes, for any acquisition or disposition by the Issuer or a Restricted Subsidiary that, individually or in the
aggregate when considered with all other acquisitions or dispositions that have occurred since the beginning of the relevant quarter,
represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating cash flow, or assets of the Issuer on
a pro forma consolidated basis (unless such pro forma information has been provided in a prior report pursuant to Section 4.10(a)(3));
provided that such pro

 

    90

     

    

 

forma financial information will be provided
only to the extent available without unreasonable expense, and in the case pro forma financial information is not provided the
Issuer will provide, in the case of a material acquisition to the extent available to the Issuer or a Restricted Subsidiary without
unreasonable expense, financial statements of the acquired company for the most recent fiscal year, and in the case of a material
disposition, financial statements of the business or assets comprising the disposition perimeter for the most recent fiscal year
which, in each case, may be unaudited; (c) a summary operating and financial review of the unaudited financial statements, including
a discussion of revenues, EBITDA and/or adjusted operating cash flow, capital expenditures, operating cash flow, and material changes
in liquidity and capital resources, and a discussion of material changes not in the ordinary course of business in commitments
and contingencies since the most recent report (to the extent not previously reported pursuant to clause (3) of this Section 4.10(a));
and (d) material recent developments (to the extent not previously reported pursuant to Section 4.10(a)(3)); and

 

(3)              
promptly after the occurrence of such event, information with respect to (a) any change in the independent public accountants
of the Issuer, (b) any material acquisition, disposal, merger or similar transaction or (c) any development determined by an Officer
of the Issuer to be material to the business of the Issuer and its Restricted Subsidiaries (taken as a whole).

 

(b)               
For the avoidance of doubt, in no event will any reports provided pursuant to Section 4.10(a):

 

(1)              
be required to comply with:

 

(A)             
Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K
under the Securities Act (“Regulation S-K”);

 

(B)             
Rule 3-10 of Regulation S-X under the Securities Act (“Regulation S-X”) or contain separate financial statements
for the Issuer, the Guarantors or other Subsidiaries the shares of which may be pledged to secure the Notes or any Guarantee that
would be required under Section 3-16 of Regulation S-X;

 

(C)             
Rule 11-01 of Regulation S-X, to give pro forma effect to the Transactions or contain all purchase accounting adjustments
relating to the Transactions;

 

(D)             
Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any non-GAAP financial measures contained
therein; or

 

(2)              
be required to include trade secrets and other confidential information that is competitively sensitive in the good faith
and reasonable determination of the Issuer.

 

(c)               
Notwithstanding the foregoing, the Issuer may satisfy its obligations under clauses (1), (2) and (3) of Section 4.10(a)
by delivering the corresponding annual, quarterly or other reports of a Parent; provided that to the extent that the Issuer is
not the reporting entity and material differences exist between the management, business, assets, shareholding or results of operations
or financial condition of the Issuer and such Parent, the annual and quarterly reports shall give a reasonably detailed description
of such differences or shall include the consolidated balance sheet, income statements and cash flow statement of the Issuer and
its subsidiaries.

 

(d)               
The Issuer will be deemed to have furnished the reports referred to in clauses (1), (2) and (3) of Section 4.10(a) if the
Issuer or a Parent has filed reports containing such information with the SEC or posted such reports on its website. The Trustee
shall have no responsibility to determine if and when any of the above reports have been filed or posted on any website. Delivery
of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of such reports will not
constitute constructive notice of any information contained therein or determinable from

 

    91

     

    

 

information contained therein, including
the Issuer’s or any other parties’ compliance with any of its covenants in this Indenture (as to which the Trustee
will be entitled to rely exclusively on Officer’s Certificates that are delivered).

 

(e)               
All financial statement information shall be prepared in accordance with GAAP as in effect on the date of such report or
financial statement (or otherwise on the basis of GAAP as then in effect) and on a consistent basis for the periods presented;
provided, however, that the reports set forth in clauses (1), (2) and (3) of Section 4.10(a) may in the event of a change in GAAP,
present earlier periods on a basis that applied to such periods. Except as provided for in Section 4.10(f) below, no report need
include separate financial statements for the Issuer or Subsidiaries of the Issuer or any disclosure with respect to the results
of operations or any other financial or statistical disclosure not of a type included in the Offering Memorandum and, subject to
the Issuer’s election to apply IFRS, in no event shall IFRS information or reconciliation to IFRS be required.

 

(f)                
At any time if any Subsidiary of the Issuer is an Unrestricted Subsidiary and any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, constitutes a Significant Subsidiary, then the quarterly and
annual financial information required by clauses (1) and (2) of Section 4.10(a) will include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations
of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of the Issuer.

 

(g)               
Substantially concurrently with the issuance to the Trustee of the reports specified in (1), (2) and (3) of Section 4.10(a),
the Issuer shall also (A) use its commercially reasonable efforts (i) to post copies of such reports on such website as may be
then maintained by the Issuer and its Subsidiaries or any Parent or (ii) otherwise to provide substantially comparable public availability
of such reports (as determined by the Issuer in good faith) or (B) to the extent the Issuer determines in good faith that such
reports cannot be made available in the manner described in the preceding clause (A) owing to applicable law or after the use of
its commercially reasonable efforts, furnish such reports to the Holders and, upon their request, prospective purchasers of the
Notes.

 

(h)               
For so long as the Notes remain outstanding and during any period during which the Issuer is not subject to Section 13 or
15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b), the Issuer shall furnish to the Holders and holders
of beneficial interests in the Notes and, upon their request, prospective purchasers of the Notes or prospective and purchasers
of beneficial interests in the Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.

 

(i)                
The Trustee shall have no obligation to determine if and when the Issuer’s financial statements or reports are publicly
available and accessible electronically. Delivery of these reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of any of those will not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Section
4.11           
Suspension of Covenants on Achievement of Investment Grade Status.

 

If on any date following
the Issue Date, the Notes have achieved Investment Grade Status and no Default or Event of Default has occurred and is continuing
(a “Suspension Event”), then the Issuer shall notify the Trustee of these events and beginning on that day and continuing
until such time, if any, at which the Notes cease to have Investment Grade Status (the “Reversion Date”), the following
sections will not apply to the Notes: Section 4.04, Section 4.05, Section 4.07, Section 4.08, Section 4.09, Section 4.21 and Section
5.01(a)(3) and any related default provision of this Indenture will cease to be effective and will not be applicable to the Issuer
and the Restricted Subsidiaries. Such Sections and any related default provisions will again apply according to their terms from
the first day on which a Suspension Event ceases to be in effect. The period of time between the suspension of covenants as set
forth above

 

    92

     

    

 

and the Reversion Date is referred to as
the “Suspension Period”. Such Sections and any related default provisions will again apply according to their terms
from the first day on which a Suspension Event ceases to be in effect. Such Sections will not, however, be of any effect with regard
to actions of the Issuer properly taken during the continuance of the Suspension Event, and Section 4.05 will be interpreted as
if it has been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason
of a Restricted Payment made while Section 4.05 was suspended. On the Reversion Date, all Indebtedness Incurred during the continuance
of the Suspension Event will be classified, at the Issuer’s option, as having been Incurred pursuant to Section 4.04(a) or
Section 4.04(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Indebtedness Incurred prior to the Suspension Event and outstanding on the Reversion Date). To the extent such
Indebtedness would not be so permitted to be Incurred under Section 4.04(a)) or Section 4.04(b), such Indebtedness will be deemed
to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.04(b)(4)(b). The Issuer shall
give the Trustee written notice of any Suspension Event and in any event not later than five (5) Business Days after such Suspension
Event has occurred. The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not later than five
(5) Business Days after such Reversion Date. Absent such written notice the Trustee shall be entitled to assume that no Suspension
Event or the occurrence of any Reversion Date has occurred.

 

For the purposes of
Section 4.08, upon the occurrence of a Reversion Date the amount of Net Available Cash not applied in accordance with such covenant
will be deemed to be reset to zero. For purposes of Section 4.09, all agreements and arrangements entered into by the Issuer and
any Restricted Subsidiary with an Affiliate of the Issuer during the Suspension Period prior to such Reversion Date will be deemed
to have been entered into on or prior to the Issue Date, and for the purposes of Section 4.05, all contracts entered into during
the Suspension Period prior to such Reversion Date that contain any of the encumbrances or restrictions subject to such covenant
will be deemed to have been in existence on the Issue Date. The Note Guarantees of the Guarantors will be suspended during the
Suspension Period.

 

Section
4.12           
 [Reserved].

 

Section
4.13           
 [Reserved].

 

Section
4.14           
Compliance Certificate.

 

The Issuer shall deliver
to the Trustee, within 120 days after the end of each fiscal year (beginning with the fiscal year ending December 31, 2021), an
Officer’s Certificate indicating whether the signers thereof know of any Default that occurred during the previous year.
The Issuer shall deliver to the Trustee, within 30 days after the occurrence of a Default or Event of Default a written notice
of any events of which it is aware which would constitute certain Defaults, their status and what action the Issuer is taking or
proposes to take with respect thereto.

 

The Trustee shall
not be deemed to have knowledge of any Default except any Default under clauses (1) or (2) of Section 6.01(a)) or any other Default
of which a Responsible Officer shall have received written notification in accordance with Section 12.01 or obtained actual knowledge.

 

Section
4.15           
 [Reserved].

 

Section
4.16           
 [Reserved].

 

Section
4.17           
[Reserved].

 

Section
4.18           
[Reserved].

 

Section
4.19           
[Reserved].

 

    93

     

    

 

 

Section
4.20           
Lines of Business.

 

The Issuer will not, and will not permit
any of its Restricted Subsidiaries to, engage in any business other than a Similar Business, except to such extent as would not
be material to the Issuer and the Restricted Subsidiaries, taken as a whole.

 

Section
4.21           
Additional Guarantors.

 

(a)               
The Issuer shall cause (i) each Material Subsidiary (other than an Excluded Subsidiary)
and (ii) any other Restricted Subsidiary that Guarantees any Public Debt or any syndicated
credit facilities of the Issuer or the Guarantors (except if the amount of such Public Debt or syndicated credit facilities is
not greater than $35 million) to (x) become a Guarantor within 30 days of becoming a Material Subsidiary in the case of clause
(i) and (y) in the case of clause (ii), substantially concurrently with the provision of such Guarantee, to execute and deliver
to the Trustee a supplemental indenture in the form attached to this Indenture pursuant to which such Restricted Subsidiary will
provide a Note Guarantee, which Note Guarantee will be senior to or pari passu with such Restricted Subsidiary’s Guarantee
of such other Indebtedness.

 

(b)               
 [Reserved].

 

(c)               
 [Reserved].

 

(d)               
Note Guarantees existing on or granted after the Issue Date pursuant to this Section 4.21 shall be released as set forth
under Section 10.06. In addition, Note Guarantees existing on or granted after the Issue Date pursuant to Section 4.21(a) may be
released at the option of the Issuer, if, at the date of such release, (i) the Indebtedness which required such Note Guarantee
has been released or discharged in full, (ii) no Event of Default would arise as a result of such release, and (iii) there is no
other Indebtedness of such Guarantor outstanding that was Incurred after the Issue Date and that could not have been Incurred in
compliance with this Indenture as of the date Incurred if such Guarantor were not a Guarantor as at that date. Notwithstanding
anything in this Indenture to the contrary, the Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Guarantor to become a Guarantor and such Note Guarantee may be released at any time in the Issuer’s sole
discretion. The Trustee (to the extent action is required by it) shall take all necessary actions requested by the Issuer, to effectuate
any release of a Note Guarantee in accordance with these provisions, subject to customary protections and indemnifications.

 

(e)               
 [Reserved].

 

(f)                
Each additional Note Guarantee will be limited as necessary to recognize certain defenses generally available to Guarantors
(including those that relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose,
thin capitalization, distributable reserves, capital maintenance or similar laws, regulations or defenses affecting the rights
of creditors generally) or other considerations under applicable law.

 

(g)               
Notwithstanding the foregoing, the Issuer shall not be obligated to cause any Restricted Subsidiary to provide a Note Guarantee
to the extent and for so long as the Incurrence of such Guarantee could reasonably be expected to give rise to or result in: (1)
any violation of applicable law or regulation; (2) any liability for the officers, directors or (except in the case of a Restricted
Subsidiary that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of a Restricted Subsidiary that is
a partnership, directors or shareholders of the partners of such partnership); (3) any cost, expense, liability or obligation (including
with respect to any Taxes) other than reasonable out-of-pocket expenses and other than reasonable expenses incurred in connection
with any governmental or regulatory filings required as a result of, or any measures pursuant to clause (1) of this Section 4.21(g)
undertaken in connection with, such Guarantee, which in any case under any of clauses (1), (2) and (3) of this Section 4.21(g)
cannot be avoided through measures reasonably available to the Issuer or such Restricted Subsidiary; or (4) such Restricted Subsidiary
is prohibited from Incurring such Guarantee by

 

    94

     

    

 

the terms of any Indebtedness of such Restricted
Subsidiary existing on the Issue Date (or if later, on the date such entity becomes a Restricted Subsidiary) that is not prepayable
without a prepayment premium (in each case, other than Indebtedness Incurred 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);
provided that this clause (4) applies only for so long as such prepayment premium applies to such Indebtedness.

 

Section
4.22           
Limitation on Parent Guarantor Activities.

 

(a)               
The Parent Guarantor will not engage in any business activity or undertake any other activity, except any such activity:

 

(1)              
reasonably relating to the offering, sale, issuance, Incurrence, servicing, purchase, redemption, amendment, exchange, refinancing
or retirement of or Investment in the Notes, any Additional Notes or other Indebtedness (including any Refinancing Indebtedness
in respect of any of the foregoing) or borrowing directly or indirectly from a Parent, the Issuer or any Restricted Subsidiary);

 

(2)              
undertaken with the purpose of, directly or indirectly, fulfilling its obligations or exercising its rights under the Notes,
any Additional Notes or other Indebtedness, Hedging Obligations or any other obligations (including any Refinancing Indebtedness
in respect of any of the foregoing);

 

(3)              
directly related or reasonably incidental to the establishment and/or maintenance of the Parent Guarantor’s corporate
existence, the acquisition, holding or disposition of assets;

 

(4)              
directly related to investing any amounts received by the Parent Guarantor;

 

(5)              
making Investments, Investments in intra-group loans and Investments in any other Indebtedness of the Parent Guarantor or
the Issuer;

 

(6)              
related to cash management activities; or

 

(7)              
(i) any actions in connection with the Transactions, (ii) any transaction or activity not to exceed $15 million in the aggregate
and (iii) other activities not specifically enumerated above that are immaterial in nature.

 

(b)               
The Parent Guarantor shall not:

 

(1)              
take any action which would cause it to no longer satisfy the requirements of an available exemption from the provisions
of the U.S. Investment Company Act of 1940, as amended;

 

(2)              
commence or take any action or facilitate a winding-up, liquidation, dissolution or other analogous proceeding; or

 

(3)              
amend its constitutive documents in any manner which would adversely affect the rights of Holders in any material respect.

 

Section
4.23           
 [Reserved].

 

Section
4.24           
Reserved Indebtedness.

 

For purposes of determining
compliance with any provision of this Indenture which requires the calculation of the Consolidated Net Senior Secured Leverage
Ratio or the Consolidated Net Leverage Ratio, as applicable, or testing baskets set forth in this Indenture (including baskets
measured as a percentage of L2QA Pro Forma EBITDA) in connection with (x) the Incurrence of any

 

    95

     

    

 

Indebtedness or (y) the Incurrence of any
Lien, the Issuer may elect, in its sole discretion, to treat all or any portion of the committed amount of any Indebtedness (and
the issuance and creation of letters of credit and bankers’ acceptances thereunder) which is to be Incurred (or any commitment
in respect thereof) or secured by such Lien, as the case may be (any such amount elected until revoked as described below, an “Elected
Amount”) as being Incurred as of such election date and (i) any subsequent borrowing or re-borrowing of Indebtedness under
such commitment (so long as the total amount under such Indebtedness does not exceed the Elected Amount) shall not be deemed, for
purposes of this calculation, to be an Incurrence of additional Indebtedness or an additional Lien at such subsequent time, (ii)
the Issuer may revoke an election of an Elected Amount at any time after the election date, (iii) for purposes of all subsequent
calculations of Consolidated Net Leverage Ratio or the Consolidated Net Senior Secured Leverage Ratio, as applicable, the Elected
Amount (if any) shall be deemed to be outstanding (unless revoked in accordance with clause (ii)), whether or not such amount is
actually outstanding, so long as the applicable commitment remains outstanding and (iv) for the purpose of clauses (8) and (16)
of Section 4.04(b) and clause (30) of the definition of “Permitted Liens”, solely to the extent that the Elected Amount
has been Incurred in reliance thereof (and has not be reclassified), the Elected Amount (if any) shall be deemed to be outstanding
under such provisions (unless revoked in accordance with clause (ii)), whether or not such amount is actually outstanding, so long
as the applicable commitment remains outstanding.

 

Section
4.25           
Limited Condition Transaction.

 

In connection with
any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance with any provision
of this Indenture which requires that no Default or Event of Default, as applicable, has occurred, is continuing or would result
from any such action, as applicable, such condition shall, at the option of the Issuer, be deemed satisfied, so long as no Default
or Event of Default, as applicable, exists on the date the definitive agreements or irrevocable notice, as applicable, for such
Limited Condition Transaction are entered into or has been delivered, as applicable. For the avoidance of doubt, if the Issuer
has exercised its option under the first sentence of this Section 4.25, and any Default or Event of Default occurs following the
date the definitive agreements or irrevocable notice, as applicable, for the applicable Limited Condition Transaction were entered
into or has been delivered, as applicable, and prior to the consummation of such Limited Condition Transaction, any such Default
or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being
taken in connection with such Limited Condition Transaction is permitted hereunder.

 

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

 

(1)              
determining compliance with any provision of this Indenture which requires the calculation of the Consolidated Net Senior
Secured Leverage Ratio or Consolidated Net Leverage Ratio; or

 

(2)              
testing baskets set forth in this Indenture (including baskets measured as a percentage of L2QA Pro Forma EBITDA);

 

in each case, at the option of the Issuer
(the Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”),
the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements
or irrevocable notice, as applicable, for such Limited Condition Transaction are entered into or has been delivered, as applicable
(the “LCT Test Date”). If, after giving pro forma effect to the Limited Condition Transaction and the other transactions
to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they
had occurred at the beginning of the most recent two consecutive fiscal quarters ending prior to the LCT Test Date for which consolidated
financial statements of the Issuer are available, the Issuer could have taken such action on the relevant LCT Test

 

    96

     

    

 

 

Date in compliance with such ratio or basket,
such ratio or basket shall be deemed to have been complied with.

 

If the Issuer has
made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are
exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in L2QA Pro Forma EBITDA of the
Issuer or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction
or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Issuer has
made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or
basket availability with respect to the Incurrence of Indebtedness or Liens, or the making of Asset Dispositions, mergers, the
conveyance, lease or other transfer of all or substantially all of the assets of the Issuer or the designation of an Unrestricted
Subsidiary or the making of Investments or Restricted Payments on or following the relevant LCT Test Date and prior to the earlier
of the date on which such Limited Condition Transaction is consummated or the definitive agreement or irrevocable notice, as applicable,
for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any
such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions
in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

 

Section
4.26         
Delaware LLC Divisions

 

In connection with
any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws):

 

(1)          
 if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person; and

 

(2)          
if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Capital Stock at such time.

 

ARTICLE
5

SUCCESSOR COMPANY

 

Section
5.01         
Merger and Consolidation of the Issuer

 

(a)          
The Issuer will not consolidate with or merge with or into, or assign, convey, transfer, lease or otherwise dispose all
or substantially all its assets as an entirety or substantially as an entirety, in one transaction or a series of related transactions,
to any Person, unless:

 

(1)          
the resulting, surviving or transferee Person (the “Successor Company”) (if not the Issuer) will be a Person
organized and existing under the laws of any member state of the European Union as of the Issue Date or the date on which such
Person becomes the Successor Company, the United Kingdom, Switzerland, Canada, or the United States of America, any State of the
United States or the District of Columbia and the Successor Company (if not the Issuer) will expressly assume, by supplemental
indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Issuer
under the Notes and this Indenture;

 

(2)          
immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor
Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company
or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;

 

    97

     

    

 

(3)          
 immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions
had occurred at the beginning of the applicable two consecutive fiscal quarter period, either (a) the Issuer or the Successor Company
would have been able to Incur at least $1.00 of additional Indebtedness under pursuant to Section 4.04(a); or (b) the Consolidated
Net Leverage Ratio would not be greater than it was immediately prior to giving effect to such transaction; and

 

(4)         
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect
that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion
of Counsel to the effect that such supplemental indenture (if any) has been duly authorized, executed and delivered and is a legal,
valid and binding agreement enforceable against the Successor Company (in each case, in form and substance reasonably satisfactory
to the Trustee);

 

provided that in giving an Opinion of Counsel,
counsel may rely on an Officer’s Certificate as to any matters of fact.

 

For purposes of this
Article 5, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties
and assets of one or more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries,
would constitute all or substantially all of the properties and assets of the Issuer on a consolidated basis, shall be deemed to
be the transfer of all or substantially all of the properties and assets of the Issuer.

 

(b)         
The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under
this Indenture but in the case of a lease of all or substantially all its assets, the predecessor company will not be released
from its obligations under this Indenture or the Notes.

 

(c)          
Notwithstanding clauses (2) and (3) (which do not apply to transactions referred to in this sentence) and (4) of Section
5.01(a) (which does not apply to transactions referred to in this sentence in which the Issuer is the Successor Company), (a) any
Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets
to the Issuer, (b) any Restricted Subsidiary that is not a Guarantor may consolidate or otherwise combine with, merge into or transfer
all or part of its properties and assets to any other Restricted Subsidiary or the Issuer and (c) the Issuer and the Restricted
Subsidiaries may effect any Permitted Reorganization. Notwithstanding Section 5.01(a)(3) (which does not apply to the transactions
referred to in this sentence), the Issuer may consolidate or otherwise combine with or merge into an Affiliate incorporated or
organized for the purpose of changing the legal domicile of the Issuer, reincorporating the Issuer in another jurisdiction, or
changing the legal form of the Issuer.

 

(d)          
Section 5.01(a) through Section 5.01(c) (other than the requirements of Section 5.01(a)(2)) shall not apply to the creation
of a new Subsidiary as a Restricted Subsidiary.

 

Section
5.02         
Merger and Consolidation of the Subsidiary Guarantors.

 

(a)          
None of the Subsidiary Guarantors (other than a Subsidiary Guarantor whose Note Guarantee is to be released in accordance
with the terms of this Indenture) may:

 

(1)          
consolidate with or merge with or into any Person (whether or not such Subsidiary Guarantor is the surviving Person);

 

(2)          
sell, assign, convey, transfer, lease or otherwise dispose of, all or substantially all its assets as an entirety or substantially
as an entirety, in one transaction or a series of related transactions, to any Person; or

 

(3)          
permit any Person to merge with or into it;

 

    98

     

    

 

unless:

 

(A)          
the other Person is the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor or becomes a Subsidiary Guarantor
as a result of such transaction; or

 

(B)          
(1) either (x) a Subsidiary Guarantor is the surviving Person or (y) the resulting,
surviving or transferee Person expressly assumes all of the obligations of the Subsidiary Guarantor under its Note Guarantee and
this Indenture (pursuant to a supplemental indenture executed and delivered in a form reasonably satisfactory to the Trustee);
and (2) immediately after giving effect to the transaction, no Default or Event of Default
shall have occurred and is continuing; or

 

(C)          
the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of a Subsidiary Guarantor
or the sale or disposition of all or substantially all the assets of a Subsidiary Guarantor (in each case other than to the Issuer
or a Restricted Subsidiary) otherwise permitted by this Indenture and the proceeds therefrom are applied as required by this Indenture;
or

 

(D)           
the transaction constitutes a Permitted Reorganization.

 

(b)          
Notwithstanding Section 5.02(a)(3)(B)(2) (which does not apply to transactions referred to in this sentence), (a) any Restricted
Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to a Subsidiary
Guarantor and (b) any Subsidiary Guarantor may consolidate or otherwise combine with, merge into or transfer all or part of its
properties and assets to any other Subsidiary Guarantor or the Issuer. Notwithstanding Section 5.02(a)(3)(B)(2) (which does not
apply to the transactions referred to in this sentence), a Subsidiary Guarantor may consolidate or otherwise combine with or merge
into an Affiliate incorporated or organized for the purpose of changing the legal domicile of the Subsidiary Guarantor reincorporating
the Subsidiary Guarantor in another jurisdiction, or changing the legal form of the Subsidiary Guarantor.

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section
6.01         
Events of Default.

 

(a)          
Each of the following is an “Event of Default” under this Indenture:

 

(1)          
default in any payment of interest on any Note issued under this Indenture when due and payable, continued for 30 days;

 

(2)          
default in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;

 

(3)          
failure by the Issuer or any Restricted Subsidiary to comply for 60 days after notice by the Trustee or the Holders of at
least 25% in principal amount of the outstanding Notes with its other agreements under this Indenture; provided that in the case
of a failure to comply with Section 4.10, such period of continuance of such default or breach shall be 90 days after notice described
in this clause (3) is given;

 

(4)          
[Reserved];

 

(5)          
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the

 

    99

     

    

 

Issuer or any Restricted Subsidiary (or
the payment of which is Guaranteed by the Issuer or any Restricted Subsidiary) other than Indebtedness owed to the Issuer or a
Restricted Subsidiary whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, which default:

 

(A)          
is caused by the failure to pay principal of such Indebtedness at the Stated Maturity thereof (after giving effect to any
applicable grace periods provided in such Indebtedness) (“payment default”); or

 

(B)           
results in the acceleration of such Indebtedness prior to its maturity (the “cross-acceleration provision”),

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment
default or the maturity of which has been so accelerated, aggregates $35 million or more;

 

(6)          
(i) the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Code (the “bankruptcy
provisions”);

 

(A)          
commences proceedings to be adjudicated bankrupt or insolvent;

 

(B)           
consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under applicable Bankruptcy Code ;

 

(C)           
consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or
for all or substantially all of its property;

 

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

 

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

 

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

 

(A)          
is for relief against the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary in an involuntary case;

 

(B)          
appoints a Custodian or administrator of the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary or for a substantial part of the property of the Issuer or any
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary;
or

 

(C)           
orders the liquidation or winding up of the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60
consecutive days.

 

(7)          
failure by the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary to pay final judgments aggregating in excess of $35 million, exclusive of any amounts that a solvent insurance
company has acknowledged liability for, which judgments are not paid, discharged or stayed for a period of 60 days after the judgment
becomes final (the “judgment default provision”);

 

(8)          
[Reserved];

 

    100

     

    

 

(9)          
 any Note Guarantee by the Parent Guarantor, a Guarantor that is a Significant Subsidiary or any group of Guarantors that
taken together would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the
terms of such Note Guarantee or this Indenture) or is declared invalid or unenforceable in a judicial proceeding or any Guarantor
denies or disaffirms in writing its obligations under its Note Guarantee and any such Default continues for 10 days after the notice
specified in this Indenture (the “guarantee provisions”); and

 

(10)        
failure by the Issuer to consummate a Special Mandatory Redemption in accordance with Section 3.10.

 

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

 

(b)          
A Default under clauses (3), (5), (7) or (9) of Section 6.01(a) will not constitute an Event of Default until the Trustee
or the Holders of 25% in principal amount of the outstanding Notes under this Indenture notify the Issuer of the Default and, with
respect to clauses (3), (5), (7) or (9) and of Section 6.01(a) the Issuer does not cure such Default within the time specified
in clauses (3), (5), (7), and (9) of Section 6.01(a), as applicable, after receipt of such notice.

 

(c)          
The Trustee shall not be deemed to have notice of any Default or Event of Default (other than Default under clauses (1)
or (2) of Section 6.01(a)) unless a written notice of any event which is in fact such a Default is received by a Responsible Officer
of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

 

(d)          
With respect to any Default or Event of Default, the words “exists,” “is continuing” or similar
expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.
If any Default or Event of Default occurs due to:

 

(1)          
the failure by any person to take any action by a specified time, such Default or Event of Default shall be deemed to have
been cured at the time, if any, that the applicable person takes such action; or

 

(2)          
the taking of any action by any person that is not then permitted by the terms of this Indenture or any other Notes Document,
such Default or Event of Default shall be deemed to be cured on the earlier to occur of (i) the date on which such action would
be permitted at such time to be taken under this Indenture and the other Notes Documents and (ii) the date on which such action
is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time by this Indenture
and the other Notes Documents. If any Default or Event of Default occurs that is subsequently cured (a “Cured Default”),
any other subsequent Default or Event of Default resulting from the taking or omitting to take any action by any person, which
subsequent Default or Event of Default would not have arisen had the Cured Default not occurred, shall be deemed to be cured automatically
upon, and simultaneously with, the cure of the Cured Default.

 

Notwithstanding anything
to the contrary in this Section 6.01(d), a Default or Event of Default (the “Initial Default”) may not be cured pursuant
to Section 6.01(d):

 

(A)          
in the case of an Initial Default described in Section 6.01(d)(2), if an Officer of the Issuer had Knowledge at the time
of taking any such action that such Initial Default had occurred and was continuing; or

 

(B)           
in the case of an Event of Default described under Section 6.01(a)(9) that directly results in material impairment of the
rights and remedies of the Holders and the Trustee under the Notes Documents; or

 

    101

     

    

 

(C)           
 if the Trustee shall have declared all the Notes to be due and payable immediately pursuant to this Article 6 prior to
the date such Initial Default would have been deemed to be cured under Section 6.01(d).

 

For purposes of Section
6.01(d), “Knowledge” shall mean, with respect to an Officer of the Issuer, (i) the actual knowledge of such individual
or (ii) the knowledge that such individual would have obtained if such individual had acted in good faith to discharge his or her
duties with the same.

 

(e)          
Without limiting the generality of Section 6.01(d), if a Default occurs for a failure to deliver a required certificate
in connection with an Initial Default then at the time such Initial Default is cured, such Default for a failure to report or deliver
a required certificate in connection with the Initial Default will also be cured without any further action.

 

(f)           
Without limiting the generality of Section 6.01(d), any Default or Event of Default for the failure to comply with the time
periods prescribed in Section 4.10 or otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture
shall be deemed to be cured upon the delivery of any such report required by such covenant or notice or certificate, as applicable,
even though such delivery is not within the prescribed period specified in this Indenture.

 

Section
6.02         
Acceleration.

 

If an Event of Default
described in Section 6.01(a)(6) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on
all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or
any Holders. If any other Event of Default (other than an Event of Default described in Section 6.01(a)(6)) occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may and, if directed by
holders of at least 25% in aggregate principal amount of the then outstanding Notes, the Trustee shall, declare all the Notes to
be due and payable immediately. In the event of a declaration of acceleration of the Notes because an Event of Default under Section
6.01(a)(5) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if the
event of default or payment default triggering such Event of Default pursuant to Section 6.01(a)(5) shall be remedied or cured,
or waived by the holders of the relevant Indebtedness, or the relevant Indebtedness that gave rise to such Event of Default shall
have been discharged in full, within 30 days after the declaration of acceleration with respect thereto and if (i) the annulment
of the acceleration of the Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (ii) all
existing Events of Default, except nonpayment of principal, premium or interest on the Notes that became due solely because of
the acceleration of the Notes, have been cured or waived.

 

Section
6.03         
Other Remedies.

 

Subject to Article
12 and to the duties of the Trustee as provided for in Article 7, if an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of
any provision of the Notes or this Indenture.

 

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. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

 

Section
6.04         
Waiver of Past Defaults.

 

The Holders of
a majority in the aggregate principal amount of the outstanding Notes under this Indenture may waive all past or existing Defaults
or Events of Default (except with respect to

 

    102

     

    

 

nonpayment of principal, premium or interest)
and rescind any such acceleration with respect to such Notes and its consequences if rescission would not conflict with any judgment
or decree of a court of competent jurisdiction.

 

Section
6.05         
Control by Majority.

 

The Holders of a majority
in aggregate principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee (on behalf of the Holders) or of exercising any trust or power conferred on
the Trustee (on behalf of the Holders). However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee
in personal liability. Subject to Article 7, if an Event of Default occurs and is continuing, prior to taking any action under
this Indenture, the Trustee will be entitled to indemnification and/or security satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action.

 

Section
6.06         
Limitation on Suits.

 

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

 

(1)          
such Holder has previously given the Trustee notice that an Event of Default is continuing;

 

(2)          
Holders of at least 25% in aggregate principal amount of the outstanding Notes have requested the Trustee to pursue the
remedy;

 

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

 

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

 

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

 

(b)          
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
6.07         
Rights of Holders to Receive Payment.

 

Subject to Section
9.02, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the
respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section
6.08         
Collection Suit by Trustee.

 

If an Event of Default
specified in clause (1) or (2) of Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

 

Section
6.09         
Trustee May File Proofs of Claim.

 

    103

     

    

 

The Trustee may file
such proofs of claim and other papers or documents and take such actions as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the properly incurred compensation, expenses, disbursements and advances of the
Trustee, its agent and counsel and any other amounts due to the Trustee under Section 7.07) and the Holders allowed in any judicial
proceedings relative to the Issuer, their creditors or their property and, unless prohibited by law or applicable regulations,
may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and
any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any
other amounts due the Trustee and the Agents under Section 7.07.

 

Section
6.10         
Priorities.

 

If the Trustee collects
any money or property pursuant to this Article 6, it shall pay out the money or property in the following order:

 

FIRST: to the Trustee
and the Agents for amounts due under Section 7.02 and Section 7.07;

 

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

 

THIRD: to the Issuer
or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date,
the Trustee shall mail to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid.

 

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 the 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 properly incurred 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 or a Paying Agent, a suit by a Holder pursuant to Section 6.07
or a suit by Holders of more than 10% in principal amount of the Notes then outstanding.

 

Section
6.12         
Waiver of Stay or Extension Laws.

 

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

 

Section
6.13         
Restoration of Rights and Remedies.

 

If the Trustee or
any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued
or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject
to any determination in such proceeding, the Issuer, any Guarantor, the Trustee and the Holders shall be

 

    104

     

    

 

restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the Trustee, and the Holders shall continue as though
no such proceeding had been instituted.

 

Section
6.14         
Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or
remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section
6.15         
Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such right
or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this
Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient,
by the Trustee or by the Holders, as the case may be.

 

ARTICLE
7

TRUSTEE

 

Section
7.01         
Duties of Trustee.

 

(a)          
In the event an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has received
written notification in accordance with the provisions of this Indenture, the Trustee will exercise such of the rights and powers
vested in it under this Indenture and use the same degree of care that a prudent Person would use in the conduct of its own affairs.

 

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

 

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

 

(2)          
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein) and shall be entitled to seek advice from legal counsel in relation thereto.

 

(c)          
The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to
act or its own willful misconduct, except that:

 

(1)          
this Section 7.01(c) does not limit the effect of Section 7.01(a);

 

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

 

    105

     

    

 

(3)          
 the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 7.02, Section 7.03 or Section 7.05;

 

(d)         
The Trustee shall not be deemed to have notice or any actual knowledge of any matter (including, without limitation, Defaults
or Events of Default (other than default under Section 6.01(a)(1) or Section 6.01(a)(2)), unless written notice thereof is received
by the Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee in accordance with this Indenture and such
notice clearly references the Notes, the Issuer or this Indenture.

 

(e)         
Every provision of this Indenture that in any way relates to the Trustee is subject to Section 7.01(a), Section 7.01(b),
Section 7.01(c) and Section 7.01(f).

 

(f)           
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur liability in
the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action at
the request or direction of Holders if it has grounds for believing that repayment of such funds is not assured to it or it does
not receive an agreement in writing from the Holders for full indemnity and/or security satisfactory to it in its discretion against
any loss, liability or expense which might be incurred by it in compliance with such request or direction nor shall the Trustee
be required to do anything which is illegal or contrary to applicable laws or this Indenture. The Trustee will not be liable to
the Holders if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason
of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control.

 

(g)          
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Issuer.

 

(h)          
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(i)           
The Trustee will (save as expressly otherwise provided herein) have absolute and uncontrolled discretion as to the exercise
or non-exercise of its functions and will not be responsible for any loss, liability, cost, claim, action, demand, expense or inconvenience
which may result from their exercise or non-exercise but, whenever the Trustee is under the provisions of this Indenture or the
Notes bound to act at the request or direction of the Holders, the Trustee shall nevertheless not be so bound unless first indemnified
and/or secured to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and
all costs, charges, damages, expenses and liabilities which it may incur by so doing.

 

Section
7.02         
Rights of Trustee.

 

(a)          
The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would,
in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent
applicable, the State of New York. Furthermore, the Trustee may also refrain from taking such action if such action would otherwise
render it liable to any person in that jurisdiction, the State of New York or if, in its opinion based upon such legal advice,
it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction,
in the State of New York or if it is determined by any court or other competent authority in that jurisdiction, in the State of
New York that it does not have such power.

 

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

 

    106

     

    

 

(c)          
 Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.
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.

 

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

 

(e)          
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct
does not constitute willful misconduct or gross negligence.

 

(f)           
The Trustee may retain professional advisers to assist it in performing its duties under this Indenture. The Trustee may
consult with counsel of its selection, and the advice or Opinion of Counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(g)          
The Trustee shall not be bound to make any investigation into the facts or matters stated in any Officer’s Certificate,
Opinion of Counsel, or any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, approval, appraisal, bond, debenture, note, coupon, security other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer.

 

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

 

(i)           
In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders,
each representing less than the requisite majority in aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken and shall
be held harmless and shall not incur any liability for its failure to act until such inconsistency or conflict is, in its opinion,
resolved, and absent willful misconduct or gross negligence, the Trustee shall not be liable for acting in good faith on instructions
believed by them to be genuine and from the proper party.

 

(j)           
The Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries
in this Indenture and shall be entitled to assume that the Issuer, the Guarantors and any Restricted Subsidiaries are in compliance
with the terms of this Indenture.

 

(k)          
The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible
or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum
denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption,
purchase or repurchase, as applicable, of any interest in any Notes, but may at its sole discretion, choose to do so.

 

(l)           
If any Guarantor is substituted to make payments on behalf of the Issuer pursuant to Article 10, the Issuer shall promptly
notify the Trustee of such substitution.

 

    107

     

    

 

(m)         
 The Trustee and each Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and
from the proper party.

 

(n)          
The Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise
of its powers under this Indenture.

 

(o)          
The permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation
or duty to do so.

 

(p)        
Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for punitive, special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to loss of business, goodwill, opportunity
or profits of any kind) of the Issuer, any Guarantor, any Restricted Subsidiary or any other person, even if the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action.

 

(q)          
Except with respect to Section 4.01, and provided it or an affiliate of it is acting as the Paying Agent, the Trustee
shall have no duty to inquire as to the performance of the Issuer with respect to the covenants contained in Article 4. The
Trustee may assume without inquiry in the absence of written notice to the contrary that the Issuer is duly complying with its
obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default or
other event which would require repayment of the Notes has occurred.

 

(r)           
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes, pandemics, epidemics or acts of God; it being understood
that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

(s)          
The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate
may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

(t)          
The Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in
it by this Indenture, delegate to any person or persons all or any of the trusts, powers, authorities and discretions vested in
it by this Indenture and any such delegation may be made upon such terms and conditions and subject to such regulations as the
Trustee may think fit. The Trustee shall not be under any obligation to supervise the activities of such delegates and shall not
be responsible for the misconduct or negligence of such delegates, or for any costs, expenses, losses or liabilities of, or caused
by, such delegates, provided that such delegation has been made with reasonable care.

 

(u)          
No provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary
to applicable law or regulation.

 

(v)          
The Trustee and the Paying Agent shall be entitled to make payments net of any taxes or other sums required by any applicable
law to be withheld or deducted.

 

Section
7.03         
Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries
or their respective Affiliates with the same rights it would have if it were not Trustee. For the avoidance of doubt, any Paying
Agent, Transfer Agent or Registrar may do the same with like rights.

 

    108

     

    

 

Section
7.04         
Trustee’s Disclaimer.

 

The Trustee shall
not be responsible for and makes no representation as to the validity, effectiveness, correctness or adequacy of this Indenture,
the offering materials related to this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds
from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, and
it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged
with knowledge of the identity of any Significant Subsidiary unless either (a) a Responsible Officer shall have actual knowledge
thereof or (b) the Trustee shall have received notice thereof in accordance with Section 12.01 from the Issuer or any
Holder.

 

Section
7.05         
Notice of Defaults.

 

If a Default occurs
and is continuing and a Responsible Officer of the Trustee has received written notification thereof by the Issuer, the Trustee
shall give notice of the Default to the Holders within 60 days after being notified by the Issuer. Except in the case
of a Default in the payment of principal of, or premium, if any, or interest on any Note, the Trustee may withhold notice if and
so long as a committee of trust officers of the Trustee in good faith determines that withholding notice is in the interests of
the Holders.

 

Section
7.06         
[Reserved].

 

Section
7.07         
Compensation and Indemnity.

 

The Issuer, or, upon
the failure of the Issuer to pay, each Guarantor, jointly and severally, shall pay to the Trustee and the Agents from time to time
such compensation as the Issuer and Trustee and the Agents, as applicable, may from time to time agree in writing for its acceptance
of this Indenture and services hereunder and under the Notes. The Trustee’s and the Agents’ compensation shall not
be limited by any law on compensation of a trustee of an express trust.

 

In the event of the
occurrence of an Event of Default or the Trustee considering it expedient or necessary or being requested by the Issuer to undertake
duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise outside the scope of the normal duties
of the Trustee, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them.

 

The Issuer and each
Guarantor, jointly and severally, shall reimburse the Trustee and the Agents promptly upon request for all properly incurred disbursements,
advances and expenses incurred or made by it (as evidenced in an invoice from the Trustee and the Agents, as applicable), including
costs of collection, in addition to the compensation for its services. Such expenses shall include the properly incurred compensation
and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The Issuer and each Guarantor,
jointly and severally shall indemnify the Trustee, the Agents and their respective officers, directors, agents and employers against
any and all loss, liability, taxes or expenses (including properly incurred attorneys’ fees) incurred by or in connection
with the acceptance or administration of its duties under this Indenture and the Notes including the costs and expenses of enforcing
this Indenture against the Issuer (including this Section 7.07) and defending itself against any claim (whether asserted by
the Issuer or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers
or duties hereunder.

 

The Trustee shall
notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge thereof; provided, however,
that any failure to so notify the Issuer shall not relieve the Issuer or any Guarantor of its indemnity obligations hereunder.
Except in cases where the interests of the Issuer and the Trustee may be adverse, the Issuer shall defend the claim and the indemnified
party shall provide reasonable cooperation at the Issuer’s and any Guarantor’s expense in the defense. In cases where
the interests of the Issuer and the Trustee are adverse, (i) such indemnified

 

    109

     

    

 

party may, in its sole discretion, assume
the defense of the claim against it and the Issuer and any Guarantor shall, jointly and severally, pay the properly incurred fees
and expenses of the indemnified party’s defense (as evidenced in an invoice from the Trustee) and (ii) such indemnified
parties may have separate counsel of their choosing and the Issuer and any Guarantor, jointly and severally, shall pay the properly
incurred fees and expenses of such counsel (as evidenced in an invoice from the Trustee). The Issuer need not pay for any settlement
made without its consent, which consent shall not be unreasonably withheld. The Issuer need not reimburse any expense or indemnify
against any loss, liability or expense incurred by an indemnified party through such party’s own willful misconduct, gross
negligence or fraud.

 

To secure the Issuer’s
and any Guarantor’s payment obligations in this Section 7.07, the Trustee and the Agents have a Lien senior to the Notes
on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest
on particular Notes.

 

The Issuer’s
and any Guarantor’s payment obligations pursuant to this Section 7.07 and any lien arising thereunder shall survive
the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Code or the
resignation or removal of the Trustee and the Agents. Without prejudice to any other rights available to the Trustee and the Agents
under applicable law, when the Trustee and the Agents incur expenses (including the fees and expenses of counsel) after the occurrence
of a Default specified in Section 6.01(a)(6) with respect to the Issuer, the expenses are intended to constitute expenses of administration
under any Bankruptcy Code .

 

For the avoidance
of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Section 7.07, including
its right to be indemnified, are extended to, and shall be enforceable by the Trustee in each of its capacities hereunder and by
each agent (including the Agents), any custodian and any other Person employed with due care to act as agent hereunder.

 

Section
7.08         
Replacement of Trustee.

 

(a)          
The Trustee may resign at any time by so notifying the Issuer in writing. The Holders of a majority in principal amount
of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Issuer in writing and may appoint a successor
Trustee. The Issuer shall be entitled to remove the Trustee and any Holder who has been a bona fide Holder for not less than six
months may petition any court for removal of the Trustee and appointment of a successor Trustee, if:

 

(1)          
the Trustee, in its capacity as such, has or acquires a conflict of interest that is not eliminated;

 

(2)          
the Trustee is adjudged bankrupt or insolvent;

 

(3)          
a receiver or other public officer takes charge of the Trustee or its property; or

 

(4)          
the Trustee otherwise becomes incapable of acting as Trustee hereunder.

 

(b)          
If the Trustee resigns, is removed pursuant to Section 7.08(a) or if a vacancy exists in the office of Trustee for
any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee.

 

(c)          
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to 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 this Section 7.08. For the
avoidance of doubt, any removal or resignation of the Trustee pursuant to this Section 7.08 shall not become effective until
the acceptance of the appointment by the successor Trustee.

 

    110

     

    

 

(d)         
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed,
(i) the retiring Trustee, at the expense of the Issuer, or the Holders of 10% in principal amount of the Notes may petition
any court of competent jurisdiction for the appointment of a successor trustee, or (ii) the retiring Trustee may appoint a
successor trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment
is reasonably satisfactory to, and at the joint and several cost and expense of, the Issuer and Guarantors.

 

(e)          
Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

(f)           
For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Article 7,
including its right to be indemnified, are extended to, and shall be enforceable by each Agent employed to act hereunder.

 

Section
7.09         
Successor Trustee by Merger.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 

In case at the time
such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate
of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes
shall not have been authenticated, any successor to the Trustee or its Authenticating Agent may authenticate such Notes either
in the name of any predecessor hereunder or in the name of the successor to the Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Trustee shall
have.

 

Section
7.10         
[Reserved].

 

Section
7.11         
Certain Provisions.

 

Each Holder by accepting
a Note authorizes and directs on his or her behalf the Trustee to enter into and to take such actions and to make such acknowledgements
as are set forth in this Indenture or other documents entered into in connection therewith.

 

Section
7.12         
Resignation of Agents.

 

(a)          
Any Agent may resign its appointment hereunder at any time without the need to give any reason and without being responsible
for any costs associated therewith by giving notice to the Issuer and the Trustee (and in the case of resignation of the Paying
Agent the Paying Agent giving 30 days’ written notice) (waivable by the Issuer and the Trustee), provided that
in the case of resignation of the Paying Agent no such resignation shall take effect until a new Paying Agent shall have been appointed
by the Issuer to exercise the powers and undertake the duties hereby conferred and imposed upon the Paying Agent. Following receipt
of a notice of resignation from any Agent, the Issuer shall promptly give notice thereof to the Holders in accordance with Section 12.01
Such notice shall expire at least 30 days before or after any due date for payment in respect of the Notes.

 

(b)          
If any Agent gives notice of its resignation in accordance with this Section 7.12 and a replacement Agent is required
and by the tenth day before the expiration of such notice such replacement has not been duly appointed, such Agent may itself appoint
as its replacement any reputable and experienced financial institution or may petition a court of competent jurisdiction, with
costs and expenses properly incurred by the Agent in relation to such petition to be paid by the Issuer. Immediately following
such appointment, the Issuer shall give notice of such appointment to the

 

    111

     

    

 

Trustee, the remaining Agents and the Holders
whereupon the Issuer, the Trustee, the remaining Agents and the replacement Agent shall acquire and become subject to the same
rights and obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this
Indenture.

 

(c)          
Upon its resignation becoming effective the Paying Agent shall forthwith transfer all moneys held by it hereunder, if any,
to the successor Paying Agent or, if none, the Trustee or to the Trustee’s order, but shall have no other duties or responsibilities
hereunder, and shall be entitled to the payment by the Issuer of its remuneration for the services previously rendered hereunder
and to the reimbursement of all reasonable expenses (including legal fees) incurred in connection therewith.

 

ARTICLE
8

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section
8.01         
Discharge of Liability on Notes; Defeasance.

 

(a)          
This Indenture, and the rights of the Trustee and the Holders under the Notes will be discharged and cease to be of further
effect (except as to surviving rights of conversion or transfer or exchange of the Notes, as expressly provided for in this Indenture)
as to all outstanding Notes when (1) either (a) all the Notes previously authenticated and delivered (other than certain
lost, stolen or destroyed Notes, and certain Notes for which provision for payment was previously made and thereafter the funds
have been released to the Issuer) have been delivered to the relevant Paying Agent for cancellation; or (b) all the Notes
not previously delivered to the relevant Paying Agent for cancellation (i) have become due and payable, (ii) will become
due and payable at their Stated Maturity 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 by the Trustee in the name, and at the expense, of
the Issuer; (2) the Issuer has deposited or caused to be deposited with the Trustee (or an entity designated or appointed
as agent by it for this purpose), cash in U.S. dollars or U.S. dollar-denominated U.S. Government Obligations or
a combination thereof, in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not previously delivered
to the Trustee for cancellation, for principal, premium, if any, and interest to the date of deposit (in the case of Notes that
have become due and payable), or to the Stated Maturity or redemption date, as the case may be; provided, that 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 on or prior to the date of redemption; (3) the Issuer has paid or caused to
be paid all other sums payable under this Indenture with respect to the Notes; (4) the Issuer has delivered irrevocable instructions
under this Indenture to apply the deposited money toward payment of the Notes at maturity or on the redemption date, as the case
may be; and (5) the Issuer has delivered to the Trustee an Officer’s Certificate to the effect that all conditions precedent
under this Section 8.01 relating to the satisfaction and discharge of this Indenture and the Notes have been complied with.

 

(b)          
Subject to Section 8.01(c) and Section 8.02, the Issuer at any time may terminate (i) all of its obligations
and all obligations of each Guarantor under the Notes, any Note Guarantees and this Indenture (“legal defeasance option”)
and cure all then existing Defaults and Events of Default or (ii) its obligations under the covenants in Article 4 (other
than Section 4.01) and Article  5 (other than Section 5.01(a)(1) and (2)) and the default provisions relating to such covenants
in Section 6.01(a)(3) (other than with respect to Section 5.01(a)(1) and (2)), the operation of clauses (5), (6) with
respect to Significant Subsidiaries, (7) and (9) of Section 6.01(a) (“covenant defeasance option”). The
Issuer at its option at any time may exercise its legal defeasance option with respect to the Notes, notwithstanding its prior
exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Notes of a
series and this Indenture by exercising its legal defeasance option, the obligations under any Guarantees shall each be terminated
simultaneously with the termination of such obligations.

 

    112

     

    

 

If the Issuer exercises
its legal defeasance option with respect to the Notes, the rights of the Trustee and the Holders of such Notes under this Indenture
in effect at such time will terminate (other than with respect to the defeasance trust).

 

Upon satisfaction
of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those
obligations that the Issuer terminates.

 

If the Issuer exercises
its legal defeasance option with respect to the Notes, payment of such Notes may not be accelerated because of an Event of Default
with respect to such Notes. If the Issuer exercises its covenant defeasance option with respect to the Notes, payment of such Notes
may not be accelerated because of an Event of Default specified in clause (3) (other than with respect to clauses (1)
and (2) of Section 5.01(a)), (5), (6), (7) or, (9)  of Section 6.01(a)).

 

(c)          
Notwithstanding Section 8.01(a) and Section 8.01(b), the Issuer’s and any Guarantors’ obligations
in Section 2.03, Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 2.09,
Section 2.10, Section 2.11, Article 7 and this Article 8, as applicable, and the rights of Holders to receive
payments in respect of the principal, premium, if any, and interest on the Notes when such payments are due, solely out of the
trust created pursuant to this Indenture referred to in Section 8.01(a) and Section 8.02(a), shall survive until the
Notes have been paid in full. Thereafter, the Issuer’s and any Guarantors’ obligations in Section 7.07, Section 8.05
and Section 8.06, as applicable, shall survive.

 

Section
8.02         
Conditions to Defeasance.

 

(a)          
The Issuer may exercise its legal defeasance option or its covenant defeasance option with respect to the Notes only if
the Issuer has irrevocably deposited in trust (the “defeasance trust”) with the Trustee (or an entity designated
or appointed as agent by it for this purpose) cash in U.S. dollars or U.S. dollar-denominated U.S. Government Obligations
or a combination thereof for the payment of principal, premium, if any, and interest on such Notes to redemption or maturity, as
the case may be, and has delivered to the Trustee:

 

(1)          
an Opinion of Counsel (subject to customary exceptions and exclusions) from United States counsel to the effect that Holders
of such Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and
defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit and defeasance had not occurred (and in the case of legal defeasance only, such Opinion
of Counsel from United States counsel must be based on a ruling of the U.S. Internal Revenue Service or other change in applicable
U.S. federal income tax law);

 

(2)         
an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering,
delaying, defrauding or preferring any creditors of the Issuer;

 

(3)          
an Officer’s Certificate stating that all conditions precedent provided for or relating to legal defeasance or covenant
defeasance, as the case may be, have been complied with; and

 

(4)          
an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a
regulated investment company under the U.S. Investment Company Act of 1940, as amended.

 

(b)         
Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of Notes at a
future date in accordance with Article 3.

 

Section
8.03         
Application of Trust Money.

 

The Trustee (or an
entity appointed or designated (as agent) by it for this purpose) shall hold in trust money, U.S. Government Obligations for
the payment of principal, premium, if any, and interest

 

    113

     

    

 

deposited with it pursuant to this Article 8.
It shall apply the deposited money and the money from the U.S. Government Obligations through the Paying Agent and in accordance
with this Indenture to the payment of principal of and interest on the Notes.

 

Section
8.04         
Repayment to Issuer.

 

The Trustee and the
Paying Agent shall promptly turn over to the Issuer upon request any money, U.S. Government Obligations held by it as provided
in this Article 8 which, in the written opinion of an internationally recognized firm of independent public accountants delivered
to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess
of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance
with this Article 8.

 

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Issuer upon written request any money held by them for
the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must
look to the Issuer for payment as general creditors, and the Trustee and the Paying Agent shall have no further liability with
respect to such monies.

 

Section
8.05         
Indemnity for Government Obligations.

 

The Issuer and any
Guarantor, jointly and severally, shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government
Obligations.

 

Section
8.06         
Reinstatement.

 

If the Trustee or
Paying Agent is unable to apply any money, U.S. Government Obligations in accordance with this Article 8 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money, U.S. Government Obligations in accordance with this Article 8; provided, however, that if
the Issuer has made any payment of principal of or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money, U.S. Government Obligations
held by the Trustee or Paying Agent.

 

ARTICLE
9

AMENDMENTS AND WAIVERS

 

Section
9.01         
Without Consent of Holders.

 

(a)          
Without the consent of any Holder, the Issuer, the Trustee and the other parties thereto, as applicable, may amend or supplement
any Notes Documents to:

 

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

 

(2)          
provide for the assumption by a successor Person of the obligations of the Issuer or any Guarantor under any Notes Document;

 

(3)          
add to the covenants or provide for a Guarantee for the benefit of the Holders or surrender any right or power conferred
upon the Issuer or any Restricted Subsidiary;

 

(4)          
make any change that would provide additional rights or benefits to the Trustee or the Holders or does not adversely affect
the rights or benefits to the Trustee or any of the Holders in

 

    114

     

    

 

any material respect under the Notes Documents,
including any changes relating to the minimum denominations of the Notes;

 

(5)          
make such provisions as necessary (as determined in good faith by the Issuer) for the issuance of Additional Notes Incurred
in accordance with the terms of this Indenture;

 

(6)          
provide for a Restricted Subsidiary to provide a Note Guarantee to be released, in each case, in accordance with this Indenture,
to add Guarantees with respect to the Notes (including any provisions relating to the release or limitations of such Additional
Note Guarantees), to add security to or for the benefit of the Notes, or to effectuate or confirm and evidence the release, termination,
discharge or retaking of any Note Guarantee or Lien or any amendment in respect thereof with respect to or securing the Notes when
such release, termination, discharge or retaking or amendment is provided for under this Indenture;

 

(7)          
conform the text of this Indenture, the Note or the Notes to any provision of the section of the Offering Memorandum entitled
 “Description of the Senior Notes” to the extent that such provision in the section of the Offering Memorandum
entitled “Description of the Senior Notes” was intended to be a verbatim recitation of a provision of
this Indenture, a Note Guarantee or the Notes; or

 

(8)          
evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the requirements
thereof or to provide for the accession by the Trustee to any Notes Document;

 

(9)          
[Reserved].

 

(b)          
In formulating its decision on the matters described in Section 9.01(a), the Trustee shall be entitled to require and
rely absolutely on such evidence as it deems necessary, including Officer’s Certificates and Opinions of Counsel.

 

Section
9.02         
With Consent of Holders.

 

(a)          
The Issuer may amend, supplement or otherwise modify the Notes Documents with the consent of the Holders of a majority in
principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes) and, unless otherwise provided for in this Indenture, any default or compliance with any provisions
thereof may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). However, without the consent
of each Holder of Notes affected (including consents obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes), an amendment, supplement or waiver may not, with respect to any Notes held by a non-consenting Holder:

 

(1)          
reduce the principal amount of such Notes whose Holders must consent to an amendment, waiver, supplement or modification;

 

(2)          
reduce the stated rate of or extend the stated time for payment of interest on any such Note (other than, for the avoidance
of doubt, any payment pursuant to a Change of Control Offer or pursuant to Section 4.08);

 

(3)          
reduce the principal of, or extend the Stated Maturity of, any such Note;

 

(4)          
reduce the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed
(other than any change to the notice periods with respect to such redemption), in each case under Section 3.07 (other than,
for the avoidance of doubt, any payment pursuant to a Change of Control Offer or pursuant to Section 4.08);

 

    115

     

    

 

(5)          
 make any such Note payable in money other than that stated in such Note (except to the extent the currency stated in such
Notes has been succeeded or replaced pursuant to applicable law);

 

(6)          
impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any such payment on or with respect to such Holder’s Notes
(it being understood that this Section 9.02(a)(6) will not apply to Section 4.03 or Section 4.08 except to the extent
payments thereunder are at such time due and payable);

 

(7)          
[Reserved];

 

(8)          
waive a Default or Event of Default with respect to the nonpayment of principal, premium or interest on such Notes (except
pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such
Notes and a waiver of the payment default that resulted from such acceleration); or

 

(9)          
make any change in the amendment or waiver provisions which require the Holders’ consent described in this Section 9.02(a).

 

(b)         
In addition, without the consent of at least 75% in aggregate principal amount of Notes then outstanding, no amendment,
supplement or waiver may release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in
accordance with the terms of this Indenture.

 

(c)         
In formulating its decision on the matters described in Section 9.02(a), the Trustee shall be entitled to require and
rely absolutely on such evidence as it deems necessary, including Officer’s Certificates and Opinions of Counsel.

 

(d)          
The consent of the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment.
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.

 

(e)          
After an amendment under this Section 9.02 becomes effective, in the case of Holders of Definitive Notes, the Issuer
shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

(f)          
The Notes issued on the Issue Date, and any Additional Notes, will be treated as a single class for all purposes under this
Indenture, including with respect to waivers and amendments, except as otherwise stated in this Section 9.02.

 

Section
9.03         
Revocation and Effect of Consents and Waivers.

 

(a)          
A written consent to an amendment or a waiver by a Holder shall bind the Holder and every subsequent Holder of that Note
or portion of the Notes that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or
waiver 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 amendment, supplement or waiver becomes effective. After an amendment
or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by
the Issuer or the Trustee of the requisite number of consents, (ii) satisfaction of conditions to effectiveness as set forth
in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment
or waiver (or supplemental indenture) by the Issuer and the Trustee.

 

    116

     

    

 

 

(b)               
 The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
give their written consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.
If a record date is fixed, then notwithstanding Section 9.03(a), those Persons who were Holders at such record date (or their
duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given
or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be
valid or effective for more than 120 days after such record date.

 

Section
9.04           
Notation on or Exchange of Notes.

 

If an amendment, modification
or supplement changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee
may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer
or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee or an Authenticating Agent shall
authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall
not affect the validity of such amendment, modification or supplement.

 

Section
9.05           
Trustee to Sign Amendments.

 

The Trustee shall
sign any amendment authorized pursuant to this Article 9 if the amendment does not impose any personal obligations on the
Trustee or adversely affect the rights, duties, liabilities or immunities of the Trustee under this Indenture. If it does, the
Trustee may, but need not, sign it. In signing such amendment the Trustee shall be entitled to receive an indemnity and/or security
satisfactory to it and to receive, and (subject to Section 7.01 and Section 7.02(m)) shall be fully protected in relying
upon, an Officer’s Certificate and an Opinion of Counsel stating that such amendment complies with this Indenture and that
such amendment has been duly authorized, executed and delivered and is the legally valid and binding obligation of the Issuer and
the Guarantors (if any) enforceable against them in accordance with its terms, subject to customary exceptions.

 

Notwithstanding the
foregoing and Section 12.02(b), no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement
adding a new Guarantee of the Notes under this Indenture; provided that the execution thereof shall be deemed a representation
by such Guarantor(s) that (i) all conditions precedent and covenants, if any, relating to the execution of such supplemental
indenture have been satisfied, (ii) that such executed supplemental indenture is substantially in the form attached as Exhibit D
hereto (subject to the inclusion of any additional limitations under applicable laws on the obligations of such Guarantor under
its Note Guarantee) and (iii) such supplemental indenture is enforceable in accordance with its terms subject to (A) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and similar laws affecting the rights and remedies of creditors generally
and (B) general principles of equity.

 

For the avoidance
of doubt, an Officer’s Certificate (which the Trustee will be fully protected in relying upon and upon which the Trustee
shall be entitled to rely without further enquiry or investigation) will be required for the Trustee to execute any amendment or
supplement adding a new Guarantee of the Notes under this Indenture.

 

ARTICLE
10

NOTE GUARANTEES

 

Section
10.01        Note
Guarantees.

 

(a)               
Subject to this Article 10, each Guarantor hereby, as primary obligor and not merely as a surety, jointly and severally,
unconditionally and on a senior basis guarantees to each Holder authenticated and delivered by the Trustee (or the Authenticating
Agent), to the Trustee, irrespective of

 

    117

     

    

 

the validity and enforceability of this
Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:

 

(1)              
the principal of, and premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest, and premium, if any, on the Notes
(to the extent permitted by law) and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder
will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and

 

(2)              
in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)               
Each Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action or any delay or omission to assert any claim or to
demand or enforce any remedy hereunder or thereunder, any waiver, surrender, release or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than payment
in full of all the Obligations of the Issuer hereunder and under the Notes). Each Guarantor hereby waives, to the fullest extent
permitted by law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants
that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture or by release in accordance with the provisions of this Indenture.

 

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

 

(d)               
Until terminated in accordance with Section 10.06, each Guarantor agrees that it will not be entitled to any right
of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee,
on the other hand,

 

(1)              
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this
Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and

 

(2)              
in the event of any declaration of acceleration of such obligations as provided in Article 6 such obligations (whether
or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors
will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee.

 

(e)               
Each Guarantor also agrees to pay any and all costs and expenses (including attorneys’ fees and expenses) incurred
by the Trustee in enforcing any rights under this Section 10.01.

 

    118

     

    

 

(f)                
 Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by
or against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit
of creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment of
the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee
on the Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise,
all as though such payment had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored
or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid
and not so rescinded, reduced, restored or returned.

 

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
10.02        Successors
and Assigns.

 

This Article 10
shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns
of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights
and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this Indenture.

 

Section
10.03        No
Waiver.

 

Neither a failure
nor a delay on the part of the Trustee or the Holders in exercising any right, power or privilege under this Article 10 shall
operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right,
power or privilege. The rights, remedies and benefits the Trustee and the Holders herein expressly specified are cumulative and
not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by
statute or otherwise.

 

Section
10.04        Modification.

 

No modification, amendment
or waiver of any provision of this Article 10, nor the consent to any departure by any Guarantor therefrom, shall in any event
be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle
such Guarantor to any other or further notice or demand in the same, similar or other circumstances.

 

Section
10.05        Execution
of Supplemental Indenture for Guarantors.

 

Each Subsidiary which
is required to become a Guarantor pursuant to this Indenture and the Issuer shall promptly execute and deliver to the Trustee a
supplemental indenture in the form attached to this Indenture as Exhibit D pursuant to which such Subsidiary and the
Issuer shall become a Guarantor under this Article 10. Concurrently with the execution and delivery of such supplemental indenture,
the Issuer shall deliver to the Trustee an Officer’s Certificate (which the Trustee shall be fully protected in relying upon
and upon which the Trustee shall be entitled to rely, without further enquiry or investigation) to the effect that such supplemental
indenture has been duly authorized, executed and delivered by such Subsidiary or the Issuer and that, subject to the application
of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights
generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Note Guarantee of such Guarantor
is a legally valid and binding obligation of such

 

    119

     

    

 

Guarantor, enforceable against such Guarantor
in accordance with its terms and to such other matters as the Trustee may reasonably request.

 

The obligations of
a Guarantor executing and delivering a supplemental indenture to this Indenture providing for a Note Guarantee of the Notes under
this Article 10 shall be subject to such limitations as are mandated under applicable laws in addition to the limitations
set forth in Section 10.07 and set out in the relevant supplemental indenture.

 

Section
10.06        Release
of the Note Guarantees.

 

(a)               
Each Note Guarantee will terminate automatically:

 

(1)              
In the case of the Note Guarantee of a Subsidiary Guarantor, upon a sale or other disposition (including by way of consolidation,
merger, amalgamation or combination) of the Capital Stock of the relevant Subsidiary Guarantor (whether by direct sale or sale
of a holding company of such Subsidiary Guarantor) such that following such sale or disposition such Subsidiary Guarantor is no
longer a Restricted Subsidiary or the sale or disposition of all or substantially all the assets of the Subsidiary Guarantor (other
than to the Issuer or a Restricted Subsidiary), in each case if the sale or other disposition does not violate Section 4.08;

 

(2)              
In the case of the Note Guarantee of a Subsidiary Guarantor, upon the designation in accordance with this Indenture of that
Subsidiary Guarantor as an Unrestricted Subsidiary; (ii) such Subsidiary Guarantor otherwise becomes an Excluded Subsidiary
(other than pursuant to clause (1) of the definition thereof) or (iii) the occurrence of any other event following which such
Subsidiary Guarantor is no longer a Restricted Subsidiary in a manner not in violation of this Indenture;

 

(3)              
upon legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture, as provided in Article 8;

 

(4)              
as described under Article 9;

 

(5)              
as described under Section 4.21;

 

(6)              
with respect to any Subsidiary Guarantor that is not the continuing or surviving Person in the relevant consolidation or
merger, as a result of a transaction that complies with Section 5.02;

 

(7)              
upon the occurrence of a Suspension Event; provided that if, after any release in reliance on this clause (7), a
Reversion Date has occurred, the Issuer shall take all actions reasonably necessary to provide that the Notes shall have been unconditionally
guaranteed by each Guarantor released pursuant to this clause (7) (to the extent such guarantee is required by Section 4.21) within
30 days after such Reversion Date;

 

(8)              
upon the full and final payment and performance of all obligations of the Issuer under this Indenture and the Notes; or

 

(9)              
in the case of the Note Guarantee of a Subsidiary Guarantor in the event of solvent liquidation or dissolution of such Subsidiary
Guarantor.

 

(b)               
The Trustee shall take all necessary actions requested by the Issuer, to effectuate any release of a Note Guarantee in accordance
with Section 10.06(a), subject to customary protections and indemnifications. Each of the releases set forth in Section 10.06(a)
shall be effective without the consent of the Holders or any action on the part of the Trustee. Neither the Trustee nor the Issuer
will be required to make a notation on the Notes to reflect any such release, termination or discharge.

 

    120

     

    

 

Section
10.07        Limitations
on Obligations of Guarantors.

 

Each Guarantor and,
by its acceptance of the Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Code , the Uniform Fraudulent
Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the
obligations of each Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all
other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections
from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations
of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Note Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Note Guarantee
shall be entitled upon payment in full of all guaranteed obligations under this Indenture to a contribution from each other Guarantor
in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the
Guarantors at the time of such payment determined in accordance with GAAP.

 

Section
10.08        Non-Impairment.

 

The failure to endorse
a Note Guarantee on any Note shall not affect or impair the validity thereof.

 

ARTICLE
11

[Reserved].

 

ARTICLE
12

MISCELLANEOUS

 

Section 12.01       
Notices. Any notice or communication shall be in writing in English and delivered
in person, electronically or mailed by first-class mail or facsimile addressed as follows:

 

if to the Issuer:

 

c/o Altice USA, Inc.

1 Court Square West

Long Island City, NY 11101

United States of America

Attention of: Nick Brown

Tel: +1 917 589 9983

 

if to the Trustee, Paying Agent, Registrar
and Transfer Agent:

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2405

New York, New York 10005

United States of America

Attention of: Corporates Team – Cablevision Lightpath LLC

Facsimile: +1 (732) 578-4635

 

Each of the Issuer
or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

    121

     

    

 

All notices to Holders
of the Notes will be validly given if mailed to them at their respective addresses in the register of the Holders of such Notes,
if any, maintained by the Registrar. In addition, if any Notes are listed on an exchange, and the rules of the exchange so require,
the Issuer will publish or post such notices in accordance with the rules of such exchange.

 

Each such notice shall
be deemed to have been given on the date of such publication or, if published more than once on different dates, on the first date
on which publication is made; provided that, if notices are mailed, such notice shall be deemed to have been given on the
later of such publication and the seventh day after being so mailed. Any notice or communication mailed to a Holder shall be mailed
to such Person by first-class mail or other equivalent means and shall be sufficiently given to such Holder if so mailed within
the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or
not the addressee receives it.

 

For Notes which are
represented by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication
to entitled account holders in substitution for the aforesaid mailing.

 

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 Security Documents 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 Security Document or any instrument, agreement or document necessary
for the consummation of the transactions contemplated by this Indenture or the Security Documents 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 an Agent acts on any Executed Documentation
sent by electronic transmission, the Trustee or Agent 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 and each Agent 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 an Agent
acting on unauthorized instructions and the risk of interception and misuse by third parties.

 

Section
12.02        Certificate
and Opinion as to Conditions Precedent.

 

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

 

(a)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this Indenture

 

    122

     

    

 

relating to the proposed action have been
complied with and any other matters that the Trustee may reasonably request; and

 

(b)               
if requested by the Trustee, an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with and any other matters that the Trustee
may reasonably request.

 

Section
12.03        Statements
Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section
4.14) shall include:

 

(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, such Person 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 complied with (and, in the
case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of fact); and

 

(d)               
a statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

 

Section
12.04        When
Notes Disregarded.

 

(a)               
Except as otherwise provided under Section 3.07 and Section 4.03, in determining whether the Holders of the required
principal amount of the Notes have concurred in any direction, waiver or consent, any such Notes owned by the Issuer or by any
Person directly or indirectly controlling, or controlled by, or under direct or indirect common control with the Issuer will be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject
to the foregoing, only Notes outstanding at the time shall be considered in any such determination.

 

Section
12.05        Rules
by Trustee, Paying Agent and Registrar.

 

The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their
functions.

 

Section
12.06        Legal
Holidays.

 

If a payment date
is not a Business Day, Holders will not be entitled to payment of the amount due until the next succeeding Business Day, and will
not be entitled to any further interest or other payment as a result of any such delay.

 

Section
12.07        Governing
Law and Waiver of Trial by Jury.

 

This Indenture, the
Notes and the Note Guarantees, and the rights and duties of the parties thereunder shall be governed by, and construed in accordance
with, the laws of the State of New York. Each of the Issuer, the Holders and the Trustee hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Indenture or the Notes.

 

    123

     

    

 

Section
12.08        Consent
to Jurisdiction and Service.

 

The Issuer and the
Parent Guarantor irrevocably (i) agree that any legal suit, action or proceeding against the Issuer or the Parent Guarantor
arising out of or based upon this Indenture, the Notes or any Note Guarantee or the transactions contemplated hereby may be instituted
in any U.S. Federal or state court in the Borough of Manhattan, The City of New York and (ii) waive, to the fullest extent
they may lawfully do so, any objection which they may now or hereafter have to the laying of venue of any such proceeding.

 

Section
12.09        No
Recourse Against Others.

 

No director, officer,
employee, incorporator or shareholder of the Issuer or any of its Subsidiaries or Affiliates, as such, shall have any liability
for any obligations of the Issuer 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 issuance of the Notes.

 

Section
12.10        Successors.

 

All agreements of
the Issuer and each Guarantor, if any, in this Indenture and the Notes shall bind its successors. All agreements of the Trustee
in this Indenture shall bind its successors.

 

Section
12.11        Multiple
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.
One signed copy is enough to prove this Indenture.

 

Section
12.12        Table
of Contents; Headings.

 

The table of contents,
cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section
12.13        Prescription.

 

Claims against the
Issuer or any Guarantor for the payment of principal, or premium, if any, on the Notes will be prescribed ten years after the applicable
due date for payment thereof. Claims against the Issuer or any Guarantor for the payment of interest on Notes will be prescribed
five years after the applicable due date for payment of interest.

 

Section
12.14        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 Law”), the Trustee and the Agents are required to obtain,
verify, record and update certain information relating to individuals and entities which maintain a business relationship with
the Trustee and/or the Agents. Accordingly, each of the parties agree to provide to the Trustee and the Agents upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee
and the Agents to comply with Applicable Law.

 

Section
12.15        Severability.

 

    124

     

    

 

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

 

(Signature
pages follow)

 

    125

     

    

 

SIGNATURES

 

Dated as of September 29, 2020

 

	 	Cablevision Lightpath
    LLC, as Issuer
	 	 
	 	 
	 	By:	/s/ Michael Grau
	 	Name: Michael Grau
	 	Title: Chief Financial Officer

 

     

     

    

  

	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
	 	as Trustee, Paying Agent, Transfer Agent and Registrar
	 	 
	 	By:	/s/ Annie Jaghatspanyan
	 	 	Name: Annie Jaghatspanyan
	 	 	Title: Vice President
	 	 
	 	 
	 	 
	 	By:	 /s/ Bridgette Casasnovas
	 	 	Name: Bridgette Casasnovas
	 	 	Title: Vice President

 

     

     

    

 

EXHIBIT
A

 

[Form
of Face of Note]

 

[REGULATION S PERMANENT/RULE 144A/REGULATION
S TEMPORARY]

GLOBAL NOTE

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Regulation S Temporary Global
Note Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend,
if applicable pursuant to the provisions of the Indenture]

 

[Insert the Original Issue Discount
Legend, if applicable pursuant to the provisions of the Indenture]

 

    A-1-1

     

    

 

ISIN ____________

 

CUSIP _____________

 

5.625% Senior Notes due 2028

 

	No.	 ____________	 	$ 	 

 

 

 

CABLEVISION LIGHTPATH LLC

 

Cablevision
Lightpath LLC, a Delaware limited liability company, promises to pay to [ • ], or its registered assigns, the principal
sum of [ • ] dollars, subject to adjustments listed on the Schedule of Increases or Decreases in the Global Note
attached hereto, on [ • ].

 

Interest
Payment Dates: [ • ] and [ • ] of each year, commencing [ • ].

 

Record
Dates: [ • ] and [ • ].

 

Additional provisions of this Note are
set forth on the other side of this Note.

 

(Signature page to follow)

 

    A-1-2

     

    

 

IN WITNESS WHEREOF, Cablevision Lightpath
LLC has caused this Note to be signed manually or by facsimile by its duly authorized officers.

 

	Dated:	 	CABLEVISION LIGHTPATH LLC
	 	 
	 	 
	 	By:	             
	 		Name:
	 		Title:

 

This is one of the Notes referred

to in the Indenture.

 

    A-1-3

     

    

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, not
in a personal capacity, but in its capacity as the Authenticating Agent

 

	By:	        	 
	 	(Authorized Signatory)	 

 

    A-1-4

     

    

 

[Form of Back of Note]

 

5.625% Senior Notes due 2028

 

		1.	Interest

 

Cablevision Lightpath
LLC, a Delaware limited liability company (the “Issuer”), promises to pay interest on the principal amount of
this Note at the rate of 5.625% per annum. The Issuer shall pay interest semi-annually on March 15 and September 15 of each
year, commencing on March 15, 2021 until maturity. The Issuer will make each interest payment to Holders of record of the Notes
on September 1 and March 1 immediately preceding the related interest payment date. Interest on the Notes shall accrue from the
date of original issuance, or, if interest has already been paid, from the date it was most recently paid until the principal hereof
is due. Interest shall be computed on the basis of a 360-day year of twelve months of 30 days each.

 

		2.	Method of Payment

 

Holders must surrender
Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in dollars.
Principal, interest and premium, if any, on the Global Notes will be payable at the specified office or agency of one or more Paying
Agents; provided that payments on the Regulation S Global Notes and the Rule 144A Global Notes will be made to
Cede & Co. as the registered holder of the Regulation S Global Notes and the Rule 144A Global Notes by wire transfer
of immediately available funds to the account specified by the Holder or Holders thereof.

 

Principal, interest
and premium, if any, on the Definitive Registered Notes will be payable at the specified office or agency of one or more Paying
Agents maintained for such purposes in New York, New York. In addition, at the option of the Issuer, interest on the Definitive
Registered Notes may be paid by check mailed to the Person entitled thereto as shown on the register for the Definitive Registered
Notes.

 

If the due date for
any payment in respect of any Notes is not a Business Day, the Holder thereof will not be entitled to payment of the amount due
until the next succeeding Business Day, and will not be entitled to any further interest or other payment as a result of any such
delay.

 

		3.	Paying Agent, Transfer Agent and Registrar

 

Initially, Deutsche
Bank Trust Company Americas will act as Paying Agent, Transfer Agent and Registrar. The Issuer may appoint and change any Registrar,
Transfer Agent and Paying Agent. The Issuer or any of its Subsidiaries may act as Registrar, Transfer Agent and Paying Agent.

 

		4.	Indenture

 

The Issuer issued
the Notes under the Indenture dated as of September 29, 2020 (the “Indenture”), among the Issuer and Deutsche
Bank Trust Company Americas, as trustee (the “Trustee”), Paying Agent, Transfer Agent and Registrar. The terms
of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders are referred to the Indenture
for a statement of such terms and provisions. In the event of a conflict between the Indenture and the terms of the Notes, the
terms of the Indenture govern.

 

The Notes are general,
senior obligations of the Issuer. This Note is one of the Notes referred to in the Indenture. The Notes and, if issued, any Additional
Notes are treated as a single class for all purposes under the Indenture, including, without limitation, with respect to waivers,
amendments, redemptions and offers to purchase, except as otherwise provided for therein.

 

    A-2-5

     

    

 

		5.	Optional Redemption

 

(a)               
Except as described below, the Notes are not redeemable until September 15, 2023. On and after September 15, 2023, the Issuer
may redeem all or, from time to time, part of the Notes upon not less than 10 nor more than 60 days’ notice, at the
following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest, to, but not including,
the applicable redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due
on the relevant interest payment date), if redeemed during the twelve-month period beginning on September 15, of the years
indicated below:

 

	Year	 	 	Redemption Price	 
	2023	 	 	 	102.813	%
	2024	 	 	 	101.406	%
	2025 and thereafter	 	 	 	100.000	%

 

(b)               
Prior to September 15, 2023, the Issuer may redeem all, or from time to time, a part of the Notes upon not less than 10
nor more than 60 days’ notice at a redemption price equal to 100% of the principal amount thereof plus the Applicable
Premium and accrued and unpaid interest, to, but not including, the applicable redemption date (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date).

 

(c)               
Prior to September 15, 2023, the Issuer may on any one or more occasions redeem up to 40% of the original principal amount
of the Notes (including, in each case, the principal amount of any Additional Notes), upon not less than 10 nor more than 60 days’
notice, with funds in an aggregate amount not exceeding the Net Cash Proceeds of one or more Equity Offerings at a redemption price
of 105.625% of the principal amount of the Notes, plus, accrued and unpaid interest to, but not including, the applicable redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date); provided that:

 

(i)                
at least 60% of the original principal amount of the Notes (including the principal amount of any Additional Notes)
remains outstanding after each such redemption; and

 

(ii)              
the redemption occurs within 180 days after the closing of such Equity Offering.

 

(d)               
If a redemption date is not a Business Day, the Holders will not be entitled to payment of the amount due until the next
succeeding Business Day, and will not be entitled to any further interest or other payment as a result of any such delay.

 

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

 

(f)                
Any redemption notice given in respect of any redemption of the Notes (including upon an Equity Offering or in connection
with a transaction (or series of related transactions) or an event that constitutes a Change of Control) may, at the Issuer’s
discretion, be subject to the satisfaction of one or more conditions precedent, including, but not limited to, the completion or
occurrence of the relevant transaction, as the case may be.

 

(g)               
If such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe
each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed
until such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic
transmission) as any or all such conditions shall be satisfied or waived, or such redemption or purchase may not occur

 

    A-2-6

     

    

 

and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date
as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the
Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of
the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another
Person. In no event shall the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount
of the Notes eligible under the Indenture to be redeemed.

 

(h)               
Any redemption pursuant to this paragraph 5 shall be made pursuant to Section 3.01 through Section 3.06 of the
Indenture.

 

(i)                
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
any such redemption and the principal amount of any Notes outstanding following any partial redemption of such Notes. In no event
will the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of Notes eligible under
the Indenture to be redeemed.

 

(j)                
In connection with any tender offer or other offer to purchase for all of the Notes, if Holders of not less than 90%
of the aggregate principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender
offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered
and not validly withdrawn by such Holders, all of the Holders of the Notes will be deemed to have consented to such tender or other
offer and, accordingly, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
notice following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the
price paid to each other Holder in such tender offer (other than any incentive payment for early tenders), plus, to the extent
not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the repurchase date
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date). In determining whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes
have validly tendered and not validly withdrawn Notes in a tender offer or other offer to purchase for all of the Notes, Notes
owned by an Affiliate of the Issuer or by funds controlled or managed by any Affiliate of the Issuer, or any successor thereof,
shall be deemed to be outstanding for the purposes of any such tender offer or other offer, as applicable.

 

		6.	[Reserved].

 

		7.	Mandatory Redemption

 

Except pursuant to
paragraph 8 and Section 3.10 of the Indenture, the Issuer shall not be required to make mandatory redemption payments or sinking
fund payments with respect to the Notes.

 

		8.	Special Mandatory Redemption

 

(a)               
In the event that the Notes are funded into the Notes Escrow Accounts and (i) the Completion Date does not take place on
or prior to the Longstop Date; (ii) the Disposition is abandoned; or (iii) an Event of Default under Section 6.01(a)(6) of the
Indenture has occurred and is continuing with respect to the Issuer on or prior to the Longstop Date (the date of any such event
being the “Special Termination Date”), the Issuer will redeem all of the Notes (the “Special Mandatory
Redemption”) at a price (the “Special Mandatory Redemption Price”) equal to 100% of the initial issue
price of each Note, plus accrued but unpaid interest from the Issue Date to (but not including) the Special Mandatory Redemption
Date (as defined below and subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date).

 

(b)               
Notice of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the
Special Termination Date, to the Trustee and to the Escrow Agent,

 

    A-2-7

     

    

 

and will provide that the Notes shall be
redeemed on a date that is no later than the fifth Business Day after such notice is given by the Issuer in accordance with the
terms of the Notes Escrow Agreement (the “Special Mandatory Redemption Date”). On the Business Day immediately
preceding the Special Mandatory Redemption Date, the Trustee or the Escrow Agent (as applicable) shall pay to the Paying Agent
for payment to each holder of Notes to be redeemed the Special Mandatory Redemption Price for such holder’s Notes.

 

(c)               
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
the occurrence of any such Special Mandatory Redemption and any relevant details relating thereto.

 

		9.	Notice of Redemption

 

Not less than 10 days
but not more than 60 days before a date for redemption of Notes, the Issuer shall transmit a notice of redemption in
accordance with Section 3.03 of the Indenture.

 

		10.	[Reserved].

 

		11.	Repurchase of Notes at the Option of Holders

 

(a)               
If a Change of Control occurs, each Holder will have the right, subject to certain conditions specified in the Indenture,
to require the Issuer to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount of the Notes, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date) as provided in, and subject
to the terms of, the Indenture.

 

(b)               
In accordance with Section 4.08 of the Indenture, the Issuer will be required to, or may be permitted to, offer to
purchase Notes upon the occurrence of certain events, including certain Asset Dispositions.

 

(c)               
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes of a series validly tender and
do not validly withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer
in lieu of the Issuer as described above, purchases all of the Notes validly tendered and not validly withdrawn by such Holders,
the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice,
given not more than 30 days following such purchase pursuant to the Change of Control Offer described in Section 4.03(b)
of the Indenture, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of
the principal amount thereof plus accrued and unpaid interest to but excluding the date of the delivery of the notice for such
redemption.

 

		12.	Denominations; Transfer; Exchange

 

The Notes are in registered
form without interest coupons in minimum denominations of $200,000 and multiples of $1,000 in excess thereof. A Holder may transfer
or exchange Notes in accordance with the Indenture.

 

[This Regulation S
Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of
the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied
by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.]1

 

 

1 Insert for any Regulation
S Temporary Global Notes.

 

    A-2-8

     

    

 

  

		13.	Persons Deemed Owners

 

The registered Holder
of this Note will be treated as the owner of it for all purposes.

 

		14.	Prescription

 

Claims against the
Issuer or any Guarantor for the payment of principal, or premium, if any, on the Notes will be prescribed ten years after the applicable
due date for payment thereof. Claims against the Issuer or any Guarantor for the payment of interest on Notes will be prescribed
five years after the applicable due date for payment of interest.

 

		15.	Discharge and Defeasance

 

The Indenture and
the Notes of a series may be discharged, and the Issuer may exercise its legal defeasance option or covenant defeasance option,
as set forth in the Indenture.

 

		16.	Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

		17.	Defaults and Remedies

 

The Events of Default
relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and
obligations of the Issuer, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

		18.	Trustee Dealings with the Issuer

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the
same rights it would have if it were not Trustee.

 

		19.	No Recourse Against Others

 

No director, officer,
employee, incorporator or shareholder of the Issuer or any of its respective Subsidiaries or Affiliates, as such, shall have any
liability for any obligations of the Issuer under the Note 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 issuance of the Notes.

 

		20.	Authentication

 

This Note shall not
be valid until an authorized signatory of the Trustee or the Authenticating Agent manually signs the certificate of authentication
on the other side of this Note. The signature shall be conclusive evidence that the security has been authenticated under the Indenture.

 

		21.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift
to Minors Act).

 

		22.	Governing Law

 

    A-2-9

     

    

  

THIS NOTE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

		23.	Common Codes, ISIN and CUSIP Numbers

 

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

 

The Issuer will
furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture which has in it the
text of this Note.

  

    A-2-10

     

    

 

ASSIGNMENT FORM

 

To assign this Note,
fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	

(Insert assignee’s legal name)

 

	(Insert assignee’s soc. sec. or tax I.D. no.)	 

  

	 	 

  

	 	 

 

	 	 

 (Print or type assignee’s
name, address and zip code)

 

and irrevocably appoint _____________________________________________________________
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date: ____________________

 

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

 

Signature Guarantee*: _________________________________

 

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

  

    A-2-11

     

    

 

[FORM OF CERTIFICATE TO BE DELIVERED
UPON EXCHANGE OR REGISTRATION OF

 TRANSFER RESTRICTED NOTES]

 

	This certificate relates to $ 	principal amount of Notes held in (check applicable box)

 ̈

book-entry or  ̈ definitive registered form by the undersigned.

 

The undersigned (check one box below):

 

		 ̈	has requested the Trustee by written order to deliver, in exchange for its beneficial interest
in the Global Note held by DTC, a Definitive Registered Note 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);

 

		 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note.

 

In connection with any transfer of any
of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(d) under
the Securities Act, the undersigned confirms that such Notes are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)            ̈           to
the Issuer;

 

(2)            ̈           pursuant to a registration statement that has been declared effective under the U.S. Securities Act of 1933, as amended;

 

(3)            ̈           for so long as the Notes are eligible for resale pursuant to Rule 144A under the U.S. Securities Act of 1933,
as amended, to a person it reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under
the U.S. Securities Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional
buyer to whom notice is given that the transfer is being made in reliance on Rule 144A;

 

(4)            ̈           pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the U.S. Securities
Act of 1933, as amended; or

 

(5)            ̈           pursuant
to another available exemption from the registration requirements of the U.S. Securities Act of 1933, as amended.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person
other than the registered Holder thereof; provided, however, that if box (5) is checked, the Issuer and the Trustee
may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information satisfactory
to each of them 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 U.S. Securities Act of 1933, as amended.

 

	Date:		 

 

Your Signature:

 

	Sign exactly as your name appears on the other side of this certificate.	 

 

	Signature Guarantee*:		 

 

*(Signature must be guaranteed by a participant
in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee)

 

    A-2-12

     

    

  

TO BE COMPLETED BY PURCHASER IF (3) ABOVE
IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the U.S. Securities Act of 1933, 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 Issuer 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.

  

	Date:		 

 

Your Signature:

 

	(to be executed by an executive officer of purchaser)	 

  

    A-2-13

     

    

  

[TO BE ATTACHED TO GLOBAL NOTES]

[FORM OF SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE]

 

The
initial principal amount of this Global Note is $[ • ]. The following increases or decreases in this Global Note
have been made:

 

	Date of
 Increase/ Decrease	 	Amount of
 Decrease in
 Principal Amount
 of this Global Note	 	Amount of Increase
 in Principal
 Amount of this
 Global Note	 	Principal amount of
 this Global Note
 following such
 decrease or increase	 	Signature of
 authorized
 signatory of Trustee
 or Paying Agent

 

    A-2-14

     

    

 

 

[FORM OF OPTION OF HOLDER TO ELECT
PURCHASE]

 

If you want to elect
to have this Note purchased by the Issuer pursuant to Section 4.03 (Change of Control) or Section 4.08 (Limitation on Sales
of Assets and Subsidiary Stock) of the Indenture, check the box:

 

	Asset Disposition  ̈ 	Change of Control  ̈

 

If you want to elect to have only part
of this Note purchased by the Issuer pursuant to Section 4.03 or Section 4.08 of the Indenture, state the amount (minimum
amount of $200,000):

 

$ ____________________________

 

Date: _______________________________

 

	Date:		 

  

Your Signature:

 

	(Sign exactly as your name appears on the other side of the Note)	 

 

Signature

 

	Guarantee*: 		 

 

*(Signature must be guaranteed by a participant
in a recognized signature guaranty medallion

program or other signature guarantor acceptable to the Trustee)

  

    A-2-15

     

    

 

EXHIBIT
B

 

FORM OF CERTIFICATE OF TRANSFER

 

[Issuer address block]

 

[Trustee/Registrar address block]

 

Re: 5.625% Senior
Notes due 2028 of Cablevision Lightpath LLC

 

Reference is hereby
made to the Indenture (the “Indenture”), dated as of [  ], 2020, among [  ], a Delaware corporation
(the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and paying
agent, transfer agent and registrar. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

 

_______________, (the
 “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $________________ in such Note[s] or interests (the “Transfer”), to _____________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.                 
 ̈ Check if Transferee will take delivery of a Book-Entry Interest
in the 144A Global Note or a Definitive Registered Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or the Book-Entry Interest
or Definitive Registered Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the beneficial interest or the Book-Entry Interest or Definitive Registered Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A under the U.S. Securities Act in a transaction meeting the
requirements of Rule 144A under the U.S. Securities Act and such Transfer is in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or the Book-Entry Interest or Definitive Registered Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive
Registered Note and in the Indenture and the U.S. Securities Act.

 

2.                 
 ̈ Check if Transferee will take delivery of a Book-Entry Interest
in the Regulation S Global Note or a Definitive Registered Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at
the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on
its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed
in, on or through the facilities of a designated offshore securities market, (ii) such Transferor does not know that the transaction
was prearranged with a buyer in the United States, (iii) no directed selling efforts have been made in connection with the
Transfer in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the U.S. Securities
Act, (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities
Act and (v) if the proposed transfer is being effected prior to the expiration of a Restricted Period, the transferee is not
a U.S. Person, as such term is defined pursuant to Regulation S of the Securities Act, and will take delivery only as
a Book-Entry Interest so transferred through DTC. Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred Book-Entry Interest or Definitive Registered Note will be subject to the restrictions on Transfer enumerated
in the Private Placement Legend printed

 

    B-1

     

    

  

on the Regulation S Global Note and/or
the Definitive Registered Note and in the Indenture and the U.S. Securities Act.

 

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

 

3.                 
 ̈ Check and complete if Transferee will take delivery of a Book-Entry
Interest in a Global Note or a Definitive Registered Note pursuant to any provision of the U.S. Securities Act other than
Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable
to Book-Entry Interests in Global Notes and Definitive Registered Notes and pursuant to and in accordance with the U.S. Securities
Act and any applicable blue sky securities laws of any state of the United States.

 

	 	 	[Insert Name of Transferor]
	 	 	 
	 	By: 	 
	 		Name:
	 		Title:
	 	 	 
	 	Dated:  	 

  

    B-2

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE]

 

 ̈
a Book-Entry Interest in the:

 

(i)     ̈
144A Global Note ([Common Code][ISIN][CUSIP] ____________), or

 

(ii)    ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] _________).

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

 ̈
a Book-Entry Interest in the:

 

(i)     ̈
144A Global Note ([Common Code][ISIN][CUSIP] ____________), or

 

(ii)    ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] _________).

 

 in accordance with the terms of the Indenture.

 

    B-3

     

    

 

EXHIBIT
C

 

FORM OF
CERTIFICATE OF EXCHANGE

 

[Issuer address block]

 

[Trustee/Registrar address block]

 

Re: 5.625% Senior
Notes due 2028 of Cablevision Lightpath LLC

 

(ISIN ________; Common
Code _______; CUSIP __________)

 

Reference is hereby
made to the Indenture (the “Indenture”), dated as of [  ], 2020, among [  ], a Delaware corporation
(the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and paying
agent, transfer agent and registrar. Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

 

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

 

1.        ̈
Check if Exchange is from Book-Entry Interest in a Global Note for Definitive Registered Notes. In connection with the Exchange
of the Owner’s Book-Entry Interest in a Global Note for Definitive Registered Notes in an equal amount, the Owner hereby
certifies that such Definitive Registered Notes are being acquired for the Owner’s own account without transfer. The Definitive
Registered Notes issued pursuant to the Exchange will bear the Private Placement Legend and will be subject to restrictions on
transfer enumerated in the Indenture and the U.S. Securities Act.

 

2.        ̈
Check if Exchange is from Definitive Registered Notes for Book-Entry Interest in a Global Note. In connection with the Exchange
of the Owner’s Definitive Registered Notes for Book-Entry Interest in a Global Note in an equal amount, the Owner hereby
certifies that such Book- Entry Interest in a Global Note are being acquired for the Owner’s own account without transfer.
The Book-Entry Interests transferred in exchange will be subject to restrictions on transfer enumerated in the Indenture and the
U.S. Securities Act.

 

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

 

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated:	 

 

    C-1

     

    

 

ANNEX A TO CERTIFICATE OF EXCHANGE

 

1.       The
Owner owns and proposes to exchange the following:

 

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

 

(a)       ̈
a Book-Entry Interest held through DTC Account No. _________in the:

 

(i)      ̈
144A Global Note ([Common Code][ISIN][CUSIP] __________), or

 

(ii)     ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] ________), or

 

(b)      ̈
a Definitive Registered Note.

 

2.       After
the Exchange the Owner will hold:

 

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

 

(a)      ̈
a Book-Entry Interest held through DTC Account No. _________ in the:

 

(i)     ̈ 144A Global Note ([Common Code][ISIN][CUSIP] ________), or

 

(ii)    ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] _________), or

 

(b)      ̈
a Definitive Registered Note.

 

 in accordance with the terms
of the Indenture.

 

    C-2

     

    

 

EXHIBIT
D

 

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE
dated as of [  ], among [GUARANTOR] (the “New Guarantor”), [  ] (together with its successors
and assigns, the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”)
under the Indenture referred to below.

 

WITNESSETH:

 

WHEREAS, the Issuer,
the Trustee and the other parties thereto have heretofore executed and delivered an indenture, dated as of [  ], 2020 (as
amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of the
5.625% Senior Notes due 2028 (the “Notes”)

 

WHEREAS, pursuant
to Sections 9.01, 9.05 and 10.05 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental
Indenture;

 

WHEREAS, the New Guarantor
is a Restricted Subsidiary of the Issuer;

 

WHEREAS, each party
hereto has duly authorized the execution and delivery of this Supplemental Indenture and has done all things necessary to make
this Supplemental Indenture a valid agreement in accordance with its terms;

 

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

 

ARTICLE
1

Defined Terms

 

Section 1.01        Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital thereto are used
herein as therein defined. The words “herein,” “hereof’ and “hereby” and other words of similar
import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

ARTICLE
2

Obligations and Agreements; Agreement to be Bound;

Agreement to Guarantee; Limitations

 

Section 2.01        Obligations
and Agreements. The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such will have all of the
rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

 

Section 2.02        Agreement
to be Bound. The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable to a Guarantor and
to perform all of the obligations and agreements of a Guarantor under the Indenture.

 

Section 2.03        Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all other Guarantors on the date
hereof, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions
set forth in Article 10 and Article 12 of the Indenture.

 

Section 2.04        Limitations on Note Guarantee. [insert as applicable]

 

    D-1

     

    

 

ARTICLE
3

Miscellaneous

 

Section 3.01        Notices. All notices and other communications to the New Guarantor shall be given as provided in the Indenture, at
its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer [  ].

 

Section 3.02        Parties.
Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation, other than the
Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the
Indenture or any provision herein or therein contained.

 

Section 3.03       Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

Section 3.04        Jurisdiction.
The New Guarantor irrevocably (i) agrees that any legal suit, action or proceeding against it arising out of or based upon
this Supplemental Indenture or the transactions contemplated hereby may be instituted in any U.S. Federal or state court
in the Borough of Manhattan, The City of New York court and (ii) waives, to the fullest extent it may effectively do so,
any objection which it may now or hereafter have to the laying of venue of any such proceeding.

 

Section 3.05        Severability Clause. In case any one or more of the provisions in this Supplemental Indenture shall be held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law.

 

Section 3.06       Ratification
of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects
ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental
Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated
and delivered shall be bound hereby. The Trustee does not make any representation or warranty as to the validity or sufficiency
of this Supplemental Indenture.

 

Section 3.07        Counterparts.
The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all of which together shall constitute
one and the same agreement.

 

Section 3.08        Headings.
The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference only and shall not
be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

Section 3.09        Successors.
All covenants and agreements in this Supplemental Indenture by the parties hereto shall bind their successors and assigns, whether
so expressed or not.

 

Section 3.10       Trustee.
The Trustee shall not be responsible for or in respect of the sufficiency of this Supplemental Indenture or for or in respect
of the recitals herein, which have been made by the Issuer and the New Guarantor.

 

    D-2

     

    

 

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

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	                         
	 	Name:
	 	Title:
	 	 
	 	CABLEVISION LIGHTPATH LLC,
    as Issuer
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY
	 	AMERICAS, as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    D-3Exhibit 4.2

 

EXECUTION VERSION

 

CABLEVISION LIGHTPATH LLC,

 

as Issuer,

 

and

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

 

as Trustee, Paying Agent, Transfer Agent, Registrar and Notes Collateral Agent

 

INDENTURE

 

Dated as of September 29, 2020

 

3.875% Senior Secured Notes due 2027

 

     
 

     

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE
    1 DEFINITIONS AND INCORPORATION BY REFERENCE	1
	Section
    1.01	 	Definitions	1
	Section
    1.02	 	Other
    Definitions	49
	Section
    1.03	 	Rules
    of Construction	50
	 	 	 	 
	ARTICLE
    2 THE NOTES	50
	Section
    2.01	 	Form
    and Dating	50
	Section
    2.02	 	Execution
    and Authentication	52
	Section
    2.03	 	Transfer
    Agent, Registrar and Paying Agent	52
	Section
    2.04	 	Paying
    Agent not a party to this Indenture to Hold Money	53
	Section
    2.05	 	Holder
    Lists	54
	Section
    2.06	 	Transfer
    and Exchange	54
	Section
    2.07	 	Replacement
    Notes	62
	Section
    2.08	 	Outstanding
    Notes	63
	Section
    2.09	 	Treasury
    Notes	63
	Section
    2.10	 	Temporary
Notes	63
	Section
    2.11	 	Cancellation	63
	Section
    2.12	 	Defaulted
Interest	64
	Section
    2.13	 	Further
Issues	64
	Section
    2.14	 	Common
    Codes, ISIN and CUSIP Numbers	64
	Section
    2.15	 	Currency
    Indemnity	64
	Section
    2.16	 	Deposit
    of Moneys	65
	Section
    2.17	 	Agents	65
	 	 	 	 
	ARTICLE
    3 REDEMPTION	65
	Section
    3.01	 	Notices
    to Trustee	65
	Section
    3.02	 	Selection
    of Notes to Be Redeemed or Repurchased	66
	Section
    3.03	 	Notice
of Redemption	66
	Section
    3.04	 	Effect
    of Notice of Redemption	67
	Section
    3.05	 	Deposit
    of Redemption Price	67
	Section
    3.06	 	Notes
    Redeemed in Part	67
	Section
    3.07	 	Optional
    Redemption	67
	Section
    3.08	 	Tender
    Offer Redemption	68
	Section
    3.09	 	Mandatory
    Redemption	68
	Section
    3.10	 	Special
    Mandatory Redemption; Escrow of Proceeds	69
	Section
    3.11	 	[Reserved].	70
	 	 	 	 
	ARTICLE
    4 COVENANTS	70
	Section
    4.01	 	Payment
    of Notes	70
	Section
    4.02	 	[Reserved]	70
	Section
    4.03	 	Change
    of Control	70
	Section
    4.04	 	Limitation
    on Indebtedness	72
	Section
    4.05	 	Limitation
    on Restricted Payments	78
	Section
    4.06	 	Limitation
    on Liens	85
	Section
    4.07	 	Limitation
    on Restrictions on Distributions from Restricted Subsidiaries	85
	Section
    4.08	 	Limitation
    on Sales of Assets and Subsidiary Stock	87
	Section
    4.09	 	Limitation
    on Affiliate Transactions	91
	Section
    4.10	 	Reports	94
	Section
    4.11	 	Suspension
    of Covenants on Achievement of Investment Grade Status	96
	Section
    4.12	 	[Reserved]	97
	Section
    4.13	 	[Reserved]	97

 

    i

     

    

 

	Section
    4.14	 	Compliance
    Certificate	97
	Section
    4.15	 	[Reserved]	97
	Section
    4.16	 	[Reserved]	97
	Section
    4.17	 	Additional
    Intercreditor Agreements	98
	Section
    4.18	 	Impairment
    of Security Interests	99
	Section
    4.19	 	[Reserved]	100
	Section
    4.20	 	Lines
    of Business	100
	Section
    4.21	 	Additional
    Guarantors	100
	Section
    4.22	 	Limitation
    on Parent Guarantor Activities	101
	Section
    4.23	 	[Reserved]	102
	Section
    4.24	 	Reserved
    Indebtedness	102
	Section
    4.25	 	Limited
    Condition Transaction	102
	Section
    4.26	 	Delaware
    LLC Divisions	103
	 	 	 	 
	ARTICLE
    5 SUCCESSOR COMPANY	103
	Section
    5.01	 	Merger
    and Consolidation of the Issuer	103
	Section
    5.02	 	Merger
    and Consolidation of the Subsidiary Guarantors	105
	 	 	 	 
	ARTICLE
    6 DEFAULTS AND REMEDIES	105
	Section
    6.01	 	Events
    of Default	105
	Section
    6.02	 	Acceleration	108
	Section
    6.03	 	Other
    Remedies	109
	Section
    6.04	 	Waiver
    of Past Defaults	109
	Section
    6.05	 	Control
    by Majority	109
	Section
    6.06	 	Limitation
    on Suits	109
	Section
    6.07	 	Rights
    of Holders to Receive Payment	110
	Section
    6.08	 	Collection
    Suit by Trustee	110
	Section
    6.09	 	Trustee
    May File Proofs of Claim	110
	Section
    6.10	 	Priorities	110
	Section
    6.11	 	Undertaking
    for Costs	111
	Section
    6.12	 	Waiver
    of Stay or Extension Laws	111
	Section
    6.13	 	Restoration
    of Rights and Remedies	111
	Section
    6.14	 	Rights
    and Remedies Cumulative	111
	Section
    6.15	 	Delay
    or Omission Not Waiver	111
	 	 	 	 
	ARTICLE
    7 TRUSTEE	112
	Section
    7.01	 	Duties
    of Trustee	112
	Section
    7.02	 	Rights
    of Trustee	113
	Section
    7.03	 	Individual
    Rights of Trustee	115
	Section
    7.04	 	Trustee’s
    Disclaimer	115
	Section
    7.05	 	Notice
    of Defaults	115
	Section
    7.06	 	[Reserved]	115
	Section
    7.07	 	Compensation
    and Indemnity	115
	Section
    7.08	 	Replacement
    of Trustee	117
	Section
    7.09	 	Successor
    Trustee by Merger	117
	Section
    7.10	 	[Reserved]	118
	Section
    7.11	 	Certain
    Provisions	118
	Section
    7.12	 	Resignation
    of Agents	118
	 	 	 	 
	ARTICLE
    8 DISCHARGE OF INDENTURE; DEFEASANCE	118
	Section
    8.01	 	Discharge
    of Liability on Notes; Defeasance	118
	Section
    8.02	 	Conditions
    to Defeasance	120
	Section
    8.03	 	Application
    of Trust Money	120
	Section
    8.04	 	Repayment
    to Issuer	120
	Section
    8.05	 	Indemnity
    for Government Obligations	120
	Section
    8.06	 	Reinstatement	121

 

    ii

     

    

 

	ARTICLE
    9 AMENDMENTS AND WAIVERS	121
	Section
    9.01	 	Without
    Consent of Holders	121
	Section
    9.02	 	With
    Consent of Holders	122
	Section
    9.03	 	Revocation
    and Effect of Consents and Waivers	123
	Section
    9.04	 	Notation
    on or Exchange of Notes	123
	Section
    9.05	 	Trustee
    and Notes Collateral Agent to Sign Amendments	124
	 	 	 	 
	ARTICLE
    10 NOTE GUARANTEES	124
	Section
    10.01	 	Note
    Guarantees	124
	Section
    10.02	 	Successors
    and Assigns	126
	Section
    10.03	 	No
    Waiver	126
	Section
    10.04	 	Modification	126
	Section
    10.05	 	Execution
    of Supplemental Indenture for Guarantors	126
	Section
    10.06	 	Release
    of the Note Guarantees	126
	Section
    10.07	 	Limitations
    on Obligations of Guarantors	127
	Section
    10.08	 	Non-Impairment	128
	 	 	 	 
	ARTICLE
    11 NOTES COLLATERAL, NOTES SECURITY DOCUMENTS AND THE NOTES COLLATERAL AGENT	128
	Section
    11.01	 	Notes
    Collateral and Notes Security Documents	128
	Section
    11.02	 	Release
    of Notes Collateral	129
	Section
    11.03	 	Authorization
    of Actions to be Taken by the Trustee or the Notes Collateral Agent Under the Notes Security Documents	130
	Section
    11.04	 	Collateral
    Accounts.	131
	Section
    11.05	 	Appointment
    and Authorization of Deutsche Bank Trust Company Americas as Notes Collateral Agent	131
	Section
    11.06	 	Conflicts	132
	 	 	 	 
	ARTICLE
    12 MISCELLANEOUS	133
	Section
    12.01	 	Notices	133
	Section
    12.02	 	Certificate
    and Opinion as to Conditions Precedent	134
	Section
    12.03	 	Statements
    Required in Certificate or Opinion	134
	Section
    12.04	 	When
    Notes Disregarded	135
	Section
    12.05	 	Rules
    by Trustee, Paying Agent and Registrar	135
	Section
    12.06	 	Legal
    Holidays	135
	Section
    12.07	 	Governing
    Law and Waiver of Trial by Jury	135
	Section
    12.08	 	Consent
    to Jurisdiction and Service	135
	Section
    12.09	 	No
    Recourse Against Others	135
	Section
    12.10	 	Successors	136
	Section
    12.11	 	Multiple
    Originals	136
	Section
    12.12	 	Table
    of Contents; Headings	136
	Section
    12.13	 	Prescription	136
	Section
    12.14	 	Patriot
    Act	136
	Section
    12.15	 	Severability	136

 

    iii

     

    

 

EXHIBITS

 

	Exhibit A	Form
    of Note
	 	 
	Exhibit B	Form
    of Certificate of Transfer
	 	 
	Exhibit C	Form
    of Certificate of Exchange
	 	 
	Exhibit D	Form
    of Supplemental Indenture

 

    i

     

    

 

  INDENTURE
dated as of September 29, 2020, among Cablevision Lightpath LLC, a Delaware limited liability company (the “Issuer”)
and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), paying agent, transfer agent, registrar
and collateral agent.

 

Each party agrees
as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of (i) $450,000,000 aggregate
principal amount of the Issuer’s 3.875% Senior Secured Notes due 2027 (the “Initial Notes”)
and (ii) an unlimited principal amount of additional securities having identical terms and conditions as the Initial
Notes except as otherwise set forth herein (the “Additional Notes”) that may be issued on any later issue date
subject to the conditions and in compliance with the covenants set forth herein. Unless the context otherwise requires, in this
Indenture references to the “Notes” include the Initial Notes and the Additional Notes that are actually
issued.

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01           
Definitions.

 

“Acquired
Indebtedness” means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person becomes
a Restricted Subsidiary, (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not
Incurred by such Person in connection with such Person becoming a Restricted Subsidiary or such acquisition, or (3) of a Person
at the time such Person merges with or into or consolidates or otherwise combines with the Issuer or any Restricted Subsidiary.
Subject to Section 4.24 and Section 4.25, Acquired Indebtedness shall be deemed to have been Incurred, with respect to clause (1)
of this definition, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of this definition,
on the date of consummation of such acquisition of assets and, with respect to clause (3) of this definition, on the date of the
relevant merger, consolidation or other combination.

 

“Additional
Assets” means:

 

		(1)	any property or assets (other than Indebtedness and Capital Stock) not classified as current assets
under GAAP used or to be used by the Issuer or a Restricted Subsidiary or otherwise useful in a Similar Business (it being understood
that capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are
the subject of an Asset Disposition shall be deemed an investment in Additional Assets);

 

		(2)	the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted Subsidiary
as a result of the acquisition of such Capital Stock by the Issuer or a Restricted Subsidiary; or

 

		(3)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted
Subsidiary.

 

“Additional
First Lien Agreement” means, with respect to the Initial Additional First Lien Obligations or any series of Additional
Senior Class Debt, the notes, indentures, security documents and other operative agreements evidencing or governing such indebtedness
and liens securing such indebtedness, including the Initial Additional First Lien Agreement and the Additional First Lien Security
Documents and each other agreement entered into for the purpose of securing the Initial Additional First Lien Obligations or any
series of Additional Senior Class Debt; provided that, in each case, the indebtedness thereunder (other than the Initial
Additional First Lien Obligations) has been designated as Additional First Lien Obligations pursuant to the Intercreditor Agreement.

 

“Additional
First Lien Obligations” means all amounts owing pursuant to the terms of any Additional First Lien Agreement (including
the Initial Additional First Lien Agreement), including,

 

    1

     

    

 

without limitation, all amounts in respect
of any principal, premium, interest (including any interest accruing subsequent to the commencement of a bankruptcy case at the
rate provided for in the respective Additional First Lien Agreement, whether or not such interest is an allowed claim under any
such proceeding or under applicable state, federal or foreign law), penalties, fees, expenses, indemnifications, reimbursements,
damages and other liabilities, and guarantees of the foregoing amounts.

 

“Additional
First Lien Secured Parties” means the holders of any Additional First Lien Obligations and any Representative with respect
thereto.

 

“Additional
First Lien Security Documents” means any collateral agreement, security agreement or any other document now existing
or entered into after the date hereof that create Liens on any assets or properties of any Pledgor to secure the Additional First
Lien Obligations.

 

“Additional
Senior Class Debt” means additional indebtedness permitted by the provisions of the Senior Secured Facilities and the
Additional First Lien Agreements to be incurred and secured on an equal and ratable basis by the Liens securing the First Lien
Obligations.

 

“Affiliate”
of any specified Person means any other Person, directly or indirectly, controlling or controlled by or under direct or indirect
common control with such specified Person. For the purposes of this definition, “control” when used with respect to
any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.

 

“Agents”
means the Paying Agent, Transfer Agent, Registrar and Authenticating Agent.

 

“AHYDO Catch
Up Payment” means any payment on any Indebtedness that would be necessary to avoid such Indebtedness being characterized
as an “applicable high yield discount obligation” under Section 163(i) of the Code.

 

“Altice
USA” refers to Altice USA, Inc., a Delaware corporation listed on the New York Stock Exchange under the symbol “ATUS”.

 

“Applicable
Authorized Representative” means with respect to any Shared Collateral, (i) until the earlier of (x) the Discharge of
all Senior Secured Credit Facilities Obligations and (y) the Non-Controlling Authorized Representative Enforcement Date, the Credit
Facility Authorized Representative, and (ii) from and after the earlier of (x) the Discharge of the Credit Agreement Obligations
and (y) the Non-Controlling Authorized Representative Enforcement Date, the Major Non-Controlling Authorized Representative.

 

“Applicable
Premium” means:

 

		(A)	with respect to any Note, the greater of:

 

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

 

		(ii)	the excess (to the extent positive) of:

 

		(1)	the present value at such redemption date of (i) the redemption price of such Note at September
15, 2023 (such redemption price (expressed in percentage of principal amount) being set forth in the table in clause (a) of paragraph
5 of each Global Note or Definitive Registered Note (excluding accrued and unpaid interest)), plus (ii) all required interest payments
due on such Note to and including September 15, 2023 (excluding accrued but unpaid interest), computed upon the redemption date
using a discount rate equal to the Treasury Rate at such redemption date (or, if greater than such Treasury Rate, zero) plus 50
basis points; over

 

    2

     

    

 

		(2)	the outstanding principal amount of such Note,

 

as calculated by the Issuer or on behalf
of the Issuer by such Person as the Issuer shall designate. For the avoidance of doubt, calculation of the Applicable Premium shall
not be an obligation or duty of the Trustee or Paying Agents.

 

“Applicable
Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules
and procedures of DTC that apply to such transfer or exchange.

 

“Asset Disposition”
means, with respect to the Issuer and the Restricted Subsidiaries, any direct or indirect sale, lease (other than an operating
lease entered into in the ordinary course of business), transfer, issuance or other disposition, or a series of related sales,
leases (other than operating leases entered into in the ordinary course of business), transfers, issuances or dispositions that
are part of a common plan, of shares of Capital Stock of a Subsidiary (other than directors’ qualifying shares), property
or other assets (each referred to for the purposes of this definition as a “disposition”) by the Issuer or any
of the Restricted Subsidiaries, including any disposition by means of a merger, consolidation or similar transaction; provided
that the sale, lease, transfer, issuance or other disposition of all or substantially all of the assets of the Issuer (or any successor
company) and its Restricted Subsidiaries taken as a whole will be governed by Section 4.03 and/or Article 5 and not by Section
4.08. Notwithstanding the preceding provisions of this definition, the following items shall not be deemed to be Asset Dispositions:

 

		(1)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted
Subsidiary to a Restricted Subsidiary;

 

		(2)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of cash, Cash Equivalents, Temporary Cash Investments or Investment Grade
Securities;

 

		(3)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of inventory, consumer equipment, trading stock, communications capacity
or other assets in the ordinary course of business;

 

		(4)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of obsolete, surplus or worn out equipment or other assets or equipment
or other similar assets that are no longer useful in the conduct of the business (as determined in good faith by the Issuer) of
the Issuer and its Restricted Subsidiaries;

 

		(5)	transactions permitted under Article 5 of this Indenture (other than as permitted under Section
5.02(a)(3)(C)) or a transaction that constitutes a Change of Control;

 

		(6)	an issuance of Capital Stock by a Restricted Subsidiary to the Issuer or to another Restricted
Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors of the Issuer;

 

		(7)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, properties or assets in a single transaction
or series of related transactions with a fair market value (as determined in good faith by the Issuer at the time of such sale,
lease, transfer, issuance or other disposition or, at the option of the Issuer, on the date of contractually agreeing to such sale,
lease, transfer, issuance or other disposition) not to exceed the greater of $25 million and 10.0% of L2QA Pro Forma EBITDA;

 

    3

     

    

 

		(8)	(i) any Restricted Payment that is permitted to be made under Section 4.05, any transaction specifically
excluded from the definition of “Restricted Payment” and the making of any Permitted Payment and Permitted Investment
and (ii) solely for the purposes of Section 4.08(b), a disposition, the proceeds of which are used to make such Restricted Payments
permitted to be made under Section 4.05, Permitted Payments or Permitted Investments;

 

		(9)	the granting of Liens not prohibited by Section 4.06;

 

		(10)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions that are part of a common plan, of receivables or related assets in connection with the compromise, settlement
or collection thereof in the ordinary course of business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;

 

		(11)	the licensing or sublicensing of intellectual property or other general intangibles and licenses,
sublicenses, leases, subleases of other property, in each case, in the ordinary course of business;

 

		(12)	foreclosure, condemnation, eminent domain or any similar action with respect to any property or
other assets;

 

		(13)	the sale or discount (with or without recourse, and on customary or commercially reasonable terms)
of tax receivables and factoring, accounts receivable or notes receivable arising in the ordinary course of business, or the conversion
or exchange of accounts receivable for notes receivable;

 

		(14)	sales, transfers or dispositions of receivables and related assets in connection with any Qualified
Receivables Financing or any factoring transaction or in the ordinary course of business, and Investments in Receivables Subsidiaries
consisting of cash or Securitization Assets;

 

		(15)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock, Indebtedness or other securities of an Unrestricted
Subsidiary;

 

		(16)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of Capital Stock of a Restricted Subsidiary pursuant to an
agreement or other obligation with or to a Person (other than the Issuer or a Restricted Subsidiary) from whom such Restricted
Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), made as part of such acquisition and in each case comprising all or a portion of the consideration
in respect of such sale or acquisition;

 

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

 

		(18)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, of assets to a Person who is providing services related to
such assets, the provision of which have been or are to be outsourced by the Issuer or any Restricted Subsidiary to such Person;
provided, however, that the Board of Directors of the Issuer shall certify that in the opinion of the Board of Directors,
the outsourcing transaction will be economically beneficial to the Issuer and the Restricted Subsidiaries (considered as a whole);

 

    4

     

    

 

		(19)	any sale, lease, transfer, issuance or other disposition, or any series of related sales, leases,
transfers, issuances or dispositions that are part of a common plan, with respect to property built, owned or otherwise acquired
by the Issuer or any Restricted Subsidiary pursuant to customary sale and lease-back transactions, asset securitizations and other
similar financings not prohibited by this Indenture; provided that network assets of the Issuer or any Restricted Subsidiary
shall be excluded from this clause (19) unless the Net Cash Proceeds of such sale and leaseback transaction are applied in accordance
with Section 4.08(b);

 

		(20)	any sale, lease, transfer, conveyance or other disposition in one or a series of related transactions
of any assets (including Capital Stock) of the Issuer and its Subsidiaries or of any Person that becomes a Restricted Subsidiary
(i) acquired in a transaction permitted under this Indenture, which assets are not used or useful in the core or principal business
of the Issuer and its Restricted Subsidiaries, or (ii) made in connection with the approval of any applicable antitrust authority
or pursuant to Competition Laws or otherwise necessary or advisable in the good faith determination of the Issuer to consummate
any acquisition permitted under this Indenture;

 

		(21)	dispositions of property to the extent that (i) such property is exchanged for credit against the
purchase price of similar replacement property that is purchased within 270 days thereof or (ii) an amount equal to the Net Available
Cash of such disposition are applied to the purchase price of such replacement property (which replacement property is purchased
within 270 days thereof);

 

		(22)	the lapse, abandonment or other disposition of intellectual property rights in the ordinary course
of business, which in the reasonable good faith determination of the Issuer are no longer commercially reasonable to maintain or
are not material to the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole;

 

		(23)	to the extent allowable under Section 1031 of the Code, or any comparable or successor provision,
any exchange of like property (excluding any boot thereon) for use in a Similar Business;

 

		(24)	sales, transfers and other dispositions of Investments in joint ventures to the extent required
by, or made pursuant to, customary buy/sell arrangements between the joint venture parties set forth in joint venture arrangements
and similar binding arrangements;

 

		(25)	contractual arrangements under long-term contracts with customers entered into by the Issuer or
a Restricted Subsidiary in the ordinary course of business which are treated as sales for accounting purposes; provided
that there is no transfer of title in connection with such contractual arrangement; and

 

		(26)	a sale, lease, transfer, issuance or other disposition, or a series of related sales, leases, transfers,
issuances or dispositions in connection with the Transactions or any Permitted Reorganization.

 

In the event that
a transaction (or a portion thereof) meets the criteria of more than one of the categories described in clauses (1) through (26)
above or such transaction (or a portion thereof) would also be a permitted Restricted Payment or Permitted Investment, the Issuer,
in its sole discretion, will be entitled to divide and classify such transaction (or a portion thereof), and from time to time
reclassify such transaction (or a portion thereof), into one or more such categories and/or one or more of the types of permitted
Restricted Payments or Permitted Investments.

 

“Associate”
means (i) any Person engaged in a Similar Business of which the Issuer or a Restricted Subsidiary are the legal and beneficial
owners of between 20% and 50% of all outstanding

 

    5

     

    

 

Voting Stock and (ii) any joint venture
engaged in a Similar Business entered into by the Issuer or any Restricted Subsidiary.

 

“Bankruptcy
Code” means Title 11 of the United States Code, as amended.

 

“Beneficial
Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating
the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act),
such “person” will be deemed to have beneficial ownership of all securities that such “person” has the
right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only
after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding
meaning.

 

“Board of
Directors” means (1) with respect to any corporation, the board of directors or managers, as applicable, of the corporation,
or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of
the general partner of the partnership or any duly authorized committee thereof; and (3) with respect to any other Person, the
board or any duly authorized committee of such Person serving a similar function. Unless otherwise specified in this Indenture,
whenever any provision of this Indenture requires any action or determination to be made by, or any approval of, a Board of Directors,
such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on
any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a formal board
approval); provided that any action required to be taken under this Indenture by the Board of Directors of the Issuer can,
in the alternative, at the option of the Issuer, be taken by the Parent Guarantor and its successors or any Subsidiary thereof
that is a Parent of the Issuer.

 

“Book-Entry
Interest” means a beneficial interest in a Global Note held by or through a Participant.

 

“Business
Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in London, United Kingdom
or New York, New York, United States are authorized or required by law to close.

 

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

 

“Capitalized
Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized lease or
finance lease for financial reporting purposes on the basis of GAAP. For the avoidance of doubt, operating leases will not be deemed
Capitalized Lease Obligations.

 

“Cash Equivalents”
means:

 

		(1)	securities issued or directly and fully Guaranteed or insured by the United States Government,
Canada, the United Kingdom, Switzerland or any member state of the European Union, in each case, any agency or instrumentality
of thereof (provided that the full faith and credit of such country or such member state is pledged in support thereof),
having maturities of not more than two years from the date of acquisition;

 

		(2)	certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of acquisition thereof issued by a bank or trust company
(a) whose commercial paper is rated at least “A-1” or the equivalent thereof by S&P, at least “P-1”
or the equivalent thereof by Moody’s or “F-1” or the equivalent thereof by Fitch (or if at the time neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in
the event that such bank or trust

 

    6

     

    

 

company does not have commercial
paper which is rated) having combined capital and surplus in excess of $500 million;

 

		(3)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clauses (1) and (2) entered into with any bank meeting the qualifications specified in clause (2) above;

 

		(4)	commercial paper rated at the time of acquisition thereof at least “A-2” or the equivalent
thereof by S&P, “P-2” or the equivalent thereof by Moody’s, “F-2” or the equivalent thereof by
Fitch or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of the two named rating
agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of
which has an equivalent rating in respect of its long-term debt, and in any case maturing within one year after the date of acquisition
thereof;

 

		(5)	readily marketable direct obligations issued by any state of the United States of America, the
United Kingdom, Switzerland, Canada, any member of the European Union or any political subdivision thereof, in each case, having
one of the two highest rating categories obtainable from either Moody’s, S&P or Fitch (or, if at the time, neither is
issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities
of not more than two years from the date of acquisition;

 

		(6)	Indebtedness or Preferred Stock issued by Persons with a rating of “BBB-” or higher
from S&P, “Baa3” or higher from Moody’s or “BBB-” or higher from Fitch (or, if at the time, neither
is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with
maturities of 12 months or less from the date of acquisition;

 

		(7)	bills of exchange issued in the United States, Canada, a member state of the European Union, Switzerland
or the United Kingdom, eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent);
and

 

		(8)	interests in any investment company, money market or enhanced high yield fund which invests 95%
or more of its assets in instruments of the type specified in clauses (1) through (7) above.

 

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

 

“CFC Holdco”
means a Subsidiary that has no material assets other than equity interests in, and/or indebtedness of, each as determined for U.S.
federal income tax purposes, one or more Foreign Subsidiaries that are CFCs, including the indirect ownership of such equity interests
or indebtedness through one or more CFC Holdcos that have no other material assets.

 

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

 

		(1)	the consummation of any transaction (including, without limitation, any merger or consolidation),
the result of which is that any Person (including any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act)) other than one or more Permitted Holders (or a group controlled by one or more Permitted Holders) becomes the Beneficial
Owner, directly or indirectly, of more than 50% of the issued and outstanding Voting Stock of the Issuer (or any Successor Company),
measured by voting power rather than number of shares;

 

    7

     

    

 

		(2)	following the first Public Offering by an IPO Entity, during any period of two consecutive years,
individuals who at the beginning of such period constituted the majority of the directors (excluding any employee representatives,
if any) on the Board of Directors of such IPO Entity (together with any new directors whose election by the majority of such directors
on such Board of Directors of the IPO Entity or whose nomination for election by shareholders of the IPO Entity, as applicable,
was approved by a vote of the majority of such directors on the Board of Directors of the IPO Entity then still in office who were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) ceased
for any reason to constitute the majority of the directors (excluding any employee representatives, if any) on the Board of Directors
of such IPO Entity, then in office; or

 

		(3)	the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way
of merger, consolidation or other business combination transaction), in one or a series of related transactions, of all or substantially
all of the assets of the Issuer (or any Successor Company) and its Restricted Subsidiaries, taken as a whole, to a Person (including
any “person” as defined above), other than a Permitted Holder (or a group controlled by one or more Permitted Holders).

 

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

 

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

 

“Collateral”
means all assets and properties subject to Liens created pursuant to any Security Document to secure any of the First Lien Obligations,
including the Notes Collateral.

 

“Commodity
Hedging Agreements” means, in respect of a Person, any commodity purchase contract, commodity futures or forward contract,
commodities option contract or other similar contract (including commodities derivative agreements or arrangements), to which such
Person is a party or a beneficiary.

 

“Competition
Laws” means any federal, state, foreign, multinational or supranational antitrust, competition or trade regulation statutes,
rules, regulations, orders, decrees, administrative and judicial doctrines and other laws that are designed or intended to prohibit,
restrict or regulate actions or transactions having the purpose or effect of monopolization or restraint of trade or lessening
of competition through merger or acquisition or effectuating foreign investment.

 

“Completion
Date” means the date on which the Disposition is consummated.

 

“Consolidated
EBITDA” for any period means, without duplication, the Consolidated Net Income for such period, plus the following to
the extent deducted in calculating such Consolidated Net Income:

 

		(1)	Consolidated Interest Expense and Receivables Fees;

 

		(2)	Consolidated Income Taxes;

 

		(3)	consolidated depreciation expense;

 

		(4)	consolidated amortization and impairment expense;

 

		(5)	Parent Expenses of a Parent;

 

		(6)	any expenses, charges or other costs related to any Equity Offering (including of a Parent), Investment,
acquisition (including amounts paid in connection with the

 

    8

     

    

 

acquisition or retention of
one or more individuals comprising part of a management team retained to manage the acquired business; provided that such
payments are made in connection with such acquisition and are consistent with the customary practice in the industry at the time
of such acquisition), disposition, recapitalization or the Incurrence of any Indebtedness permitted by this Indenture (whether
or not successful) (including any such fees, expenses or charges related to the Transactions (including of a Parent), in each case,
as determined in good faith by the Issuer);

 

		(7)	any minority interest expense (whether paid or not) consisting of income attributable to minority
equity interests of third parties in such period or any prior period or any net earnings, income or share of profit of any Associates,
associated company or undertaking;

 

		(8)	the amount of management, monitoring, consultancy and advisory fees and related expenses or any
payments for financial advisory, financing, underwriting or placement services or any payments pursuant to franchising agreements,
business service related agreements or other similar arrangements paid in such period (or accruals relating to such fees and related
expenses) to any Permitted Holder (whether directly or indirectly, through any Parent) to the extent permitted by Section 4.09;
provided that any payments for such fees and related expense shall not be included in Consolidated EBITDA for any period
to the extent they were accrued for in such period or any prior period and added back to Consolidated EBITDA in such period or
any such prior period;

 

		(9)	other non-cash charges, write-downs or items reducing Consolidated Net Income (excluding any such
non-cash charge, write-down or item to the extent it represents an accrual of or reserve for cash charges in any future period)
or other non-cash items classified by the Issuer as special items less other non-cash items of income increasing Consolidated Net
Income (other than any non-cash items increasing such Consolidated Net Income pursuant to clauses (1) through (13) of the definition
of Consolidated Net Income and excluding any such non-cash item of income to the extent it represents a receipt of cash in any
future period);

 

		(10)	(x) any loss from discontinued operations (but if such operations are classified as discontinued
due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent such operations
are actually disposed of), reduced by (y) any income from discontinued operations (but if such operations are classified
as discontinued due to the fact that they are subject to an agreement to dispose of such operations, only when and to the extent
such operations are actually disposed of); and

 

		(11)	to the extent not already otherwise included herein, adjustments and add-backs of the nature used
in connection with the calculation of “Pro Forma Adjusted EBITDA” (as defined in the Offering Memorandum) included
in the Offering Memorandum.

 

“Consolidated
Income Taxes” means taxes or other payments, including deferred Taxes, based on income, profits or capital of the Issuer
and the Restricted Subsidiaries whether or not paid, estimated, accrued or required to be remitted to any governmental authority.

 

“Consolidated
Interest Expense” means, for any period (in each case, determined on the basis of GAAP), the consolidated net interest
income/expense of the Issuer and the Restricted Subsidiaries, whether paid or accrued, plus or including (without duplication)
any interest, costs and charges consisting of:

 

		(1)	interest expense attributable to Capitalized Lease Obligations;

 

    9

     

    

 

		(2)	amortization of debt discount, but excluding (i) amortization of debt issuance costs, fees and
expenses and the expensing of any bridge or other financing fees and (ii) any expense from the discounting of any Indebtedness
in connection with the applications of purchase accounting in connection with an acquisition;

 

		(3)	non-cash interest expense;

 

		(4)	dividends or other distributions in respect of all Disqualified Stock of the Issuer and all Preferred
Stock of any Restricted Subsidiary, to the extent held by Persons other than the Issuer or a Subsidiary of the Issuer;

 

		(5)	the consolidated interest expense that was capitalized during such period (without duplication);

 

		(6)	net payments and receipts (if any) pursuant to Hedging Obligations (other than Currency Agreements)
(excluding unrealized mark-to-market gains and losses attributable to Hedging Obligations (other than Currency Agreements));

 

		(7)	any interest actually paid by the Issuer or any Restricted Subsidiary on Indebtedness of another
Person that is guaranteed by the Issuer or any Restricted Subsidiary or secured by a Lien on assets of the Issuer or any Restricted
Subsidiary; and

 

		(8)	premiums, penalties, annual agency fees, penalties for failure to comply with registration obligations
(if applicable) and any amendment fees, in each case, related to any Indebtedness of the Issuer or any Restricted Subsidiaries.

 

Notwithstanding any
of the foregoing, Consolidated Interest Expense shall not include (i) any interest accrued, capitalized or paid in respect of Subordinated
Shareholder Funding, (ii) any commissions, discounts, yield and other fees and charges related to a Qualified Receivables Financing,
(iii) any payments on any operating leases, including without limitation any payments on any lease, concession or license of property
(or Guarantee thereof) which would be considered an operating lease under GAAP, (iv) net payments and receipts (if any) pursuant
to Currency Agreements (including unrealized mark-to-market gains and losses attributable to Hedging Obligations) and (v) any pension
liability interest costs.

 

“Consolidated
Net Income” means, for any period, the net income (loss) of the Issuer and the Restricted Subsidiaries determined on
a consolidated basis on the basis of GAAP; provided, however, that there will not be included in such Consolidated
Net Income:

 

		(1)	any net income (loss) of any Person if such Person is not a Restricted Subsidiary, except that
the Issuer’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income
up to the aggregate amount of cash or Cash Equivalents actually distributed by such Person during such period to the Issuer or
a Restricted Subsidiary as a dividend or other distribution or return on investment (subject, in the case of a dividend or other
distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below);

 

		(2)	solely for the purpose of determining the amount available for Restricted Payments under Section
4.05(a)(C)(i), any net income (loss) of any Restricted Subsidiary that is not a Guarantor if such Subsidiary is subject to restrictions,
directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly,
to the Issuer by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree,
order, statute or governmental rule or regulation applicable to such Restricted Subsidiary or its shareholders (other than (a)
restrictions that have been waived or otherwise released, (b) restrictions pursuant to this Indenture, the Notes, the Senior Notes
Indenture, the

 

    10

     

    

 

Senior Notes, the Senior Secured
Facilities, the Intercreditor Agreement and any Additional Intercreditor Agreement (c) contractual or legal restrictions in effect
on the Issue Date with respect to a Restricted Subsidiary (including pursuant to the agreements specified in Section 4.07(b)(3)
and other restrictions with respect to such Restricted Subsidiary that, taken as a whole, are not materially less favorable to
the Holders than such restrictions in effect on the Issue Date, and (d) restrictions as in effect on the Issue Date specified in
Section 4.07(b)(12) except that the Issuer’s equity in the net income of any such Restricted Subsidiary for such period will
be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents or non-cash distributions to
the extent converted into cash or Cash Equivalents actually distributed or that could have been distributed by such Restricted
Subsidiary during such period to the Issuer or another Restricted Subsidiary as a dividend or other distribution (subject, in the
case of a dividend to another Restricted Subsidiary, to the limitation contained in this clause (2));

 

		(3)	any net gain (or loss) realized upon the sale, abandonment or other disposition of any asset or
disposed operations of the Issuer or any Restricted Subsidiary (including pursuant to any sale/ leaseback transaction) which is
not sold or otherwise disposed of in the ordinary course of business (as determined in good faith by an Officer of the Issuer)
or returned surplus assets of any Pension Plan;

 

		(4)	any extraordinary, exceptional, unusual or nonrecurring gain, loss, charge or expense or any charges,
expenses or reserves in respect of any restructuring, redundancy or severance or any expenses, charges, reserves, gains or other
costs related to the Transactions and, to the extent not otherwise included in this clause (4): recruiting, retention and relocation
costs; signing bonuses and related expenses and one-time compensation charges; curtailments or modifications to pension and post-retirement
employee benefit plans; transaction and refinancing bonuses and special bonuses paid in connection with dividends and distributions
to equity holders; start-up, transition, strategic initiative (including any multi-year strategic initiative) and integration costs,
charges or expenses; costs, charges and expenses related to the start-up, pre-opening, opening, closure, and/or consolidation of
operations, offices and facilities; business optimization costs, charges or expenses; costs, charges and expenses incurred in connection
with new product design, development and introductions; costs and expenses incurred in connection with intellectual property development
and new systems design; costs and expenses incurred in connection with implementation, replacement, development or upgrade of operational,
reporting and information technology systems and technology initiatives; any costs, expenses or charges relating to any governmental
investigation or any litigation or other dispute (including with any customer); costs and expenses in respect of warranty payments
and liabilities related to product recalls or field service campaigns; or any fees, charges, losses, costs and expenses incurred
during such period, or any amortization thereof for such period, in connection with or related to any acquisition, Restricted Payment,
Investment, recapitalization, asset sale, issuance, incurrence, registration or repayment or modification of Indebtedness, issuance
or offering of Capital Stock, refinancing transaction or amendment, modification or waiver in respect of the documentation relating
to any such transaction and any charges or non-recurring merger costs incurred during such period as a result of any such transaction;

 

		(5)	the cumulative effect of a change in accounting principles;

 

		(6)	any non-cash compensation charge or expense arising from any grant of stock, stock options or other
equity based awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions;

 

    11

     

    

 

		(7)	all deferred financing costs written off and premiums paid or other expenses incurred directly
in connection with any early extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness;

 

		(8)	any unrealized gains or losses in respect of Hedging Obligations or other derivative instruments
or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value or changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each case, in respect of Hedging Obligations or other
derivative instruments;

 

		(9)	any unrealized foreign currency translation gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses
relating to translation of assets and liabilities denominated in foreign currencies;

 

		(10)	any unrealized foreign currency translation or transaction gains or losses in respect of Indebtedness
or other obligations of the Issuer or any Restricted Subsidiary owing to the Issuer or any Restricted Subsidiary;

 

		(11)	any one-time non-cash charges or any increases in amortization or depreciation resulting from purchase
accounting, in each case, in relation to any acquisition of another Person or business or resulting from any reorganization or
restructuring involving the Issuer or its Subsidiaries;

 

		(12)	any goodwill or other intangible asset impairment charge or write-off; and

 

		(13)	the impact of capitalized, accrued or accreting or pay-in-kind interest or principal on Subordinated
Shareholder Funding.

 

“Consolidated
Net Leverage” means (A) the sum, without duplication, of the aggregate outstanding Specified Indebtedness of the Issuer
and its Restricted Subsidiaries on a consolidated basis (excluding(i) Hedging Obligations and (ii) any revolving Indebtedness Incurred
pursuant to Section 4.04 in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma EBITDA, less (B)
the aggregate amount of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

 

“Consolidated
Net Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Leverage at such date to
(y) the aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma calculation of the
Consolidated Net Leverage Ratio shall not give effect to (i) any Indebtedness incurred on the date of determination pursuant to
Section 4.04(b) or (ii) the discharge on the date of determination of any Indebtedness to the extent that such discharge results
from the proceeds incurred pursuant to Section 4.04(b). For the avoidance of doubt, in determining Consolidated Net Leverage Ratio,
no cash or Cash Equivalents shall be included that are the proceeds of Indebtedness in respect of which the calculation of the
Consolidated Net Leverage Ratio is to be made.

 

“Consolidated
Net Senior Secured Leverage” means (A) the sum of the aggregate outstanding Senior Secured Indebtedness of the Issuer
and its Restricted Subsidiaries (excluding (i) Hedging Obligations and (ii) any revolving Indebtedness Incurred pursuant to Section
4.04 in an amount not to exceed the greater of (x) $75 million and (y) 33.3% L2QA Pro Forma EBITDA), less (B) the aggregate amount
of cash and Cash Equivalents of the Issuer and the Restricted Subsidiaries on a consolidated basis.

 

“Consolidated
Net Senior Secured Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Net Senior Secured
Leverage at such date to (y) the aggregate amount of L2QA Pro Forma EBITDA; provided, however, that the pro forma
calculation of the Consolidated Net

 

    12

     

    

 

Senior Secured Leverage Ratio shall not
give effect to (i) any Indebtedness incurred on the date of determination pursuant to Section 4.04(b) or (ii) the discharge on
the date of determination of any Indebtedness to the extent that such discharge results from the proceeds incurred pursuant to
Section 4.04(b).

 

For the avoidance
of doubt, in determining Consolidated Net Senior Secured Leverage Ratio, no cash or Cash Equivalents shall be included that are
the proceeds of Indebtedness in respect of which the calculation of the Consolidated Net Senior Secured Leverage Ratio is to be
made.

 

“Contingent
Obligations” means, with respect to any Person, any obligation of such Person guaranteeing in any manner, whether directly
or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”)
of any other Person (the “primary obligor”), including any obligation of such Person, whether or not contingent:

 

		(1)	to purchase any such primary obligation or any property constituting direct or indirect security
therefor;

 

		(2)	to advance or supply funds:

 

		(a)	for the purchase or payment of any such primary obligation; or

 

		(b)	to maintain the working capital or equity capital of the primary obligor or otherwise to maintain
the net worth or solvency of the primary obligor; or

 

		(3)	to purchase property, securities or services primarily for the purpose of assuring the owner of
any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect
thereof.

 

“Controlling
Secured Parties” means, at any time with respect to any Shared Collateral, the Secured Parties with respect to the series
of First Lien Obligations the Representative of which is, at such time, the Applicable Authorized Representative.

 

“Credit
Facility” means, with respect to the Issuer or any of its Subsidiaries, one or more debt facilities, arrangements, instruments,
trust deeds, note purchase agreements or indentures or commercial paper facilities and overdraft facilities (including the Senior
Secured Facilities) with banks, institutions, funds or investors providing for revolving credit loans, term loans, receivables
financing (including through the sale of receivables to such institutions or to special purpose entities formed to borrow from
such institutions against such receivables), notes, bonds, debentures letters of credit or other Indebtedness, in each case, as
amended, restated, modified, renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in
part from time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or
another administrative agent or agents or trustees or other banks, institutions or investors and whether provided under one or
more credit or other agreements, indentures, financing agreements or otherwise) and in each case including all agreements, instruments
and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit
issued pursuant thereto and any Guarantee and collateral agreement, patent and trademark security agreement, mortgages or letter
of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting
the generality of the foregoing, the term “Credit Facility” shall include any agreement or instrument (1) changing
the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Issuer as additional
borrowers or Guarantors thereunder, (3) increasing the amount of Indebtedness Incurred thereunder or available to be borrowed thereunder
or (4) otherwise altering the terms and conditions thereof.

 

“Currency
Agreement” means, in respect of a Person, any foreign exchange contract, currency swap agreement, currency futures contract,
currency option contract, cap, floor, ceiling, collar, currency derivative or other similar agreement to which such Person is a
party or beneficiary.

 

    13

     

    

 

“Custodian”
means any receiver, trustee, examiner, assignee, liquidator, administrator, administrative receiver, custodian or similar official
under any Bankruptcy Code .

 

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

 

“Definitive
Registered Note” means a certificated Note registered in the name of the Holder thereof that does not include the Global
Notes Legend.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 as
the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become
such pursuant to the applicable provision of this Indenture.

 

“Designated
Non-Cash Consideration” means the fair market value (as determined in good faith by the Issuer) of non-cash consideration
received by the Issuer or a Restricted Subsidiary in connection with an Asset Disposition that is so designated as Designated Non-Cash
Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less the amount of cash, Cash
Equivalents or Temporary Cash Investments received in connection with a subsequent payment, redemption, retirement, sale or other
disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash Consideration will no longer be
considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed
of in compliance with Section 4.08.

 

“Designated
Preference Shares” means, with respect to the Issuer, Preferred Stock (other than Disqualified Stock) (a) that is issued
for cash (other than to the Issuer or a Subsidiary of the Issuer or an employee stock ownership plan or trust established by the
Issuer or any such Subsidiary for the benefit of their employees to the extent funded by the Issuer or such Subsidiary) and (b)
that is designated as “Designated Preference Shares” pursuant to an Officer’s Certificate of the Issuer at or
prior to the issuance thereof, the Net Cash Proceeds of which are excluded from the calculation set forth in Section 4.05(a)(C)(ii).

 

“Disinterested
Director” means, with respect to any Affiliate Transaction, a member of the Board of Directors having no material direct
or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Issuer
shall be deemed not to have such a financial interest by reason of such member’s holding Capital Stock of the Issuer or any
Parent or any options, warrants or other rights in respect of such Capital Stock.

 

“Disposition”
means the issuance and sale by CSC Holdings, LLC to NHIP III Lantern Holding LLC (or one or more of its affiliates) of 49.99% of
the equity interests of the Parent Guarantor pursuant to the Unit Purchase Agreement.

 

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

 

		(1)	matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking
fund obligation or otherwise;

 

		(2)	is convertible or exchangeable for Indebtedness or Disqualified Stock (excluding Capital Stock
which is convertible or exchangeable solely at the option of the Issuer or a Restricted Subsidiary); or

 

		(3)	is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise
redeemable or repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole
or in part,

 

    14

     

    

 

in each case, on or prior to the earlier
of (a) the Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however,
that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is so convertible or exchangeable or
is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital
Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuer to repurchase
such Capital Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute
Disqualified Stock if any such redemption or repurchase obligation is subject to compliance by the relevant Person with Section
4.05.

 

“dollar”
or “$” means the lawful currency of the United States of America.

 

“Dollar
Equivalent” means, with respect to any monetary amount in a currency other than dollars (“Other Currency”),
at any time of determination thereof by the Issuer, the amount of dollars obtained by converting such Other Currency involved in
such computation into dollars at the spot rate for the purchase of dollars with the Other Currency as published in The Financial
Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information
is no longer available in The Financial Times, such source as may be selected in good faith by the Issuer) on the date of
such determination.

 

“Domestic
Subsidiary” means any direct or indirect Subsidiary that is organized under the laws of the United States, any state
thereof or the District of Columbia.

 

“DTC”
means The Depository Trust Company.

 

“Equity
Offering” means a public or private sale of (x) Capital Stock of the Issuer or (y) Capital Stock or other securities
of a Parent or an Affiliate, the proceeds of which are contributed as Subordinated Shareholder Funding or to the equity of the
Issuer or any of its Restricted Subsidiaries, in each case other than:

 

		(1)	Disqualified Stock;

 

		(2)	Designated Preference Shares;

 

		(3)	offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar
offering in other jurisdictions;

 

		(4)	any such sale to an Affiliate of the Issuer, including the Issuer or a Restricted Subsidiary; and

 

		(5)	any such sale that constitutes an Excluded Contribution.

 

“Escrowed
Proceeds” means the proceeds from the offering of any debt securities or other Indebtedness paid into an escrow account
with an independent escrow agent on the date of the applicable offering or Incurrence pursuant to escrow arrangements that permit
the release of amounts on deposits in such escrow account upon satisfaction of certain conditions or the occurrence of certain
events. The term “Escrowed Proceeds” shall include any interest earned on the amount held in escrow.

 

“Euroclear”
means Euroclear Bank SA/NV or any successor securities clearing agency.

 

“Exchange
Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder, as amended.

 

“Excluded
Assets” means each of the following:

 

		(a)	subject to certain conditions, any “intent-to-use” application for registration of
certain trademarks,

 

    15

     

    

 

		(b)	margin stock;

 

		(c)	assets subject to certificates of title;

 

		(d)	letter-of-credit rights;

 

		(e)	commercial tort claims with a value, individually, of less than an amount to be agreed;

 

		(f)	any governmental or regulatory licenses, authorizations, certificates, charters, franchises, approvals
and consents (whether federal, state or otherwise) to the extent a security interest therein is prohibited or restricted thereby
or requires any consent, acknowledgment or authorization from a governmental authority not obtained (without any requirement to
obtain such consent, acknowledgment or authorization) (after giving effect to applicable anti-assignment provisions of applicable
law);

 

		(g)	any lease, license or agreement or any property that is subject to a capital lease, purchase money
security interest or similar arrangement to the extent that a grant of a security interest therein (x) would violate or invalidate
such lease, license or agreement or purchase money security interest or similar arrangement or create a right of termination in
favor of any other party thereto (other than the Issuer or any of its subsidiaries) to the extent such approval, consent or authorization
is not obtained or (y) would require governmental or regulatory approval, consent or authorization not obtained (without any requirement
to obtain such approval, consent or authorization) (after giving effect to applicable anti-assignment provisions of applicable
law);

 

		(h)	assets to the extent the pledge thereof or grant of security interests therein (x) is prohibited
or restricted by any applicable law, rule or regulation or would require any consent, approval or authorization of any governmental
or regulatory authority not obtained (without any requirement to obtain such any consent, approval or authorization), (y) would
render such asset invalid or unenforceable under applicable law (solely with respect to any intellectual property), or (z) is prohibited
by any contract or would require any consent, approval, license or other authorization of any third party (provided that
such requirement existed on the Completion Date or at the time of the acquisition of such asset, as applicable, and was not incurred
in contemplation thereof (other than in the case of capital leases and purchase money financings)) or governmental or regulatory
authority not obtained (without any requirement to obtain such consent, approval, license or other authorization) (after giving
effect to applicable anti-assignment provisions of applicable law);

 

		(i)	assets to the extent a security interest in such assets would result in material adverse tax consequences
to the Issuer and the Restricted Subsidiaries, taken as a whole as reasonably determined by the Issuer;

 

		(j)	any leasehold or freehold interest in any real property (and improvements and fixtures relating
thereto);

 

		(k)	payroll accounts, zero balance accounts, any withholding tax, benefits, escrow, trust, customs
or any other fiduciary account and any account having a balance not exceeding an amount to be agreed;

 

		(l)	Capital Stock in Immaterial Subsidiaries and Excluded Subsidiaries (other than first tier CFCs
and first tier CFC Holdcos that are Restricted Subsidiaries;

 

    16

     

    

 

provided that in the
case of any first tier CFC or first tier CFC Holdco, the pledge of the Capital Stock of such Subsidiary shall be limited to no
more than 65% of the total issued and outstanding Capital Stock of such first tier CFC or first tier CFC Holdco; provided,
that, for the avoidance of doubt, the pledged Capital Stock of the Guarantors will not be subject to such limitation);

 

		(m)	in the case of the Issuer or any Guarantor, any assets located in, or governed by, any non-U.S.
jurisdiction law or regulation (other than (i) Capital Stock of CFCs that does not constitute an Excluded Asset pursuant to clause
(l) above and (ii) assets that can be perfected by the filing of a UCC financing statement and (iii) any material intellectual
property located in the United States of America;

 

		(n)	any property and/or related rights and/or assets (including loan receivables and collateral therefor)
that would otherwise be included in the Notes Collateral (and such property and/or related rights and/or assets (including loan
receivables and collateral therefor) shall not be deemed to constitute a part of the Notes Collateral) if such property has been
sold or otherwise transferred in connection with a securitization transaction or other financing arrangement not prohibited under
the Notes; and

 

		(o)	those assets as to which the Issuer shall reasonably determine that the cost, burden or difficulty
of obtaining such a security interest or perfection thereof (including any material adverse tax consequences to a Guarantor, the
Issuer, or any Subsidiary of the Issuers) are excessive in relation to the benefit to the holders of the Notes of the security
to be afforded thereby.

 

Notwithstanding clauses (a) – (o)
of this definition, Excluded Assets shall not include any proceeds, products, substitutions or replacements of Excluded Assets
(unless such proceeds, products, substitutions or replacements would otherwise constitute Excluded Assets).

 

“Excluded
Contribution” means Net Cash Proceeds and the fair market value (determined by the Issuer at the time of such contribution
or, at the option of the Issuer, at the date of entry into of a commitment, contract or resolution with respect to such Excluded
Contribution, and not adjusted for any subsequent changes in fair market value) of marketable securities or property or assets
or Capital Stock of any Person, in each case, received by the Issuer as capital contributions to the equity (other than through
the issuance of Disqualified Stock or Designated Preference Shares of the Issuer) after the Completion Date or from the issuance
or sale (other than to the Issuer, a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer
or any Subsidiary of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted Subsidiary)
of Capital Stock (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding of the Issuer,
in each case, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Issuer.

 

“Excluded
Subsidiary” means (1) any Subsidiary that is not a Wholly Owned Subsidiary of the Issuer, (2) any CFC, (3) any Subsidiary
that is a direct or indirect Subsidiary of (i) a CFC or (ii) a CFC Holdco, (4) a CFC Holdco, (5) any Subsidiary, including any
regulated entity that is subject to net worth or net capital or similar capital and surplus restrictions, that is prohibited or
restricted by applicable law, accounting policies or by contractual obligation existing on the Completion Date and any amendments,
restatements, modifications, renewals, supplements, refundings, replacements or refinancings of such agreements (provided
that such contractual obligations (A) were not incurred in contemplation of the Disposition (or, with respect to any Subsidiary
acquired by the Issuer or a Restricted Subsidiary after the Completion Date (and so long as such contractual obligation was not
incurred in contemplation of such acquisition), on the date such Subsidiary is so acquired) or (B) do not extend such prohibition
or extension to any non-Excluded Subsidiary) from providing a Guarantee, or if such Guarantee would

 

    17

     

    

 

require governmental (including regulatory)
or third party consent, approval, license or authorization, (6) any special purpose securitization vehicle (or similar entity),
including any Receivables Subsidiary, (7) any not for profit Subsidiary, (8) any other Subsidiary with respect to which, in the
reasonable judgment of the Issuer, the burden or cost (including any adverse tax consequences) of providing the Guarantee will
outweigh the benefits to be obtained by the Holders therefrom, (9) each Unrestricted Subsidiary and (10) Cablevision Lightpath
NJ LLC; provided that any such Subsidiary that is an Excluded Subsidiary pursuant to clause (8) above shall cease to be
an Excluded Subsidiary at any time such Subsidiary guarantees Indebtedness of the Issuer or any other Guarantor, and provided
further that clauses (2), (3) and (4) of this definition shall not apply unless the Issuer reasonably determines that the exclusion
of any such Subsidiary from the definition of Excluded Subsidiary would or is likely to result in material adverse tax consequences
to the Issuer, the Restricted Subsidiaries or any direct or indirect equityholder of the Issuer.

 

“fair market
value” wherever such term is used in this Indenture (except as otherwise specifically provided in this Indenture), may
be conclusively established by means of an Officer’s Certificate or a resolution of the Board of Directors of the Issuer
setting out such fair market value as determined by such Officer or such Board of Directors in good faith.

 

“First Lien
Obligations” means all indebtedness secured by a first priority lien on the Notes Collateral.

 

“Fitch”
means Fitch Ratings Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Foreign
Subsidiary” means any direct or indirect Subsidiary of the Issuer that is not a Domestic Subsidiary.

 

“Global
Note Legend” means the legend set forth in Section 2.06(g)(1) to be placed on each Note certificate evidencing the Global
Notes (and all Notes issued in exchange therefor or in substitution thereof) except where otherwise permitted by the provisions
of this Indenture.

 

“Global
Notes” means, individually and collectively, each of the 144A Global Notes and the Regulation S Global Notes, deposited
with the Notes Custodian and registered in the name of Cede & Co., as nominee of DTC.

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board
of the American Institution of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standard
Boards or in such other statement by such other entity as have been approved by a significant segment of the accounting profession,
and in effect on the Issue Date, or, with respect to Section 4.10 as in effect from time to time; provided that at any date
after the Issue Date, the Issuer may make an irrevocable election to establish that “GAAP” shall mean GAAP as in effect
on a date that is on or prior to the date of such election (other than with respect to Section 4.10 where GAAP will continue to
mean as in effect from time to time); and provided further that, at any time after the Issue Date, the Issuer may elect
to apply IFRS in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS
as in effect (except as otherwise provided for in this Indenture) on the date of such election or, with respect to Section 4.10,
as in effect from time to time; provided further that any such election to apply IFRS, once made, shall be irrevocable and
that upon first reporting its fiscal year results under IFRS, it shall restate the financial statements required to be delivered
under Section 4.10, on the basis of IFRS for the fiscal year ending immediately prior to the first fiscal year for which financial
statements have been prepared on the basis of IFRS. The Issuer shall give notice of any such election to the Trustee and the Holders.

 

“Grantor”
means each Person from time to time party to any Notes Security Document, in its capacity as a grantor, pledgor, obligor, chargor
or similar capacity thereunder.

 

    18

     

    

 

“Group”
means the Issuer and its Restricted Subsidiaries.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other
Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person:

 

		(1)	to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets,
goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise); or

 

		(2)	entered into primarily for purposes of assuring in any other manner the obligee of such Indebtedness
of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part),

 

provided, however, that the
term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of business or any
guarantee of performance. The term “Guarantee” used as a verb has a corresponding meaning.

 

“Guarantor”
means (i) as of the Completion Date, the Initial Guarantors and (ii) each Person that executes a Note Guarantee in accordance with
the provisions of this Indenture in its capacity as a Guarantor of the Notes and its respective successors and assigns, until the
Note Guarantee of such Person has been released in accordance with the provisions of this Indenture.

 

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

 

“Holder”
means each Person in whose name the Notes are registered.

 

“Holdings”
means Cablevision Lightpath Holdings LLC.

 

“IFRS”
means International Financial Reporting Standards as issued by the International Accounting Standards Board or any successor board
or agency as endorsed by the European Union.

 

“Immaterial
Subsidiary” shall mean, as of any date of determination, any Restricted Subsidiary that holds no more than 3% of the
Total Assets of the Issuer and its Restricted Subsidiaries, taken as a whole; provided, however, that if all of such
Immaterial Subsidiaries in the aggregate hold assets in excess of 3% of the Total Assets of the Issuer and its Restricted Subsidiaries,
then only the Restricted Subsidiaries with the smallest percentage of assets of the Issuer and its Restricted Subsidiaries (not
exceeding 3% individually or in the aggregate) would constitute “Immaterial Subsidiaries.”

 

“Incur”
means issue, create, assume, enter into any Guarantee of, incur, extend or otherwise become liable for; provided, however,
that other than in the case of any action being taken in connection with a Limited Condition Transaction, which shall be governed
by Section 4.25, and any Indebtedness or Lien Incurred pursuant to the provisions of Section 4.24, which shall be governed by the
provisions thereof, (1) any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary
(whether by merger, consolidation, acquisition or otherwise) will be deemed to be Incurred by the Issuer or such Restricted Subsidiary
at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings
correlative to the foregoing and (2) any Indebtedness pursuant to any Credit Facility, bridge facility, revolving credit or similar
facility shall only be “Incurred” at the time any funds are borrowed thereunder; provided further, that the
Issuer in its sole discretion may elect that (x) any Indebtedness or portion thereof pursuant to any Credit Facility, bridge facility,
revolving credit or similar facility shall be deemed to be “Incurred” at the time of entry into the definitive agreements
or commitments in relation to any such facility and/or (y) any Indebtedness the proceeds of which are cash-collateralized shall
be deemed to be “Incurred” at the time such proceeds are no longer cash-collateralized.

 

    19

     

    

 

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

 

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

 

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

 

		(3)	all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances
or other similar instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired
amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have not been reimbursed)
(except to the extent such reimbursement obligations relate to trade payables), in each case only to the extent that the underlying
obligation in respect of which the instrument was issued would be treated as Indebtedness;

 

		(4)	the principal component of all obligations, or liquidation preference, of such Person with respect
to any Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any
accrued dividends);

 

		(5)	the principal component of all Indebtedness of other Persons secured by a Lien on any asset of
such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that the amount of such
Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination (as determined in good
faith by the Issuer) and (b) the amount of such Indebtedness of such other Persons;

 

		(6)	Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and

 

		(7)	to the extent not otherwise included in this definition, net obligations of such Person under Currency
Agreements, Commodity Hedging Agreements and Interest Rate Agreements (the amount of any such obligations to be equal at any time
to the termination value of such agreement or arrangement giving rise to such obligation that would be payable by such Person at
such time).

 

The term “Indebtedness” shall
not include (i) Subordinated Shareholder Funding, (ii) any lease (including for the avoidance of doubt, any network lease or any
Operating IRU), concession or license of property (or Guarantee thereof) which would be considered an operating lease under GAAP,
(iii) prepayments of deposits received from clients or customers in the ordinary course of business, (iv) any pension obligations,
(v) Contingent Obligations, (vi) receivables sold or discounted, whether recourse or non-recourse, including, for the avoidance
of doubt, any obligations under or in respect of Qualified Receivables Financing (including, without limitation, guarantees by
a Receivables Subsidiary of the obligations of another Receivables Subsidiary and any indebtedness in respect of Limited Recourse),
(vii) obligations under any license, permit or other approval (or Guarantees given in respect of such obligations) Incurred prior
to the Issue Date or in the ordinary course of business, (viii) non-interest bearing installment obligations and accrued liabilities
Incurred in the ordinary course of business that are not more than 120 days past due, (ix) Indebtedness in respect of the Incurrence
by the Issuer or any Restricted Subsidiary of Indebtedness in respect of standby letters of credit, performance bonds or surety
bonds provided by the Issuer or any Restricted Subsidiary in the ordinary course of business to the extent such letters of credit
or bonds are not drawn upon or, if and to the extent drawn upon are honored in accordance with their terms and if, to be reimbursed,
are reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement following payment
on the letter of credit or bond, (x) any obligations to pay the deferred and unpaid purchase price for assets acquired or services
supplied or otherwise owed to the Person (or any assignee thereof) from whom such assets are acquired or who supplies such services
in accordance with the terms pursuant to which the relevant assets were or are to be acquired or services were or are to be supplied,
(xi) any payroll

 

    20

     

    

 

 

accruals and (xii) Indebtedness Incurred
by the Issuer or a Restricted Subsidiary in connection with a transaction where (A) such Indebtedness is borrowed from a bank or
trust company, having a combined capital and surplus and undivided profits of not less than $250 million, whose debt has a rating
immediately prior to the time such transaction is entered into, of at least A or the equivalent thereof by S&P and A2 or the
equivalent thereof by Moody’s or A or the equivalent thereof by Fitch and (B) a substantially concurrent Investment is made
by the Issuer or a Restricted Subsidiary in the form of cash deposited with the lender of such Indebtedness, or a Subsidiary or
Affiliate thereof, in amount equal to such Indebtedness. For the avoidance of doubt and notwithstanding the above, the term “Indebtedness”
excludes any accrued expenses and trade payables and any obligations under guarantees issued in connection with various operating
and telecommunications licenses.

 

Subject to Section
4.24 and Section 4.25, the amount of Indebtedness of any Person at any time in the case of a revolving credit or similar facility
shall be the total amounts of funds borrowed and then outstanding. The amount of Indebtedness of any Person at any date shall be
determined as set forth above or otherwise provided in this Indenture, and (other than with respect to letters of credit or Guarantees
or Indebtedness specified in clauses (5), (6) or (7) above) shall equal the amount thereof that would appear on a balance sheet
of such Person (excluding any notes thereto) prepared on the basis of GAAP.

 

Notwithstanding the
above provisions, in no event shall the following constitute Indebtedness:

 

		(i)	in connection with the purchase by the Issuer or any Restricted Subsidiary of any business, any
post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing
balance sheet or such payment depends on the performance of such business after the closing;

 

		(ii)	for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early
retirement or termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions
or social security or wage Taxes;

 

		(iii)	parallel debt obligations, to the extent such obligations mirror other Indebtedness;

 

		(iv)	Capitalized Lease Obligations; or

 

		(v)	franchise and performance surety bonds or guarantees.

 

“Indenture”
means this indenture, dated as of the Issue Date, as amended and supplemented from time to time, among, inter alios, the
Issuer and the Trustee.

 

“Independent
Financial Advisor” means an investment banking or accounting firm of international standing or any third party appraiser
of international standing; provided, however, that such firm or appraiser is not an Affiliate of the Issuer.

 

“Indirect
Participant” means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial
Additional First Lien Agreement” means this Indenture, together with the Global Notes and the guarantees thereon.

 

“Initial
Additional First Lien Obligations” means the Additional First Lien Obligations pursuant to the Initial Additional First
Lien Agreement.

 

“Initial
Guarantors” means, collectively, the Parent Guarantor and the Subsidiary Guarantors.

 

    21

     

    

 

“Initial
Notes Collateral” refers (i) prior to the Completion Date, to first security interests over the Escrowed Proceeds in
the Notes Escrow Accounts; and (ii) following the Completion Date, collectively to (a) substantially all assets of the Issuer and
the Subsidiary Guarantors (other than any equity interests in Cablevision Lightpath NJ LLC), (b) without limiting clause (a) above,
all of the equity interests of the Issuer held by the Parent Guarantor, (c) without limiting clause (a) above, any intercompany
loans from the Parent Guarantor to the Issuer, and (d) to the extent not otherwise included in the foregoing, all proceeds, products,
and accessions of or in any of the foregoing, until the security interests therein are released in accordance with this Indenture,
the Intercreditor Agreement and the Notes Security Documents.

 

“Intercreditor
Agreement” means the intercreditor agreement dated the Security Grant Date between, amongst others, the Authorized Representative
for the Senior Secured Facilities Secured Parties, the Collateral Agent for the Senior Secured Facilities Secured Parties, the
Authorized Representative for the Initial Additional Secured Parties, the Collateral Agent for the Initial Additional Secured Parties
and each additional Authorized Representative from time to time (each as defined therein), as amended from time to time.

 

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

 

“Investment”
means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of any direct
or indirect advance, loan, any letter of credit issued on the account of such Person on behalf of any other Person or other extensions
of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person
in the ordinary course of business, and excluding any debt or extension of credit represented by a bank deposit other than a time
deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or
services for the account or use of others), or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition
of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or would
be classified as investments on a balance sheet (excluding any notes thereto) prepared on the basis of GAAP; provided, however,
that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment.
If the Issuer or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted
Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Issuer
or any Restricted Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment equal to
the fair market value of the Capital Stock of such Subsidiary not sold or disposed of in an amount determined as provided in Section
4.05(c).

 

For purposes of Section
4.05:

 

		(1)	“Investment” will include the portion (proportionate to the Issuer’s equity interest
in a Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted
Subsidiary at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary; provided, however,
that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Issuer will be deemed to continue to have a permanent
 “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to (a) the Issuer’s “Investment”
in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Issuer’s equity interest
in such Subsidiary) of the fair market value of the net assets (as conclusively determined by an Officer or the Board of Directors
of the Issuer in good faith) of such Subsidiary at the time that such Subsidiary is so re-designated a Restricted Subsidiary; and

 

    22

     

    

 

		(2)	any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market
value at the time of such transfer (or if earlier at the time of entering into an agreement to sell such property), in each case
as determined in good faith by an Officer or the Board of Directors of the Issuer.

 

The amount of any
Investment outstanding at any time shall be the original cost of such Investment, reduced (at the Issuer’s option) by any
dividend, distribution, interest payment, return of capital, repayment or other amount or value received in respect of such Investment.

 

“Investment
Grade Securities” means:

 

		(1)	securities issued or directly and fully Guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(2)	securities issued or directly and fully guaranteed or insured by the United Kingdom, a member state
of the European Union, Switzerland, Norway or any agency or instrumentality thereof (other than Cash Equivalents);

 

		(3)	debt securities or debt instruments with a rating of “BBB-” or higher from S&P,
 “Baa3” or higher by Moody’s, “BBB-” or higher from Fitch or the equivalent of such rating by such
rating organization or, if no rating of Moody’s, S&P or Fitch then exists, the equivalent of such rating by any other
Nationally Recognized Statistical Ratings Organization, but excluding any debt securities or instruments constituting loans or
advances among the Issuer and its Subsidiaries; and

 

		(4)	investments in any fund that invests exclusively in investments of the type described in clauses
(1), (2) and (3) above which fund may also hold cash and Cash Equivalents pending investment or distribution.

 

“Investment
Grade Status” shall occur when the Notes receive any two of the following:

 

		(1)	a rating of “BBB-” or higher from S&P;

 

		(2)	a rating of “Baa3” or higher from Moody’s; or

 

		(3)	a rating of “BBB–” or higher from Fitch,

 

or the equivalent of such rating by either
such rating organization or, if no rating of Moody’s, S&P or Fitch then exists, the equivalent of such rating by any
other Nationally Recognized Statistical Ratings Organization.

 

“Investor”
means the ultimate controlling shareholder of the Parent Guarantor on the Issue Date.

 

“Investor
Affiliate” means (i) the Investor or any of his immediate family members, and any such persons’ respective Affiliates
and direct and indirect Subsidiaries, (ii) any sponsor, limited partnerships or entities managed or controlled by the Investor
or any of his immediate family, or any of such persons’ respective Affiliates and direct or indirect Subsidiaries, (iii)
any trust of the Investor or any of his immediate family, or any of such persons’ respective Affiliates and direct or indirect
Subsidiaries or any trust in respect of which any such persons is a trustee, (iv) any partnership of which the Investor or any
of his immediate family, or any of such persons’ respective Affiliates or direct or indirect Subsidiaries is a partner that
is managed or controlled by the Investor, any of his immediate family or any of such persons’ respective Affiliates or direct
or indirect Subsidiaries, and (v) any trust, fund or other entity which is managed by, or is under the control of, the Investor
or any of his immediate

 

    23

     

    

 

family, or any of such persons’ respective
Affiliates or direct or indirect Subsidiaries, but excluding the Issuer or any of its Subsidiaries.

 

“IPO Entity”
means the Parent Guarantor or any Parent (or any successor of any such Person) provided that the IPO Entity shall be an
entity which will issue shares, or whose shares are to be sold, pursuant to a Public Offering.

 

“IRU Agreement”
means the master fiber IRU agreement to be entered into on or about the Completion Date, between CSC Holdings, LLC and the Issuer,
pursuant to which CSC Holdings, LLC will grant the Issuer an indefeasible right to use with respect to specified fiber optic cable
strands.

 

“Issue Date”
means September 29, 2020.

 

“Issuer”
means Cablevision Lightpath LLC, a Delaware limited liability company.

 

“L2QA Pro
Forma EBITDA” means as of any date of determination, Pro Forma EBITDA for the period of the most recent two consecutive
fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of the Issuer
are available multiplied by 2.0.

 

“LH2”
means Lightpath Holdco 2, Inc., a Delaware corporation.

 

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

 

“Limited
Condition Transaction” shall mean (i) any acquisition of any assets, business or Person, other investment or similar
transaction (whether by merger, amalgamation, consolidation or other business combination or the acquisition of Capital Stock or
otherwise) permitted hereunder by one or more of the Issuer and its Restricted Subsidiaries whose consummation is not conditioned
on the availability of, or on obtaining, third party financing, (ii) any redemption, repurchase, defeasance, satisfaction and discharge
or repayment of Indebtedness requiring irrevocable notice in advance of such redemption, repurchase, defeasance, satisfaction and
discharge or repayment and (iii) any Restricted Payment requiring irrevocable notice in advance thereof.

 

“Limited
Recourse” means a letter of credit, revolving loan commitment, cash collateral account, guarantee or other credit enhancement
issued by the Issuer or any of its Restricted Subsidiaries (other than a Receivables Subsidiary) in connection with the incurrence
of Indebtedness by a Receivables Subsidiary under a Qualified Receivables Financing; provided that, the aggregate amount
of such letter of credit reimbursement obligations and the aggregate available amount of such revolving loan commitments, cash
collateral accounts, guarantees or other such credit enhancements of the Issuer and its Restricted Subsidiaries (other than a Receivables
Subsidiary) shall not exceed 25% of the principal amount of such Indebtedness at any time.

 

“Longstop
Date” means March 31, 2021.

 

“Management
Advances” means loans or advances made to, or Guarantees with respect to loans or advances made to, directors, officers,
employees or consultants of any Parent, the Issuer or any Restricted Subsidiary:

 

		(1)	(a) in respect of travel, entertainment or moving related expenses Incurred in the ordinary course
of business or (b) for purposes of funding any such Person’s purchase of Capital Stock or Subordinated Shareholder Funding
(or similar obligations) of the Issuer, its Restricted Subsidiaries or any Parent (i) not to exceed an amount (net of repayments
of any such loans or advances) equal to $20 million in any calendar year (with unused amounts in any calendar year being carried
over to the succeeding calendar years; provided that the aggregate Management Advances made under this

 

    24

     

    

 

sub-clause (b)(i) do not exceed
$40 million in any fiscal year) or (ii) with the approval of the Board of Directors of the Issuer;

 

		(2)	in respect of moving related expenses Incurred in connection with any closing or consolidation
of any facility or office; or

 

		(3)	(in the case of this clause (3)) not exceeding $10 million in the aggregate outstanding at any
time.

 

“Management
Investors” means the current or former officers, directors, employees and other members of the management of or consultants
to any Parent, the Issuer or any of their respective Subsidiaries, or spouses, family members or relatives thereof, or any trust,
partnership or other entity for the benefit of or the beneficial owner of which (directly or indirectly) is any of the foregoing,
or any of their heirs, executors, successors and legal representatives, who at any date beneficially own or have the right to acquire,
directly or indirectly, Capital Stock of the Issuer, any Restricted Subsidiary or any Parent.

 

“Market
Capitalization” means an amount equal to (i) the total number of issued and outstanding shares of Capital Stock of the
IPO Entity on the date of the declaration of the relevant dividend or purchase, repurchase or other acquisition or retirement of
common stock or common equity interests multiplied by (ii) the arithmetic mean of the closing prices per share of such Capital
Stock for the 30 consecutive trading days immediately preceding the date of declaration of such dividends or purchase, repurchase
or other acquisition or retirement of common stock or common equity interests.

 

“Material
Subsidiary” shall mean each Restricted Subsidiary other than an Immaterial Subsidiary.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“Nationally
Recognized Statistical Rating Organization” shall have the same meaning as used in Section 3(a)(62) of the Exchange Act.

 

“Net Available
Cash” from an Asset Disposition means cash payments received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition
of any securities received as consideration, but only as and when received, but excluding any other consideration received in the
form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are the
subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of:

 

		(1)	all legal, accounting, investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all Taxes paid or required to be paid or accrued as a liability under GAAP (after taking into account
any available tax credits or deductions and any Tax Sharing Agreements), as a consequence of such Asset Disposition;

 

		(2)	all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition,
in accordance with the terms of any Lien upon such assets, or which must by its terms, or in order to obtain a necessary consent
to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition;

 

		(3)	all distributions and other payments required to be made to minority interest holders (other than
any Parent, the Issuer or any of their respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition;
and

 

    25

     

    

 

		(4)	the deduction of appropriate amounts required to be provided by the seller as a reserve, on the
basis of GAAP, against (a) any liabilities associated with the assets disposed in such Asset Disposition and retained by the Issuer
or any Restricted Subsidiary after such Asset Disposition; or (b) any purchase price adjustment or earn-out in connection with
such Asset Disposition.

 

“Net Cash
Proceeds” means, with respect to any issuance or sale of Capital Stock or Subordinated Shareholder Funding, any Incurrence
of any Indebtedness or any sale of any asset, the cash proceeds of such issuance or sale, net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and
other fees and charges actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result
of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements).

 

“network
assets” means transport and distribution facilities and associated rights, equipment, electronics, devices, protocols,
code, software and licenses identified in the OSI model that are used and useful for the delivery of telecommunications, data,
Internet and other services by the Issuer and Subsidiaries to other providers and to customers, including without limitation fiber
optic cable, sheath, attachments, splice points, supports, pole licenses, easements, access and entry agreements, hubs, routers,
switches, optics, optolectronics, amplifiers, repeaters, power systems, leasehold facilities, colocation arrangements, colocation
equipment, distribution frames, cross connects, patches, monitoring and provisioning systems, network design and inventory systems,
interconnection agreements, peering agreements, and rights-of-way, and the systems, software, physical space, and services used
to operate those facilities.

 

“Non-Controlling
Authorized Representative” means, at any time with respect to any Shared Collateral, the Secured Parties that are not
the Controlling Secured Parties at such time.

 

“Non-Guarantor
Debt Cap” means an amount of Indebtedness Incurred equal to the greater of $50 million and 22% of L2QA Pro Forma EBITDA.

 

“Notes Custodian”
means the custodian with respect to a Global Note, as appointed by DTC, or any successor person thereto.

 

“Notes Collateral”
refers collectively to (a) the Initial Notes Collateral and (b) any other rights, property or assets that secure the Notes and/or
the Note Guarantees from time to time until the security interests therein are released in accordance with this Indenture, the
Intercreditor Agreement and the Notes Security Documents.

 

“Notes Collateral
Agent” means Deutsche Bank Trust Company Americas, acting as collateral agent pursuant to this Indenture and the Intercreditor
Agreement or such successor Notes Collateral Agent or any delegate thereof as may be appointed thereunder or any such collateral
agent, delegate or successor thereof pursuant to an Additional Intercreditor Agreement.

 

“Notes Documents”
means the Notes (including Additional Notes), this Indenture, the Notes Security Documents, the Intercreditor Agreement, any Additional
Intercreditor Agreements and the Notes Escrow Agreement.

 

“Notes Escrow
Accounts” refers to the segregated escrow accounts in the names of LH2 and Holdings in which the gross proceeds from
the offering of the Notes will be deposited.

 

“Notes Escrow
Agent” refers to Goldman Sachs Bank USA.

 

“Notes Escrow
Agreement” refers to the escrow and security agreement entered into on or about the Issue Date, between, among others,
the Issuer, the Trustee and the Notes Escrow Agent in

 

    26

     

    

 

connection with the funding of the proceeds
of the Notes into the Notes Escrow Accounts as described in the Offering Memorandum.

 

“Note Guarantee”
means the Guarantee by each Guarantor of the Issuer’s obligations under this Indenture and the Notes, executed pursuant to
the provisions of this Indenture.

 

“Notes Secured
Parties” means the “Secured Parties” as defined in the Notes Security Documents.

 

“Notes Security
Documents” means the security agreements, pledge agreements, collateral assignments, and any other instrument and document
executed and delivered pursuant to this Indenture or otherwise or any of the foregoing, as the same may be amended, supplemented
or otherwise modified from time to time, creating the security interests in the Notes Collateral as contemplated by this Indenture.

 

“Obligations”
means, with respect to any indebtedness, all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements
and other amounts payable pursuant to the documentation governing such indebtedness.

 

“Offering
Memorandum” means the offering memorandum in relation to the Initial Notes, dated September 15, 2020.

 

“Officer”
means, with respect to any Person, (1) any member of the Board of Directors, the Chief Executive Officer, the President, the Chief
Operating Officer, the Chief Financial Officer, any Vice President, the Treasurer or the Secretary (a) of such Person or (b) if
such Person is owned or managed by a single entity, of such entity, or (2) any other individual designated as an “Officer”
for the purposes of this Indenture by the Board of Directors of such Person.

 

“Officer’s
Certificate” means, with respect to any Person, a certificate signed by one Officer of such Person.

 

“Operating
IRU” means an indefeasible right of use of, or operating lease or payable for, lit or unlit fiber optic cable or telecommunications
conduit or the use of either.

 

“Opinion
of Counsel” means a written opinion from legal counsel reasonably satisfactory to the Trustee, which opinion may contain
customary assumptions and qualifications. The counsel may be an employee of or counsel to any Parent, the Issuer or any of their
Subsidiaries.

 

“Parent”
means (i) the Parent Guarantor, (ii) any subsidiary of the Parent Guarantor of which the Issuer at any time is or becomes a Subsidiary
and (iii) any holding company that directly owns all of the ordinary voting interests of the Parent Guarantor or a Parent thereof,
which is established by any Permitted Holder for purposes of holding its investment in the Parent Guarantor or a Parent thereof
provided that such holding company (a) will have no material assets other than its equity interests in the Parent Guarantor or
a Parent thereof, (b) may not incur any Indebtedness and (c) will be limited to conducting activities directly related or reasonably
incidental to the establishment and/or maintenance of its or its Subsidiaries’ corporate existence.

 

“Parent
Expenses” means:

 

		(1)	costs (including all professional fees and expenses) Incurred by any Parent in connection with
reporting obligations under or otherwise Incurred in connection with compliance with applicable laws, rules or regulations of any
governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating
to Indebtedness of a Parent (excluding principal and interest under any such agreement or instrument relating to obligations of
the Parent), the Issuer or any Restricted Subsidiary, including in respect of any reports filed with respect to the

 

    27

     

    

 

Securities Act, Exchange Act
or the respective rules and regulations promulgated thereunder;

 

		(2)	customary indemnification obligations of any Parent owing to directors, officers, employees or
other Persons under its charter or by-laws or pursuant to written agreements with any such Person to the extent relating to a Parent,
the Issuer or their respective Subsidiaries;

 

		(3)	obligations of any Parent in respect of director and officer insurance (including premiums therefor)
to the extent relating to a Parent, the Issuer or their respective Subsidiaries and reasonable fees and reimbursement of expenses
to, and customary indemnities and employee benefit and pension expenses provided on behalf of, directors, officers, consultants
or employees of the Issuer, any Restricted Subsidiary or any Parent (whether directly or indirectly and including through any Person
owned or controlled by any of such directors, officers or employees);

 

		(4)	fees and expenses payable by any Parent in connection with the Transactions;

 

		(5)	general corporate overhead expenses, including (a) professional fees and expenses and other operational
expenses of any Parent related to the ownership or operation of the business of the Issuer or any of the Restricted Subsidiaries
including acquisitions or dispositions by the Issuer or a Subsidiary permitted hereunder (whether or not successful), in each case,
to the extent such costs, obligations and/or expenses are not paid by another Subsidiary of such Parent or (b) costs and expenses
with respect to any litigation or other dispute relating to the Transactions or the ownership, directly or indirectly, by any Parent;

 

		(6)	any fees and expenses required to maintain any Parent’s corporate existence and to provide
for other ordinary course operating costs, including customary salary, bonus and other benefits payable to officers and employees
of such Parent;

 

		(7)	to reimburse out-of-pocket expenses of the Board of Directors of any Parent and payment of all
reasonable out-of-pocket expenses Incurred by any Permitted Holder in connection with its direct or indirect investment in the
Issuer and its Subsidiaries;

 

		(8)	other fees, expenses and costs relating directly or indirectly to activities of the Issuer and
its Subsidiaries or any Parent or any other Person established for purposes of or in connection with the Transactions or which
holds directly or indirectly any Capital Stock or Subordinated Shareholder Funding of the Issuer, in an amount not to exceed $10
million in any fiscal year;

 

		(9)	any Public Offering Expenses;

 

		(10)	payments pursuant to any Tax Sharing Agreement in the ordinary course of business or as a result
of the formation and maintenance of any consolidated group for tax or accounting purposes in the ordinary course of business; and

 

		(11)	franchise, excise and similar taxes and other fees, taxes and expenses, in each case, required
for the Issuer to maintain its operations and paid by the Parent.

 

“Parent
Guarantor” means Lightpath Holdings LLC.

 

“Pari Passu
Indebtedness” means (1) with respect to the Issuer, any Indebtedness that ranks pari passu in right of payment
to the Notes; and (2) with respect to the Subsidiary Guarantors, any Indebtedness that ranks pari passu in right of payment
to such Subsidiary Guarantor’s Note Guarantee.

 

    28

     

    

 

“Participant”
means a Person who has an account with DTC.

 

“Paying
Agent” means any Person authorized by the Issuer to pay the principal of (and premium, if any) or interest on any Note
on behalf of the Issuer.

 

“Payment
Block Event” means: (1) any Event of Default described in Section 6.01(a)(1) or (2) has occurred and is continuing; (2)
any Event of Default described in Section 6.01(a)(6) has occurred and is continuing; and (3) any other Event of Default has occurred
and is continuing and the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes have
declared all the Notes to be due and payable immediately (and such acceleration has not been rescinded). No Payment Block Event
shall be deemed to have occurred unless the Trustee has delivered notice of the occurrence of such Payment Block Event to the Issuer.

 

“Pension
Plan” means any Employee Benefit Plan, other than a Multiemployer Plan, which is subject to Section 412 of the Internal
Revenue Code or Section 302 of ERISA.

 

“Permitted
Asset Swap” means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination
of such assets and cash, Cash Equivalents or Temporary Cash Investments between the Issuer or any of the Restricted Subsidiaries
and another Person; provided that any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents
sold or exchanged must be applied in accordance with Section 4.08.

 

“Permitted
Collateral Liens” means:

 

		(1)	Liens on the Notes Collateral that are described in one or more of clauses (2), (3), (4), (5),
(6), (8), (9), (11), (12), (13), (18), (20), (23), (24), (27), (28) (but in the case of clause (28), excluding any Additional Notes)
of the definition of “Permitted Liens” and

 

		(2)	Liens on the Notes Collateral to secure (a) Indebtedness that is permitted to be Incurred under
Section 4.04(a)(2), (b) Indebtedness that is permitted to be Incurred under clauses (1), (2)(a) (in the case of (2)(a),
to the extent such Note Guarantee is in respect of Indebtedness otherwise permitted to be secured on the Notes Collateral), (5)
(so long as, in the case of clause (5), on the date of Incurrence of Indebtedness pursuant to such clause (5) and after giving
effect thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom) as if such
Indebtedness had been Incurred at the beginning of the relevant period, either (x) the Consolidated Net Senior Secured Leverage
Ratio is not greater than 4.75 to 1.0 or (y) the Consolidated Net Senior Secured Leverage Ratio would not be greater than it was
immediately prior to giving effect to such acquisition or other transaction), (7)(a) (to the extent relating to Currency Agreement
or Interest Rate Agreements related to Indebtedness), (7)(b), (14) (so long as, in the case of clause (14), on the date of Incurrence
of Indebtedness pursuant to such clause (14) and after giving effect thereto on a pro forma basis (including a pro forma
application of the net proceeds therefrom) as if such Indebtedness had been Incurred at the beginning of the relevant period, together
with any Incurrence of Indebtedness pursuant to Section 4.04(b)(5) on the date on which Indebtedness pursuant to clause (14) is
Incurred, the Consolidated Net Senior Secured Leverage Ratio is not greater than 4.75 to 1.0 and clause (16) under Section 4.04(b)
and (c) any Refinancing Indebtedness in respect of Indebtedness referred to in the foregoing clause (a) or (b), provided,
however, that (i) such Lien shall rank pari passu or junior to the Liens securing the Notes and the Note Guarantees
(including by virtue of the Intercreditor Agreement or an Additional Intercreditor Agreement); (ii) in each case, all property
and assets (including, without limitation, the Notes Collateral) securing such Indebtedness also secure the Notes or the Note Guarantees
on a senior or pari passu basis (including by virtue of the Intercreditor Agreement or an Additional Intercreditor Agreement
but no such Indebtedness shall have priority to the Notes over amounts received from the sale of the Notes Collateral pursuant
to an enforcement sale or other distressed disposal

 

    29

     

    

 

of such Notes Collateral);
and (iii) each of the parties thereto will have entered into the Intercreditor Agreement or an Additional Intercreditor Agreement.

 

“Permitted
Holders” means, collectively, (1) the Investor, (2) Investor Affiliates, (3) the Purchaser and any Affiliates thereof
but not including, however, any portfolio company of any of the foregoing and (4) any Person who is acting as an underwriter in
connection with a public or private offering of Capital Stock of any Parent or the Issuer, acting in such capacity. Any person
or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer
is made in accordance with the requirements of this Indenture will thereafter, together with its Affiliates, constitute an additional
Permitted Holder.

 

“Permitted
Investment” means (in each case, by the Issuer or any of the Restricted Subsidiaries):

 

		(1)	Investments in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary)
or the Issuer or (b) any Person (including the Capital Stock of any such Person) that is engaged in any Similar Business and such
Person will, upon the making of such Investment, become a Restricted Subsidiary;

 

		(2)	Investments in another Person if such Person is engaged in any Similar Business and as a result
of such Investment such other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or
substantially all its assets to, the Issuer or a Restricted Subsidiary;

 

		(3)	Investments in cash, Cash Equivalents, Temporary Cash Investments or Investment Grade Securities;

 

		(4)	Investments in receivables owing to the Issuer or any Restricted Subsidiary created or acquired
in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided, however,
that such trade terms may include such concessionary trade terms as the Issuer or any such Restricted Subsidiary deems reasonable
under the circumstances;

 

		(5)	Investments in payroll, travel and similar advances to cover matters that are expected at the time
of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business;

 

		(6)	Management Advances;

 

		(7)	Investments in Capital Stock, obligations or securities received in settlement of debts created
in the ordinary course of business and owing to the Issuer or any Restricted Subsidiary (including obligations of trade creditors
and customers), or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or pursuant
to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or in compromise or
resolution of any litigation, arbitration or other dispute;

 

		(8)	Investments made as a result of the receipt of non-cash consideration from a sale or other disposition
of property or assets, including an Asset Disposition, in each case, that was made in compliance with Section 4.08 and other Investments
resulting from the disposition of assets in transactions excluded from the definition of “Asset Disposition” pursuant
to the exclusions from such definition;

 

		(9)	Investments in existence on, or made pursuant to legally binding commitments in existence on, the
Issue Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment
may not be increased except

 

    30

     

    

 

(a) as required by the terms
of such Investment as in existence on the Issue Date or (b) as otherwise permitted by this Indenture;

 

		(10)	Currency Agreements, Interest Rate Agreements, Commodity Hedging Agreements and related Hedging
Obligations, which transactions or obligations are Incurred pursuant to Section 4.04(b)(7);

 

		(11)	pledges or deposits with respect to leases or utilities provided to third parties in the ordinary
course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens
permitted under Section 4.06;

 

		(12)	any Investment to the extent made using Capital Stock of the Issuer (other than Disqualified Stock
or Designated Preference Shares), Subordinated Shareholder Funding or Capital Stock of any Parent as consideration;

 

		(13)	any transaction to the extent constituting an Investment that is permitted and made in accordance
with Section 4.09(b) (except those described in clauses (1), (3), (6), (8), (9) and (12) of Section 4.09(b));

 

		(14)	Guarantees not prohibited by Section 4.04 and (other than with respect to Indebtedness) guarantees,
keepwells and similar arrangements in the ordinary course of business;

 

		(15)	Investments in the Notes, any Additional Notes, the Senior Notes, the Term Loans or any Pari Passu
Indebtedness of the Issuer or a Subsidiary Guarantor;

 

		(16)	(a) Investments acquired after the Issue Date as a result of the acquisition by the Issuer or any
Restricted Subsidiary of another Person, including by way of a merger, amalgamation or consolidation with or into the Issuer or
any of its Restricted Subsidiaries in a transaction that is not prohibited by Article 5 to the extent that such Investments were
not made in contemplation of such acquisition, merger, amalgamation or consolidation and (b) Investments of a Restricted Subsidiary
existing on the date such Person becomes a Restricted Subsidiary to the extent that such Investments were not made in contemplation
of such Person becoming a Restricted Subsidiary;

 

		(17)	Investments, taken together with all other Investments made pursuant to this clause (17) and at
any time outstanding, in an aggregate amount at the time of such Investment not to exceed the greater of 50% of L2QA Pro Forma
EBITDA and $115 million plus the amount of any distributions, dividends, payments or other returns in respect of such Investments
(without duplication for purposes of Section 4.05) (with the fair market value of each Investment being measured in accordance
with Section 4.05(c); provided, that, if an Investment is made pursuant to this clause in a Person that is not a Restricted
Subsidiary and such Person subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed to have been
made pursuant to clause (1) or (2) of the definition of “Permitted Investments” and not this clause;

 

		(18)	Investments, taken together with all other Investments made pursuant to this clause (18) and at
any time outstanding, the Consolidated Net Leverage Ratio would have been no greater than 6.50 to 1.00;

 

		(19)	Investments by the Issuer or a Restricted Subsidiary in a Receivables Subsidiary or any Investment
by a Receivables Subsidiary in any other Person, in each case, in connection with a Qualified Receivables Financing, provided,
however, that any Investment in any such Person is in the form of a Purchase Money Note, or any equity interest or interests
in Receivables and related assets generated by the Issuer or a Restricted Subsidiary and

 

    31

     

    

 

transferred to any Person in
connection with a Qualified Receivables Financing or any such Person owning such Receivables;

 

		(20)	Investments made to effect, or otherwise made in connection with, the Transactions or any non-cash
Investments made in connection with Permitted Reorganizations; and

 

		(21)	Investments of all or a portion of the Escrowed Proceeds permitted under the Notes Escrow Agreement
and the SN Escrow Agreement.

 

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

 

		(1)	Liens on assets or property of a Restricted Subsidiary that is not a Subsidiary Guarantor securing
Indebtedness of such Restricted Subsidiary or another Restricted Subsidiary that is not a Subsidiary Guarantor;

 

		(2)	pledges, deposits or Liens under workmen’s compensation laws, unemployment insurance laws,
social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability
to insurance carriers under insurance or self-insurance arrangements and including Liens on insurance policies and proceeds thereof,
or other deposits, to secure insurance premium financings), or in connection with bids, tenders, completion guarantees, contracts
(other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety,
indemnity, judgment, appeal or performance bonds, guarantees of government contracts (or other similar bonds, instruments or obligations),
or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature,
in each case Incurred in the ordinary course of business;

 

		(3)	Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s and repairmen’s or other like Liens, in each case for sums not yet overdue for a period of more than
60 days or that are bonded or being contested in good faith by appropriate proceedings;

 

		(4)	Liens for taxes, assessments or other governmental charges not yet subject to penalties for non-payment
or which are being contested in good faith by appropriate proceedings; provided that appropriate reserves required pursuant
to GAAP have been made in respect thereof;

 

		(5)	(a) Liens in favor of issuers of surety, performance or other bonds, guarantees or letters of credit
or bankers’ acceptances (not issued to support Indebtedness for borrowed money) issued pursuant to the request of and for
the account of the Issuer or any Restricted Subsidiary in the ordinary course of its business and (b) Liens in connection with
cash management programs established in the ordinary course of business;

 

		(6)	encumbrances, ground leases, easements (including reciprocal easement agreements), survey exceptions,
or reservations of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and
similar encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Issuer and the
Restricted Subsidiaries or to the ownership of its properties which do not in the aggregate materially adversely affect the value
of said properties or materially impair their use in the operation of the business of the Issuer and the Restricted Subsidiaries;

 

		(7)	Liens on assets or property of the Issuer or any Restricted Subsidiary securing Hedging Obligations
permitted under this Indenture;

 

    32

     

    

 

		(8)	leases, licenses, subleases and sublicenses of assets (including real property and intellectual
property rights), in each case entered into in the ordinary course of business;

 

		(9)	Liens arising out of judgments, decrees, orders or awards not giving rise to an Event of Default
and notices of lis pendens and associated rights so long as any appropriate legal proceedings which may have been duly initiated
for the review of such judgment, decree, order, award or notice have not been finally terminated or the period within which such
proceedings may be initiated has not expired;

 

		(10)	Liens on assets or property of the Issuer or any Restricted Subsidiary (including Capital Stock)
for the purpose of securing Capitalized Lease Obligations or Purchase Money Obligations, or securing the payment of all or a part
of the purchase price of, or securing other Indebtedness Incurred to finance or refinance the acquisition, improvement or construction
of, assets or property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal
amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture (excluding Indebtedness
Incurred pursuant to Section 4.04(a)(2)) and (b) any such Lien may not extend to any assets or property of the Issuer or any Restricted
Subsidiary other than assets or property acquired, improved, constructed or leased with the proceeds of such Indebtedness and any
improvements or accessions to such assets and property;

 

		(11)	Liens arising by virtue of any statutory or common law provisions relating to banker’s Liens,
rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a depositary or financial
institution (including, without limitation, Liens of a collection bank arising under Section 4-210 of the Uniform Commercial Code);

 

		(12)	Liens arising from Uniform Commercial Code financing statement filings (or similar filings in other
applicable jurisdictions) regarding operating leases entered into by the Issuer and the Restricted Subsidiaries in the ordinary
course of business;

 

		(13)	with respect to the Issuer and its Restricted Subsidiaries, Liens existing on or provided for or
required to be granted under written agreements existing on the Issue Date after giving effect to the Transactions, including the
issuance of the Notes and the Senior Notes and the application of the proceeds thereof (including after such proceeds are released
from the Notes Escrow Accounts and the SN Escrow Accounts);

 

		(14)	Liens on property, other assets or shares of stock of a Person at the time such Person becomes
a Restricted Subsidiary (or at the time the Issuer or a Restricted Subsidiary acquires such property, other assets or shares of
stock, including any acquisition by means of a merger, consolidation or other business combination transaction with or into the
Issuer or any Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in
anticipation of or in connection with such other Person becoming a Restricted Subsidiary (or such acquisition of such property,
other assets or stock); provided, further, that such Liens are limited to all or part of the same property, other
assets or stock (plus improvements, accession, proceeds or dividends or distributions in connection with the original property,
other assets or stock) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations
to which such Liens relate;

 

		(15)	Liens on assets or property of the Issuer or any Restricted Subsidiary securing Indebtedness or
other obligations of the Issuer or such Restricted Subsidiary owing to the Issuer or another Restricted Subsidiary, or Liens in
favor of the Issuer or any Restricted Subsidiary;

 

    33

     

    

 

		(16)	Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously
so secured, and permitted to be secured under this Indenture; provided that any such Lien is limited to all or part of the
same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured
(or, under the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is
in respect of property that is or could be the security for or subject to a Permitted Lien hereunder;

 

		(17)	any interest or title of a lessor under any Capitalized Lease Obligation or operating lease;

 

		(18)	(a) mortgages, liens, security interest, restrictions, encumbrances or any other matters of record
that have been placed by any government, statutory or regulatory authority, developer, landlord or other third party on property
over which the Issuer or any Restricted Subsidiary has easement rights or on any leased property and subordination or similar arrangements
relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property;

 

		(19)	any encumbrance or restriction (including put and call arrangements) with respect to Capital Stock
of, or assets owned by, any joint venture or similar arrangement pursuant to any joint venture or similar agreement;

 

		(20)	Liens on property or assets under construction (and related rights) in favor of a contractor or
developer or arising from progress or partial payments by a third party relating to such property or assets;

 

		(21)	Liens on Receivables Assets Incurred in connection with a Qualified Receivables Financing;

 

		(22)	Liens on Escrowed Proceeds for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters or arrangers thereof) or on cash set aside at the time of the Incurrence of any Indebtedness or government
securities purchased with such cash, in either case to the extent such cash or government securities prefund the payment of interest
on such Indebtedness and are held in an escrow account or similar arrangement to be applied for such purpose;

 

		(23)	bankers’ Liens, Liens on specific items of inventory or other goods (and the proceeds thereof)
of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary
course of business of such Person to facilitate the purchase, shipment or storage of such inventory or other goods and Liens securing
or arising by reason of any netting or set-off arrangement entered into in the ordinary course of banking or other trading activities;

 

		(24)	Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements
for the sale of goods entered into in the ordinary course of business, and pledges of goods, the related documents of title and/or
other related documents arising or created in the ordinary course of business or operations as Liens only for Indebtedness to a
bank or financial institution directly relating to the goods or documents on or over which the pledge exists;

 

		(25)	Permitted Collateral Liens;

 

		(26)	Liens on Capital Stock or other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary;

 

    34

     

    

 

		(27)	any security granted over Cash Equivalents in connection with the disposal thereof to a third party
and Liens on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge or redemption of Indebtedness;

 

		(28)	(a) Liens created for the benefit of or to secure, directly or indirectly, the Notes and the Note
Guarantees, (b) Liens pursuant to the Intercreditor Agreement and (c) Liens in respect of property and assets securing Indebtedness
if the recovery in respect of such Liens is subject to loss-sharing or similar provisions as among the Holders of the Notes and
the creditors of such Indebtedness pursuant to the Intercreditor Agreement or an Additional Intercreditor Agreement;

 

		(29)	Liens created on any asset of the Issuer or a Restricted Subsidiary established to hold assets
of any stock option plan or any other management or employee benefit or incentive plan or unit trust of the Issuer or a Restricted
Subsidiary securing any loan to finance the acquisition of such assets;

 

		(30)	Liens; provided that the maximum amount of Indebtedness secured in the aggregate at any
one time pursuant to this clause (30) does not exceed the greater of $45 million and 20% of L2QA Pro Forma EBITDA; provided,
further that this clause (30) may not be used to secure Indebtedness with any asset excluded from Notes Collateral pursuant
to clauses (h)(x) and (h)(y) of the definition of “Excluded Assets”;

 

		(31)	Liens consisting of any right of set-off granted to any financial institution acting as a lockbox
bank in connection with a Qualified Receivables Financing;

 

		(32)	Liens for the purpose of perfecting the ownership interests of a purchaser of Receivables and related
assets pursuant to any Qualified Receivables Financing;

 

		(33)	Cash deposits or other Liens for the purpose of securing Limited Recourse;

 

		(34)	Liens arising in connection with other sales of Receivables permitted hereunder without recourse
to the Issuer or any of its Restricted Subsidiaries;

 

		(35)	Liens encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching
to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business and not for speculative purposes;

 

		(36)	Liens (a) on any cash earnest money deposits or cash advances made by the Issuer or any of the
Restricted Subsidiaries in connection with any letter of intent or purchase agreement permitted under this Indenture, or (b) on
other cash advances in favor of the seller of any property to be acquired in an Investment or other acquisition permitted hereunder
to be applied against the purchase price for such Investment or other acquisition;

 

		(37)	Liens or rights of set-off against credit balances of the Issuer or any of the Restricted Subsidiaries
with credit card issuers or credit card processors or amounts owing by such credit card issuers or credit card processors to the
Issuer or any Restricted Subsidiaries in the ordinary course of business to secure the obligations of the Issuer or any Restricted
Subsidiary to the credit card issuers or credit card processors as a result of fees and charges;

 

		(38)	customary Liens of an indenture trustee on money or property held or collected by it to secure
fees, expenses and indemnities owing to it by any obligor under an indenture; and

 

		(39)	Liens arising in connection with any Permitted Reorganization.

 

    35

     

    

 

“Permitted
Reorganization” means any reorganizations and other activities related to tax planning and tax reorganization, so long
as, after giving effect thereto, the enforceability of the Note Guarantees, taken as a whole, are not materially impaired.

 

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

 

“Preferred
Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation
or dissolution of such Person, over shares of Capital Stock of any other class of such Person.

 

“Private
Placement Legend” means the legend set forth in Section 2.06(g)(1) to be placed on each Note certificate evidencing
the Global Notes and the Definitive Registered Notes (and all Notes issued in exchange therefor or in substitution thereof) except
where otherwise permitted by the provisions of this Indenture.

 

“Pro Forma
EBITDA” means, for any period, the Consolidated EBITDA of the Issuer and the Restricted Subsidiaries, provided
that for the purposes of calculating Pro Forma EBITDA for such period, if, as of such date of determination:

 

		(1)	since the beginning of such period the Issuer or any Restricted Subsidiary has disposed of any
company, any business, or any group of assets constituting an operating unit of a business or otherwise ceases to be a Restricted
Subsidiary (and is not a Restricted Subsidiary at the end of such period) (any such disposition, a “Sale”) or
if the transaction giving rise to the need to calculate Pro Forma EBITDA is such a Sale, or, for the avoidance of doubt, if a definitive
agreement has been entered into in connection with an anticipated Sale, Pro Forma EBITDA for such period will be reduced by
an amount equal to the Consolidated EBITDA (if positive) attributable to the assets which are the subject of such Sale for such
period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such period; provided
that if any such sale constitutes “discontinued operations” in accordance with GAAP, Consolidated Net Income shall
be reduced by an amount equal to the Consolidated Net Income (if positive) attributable to such operations for such period
or increased by an amount equal to the Consolidated Net Income (if negative) attributable thereto for such period;

 

		(2)	since the beginning of such period, a Parent, the Issuer or any Restricted Subsidiary (by merger
or otherwise) has made an Investment in any Person that thereby becomes a Restricted Subsidiary, or otherwise has acquired any
company, any business, or any group of assets constituting an operating unit of a business or a Person otherwise becomes a Restricted
Subsidiary (and remains a Restricted Subsidiary at the end of such period) (any such Investment, acquisition or designation, a
 “Purchase”), including any such Purchase occurring in connection with a transaction causing a calculation to
be made hereunder, or, for the avoidance of doubt, if a definitive agreement has been entered into in connection with an anticipated
Sale, Pro Forma EBITDA for such period will be calculated after giving pro forma effect thereto as if such Purchase occurred
on the first day of such period; and

 

		(3)	since the beginning of such period, any Person (that became a Restricted Subsidiary or was merged
or otherwise combined with or into the Issuer or any Restricted Subsidiary since the beginning of such period) will have made any
Sale or any Purchase that would have required an adjustment pursuant to clause (1) or (2) above if made by the Issuer or a Restricted
Subsidiary since the beginning of such period, Pro Forma EBITDA for

 

    36

     

    

 

such period will be calculated
after giving pro forma effect thereto as if such Sale or Purchase occurred on the first day of such period.

 

For the purposes
of this definition and the definitions of Consolidated EBITDA, Consolidated Income Taxes, Consolidated Interest Expense, Consolidated
Net Income, Consolidated Net Leverage Ratio and Consolidated Net Senior Secured Leverage Ratio or any other purpose hereunder (a)
whenever pro forma effect is to be given to any transaction (including, without limitation, transactions listed in clauses
(1) through (3) of this definition) or calculation hereunder or such other definitions, the pro forma calculations will
be as determined in good faith by a responsible financial or accounting officer of the Issuer or an Officer of the Issuer (including
in respect of anticipated expense and cost reductions and synergies (other than revenue synergies)) (calculated on a pro forma
basis as though such expense and cost reductions and synergies had been realized on the first day of the period for which Pro Forma
EBITDA is being determined and as though such cost savings, operating expense reductions and synergies were realized during the
entirety of such period), (b) in determining the amount of Indebtedness outstanding on any date of determination, pro forma
effect shall be given to any Incurrence, repayment, repurchase, defeasance or other acquisition, retirement or discharge of Indebtedness
as if such transaction had occurred on the first day of the relevant period and (c) if any Indebtedness bears a floating rate of
interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect
on the date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligations applicable
to such Indebtedness if such Hedging Obligation has a remaining term in excess of 12 months).

 

“Public
Debt” means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a
public offering registered under the Securities Act or (2) a private placement to institutional investors that is underwritten
for resale in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights
entitling the holders of such debt securities to registration thereof with the SEC for public resale.

 

“Public
Offering” means any offering of shares of common stock or other common equity interests that are listed on an exchange
or publicly offered (which shall include an offering pursuant to Rule 144A and/or Regulation S under the Securities Act to professional
market investors or similar persons).

 

“Public
Offering Expenses” means expenses Incurred by any Parent in connection with any Public Offering or any offering of Public
Debt (whether or not successful):

 

		(1)	where the net proceeds of such offering are intended to be received by or contributed or loaned
to the Issuer or a Restricted Subsidiary;

 

		(2)	in a pro-rated amount of such expenses in proportion to the amount of such net proceeds intended
to be so received, contributed or loaned; or

 

		(3)	otherwise on an interim basis prior to completion of such offering so long as any Parent shall
cause the amount of such expenses to be repaid to the Issuer or the relevant Restricted Subsidiary out of the proceeds of such
offering promptly if completed, in each case, to the extent such expenses are not paid by another Subsidiary of such Parent.

 

“Purchase”
has the meaning ascribed to it in the definition of “Pro Forma EBITDA”.

 

“Purchaser”
means NHIP III Lantern Holding LLC (or one or more of its affiliates).

 

“Purchase
Money Note” means a promissory note of a Receivables Subsidiary evidencing the deferred purchase price of Receivables
(and related assets) and/or a line of credit, which may be irrevocable, from the Issuer or any Restricted Subsidiary in connection
with a Qualified Receivables Financing with a Receivables Subsidiary, which deferred purchase price or line is repayable from cash
available to the Receivables Subsidiary, other than amounts required to be established as reserves

 

    37

     

    

 

pursuant to agreements, amounts paid to
investors in respect of interest, principal and other amounts owing to such investors and amounts owing to such investors and amounts
paid in connection with the purchase of newly generated Receivables.

 

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

 

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

 

“Qualified
Receivables Financing” means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:
(1) an Officer or the Board of Directors of the Issuer shall have determined in good faith that such Qualified Receivables Financing
(including financing terms, covenants, termination events and other provisions) is in the aggregate economically fair and reasonable
to the Issuer and the Receivables Subsidiary, (2) all sales of accounts receivable and related assets to the Receivables Subsidiary
are made at fair market value (as determined in good faith by the Issuer), and (3) the financing terms, covenants, termination
events and other provisions thereof shall be on market terms (as determined in good faith by the Issuer) and may include Standard
Securitization Undertakings.

 

The grant of a security
interest in any accounts receivable of the Issuer or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure
Indebtedness under a Credit Facility or Indebtedness in respect of the Notes shall not be deemed a Qualified Receivables Financing.

 

“Receivable”
means a right to receive payment arising from a sale or lease of goods or services by a Person pursuant to an arrangement with
another Person pursuant to which such other Person is obligated to pay for goods or services under terms that permit the purchase
of such goods and services on credit, as determined on the basis of GAAP, and shall include, in any event, any items of property
that would be classified as an “account”, “chattel paper”, “payment intangible” or “instrument”
under the Uniform Commercial Code as in effect in the State of New York and any “supporting obligations” as so defined.

 

“Receivables
Assets” means any assets that are or will be the subject of a Qualified Receivables Financing.

 

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

 

“Receivables
Financing” means any transaction or series of transactions that may be entered into by the Issuer or any of its Subsidiaries
pursuant to which the Issuer or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary
(in the case of a transfer by the Issuer or any of its Subsidiaries), or (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of the
Issuer or any of its Subsidiaries, and any assets related thereto, including all collateral securing such accounts receivable,
all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable
and other assets which are customarily transferred or in respect of which security interest are customarily granted in connection
with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Issuer or
any such Subsidiary in connection with such accounts receivable.

 

“Receivables
Repurchase Obligation” means any obligation of a seller of receivables in a Qualified Receivables Financing to repurchase
receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a
receivable or portion thereof

 

    38

     

    

 

becoming subject to any asserted defense,
dispute, off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event
relating to the seller.

 

“Receivables
Subsidiary” means a Wholly Owned Subsidiary of the Issuer (or another Person in which the Issuer or any Subsidiary of
the Issuer makes an Investment and to which the Issuer or any Subsidiary of the Issuer transfers accounts receivable and related
assets) which engages in no activities other than in connection with the financing of accounts receivable of the Issuer and its
Subsidiaries, all proceeds thereof and all rights (contractual or other), collateral and other assets relating thereto, and any
business or activities incidental or related to such business, and which is designated by the Board of Directors of the Issuer
(as provided below) as a Receivables Subsidiary and:

 

		(1)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i)
is guaranteed by the Issuer or any Restricted Subsidiary (excluding guarantees of obligations (other than the principal of, and
interest on, Indebtedness) pursuant to Standard Securitization Undertakings); (ii) is recourse to or obligates the Issuer or any
Restricted Subsidiary in any way other than pursuant to Standard Securitization Undertakings or (iii) subjects any property or
asset of the Issuer or any Restricted Subsidiary, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings except, in each case, Limited Recourse and Permitted Liens as defined
in clauses (31) through (34) of the definition thereof;

 

		(2)	with which neither the Issuer nor any other Restricted Subsidiary has any material contract, agreement,
arrangement or understanding (except in connection with a Purchase Money Note or Qualified Receivables Financing) other than on
terms which the Issuer reasonably believes to be no less favorable to the Issuer or such Restricted Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of the Issuer, other than fees payable in the ordinary course
of business in connection with servicing Receivables; and

 

		(3)	to which neither the Issuer nor any other Restricted Subsidiary has any obligation to maintain
or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results (other
than those related to or incidental to the relevant Qualified Receivables Financing), except for Limited Recourse.

 

Any such designation
by the Board of Directors of the Issuer shall be evidenced to the Trustee by filing with the Trustee a copy of the resolution of
the Board of Directors of the Issuer giving effect to such designation and an Officer’s Certificate certifying that such
designation complied with the foregoing conditions.

 

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

 

“Refinancing
Indebtedness” means Indebtedness of the Issuer or any Restricted Subsidiary to refund, refinance, replace, exchange,
renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the date of this
Indenture or Incurred in compliance with this Indenture including Indebtedness that refinances Refinancing Indebtedness; provided,
however, that:

 

(1)       if
the Indebtedness being refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness has a final stated maturity
at the time such Refinancing Indebtedness is Incurred that is the same as or later than the final stated maturity of the Indebtedness
being refinanced or, if shorter, the Notes;

 

    39

     

    

 

(2)       such
Refinancing Indebtedness is Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate
issue price) that is equal to or less than the sum of the aggregate principal amount (or if issued with original issue discount,
the aggregate accreted value) then outstanding of the Indebtedness being refinanced (and with respect to Reserved Indebtedness,
including an amount equal to any unutilized commitments for such Reserved Indebtedness being refinanced, extended, replaced, refunded,
renewed or defeased to the extent permanently terminated in connection with such Refinancing Indebtedness) (plus, without duplication,
any additional Indebtedness Incurred to pay interest or premiums required by the instruments governing such existing Indebtedness,
tender premiums, and costs, expenses and fees Incurred in connection therewith);

 

(3)       if
the Indebtedness being refinanced is expressly subordinated to the Notes or any Note Guarantee, such Refinancing Indebtedness is
subordinated to the Notes or such Note Guarantee, as applicable, on terms at least as favorable to the Holders as those contained
in the documentation governing the Indebtedness being refinanced; and

 

(4)       if
the Issuer or any Subsidiary Guarantor was the obligor on the Indebtedness being refinanced, such Indebtedness is incurred either
by the Issuer or by a Subsidiary Guarantor,

 

provided, however, that Refinancing
Indebtedness shall not include (i) Indebtedness of the Issuer that refinances Indebtedness of an Unrestricted Subsidiary, or (ii)
Indebtedness of the Issuer owing to and held by the Issuer or any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary
owing to and held by the Issuer or any other Restricted Subsidiary.

 

Refinancing Indebtedness
in respect of any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination, discharge,
or repayment of any such Credit Facility or other Indebtedness.

 

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

 

“Regulation
S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global Note, as appropriate.

 

“Regulation
S Permanent Global Note” means a permanent Global Note in the form of Exhibit A hereto bearing the Global Note Legend
and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration of
the Restricted Period.

 

“Regulation
S Temporary Global Note” means a temporary Global Note in the form of Exhibit A hereto deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount
of the Notes initially sold in reliance on Rule 903 of Regulation S (and includes the Regulation S Temporary Global Note Legend
set forth in Section 2.06(g) hereof).

 

“Related
Taxes” means, without duplication (including, for the avoidance of doubt, without duplication of any amounts paid pursuant
to any Tax Sharing Agreement):

 

		(1)	any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property, consumption,
franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar
Taxes (other than (x) Taxes measured by income and (y) withholding taxes), required to be paid (provided such Taxes are
in fact paid) by any Parent by virtue of its:

 

		(a)	being incorporated or otherwise being established or having Capital Stock outstanding (but not
by virtue of owning stock or other equity interests of any

 

    40

     

    

 

corporation or other entity
other than, directly or indirectly, the Parent Guarantor or any Subsidiary of the Parent Guarantor);

 

		(b)	issuing or holding Subordinated Shareholder Funding;

 

		(c)	being a holding company parent, directly or indirectly, of the Issuer or any Subsidiary of the
Issuer;

 

		(d)	receiving dividends from or other distributions in respect of the Capital Stock of, directly or
indirectly, the Issuer or any Subsidiary of the Issuer; or

 

		(e)	having made any payment in respect to any of the items for which the Issuer is permitted to make
payments to any Parent pursuant to Section 4.05; or

 

		(2)	if and for so long as the Issuer is a member of or included in a group filing a consolidated or
combined tax return of which a direct or indirect parent of the Issuer is the common parent, or for which the Issuer is a partnership
or disregarded entity for U.S. federal, state or local income tax purposes that is wholly-owned (directly or indirectly) by an
entity that is taxable as a corporation for U.S. federal income tax purposes, an amount of any such Taxes that the Issuer and Subsidiaries
of the Issuer would have been required to pay on a separate company basis or on a consolidated basis if the Issuer and the Subsidiaries
of the Issuer had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting
only of the Issuer and the Subsidiaries of the Issuer; or

 

		(3)	if and for so long as the Issuer is disregarded as separate from its Parent or a partnership for
U.S. federal income tax purposes and is not wholly owned (directly or indirectly) by an entity that is taxable as a corporation
for U.S. federal income tax purposes, an amount equal to the product of the net taxable income of the Group multiplied by the highest
marginal blended federal, state and local tax rate applicable to ordinary income or capital gains, as appropriate for an individual
resident in New York, New York.

 

“Responsible
Officer” means, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee
having direct responsibility for the administration of this Indenture and any other officers of the Trustee to whom any corporate
trust matter is referred because of such person’s knowledge of any familiarity with the particular subject.

 

“Restricted
Investment” means any Investment other than a Permitted Investment.

 

“Restricted
Period” with respect to any Notes, means the period of 40 consecutive days beginning on and including the later
of (a) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S)
in reliance on Regulation S, written notice of which day shall be promptly given by the Issuer to the Trustee, and (b) the
Issue Date with respect to such Notes.

 

“Restricted
Subsidiary” means a Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“Reverse
IRU Agreement” means the agreement to be entered into on or about the Completion Date, between CSC Holdings, LLC and
the Issuer, pursuant to which the Issuer will grant CSC Holdings, LLC an indefeasible right to use with respect to specified fiber
optic cable strands.

 

“Revolving
Facility” refers to the senior secured revolving credit facility made available under the Senior Secured Facilities Agreement.

 

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

 

    41

     

    

 

 

 

“S&P”
means S&P Global Ratings or any of its successors or assigns that is a Nationally Recognized Statistical Rating Organization.

 

“Sale”
has the meaning ascribed to it in the definition of “Pro Forma EBITDA”.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secured
Parties” means (i) the Senior Secured Facilities Secured Parties, (ii) the Notes Secured Parties and (iii) the Additional
First Lien Secured Parties.

 

“Securities
Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder,
as amended.

 

“Securitization
Assets” means (a) the account receivable, royalty or other revenue streams and other rights to payment and other assets
related thereto subject to a Qualified Receivables Financing and the proceeds thereof and (b) contract rights, lockbox accounts
and records with respect to such accounts receivable and any other assets customarily transferred together with accounts receivable
in a securitization financing.

 

“Security
Agreement” means the Pledge and Security Agreement, between the Issuer and Deutsche Bank Trust Company Americas, as Collateral
Agent.

 

“Security
Documents” means, collectively, (i) the Senior Secured Facilities Security Documents, (ii) the Notes Security Documents
and (iii) the Additional First Lien Security Documents.

 

“Security
Grant Date” means the date on which the security is granted under the Senior Secured Facilities and this Indenture.

 

“Senior
Notes” refers to the Issuer’s $415 million aggregate principal amount of U.S. dollar-denominated 5.625% senior
notes due 2028, to be issued on or around the Issue Date.

 

“Senior
Notes Indenture” means the indenture, to be dated on or around the Issue Date, as amended, among, inter alios,
the Issuer, as issuer, the guarantors named therein and the trustee party thereto, governing the Senior Notes.

 

“Senior
Secured Facilities” refers to the Revolving Facility and the Term Facility.

 

“Senior
Secured Facilities Agreement” refers to the credit agreement, to be entered into on or about the Issue Date, between,
inter alios, the Issuer, as Borrower, Goldman Sachs Bank USA, as administrative agent, Deutsche Bank Trust Company Americas,
as security agent, and the lenders party thereto, as amended, supplemented or otherwise modified from time to time, governing the
Senior Secured Facilities.

 

“Senior
Secured Facilities Secured Parties” means secured parties in respect of the Senior Secured Facilities.

 

“Senior
Secured Facilities Security Documents” means the security agreements, pledge agreements, collateral assignments, and
any other instrument and document executed and delivered pursuant to the Senior Secured Facilities Agreement or otherwise or any
of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time, creating the security interests
in the collateral securing the Senior Secured Facilities as contemplated by the Senior Secured Facilities Agreement.

 

“Senior
Secured Indebtedness” means, with respect to any Person as of any date of determination, any Specified Indebtedness;
provided that such Indebtedness is in each case secured by a Lien on the assets of the Issuer or its Restricted Subsidiaries
on a basis inter alios with or senior to

 

    42

     

    

 

the security in favor of the Notes (other
than any Liens on Escrowed Proceeds or pursuant to the Notes Escrow Agreement).

 

“Shared
Collateral” means, at any time, Collateral in which the holders of two or more series of First Lien Obligations (or their
respective Representatives) hold a valid and perfected security interest at such time. If more than two series of First Lien Obligations
are outstanding at any time and the holders of less than all series of First Lien Obligations hold a valid and perfected security
interest in any Collateral at such time, then such Collateral shall constitute Shared Collateral for those series of First Lien
Obligations that hold a valid security interest in such Collateral at such time and shall not constitute Shared Collateral for
any series of First Lien Obligations which does not have a valid and perfected security interest in such Collateral at such time.

 

“SN Escrow
Accounts” refers to the segregated escrow accounts in the names of LH2 and Holdings in which the gross proceeds from
the offering of the Senior Notes will be deposited.

 

“SN Escrow
Agent” refers to Goldman Sachs Bank USA.

 

“SN Escrow
Agreement” refers to the escrow and security agreement entered into on or about the Issue Date, between, among others,
the Issuer, the SN Trustee and the SN Escrow Agent in connection with the funding of the proceeds of the Senior Notes into the
SN Escrow Accounts as described in the Offering Memorandum under “Summary—The Transactions”.

 

“SN Trustee”
refers to Deutsche Bank Trust Company Americas.

 

“Significant
Subsidiary” means any Restricted Subsidiary that meets any of the following conditions:

 

		(1)	the Issuer’s and the Restricted Subsidiaries’ investments in and advances to the Restricted
Subsidiary exceed 10% of total assets of the Issuer and the Restricted Subsidiaries on a consolidated basis as of the end of the
most recently completed fiscal year;

 

		(2)	the Issuer’s and the Restricted Subsidiaries’ proportionate share of the total assets
(after intercompany eliminations) of the Restricted Subsidiary exceeds 10% of total assets of the Issuer and the Restricted Subsidiaries
on a consolidated basis as of the end of the most recently completed fiscal year; or

 

		(3)	if positive, the Issuer’s and the Restricted Subsidiaries’ equity in the income from
continuing operations before income taxes, extraordinary items and cumulative effect of a change in accounting principle of the
Restricted Subsidiary exceeds 10% of such income of the Issuer and the Restricted Subsidiaries on a consolidated basis for the
most recently completed fiscal year.

 

“Similar
Business” means (a) any businesses, services or activities (including marketing) engaged in by the Issuer, Cablevision
Systems Corporation, Altice USA or any of their Subsidiaries on the Issue Date, (b) telecommunications, broadcast television, broadband
and fixed and mobile telephony businesses, including the distribution, sale and for provision of mobile voice and data, fixed-line
voice and internet services, transit voice traffic services and advertising and other services and equipment in relation thereto,
and producing and selling any print, audio, video or other content and (c) any businesses, services and activities (including marketing)
engaged in by the Issuer, Cablevision Systems Corporation, Altice USA or any of their Subsidiaries that are (i) related, complementary,
incidental, ancillary or similar to any of the foregoing or (ii) are reasonable extensions or developments of any thereof.

 

    43

     

    

 

“Special
Distribution” means a distribution from the Issuer to the Parent Guarantor and from the Parent Guarantor to its shareholders
as described in the Offering Memorandum under “Summary—The Transactions”.

 

“Specified
Indebtedness” means with respect to any Person as of any date of determination, any Indebtedness for borrowed money that
is Incurred under Section 4.04(a) or clauses (1), (4)(a), (4)(b), (5), (7), (14) or (16) of Section 4.04(b) and any Refinancing
Indebtedness in respect of the foregoing.

 

“Standard
Securitization Undertakings” means representations, warranties, covenants, indemnities and guarantees of performance
entered into by the Issuer or any Subsidiary of the Issuer which the Issuer has determined in good faith to be customary in a Receivables
Financing, including, without limitation, Limited Recourse and those relating to the servicing of the assets of a Receivables Subsidiary,
it being understood that any Receivables Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking.

 

“Stated
Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal is scheduled to be paid, and will not include any contingent obligations to repay, redeem
or repurchase any such interest or principal prior to the date scheduled for the payment thereof.

 

“Subordinated
Indebtedness” means, in the case of the Issuer, any Indebtedness (whether outstanding on the Issue Date or thereafter
Incurred) which is expressly subordinated or junior in right of payment to the Notes pursuant to a written agreement and, in the
case of a Guarantor, any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated
or junior in right of payment pursuant to a written agreement to the Note Guarantee of such Guarantor.

 

“Subordinated
Shareholder Funding” means, collectively, any funds provided to the Issuer by any Parent, any Affiliate of any
Parent or any Permitted Holder or any Affiliate thereof, in exchange for or pursuant to any security, instrument or agreement other
than Capital Stock, in each case issued to and held by any of the foregoing Persons, together with any such security, instrument
or agreement and any other security or instrument other than Capital Stock issued in payment of any obligation under any Subordinated
Shareholder Funding; provided, however, that such Subordinated Shareholder Funding:

 

		(1)	does not mature or require any amortization, redemption or other repayment of principal or any
sinking fund payment prior to the first anniversary of the Stated Maturity of the Notes (other than through conversion or exchange
of such funding into Capital Stock (other than Disqualified Stock) of the Issuer or any funding meeting the requirements of this
definition) or the making of any such payment prior to the first anniversary of the Stated Maturity of the Notes is restricted
by the Intercreditor Agreement, an Additional Intercreditor Agreement or another intercreditor agreement;

 

		(2)	does not require, prior to the first anniversary of the Stated Maturity of the Notes, payment of
cash interest, cash withholding amounts or other cash gross-ups, or any similar cash amounts or the making of any such payment
prior to the first anniversary of the Stated Maturity of the Notes is restricted by the Intercreditor Agreement, an Additional
Intercreditor Agreement or another intercreditor agreement;

 

		(3)	contains no change of control or similar provisions and does not accelerate and has no right to
declare a default or event of default or take any enforcement action or otherwise require any cash payment, in each case, prior
to the date that is six months following the Stated Maturity of the Notes or the payment of any amount as a result of any such
action or provision or the exercise of any rights or enforcement action, in each case, prior to the date that is six months following
the Stated Maturity of the Notes, is

 

    44

     

    

 

	 	 	restricted by the Intercreditor
Agreement, an Additional Intercreditor Agreement or another intercreditor agreement;
	 	 	 
		(4)	does not provide for or require any security interest or encumbrance over any asset of the Issuer
or any of the Restricted Subsidiaries; and

 

		(5)	pursuant to its terms or to an intercreditor agreement, is fully subordinated and junior in right
of payment to the Notes pursuant to subordination, payment blockage and enforcement limitation terms which are customary in all
material respects for similar funding or are no less favourable in any material respect to Holders than those contained in the
Intercreditor Agreement as in effect on the Issue Date.

 

“Subsidiary”
means, with respect to any Person:

 

		(1)	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 ordinary voting power of shares of Capital Stock
entitled (without regard to the occurrence of any contingency) 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; or

 

		(2)	any partnership, joint venture, limited liability company or similar entity of which:

 

		(a)	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 interests or otherwise; and

 

		(b)	such Person or any Subsidiary of such Person is a controlling general partner or otherwise controls
such entity.

 

“Subsidiary
Guarantors” means, collectively, each existing material wholly-owned direct or indirect subsidiary of the Issuer that
is organized in the U.S., in each case that will guarantee the Notes, the Senior Notes and the Senior Secured Facilities within
three business days of the Completion Date, subject to the requirements in this Indenture and the Senior Secured Facilities Agreement
(excluding, for the avoidance of doubt, Cablevision Lightpath NJ LLC and its subsidiaries).

 

“Taxes”
means any present or future tax, duty, levy, assessment or other governmental charge, including any related interest, penalties
or additions to tax.

 

“Tax Sharing
Agreement” means any tax sharing or profit and loss pooling or similar agreement with customary or arm’s-length
terms entered into with any Parent or Unrestricted Subsidiary, as the same may be amended, supplemented, waived or otherwise modified
from time to time in accordance with the terms thereof and of this Indenture.

 

“Temporary
Cash Investments” means any of the following:

 

		(1)	any investment in

 

		(a)	direct obligations of, or obligations Guaranteed by, (i) the United States of America, (ii) Canada,
(iii) the United Kingdom, (iv) any European Union member state, (v) Switzerland, (vi) any country in whose currency funds are being
held specifically pending application in the making of an investment or

 

    45

     

    

 

	 	 	capital expenditure by the
Issuer or a Restricted Subsidiary in that country with such funds or (vii) any agency or instrumentality of any such country or
member state, or
	 	 	 
		(b)	direct obligations of any country recognized by the United States of America rated at least “A”
by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent of such rating by
such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating by any Nationally
Recognized Statistical Rating Organization);

 

		(2)	overnight bank deposits, and investments in time deposit accounts, certificates of deposit, bankers’
acceptances and money market deposits (or, with respect to foreign banks, similar instruments) maturing not more than one year
after the date of acquisition thereof issued by:

 

		(a)	any institution authorized to operate as a bank in any of the countries or member states referred
to in subclause (1)(a) above, or

 

		(b)	any bank or trust company organized under the laws of any such country or member state or any political
subdivision thereof,

 

in each case, having capital
and surplus aggregating in excess of $250 million (or the foreign currency equivalent thereof) and whose long-term debt is rated
at least “A” by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either case, the equivalent
of such rating by such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent of such rating
by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;

 

		(3)	repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clause (1) or (2) above entered into with a Person meeting the qualifications described in clause (2) above;

 

		(4)	Investments in commercial paper, maturing not more than 270 days after the date of acquisition,
issued by a Person (other than the Issuer or any of its Subsidiaries), with a rating at the time as of which any Investment therein
is made of “P-2” (or higher) according to Moody’s, “A-2” (or higher) according to S&P or “F-2”
(or higher) according to Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P,
Moody’s or Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

		(5)	Investments in securities maturing not more than one year after the date of acquisition issued
or fully Guaranteed by any state, commonwealth or territory of the United States of America, Canada, the United Kingdom, Switzerland,
any European Union member state or by any political subdivision or taxing authority of any such state, commonwealth, territory,
country or member state, and rated at least “BBB-” by S&P, “Baa3” by Moody’s or “BBB-”
by Fitch (or, in either case, the equivalent of such rating by such organization or, if no rating of S&P, Moody’s or
Fitch then exists, the equivalent of such rating by any Nationally Recognized Statistical Rating Organization);

 

		(6)	bills of exchange issued in the United States of America, Canada, Switzerland, the United Kingdom,
or a member state of the European Union eligible for rediscount at the relevant central bank and accepted by a bank (or any dematerialized
equivalent);

 

		(7)	any money market deposit accounts issued or offered by a commercial bank organized under the laws
of a country that is a member of the Organization for Economic Co-

 

    46

     

    

 

	 	 	operation and Development,
in each case, having capital and surplus in excess of $250 million (or the foreign currency equivalent thereof) or whose long term
debt is rated at least “A” by S&P, “A-2” by Moody’s or “A” by Fitch (or, in either
case, the equivalent of such rating by such organization or, if no rating of S&P, Moody’s or Fitch then exists, the equivalent
of such rating by any Nationally Recognized Statistical Rating Organization) at the time such Investment is made;
	 	 	 
		(8)	investment funds investing 95% of their assets in securities of the type described in clauses (1)
through (7) above (which funds may also hold reasonable amounts of cash pending investment and/or distribution); and

 

		(9)	investments in money market funds complying with the risk limiting conditions of Rule 2a-7 (or
any successor rule) of the SEC under the U.S. Investment Company Act of 1940, as amended.

 

“Term Facility”
means the senior secured term loan facility made available pursuant to the Senior Secured Facilities Agreement.

 

“Term Loans”
means the term loans extended pursuant to the Senior Secured Facilities under which the Issuer or Guarantors, as the case may be,
are permitted to Incur Indebtedness under this Indenture.

 

“Total Assets”
means the consolidated total assets of the Issuer and the Restricted Subsidiaries as shown on the most recent consolidated balance
sheet of the Issuer prepared on the basis of GAAP prior to the relevant date of determination calculated to give pro forma
effect to any Purchase and Sales that have occurred subsequent to such period, including any such Purchase to be made with the
proceeds of the Indebtedness giving rise to the need to calculate Total Assets.

 

“Transactions”
means the transactions described under “Summary—The Transactions” in the Offering Memorandum, including
the Special Distribution, the Disposition, the issuance of the Notes and the Senior Notes and the entering into and borrowings
under the Senior Secured Facilities.

 

“Transition
Services Agreement” means the services agreement to be entered into on or about the Completion Date, between CSC Holdings,
LLC and the Issuer, pursuant to which CSC Holdings, LLC will provide certain overhead functions and other services to the Issuer.

 

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

 

“Trustee”
refers to Deutsche Bank Trust Company Americas.

 

“U.S. Government
Obligations” means securities that are (a) direct obligations (or certificates representing an ownership interest in
such obligations) of the United States of America, for the timely payment of which its full faith and credit is pledged or (b)
obligations (or certificates representing an ownership interest in such obligations) of a Person controlled or supervised by and
acting as an agency or instrumentality of the United States of America, rated at least “A-1” by S&P, “P-1”
by Moody’s or “A-1” by Fitch and which are not callable or redeemable at the option of the issuer thereof.

 

“Uniform
Commercial Code” means the New York Uniform Commercial Code.

 

    47

     

    

 

“Unit Purchase
Agreement” means the purchase agreement entered into on July 28, 2020, between, inter alia, CSC Holdings, LLC, the Parent
Guarantor and NHIP III Lantern Holding LLC, which governs the sale of 49.99% of the equity interests in the Parent Guarantor to
NHIP III Lantern Holding LLC.

 

“Unrestricted
Subsidiary” means:

 

		(1)	4Connections LLC (until such time that it may be designated to be a Restricted Subsidiary in accordance
with the second succeeding paragraph);

 

		(2)	any Subsidiary of the Issuer that at the time of determination is an Unrestricted Subsidiary (as
designated by the Board of Directors of the Issuer in the manner provided below); and

 

		(3)	any Subsidiary of an Unrestricted Subsidiary.

 

The Board of Directors
of the Issuer may designate any Subsidiary of the Issuer (including any newly acquired or newly formed Subsidiary or a Person becoming
a Subsidiary through merger, consolidation or other business combination transaction, or Investment therein) to be an Unrestricted
Subsidiary only if:

 

		(1)	such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or
own or hold any Lien on any property of, the Issuer, or any other Subsidiary of the Issuer which is not a Subsidiary of the Subsidiary
to be so designated or otherwise an Unrestricted Subsidiary; and

 

		(2)	such designation and the Investment of the Issuer and the Restricted Subsidiaries in such Subsidiary
complies with Section 4.05.

 

Any such designation by the Board of Directors
of the Issuer shall be evidenced to the Trustee by filing with the Trustee a copy of the resolution of the Board of Directors of
the Issuer giving effect to such designation and an Officer’s Certificate certifying that such designation complies with
the foregoing conditions.

 

The Board of Directors
of the Issuer may designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that immediately after giving
effect to such designation (1) no Default or Event of Default would result therefrom and (2)(x) the Issuer could Incur at least
$1.00 of additional Indebtedness under Section 4.04(a) or (y) the Consolidated Net Leverage Ratio would be no higher than it was
immediately prior to giving effect to such designation, in each case, on a pro forma basis taking into account such designation.
Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of
the resolution of the Board of Directors giving effect to such designation or an Officer’s Certificate certifying that such
designation complied with the foregoing provisions.

 

“Voting
Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote in
the election of directors.

 

“Wholly
Owned Subsidiary” means (1) in respect of any Person, a Person, all of the Capital Stock of which (other than (a) directors’
qualifying shares or an immaterial amount of shares required to be owned by other Persons pursuant to applicable law, regulation
or to ensure limited liability and (b) in the case of a Receivables Subsidiary, shares held by a Person that is not an Affiliate
of the Issuer solely for the purpose of permitting such Person (or such Person’s designee) to vote with respect to customary
major events with respect to such Receivables Subsidiary, including without limitation the institution of bankruptcy, insolvency
or other similar proceedings, any merger or dissolution, and any change in charter documents or other customary events) is owned
by that Person directly or (2) indirectly by a Person that satisfies the requirements of clause (1).

 

    48

     

    

 

Section
1.02           
Other Definitions.

 

	Term	 	Defined
 in
 Section 

	“Additional Notes”  	 	Preamble
	“Additional Intercreditor Agreement” 	 	4.17(a)
	“Advance Offer” 	 	4.08(c)
	“Advance Portion” 	 	4.08(c)
	“Affiliate Transactions”	 	4.09(a)
	“Applicable Law” 	 	12.14
	“Applicable Premium Deficit” 	 	8.01(a)
	“Asset Disposition Offer”	 	4.08(c)
	“Asset Disposition Offer Amount”	 	4.08(f)
	“Asset Disposition Offer Period”	 	4.08(f)
	“Asset Disposition Purchase Date”	 	4.08(f)
	“Authenticating Agent”	 	2.02
	“Authentication Order”	 	2.02
	“bankruptcy provisions”	 	6.01 (a)(6)(i)
	“Change of Control Offer”	 	4.03(b)
	“Change of Control Payment”	 	4.03 (b)(1)
	“Change of Control Payment Date”	 	4.03 (b)(2)
	“covenant defeasance option”	 	8.01(b)
	“cross-acceleration provision”	 	6.01 (a)(5)(B)
	“Cured Default”	 	6.01 (d)(2)
	“defeasance trust”	 	8.02(a)
	“Event of Default”	 	6.01(a)
	“Elected Amount” 	 	4.24
	“Excess Proceeds”	 	4.08(c)
	“Executed Documentation”	 	12.01
	“Foreign Currency”	 	4.04(k)
	“guarantee provisions”	 	6.01 (a)(9)
	“Initial Agreement”	 	4.07 (b)(5)
	“Initial Default”	 	6.01(d)
	“Initial Lien” 	 	4.06(a)
	“Initial Notes”	 	Preamble 
	“judgment default provision”	 	6.01 (a)(6)(D)
	“LCT Election”	 	4.25 (2)
	“LCT Test Date”	 	4.25 (2)
	“legal defeasance option”	 	8.01(b)
	“Notes”	 	Preamble 
	“Paying Agent” 	 	2.03(a)
	“payment default”	 	6.01 (a)(5)(A)
	“Permitted Payments”	 	4.05(b)
	“protected purchaser”	 	2.07

  

    49

     

    

 

	Term	 	Defined
 in
 Section  
	“Registrar”	 	2.03(a)
	“Regulation S-K” 	 	4.10 (b)(1)(A)
	“Regulation S-X” 	 	4.10 (b)(1)(B)
	“Release”	 	3.10(c)
	“Restricted Payment”	 	4.05(a)
	“Reversion Date”	 	4.11
	“Rule 144A Global Notes”	 	2.01(c)
	“security default provisions”	 	6.01 (a)(8)
	“Special Mandatory Redemption”	 	3.10(d)
	“Special Mandatory Redemption Date”	 	3.10(e)
	“Special Mandatory Redemption Price”	 	3.10(d)
	“Special Termination Date”	 	3.10(d)
	“Successor Company”	 	5.01 (a)(1)
	“Suspension Event”	 	4.11
	“Suspension Period”	 	4.11
	“Transfer Agent”	 	2.03(a)
	“Trustee”	 	Preamble 

 

Section
1.03           
Rules of Construction.

 

Unless the context
otherwise requires

 

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

 

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

 

(c)               
“or” is not exclusive;

 

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

 

(e)               
“including” means including without limitation;

 

(f)                
words in the singular include the plural and words in the plural include the singular;

 

(g)               
provisions apply to successive events and transactions; and

 

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

 

ARTICLE
2

THE NOTES

 

Section
2.01           
Form and Dating.

 

(a)               
General.

 

The Notes and the
Trustee’s certificate of authentication with respect thereto will be substantially in the form of Exhibit A hereto.
The Notes may have notations, legends or endorsements

 

    50

     

    

 

required by law, stock exchange rule or
usage and as provided herein. The Issuer shall approve the form of the Notes and any notation, legend or endorsement thereon. Each
Note will be dated the date of its authentication.

 

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

 

(b)               
Global Notes.

 

Global Notes issued
in global form will be substantially in the form of Exhibit A hereto (including the Global Note Legend thereon and the “Schedule
of Increases or Decreases” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit
A hereto (but without the Global Note Legend thereon and without the “Schedule of Increases or Decreases” attached
thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that
it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges
and redemptions and purchases and cancellations. Any endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby will be made by the Registrar, the Notes Custodian or
DTC, at the direction of the Registrar, in accordance with instructions given by the Holder thereof as required by Section 2.06.

 

(c)               
Rule 144A Global Notes and Regulation S Global Notes.

 

Notes offered and
sold in reliance on Regulation S will be issued initially in the form of the Regulation S Temporary Global Note, which will be
deposited on behalf of the purchasers of the Notes represented thereby with the Registrar (or Notes Custodian), as custodian for
the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents
holding on behalf of Euroclear or Clearstream, duly executed by the Issuer and authenticated by the Trustee as hereinafter provided.
Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note will be automatically
exchanged for beneficial interests in the Regulation S Permanent Global Note, with no further action by the Issuer, pursuant to
the Applicable Procedures, on the first day following the expiry of the Restricted Period. Simultaneously with the authentication
of the Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note. The aggregate principal
amount of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased
or decreased by adjustments made by the Trustee to the schedule of increases or decreases in the Global Note, in connection
with transfers of interest as hereinafter provided.

 

Notes offered and
sold to QIBs in reliance on Rule 144A shall be issued initially in the form of one or more Definitive Registered Notes or
one or more Global Notes, each substantially in the form of Exhibit A hereto, with such applicable legends as are provided
in Exhibit A hereto, except as otherwise permitted herein. Such Notes in the form of Global Notes (the “Rule 144A
Global Notes”) shall be deposited on behalf of the purchasers of the Notes represented thereby with the Registrar (or
Notes Custodian) as custodian for DTC, and registered in the name of Cede & Co., as nominee of DTC, for the accounts of DTC,
duly executed by the Issuer and authenticated by the Trustee or the Authenticating Agent as hereinafter provided. The aggregate
principal amount of the Rule 144A Global Notes may from time to time be increased or decreased by adjustments made by the
Registrar on Schedule A to the Rule 144A Global Notes and recorded in the register maintained by the Registrar, as hereinafter
provided.

 

(d)               
Definitive Registered Notes.

 

    51

     

    

 

Definitive Registered
Notes shall be issued in accordance with this Indenture. Notes issued in definitive registered form will be substantially in the
form of Exhibit A hereto (excluding the Global Note Legend thereon and without the “Schedule of Increases or
Decreases in the Global Note” attached thereto).

 

(e)               
Book-Entry Provisions.

 

The Applicable Procedures
shall be applicable to Book-Entry Interests in the Global Notes that are held by Participants through DTC.

 

(f)                
Denomination.

 

The Notes shall be
in minimum denominations of $200,000 and in integral multiples of $1,000 in excess thereof.

 

Section
2.02           
Execution and Authentication.

 

At least one Officer
must execute the Notes on behalf of the Issuer by manual, facsimile, or electronic (in “.pdf’ format) signature. If
an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless
be valid.

 

A Note will not be
valid until authenticated by the manual or electronic signature of the authorized signatory of the Trustee or its Authenticating
Agent. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. Notwithstanding the
foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and sold by the Issuer, the Issuer
shall deliver such Note to the Trustee for cancellation pursuant to Section 2.11.

 

The Trustee or the
Authenticating Agent will, upon receipt of a written order of the Issuer signed by an authorized representative (an “Authentication
Order”), authenticate the Notes for issue that may be validly issued under this Indenture, including any Additional Notes.
The aggregate principal amount of Notes outstanding at any time may not exceed the aggregate principal amount of Notes authorized
for issuance by the Issuer pursuant to one or more Authentication Orders, except as provided in Section 2.07.

 

The Trustee may appoint
one or more authentication agents (each, an “Authenticating Agent”) to authenticate Notes. Such an Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee
includes authentication by such Authenticating Agent. An Authenticating Agent has the same rights as an Agent to deal with Holders
or an Affiliate of the Issuer. The Trustee hereby appoints Deutsche Bank Trust Company Americas as its Authenticating Agent in
respect of the Notes. Deutsche Bank Trust Company Americas accepts such appointment, and the Issuer hereby confirms these appointments.

 

Section
2.03           
Transfer Agent, Registrar and Paying Agent.

 

(a)               
The Issuer shall maintain an office or agency where Notes may be presented for registration (the “Registrar”)
in New York, New York and where Notes may be presented for payment (the “Paying Agent”); provided that payments
on Global Notes will be made to Cede & Co. as the registered holder of the Global Notes, which will in turn make such payments
to DTC or its nominee. The Registrar shall keep a register reflecting ownership of the Notes outstanding from time to time and
of their transfer and exchange. In addition, the Issuer shall maintain an office or agency in New York, New York where Notes may
be presented for transfer or exchange (the “Transfer Agent”). The Issuer may have one or more co-registrars
and one or more additional transfer and paying agents. The terms “Paying Agent” and “Transfer Agent”
include the Paying Agent, the Transfer Agent and any additional paying agent or transfer agent, as applicable, and the term “Registrar”
includes any co-registrars. The Issuer initially appoints Deutsche Bank Trust Company Americas, in New York, who accepts such appointment,
as Paying Agent. The Issuer initially appoints Deutsche Bank Trust Company Americas,

 

    52

     

    

 

in respect of the Notes, who accepts such
appointment, as a Transfer Agent. The Issuer initially appoints Deutsche Bank Trust Company Americas, in respect of the Notes,
who accepts such appointment, as Registrar. The Registrar shall provide a copy of the register and any update thereof to the Issuer
upon request. The Issuer initially appoints The Depository Trust Company to act as Depositary with respect to the Global Notes.
The Issuer initially appoints the Trustee to act as Paying Agent and Registrar for the Notes and to act as Custodian with respect
to the Global Notes.

 

(b)               
The Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture.
Such agreement shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee
of the name and address of any such agent. If the Issuer fails to maintain a Transfer Agent, Registrar or Paying Agent, the Trustee
may act, or may arrange for appropriate parties to act, as such and shall be entitled to appropriate compensation therefor pursuant
to Section 7.07. The Issuer or any Restricted Subsidiary may act as Paying Agent or Registrar in respect of the Notes.

 

(c)               
The Issuer may change any Registrar, Paying Agent or Transfer Agent upon written notice to such Registrar, Paying Agent
or Transfer Agent and to the Trustee, without prior notice to the Holders; provided, however, that no such removal shall
become effective until (i) acceptance of an appointment by a successor as evidenced by an appropriate agreement entered into
by the Issuer and such successor Registrar, Paying Agent, or Transfer Agent, as the case may be, and delivered to the Trustee or
(ii) notification to the Trustee that the Trustee shall, to the extent that it determines that it is able, serve as Registrar
or Paying Agent or Transfer Agent until the appointment of a successor in accordance with clause (i) above. The Registrar,
Paying Agent or the Transfer Agent may resign by providing 30 days’ written notice to the Issuer and the Trustee.

 

If any Notes are listed
on an exchange and the rules of such exchange so require, the Issuer will satisfy any requirement of such exchange as to Paying
Agents, Registrars and Transfer Agents and will comply with any notice requirements required under such exchange in connection
with any change of Paying Agent, Registrar or Transfer Agent.

 

Section
2.04           
Paying Agent not a party to this Indenture to Hold Money.

 

No later than 10:00
a.m. (New York time) on the Business Day that is the due date of the principal of, interest and premium (if any) on any Note, the
Issuer shall deposit with the Paying Agent (or if the Issuer or a Restricted Subsidiary of the Issuer is acting as Paying Agent,
segregate and hold in trust for the benefit of, or to the extent the concept of trust is not recognized in the relevant jurisdiction,
hold on behalf of and for the benefit of, the Persons entitled thereto) a sum sufficient to pay such principal, interest and premium
(if any) when so becoming due and, subject to receipt of such monies, the Paying Agent shall make payment on the Notes in accordance
with this Indenture. The Issuer shall require each Paying Agent that is not a party to this Indenture to agree in writing (and
any Paying Agent party to this Indenture agrees) that such Paying Agent shall hold for the benefit of the Trustee all money held
by the Paying Agent for the payment of principal of, interest and premium (if any) on the Notes and shall notify the Trustee of
any default by the Issuer (or any other obligor on the Notes) in making such payment. The Issuer shall, no later than 10:00
a.m. (New York time) the Business Day prior to the date on which such payment is due, send to the Paying Agent an irrevocable payment
instruction. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent
and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.04, the Paying Agent shall
have no further liability for the money delivered to the Trustee. For the avoidance of doubt, the Paying Agent and the Trustee
shall be held harmless and have no liability or obligation with respect to payments or disbursements to be made by the Paying Agent
and Trustee (i) for which payment instructions are not made or that are not otherwise deposited by the respective times set
forth in this Section 2.04, and (ii) until they have confirmed receipt of funds sufficient to make the relevant payment.

 

    53

     

    

 

In the event that
the funds received by the Paying Agent to be applied in accordance with this Section 2.04 exceeds the amount necessary to
satisfy all of the Issuer’s obligations pursuant to the Notes and this Indenture, upon request by the Issuer, the Paying
Agent shall promptly furnish the Issuer with such excess amount.

 

Section
2.05           
Holder Lists.

 

The Registrar shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders.
Following the exchange of beneficial interests in Global Notes for Definitive Registered Notes, the Issuer shall furnish, or cause
the Registrar to furnish, to the Trustee, in writing at least five Business Days before each interest payment date, and at such
other times as the Trustee may reasonably require, the names and addresses of Holders of such Definitive Registered Notes.

 

Section
2.06           
Transfer and Exchange.

 

(a)               
Transfer and Exchange of Global Notes.

 

A Regulation S
Global Note or Rule 144A Global Note may not be transferred except as a whole by DTC to a Notes Custodian or a nominee of
such Notes Custodian, by a Notes Custodian or a nominee of such Notes Custodian to DTC or to another nominee or Notes Custodian
of DTC, or by such Notes Custodian or DTC or any such nominee to a successor of DTC or a Notes Custodian or a nominee thereof.

 

All Global Notes will
be exchanged by the Issuer for Definitive Registered Notes:

 

(1)              
if DTC notifies the Issuer that it is unwilling or unable to continue to act as depositary and a successor depositary is
not appointed by the Issuer within 120 days;

 

(2)              
if DTC so requests following an Event of Default under this Indenture; or

 

(3)              
if the owner of a Book-Entry Interest requests such exchange in writing delivered through DTC, following an Event of Default
under this Indenture; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Issuer
for Definitive Notes prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act.

 

Upon the occurrence
of any of the preceding events in clauses (1) through (3) above, the Issuer shall issue Definitive Registered Notes registered
in the name or names and issued in any approved denominations, as requested by or on behalf of DTC (in accordance with their respective
customary procedures and based upon directions received from participants reflecting the beneficial ownership of Book-Entry Interests),
to the Trustee and the Registrar, and such transfer or exchange shall be recorded in the Register.

 

Global Notes also
may be exchanged or replaced, in whole or in part, as provided in Section 2.07 and Section 2.10. A Global Note may not
be exchanged for another Note other than as provided in this Section 2.06(a). Book-Entry Interests in a Global Note may be
transferred and exchanged as provided in Section 2.06(b) or (c).

 

(b)               
General Provisions Applicable to Transfer and Exchange of Book-Entry Interests in the Global Notes.

 

The transfer and exchange
of Book-Entry Interests shall be effected through DTC in accordance with the provisions of this Indenture and the Applicable Procedures.
In connection with all transfers and exchanges of Book-Entry Interests (other than transfers of Book-Entry Interests in connection
with which the transferee takes delivery thereof in the form of a Book-Entry Interest in the same Global

 

    54

     

    

 

Note), the Transfer Agent (copied to the
Trustee) must receive: (i) a written order from a Participant or an Indirect Participant given to DTC in accordance with the
Applicable Procedures directing DTC to debit from the transferor a Book-Entry Interest in an amount equal to the Book- Entry Interest
to be transferred or exchanged; (ii) a written order from a Participant or an Indirect Participant given to DTC in accordance
with the Applicable Procedures directing DTC to credit or cause to be credited a Book-Entry Interest in another Global Note in
an amount equal to the Book- Entry Interest to be transferred or exchanged; and (iii) instructions given in accordance with
the Applicable Procedures containing information regarding the Participant account to be credited or debited with such increase
or decrease, if applicable.

 

In connection with
a transfer or exchange of a Book-Entry Interest for a Definitive Registered Note, the Transfer Agent (copied to the Trustee and
the Registrar) must receive: (i) a written order from a Participant or an Indirect Participant given to DTC in accordance
with the Applicable Procedures directing DTC to debit from the transferor a Book-Entry Interest in an amount equal to the Book-Entry
Interest to be transferred or exchanged; (ii) a written order from a Participant directing the Registrar to cause to be issued
a Definitive Registered Note in an amount equal to the Book Entry Interest to be transferred or exchanged; and (iii) instructions
containing information regarding the Person in whose name such Definitive Registered Note shall be registered to effect the transfer
or exchange referred to above.

 

In connection with
any transfer or exchange of Definitive Registered Notes, the Holder of such Notes shall present or surrender to the Registrar the
Definitive Registered Notes duly endorsed or accompanied by a written instruction of transfer in a form satisfactory to the Registrar
duly executed by such Holder or by its attorney, duly authorized in writing. In addition, in connection with a transfer or exchange
of a Definitive Registered Note for a Book-Entry Interest, the Transfer Agent (copied to the Trustee) must receive a written order
directing DTC to credit the account of the transferee in an amount equal to the Book-Entry Interest to be transferred or exchanged.

 

Upon satisfaction
of all of the requirements for transfer or exchange of Book-Entry Interests in Global Notes (other than transfers of Book-Entry
Interests in connection with which the transferee takes delivery thereof in the form of a Book-Entry Interest in the same Global
Note) contained in this Indenture, the Transfer Agent (copied to the Trustee or the Registrar), as specified in this Section 2.06,
shall endorse the Global Note(s) with any increase or decrease and instruct DTC to reflect such increase or decrease in its systems.

 

Transfers of Book-Entry
Interests shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities
Act. Transfers and exchanges of Book- Entry Interests for Book-Entry Interests also shall require compliance with either subparagraph (b)(1)
or (b)(2) below, as applicable, as well as subparagraph (b)(3) below, if applicable:

 

(1)              
Transfer of Book-Entry Interests in the Same Global Note. Book-Entry Interests will be limited to persons that have
accounts with DTC or persons that may hold interests through such participants. Book-Entry Interests in a Global Note may be transferred
to Persons who take delivery thereof in the form of a Book-Entry Interest in a Global Note in accordance with the transfer restrictions
set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, Book-Entry
Interests in the Regulation S Temporary Global Note will be limited to persons who hold interests in an Euroclear or Clearstream
account through DTC, and any sale or transfer of such interest to U.S. persons shall not be permitted during the Restricted
Period unless such resale or transfer is made pursuant to Rule 144A. No written orders or instructions shall be required to
be delivered to the Trustee to effect the transfers described in this Section 2.06(b)(1).

 

(2)              
All Other Transfers and Exchanges of Book-Entry Interests in Global Notes. A Holder may transfer or exchange a Book-Entry
Interest in Global Notes in a transaction not subject to Section 2.06(b)(1) above only if the Trustee and the Registrar or
the Transfer Agent (copied to the Trustee) receives either:

 

    55

     

    

 

(A)             
 both:

 

(i)                
a written order from a Participant or an Indirect Participant given to DTC in accordance with the Applicable Procedures
directing DTC to credit or cause to be credited a Book-Entry Interest in another Global Note in an amount equal to the Book-Entry
Interest to be transferred or exchanged; and

 

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

 

(B)             
both:

 

(i)                
a written order from a Participant or an Indirect Participant given to DTC in accordance with the Applicable Procedures
directing DTC to cause to be issued a Definitive Registered Note in an amount equal to the Book-Entry Interest to be transferred
or exchanged; and

 

(ii)              
instructions given by DTC to the Registrar containing information specifying the identity of the Person in whose name such
Definitive Registered Note shall be registered to effect the transfer or exchange referred to in (1) above, the principal
amount of such securities and the ISIN, Common Code, CUSIP or other similar number identifying the Notes; provided that
in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary
Global Note prior to (A) the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required
pursuant to Rule 903 under the Securities Act,

 

provided that any such
transfer or exchange is made in accordance with the transfer restrictions set forth in the Private Placement Legend.

 

(3)              
Transfer of Book-Entry Interests to Another Global Note. A Book-Entry Interest in any Global Note may be transferred
to a Person who takes delivery thereof in the form of a Book-Entry Interest in another Global Note if the transfer complies with
the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)             
if the transferee will take delivery in the form of a Book-Entry Interest in a Rule 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;
and

 

(B)             
if the transferee will take delivery in the form of a Book-Entry Interest in a Regulation S Temporary Global Note or the
Regulation S Permanent Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

 

(c)               
Transfer or Exchange of Book-Entry Interests in Global Notes for Definitive Registered Notes.

 

If any holder of a
Book-Entry Interest in a Global Note proposes to exchange such Book-Entry Interest for a Definitive Registered Note or to transfer
such Book-Entry Interest to a Person who takes delivery thereof in the form of a Definitive Registered Note, then, upon receipt
by the Trustee and the Registrar of the following documentation:

 

    56

     

    

 

(1)              
 in the case of a transfer on or before the expiration of the Restricted Period by a holder of a Book-Entry Interest in
a Regulation S Global Note, the Trustee shall have received a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof;

 

(2)              
in the case of an exchange by a holder of a Book-Entry Interest in a Global Note of such Book-Entry Interest for a Definitive
Registered Note, the Trustee shall have received a certificate from such holder in the form of Exhibit C hereto, including
the certifications in item (1) thereof;

 

(3)              
in the case of a transfer after the expiration of the Restricted Period by a holder of a Book-Entry Interest in a Regulation S
Global Note, the transfer complies with Section 2.06(b);

 

(4)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note to a QIB in reliance on Rule 144A,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (1) thereof;

 

(5)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Regulation S,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (2) thereof; or

 

(6)              
in the case of a transfer by a holder of a Book-Entry Interest in a Rule 144A Global Note in reliance on Rule 144,
the Trustee shall have received a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3) thereof,

 

the Paying Agent or Registrar shall cause
the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the
Issuer shall execute and the Trustee or its Authenticating Agent shall authenticate and deliver to the Person designated in the
instructions a Definitive Registered Note in the appropriate principal amount. Any Definitive Registered Note issued in exchange
for, or upon transfer of, a Book-Entry Interest in a Global Note pursuant to this clause (c) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such Book-Entry Interest shall instruct the Registrar
through instructions from DTC and the Participant or Indirect Participant. The Registrar shall deliver (or cause to be delivered)
such Definitive Registered Notes to the Persons in whose names such Notes are so registered. Any Definitive Registered Note issued
in exchange for a Book-Entry Interest in a Global Note pursuant to this clause (c) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

 

(d)               
Transfer and Exchange of Definitive Registered Notes for Book-Entry Interests in the Global Notes. If any Holder
of a Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note or to transfer such Definitive
Registered Notes to a Person who takes delivery thereof in the form of a Book-Entry Interest in a Global Note, then, upon receipt
by the Trustee, the Transfer Agent and the Registrar of the following documentation:

 

(1)              
if the Holder of such Definitive Registered Note proposes to exchange such Note for a Book-Entry Interest in a Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2) thereof;

 

(2)              
if such Definitive Registered Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1) thereof;

 

(3)              
if such Definitive Registered Note is being transferred in reliance on Regulation S or Rule 144, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in items (2) or (3) thereof, as
applicable;

 

    57

     

    

 

(4)              
 if such Definitive Registered Note is being transferred to the Issuer or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3) thereof; and

 

the Registrar will cancel the Definitive
Registered Note and record such exchange or transfer in the Register, and the Registrar will increase or cause to be increased
the aggregate principal amount of, in the case of clause (1) above, the appropriate Global Note, in the case of clause (2)
above, the appropriate Rule 144A Global Note, in the case of clause (3) above, the appropriate Global Note, and in the
case of clause (4) above, the appropriate Global Note.

 

(e)               
Transfer and Exchange of Definitive Registered Notes for Definitive Registered Notes.

 

Definitive Registered
Notes may be transferred or exchanged in whole or in part, in minimum denominations of $200,000 in principal amount and integral
multiples of $1,000 in excess thereof to persons who take delivery thereof in the form of Definitive Registered Notes in accordance
with this clause (e). Upon request by a Holder of Definitive Registered Notes and such Holder’s compliance with the
provisions of this clause (e), the Transfer Agent or the Registrar will register the transfer or exchange of Definitive Registered
Notes of which registration the Issuer will be informed of by the Transfer Agent or the Registrar (as the case may be) upon request.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Transfer Agent or the
Registrar the Definitive Registered Notes duly endorsed and accompanied by a written instruction of transfer in a form satisfactory
to the Transfer Agent or the Registrar duly executed by such Holder or its attorney, duly authorized to execute the same in writing.
In the event that the Holder of such Definitive Registered Notes does not transfer the entire principal amount of Notes represented
by any such Definitive Registered Note, the Transfer Agent or the Registrar will cancel or cause to be cancelled such Definitive
Registered Note and the Issuer (who has been informed of such cancellation) shall execute and the Trustee or the Authenticating
Agent, upon receipt of an Authentication Order, shall authenticate and deliver to the requesting Holder and any transferee Definitive
Registered Notes in the appropriate principal amounts. In addition, the requesting Holder shall provide any additional certifications,
documents and information, as applicable, required pursuant to the following provisions of this clause (e).

 

Any Definitive Registered
Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Definitive Registered
Note if the Registrar receives the following:

 

(1)              
if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof; and

 

(2)              
if the transfer will be made in reliance on Regulation S, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof.

 

(f)                
Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Section 2.06(c)(1)(A)
and Section 2.06(c)(1)(C) hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive
Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the
Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities
Act other than Rule 903 or Rule 904.

 

(g)               
Legend.

 

(1)              
Except as permitted by the following paragraphs (2), (3) or (4), each certificate evidencing the Global Notes
and the Definitive Registered Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend
in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only):

 

    58

     

    

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION.
NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED
OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT
FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE
RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE
DATE HEREOF, THE ISSUE DATE OF THE ORIGINAL ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE
OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE
ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN
RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT
TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES
ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S
UNDER THE SECURITIES ACT OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D)
OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM.
THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. [IN THE CASE OF REGULATION S
NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT
OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE
SECURITIES ACT.]

 

BY ITS ACQUISITION OF THIS SECURITY, THE
HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER
TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF ANY EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER
ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS
OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT (EACH, A “PLAN”), OR (2)(X) THE ACQUISITION AND HOLDING
OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE OR A

 

    59

     

    

 

SIMILAR VIOLATION UNDER ANY APPLICABLE
SIMILAR LAWS AND (Y) EACH PURCHASER AND SUBSEQUENT TRANSFEREE THAT IS, OR IS ACQUIRING A NOTE OR ANY INTEREST THEREIN WITH
THE ASSETS OF, A PLAN WILL BE DEEMED TO REPRESENT, WARRANT AND ACKNOWLEDGE AS LONG AS IT HOLDS SUCH INVESTMENT THAT A FIDUCIARY
INDEPENDENT OF THE ISSUER, THE GUARANTORS, THE INITIAL PURCHASERS AND THE TRUSTEE, AND THEIR RESPECTIVE AFFILIATES (THE “TRANSACTION
PARTIES”) ACTING ON THE ERISA PLAN’S BEHALF IS AND AT ALL TIMES WILL BE RESPONSIBLE FOR ITS DECISION TO INVEST IN AND
HOLD THE NOTES AS CONTEMPLATED HEREBY, AND NONE OF THE TRANSACTION PARTIES ARE ACTING, OR WILL ACT, AS A FIDUCIARY TO ANY PLAN
WITH RESPECT TO THE DECISION TO PURCHASE OR HOLD THE NOTES.

 

Each Global Note shall bear the following
legend:

 

THIS GLOBAL NOTE IS HELD BY THE NOTES CUSTODIAN
(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 (I) THIS GLOBAL NOTE MAY BE TRANSFERRED OR EXCHANGED
IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, AND (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE
FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE.

 

The following legend shall also be included,
if applicable:

 

THIS NOTE HAS BEEN ISSUED WITH “ORIGINAL
ISSUE DISCOUNT” (WITHIN THE MEANING OF SECTION 1273 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED). UPON WRITTEN REQUEST,
THE ISSUER WILL PROMPTLY MAKE AVAILABLE TO ANY HOLDER OF THIS NOTE THE FOLLOWING INFORMATION: (1) THE ISSUE PRICE AND DATE OF THE
NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE YIELD TO MATURITY OF THE NOTE. HOLDERS SHOULD CONTACT THE
ISSUER.

 

Each Definitive Registered Note shall bear
the following additional legend:

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER
WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

Each Regulation S Temporary Global Note
shall bear the following additional legend:

 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL
NOTE FOR PURPOSES OF REGULATION S UNDER THE U.S. SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY
BE OFFERED, SOLD, DELIVERED OR EXCHANGED FOR AN INTEREST IN A PERMANENT GLOBAL NOTE OR OTHER NOTE EXCEPT UPON DELIVERY OF THE CERTIFICATIONS
SPECIFIED IN THE INDENTURE.

 

(2)              
Upon any sale or transfer of a Transfer Restricted Note that is a Definitive Registered Note, the Registrar shall permit
the Holder thereof to exchange such Transfer Restricted Note for a Definitive Registered Note that does not bear the legends set
forth above and rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to
the Transfer Agent and Registrar that its request for such exchange was made in reliance on Rule 144 (such certification to
be in the form set forth on the reverse of the Note).

 

    60

     

    

 

 

(3)           Upon a sale or transfer after the expiration of the Restricted Period of any Note acquired pursuant to Regulation S,
all requirements that such Note bear the Private Placement Legend shall cease to apply and the requirements requiring any such
Note be issued in global form shall continue to apply.

 

(4)            Any
additional Notes sold in a registered offering under the Securities Act shall not be required to bear the Private Placement Legend.

 

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

 

(i)            
General Provisions Relating to Transfers and Exchanges.

 

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

 

(2)            No
service charge will be made by the Issuer or the Registrar to a Holder of a Book-Entry Interest in a Global Note, a Holder of
a Global Note or a Holder of a Definitive Registered Note for any registration of transfer or exchange, but the Issuer and the
Trustee may require payment of a sum sufficient to cover any stamp duty, stamp duty reserve, documentary or other similar tax
or governmental charge that may be imposed in connection therewith (other than any such transfer taxes or similar governmental
charge payable upon exchange or transfer pursuant to Section 2.10, Section 3.06, Section 4.03, Section 4.08 and Section
9.04).

 

(3)            No Transfer Agent or Registrar will be required to register the transfer of or exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part.

 

(4)            All
Global Notes and Definitive Registered Notes issued upon any registration of transfer or exchange of Global Notes or Definitive
Registered Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Global Notes or Definitive Registered Notes surrendered upon such registration of transfer or exchange.

 

(5)            Except
as may be separately agreed by the Issuer, the Issuer shall not be required to register the transfer into its register kept at
its registered office of any Definitive Registered Notes: (A) for a period of 15 calendar days prior to any date fixed
for the redemption of the Notes under Section 3.03; (B) for a period of 15 calendar days immediately prior to the
date fixed for selection of Notes to be redeemed in part; (C) for a period of 15 calendar days prior to the record date
with respect to any interest payment date; or (D) which the Holder has tendered (and not withdrawn) for repurchase in connection
with a Change of Control Offer or an Asset Disposition Offer. Any such transfer will be made without charge to the Holder, other
than any taxes, duties and governmental charges payable in connection with such transfer.

 

    61

     

    

 

(6)           The Trustee, any Agent and the Issuer shall deem and treat the Person in whose name any Note is registered in the register
maintained by the Registrar as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium,
if any) or interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected
by notice to the contrary.

 

(7)           All
certifications, certificates and Opinions of Counsel required to be submitted to the Issuer, the Trustee or the Registrar pursuant
to this Section 2.06 to effect a registration of transfer or exchange may be submitted initially by facsimile with originals
to be delivered promptly thereafter to the Trustee.

 

None of the Trustee
or any Agent shall have any 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 Participants or beneficial owners of interests in any Definitive Registered Note or Global Note) other than to
require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by the terms of, this Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof.

 

None of the Trustee
or any Agent shall have any responsibility or obligation to any beneficial owner in a Global Note, a Participant or other Person
with respect to the accuracy of the records of the Depositary or its nominee or of any Participant, with respect to any ownership
interest in a Global Note or with respect to the delivery to any Participant, beneficial owner or other Person (other than the
Depositary or its nominee) of any notice (including any notice of redemption) or the payment of any amount (other than the Depositary
or its nominee), under or with respect to such Global Notes. All notices and communications to be given to the Holders and all
payments to be made to Holders under the Notes and this Indenture shall be given or made only to or upon the order of the registered
holders (which shall be the Depositary or its nominee in the case of the Global Note). The rights of beneficial owners in the Global
Note shall be exercised only through the Depositary subject to the applicable procedures. The Trustee and the Agents shall be entitled
to rely and shall be fully protected in relying upon information furnished by the Depositary with respect to its members, Participants
and any beneficial owners. The Trustee and the Agents shall be entitled to deal with the Depositary, and any nominee thereof, that
is the registered holder of any Global Note for all purposes of this Indenture relating to such Global Note (including the payment
of principal, premium, if any, and interest and additional amounts, if any, and the giving of instructions or directions by or
to the owner or holder of a beneficial ownership interest in such Global Note) as the sole holder of such Global Note and shall
have no obligations to the beneficial owners thereof. None of the Trustee or any Agent shall have any responsibility or liability
for any acts or omissions of the Depositary with respect to such Global Note for the records of any such Depositary, including
records in respect of beneficial ownership interests in respect of any such Global Note, for any transactions between the Depositary
and any Participant or between or among the Depositary, any such Participant and/or any holder or owner of a beneficial interest
in such Global Note, or for any transfers of beneficial interests in any such Global Note.

 

Section
2.07          
Replacement Notes.

 

If a mutilated
Note is surrendered to the Registrar or if the Holder claims that the Note has been lost, destroyed or wrongfully taken, the
Issuer shall issue and the Trustee or the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate a
replacement Note if the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder
(a) notifies the Issuer or the Trustee within a reasonable time after such Holder has notice of such loss, destruction
or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such
request to the Issuer or the Trustee prior to the Note being acquired by a protected purchaser as defined in
Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies
any other reasonable requirements of the Trustee. If required by the Trustee or the Issuer, such Holder shall

 

    62

     

    

 

furnish an
indemnity bond sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, the
Authenticating Agent, Paying Agent and the Registrar from any loss that any of them may suffer if a Note is replaced. The
Issuer and the Trustee may charge the Holder for their expenses in replacing a Note including, but not limited to, reasonable
fees and expenses of counsel and any tax that may be imposed with respect to the replacement of such Note. In the event any
such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Issuer in its
discretion may pay such Note instead of issuing a new Note in replacement thereof.

 

Every replacement
Note is an additional obligation of the Issuer.

 

The provisions of
this Section 2.07 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the
replacement or payment of mutilated, lost, destroyed or wrongfully taken Notes.

 

Section
2.08         
Outstanding Notes.

 

Notes outstanding
at any time are all Notes authenticated by the Trustee or the Authenticating Agent except for those canceled by it pursuant to
Section 2.11, those delivered to it for cancellation and those described in this Section 2.08 as not outstanding. Subject
to Section 12.04, a Note does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.
If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee and the Issuer receive proof
satisfactory to them that the replaced Note is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial
Code).

 

If the principal amount
of any Note is considered paid under Section 4.01, it ceases to be outstanding and interest on it ceases to accrue.

 

If the Paying Agent
receives (or if the Issuer or a Subsidiary of the Issuer is acting as Paying Agent and such Paying Agent segregates and holds in
trust) in accordance with this Indenture, no later than 10:00 a.m. (New York time) on the Business Day that is a redemption
date or maturity date, money sufficient to pay all principal and interest and premium, if any, payable on that date with respect
to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and the Paying Agent is not prohibited from
paying such amount to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes
(or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

Section
2.09         
Treasury Notes.

 

The Issuer shall promptly
notify the Trustee of any Notes owned by the Issuer or any Affiliate of the Issuer.

 

Section
2.10          Temporary Notes.

 

In the event that
Definitive Registered Notes are to be issued under the terms of this Indenture, until such Definitive Registered Notes are ready
for delivery, the Issuer may prepare and the Trustee or the Authenticating Agent, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Registered Notes but may have variations
that the Issuer considers appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee
or the Authenticating Agent, upon receipt of an Authentication Order, shall authenticate Definitive Registered Notes and deliver
them in exchange for temporary Notes upon surrender of such temporary Notes at the office or agency of the Issuer, without charge
to the Holder.

 

Section
2.11         
Cancellation.

 

    63

     

    

 

The Issuer at any
time may deliver Notes to the Registrar for cancellation. The Trustee and the Paying Agent shall forward to the Registrar any Notes
surrendered to them for registration of transfer, exchange or payment. The Registrar (or an agent authorized by the Registrar)
and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and shall dispose
of canceled Notes in accordance with its customary procedures or deliver canceled Notes to the Issuer pursuant to written direction
by an Officer of the Issuer. Upon the written request of the Issuer, certification of the destruction of all canceled Notes shall
be delivered to the Issuer. The Issuer may not issue new Notes to replace Notes it has redeemed or delivered to the Registrar for
cancellation. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a redemption or satisfaction
of the Indebtedness represented by such Notes, unless and until the same are surrendered to the Registrar for cancellation pursuant
to this Section 2.11. Neither the Trustee nor the Authenticating Agent shall authenticate Notes in place of canceled Notes
other than pursuant to the terms of this Indenture.

 

Section
2.12          
Defaulted Interest.

 

If the Issuer defaults
in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest
payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate
provided in the Notes and in Section 4.01. The Issuer will notify the Trustee in writing of the amount of defaulted interest
proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special
record date and payment date; provided that no such special record date may be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon
the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will mail or cause to be mailed to
the Holders in accordance with Section 12.01 a notice that states the special record date, the related payment date and the
amount of such interest to be paid.

 

Section
2.13          
Further Issues.

 

Subject to compliance
with Section 4.04, the Issuer may from time to time issue Additional Notes ranking pari passu with the Initial Notes
and with the same terms as to status, redemption and otherwise as such Notes (save for payment of interest accruing prior to the
issue date of such Additional Notes or for the first payment of interest following the issue date of such Additional Notes). The
Initial Notes and, if issued, any Additional Notes will be treated as a single class for all purposes under this Indenture, including,
without limitation, waivers, amendments, redemptions, and offers to purchase except as otherwise specified with respect to the
Notes. Whenever it is proposed to create and issue any Additional Notes, the Issuer shall give to the Trustee not less than three
Business Days’ notice in writing of its intention to do so, stating the amount of Additional Notes proposed to be created
and issued.

 

Section
2.14         
Common Codes, ISIN and CUSIP Numbers.

 

The Issuer in issuing
the Notes may use Common Codes, ISIN and CUSIP numbers (if then generally in use) and, if so, the Issuer shall use Common Codes,
ISIN and CUSIP numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any
such redemption shall not be affected by any defect in or omission of such numbers. In order for any Initial Notes and/or Additional
Notes to have the same CUSIP number and ISIN as the Notes, such Initial Notes and/or Additional Notes must be fungible with the
Notes for U.S. federal income tax purposes. If any Initial Notes and/or Additional Notes are not fungible with the Notes,
such Initial Notes and/or Additional Notes shall have a different ISIN and/or Common Code number (or other applicable identifying
number). The Issuer will promptly notify the Trustee and the Paying Agent, in writing, of any change in the Common Code, ISIN or
CUSIP numbers.

 

Section
2.15         
Currency Indemnity.

 

    64

     

    

 

The sole currency
of account and payment for all sums payable by the Issuer and the Guarantors under or in connection with the Notes and Note Guarantees
thereof is U.S. dollars, including damages. Any amount received or recovered in a currency other than U.S. dollars, whether
as a result of, or the enforcement of, a judgment or order of a court of any jurisdiction, in the winding-up or dissolution of
the Issuer, any Guarantor or otherwise by any Holder or by the Trustee, in respect of any sum expressed to be due to it from the
Issuer or a Guarantor will only constitute a discharge to the Issuer or such Guarantor, as applicable, to the extent of the U.S. dollar,
as the case may be, which the recipient is able to purchase with the amount so received or recovered in that other currency on
the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which
it is practicable to do so).

 

If that U.S. dollar
amount is less than the U.S. dollar amount expressed to be due to the recipient or the Trustee under any Note, the Issuer
and the Guarantors will indemnify them against any loss sustained by such recipient or the Trustee as a result. In any event, the
Issuer and the Guarantors will indemnify the recipient or the Trustee on a joint or several basis against the cost of making any
such purchase. For the purposes of this currency indemnity provision, it will be prima facie evidence of the matter stated
therein for the Holder of a Note or the Trustee to certify in a manner reasonably satisfactory to the Issuer (indicating the sources
of information used) the loss it Incurred in making any such purchase. These indemnities constitute a separate and independent
obligation from the Issuer’s and the Guarantors’ other obligations, will give rise to a separate and independent cause
of action, will apply irrespective of any waiver granted by any Holder of a Note or the Trustee (other than a waiver of the indemnities
set out herein) and will continue in full force and effect despite any other judgment, order, claim or proof for a liquidated amount
in respect of any sum due under any Note, any Note Guarantee or to the Trustee.

 

Section
2.16          
Deposit of Moneys.

 

No later than 10:00
a.m. (New York time) on the Business Day that is an interest payment date, the maturity date of the Notes and each payment date
relating to an Asset Disposition Offer or a Change of Control Offer, and on the Business Day immediately following any acceleration
of the Notes pursuant to Section 6.02, the Issuer shall deposit with the Paying Agent, in immediately available funds, money in
dollars sufficient to make cash payments, if any, due on such day or date, as the case may be. Subject to actual receipt of such
funds as provided by this Section 2.16 by the designated Paying Agent, such Paying Agent shall remit such payment in a timely
manner to the Holders on such day or date, as the case may be, to the Persons and in the manner set forth in paragraph 2 of
the Notes; provided, however, that no Paying Agent shall be obliged to make a payment until it has received funds sufficient
to make such payment. The Issuer shall promptly notify the Trustee and the Paying Agent of its failure to so act.

 

Section
2.17          
Agents.

 

(a)           The
rights, powers, duties and obligations and actions of each Agent under this Indenture are several and not joint or joint and several,
and the Agents shall only be obliged to perform those duties expressly set out in this Indenture and shall have no implied duties.

 

(b)           The
Issuer and the Agents acknowledge and agree that in the event of a Default or Event of Default, the Trustee may, by notice in
writing to the Issuer and the Agents, require that the Agents act as agents of, and take instructions exclusively from, the Trustee.
Until they have received such written notice from the Trustee, the Agents shall act solely as agents of the Issuer and need have
no concern for the interests of the Holders.

 

ARTICLE
3

REDEMPTION

 

Section
3.01           Notices to Trustee.

 

    65

     

    

 

If the Issuer elects
to redeem Notes pursuant to Section 3.07, it shall notify the Trustee and the Paying Agent of the redemption date and the
principal amount of Notes to be redeemed and the section of the Note pursuant to which the redemption will occur.

 

Unless otherwise specified,
the Issuer shall give each notice in writing to the Trustee and the Paying Agent in writing provided for in this Article 3
at least 10 days, but not more than 60 days, before the redemption date unless the Trustee or the Paying Agent
(as the case may be) consents to a shorter period in its sole discretion. In the case of a redemption pursuant to Section 3.07,
prior to the publication or, where relevant, mailing of any notice of redemption of the Notes pursuant to Section 3.03, the
Issuer will deliver such notice along with an Officer’s Certificate from the Issuer to the Trustee to the effect that such
redemption will comply with the conditions herein. The Trustee will accept and shall be entitled to rely conclusively and without
further inquiry on such Officer’s Certificate and Opinion of Counsel as sufficient evidence of the existence and satisfaction
of the conditions precedent as described in Section 3.07 in which event it will be conclusive and binding on the Holders.

 

Section
3.02           Selection
of Notes to Be Redeemed or Repurchased.

 

If less than all of
the Notes are to be redeemed at any time, such Notes for redemption will be selected in accordance with the procedures of DTC,
or if DTC prescribes no method of selection, then the Issuer will instruct the Trustee or the Registrar to select the Notes for
redemption in compliance with the requirements of the principal securities exchange, if any, on which the Notes are listed, as
certified to the Trustee or the Registrar or if the Notes are not so listed or such exchange prescribes no method of selection,
then based on a method that most nearly approximates a pro rata selection or by lot; provided, however, that no Note
of $200,000 in aggregate principal amount or less shall be redeemed in part and only Notes in integral multiples of $1,000 will
be redeemed. Neither the Trustee nor the Registrar will be liable for any selections made by it or DTC in accordance with this
Section 3.02.

 

Section
3.03          
Notice of Redemption.

 

(a)           Other
than as provided in Section 3.03(b), not less than 10 days but not more than 60 days before a date for
redemption of Notes, the Issuer shall transmit a notice of redemption in accordance with Section 12.01. If such Notes are
in global form, notice of redemption will be delivered to DTC for communication to the entitled account holders.

 

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

 

(1)           
the redemption date;

 

(2)           
the redemption price, and, if applicable, the appropriate calculation of such redemption price and the amount of accrued
interest to the redemption date;

 

(3)           
the name and address of the Paying Agent;

 

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

 

(5)            that,
unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the
redemption date;

 

(6)           
the Common Codes, ISIN or CUSIP number, as applicable, if any, printed on the Notes being redeemed;

 

(7)           
the paragraph of the Notes or section of this Indenture pursuant to which the Notes are being redeemed;

 

    66

     

    

 

(8)           
 that no representation is made as to the correctness or accuracy of the Common Codes, ISIN or CUSIP number, as applicable,
if any, listed in such notice or printed on the Notes; and

 

(9)          
if any Notes of a series are to be redeemed in part only, the portion of the principal amount thereof to be redeemed.

 

(b)           At the Issuer’s request and expense, the Trustee or the Paying Agent shall give the notice of redemption in the Issuer’s
name. In such event, the Issuer shall provide the Trustee and the Paying Agent at least two Business Days prior to the date on
which notice of redemption is to be delivered to Holders (unless a shorter period of time is acceptable to the Trustee and the
Paying Agent), an Officer’s Certificate requesting the Trustee or the Paying Agent to give such notice and also containing
the information required to be contained in such notice pursuant to this Section 3.03.

 

Section
3.04           Effect of Notice of Redemption.

 

Once notice of redemption
is delivered, Notes called for redemption become due and payable, on the redemption date and at the redemption price stated in
the notice, plus accrued interest, if any, to, but not including, the redemption date; provided, however, that any redemption
notice given in respect of the redemption referred to in Section 3.07 may, at the Issuer’s discretion, be subject to
the satisfaction of one or more conditions precedent as set forth in Section 3.07(d). Upon surrender to the Paying Agent,
the Notes shall be paid at the redemption price stated in the notice, plus accrued interest, if any, to, but not including, the
redemption date; provided, however, that if the redemption date is after a regular record date and on or prior to
the interest payment date, the accrued interest shall be payable to the Holder of the redeemed Notes registered on the relevant
record date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any
other Holder.

 

Section
3.05          
Deposit of Redemption Price.

 

No later than 10:00
a.m. (New York time) on the Business Day that is a redemption date, the Issuer shall deposit with the Paying Agent (or, if the
Issuer or a Restricted Subsidiary of the Issuer is the Paying Agent, shall segregate and hold in trust) money sufficient to pay
the redemption price of and accrued interest on all Notes or portions thereof to be redeemed on that date other than Notes or portions
of Notes called for redemption that have been delivered by the Issuer to the Registrar for cancellation. On and after the redemption
date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has deposited with
the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest, if any, on, the Notes to be redeemed,
unless the Paying Agent is prohibited from making such payment pursuant to the terms of this Indenture. For the avoidance of doubt,
the Paying Agent and the Trustee shall be held harmless and have no liability or obligation with respect to payments or disbursements
to be made by the Paying Agent and Trustee (i) for which payment instructions are not made or that are not otherwise deposited
by the respective times set forth in this Section 3.05 and (ii) until they have confirmed receipt of funds sufficient
to make the relevant payment.

 

Section
3.06          
Notes Redeemed in Part.

 

Subject to the terms
hereof, upon surrender of a Note that is redeemed in part, (i) in the case of a Definitive Registered Note, a new Definitive
Registered Note in principal amount equal to the unredeemed portion of any Definitive Registered Note redeemed in part will be
issued in the name of the Holder thereof upon cancellation of the original Definitive Registered Note and (ii) in the case
of a Global Note, an appropriate notation will be made on such Note to decrease the principal amount thereof to an amount equal
to the unredeemed portion thereof.

 

Section
3.07         
Optional Redemption.

 

(a)               
The Issuer may redeem all or part of the Notes pursuant to the optional redemption provisions of paragraph 5 of each
Global Note or Definitive Registered Note.

 

    67

     

    

 

(b)          
 If a redemption date is not a Business Day, the Holders will not be entitled to payment of the amount due until the next
succeeding Business Day, and will not be entitled to any further interest or other payment as a result of such delay.

 

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

 

(d)           Any
redemption notice given in respect of the redemption of the Notes (including upon an Equity Offering or in connection with a transaction
(or series of related transactions) or an event that constitutes a Change of Control) may, at the Issuer’s discretion, be
subject to the satisfaction of one or more conditions precedent, including, but not limited to, the completion or occurrence of
the relevant transaction, as the case may be. In addition, if such redemption or purchase is subject to satisfaction of one or
more conditions precedent, such notice shall describe each such condition, and if applicable, shall state that, in the Issuer’s
discretion, the redemption date may be delayed until such time (including more than 60 days after the date the notice
of redemption was mailed or delivered, including by electronic transmission) as any or all such conditions shall be satisfied
or waived, or such redemption or purchase may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied or waived by the redemption date, or by the redemption date as so delayed, or such notice may be
rescinded at any time in the Issuer’s discretion if in the good faith judgment of the Issuer any or all of such conditions
will not be satisfied. In addition, the Issuer may provide in such notice that payment of the redemption price and performance
of the Issuer’s obligations with respect to such redemption may be performed by another Person. In no event shall the Trustee
be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of the Notes eligible under this Indenture
to be redeemed.

 

(e)            Any
redemption pursuant to this Section 3.07 shall be made pursuant to Section 3.01 through Section 3.06.

 

(f)            If
any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of any such
redemption and the principal amount of such Notes outstanding following any partial redemption of such Notes. In no event will
the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of Notes eligible under
this Indenture to be redeemed.

 

Section
3.08         
Tender Offer Redemption.

 

In connection with
any tender offer or other offer to purchase for all of the Notes, if Holders of not less than 90% of the aggregate principal
amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender offer and the Issuer,
or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered and not validly
withdrawn by such Holders, all of the Holders of the Notes will be deemed to have consented to such tender or other offer and,
accordingly, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
notice following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the
price paid to each other Holder in such tender offer (other than any incentive payment for early tenders), plus, to the extent
not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the repurchase date
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date). In determining whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes have
validly tendered and not validly withdrawn Notes in a tender offer or other offer to purchase for all of the Notes, Notes owned
by an Affiliate of the Issuer or by funds controlled or managed by any Affiliate of the Issuer, or any successor thereof, shall
be deemed to be outstanding for the purposes of any such tender offer or other offer, as applicable.

 

Section
3.09          
Mandatory Redemption.

 

    68

     

    

 

Except as set forth
in Section 3.10 below, the Issuer is not required to make mandatory redemption payments or sinking fund payments with respect to
the Notes.

 

Section
3.10          
Special Mandatory Redemption; Escrow of Proceeds.

 

(a)            Concurrently with the closing of the offering of the Notes on the Issue Date, Goldman Sachs
 & Co. LLC, as representative of the initial purchasers of the Notes, will deposit the gross proceeds of the Notes into the
Notes Escrow Accounts of LH2 and Holdings, pursuant to the terms of the Notes Escrow Agreement to be entered into on the Issue
Date between the Issuer, LH2, Holdings, the Trustee and the Notes Escrow Agent. LH2 and Holdings will enter into a pledge agreement
over the Notes Escrow Accounts for the benefit of the holders of the Notes. The initial funds deposited in
the Notes Escrow Accounts, and all other funds, securities, interest, dividends, distributions and other property and payments
credited to the Notes Escrow Accounts (less any property and/or funds paid in accordance with the applicable Notes Escrow Agreement)
are referred to, collectively, as the Escrowed Proceeds. The Notes will be secured by a first priority security interest over the
Escrowed Proceeds in the Notes Escrow Accounts.

 

(b)           Pursuant
to the Notes Escrow Agreement, the Issuer will be entitled to instruct the Notes Escrow Agent to release some or all of the cash
in the Notes Escrow Accounts to invest such cash in certain permitted investments including in cash and/or any highly rated stable
net asset value money market fund. The Notes Escrow Agreement will require that all proceeds of such investments be deposited
back into the relevant Notes Escrow Accounts when such investments are sold, liquidated or otherwise returned.

 

(c)            In order to cause the Notes Escrow Agent to release any Escrowed Proceeds to LH2 and Holdings
for purposes of completing the Disposition (any such release, the “Release”), the Notes Escrow Agent and the
Trustee shall have received from the Issuer, on or before the Longstop Date, an officer’s certificate, in the form attached
to the Notes Escrow Agreement certifying that:

 

(1)          
(A) the Unit Purchase Agreement shall not have been modified, amended or waived in any respect
that is material and adverse to the holders of the Notes (as reasonably determined by the Issuer) without the prior consent of
the Holders of at least a majority of the aggregate principal amount of the outstanding Notes; (B) the Unit Purchase Agreement
remains in full force and effect and (C) the Disposition shall have been consummated (or shall be consummated substantially concurrently)
in accordance with the Unit Purchase Agreement in all material respects; and

 

(2)           
as of the date of the certificate, no Event of Default under Section 6.01(a)(6) has
occurred and is continuing with respect to the Issuer.

 

Upon such release, the Escrowed Proceeds will
be paid out in accordance with the Notes Escrow Agreement and the Notes Escrow Accounts will be reduced to zero.

 

(d)          
In the event that the Notes are funded into the Notes Escrow Accounts and (1) the Completion Date does not take place on
or prior to the Longstop Date; (2) the Disposition is abandoned; or (3) an Event of Default under Section 6.01(a)(6) has occurred
and is continuing with respect to the Issuer on or prior to the Longstop Date (the date of any such event being the “Special
Termination Date”), the Issuer will redeem all of the Notes (the “Special Mandatory Redemption”) at
a price (the “Special Mandatory Redemption Price”) equal to 100% of the initial issue price of the Notes, plus
accrued but unpaid interest from the Issue Date to (but not including) the Special Mandatory Redemption Date (as defined below
and subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

(e)            Notice of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the
Special Termination Date, to the Trustee and to the Notes Escrow Agent, and will provide that the Notes shall be redeemed on a
date that is no later than the fifth Business Day after such notice is given by the Issuer in accordance with the terms of the
Notes Escrow Agreement

 

    69

     

    

 

(the “Special Mandatory Redemption
Date”). On the Business Day immediately preceding the Special Mandatory Redemption Date, the Notes Escrow Agent shall
pay to the Paying Agent for payment to each holder of Notes to be redeemed the Special Mandatory Redemption Price for such holder’s
Notes.

 

(f)           
In the event the Issuer has not delivered the notice to Holders of the Special Mandatory Redemption in accordance with Section
3.10(e), the Trustee, upon the Issuer’s request, shall deliver such notice on the second Business Day following the Special
Termination Date to the Escrow Agent and the Holders in the Issuer’s name and at the Issuer’s expense.

 

(g)          
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
the occurrence of any such Special Mandatory Redemption and any relevant details relating thereto.

 

Section
3.11          
[Reserved].

 

ARTICLE
4

COVENANTS

 

Section
4.01          
Payment of Notes.

 

The Issuer shall promptly
pay the principal of and interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal
and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with
this Indenture money sufficient to pay all principal and interest then due and the Trustee or the Paying Agent, as the case may
be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture.

 

Section
4.02          
[Reserved].

 

Section
4.03          Change of Control.

 

(a)            If a Change of Control occurs, subject to the terms of this Section 4.03, each Holder will have the right to require
the Issuer to repurchase all or any part (equal to $200,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s
Notes at a purchase price in cash equal to 101% of the principal amount of the Notes, plus accrued and unpaid interest to
the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant
interest payment date); provided, however, that the Issuer shall not be obliged to repurchase Notes as described under this
Section 4.03 in the event and to the extent that it has unconditionally exercised its right to redeem all of the Notes pursuant
to Section 3.07 or all conditions to such redemption have been satisfied or waived. No such purchase in part shall reduce
the principal amount at maturity of the Notes held by any holder to below $200,000.

 

(b)          
Unless the Issuer has unconditionally exercised its right to redeem all the Notes pursuant to Section 3.07 or all conditions
to such redemption have been satisfied or waived, no later than the date that is 60 days after any Change of Control
or, at the Issuer’s option, at any time prior to a Change of Control following the public announcement thereof or if a definitive
agreement is in place for the Change of Control, the Issuer will send a notice (the “Change of Control Offer”)
to each Holder of any such Notes by mail or otherwise in accordance with the procedures set forth in this Indenture, with a copy
to the Trustee:

 

(1)           stating
that a Change of Control has occurred or may occur and that such Holder has the right to require the Issuer to purchase all or
any part of such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount of such Notes plus
accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on a record
date to receive interest on the relevant interest payment date) (the “Change of Control Payment”);

 

    70

     

    

 

(2)           
 stating the repurchase date (which shall be no earlier than 10 days from the date such notice is mailed nor later
than the later of 60 days from the date such notice is mailed and 60 days after the Change of Control) (the
 “Change of Control Payment Date”) and the record date;

 

(3)            stating
that any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control
Payment Date unless the Change of Control Payment is not paid, and that any Notes or part thereof not tendered will continue to
accrue interest;

 

(4)            describing
the circumstances and relevant facts regarding the transaction or transactions that constitute the Change of Control;

 

(5)            describing the procedures determined by the Issuer, consistent with this Indenture, that a Holder must follow in order to
have its Notes repurchased;

 

(6)            if
such notice is mailed prior to the occurrence of a Change of Control, stating that the Change of Control Offer is conditional
on the occurrence of such Change of Control; and

 

(7)            certain
other procedures that a holder of Notes must follow to accept a Change of Control Offer or to withdraw such acceptance.

 

(c)           The
Issuer shall cause to be published the notice described above through the newswire service of Bloomberg (or if Bloomberg does
not then operate, any similar agency). In addition, if any Notes are listed on an exchange, and the rules of the exchange so require,
the Issuer will notify the exchange of the results of any Change of Control Offer.

 

(d)          
On the Change of Control Payment Date, if the Change of Control shall have occurred, the Issuer will, to the extent lawful:

 

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

 

(2)          
deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes so tendered;

 

(3)          
deliver or cause to be delivered to the Trustee an Officer’s Certificate stating the aggregate principal amount of
Notes or portions of the Notes being purchased by the Issuer in the Change of Control Offer;

 

(4)            in
the case of Global Notes, deliver, or cause to be delivered, to the Paying Agent the applicable Global Notes in order to reflect
thereon the portion of such Notes or portions thereof that have been tendered to and purchased by the Issuer; and

 

(5)           
in the case of Definitive Registered Notes, deliver, or cause to be delivered, to the Registrar for cancellation all Definitive
Registered Notes accepted for purchase by the Issuer.

 

If any Definitive
Registered Notes have been issued, the Paying Agent, at the Issuer’s expense, will promptly mail to each Holder of Definitive
Registered Notes so tendered the Change of Control Payment for such Notes, and the Trustee will promptly instruct its authenticating
agent to authenticate and, at the Issuer’s expense, mail (or cause to be transferred by book-entry) to each Holder of Definitive
Registered Notes a new Definitive Registered Note equal in principal amount to the unpurchased portion of the Notes surrendered,
if any; provided that each such new Note will be in a principal amount that is at least $200,000 and integral multiples
of $1,000 in excess thereof.

 

(e)            This
Section 4.03 will be applicable whether or not any other provisions of this Indenture are applicable.

 

    71

     

    

 

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

 

(g)           Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control, conditional upon such
Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control
Offer. The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations in connection with the repurchase of Notes pursuant to this Section 4.03. To the extent
that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Issuer will comply with
the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of Control
provisions of this Indenture by virtue of the conflict.

 

(h)           If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not validly
withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu of
the Issuer in accordance with this Section 4.03, purchases all of the Notes validly tendered and not validly withdrawn by
such Holders, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer described above,
to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount
thereof plus accrued and unpaid interest to but excluding the date of the delivery of the notice for such redemption. In determining
whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes have validly tendered
and not validly withdrawn Notes in a Change of Control Offer, Notes owned by any Affiliate of the Issuer or by funds controlled
or managed by any Affiliate of the Issuer, or any successor thereof, shall be deemed to be outstanding for the purpose of such
Change of Control Offer. Any redemption pursuant to this Section 4.03 shall be made in accordance with Section 3.03 (other
than the time periods specified therein, which shall be made in accordance with this Section 4.03).

 

(i)             The
provisions of this Indenture relating to the Issuer’s obligation to make an offer to repurchase the Notes as a result of
a Change of Control may be waived or modified with the written consent of holders of a majority in outstanding principal amount
of the Notes.

 

Section
4.04          
Limitation on Indebtedness.

 

(a)            The Issuer will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided however,

 

(1)            that the Issuer and any Restricted Subsidiary may Incur Indebtedness, if on the date on which such Indebtedness is Incurred,
the Consolidated Net Leverage Ratio would have been no greater than 6.75 to 1.00; and

 

(2)           
if such Indebtedness is Senior Secured Indebtedness, the Issuer or any Restricted Subsidiary may incur such Indebtedness
so long as the Consolidated Net Senior Secured Leverage Ratio would have been no greater than 4.75 to 1.0.

 

in each case determined
on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if such Indebtedness had
been Incurred at the beginning of the relevant period.

 

(b)          
Section 4.04(a) will not prohibit the Incurrence of the following items of Indebtedness:

 

(1)           
Indebtedness Incurred pursuant to any Credit Facility (including in respect of letters of credit or bankers’ acceptances
issued or created thereunder) and any Refinancing Indebtedness

 

    72

     

    

 

in respect thereof, in a maximum aggregate
principal amount at any time outstanding not to exceed the sum of (A) the greater of (i) $225.0 million and (ii) 100% of L2QA Pro
Forma EBITDA and (B) the greater of (x) $730 million and (y) an unlimited amount, if after giving effect thereto on a pro forma
basis as if such Indebtedness had been incurred on the first day of the relevant period, the Consolidated Net Senior Secured Leverage
Ratio is not greater than 4.75 to 1.00; provided, that solely for the purpose of calculating the Consolidated Net Senior Secured
Leverage Ratio under this clause (1), any outstanding Indebtedness incurred under this clause (1) that is unsecured or secured
on a junior basis (in whole or in part) to the Notes shall nevertheless be deemed to be secured by a pari passu Lien;

 

(2)           
(a) Guarantees by the Issuer or any Restricted Subsidiary of Indebtedness of the Issuer or any Restricted Subsidiary to
the extent such guaranteed Indebtedness was permitted to be incurred by another provision of this Section 4.04; provided
that (i) if such Indebtedness is subordinated in right of payment to, or pari passu in right of payment with, the Notes
or a Note Guarantee, as applicable, then the Guarantee of such Indebtedness shall be subordinated in right of payment to, or pari
passu in right of payment with, the Notes or such Note Guarantee, as applicable, substantially to the same extent as such guaranteed
Indebtedness and (ii) if such Guarantee is of Indebtedness of the Issuer or a Guarantor, such Restricted Subsidiary complies
with Section 4.21(a); or (b) without limiting Section 4.06, Indebtedness arising by reason of any Lien granted by or applicable
to the Issuer or any Restricted Subsidiary securing Indebtedness of the Issuer or any Restricted Subsidiary so long as the Incurrence
of such Indebtedness is not prohibited by the terms of this Indenture;

 

(3)          
Indebtedness of the Issuer owing to and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing
to and held by the Issuer or any other Restricted Subsidiary; provided, however, that if the Issuer or any Guarantor is
the obligor on such Indebtedness and the payee is not the Issuer or a Guarantor, such Indebtedness must be unsecured and ((i) except
in respect of intercompany current liabilities incurred in connection with cash management positions of the Issuer and the Restricted
Subsidiaries and (ii) only to the extent legally permitted (the Issuer and the Restricted Subsidiaries having completed all
procedures required in the reasonable judgment of directors or officers of the obligee or obligor to protect such Persons from
any penalty or civil or criminal liability in connection with the subordination of such Indebtedness)) expressly subordinated to
the prior payment in full in cash of all obligations then due with respect to the Notes, in the case of the Issuer, or the Note
Guarantee, in the case of a Guarantor; provided that:

 

(i)           any
subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being beneficially
held by a Person other than the Issuer or a Restricted Subsidiary; and

 

(ii)          any
sale or other transfer of any such Indebtedness to a Person other than the Issuer or a Restricted Subsidiary, shall be deemed,
in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (3) by the Issuer or such Restricted
Subsidiary, as the case may be;

 

(4)          
(a) Indebtedness represented by the Notes (other than any Additional Notes) issued on the Issue Date and the Note Guarantees
thereof; (b) any Indebtedness (other than Indebtedness described in clauses (1) and (3) of this Section 4.04(b))
outstanding on the Issue Date, after giving effect to the Transactions, including the issuance of the Notes and the Senior Notes,
and the application of the proceeds thereof (including after such proceeds of the Notes and the Senior Notes are released from
the Notes Escrow Accounts and the SN Escrow Accounts, as applicable); (c) Refinancing Indebtedness Incurred in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any, or otherwise Incurred in
respect of any, Indebtedness described in sub-clauses (a), (b) or (c) of this Section 4.04(b)(4) or Section 4.04(b)(5)
or Incurred pursuant to Section 4.04(a); (d) Management Advances; and (e) Indebtedness represented by the Notes Security
Documents;

 

    73

     

    

 

(5)          
 Indebtedness of (i) any Person Incurred or outstanding on the date on which such Person becomes a Restricted Subsidiary
or is merged, consolidated, amalgamated or otherwise combined with the Issuer or any Restricted Subsidiary or pursuant to any
acquisition of assets and assumption of related liabilities by the Issuer or a Restricted Subsidiary (including in contemplation
of such transaction) or (ii) the Issuer or any Restricted Subsidiary Incurred to provide all or any portion of the funds
utilized to consummate the transaction or series of related transactions pursuant to which a Person became a Restricted Subsidiary
or was otherwise acquired by the Issuer or a Restricted Subsidiary or pursuant to any Investment or acquisition of assets and
assumption of related liabilities by the Issuer or a Restricted Subsidiary or otherwise in connection with or in contemplation
of such acquisition or other transaction; provided, however, that the Indebtedness Incurred under this clause (5) in an
aggregate amount not to exceed (A) the greater of (i) $55 million and (ii) 25% of L2QA Pro Forma EBITDA at any time outstanding
plus (B) an unlimited amount of additional Indebtedness to the extent that immediately following the consummation of such acquisition
or other transaction and without giving effect to any Indebtedness Incurred pursuant to Section 4.04(b)(5)(A) on the date of determination,
(x) the Issuer would have been able to incur $1.00 of additional Indebtedness pursuant to Section 4.04(a) after giving effect
to the Incurrence of such Indebtedness pursuant to this clause (5)(B) or (y) the Consolidated Net Leverage Ratio would
not be greater than it was immediately prior to giving effect to such acquisition or other transaction (it being understood that
any Indebtedness incurred pursuant to Section 4.04(b)(5)(A) shall cease to be deemed Incurred or outstanding for purposes of Section
4.04(b)(5)(A) but shall be deemed Incurred under Section 4.04(b)(5)(B)(x) from and after the first date on which the Issuer or
such Restricted Subsidiary could have incurred such Indebtedness under Section 4.04(b)(5)(B)(x) without reliance on Section 4.04(b)(5)(A);

 

(6)          
[Reserved];

 

(7)          
(a) Indebtedness under Currency Agreements (other than Currency Agreements described in (b) below), Interest Rate Agreements
and Commodity Hedging Agreements and (b) Indebtedness under Currency Agreements entered into in order to hedge any operating
expenses and capital expenditures Incurred in the ordinary course of business; in each case with respect to clauses (a) and
(b) of this clause (7), entered into for bona fide hedging purposes of the Issuer or the Restricted Subsidiaries and
not for speculative purposes (as determined in good faith by an Officer or the Board of Directors of the Parent Guarantor or the
Issuer);

 

(8)            Indebtedness
consisting of (A) mortgage financings, Purchase Money Obligations or other financings Incurred for the purpose of financing
all or any part of the purchase price or cost of design, construction, installation or improvement of property (real or personal),
plant or equipment or other assets (including Capital Stock) used or useful in a Similar Business or (B) Indebtedness otherwise
Incurred to finance the purchase, lease, rental or cost of design, construction, installation or improvement of property (real
or personal), plant or equipment that is used or useful in a Similar Business, whether through the direct purchase of assets or
the Capital Stock of any Person owning such assets, in an aggregate outstanding principal amount which, when taken together with
the principal amount of all other Indebtedness Incurred pursuant to this clause (8) and then outstanding, will not exceed
at any time outstanding the greater of $20 million and 10% of L2QA Pro Forma EBITDA; provided that any Indebtedness
incurred under this clause (8) may be refinanced with additional Indebtedness in an amount equal to the principal of the
Indebtedness so refinanced, plus any additional amount to pay premiums (including tender premiums), accrued and unpaid interest,
expenses, defeasance costs and fees in connection therewith;

 

(9)            Indebtedness
in respect of (a) workers’ compensation claims, self-insurance obligations, performance, indemnity, surety, judgment,
appeal, advance payment, customs, VAT or other tax or other guarantees or other similar bonds, instruments or obligations and
completion guarantees and warranties provided by the Issuer or a Restricted Subsidiary

 

    74

     

    

 

or relating to liabilities,
obligations or guarantees Incurred in the ordinary course of business or in respect of any governmental requirement,
including in relation to a governmental requirement to provide a guarantee or bond, (b) letters of credit,
bankers’ acceptances, guarantees or other similar instruments or obligations issued or relating to liabilities or
obligations Incurred in the ordinary course of business; provided, however, that upon the drawing of such letters of
credit or other instrument, such obligations are reimbursed within 30 days following such drawing; (c) the
financing of insurance premiums in the ordinary course of business; and (d) any customary cash management, cash pooling
or netting or setting off arrangements in the ordinary course of business;

 

(10)          Indebtedness arising from agreements providing for customary guarantees, indemnification, obligations in respect of earnouts
or other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with
the acquisition or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than Guarantees
of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of
financing such acquisition or disposition);

 

(11)          Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is
extinguished within 30 Business Days of Incurrence;

 

(12)          Indebtedness under daylight borrowing facilities incurred in connection with any refinancing of Indebtedness (including
by way of set-off or exchange); provided that such Indebtedness does not exceed the principal amount of the Indebtedness
being refinanced and the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection
with such refinancing, so long as any such Indebtedness is repaid within three days of the date on which such Indebtedness is Incurred;

 

(13)          Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(14)         
Indebtedness Incurred by the Issuer or a Guarantor or Disqualified Stock of the Issuer in an aggregate outstanding principal
amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (14)
and then outstanding, will not exceed 100% of the Net Cash Proceeds received by the Issuer and the Restricted Subsidiaries
from the issuance or sale (other than to the Issuer or a Restricted Subsidiary) of its Subordinated Shareholder Funding or Capital
Stock (other than Disqualified Stock, Designated Preference Shares or an Excluded Contribution or the Disposition) or otherwise
contributed to the equity (other than through the issuance of Disqualified Stock, Designated Preference Shares or an Excluded Contribution
or the Disposition) of the Issuer, in each case, subsequent to the Completion Date; provided, however, that (i) any
such Net Cash Proceeds that are so received or contributed shall be excluded for purposes of making Restricted Payments under Section
4.05(a) and clauses (1), (6) and (10) of Section 4.05(b)) to the extent the Issuer or a Guarantor incurs Indebtedness in reliance
thereon and (ii) any Net Cash Proceeds that are so received or contributed shall be excluded for purposes of Incurring Indebtedness
pursuant to this clause (14) to the extent the Issuer or any Restricted Subsidiary makes a Restricted Payment under clauses (1),
(6) and (10) of Section 4.05(b) in reliance thereon; provided that any Indebtedness incurred under this clause (14) may
be refinanced with additional Indebtedness in an amount equal to the principal of the Indebtedness so refinanced, plus any additional
amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance costs and fees in connection
therewith;

 

(15)          Indebtedness
of the Issuer or any of its Restricted Subsidiaries arising pursuant to any Permitted Reorganization; and

 

(16)          Indebtedness
Incurred (including any Refinancing Indebtedness in respect thereof) in an aggregate outstanding principal amount which, when
taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (16) and then
outstanding, will not exceed the greater of $115 million and 50% of L2QA Pro Forma EBITDA; provided that any
Indebtedness incurred under this clause (16) may be refinanced with additional Indebtedness in an 

 

    75

     

    

 

amount equal to the principal of the
Indebtedness so refinanced, plus any additional amount to pay premiums (including tender premiums), accrued and unpaid
interest, expenses, defeasance costs and fees in connection therewith.

 

(c)            Notwithstanding
the foregoing, a Restricted Subsidiary that is not a Guarantor may not Incur Indebtedness under Section 4.04(a) and clauses (1),
(5) and (16) of Section 4.04 (b) if the Non-Guarantor Debt Cap would be exceeded, as determined on a pro forma basis (including
a pro forma application of the net proceeds therefrom).

 

(d)          
[Reserved].

 

(e)          
[Reserved].

 

(f)                
For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred
pursuant to and in compliance with, this Section 4.04:

 

(1)            in the event that Indebtedness meets the criteria of more than one of the types of Indebtedness described in Section 4.04(a)
and Section 4.04(b), the Issuer, in its sole discretion, will classify, and may from time to time reclassify, such item of
Indebtedness and only be required to include the amount and type of such Indebtedness in Section 4.04(a) or one of the clauses
of Section 4.04(b); provided that Indebtedness Incurred (or deemed Incurred) on the Completion Date or any Refinancing
Indebtedness in respect thereof under Section 4.04(b)(1) cannot be reclassified;

 

(2)            all Indebtedness outstanding on the Completion Date under the Senior Secured Facilities shall be deemed Incurred on the
Completion Date under Section 4.04(b)(1) and not Section 4.04(a) or Section 4.04(b)(4)(b);

 

(3)            Guarantees
of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens
securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included;

 

(4)            if obligations in respect of letters of credit, bankers’ acceptances or other similar instruments are Incurred pursuant
to any Credit Facility and are being treated as Incurred pursuant to clauses (1), (8), (14) or (16) of Section 4.04(b)
or Section 4.04(a) and the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness,
then such other Indebtedness shall not be included;

 

(5)            the principal amount of any Disqualified Stock of the Issuer or a Restricted Subsidiary, or Preferred Stock of a Restricted
Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case,
any redemption or repurchase premium) or the liquidation preference thereof;

 

(6)            Indebtedness
permitted by this Section 4.04 need not be permitted solely by reference to one provision permitting such Indebtedness but
may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.04 permitting
such Indebtedness; and

 

(7)            the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount
of the liability in respect thereof determined on the basis of GAAP.

 

(g)           Accrual
of interest, accrual of dividends, the accretion of accreted value, the accretion or amortization of original issue discount,
the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred
Stock or Disqualified Stock or the reclassification of commitments or obligations not treated as Indebtedness due to a change
in GAAP will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 4.04. The amount  

    76

     

    

 

of any Indebtedness outstanding as of
any date shall be (a) the accreted value thereof in the case of any Indebtedness issued with original issue discount and
(b) the principal amount, or liquidation preference thereof, in the case of any other Indebtedness.

 

(h)           If
at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be deemed to
be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date
under this Section 4.04, the Issuer shall be in Default of this Section 4.04).

 

(i)            For
purposes of determining compliance with any dollar-denominated restriction on the Incurrence of Indebtedness, the Dollar Equivalent
of the principal amount of Indebtedness denominated in another currency shall be calculated based on the relevant currency exchange
rate in effect on the date such Indebtedness was Incurred or, at the option of the Issuer, on the date first committed; provided
that (a) if such Indebtedness is Incurred to refinance other Indebtedness denominated in a currency other than dollars,
and such refinancing would cause the applicable dollar-denominated restriction to be exceeded if calculated at the relevant currency
exchange rate in effect on the date of such refinancing, such dollar-denominated restriction shall be deemed not to have been
exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced plus any amount to pay premiums (including tender premiums), accrued and unpaid interest, expenses, defeasance
costs and fees in connection therewith; (b) the Dollar Equivalent of the principal amount of any such Indebtedness outstanding
on the Issue Date shall be calculated based on the relevant currency exchange rate in effect on the Issue Date; and (c) if
any such Indebtedness that is denominated in a currency other than dollars is subject to a Currency Agreement with respect to
the currency in which such Indebtedness is denominated covering principal amount and interest payable on such Indebtedness, the
amount of such Indebtedness, will be the Dollar Equivalent of the principal payment required to be made under such Currency Agreement
plus the Dollar Equivalent of any premium which is at such time due and payable but is not covered by such Currency Agreement.

 

(j)            For
purposes of determining compliance with the Consolidated Net Leverage Ratio or, the Consolidated Net Senior Secured Leverage Ratio,
on the Incurrence of Indebtedness, the Dollar Equivalent of the principal amount of Indebtedness denominated in another currency
shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred or, at the
option of the Issuer, the date first committed; provided that (a) if such Indebtedness is Incurred to refinance other
Indebtedness denominated in a currency other than dollars, and such refinancing would cause the applicable dollar-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such
dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced plus any amount to pay premiums (including tender premiums),
accrued and unpaid interest, expenses, defeasance costs and fees in connection therewith; and (b) the Dollar Equivalent of
the principal amount of any such Indebtedness outstanding on the Issue Date shall be calculated based on the relevant currency
exchange rate in effect on the Issue Date.

 

(k)           For
purposes of calculating the Consolidated Net Leverage Ratio or, the Consolidated Net Senior Secured Leverage Ratio to test compliance
with any covenant in this Indenture, in determining the amount of Indebtedness outstanding in dollars on any date of determination,
with respect to any Indebtedness denominated in a currency other than dollars (the “Foreign Currency”):

 

(1)          
subject to a currency swap arrangement or contract, the aggregate principal amount of such Foreign Currency Indebtedness
on any such date of determination shall be the dollar amount of the aggregate principal amount to be paid by the Issuer or a Restricted
Subsidiary on the maturity date of such currency swap arrangement or contract pursuant to the terms thereof; or

 

(2)           subject
to a currency forward arrangement, forward accretion curve or contract, the aggregate principal amount of such Foreign Currency
Indebtedness shall be converted into dollars

 

    77

     

    

 

at the exchange rate specified under the
terms of such currency forward arrangement, forward accretion curve or contract as applicable to such Foreign Currency Indebtedness
on such date of determination.

 

(l)            For
the avoidance of doubt, notwithstanding a Group member entering into any such arrangement or contract hedging foreign exchange
exposure of any Foreign Currency Indebtedness, for the purposes of calculating the Consolidated Net Leverage Ratio or, the Consolidated
Net Senior Secured Leverage Ratio, the aggregate principal amount of Indebtedness subject to any such arrangement or contract
shall be attributed to the total Indebtedness of the Person that originally Incurred such Indebtedness.

 

(m)          Notwithstanding any other provision of this Section 4.04, the maximum amount of Indebtedness that the Issuer or a Restricted
Subsidiary may Incur pursuant to this Section 4.04 shall not be deemed to be exceeded solely as a result of fluctuations in
the exchange rate of currencies.

 

(n)           Neither the Issuer nor any Guarantor will incur any Indebtedness (including any Indebtedness permitted to be Incurred pursuant
to this Section 4.04(b)) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or
such Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable
Note Guarantee on substantially identical terms (as determined in good faith by the Issuer); provided, however, that no
Indebtedness will be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or any
Guarantor solely by virtue of being unsecured, by virtue of being secured with different collateral, by virtue of being secured
on a junior priority basis, by virtue of not being guaranteed by one or more of the Issuer’s Subsidiaries or by virtue of
the application of waterfall or other payment-ordering provisions affecting different tranches of Indebtedness under Credit Facilities.

 

Section
4.05           Limitation on Restricted Payments.

 

(a)           
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(1)          
declare or pay any dividend or make any other payment or distribution on account of or in respect of the Issuer’s
or any Restricted Subsidiary’s Capital Stock (including, without limitation, any payment in connection with any merger or
consolidation involving the Issuer or any Restricted Subsidiary) except:

 

(A)         dividends
or distributions payable in Capital Stock of the Issuer (other than Disqualified Stock) or in options, warrants or other rights
to purchase such Capital Stock of the Issuer (other than Disqualified Stock) or in Subordinated Shareholder Funding; and

 

(B)          dividends
or distributions payable to the Issuer or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such
dividend or distribution, to holders of its Capital Stock other than the Issuer or another Restricted Subsidiary on no more than
a pro rata basis, measured by value);

 

(2)           purchase, redeem, retire or otherwise acquire for value (including, without limitation, any payment in connection with any
merger or consolidation involving the Issuer) any Capital Stock of the Issuer or any direct or indirect Parent of the Issuer held
by Persons other than the Issuer or a Restricted Subsidiary (other than in exchange for Capital Stock of the Issuer (other than
Disqualified Stock));

 

(3)           make
any principal payment on, or purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled
maturity, scheduled repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (a) any such payment,
purchase, repurchase, redemption, defeasance or other acquisition or retirement or in anticipation of satisfying a

 

    78

     

    

 

sinking fund obligation, principal installment
or final maturity, in each case, due within one year of the date of payment, purchase, repurchase, redemption, defeasance or other
acquisition or retirement; and (b) any Indebtedness Incurred pursuant to Section 4.04(b)(3));

 

(4)          
make any cash payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Subordinated
Shareholder Funding (other than in exchange for Capital Stock of the Issuer (other than Disqualified Stock) or for options, warrants
or other rights to purchase such Capital Stock of the Issuer (other than Disqualified Stock)); or

 

(5)           
make any Restricted Investment in any Person;

 

(any such dividend, distribution, payment,
purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses (1)
through (5) of this Section 4.05(a) are referred to herein as a “Restricted Payment”), if at the time the Issuer or
a Restricted Subsidiary makes such Restricted Payment:

 

(A)        
a Default or Event of Default (or in the case of a Restricted Investment, an Event of Default under clauses (1), (2) or
(6) of Section 6.01(a)) shall have occurred and be continuing (or would result immediately thereafter therefrom);

 

(B)          except in the case of a Restricted Investment, if such Restricted Payment is made in reliance on Section 4.05(a)(C)(i),
the Issuer is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 4.04(a) after giving effect, on a pro forma
basis, to such Restricted Payment; or

 

(C)         
the aggregate amount of such Restricted Payment and all other Restricted Payments made by the Issuer and the Restricted
Subsidiaries subsequent to the Completion Date (and not returned or rescinded) (including Permitted Payments permitted below by
clauses (5) (without duplication of amounts paid pursuant to any other clause of Section 4.05(b)), (6), (10) and (20) (to the extent
it relates to Restricted Payments permitted by clauses (5) or (10)) of Section 4.05(b), but excluding all other Restricted Payments
permitted by Section 4.05(b)) would exceed the sum of (without duplication):

 

(i)           an amount equal to 100% of the Consolidated EBITDA for the period beginning on the first day of the first full fiscal quarter
commencing prior to the Completion Date to the end of the Issuer’s most recently ended full fiscal quarter ending prior to
the date of such Restricted Payment for which internal consolidated financial statements of the Issuer are available, taken as
a single accounting period, less the product of 1.3 times the Consolidated Interest Expense for such period;

 

(ii)          100%
of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of property or
assets or marketable securities, received by the Issuer from the issue or sale of its Capital Stock (other than Disqualified Stock
or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise contributed
to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer subsequent
to the Completion Date (other than (x) Net Cash Proceeds or property or assets or marketable securities received from an issuance
or sale of such Capital Stock to the Issuer or a Restricted Subsidiary or an employee stock ownership plan or trust established
by the Issuer or any Subsidiary of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted
Subsidiary, (y) Net Cash Proceeds or property or assets or marketable securities to the

 

    79

     

    

 

extent that any Restricted
Payment has been made from such proceeds in reliance on Section 4.05(b)(6), and (z) Excluded Contributions);

 

(iii)         100%
of the aggregate Net Cash Proceeds, and the fair market value (as determined in accordance with Section 4.05(c)) of property or
assets or marketable securities, received by the Issuer or any Restricted Subsidiary from the issuance or sale (other than to
the Issuer or a Restricted Subsidiary or an employee stock ownership plan or trust established by the Issuer or any Subsidiary
of the Issuer for the benefit of its employees to the extent funded by the Issuer or any Restricted Subsidiary) by the Issuer
or any Restricted Subsidiary subsequent to the Completion Date of any Indebtedness that has been converted into or exchanged for
Capital Stock of the Issuer (other than Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding
(plus the amount of any cash, and the fair market value (as determined in accordance with Section 4.05(c)) of property or assets
or marketable securities, received by the Issuer or any Restricted Subsidiary upon such conversion or exchange) but excluding
(x) Net Cash Proceeds or property or assets or marketable securities to the extent that any Restricted Payment has been made from
such proceeds in reliance on Section 4.05(b)(6), and (y) Excluded Contributions;

 

(iv)         the
amount equal to the net reduction in Restricted Investments made by the Issuer or any of the Restricted Subsidiaries resulting
from repurchases, redemptions or other acquisitions or retirements of any such Restricted Investment, proceeds realized upon the
sale or other disposition to a Person other than the Issuer or a Restricted Subsidiary of any such Restricted Investment, repayments
of loans or advances or other transfers of assets (including by way of dividend, distribution, interest payments or returns of
capital) to the Issuer or any Restricted Subsidiary, which amount, in each case under this clause (iv), constituted a Restricted
Payment made after the Completion Date; provided, however, that no amount will be included in Consolidated EBITDA for purposes
of Section 4.05(a)(C)(i) to the extent that it is (at the Issuer’s option) included under this clause (iv);

 

(v)          the
amount of the cash and the fair market value (as determined in accordance with Section 4.05(c)) of property, assets or marketable
securities received by the Issuer or any Restricted Subsidiary after the Completion Date in connection with:

 

		(1)	the sale or other disposition (other than to the Issuer or a Restricted Subsidiary or an employee
stock ownership plan or trust established by the Issuer or any Subsidiary of the Issuer for the benefit of its employees to the
extent funded by the Issuer or any Restricted Subsidiary) of Capital Stock of an Unrestricted Subsidiary of the Issuer; and

 

		(2)	any dividend or distribution made by an Unrestricted Subsidiary to the Issuer or a Restricted Subsidiary;

 

provided, however, that no
amount will be included in Consolidated EBITDA for purposes of Section 4.05(a)(C)(i) to the extent that it is (at the Issuer’s
option) included under this clause (v); and

 

    80

     

    

 

 

(vi)            
 in the case of the designation of an Unrestricted Subsidiary as a Restricted Subsidiary or all of the assets of such Unrestricted
Subsidiary are transferred to the Issuer or a Restricted Subsidiary, or the Unrestricted Subsidiary is merged or consolidated into
the Issuer or a Restricted Subsidiary, in each case, after the Completion Date, 100% of such amount received in cash and the fair
market value (as determined in accordance with Section 4.05(c)) of any property, assets or marketable securities received by the
Issuer or a Restricted Subsidiary in respect of such redesignation, merger, consolidation or transfer of assets, excluding any
amount of any Investment in such Unrestricted Subsidiary pursuant to clause (17) of the definition of “Permitted Investment”,
in each case of this clause (vi); provided however, that no amount will be included in Consolidated EBITDA for purposes of Section
4.05(a)(C)(i) to the extent that it is (at the Issuer’s option) included under this clause (vi); provided further, however,
that such amount shall not exceed the amount included in the calculation of the amount of Restricted Payments referred to in the
first sentence of Section 4.05(a)(C).

 

(b)               
Section 4.05(a) will not prohibit any of the following (collectively, “Permitted Payments”):

 

(1)              
any Restricted Payment made in exchange (including any such exchange pursuant to the exercise of a conversion right or privilege
in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the Net Cash Proceeds within
120 days after the sale (other than to the Issuer or a Subsidiary of the Issuer) of, Capital Stock of the Issuer (other than Disqualified
Stock or Designated Preference Shares or through an Excluded Contribution), Subordinated Shareholder Funding or within 120 days
after the contribution to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares or
through an Excluded Contribution) of the Issuer; provided, however, that to the extent so applied, the Net Cash Proceeds, or fair
market value (as determined in accordance with Section 4.05(c)) of property, assets or marketable securities, from such sale of
Capital Stock or Subordinated Shareholder Funding or such contribution will be excluded for purposes of Section 3.07;

 

(2)              
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness of the
Issuer or a Subsidiary Guarantor made by exchange for, or out of the Net Cash Proceeds within 120 days after the Incurrence of,
Refinancing Indebtedness permitted to be Incurred pursuant to Section 4.04;

 

(3)              
(a) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Preferred Stock of the Issuer
or a Restricted Subsidiary made by exchange for or out of the Net Cash Proceeds within 120 days after the sale of Preferred Stock
of the Issuer or a Restricted Subsidiary, and (b) any purchase, repurchase, redemption, defeasance or other acquisition or retirement
of Disqualified Stock of the Issuer or a Restricted Subsidiary made by exchange for or out of the Net Cash Proceeds within 120
days after the sale of Disqualified Stock of the Issuer or a Restricted Subsidiary, as the case may be, that, in each case under
(a) and (b) of this Section 4.05(b)(3), is permitted to be Incurred pursuant to Section 4.04, and that in each case (other than
such sale of Preferred Stock of the Issuer that is not Disqualified Stock) constitutes Refinancing Indebtedness;

 

(4)              
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness (or any
loans, advances, dividends or other distributions by the Issuer to any Parent to permit such Parent to purchase, repurchase, redeem,
defease or otherwise acquire or retire Indebtedness of any Parent so long as the Net Cash Proceeds (or portion thereof) of such
Indebtedness has been received by the Issuer from the issue or sale of its Capital Stock (other than Disqualified Stock or Designated
Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise contributed to the equity
(other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer subsequent to the Completion
Date):

 

    81

     

    

 

(A)             
 (i) from Net Available Cash to the extent permitted under Section 4.08, but only if the Issuer shall have first complied
with Section 4.08, as applicable, and purchased all Notes tendered pursuant to any offer to repurchase all the Notes required thereby,
prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such Subordinated Indebtedness (or making
any such loans, advances, dividends or other distributions to any Parent) and (ii) at a purchase price not greater than 100% of
the principal amount of such Subordinated Indebtedness (or such Indebtedness of any Parent) plus accrued and unpaid interest (and
costs, expenses and fees incurred in connection therewith);

 

(B)             
to the extent required by the agreement governing such Subordinated Indebtedness (or such Indebtedness of any Parent), following
the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only
(i) if required, if the Issuer shall have first complied with Section 4.03 and purchased all Notes tendered pursuant to the offer
to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or
retiring such Subordinated Indebtedness (or making any such loans, advances, dividends or other distributions to any Parent) and
(ii) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness or such Indebtedness of
any Parent plus accrued and unpaid interest (and costs, expenses and fees incurred in connection therewith); and

 

(C)             
consisting of Acquired Indebtedness (other than Indebtedness Incurred (A) 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 or
was otherwise acquired by the Issuer or a Restricted Subsidiary or (B) otherwise in connection with or in contemplation of such
acquisition).

 

(5)              
any dividends paid within 60 days after the date of declaration if at such date of declaration such dividend would have
complied with this Section 4.05;

 

(6)              
the purchase, repurchase, redemption, defeasance or other acquisition, cancellation or retirement for value of Capital Stock
of the Issuer, any Restricted Subsidiary or any Parent (including any options, warrants or other rights in respect thereof) and
loans, advances, dividends or distributions by the Issuer to any Parent to permit any Parent to purchase, repurchase, redeem, defease
or otherwise acquire, cancel or retire for value Capital Stock of the Issuer, any Restricted Subsidiary or any Parent (including
any options, warrants or other rights in respect thereof), or payments to purchase, repurchase, redeem, defease or otherwise acquire,
cancel or retire for value Capital Stock of the Issuer, any Restricted Subsidiary or any Parent (including any options, warrants
or other rights in respect thereof), in each case from Management Investors; provided that such payments, loans, advances, dividends
or distributions do not exceed an amount (net of repayments of any such loans or advances) equal to (1) the greater of $20 million
and 10% of L2QA Pro Forma EBITDA in any calendar year (with unused amounts thereunder in any calendar year being carried over to
the immediately succeeding calendar year), plus (2) the Net Cash Proceeds received by the Issuer or the Restricted Subsidiaries
since the Completion Date (including through receipt of proceeds from the issuance or sale of its Capital Stock or Subordinated
Shareholder Funding to a Parent) from, or as a contribution to the equity (in each case under this clause (6), other than through
the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer from, the issuance or sale to Management Investors
of Capital Stock (including any options, warrants or other rights in respect thereof), to the extent such Net Cash Proceeds are
not included in any calculation under Section 4.05(a)(C)(ii);

 

(7)              
the declaration and payment of dividends to holders of any class or series of Disqualified Stock, or of any Preferred Stock
of a Restricted Subsidiary, Incurred in accordance with Section 4.04;

 

    82

     

    

 

(8)              
 purchases, repurchases, redemptions, defeasances or other acquisitions or retirements of Capital Stock deemed to occur
upon the exercise of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the
exercise price thereof;

 

(9)              
dividends, loans, advances or distributions to any Parent or other payments by the Issuer or any Restricted Subsidiary in
amounts equal to (without duplication):

 

(A)             
any Parent Expenses of a Parent or any Related Taxes; and

 

(B)             
amounts constituting or to be used for purposes of making payments to the extent specified in clauses (2) (with respect
to fees and expenses incurred in connection with the transactions described therein), (5) and (11) of Section 4.09(b);

 

(10)           
the declaration and payment by the Issuer of, or loans, advances, dividends or distributions to any Parent to pay, dividends
on the common stock or common equity interests of the Issuer or any Parent, or purchases, repurchases or other acquisitions or
retirements of common stock or common equity interests of the Issuer or any Parent, in an amount not to exceed in any fiscal year
the greater of (a) 6% of the Net Cash Proceeds received by the Issuer from a Public Offering or contributed to the equity (other
than through the issuance of Disqualified Stock or Designated Preference Shares or through an Excluded Contribution) of the Issuer
or contributed as Subordinated Shareholder Funding to the Issuer and (b) an aggregate amount per annum not to exceed 5% of Market
Capitalization;

 

(11)           
payments by the Issuer, or loans, advances, dividends or distributions to any Parent to make payments, to holders of Capital
Stock of the Issuer or any Parent in lieu of the issuance of fractional shares of such Capital Stock; provided, however, that any
such payment, loan, advance, dividend or distribution shall not be for the purpose of evading any limitation of this Section 4.05
or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good
faith by an Officer or the Board of Directors of the Issuer);

 

(12)           
Restricted Payments in an aggregate amount outstanding at any time not to exceed the fair market value of Excluded Contributions,
or Investments in exchange for or using as consideration Investments previously made under this clause (12);

 

(13)           
payment of any Receivables Fees and purchases of Receivables Assets pursuant to a Receivables Repurchase Obligation in connection
with a Qualified Receivables Financing;

 

(14)           
dividends or other distributions of Capital Stock, Indebtedness or other securities of Unrestricted Subsidiaries;

 

(15)           
so long as no Payment Block Event has occurred and is continuing, Restricted Payments in an amount required by a Parent
to pay interest and/or principal (including AHYDO Catch Up Payments) on Indebtedness of any Parent so long as the Net Cash Proceeds
(or portion thereof) of such Indebtedness has been received by the Issuer from the issue or sale of its Capital Stock (other than
Disqualified Stock or Designated Preference Shares) or Subordinated Shareholder Funding subsequent to the Completion Date or otherwise
contributed to the equity (other than through the issuance of Disqualified Stock or Designated Preference Shares) of the Issuer
subsequent to the Completion Date; provided that the principal amount of any Indebtedness able to be repaid pursuant to this clause
(15) is limited to the amount of Net Cash Proceeds received by the Issuer plus fees and expenses related to the refinancing of
such Indebtedness and, any Refinancing Indebtedness in respect thereof permitted to be Incurred pursuant to Section 4.04;

 

(16)           
the declaration and payment of dividends to holders of any class or series of Designated Preference Shares of the Issuer
issued after the Completion Date; provided, however, that the amount of all dividends declared or paid by the Issuer pursuant to
this clause (16) shall not exceed the Net Cash Proceeds received by the Issuer from the issuance or sale of such Designated Preference
Shares;

 

    83

     

    

 

(17)           
 so long as no Event of Default has occurred and is continuing (or would result therefrom), any Restricted Payment to the
extent that, after giving pro forma effect to any such Restricted Payment, the Consolidated Net Leverage Ratio would be no greater
than 6.25 to 1.00;

 

(18)           
so long as no Event of Default has occurred and is continuing (or would result therefrom), Restricted Payments in an aggregate
amount outstanding at any time not to exceed the greater of $70 million and 30% of L2QA Pro Forma EBITDA;

 

(19)           
Restricted Payments made in connection with the Transactions (including, without limitation, the Special Distribution, any
distribution, loan or repayment of any indebtedness owed to CSC Holdings, LLC or any of its subsidiaries that was incurred by the
Issuer or the Parent Guarantor in connection with the Transactions, any amounts held as Escrowed Proceeds and released in connection
with the Transactions on or after the Completion Date (other than in connection with a Special Mandatory Redemption)) or constituting
any part of any Permitted Reorganization and, in each case, fees and expenses relating thereto;

 

(20)           
Restricted Payments to finance Investments or other acquisitions by a Parent or any Affiliate (other than the Issuer or
a Restricted Subsidiary) which would be otherwise permitted to be made pursuant to this Section 4.05 if made by the Issuer or a
Restricted Subsidiary; provided, that (i) such Restricted Payment shall be made within 120 days of the closing of such Investment
or other acquisition, (ii) such Parent or Affiliate of the Issuer shall, on or prior to the date such Restricted Payment is made
or if later, promptly following the closing of the Investment or the acquisition, cause (1) all property acquired (whether assets
or Capital Stock) to be contributed to the Issuer or one of its Restricted Subsidiaries or (2) the merger, amalgamation, consolidation,
or sale of the Person formed or acquired into the Issuer or one of its Restricted Subsidiaries (in a manner not prohibited by Article
5) in order to consummate such Investment or other acquisition, (iii) such Parent or Affiliate of the Issuer receives no consideration
or other payment in connection with such transaction except to the extent the Issuer or a Restricted Subsidiary could have given
such consideration or made such payment in compliance with this Section 4.05 or Section 4.09 (without reference to this clause
(20)) and (iv) any property received in connection with such transaction shall not constitute an Excluded Contribution up to the
amount of such Restricted Payment made under this clause (20);

 

(21)           
any payments in cash or in kind relating to the settlement of any future, forward or other derivative contract entered into
for non-speculative purposes;

 

(22)           
the declaration and payment of dividends or distributions by the Issuer to, or the making of loans to, a Parent in amounts
required for a Parent to pay or cause to be paid, in each case without duplication, fees and expenses related to any equity or
debt offering (whether or not successful) of such Parent; and

 

(23)           
the repayment of Subordinated Indebtedness, so long as after giving pro forma effect thereto (including a pro forma application
of the net proceeds therefrom), the Consolidated Net Leverage Ratio would be no greater than 6.50 to 1.00.

 

(c)               
Except as otherwise specified, the amount of all Restricted Payments or Permitted Investments (other than cash) shall be
the fair market value on the date of such Restricted Payment or Permitted Investment (or, at the option of the Issuer, on the date
of entry into of a commitment, contract or resolution with respect to such Restricted Payment or Permitted Investment) of the asset(s)
or securities proposed to be paid, transferred or issued by the Issuer or such Restricted Subsidiary, as the case may be, pursuant
to such Restricted Payment or Permitted Investment and without giving effect to subsequent changes in value. The fair market value
of any cash Restricted Payment or Permitted Investment shall be its face amount, and the fair market value of any non-cash Restricted
Payment or Permitted Investment or any other property, assets or securities required to be valued by this Section 4.05 shall be
determined conclusively by an Officer or the Board of Directors of the Issuer acting in good faith.

 

    84

     

    

 

(d)               
 For purposes of determining compliance with this Section 4.05 and the definition of “Permitted Investments”,
as applicable, in the event that a Restricted Payment or a Permitted Investment meets the criteria of more than one of the categories
described in clauses (1) through (23) of Section 4.05(b) or in the definition of “Permitted Investments”, as applicable,
or is permitted pursuant to Section 4.05(a), the Issuer will be entitled to classify such Restricted Payment (or portion thereof)
or such Permitted Investment (or portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion
thereof) or such Permitted Investment (or portion thereof) in any manner that complies with this Section 4.05.

 

Section
4.06           
Limitation on Liens.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur or
suffer to exist any Lien upon any of their property or assets (including Capital Stock of a Restricted Subsidiary), whether owned
on the Issue Date or acquired after that date, or any interest therein or any income or profits therefrom, which Lien is securing
any Indebtedness (such Lien, the “Initial Lien”), except (a) in the case of any property or asset that does not constitute
Notes Collateral,

 

(i)                
Permitted Liens or (ii) Liens on assets that are not Permitted Liens if the Notes and this Indenture (or a Note Guarantee
in the case of Liens of a Guarantor) are directly secured equally and ratably with, or prior to, in the case of Liens with respect
to Subordinated Indebtedness, the Indebtedness secured by such Initial Lien for so long as such Indebtedness is so secured and
(b) in the case of any property or assets that constitutes Notes Collateral, Permitted Collateral Liens.

 

(b)               
For purposes of determining compliance with this Section 4.06, in the event that a Lien (or any portion thereof) meets the
criteria of one or more of the clauses contained in the definition of “Permitted Liens” or “Permitted Collateral
Liens”, as applicable, the Issuer shall be entitled to, in its sole discretion, divide, classify or subsequently reclassify,
in whole or in part, at any time, such Lien (or any portion thereof) among one or more of the clauses contained in the definition
of “Permitted Liens” or “Permitted Collateral Liens”, as applicable.

 

Section
4.07           
Limitation on Restrictions on Distributions from Restricted Subsidiaries.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, create or otherwise cause or permit to exist
or become effective any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary to:

 

(1)              
pay dividends or make any other distributions in cash or otherwise on its Capital Stock to the Issuer or any Restricted
Subsidiary or pay any Indebtedness or other obligations owed to the Issuer or any Restricted Subsidiary;

 

(2)              
make any loans or advances to the Issuer or any Restricted Subsidiary; or

 

(3)              
sell, lease or transfer any of its property or assets to the Issuer or any Restricted Subsidiary,

 

provided that (x) the priority of any Preferred
Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common
stock and (y) the subordination of (including the application of any standstill requirements to) loans or advances made to the
Issuer or any Restricted Subsidiary to other Indebtedness Incurred by the Issuer or any Restricted Subsidiary, or any prohibition
on securing such loans or advances made to the Issuer or any Restricted Subsidiary, shall not be deemed to constitute such an encumbrance
or restriction.

 

(b)               
Section 4.07(a) will not prohibit:

 

    85

     

    

 

(1)              
 any encumbrance or restriction pursuant to any Credit Facility or any other agreement or instrument, in each case, in effect
at or entered into on the Issue Date, and any amendments, restatements, modifications, renewals, supplements, refundings, replacements
or refinancings of such agreements; provided that the amendments, restatements, modifications, renewals, supplements, refundings,
replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment
restrictions than those contained in those agreements on the Issue Date (as determined in good faith by the Issuer);

 

(2)              
[Reserved];

 

(3)              
encumbrances or restrictions existing under or by reason of this Indenture, the Notes, the Senior Notes, the Senior Notes
Indenture, the Senior Secured Facilities, the guarantees thereof, the Senior Secured Facilities Security Documents, the Notes Escrow
Agreement and the SN Escrow Agreement;

 

(4)              
 any encumbrance or restriction pursuant to an agreement or instrument of a Person or relating to any Capital Stock or Indebtedness
of a Person, entered into on or before the date on which (i) such Person was acquired by or merged, consolidated or otherwise combined
with or into the Issuer or any Restricted Subsidiary, (ii) such agreement or instrument is assumed by the Issuer or any Restricted
Subsidiary in connection with an acquisition of assets or (iii) such Person became a Restricted Subsidiary (in each case, other
than Capital Stock or Indebtedness Incurred as consideration in, or 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 or was acquired
by the Issuer or was merged, consolidated or otherwise combined with or into the Issuer or any Restricted Subsidiary) and outstanding
on such date; provided that, for the purposes of this clause (4), if another Person is the Successor Company, or any Subsidiary
thereof, any agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Issuer or
any Restricted Subsidiary when such Person becomes the Successor Company;

 

(5)              
any encumbrance or restriction pursuant to an agreement or instrument effecting a refunding, replacement or refinancing
of Indebtedness Incurred pursuant to, or that otherwise extends, renews, refunds, refinances or replaces an agreement or instrument
referred to in clauses (1), (3), (4) or this clause (5) of this Section 4.07(b) (an “Initial Agreement”) or contained
in any amendment, supplement or other modification to an agreement referred to in clauses (1), (3), (4) or this clause (5) of this
Section 4.07(b); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained
in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances
and restrictions contained in the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or
other modification relates (as determined in good faith by the Issuer);

 

(6)              
any encumbrance or restriction:

 

(A)             
that restricts in a customary manner the subletting, assignment or transfer of any property or asset that is subject to
a lease, license or similar contract, or the assignment or transfer of any lease, license or other contract;

 

(B)             
contained in mortgages, pledges or other security agreements permitted under this Indenture or securing Indebtedness of
the Issuer or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the
transfer of the property or assets subject to such mortgages, pledges or other security agreements;

 

(C)             
pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement
agreements of the Issuer or any Restricted Subsidiary; or

 

    86

     

    

 

(D)             
 pursuant to the terms of any license, authorization, concession or permit;

 

(7)              
any encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease Obligations permitted under
this Indenture, in each case, that impose encumbrances or restrictions on the property so acquired or any encumbrance or restriction
pursuant to a joint venture agreement that imposes restrictions on the transfer of the assets of the joint venture;

 

(8)              
any encumbrance or restriction with respect to a Restricted Subsidiary (or any of its property or assets) imposed pursuant
to an agreement entered into for the direct or indirect sale or disposition to a Person of all or substantially all the Capital
Stock or assets of such Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing
of such sale or disposition;

 

(9)              
customary provisions in leases, licenses, joint venture agreements and other similar agreements and instruments entered
into in the ordinary course of business;

 

(10)           
encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation, governmental
license or order, or required by any regulatory authority or stock exchange;

 

(11)           
any encumbrance or restriction on cash or other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business;

 

(12)           
any encumbrance or restriction pursuant to Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements;

 

(13)           
any encumbrance or restriction arising pursuant to an agreement or instrument relating to any Indebtedness permitted to
be Incurred subsequent to the Issue Date pursuant to Section 4.04 if the encumbrances and restrictions contained in any such agreement
or instrument taken as a whole are not materially less favorable to the Holders of the Notes than (i)
the encumbrances and restrictions contained in the Senior Secured Facilities on the Completion Date, together with the security
documents associated therewith, if any, as in effect on or immediately prior to the Completion Date or (ii)
is customary in comparable financings (as determined in good faith by the Issuer) and where, in the case of clause (ii), the Issuer
determines at the time of issuance of such Indebtedness that such encumbrances or restrictions (x) will not adversely affect, in
any material respect, the Issuer’s ability to make principal or interest payments on the Notes as and when they become due
or (y) such encumbrances and restrictions apply only if a default occurs in respect of a payment or financial covenant relating
to such Indebtedness;

 

(14)           
any encumbrance or restrictions arising in connection with any Purchase Money Note, other Indebtedness or a Qualified Receivables
Financing that, in the good faith determination of an Officer or the Board of Directors of the Issuer, are necessary or advisable
to effect such Qualified Receivables Financing; or

 

(15)           
any encumbrance or restriction existing by reason of any Lien permitted under Section 4.06.

 

Section
4.08           
Limitation on Sales of Assets and Subsidiary Stock.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless:

 

(1)              
the Issuer or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or
by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value
(such fair market value to be

 

    87

     

    

 

determined on the date of contractually
agreeing to such Asset Disposition), as determined in good faith by an Officer or the Board of Directors of the Issuer, of the
shares and assets subject to such Asset Disposition (including, for the avoidance of doubt, if such Asset Disposition is a Permitted
Asset Swap); and

 

(2)              
in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition or such series of related Asset Dispositions
(excluding any consideration by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent
or otherwise, other than Indebtedness), together with all other Asset Dispositions since the Issue Date (except to the extent any
such Asset Disposition was a Permitted Asset Swap) on a cumulative basis received by the Issuer or such Restricted Subsidiary,
as the case may be, is in the form of cash, Cash Equivalents or Temporary Cash Investments.

 

(b)               
After the receipt of Net Available Cash from an Asset Disposition, the Issuer or a Restricted Subsidiary, as the case may
be, may apply such Net Available Cash directly or indirectly (at the option of the Issuer or such Restricted Subsidiary):

 

(1)              
within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash
(i) to prepay, repay, purchase or redeem any Senior Secured Indebtedness incurred under Section
4.04(b)(1); provided, however, that, in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this
clause (i), the Issuer or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment (if any)
(except in the case of any revolving Indebtedness) to be permanently reduced in an amount equal to the principal amount so prepaid,
repaid, purchased or redeemed; (ii) unless included in clause (i), to prepay, repay, purchase
or redeem any Pari Passu Indebtedness of the Issuer or a Subsidiary Guarantor that is secured in whole or in part by a Lien on
the Notes Collateral (including by virtue of the Intercreditor Agreement or an Additional Intercreditor Agreement), which Lien
ranks pari passu with the Liens securing the Notes, at a price of no more than 100% of the principal amount of such Pari Passu
Indebtedness plus accrued and unpaid interest to the date of such prepayment, repayment, purchase or redemption; provided that
the Issuer or such Subsidiary Guarantor, as applicable, shall prepay, redeem, repay or repurchase Pari Passu Indebtedness that
is Public Debt pursuant to this clause (ii) only if the Issuer or such Subsidiary Guarantor purchases through open-market purchases
at a price equal to or higher than 100% of the principal amount thereof, or makes an offer to the Holders of the Notes to purchase
their Notes at a purchase price in cash equal to at least 100% of the principal amount of such Notes, plus accrued and unpaid interest
to, but not including, the date of purchase (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date) for, in each case, an aggregate principal amount of Notes at least equal to the proportion
that (x) the total aggregate principal amount of Notes outstanding bears to (y) the sum of the total aggregate principal amount
of Notes outstanding plus the total aggregate principal amount outstanding of such Pari Passu Indebtedness; (iii)
to prepay, repay, purchase or redeem any Indebtedness of a Restricted Subsidiary that is not a Subsidiary Guarantor or any Indebtedness
that is secured on assets which do not constitute Notes Collateral (in each case, other than Subordinated Indebtedness of the Issuer
or a Subsidiary Guarantor or Indebtedness owed to the Issuer or any Restricted Subsidiary); (iv)
to purchase the Notes through open-market purchases at a price equal to or higher than 100% of the principal amount thereof, or
make an offer to all holders of the Notes at a purchase price in cash equal to at least 100% of the principal amount of the Notes,
plus accrued and unpaid interest to, but not including, the date of purchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment date) or (v)
to redeem the Notes as described under Section 3.07;

 

(2)              
to the extent the Issuer or such Restricted Subsidiary elects, to invest in or purchase or commit to invest in or purchase
Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash
received by the Issuer or another Restricted Subsidiary) within 365 days from the later of (i) the date of such Asset Disposition
and (ii) the receipt of such Net Available Cash; provided, however, that any such reinvestment in Additional

 

    88

     

    

 

Assets made pursuant to a definitive binding
agreement or a commitment approved by the Board of Directors of the Issuer that is executed or approved within such time will satisfy
this requirement, so long as such investment or commitment to invest is consummated within 180 days of such 365th day;

 

(3)              
to make a capital expenditure within 365 days from the later of (A) the date of such Asset Disposition and (B) the receipt
of such Net Available Cash; provided, however, that any such capital expenditure made pursuant to a definitive binding agreement
or a commitment approved by the Board of Directors of the Issuer that is executed or approved within such time will satisfy this
requirement, so long as such investment is consummated within 180 days of such 365th day; or

 

(4)              
any combination of clauses (1) through (3) of Section 4.08(b),

 

provided that, pending the final application
of any such Net Available Cash in accordance with clauses (1), (2), (3) or (4) of Section 4.08(b), the Issuer and the Restricted
Subsidiaries may temporarily reduce Indebtedness or otherwise invest such Net Available Cash in any manner not prohibited by this
Indenture.

 

(c)               
Any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied or invested as
provided in Section 4.08(b) will be deemed to constitute “Excess Proceeds.” On the 366th day (or the 546th day, in
the case of any Net Available Cash committed to be used pursuant to a definitive binding agreement or commitment approved by the
Board of Directors of the Issuer pursuant to clause (2) or (3) of Section 4.08(b)) after the later of (A) the date of such Asset
Disposition and (B) the receipt of such Net Available Cash, if the aggregate amount of Excess Proceeds exceeds $35 million, the
Issuer will be required within ten (10) Business Days thereof to make an offer (“Asset Disposition Offer”) to all holders
of the Notes and, to the extent the Issuer or a Subsidiary Guarantor elects or the Issuer or a Subsidiary Guarantor is required
by the terms of other outstanding Pari Passu Indebtedness, to all holders of such other outstanding Pari Passu Indebtedness to
purchase the maximum principal amount of such Notes and any such Pari Passu Indebtedness to which the Asset Disposition Offer applies
that may be purchased out of the Excess Proceeds, at an offer price in respect of the Notes in an amount equal to (and, in the
case of any Pari Passu Indebtedness, an offer price of no more than) 100% of the principal amount of such Notes and 100% of the
principal amount of Pari Passu Indebtedness, in each case, plus accrued and unpaid interest, if any, to, but not including, the
date of purchase, in accordance with the procedures set forth in this Indenture or the agreements governing the Pari Passu Indebtedness,
as applicable, and in the case of the Notes, in minimum denominations of $200,000 and in integral multiples of $1,000 in excess
thereof. No such purchase in part shall reduce the principal amount at maturity of the Notes held by any holder to below $200,000.
The Issuer may satisfy the foregoing obligations with respect to any Net Available Cash from an Asset Disposition by making an
Asset Disposition Offer with respect to such Net Available Cash prior to the time period that may be required by this Indenture
with respect to all or a part of the available Net Available Cash (the “Advance Portion”) in advance of being required
to do so by this Indenture (an “Advance Offer”).

 

(d)               
To the extent that the aggregate amount of Notes and Pari Passu Indebtedness so validly tendered and not properly withdrawn
pursuant to an Asset Disposition Offer is less than the Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion),
the Issuer and the Restricted Subsidiaries may use any remaining Excess Proceeds (or, in the case of an Advance Offer, the Advance
Portion) for general corporate purposes, to the extent not prohibited by the other covenants contained in this Indenture. If the
aggregate principal amount of the Notes surrendered in any Asset Disposition Offer by Holders and other Pari Passu Indebtedness
surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds (or, in the case of an Advance Offer, the
Advance Portion), the Excess Proceeds (or, in the case of an Advance Offer, the Advance Portion) shall be allocated among the Notes
and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes
and Pari Passu Indebtedness. For the purposes of calculating the principal amount of any such Indebtedness not denominated in dollars,
such Indebtedness shall be calculated by converting any such principal amounts into their Dollar Equivalent determined as of a
date selected by the Issuer that is within the Asset Disposition Offer Period (as defined below). Upon

 

    89

     

    

 

completion of any Asset Disposition Offer,
the amount of Excess Proceeds shall be reset at zero, and in the case of an Advance Offer, the amount of Net Available Cash the
Issuer is offering to apply in such Advance Offer shall be excluded in subsequent calculations of Excess Proceeds.

 

(e)               
To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other
than dollars, the amount thereof payable in respect of the Notes shall not exceed the net Dollar Equivalent of the amount that
is actually received by the Issuer.

 

(f)                
The Asset Disposition Offer, in so far as it relates to the Notes, will remain open for a period of not less than 20 Business
Days following its commencement or such shorter period of time required to comply with Section 14(e) of the Exchange Act and any
other applicable securities laws or regulations in connection with the Asset Disposition Offer (the “Asset Disposition Offer
Period”). No later than five (5) Business Days after the termination of the Asset Disposition Offer Period (the “Asset
Disposition Purchase Date”), the Issuer will purchase the principal amount of Notes and, to the extent it elects, Pari Passu
Indebtedness required to be purchased by it pursuant to this Section 4.08 (the “Asset Disposition Offer Amount”) or,
if less than the Asset Disposition Offer Amount has been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered
in response to the Asset Disposition Offer.

 

(g)               
On or before the Asset Disposition Purchase Date, the Issuer will, to the extent lawful, accept for payment, on a pro rata
basis to the extent necessary, the Asset Disposition Offer Amount of Notes and Pari Passu Indebtedness or portions of Notes and
Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to the Asset Disposition Offer, or if less than
the Asset Disposition Offer Amount has been validly tendered and not properly withdrawn, all Notes and Pari Passu Indebtedness
so validly tendered and not properly withdrawn and, in the case of the Notes, in minimum denominations of $200,000 and in integral
multiples of $1,000 in excess thereof.

 

(h)               
The Issuer will deliver to the Trustee an Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Issuer in accordance with the terms of this Section 4.08. The Issuer or the Paying Agent, as the case may be,
will promptly (but in any case not later than five (5) Business Days after termination of the Asset Disposition Offer Period) mail
or deliver to each tendering Holder of Notes an amount equal to the purchase price of the Notes so validly tendered and not properly
withdrawn by such Holder, and accepted by the Issuer for purchase, and the Issuer will promptly issue a new Note (or amend the
applicable Global Note), and the Trustee, upon receipt of an Officer’s Certificate from the Issuer, will, via an authenticating
agent, authenticate and mail or deliver (or cause to be transferred by book-entry) such new Note to such Holder, in a principal
amount equal to any unpurchased portion of the Note surrendered; provided that each such new Note will be in a principal amount
with a minimum denomination of $200,000. Any Note not so accepted will be promptly mailed or delivered (or transferred by book-entry)
by the Issuer to the Holder thereof.

 

(i)                
For the purposes of Section 4.08(a)(2), the following will be deemed to be cash:

 

(1)              
the assumption by the transferee (or other extinguishment in connection with the transactions relating to such Asset Dispositions)
of Indebtedness and any other liabilities (as recorded on the balance sheet of the Issuer or any Restricted Subsidiary or in the
footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such liabilities that would have been
reflected on the Issuer’s or such Restricted Subsidiary’s balance sheet or in the footnotes thereof if such incurrence
or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Issuer) of the Issuer
or any Restricted Subsidiary (other than Subordinated Indebtedness of the Issuer or a Subsidiary Guarantor) and the release of
the Issuer or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition;

 

(2)              
securities, notes or other obligations received by the Issuer or any Restricted Subsidiary from the transferee that are
converted by the Issuer or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such
Asset Disposition;

 

    90

     

    

 

(3)              
 Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition,
to the extent that the Issuer and each other Restricted Subsidiary (as applicable) are released from any Guarantee of payment of
such Indebtedness in connection with such Asset Disposition;

 

(4)              
consideration consisting of Indebtedness of the Issuer or a Subsidiary Guarantor (other than Subordinated Indebtedness)
received after the Issue Date from Persons who are not the Issuer or any Restricted Subsidiary; and

 

(5)              
any Designated Non-Cash Consideration received by the Issuer or any Restricted Subsidiary in such Asset Dispositions having
an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this Section
4.08 that is at that time outstanding, not to exceed (at the time of the receipt of such Designated Non-Cash Consideration or,
at the Issuer’s option, at the time of contractually agreeing to such Asset Disposition) the greater of $55.0 million and
25% of L2QA Pro Forma EBITDA (with the fair market value of each item of Designated Non-Cash Consideration being measured at the
time received or, at the option of the Issuer, on the date of contractually agreeing to the relevant Asset Disposition and without
giving effect to subsequent changes in value).

 

(j)                
The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Notes pursuant to this Indenture. To the extent that the provisions
of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by virtue of any conflict.

 

Section
4.09           
Limitation on Affiliate Transactions.

 

(a)               
The Issuer will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct
any transaction or series of related transactions (including the purchase, sale, lease or exchange of any property or the rendering
of any service) with any Affiliate of the Issuer (any such transaction or series of related transactions being “Affiliate
Transactions”) involving aggregate value of the greater of $40 million and 18% of L2QA Pro Forma EBITDA unless:

 

(1)              
the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Issuer or such Restricted
Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or
the execution of the agreement providing for such transaction in arm’s-length dealings with a Person who is not such an Affiliate,
or, if there are no comparable transactions involving non-Affiliates to apply for comparative purposes, the transaction is otherwise
on terms that, taken as a whole, the Issuer has conclusively determined in good faith to be fair to the Issuer or such Restricted
Subsidiary; and

 

(2)              
in the event such Affiliate Transaction involves an aggregate value in excess of $80 million, the terms of such transaction
or series of related transactions have been approved by a resolution of the majority of the members of the Board of Directors of
the Issuer resolving that such transaction complies with Section 4.09(a)(1). An Affiliate Transaction shall be deemed to have satisfied
the requirements set forth in this clause (2) if either (x) such Affiliate Transaction is approved by a majority of the Disinterested
Directors or (y) the Issuer or any of its Restricted Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Financial Advisor stating that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial
point of view or stating that the terms are not materially less favorable to the Issuer or its relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person
on arm’s-length basis.

 

(b)               
Section 4.09(a) will not apply to:

 

    91

     

    

 

(1)              
 any Restricted Payment permitted to be made pursuant to Section 4.05, any Permitted Payments (other than pursuant to Section
4.05(b)(9)(B) or Section 4.05(b)(20)) or any Permitted Investment (other than Permitted Investments as defined in clauses (1)(b)
or (2) of the definition thereof);

 

(2)              
any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments, awards
or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment,
consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other similar agreement
and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Issuer, any Restricted
Subsidiary or any Parent, restricted stock plans, long-term incentive plans, stock appreciation rights plans, participation plans
or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance,
retirement, savings or similar plans, programs or arrangements) or indemnities provided on behalf of officers, employees, directors
or consultants approved by the Board of Directors of the Issuer, in each case in the ordinary course of business;

 

(3)              
any Management Advances and any waiver or transaction with respect thereto;

 

(4)              
any transaction between or among the Issuer and any Restricted Subsidiary (or entity that becomes a Restricted Subsidiary
as a result of such transaction), or between or among the Issuer, Restricted Subsidiaries or any Receivables Subsidiary;

 

(5)              
the payment of reasonable fees and reimbursement of expenses to, and customary indemnities and employee benefit and pension
expenses provided on behalf of, directors, officers, consultants or employees of the Issuer, any Restricted Subsidiary or any Parent
(whether directly or indirectly and including through any Person owned or controlled by any of such directors, officers or employees);

 

(6)              
the Transactions, any Permitted Reorganization, the Transition Services Agreement, the IRU Agreement and the Reverse IRU
Agreement and the entry into and performance of obligations of the Issuer or any of its Restricted Subsidiaries under the terms
of any transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect
as of or on the Issue Date or entered into after the Issue Date in connection with the Special Distribution (other than, for the
avoidance of doubt, any share repurchase program to take effect following the Special Distribution), in each case as these agreements
and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time (including, without limitation,
to add additional Persons in connection with any such Person becoming a Restricted Subsidiary) in accordance with the other terms
of this covenant or to the extent not more disadvantageous to the Holders in any material respect and the entry into and performance
of any registration rights or other listing agreement in connection with any Public Offering;

 

(7)              
execution, delivery and performance of any Tax Sharing Agreement or the formation and maintenance of any consolidated group
for tax, accounting or management purposes in the ordinary course of business;

 

(8)              
transactions with customers, clients, suppliers or purchasers or sellers of goods or services and Associates, in each case
in the ordinary course of business (including, without limitation, pursuant to joint venture arrangements), which are fair to the
Issuer or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors or an officer of the Issuer
or the relevant Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at
such time from an unaffiliated party;

 

(9)              
any transaction in the ordinary course of business between or among the Issuer or any Restricted Subsidiary and any Affiliate
of the Issuer or an Associate or similar entity (in each case, other than an Unrestricted Subsidiary) that would constitute an
Affiliate Transaction solely

 

    92

     

    

 

because the Issuer or a Restricted Subsidiary
or any Affiliate of the Issuer or a Restricted Subsidiary or any Affiliate of any Permitted Holder owns an equity interest in or
otherwise controls such Affiliate, Associate or similar entity;

 

(10)           
(a) issuances or sales of Capital Stock (other than Disqualified Stock or Designated Preference Shares) of the Issuer or
options, warrants or other rights to acquire such Capital Stock or Subordinated Shareholder Funding; provided that the interest
rate and other financial terms of such Subordinated Shareholder Funding are approved by a majority of the members of the Board
of Directors of the Issuer in their reasonable determination and (b) any amendment, waiver or other transaction with respect to
any Subordinated Shareholder Funding in compliance with the other provisions of this Indenture, the Intercreditor Agreement or
any Additional Intercreditor Agreement, as applicable;

 

(11)           
without duplication in respect of payments made pursuant to the definition of Parent Expenses, (a) payments by the Issuer
or any Restricted Subsidiary to any Permitted Holder (whether directly or indirectly, including through any Parent) of annual management,
consulting, monitoring or advisory fees and related expenses in an aggregate amount not to exceed an amount equal to the greater
of $3.0 million or 1.5% of L2QA Pro Forma EBITDA per annum (with unused amounts in any calendar year being carried over to the
succeeding calendar years) and; (b) customary payments by the Issuer or any Restricted Subsidiary to any Permitted Holder (whether
directly or indirectly, including through any Parent) for financial advisory, financing, underwriting or placement services or
in respect of other investment banking activities, including in connection with acquisitions or divestitures, which payments in
respect of this clause (b) are approved by a majority of the Board of Directors of the Issuer in good faith; and (c) payments of
all fees and expenses related to the Transactions and any Permitted Reorganization;

 

(12)           
any transaction effected as part of a Qualified Receivables Financing and other Investments in Receivables Subsidiaries
consisting of cash or Securitization Assets;

 

(13)           
any participation in a rights offer or public tender or exchange offers for securities or debt instruments issued by the
Issuer or any of its Subsidiaries that are conducted on arm’s-length terms and provide for the same price or exchange ratio,
as the case may be, to all holders accepting such rights, tender or exchange offer;

 

(14)           
transactions between the Issuer or any Restricted Subsidiary and any other Person that would constitute an Affiliate Transaction
solely because a director of such other Person is also a director of the Issuer or any Parent; provided, however, that such director
abstains from voting as a director of the Issuer or such Parent, as the case may be, at any board meeting approving such transaction,
on any matter including such other Person;

 

(15)           
payments to and from, and transactions with, any joint ventures entered into in the ordinary course of business or consistent
with past practices (including, without limitation, any cash management activities related thereto);

 

(16)           
commercial contracts (including franchising agreements, business services related agreements or other similar arrangements)
between an Affiliate of the Issuer and the Issuer or any Restricted Subsidiary that are on arm’s length terms or on a basis
that senior management of the Issuer reasonably believes allocates costs fairly; and

 

(17)           
(i) transactions with Affiliates solely in their capacity as holders of Indebtedness,
Equity Interests of the Issuer, Parent Guarantor or any of its Subsidiaries or Subordinated Shareholder Debt (and payment of reasonable
out-of-pocket expenses incurred by such Permitted Holders in connection therewith) so long as the opportunity to participate in
such transaction is offered by the Issuer, Parent Guarantor or such Restricted Subsidiary generally to other investors on the same
or more favorable terms; and (ii) payments to Permitted Holders and holders of shares of Capital
Stock of an entity established for the purposes of management participation in an equity incentive plan in

 

    93

     

    

 

respect of securities or Indebtedness of
the Issuer or any Restricted Subsidiary contemplated in the foregoing clause (i) or that were acquired from Persons other than
the Restricted Subsidiaries, in each case, in accordance with the terms of such securities or Indebtedness.

 

Section
4.10           
Reports.

 

(a)               
For so long as any Notes are outstanding, the Issuer will provide to the Trustee the following reports:

 

(1)              
within 120 days (or, in the case of the first such report, 150 days) after the end of the Issuer’s (or, if the Issuer
elects to satisfy its obligation under this clause (1) by delivering the annual reports of a Parent in accordance with Section
4.10(c), of such Parent’s) fiscal year beginning with the first fiscal year ending December 31, 2020, annual reports containing
the following information: audited consolidated balance sheet of the Issuer as of the end of the most recent fiscal year (and comparative
information as of the end of the prior fiscal year) and audited consolidated income statements and statements of cash flow of the
Issuer for the most recent fiscal year (and comparative information as of the end of the prior fiscal year), including complete
footnotes to such financial statements and the report of the independent auditors on the financial statements; unaudited pro forma
income statement information and balance sheet information of the Issuer (which, for the avoidance of doubt, shall not include
the provision of a full income statement or balance sheet to the extent not reasonably available), together with explanatory footnotes,
for (i) any acquisition or disposition by the Issuer or a Restricted Subsidiary that, individually or in the aggregate when considered
with all other acquisitions or dispositions that have occurred since the beginning of the most recently completed fiscal year as
to which such annual report relates, represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating
cash flow, or assets of the Issuer on a pro forma consolidated basis or (ii) recapitalizations by the Issuer or a Restricted Subsidiary,
in each case, that have occurred during the most recently completed fiscal year as to which such annual report relates (unless
such pro forma information has been provided in a prior report pursuant to clause (2) or (3) of this Section 4.10(a)); provided
that such pro forma financial information will be provided only to the extent not provided in a previous report pursuant to clause
(2) or (3) of this Section 4.10(a) and to the extent available without unreasonable expense and in the case pro forma financial
information is not provided, the Issuer will provide, in the case of a material acquisition, to the extent available to the Issuer
or a Restricted Subsidiary without unreasonable expense, financial statements of the acquired company for the most recent fiscal
year, and in the case of a material disposition, financial statements of the business or assets comprising the disposition perimeter
for the most recent fiscal year which, in each case, may be unaudited; (c) an operating and financial review of the audited financial
statements, including a discussion of the results of operations, financial condition, and liquidity and capital resources of the
Issuer, and a discussion of material commitments and contingencies and critical accounting policies; (d) description of the business,
management and shareholders of the Issuer (to the extent not previously reported pursuant to clause (2) or (3) of this Section
4.10(a)), all material affiliate transactions and a description of all material contractual arrangements, including material debt
instruments; and (e) a description of material risk factors and material recent developments (to the extent not previously reported
pursuant to clause (2) or (3) of this Section 4.10(a));

 

(2)              
within 60 days (or, in the case of the first three fiscal quarters ending after the Completion Date, 90 days) following
the end of the first three fiscal quarters in each fiscal year of the Issuer (or, if the Issuer elects to satisfy its obligation
under this clause (2) by delivering the quarterly reports of a Parent in accordance with Section 4.10(c), of such Parent) beginning
with the fiscal quarter ending September 30, 2020, all quarterly reports of the Issuer containing, to the extent applicable: (a)
an unaudited condensed consolidated balance sheet as of the end of such quarter and unaudited condensed consolidated statements
of income and cash flow for the most recent quarter year-to-date period ending on the date of the unaudited condensed balance sheet,
and the comparable prior year periods, together with condensed footnote disclosure; (b) beginning with the fiscal quarter ending
March 31, 2021, unaudited pro forma income statement information and balance sheet information (which, for the avoidance of doubt,
shall not include the provision of a full income statement or balance

 

    94

     

    

 

sheet to the extent not reasonably available),
together with explanatory footnotes, for any acquisition or disposition by the Issuer or a Restricted Subsidiary that, individually
or in the aggregate when considered with all other acquisitions or dispositions that have occurred since the beginning of the relevant
quarter, represent greater than 20% of the consolidated revenues, EBITDA and/or adjusted operating cash flow, or assets of the
Issuer on a pro forma consolidated basis (unless such pro forma information has been provided in a prior report pursuant to Section
4.10(a)(3)); provided that such pro forma financial information will be provided only to the extent available without unreasonable
expense, and in the case pro forma financial information is not provided the Issuer will provide, in the case of a material acquisition
to the extent available to the Issuer or a Restricted Subsidiary without unreasonable expense, financial statements of the acquired
company for the most recent fiscal year, and in the case of a material disposition, financial statements of the business or assets
comprising the disposition perimeter for the most recent fiscal year which, in each case, may be unaudited; (c) a summary operating
and financial review of the unaudited financial statements, including a discussion of revenues, EBITDA and/or adjusted operating
cash flow, capital expenditures, operating cash flow, and material changes in liquidity and capital resources, and a discussion
of material changes not in the ordinary course of business in commitments and contingencies since the most recent report (to the
extent not previously reported pursuant to clause (3) of this Section 4.10(a)); and (d) material recent developments (to the extent
not previously reported pursuant to Section 4.10(a)(3)); and

 

(3)              
promptly after the occurrence of such event, information with respect to (a) any change in the independent public accountants
of the Issuer, (b) any material acquisition, disposal, merger or similar transaction or (c) any development determined by an Officer
of the Issuer to be material to the business of the Issuer and its Restricted Subsidiaries (taken as a whole).

 

(b)               
For the avoidance of doubt, in no event will any reports provided pursuant to Section 4.10(a):

 

(1)              
be required to comply with:

 

(A)             
Section 302, Section 404 or Section 906 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation S-K
under the Securities Act (“Regulation S-K”);

 

(B)             
Rule 3-10 of Regulation S-X under the Securities Act (“Regulation S-X”) or contain separate financial statements
for the Issuer, the Guarantors or other Subsidiaries the shares of which may be pledged to secure the Notes or any Guarantee that
would be required under Section 3-16 of Regulation S-X;

 

(C)             
Rule 11-01 of Regulation S-X, to give pro forma effect to the Transactions or contain all purchase accounting adjustments
relating to the Transactions;

 

(D)             
Regulation G under the Exchange Act or Item 10(e) of Regulation S-K with respect to any non-GAAP financial measures contained
therein; or

 

(2)              
be required to include trade secrets and other confidential information that is competitively sensitive in the good faith
and reasonable determination of the Issuer.

 

(c)               
Notwithstanding the foregoing, the Issuer may satisfy its obligations under clauses (1), (2) and (3) of Section 4.10(a)
by delivering the corresponding annual, quarterly or other reports of a Parent; provided that to the extent that the Issuer is
not the reporting entity and material differences exist between the management, business, assets, shareholding or results of operations
or financial condition of the Issuer and such Parent, the annual and quarterly reports shall give a reasonably detailed description
of such differences or shall include the consolidated balance sheet, income statements and cash flow statement of the Issuer and
its subsidiaries.

 

    95

     

    

 

(d)               
 The Issuer will be deemed to have furnished the reports referred to in clauses (1), (2) and (3) of Section 4.10(a) if the
Issuer or a Parent has filed reports containing such information with the SEC or posted such reports on its website. The Trustee
shall have no responsibility to determine if and when any of the above reports have been filed or posted on any website. Delivery
of the above reports to the Trustee is for informational purposes only and the Trustee’s receipt of such reports will not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Issuer’s or any other parties’ compliance with any of its covenants in this Indenture (as to which the Trustee
will be entitled to rely exclusively on Officer’s Certificates that are delivered).

 

(e)               
All financial statement information shall be prepared in accordance with GAAP as in effect on the date of such report or
financial statement (or otherwise on the basis of GAAP as then in effect) and on a consistent basis for the periods presented;
provided, however, that the reports set forth in clauses (1), (2) and (3) of Section 4.10(a) may in the event of a change in GAAP,
present earlier periods on a basis that applied to such periods. Except as provided for in Section 4.10(f) below, no report need
include separate financial statements for the Issuer or Subsidiaries of the Issuer or any disclosure with respect to the results
of operations or any other financial or statistical disclosure not of a type included in the Offering Memorandum and, subject to
the Issuer’s election to apply IFRS, in no event shall IFRS information or reconciliation to IFRS be required.

 

(f)                
At any time if any Subsidiary of the Issuer is an Unrestricted Subsidiary and any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, constitutes a Significant Subsidiary, then the quarterly and
annual financial information required by clauses (1) and (2) of Section 4.10(a) will include a reasonably detailed presentation,
either on the face of the financial statements or in the footnotes thereto, of the financial condition and results of operations
of the Issuer and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of the Issuer.

 

(g)               
Substantially concurrently with the issuance to the Trustee of the reports specified in (1), (2) and (3) of Section 4.10(a),
the Issuer shall also (A) use its commercially reasonable efforts (i) to post copies of such reports on such website as may be
then maintained by the Issuer and its Subsidiaries or any Parent or (ii) otherwise to provide substantially comparable public availability
of such reports (as determined by the Issuer in good faith) or (B) to the extent the Issuer determines in good faith that such
reports cannot be made available in the manner described in the preceding clause (A) owing to applicable law or after the use of
its commercially reasonable efforts, furnish such reports to the Holders and, upon their request, prospective purchasers of the
Notes.

 

(h)               
For so long as the Notes remain outstanding and during any period during which the Issuer is not subject to Section 13 or
15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b), the Issuer shall furnish to the Holders and holders
of beneficial interests in the Notes and, upon their request, prospective purchasers of the Notes or prospective and purchasers
of beneficial interests in the Notes, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities
Act.

 

(i)                
The Trustee shall have no obligation to determine if and when the Issuer’s financial statements or reports are publicly
available and accessible electronically. Delivery of these reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of any of those will not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).

 

Section
4.11           
Suspension of Covenants on Achievement of Investment Grade Status.

 

If on any date following
the Issue Date, the Notes have achieved Investment Grade Status and no Default or Event of Default has occurred and is continuing
(a “Suspension Event”), then the Issuer shall notify the Trustee of these events and beginning on that day and continuing
until such time, if any,

 

    96

     

    

 

at which the Notes cease to have Investment
Grade Status (the “Reversion Date”), the following sections will not apply to the Notes: Section 4.04, Section 4.05,
Section 4.07, Section 4.08, Section 4.09, Section 4.18, Section 4.21 and Section 5.01(a)(3) and any related default provision of
this Indenture will cease to be effective and will not be applicable to the Issuer and the Restricted Subsidiaries. Such Sections
and any related default provisions will again apply according to their terms from the first day on which a Suspension Event ceases
to be in effect. The period of time between the suspension of covenants as set forth above and the Reversion Date is referred to
as the “Suspension Period”. Such Sections and any related default provisions will again apply according to their terms
from the first day on which a Suspension Event ceases to be in effect. Such Sections will not, however, be of any effect with regard
to actions of the Issuer properly taken during the continuance of the Suspension Event, and Section 4.05 will be interpreted as
if it has been in effect since the date of this Indenture except that no Default will be deemed to have occurred solely by reason
of a Restricted Payment made while Section 4.05 was suspended. On the Reversion Date, all Indebtedness Incurred during the continuance
of the Suspension Event will be classified, at the Issuer’s option, as having been Incurred pursuant to Section 4.04(a) or
Section 4.04(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Indebtedness Incurred prior to the Suspension Event and outstanding on the Reversion Date). To the extent such
Indebtedness would not be so permitted to be Incurred under Section 4.04(a)) or Section 4.04(b), such Indebtedness will be deemed
to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.04(b)(4)(b). The Issuer shall
give the Trustee written notice of any Suspension Event and in any event not later than five (5) Business Days after such Suspension
Event has occurred. The Issuer shall give the Trustee written notice of any occurrence of a Reversion Date not later than five
(5) Business Days after such Reversion Date. Absent such written notice the Trustee shall be entitled to assume that no Suspension
Event or the occurrence of any Reversion Date has occurred.

 

For the purposes of
Section 4.08, upon the occurrence of a Reversion Date the amount of Net Available Cash not applied in accordance with such covenant
will be deemed to be reset to zero. For purposes of Section 4.09, all agreements and arrangements entered into by the Issuer and
any Restricted Subsidiary with an Affiliate of the Issuer during the Suspension Period prior to such Reversion Date will be deemed
to have been entered into on or prior to the Issue Date, and for the purposes of Section 4.05, all contracts entered into during
the Suspension Period prior to such Reversion Date that contain any of the encumbrances or restrictions subject to such covenant
will be deemed to have been in existence on the Issue Date. The Note Guarantees of the Guarantors will be suspended during the
Suspension Period.

 

Section
4.12           
 [Reserved].

 

Section
4.13           
 [Reserved].

 

Section
4.14           
Compliance Certificate.

 

The Issuer shall deliver
to the Trustee, within 120 days after the end of each fiscal year (beginning with the fiscal year ending December 31, 2021), an
Officer’s Certificate indicating whether the signers thereof know of any Default that occurred during the previous year.
The Issuer shall deliver to the Trustee, within 30 days after the occurrence of a Default or Event of Default a written notice
of any events of which it is aware which would constitute certain Defaults, their status and what action the Issuer is taking or
proposes to take with respect thereto.

 

The Trustee shall
not be deemed to have knowledge of any Default except any Default under clauses (1) or (2) of Section 6.01(a)) or any other Default
of which a Responsible Officer shall have received written notification in accordance with Section 12.01 or obtained actual knowledge.

 

Section
4.15           
 [Reserved].

 

Section
4.16           
 [Reserved].

 

    97

     

    

 

Section
4.17           
Additional Intercreditor Agreements.

 

(a)               
At the request of the Issuer, and without the consent of Holders, in connection with the Incurrence by the Issuer or a Restricted
Subsidiary of any Indebtedness that is permitted to share the Notes Collateral pursuant to Section 4.06, the Issuer, the Parent
Guarantor or a Restricted Subsidiary, the Trustee and the Notes Collateral Agent shall enter into with the holders of such Indebtedness
(or their duly authorized Representatives) an intercreditor agreement (an “Additional Intercreditor Agreement”) or
a restatement, amendment or other modification of the existing Intercreditor Agreement on substantially the same terms as the Intercreditor
Agreement (or, as determined in good faith the Issuer, terms not materially less favorable to the Holders), including containing
substantially the same terms with respect to release of Note Guarantees and priority and release of the Liens over the Notes Collateral
(or, as determined in good faith by the Issuer, terms not materially less favorable to the Holders, it being understood that such
restatement, amendment or other modification to provide for subordinated security interests will be deemed not to be materially
less favorable to the Holders); provided that such Additional Intercreditor Agreement will not impose any personal obligations
on the Trustee or Notes Collateral Agent or, in the opinion of the Trustee or Notes Collateral Agent, as applicable, adversely
affect the rights, duties, liabilities or immunities of the Trustee or Notes Collateral Agent under this Indenture or the Intercreditor
Agreement. Subject to this Section 4.17(a) and to Section 4.17(b), any such Additional Intercreditor Agreement may provide for
pari passu or subordinated security interests in respect of any such Indebtedness (to the extent such Indebtedness is permitted
to share the Notes Collateral pursuant to Section 4.06).

 

(b)               
At the written direction of the Issuer and without the consent of Holders, the Trustee and the Notes Collateral Agent shall
from time to time enter into one or more amendments to any Intercreditor Agreement or Additional Intercreditor Agreement to: (1)
cure any ambiguity, omission, defect or inconsistency of any such agreement, (2) increase the amount or types of Indebtedness covered
by any such agreement that may be Incurred by the Issuer or a Guarantor that is subject to any such agreement (including with respect
to any Intercreditor Agreement or Additional Intercreditor Agreement, the addition of provisions relating to new Indebtedness ranking
junior in right of payment to the Notes), (3) add Restricted Subsidiaries to the Intercreditor Agreement or an Additional Intercreditor
Agreement, (4) further secure the Notes (including Additional Notes), (5) make provision for equal and ratable pledges of the Notes
Collateral to secure Additional Notes, (6) implement any Liens permitted by Section 4.06, (7) amend the Intercreditor Agreement
or any Additional Intercreditor Agreement in accordance with the terms thereof; (8) make any change reasonably necessary or desirable
in the good faith determination of the Issuer in order to implement any transaction that is subject to Article 5; or (9) implement
any transaction in connection with the renewal extension, refinancing, replacement or increase of Indebtedness that is not prohibited
by this Indenture or make any other change to any such agreement that does not, in the good faith determination of the Issuer,
adversely affect the Holders in any material respect; provided that no such changes shall be permitted to the extent they affect
the ranking of any Note or Note Guarantee, enforcement of Liens over the Notes Collateral, the application of proceeds from the
enforcement of Notes Collateral or the release of any Note Guarantees or Lien over the Notes Collateral in a manner than would,
in the good faith determination of the Issuer, adversely affect the rights of the holders of the Notes in any material respect
except as otherwise permitted by this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement immediately
prior to such change. The Issuer shall not otherwise direct the Trustee or the Notes Collateral Agent to enter into any amendment
to any Intercreditor Agreement without the consent of the Holders of the majority in aggregate principal amount of the Notes then
outstanding, except as otherwise permitted in Article 9, and the Issuer may only direct the Trustee and the Notes Collateral Agent
to enter into any amendment to the extent such amendment does not impose any personal obligations on the Trustee or Notes Collateral
Agent or, in the opinion of the Trustee or Notes Collateral Agent, adversely affect their respective rights, duties, liabilities
or immunities under this Indenture or the Intercreditor Agreement or any Additional Intercreditor Agreement.

 

(c)               
In relation to any Intercreditor Agreement or Additional Intercreditor Agreement, at the request of the Issuer, the Trustee
(and Notes Collateral Agent, if applicable) shall consent on behalf of

 

    98

     

    

 

the Holders to the payment, repayment,
purchase, repurchase, defeasance, acquisition, retirement or redemption of any obligations subordinated to the Notes thereby; provided,
however, that such transaction would comply with Section 4.05.

 

(d)               
Each Holder, by accepting a Note, shall be deemed to have agreed to and accepted the terms and conditions of the Intercreditor
Agreement or any Additional Intercreditor Agreement (whether then entered into or entered into in the future pursuant to this Section
4.17), and to have directed the Trustee and the Notes Collateral Agent to enter into any such Additional Intercreditor Agreement.

 

Section
4.18           
Impairment of Security Interests.

 

(a)               
The Issuer shall not and shall not permit any Restricted Subsidiary to, take or omit to take any action that would have
the result of materially impairing the security interest with respect to the Notes Collateral (it being understood that subject
to the next succeeding paragraph, the Incurrence of Permitted Collateral Liens shall under no circumstances be deemed to materially
impair the security interest with respect to the Notes Collateral) for the benefit of the Trustee and the Holders, and the Issuer
shall not and shall not permit any Restricted Subsidiary to, grant to any Person other than the Notes Collateral Agent (or its
delegate), for the benefit of the Trustee and the Holders and the other beneficiaries described in the Notes Security Documents,
the Intercreditor Agreement or any Additional Intercreditor Agreement, any Lien over any of the Notes Collateral; provided, that,
subject to the next succeeding paragraph, (x) the Issuer and the Restricted Subsidiaries may Incur Permitted Collateral Liens,
(y) the Notes Collateral may be discharged, amended, extended, renewed, restated, supplemented, released, modified or replaced
in accordance with this Indenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the applicable Notes
Security Documents and (z) the Issuer and the Restricted Subsidiaries may consummate any other transaction permitted under Article
5.

 

(b)               
Notwithstanding Section 4.18(a), nothing in this Section 4.18 shall restrict the discharge and release of any Lien over
the Notes Collateral in accordance with this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement.

 

(c)               
At the direction of the Issuer and without the consent of the Holders (subject to customary protections and indemnifications),
the Trustee and Notes Collateral Agent may from time to time amend, extend, renew, restate, supplement or otherwise modify or release
the Notes Security Documents (followed by an immediate retaking of a Lien of at least equivalent ranking over the same assets)
to (i) cure any ambiguity, omission, defect or inconsistency therein; (ii)
provide for Permitted Collateral Liens; (iii) make any change reasonably necessary or desirable
in the good faith determination of the Issuer in order to implement transactions permitted under Article 5; (iv)
add to the Notes Collateral; (v) provide for the release of any Lien on any properties or
assets constituting Notes Collateral from the Lien of the Notes Security Documents; provided that such release is followed by the
substantially concurrent re-taking of a Lien of at least equivalent priority over the same properties and assets securing the Notes
or any Note Guarantee; or (vi) make any other change thereto that does not adversely affect
the Holders in any material respect (it being understood that such restatement, amendment or other modification to provide for
subordinated security interests will be deemed not to be materially less favorable to the Holders) or (vii)
subject to compliance with this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement, as applicable,
increase the amounts and types of Indebtedness covered by such Security Document; provided, however, that, contemporaneously with
any such action in clauses (ii), (iii), (iv), (v), and (vi) of this Section 4.18 the Issuer delivers to the Trustee, either (1)
a solvency opinion, in form and substance reasonably satisfactory to the Trustee, from an independent financial advisor or appraiser
or investment bank of international standing which confirms the solvency of the Issuer and its Subsidiaries, taken as a whole,
after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement, modification or
replacement, (2) a certificate from the chief financial officer or the Board of Directors of the relevant Person which confirms
the solvency of the Person granting the Lien after

 

    99

     

    

 

giving effect to any transactions related
to such amendment, extension, renewal, restatement, supplement, modification or replacement, or (3) an opinion of counsel (subject
to any qualifications customary for this type of opinion of counsel), in form and substance reasonably satisfactory to the Trustee,
confirming that, after giving effect to any transactions related to such amendment, extension, renewal, restatement, supplement,
modification or replacement, the Lien or Liens created under the Notes Security Documents so amended, extended, renewed, restated,
supplemented, modified or replaced are valid Liens not otherwise subject to any limitation, imperfection or new hardening period,
in equity or at law, that such Lien or Liens were not otherwise subject to immediately prior to such amendment, extension, renewal,
restatement, supplement, modification or replacement.

 

(d)               
In the event that the Issuer and the Restricted Subsidiaries comply with the requirements of this Section 4.18, the Trustee
and the Notes Collateral Agent shall (subject to customary protections and indemnifications) consent to such amendments without
the need for instructions from the Holders.

 

Section
4.19           
[Reserved].

 

Section
4.20           
Lines of Business.

 

The Issuer will not, and will not permit
any of its Restricted Subsidiaries to, engage in any business other than a Similar Business, except to such extent as would not
be material to the Issuer and the Restricted Subsidiaries, taken as a whole.

 

Section
4.21           
Additional Guarantors.

 

(a)               
The Issuer shall cause (i) each Material Subsidiary (other than an Excluded Subsidiary)
and (ii) any other Restricted Subsidiary that Guarantees any Public Debt or any syndicated
credit facilities of the Issuer or the Guarantors (except if the amount of such Public Debt or syndicated credit facilities is
not greater than $35 million) to (x) become a Guarantor within 30 days of becoming a Material Subsidiary in the case of clause
(i) and (y) in the case of clause (ii), substantially concurrently with the provision of such Guarantee, to execute and deliver
to the Trustee a supplemental indenture in the form attached to this Indenture pursuant to which such Restricted Subsidiary will
provide a Note Guarantee, which Note Guarantee will be senior to or pari passu with such Restricted Subsidiary’s Guarantee
of such other Indebtedness.

 

(b)               
 [Reserved].

 

(c)               
 [Reserved].

 

(d)               
Note Guarantees existing on or granted after the Issue Date pursuant to this Section 4.21 shall be released as set forth
under Section 10.06. In addition, Note Guarantees existing on or granted after the Issue Date pursuant to Section 4.21(a) may be
released at the option of the Issuer, if, at the date of such release, (i) the Indebtedness which required such Note Guarantee
has been released or discharged in full, (ii) no Event of Default would arise as a result of such release, and (iii) there is no
other Indebtedness of such Guarantor outstanding that was Incurred after the Issue Date and that could not have been Incurred in
compliance with this Indenture as of the date Incurred if such Guarantor were not a Guarantor as at that date. Notwithstanding
anything in this Indenture to the contrary, the Issuer may elect, in its sole discretion, to cause any Subsidiary that is not otherwise
required to be a Guarantor to become a Guarantor and such Note Guarantee may be released at any time in the Issuer’s sole
discretion. The Trustee and the Notes Collateral Agent (to the extent action is required by it) shall each take all necessary actions
requested by the Issuer, including the granting of releases or waivers under the Intercreditor Agreement or any Additional Intercreditor
Agreement, to effectuate any release of a Note Guarantee in accordance with these provisions, subject to customary protections
and indemnifications.

 

(e)               
 [Reserved].

 

    100

     

    

 

(f)           
 Each additional Note Guarantee will be limited as necessary to recognize certain defenses generally available to Guarantors
(including those that relate to fraudulent conveyance or transfer, voidable preference, financial assistance, corporate purpose,
thin capitalization, distributable reserves, capital maintenance or similar laws, regulations or defenses affecting the rights
of creditors generally) or other considerations under applicable law.

 

(g)          
Notwithstanding the foregoing, the Issuer shall not be obligated to cause any Restricted Subsidiary to provide a Note Guarantee
to the extent and for so long as the Incurrence of such Guarantee could reasonably be expected to give rise to or result in: (1)
any violation of applicable law or regulation; (2) any liability for the officers, directors or (except in the case of a Restricted
Subsidiary that is a partnership) shareholders of such Restricted Subsidiary (or, in the case of a Restricted Subsidiary that is
a partnership, directors or shareholders of the partners of such partnership); (3) any cost, expense, liability or obligation (including
with respect to any Taxes) other than reasonable out-of-pocket expenses and other than reasonable expenses incurred in connection
with any governmental or regulatory filings required as a result of, or any measures pursuant to clause (1) of this Section 4.21(g)
undertaken in connection with, such Guarantee, which in any case under any of clauses (1), (2) and (3) of this Section 4.21(g)
cannot be avoided through measures reasonably available to the Issuer or such Restricted Subsidiary; or (4) such Restricted Subsidiary
is prohibited from Incurring such Guarantee by the terms of any Indebtedness of such Restricted Subsidiary existing on the Issue
Date (or if later, on the date such entity becomes a Restricted Subsidiary) that is not prepayable without a prepayment premium
(in each case, other than Indebtedness Incurred 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); provided that this clause (4)
applies only for so long as such prepayment premium applies to such Indebtedness.

 

Section
4.22         
Limitation on Parent Guarantor Activities.

 

(a)          
The Parent Guarantor will not engage in any business activity or undertake any other activity, except any such activity:

 

(1)          
reasonably relating to the offering, sale, issuance, Incurrence, servicing, purchase, redemption, amendment, exchange, refinancing
or retirement of or Investment in the Notes, any Additional Notes or other Indebtedness (including any Refinancing Indebtedness
in respect of any of the foregoing) or borrowing directly or indirectly from a Parent, the Issuer or any Restricted Subsidiary);

 

(2)          
undertaken with the purpose of, directly or indirectly, fulfilling its obligations or exercising its rights under the Notes,
any Additional Notes or other Indebtedness, Hedging Obligations or any other obligations (including any Refinancing Indebtedness
in respect of any of the foregoing);

 

(3)          
directly related or reasonably incidental to the establishment and/or maintenance of the Parent Guarantor’s corporate
existence, the acquisition, holding or disposition of assets;

 

(4)          
directly related to investing any amounts received by the Parent Guarantor;

 

(5)          
making Investments, Investments in intra-group loans and Investments in any other Indebtedness of the Parent Guarantor or
the Issuer;

 

(6)          
related to cash management activities; or

 

(7)          
(i) any actions in connection with the Transactions, (ii) any transaction or activity not to exceed $15 million in the aggregate
and (iii) other activities not specifically enumerated above that are immaterial in nature.

 

    101

     

    

 

(b)          
 The Parent Guarantor shall not:

 

(1)          
take any action which would cause it to no longer satisfy the requirements of an available exemption from the provisions
of the U.S. Investment Company Act of 1940, as amended;

 

(2)          
commence or take any action or facilitate a winding-up, liquidation, dissolution or other analogous proceeding; or

 

(3)          
amend its constitutive documents in any manner which would adversely affect the rights of Holders in any material respect.

 

Section
4.23        
 [Reserved].

 

Section
4.24         
Reserved Indebtedness.

 

For purposes of determining
compliance with any provision of this Indenture which requires the calculation of the Consolidated Net Senior Secured Leverage
Ratio or the Consolidated Net Leverage Ratio, as applicable, or testing baskets set forth in this Indenture (including baskets
measured as a percentage of L2QA Pro Forma EBITDA) in connection with (x) the Incurrence of any Indebtedness or (y) the Incurrence
of any Lien, the Issuer may elect, in its sole discretion, to treat all or any portion of the committed amount of any Indebtedness
(and the issuance and creation of letters of credit and bankers’ acceptances thereunder) which is to be Incurred (or any
commitment in respect thereof) or secured by such Lien, as the case may be (any such amount elected until revoked as described
below, an “Elected Amount”) as being Incurred as of such election date and (i) any subsequent borrowing or re-borrowing
of Indebtedness under such commitment (so long as the total amount under such Indebtedness does not exceed the Elected Amount)
shall not be deemed, for purposes of this calculation, to be an Incurrence of additional Indebtedness or an additional Lien at
such subsequent time, (ii) the Issuer may revoke an election of an Elected Amount at any time after the election date, (iii) for
purposes of all subsequent calculations of Consolidated Net Leverage Ratio or the Consolidated Net Senior Secured Leverage Ratio,
as applicable, the Elected Amount (if any) shall be deemed to be outstanding (unless revoked in accordance with clause (ii)), whether
or not such amount is actually outstanding, so long as the applicable commitment remains outstanding and (iv) for the purpose of
clauses (8) and (16) of Section 4.04(b) and clause (30) of the definition of “Permitted Liens”, solely to the extent
that the Elected Amount has been Incurred in reliance thereof (and has not be reclassified), the Elected Amount (if any) shall
be deemed to be outstanding under such provisions (unless revoked in accordance with clause (ii)), whether or not such amount is
actually outstanding, so long as the applicable commitment remains outstanding.

 

Section
4.25         
Limited Condition Transaction.

 

In connection with
any action being taken in connection with a Limited Condition Transaction, for purposes of determining compliance with any provision
of this Indenture which requires that no Default or Event of Default, as applicable, has occurred, is continuing or would result
from any such action, as applicable, such condition shall, at the option of the Issuer, be deemed satisfied, so long as no Default
or Event of Default, as applicable, exists on the date the definitive agreements or irrevocable notice, as applicable, for such
Limited Condition Transaction are entered into or has been delivered, as applicable. For the avoidance of doubt, if the Issuer
has exercised its option under the first sentence of this Section 4.25, and any Default or Event of Default occurs following the
date the definitive agreements or irrevocable notice, as applicable, for the applicable Limited Condition Transaction were entered
into or has been delivered, as applicable, and prior to the consummation of such Limited Condition Transaction, any such Default
or Event of Default shall be deemed to not have occurred or be continuing for purposes of determining whether any action being
taken in connection with such Limited Condition Transaction is permitted hereunder.

 

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

 

    102

     

    

 

(1)          
 determining compliance with any provision of this Indenture which requires the calculation of the Consolidated Net Senior
Secured Leverage Ratio or Consolidated Net Leverage Ratio; or

 

(2)          
testing baskets set forth in this Indenture (including baskets measured as a percentage of L2QA Pro Forma EBITDA);

 

in each case, at the option of the Issuer
(the Issuer’s election to exercise such option in connection with any Limited Condition Transaction, an “LCT Election”),
the date of determination of whether any such action is permitted hereunder, shall be deemed to be the date the definitive agreements
or irrevocable notice, as applicable, for such Limited Condition Transaction are entered into or has been delivered, as applicable
(the “LCT Test Date”). If, after giving pro forma effect to the Limited Condition Transaction and the other transactions
to be entered into in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) as if they
had occurred at the beginning of the most recent two consecutive fiscal quarters ending prior to the LCT Test Date for which consolidated
financial statements of the Issuer are available, the Issuer could have taken such action on the relevant LCT Test Date in compliance
with such ratio or basket, such ratio or basket shall be deemed to have been complied with.

 

If the Issuer has
made an LCT Election and any of the ratios or baskets for which compliance was determined or tested as of the LCT Test Date are
exceeded as a result of fluctuations in any such ratio or basket, including due to fluctuations in L2QA Pro Forma EBITDA of the
Issuer or the Person subject to such Limited Condition Transaction, at or prior to the consummation of the relevant transaction
or action, such baskets or ratios will not be deemed to have been exceeded as a result of such fluctuations. If the Issuer has
made an LCT Election for any Limited Condition Transaction, then in connection with any subsequent calculation of any ratio or
basket availability with respect to the Incurrence of Indebtedness or Liens, or the making of Asset Dispositions, mergers, the
conveyance, lease or other transfer of all or substantially all of the assets of the Issuer or the designation of an Unrestricted
Subsidiary or the making of Investments or Restricted Payments on or following the relevant LCT Test Date and prior to the earlier
of the date on which such Limited Condition Transaction is consummated or the definitive agreement or irrevocable notice, as applicable,
for such Limited Condition Transaction is terminated or expires without consummation of such Limited Condition Transaction, any
such ratio or basket shall be calculated on a pro forma basis assuming such Limited Condition Transaction and other transactions
in connection therewith (including any Incurrence of Indebtedness and the use of proceeds thereof) have been consummated.

 

Section
4.26         
Delaware LLC Divisions

 

In connection with
any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws):

 

(1)          
 if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different
Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person; and

 

(2)          
if any new Person comes into existence, such new Person shall be deemed to have been organized on the first date of its
existence by the holders of its Capital Stock at such time.

 

ARTICLE
5

SUCCESSOR COMPANY

 

Section
5.01         
Merger and Consolidation of the Issuer

 

(a)          
The Issuer will not consolidate with or merge with or into, or assign, convey, transfer, lease or otherwise dispose all
or substantially all its assets as an entirety or substantially as an entirety, in one transaction or a series of related transactions,
to any Person, unless:

 

    103

     

    

 

(1)          
 the resulting, surviving or transferee Person (the “Successor Company”) (if not the Issuer) will be a Person
organized and existing under the laws of any member state of the European Union as of the Issue Date or the date on which such
Person becomes the Successor Company, the United Kingdom, Switzerland, Canada, or the United States of America, any State of the
United States or the District of Columbia and the Successor Company (if not the Issuer) will expressly assume, (a) by supplemental
indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Issuer
under the Notes and this Indenture and (b) all obligations of the Issuer under the Intercreditor Agreement and the Notes Security
Documents (or, subject to the Section 4.18 provide a Lien of at least equivalent ranking over the same assets), as applicable;

 

(2)          
immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor
Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company
or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and be continuing;

 

(3)          
immediately after giving pro forma effect to such transaction and any related financing transactions, as if such transactions
had occurred at the beginning of the applicable two consecutive fiscal quarter period, either (a) the Issuer or the Successor Company
would have been able to Incur at least $1.00 of additional Indebtedness under pursuant to Section 4.04(a); or (b) the Consolidated
Net Leverage Ratio would not be greater than it was immediately prior to giving effect to such transaction; and

 

(4)         
the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect
that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture and an Opinion
of Counsel to the effect that such supplemental indenture (if any) has been duly authorized, executed and delivered and is a legal,
valid and binding agreement enforceable against the Successor Company (in each case, in form and substance reasonably satisfactory
to the Trustee);

 

provided that in giving an Opinion of Counsel,
counsel may rely on an Officer’s Certificate as to any matters of fact.

 

For purposes of this
Article 5, the sale, lease, conveyance, assignment, transfer, or other disposition of all or substantially all of the properties
and assets of one or more Subsidiaries of the Issuer, which properties and assets, if held by the Issuer instead of such Subsidiaries,
would constitute all or substantially all of the properties and assets of the Issuer on a consolidated basis, shall be deemed to
be the transfer of all or substantially all of the properties and assets of the Issuer.

 

(b)          
The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, the Issuer under
this Indenture but in the case of a lease of all or substantially all its assets, the predecessor company will not be released
from its obligations under this Indenture or the Notes.

 

(c)          
Notwithstanding clauses (2) and (3) (which do not apply to transactions referred to in this sentence) and (4) of Section
5.01(a) (which does not apply to transactions referred to in this sentence in which the Issuer is the Successor Company), (a) any
Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets
to the Issuer, (b) any Restricted Subsidiary that is not a Subsidiary Guarantor may consolidate or otherwise combine with, merge
into or transfer all or part of its properties and assets to any other Restricted Subsidiary or the Issuer and (c) the Issuer and
the Restricted Subsidiaries may effect any Permitted Reorganization. Notwithstanding Section 5.01(a)(3) (which does not apply to
the transactions referred to in this sentence), the Issuer may consolidate or otherwise combine with or merge into an Affiliate
incorporated or organized for the purpose of changing the legal domicile of the Issuer, reincorporating the Issuer in another jurisdiction,
or changing the legal form of the Issuer.

 

    104

     

    

 

(d)          
 Section 5.01(a) through Section 5.01(c) (other than the requirements of Section 5.01(a)(2)) shall not apply to the creation
of a new Subsidiary as a Restricted Subsidiary.

 

Section
5.02          
Merger and Consolidation of the Subsidiary Guarantors.

 

(a)          
None of the Subsidiary Guarantors (other than a Subsidiary Guarantor whose Note Guarantee is to be released in accordance
with the terms of this Indenture) may:

 

(1)          
consolidate with or merge with or into any Person (whether or not such Subsidiary Guarantor is the surviving Person);

 

(2)          
sell, assign, convey, transfer, lease or otherwise dispose of, all or substantially all its assets as an entirety or substantially
as an entirety, in one transaction or a series of related transactions, to any Person; or

 

(3)          
permit any Person to merge with or into it;

 

unless:

 

(A)          
the other Person is the Issuer or a Restricted Subsidiary that is a Subsidiary Guarantor or becomes a Subsidiary Guarantor
as a result of such transaction; or

 

(B)          
(1) either (x) a Subsidiary Guarantor is the surviving Person or (y) the resulting,
surviving or transferee Person expressly assumes all of the obligations of the Subsidiary Guarantor under its Note Guarantee and
this Indenture (pursuant to a supplemental indenture executed and delivered in a form reasonably satisfactory to the Trustee) and
all obligations of the Subsidiary Guarantor under the Intercreditor Agreement and the Security Documents, as applicable; and (2)
immediately after giving effect to the transaction, no Default or Event of Default shall have occurred and is continuing; or

 

(C)          
the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of a Subsidiary Guarantor
or the sale or disposition of all or substantially all the assets of a Subsidiary Guarantor (in each case other than to the Issuer
or a Restricted Subsidiary) otherwise permitted by this Indenture and the proceeds therefrom are applied as required by this Indenture;
or

 

(D)          
the transaction constitutes a Permitted Reorganization.

 

(b)          
Notwithstanding Section 5.02(a)(3)(B)(2) (which does not apply to transactions referred to in this sentence), (a) any Restricted
Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to a Subsidiary
Guarantor and (b) any Subsidiary Guarantor may consolidate or otherwise combine with, merge into or transfer all or part of its
properties and assets to any other Subsidiary Guarantor or the Issuer. Notwithstanding Section 5.02(a)(3)(B)(2) (which does not
apply to the transactions referred to in this sentence), a Subsidiary Guarantor may consolidate or otherwise combine with or merge
into an Affiliate incorporated or organized for the purpose of changing the legal domicile of the Subsidiary Guarantor reincorporating
the Subsidiary Guarantor in another jurisdiction, or changing the legal form of the Subsidiary Guarantor.

 

ARTICLE
6

DEFAULTS AND REMEDIES

 

Section
6.01         
Events of Default.

 

    105

     

    

 

(a)          
 Each of the following is an “Event of Default” under this Indenture:

 

(1)          
default in any payment of interest on any Note issued under this Indenture when due and payable, continued for 30 days;

 

(2)          
default in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;

 

(3)          
failure by the Issuer, any Restricted Subsidiary or any other grantor of a Lien over the Notes Collateral to comply for
60 days after notice by the Trustee or the Holders of at least 25% in principal amount of the outstanding Notes with its other
agreements under this Indenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the Notes Security Documents;
provided that in the case of a failure to comply with Section 4.10, such period of continuance of such default or breach shall
be 90 days after notice described in this clause (3) is given;

 

(4)          
[Reserved];

 

(5)          
default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Issuer or any Restricted Subsidiary (or the payment of which is Guaranteed
by the Issuer or any Restricted Subsidiary) other than Indebtedness owed to the Issuer or a Restricted Subsidiary whether such
Indebtedness or Guarantee now exists, or is created after the Issue Date, which default:

 

(A)          
is caused by the failure to pay principal of such Indebtedness at the Stated Maturity thereof (after giving effect to any
applicable grace periods provided in such Indebtedness) (“payment default”); or

 

(B)           
results in the acceleration of such Indebtedness prior to its maturity (the “cross-acceleration provision”),

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment
default or the maturity of which has been so accelerated, aggregates $35 million or more;

 

(6)         
(i) the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries that,
taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Code (the “bankruptcy
provisions”);

 

(A)          
commences proceedings to be adjudicated bankrupt or insolvent;

 

(B)           
consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer
or consent seeking reorganization or relief under applicable Bankruptcy Code ;

 

(C)           
consents to the appointment of a receiver, liquidator, assignee, trustee, sequestrator or other similar official of it or
for all or substantially all of its property;

 

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

 

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

 

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

 

    106

     

    

 

(A)          
 is for relief against the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries that, taken together,
would constitute a Significant Subsidiary in an involuntary case;

 

(B)          
appoints a Custodian or administrator of the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary or for a substantial part of the property of the Issuer or any
Significant Subsidiary or any group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary;
or

 

(C)          
orders the liquidation or winding up of the Issuer or any Significant Subsidiary or any group of Restricted Subsidiaries
that, taken together, would constitute a Significant Subsidiary, and the order or decree remains unstayed and in effect for 60
consecutive days.

 

(7)          
failure by the Issuer or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together, would constitute
a Significant Subsidiary to pay final judgments aggregating in excess of $35 million, exclusive of any amounts that a solvent insurance
company has acknowledged liability for, which judgments are not paid, discharged or stayed for a period of 60 days after the judgment
becomes final (the “judgment default provision”);

 

(8)         
any security interest under the Notes Security Documents shall, at any time, cease to be in full force and effect (other
than in accordance with the terms of the relevant Notes Security Document, the Intercreditor Agreement, any Additional Intercreditor
Agreement and this Indenture) with respect to Notes Collateral having a fair market value in excess of $10 million for any reason
other than the satisfaction in full of all obligations under this Indenture or the release of any such security interest in accordance
with the terms of this Indenture, the Intercreditor Agreement, any Additional Intercreditor Agreement or the Notes Security Documents
or any such security interest created thereunder shall be declared invalid or unenforceable and the Issuer shall assert in writing
that any such security interest is invalid or unenforceable and any such Default continues for 10 days (the “security default
provisions”);

 

(9)          
any Note Guarantee by the Parent Guarantor, a Guarantor that is a Significant Subsidiary or any group of Guarantors that
taken together would constitute a Significant Subsidiary ceases to be in full force and effect (other than in accordance with the
terms of such Note Guarantee or this Indenture) or is declared invalid or unenforceable in a judicial proceeding or any Guarantor
denies or disaffirms in writing its obligations under its Note Guarantee and any such Default continues for 10 days after the notice
specified in this Indenture (the “guarantee provisions”); and

 

(10)        
failure by the Issuer to consummate a Special Mandatory Redemption in accordance with Section 3.10.

 

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

 

(b)          
A Default under clauses (3), (5), (7), (8) or (9) of Section 6.01(a) will not constitute an Event of Default until the Trustee
or the Holders of 25% in principal amount of the outstanding Notes under this Indenture notify the Issuer of the Default and, with
respect to clauses (3), (5), (7), (8) and (9) of Section 6.01(a) the Issuer does not cure such Default within the time specified
in clauses (3), (5), (7), (8) and (9) of Section 6.01(a), as applicable, after receipt of such notice.

 

(c)          
The Trustee shall not be deemed to have notice of any Default or Event of Default (other than Default under clauses (1)
or (2) of Section 6.01(a)) unless a written notice of any event

 

    107

     

    

 

which is in fact such a Default is received
by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes and
this Indenture.

 

(d)          
With respect to any Default or Event of Default, the words “exists,” “is continuing” or similar
expressions with respect thereto shall mean that the Default or Event of Default has occurred and has not yet been cured or waived.
If any Default or Event of Default occurs due to:

 

(1)          
the failure by any person to take any action by a specified time, such Default or Event of Default shall be deemed to have
been cured at the time, if any, that the applicable person takes such action; or

 

(2)          
the taking of any action by any person that is not then permitted by the terms of this Indenture or any other Notes Document,
such Default or Event of Default shall be deemed to be cured on the earlier to occur of (i) the date on which such action would
be permitted at such time to be taken under this Indenture and the other Notes Documents and (ii) the date on which such action
is unwound or otherwise modified to the extent necessary for such revised action to be permitted at such time by this Indenture
and the other Notes Documents. If any Default or Event of Default occurs that is subsequently cured (a “Cured Default”),
any other subsequent Default or Event of Default resulting from the taking or omitting to take any action by any person, which
subsequent Default or Event of Default would not have arisen had the Cured Default not occurred, shall be deemed to be cured automatically
upon, and simultaneously with, the cure of the Cured Default.

 

Notwithstanding anything
to the contrary in this Section 6.01(d), a Default or Event of Default (the “Initial Default”) may not be cured pursuant
to Section 6.01(d):

 

(A)          
in the case of an Initial Default described in Section 6.01(d)(2), if an Officer of the Issuer had Knowledge at the time
of taking any such action that such Initial Default had occurred and was continuing; or

 

(B)           
in the case of an Event of Default described under Section 6.01(a)(9) that directly results in material impairment of the
rights and remedies of the Holders and the Trustee under the Notes Documents; or

 

(C)           
if the Trustee shall have declared all the Notes to be due and payable immediately pursuant to this Article 6 prior to the
date such Initial Default would have been deemed to be cured under Section 6.01(d).

 

For purposes of Section
6.01(d), “Knowledge” shall mean, with respect to an Officer of the Issuer, (i) the actual knowledge of such individual
or (ii) the knowledge that such individual would have obtained if such individual had acted in good faith to discharge his or her
duties with the same.

 

(e)          
Without limiting the generality of Section 6.01(d), if a Default occurs for a failure to deliver a required certificate
in connection with an Initial Default then at the time such Initial Default is cured, such Default for a failure to report or deliver
a required certificate in connection with the Initial Default will also be cured without any further action.

 

(f)           
Without limiting the generality of Section 6.01(d), any Default or Event of Default for the failure to comply with the time
periods prescribed in Section 4.10 or otherwise to deliver any notice or certificate pursuant to any other provision of this Indenture
shall be deemed to be cured upon the delivery of any such report required by such covenant or notice or certificate, as applicable,
even though such delivery is not within the prescribed period specified in this Indenture.

 

Section
6.02         
Acceleration.

 

If an Event of Default
described in Section 6.01(a)(6) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on
all the Notes will become and be immediately due

 

    108

     

    

 

and payable without any declaration or
other act on the part of the Trustee or any Holders. If any other Event of Default (other than an Event of Default described in
Section 6.01(a)(6)) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes may and, if directed by holders of at least 25% in aggregate principal amount of the then outstanding Notes,
the Trustee shall, declare all the Notes to be due and payable immediately. In the event of a declaration of acceleration of the
Notes because an Event of Default under Section 6.01(a)(5) has occurred and is continuing, the declaration of acceleration of the
Notes shall be automatically annulled if the event of default or payment default triggering such Event of Default pursuant to Section
6.01(a)(5) shall be remedied or cured, or waived by the holders of the relevant Indebtedness, or the relevant Indebtedness that
gave rise to such Event of Default shall have been discharged in full, within 30 days after the declaration of acceleration with
respect thereto and if (i) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court
of competent jurisdiction and (ii) all existing Events of Default, except nonpayment of principal, premium or interest on the Notes
that became due solely because of the acceleration of the Notes, have been cured or waived.

 

Section
6.03         
Other Remedies.

 

Subject to Article
12 and to the duties of the Trustee as provided for in Article 7, if an Event of Default occurs and is continuing, the Trustee
may pursue any available remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of
any provision of the Notes or this Indenture.

 

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. No remedy is exclusive of any other remedy. All available
remedies are cumulative to the extent permitted by law.

 

Section
6.04         
Waiver of Past Defaults.

 

The Holders of
a majority in the aggregate principal amount of the outstanding Notes under this Indenture may waive all past or existing Defaults
or Events of Default (except with respect to nonpayment of principal, premium or interest) and rescind any such acceleration with
respect to such Notes and its consequences if rescission would not conflict with any judgment or decree of a court of competent
jurisdiction.

 

Section
6.05         
Control by Majority.

 

The Holders of a majority
in aggregate principal amount of the outstanding Notes are given the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee (on behalf of the Holders) or of exercising any trust or power conferred on
the Trustee (on behalf of the Holders). However, the Trustee may refuse to follow any direction that conflicts with law or this
Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the Trustee
in personal liability. Subject to Article 7, if an Event of Default occurs and is continuing, prior to taking any action under
this Indenture, the Trustee will be entitled to indemnification and/or security satisfactory to it in its sole discretion against
all losses and expenses caused by taking or not taking such action.

 

Section
6.06         
Limitation on Suits.

 

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

 

(1)          
such Holder has previously given the Trustee notice that an Event of Default is continuing;

 

    109

     

    

 

(2)          
 Holders of at least 25% in aggregate principal amount of the outstanding Notes have requested the Trustee to pursue the
remedy;

 

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

 

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

 

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

 

(b)          
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
6.07         
Rights of Holders to Receive Payment.

 

Subject to Section
9.02, the right of any Holder to receive payment of principal of and interest on the Notes held by such Holder, on or after the
respective due dates expressed or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of such Holder.

 

Section
6.08         
Collection Suit by Trustee.

 

If an Event of Default
specified in clause (1) or (2) of Section 6.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and
as trustee of an express trust against the Issuer or any other obligor on the Notes for the whole amount then due and owing (together
with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

 

Section
6.09         
Trustee May File Proofs of Claim.

 

The Trustee may file
such proofs of claim and other papers or documents and take such actions as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the properly incurred compensation, expenses, disbursements and advances of the
Trustee, its agent and counsel and any other amounts due to the Trustee under Section 7.07) and the Holders allowed in any judicial
proceedings relative to the Issuer, their creditors or their property and, unless prohibited by law or applicable regulations,
may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and
any Custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it
for the properly incurred compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any
other amounts due the Trustee and the Agents under Section 7.07.

 

Section
6.10         
Priorities.

 

If the Trustee or
the Notes Collateral Agent collects any money or property pursuant to this Article 6, it shall pay out the money or property in
the following order:

 

FIRST: to the Trustee,
the Agents and the Notes Collateral Agent for amounts due under Section 7.02 and Section 7.07;

 

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

 

THIRD: to the Issuer
or to such party as a court of competent jurisdiction shall direct.

 

    110

     

    

 

The Trustee may fix
a record date and payment date for any payment to Holders pursuant to this Section 6.10. At least 15 days before such record date,
the Trustee shall mail to each Holder and the Issuer a notice that states the record date, the payment date and amount to be paid.

 

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 or the Notes Collateral Agent for any
action taken or omitted by it as the Trustee or the Notes Collateral Agent, 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 properly incurred 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,
the Notes Collateral Agent or a Paying Agent, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10%
in principal amount of the Notes then outstanding.

 

Section
6.12         
Waiver of Stay or Extension Laws.

 

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

 

Section
6.13         
Restoration of Rights and Remedies.

 

If the Trustee, the
Notes Collateral Agent or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee, the Notes Collateral
Agent or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, any Guarantor,
the Trustee, the Notes Collateral Agent and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee, the Notes Collateral Agent and the Holders shall continue as though
no such proceeding had been instituted.

 

Section
6.14         
Rights and Remedies Cumulative.

 

Except as otherwise
provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or
remedy herein conferred upon or reserved to the Trustee, the Notes Collateral Agent or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate
right or remedy.

 

Section
6.15         
Delay or Omission Not Waiver.

 

No delay or omission
of the Trustee, the Notes Collateral Agent or of any Holder to exercise any right or remedy accruing upon any Event of Default
shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right
and remedy given by this Article 6 or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

 

    111

     

    

 

ARTICLE
7

TRUSTEE

 

Section
7.01         
Duties of Trustee.

 

(a)          
In the event an Event of Default has occurred and is continuing of which a Responsible Officer of the Trustee has received
written notification in accordance with the provisions of this Indenture, the Trustee will exercise such of the rights and powers
vested in it under this Indenture and use the same degree of care that a prudent Person would use in the conduct of its own affairs.

 

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

 

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

 

(2)          
in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of
this Indenture. However, the Trustee shall examine such certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein) and shall be entitled to seek advice from legal counsel in relation thereto.

 

(c)          
The Trustee may not be relieved from liability for its own grossly negligent action, its own grossly negligent failure to
act or its own willful misconduct, except that:

 

(1)          
this Section 7.01(c) does not limit the effect of Section 7.01(a);

 

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

 

(3)          
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a
direction received by it pursuant to Section 7.02, Section 7.03 or Section 7.05;

 

(d)          
The Trustee shall not be deemed to have notice or any actual knowledge of any matter (including, without limitation, Defaults
or Events of Default (other than default under Section 6.01(a)(1) or Section 6.01(a)(2)), unless written notice thereof is received
by the Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee in accordance with this Indenture and such
notice clearly references the Notes, the Issuer or this Indenture.

 

(e)          
Every provision of this Indenture that in any way relates to the Trustee is subject to Section 7.01(a), Section 7.01(b),
Section 7.01(c) and Section 7.01(f).

 

(f)           
No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur liability in
the performance of any of its duties hereunder or to take or omit to take any action under this Indenture or take any action at
the request or direction of Holders if it has grounds for believing that repayment of such funds is not assured to it or it does
not receive an agreement in writing from the Holders for full indemnity and/or security satisfactory to it in its discretion against
any loss, liability or expense which might be incurred by it in compliance with such request or direction nor shall the Trustee
be required to do anything which is illegal or contrary to applicable laws or this Indenture. The Trustee will not be liable to
the Holders if prevented or delayed in performing any of its obligations or discretionary functions under this Indenture by reason
of any present or future law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control.

 

    112

     

    

 

(g)          
 The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Issuer.

 

(h)          
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(i)           
The Trustee will (save as expressly otherwise provided herein) have absolute and uncontrolled discretion as to the exercise
or non-exercise of its functions and will not be responsible for any loss, liability, cost, claim, action, demand, expense or inconvenience
which may result from their exercise or non-exercise but, whenever the Trustee is under the provisions of this Indenture or the
Notes bound to act at the request or direction of the Holders, the Trustee shall nevertheless not be so bound unless first indemnified
and/or secured to its satisfaction against all actions, proceedings, claims and demands to which it may render itself liable and
all costs, charges, damages, expenses and liabilities which it may incur by so doing.

 

Section
7.02         
Rights of Trustee.

 

(a)          
The Trustee may refrain from taking any action in any jurisdiction if the taking of such action in that jurisdiction would,
in its opinion, based upon legal advice in the relevant jurisdiction, be contrary to any law of that jurisdiction or, to the extent
applicable, the State of New York. Furthermore, the Trustee may also refrain from taking such action if such action would otherwise
render it liable to any person in that jurisdiction, the State of New York or if, in its opinion based upon such legal advice,
it would not have the power to do the relevant thing in that jurisdiction by virtue of any applicable law in that jurisdiction,
in the State of New York or if it is determined by any court or other competent authority in that jurisdiction, in the State of
New York that it does not have such power.

 

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

 

(c)          
Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel.
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.

 

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

 

(e)          
The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred upon it by this Indenture; provided, however, that the Trustee’s conduct
does not constitute willful misconduct or gross negligence.

 

(f)           
The Trustee may retain professional advisers to assist it in performing its duties under this Indenture. The Trustee may
consult with counsel of its selection, and the advice or Opinion of Counsel with respect to legal matters relating to this Indenture
and the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(g)          
The Trustee shall not be bound to make any investigation into the facts or matters stated in any Officer’s Certificate,
Opinion of Counsel, or any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, approval, appraisal, bond, debenture, note, coupon, security other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Issuer, personally or by agent or attorney at the sole cost of the Issuer.

 

    113

     

    

 

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

 

(i)           
In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders,
each representing less than the requisite majority in aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken and shall
be held harmless and shall not incur any liability for its failure to act until such inconsistency or conflict is, in its opinion,
resolved, and absent willful misconduct or gross negligence, the Trustee shall not be liable for acting in good faith on instructions
believed by them to be genuine and from the proper party.

 

(j)           
The Trustee shall have no duty to inquire as to the performance of the covenants of the Issuer and/or its Restricted Subsidiaries
in this Indenture and shall be entitled to assume that the Issuer, the Guarantors and any Restricted Subsidiaries are in compliance
with the terms of this Indenture.

 

(k)          
The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance, and shall not be responsible
or liable for compliance with restrictions on transfer, exchange, redemption, purchase or repurchase, as applicable, of minimum
denominations imposed under this Indenture or under applicable law or regulation with respect to any transfer, exchange, redemption,
purchase or repurchase, as applicable, of any interest in any Notes, but may at its sole discretion, choose to do so.

 

(l)           
If any Guarantor is substituted to make payments on behalf of the Issuer pursuant to Article 10, the Issuer shall promptly
notify the Trustee of such substitution.

 

(m)         
The Trustee and each Agent shall not be liable for acting in good faith on instructions believed by it to be genuine and
from the proper party.

 

(n)          
The Trustee shall not be required to give any bond or surety with respect to the performance of its duties or the exercise
of its powers under this Indenture.

 

(o)          
The permissive rights of the Trustee to take the actions permitted by this Indenture will not be construed as an obligation
or duty to do so.

 

(p)        
Anything in this Indenture to the contrary notwithstanding, in no event shall the Trustee be liable for punitive, special,
indirect or consequential loss or damage of any kind whatsoever (including but not limited to loss of business, goodwill, opportunity
or profits of any kind) of the Issuer, any Guarantor, any Restricted Subsidiary or any other person, even if the Trustee has been
advised of the likelihood of such loss or damage and regardless of the form of action.

 

(q)          
Except with respect to Section 4.01, and provided it or an affiliate of it is acting as the Paying Agent, the Trustee
shall have no duty to inquire as to the performance of the Issuer with respect to the covenants contained in Article 4. The
Trustee may assume without inquiry in the absence of written notice to the contrary that the Issuer is duly complying with its
obligations contained in this Indenture required to be performed and observed by it, and that no Default or Event of Default or
other event which would require repayment of the Notes has occurred.

 

(r)           
In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of, or caused by, directly or indirectly, forces beyond its control, including, without limitation, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes, pandemics, epidemics or acts of God; it being understood
that the Trustee shall use reasonable efforts that are consistent with accepted practices in the banking industry to resume performance
as soon as practicable under the circumstances.

 

    114

     

    

 

(s)          
 The Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of the individuals
and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officer’s Certificate
may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized
in any such certificate previously delivered and not superseded.

 

(t)           
The Trustee may, in the execution and exercise of all or any of the trusts, powers, authorities and discretions vested in
it by this Indenture, delegate to any person or persons all or any of the trusts, powers, authorities and discretions vested in
it by this Indenture and any such delegation may be made upon such terms and conditions and subject to such regulations as the
Trustee may think fit. The Trustee shall not be under any obligation to supervise the activities of such delegates and shall not
be responsible for the misconduct or negligence of such delegates, or for any costs, expenses, losses or liabilities of, or caused
by, such delegates, provided that such delegation has been made with reasonable care.

 

(u)          
No provision of this Indenture shall require the Trustee to do anything which, in its opinion, may be illegal or contrary
to applicable law or regulation.

 

(v)         
The Trustee and the Paying Agent shall be entitled to make payments net of any taxes or other sums required by any applicable
law to be withheld or deducted.

 

Section
7.03         
Individual Rights of Trustee.

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer, its Subsidiaries
or their respective Affiliates with the same rights it would have if it were not Trustee. For the avoidance of doubt, any Paying
Agent, Transfer Agent or Registrar may do the same with like rights.

 

Section
7.04         
Trustee’s Disclaimer.

 

The Trustee shall
not be responsible for and makes no representation as to the validity, effectiveness, correctness or adequacy of this Indenture,
the offering materials related to this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds
from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, and
it shall not be responsible for any statement of the Issuer in this Indenture or in any document issued in connection with the
sale of the Notes or in the Notes other than the Trustee’s certificate of authentication. The Trustee shall not be charged
with knowledge of the identity of any Significant Subsidiary unless either (a) a Responsible Officer shall have actual knowledge
thereof or (b) the Trustee shall have received notice thereof in accordance with Section 12.01 from the Issuer or any
Holder.

 

Section
7.05         
Notice of Defaults.

 

If a Default occurs
and is continuing and a Responsible Officer of the Trustee has received written notification thereof by the Issuer, the Trustee
shall give notice of the Default to the Holders within 60 days after being notified by the Issuer. Except in the case
of a Default in the payment of principal of, or premium, if any, or interest on any Note, the Trustee may withhold notice if and
so long as a committee of trust officers of the Trustee in good faith determines that withholding notice is in the interests of
the Holders.

 

Section
7.06         
[Reserved].

 

Section
7.07         
Compensation and Indemnity.

 

The Issuer, or, upon
the failure of the Issuer to pay, each Guarantor, jointly and severally, shall pay to the Trustee, the Agents and the Notes Collateral
Agent from time to time such compensation as the Issuer and Trustee, the Agents or the Notes Collateral Agent, as applicable, may
from time to time

 

    115

     

    

 

agree in writing for its acceptance of
this Indenture and services hereunder and under the Notes. The Trustee’s, the Agents’ and the Notes Collateral Agents’
compensation shall not be limited by any law on compensation of a trustee of an express trust.

 

In the event of the
occurrence of an Event of Default or the Trustee considering it expedient or necessary or being requested by the Issuer to undertake
duties which the Trustee and the Issuer agree to be of an exceptional nature or otherwise outside the scope of the normal duties
of the Trustee, the Issuer shall pay to the Trustee such additional remuneration as shall be agreed between them.

 

The Issuer and each
Guarantor, jointly and severally, shall reimburse the Trustee, the Agents and the Notes Collateral Agent promptly upon request
for all properly incurred disbursements, advances and expenses incurred or made by it (as evidenced in an invoice from the Trustee,
the Agents and the Notes Collateral Agent, as applicable), including costs of collection, in addition to the compensation for its
services. Such expenses shall include the properly incurred compensation and expenses, disbursements and advances of the Trustee’s
agents, counsel, accountants and experts. The Issuer and each Guarantor, jointly and severally shall indemnify the Trustee, the
Agents, the Notes Collateral Agent and their respective officers, directors, agents and employers against any and all loss, liability,
taxes or expenses (including properly incurred attorneys’ fees) incurred by or in connection with the acceptance or administration
of its duties under this Indenture and the Notes including the costs and expenses of enforcing this Indenture against the Issuer
(including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer or any Holder or any
other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder.

 

The Trustee and the
Notes Collateral Agent shall notify the Issuer of any claim for which it may seek indemnity promptly upon obtaining actual knowledge
thereof; provided, however, that any failure to so notify the Issuer shall not relieve the Issuer or any Guarantor of its
indemnity obligations hereunder. Except in cases where the interests of the Issuer and the Trustee may be adverse, the Issuer shall
defend the claim and the indemnified party shall provide reasonable cooperation at the Issuer’s and any Guarantor’s
expense in the defense. In cases where the interests of the Issuer and the Trustee are adverse, (i) such indemnified party
may, in its sole discretion, assume the defense of the claim against it and the Issuer and any Guarantor shall, jointly and severally,
pay the properly incurred fees and expenses of the indemnified party’s defense (as evidenced in an invoice from the Trustee)
and (ii) such indemnified parties may have separate counsel of their choosing and the Issuer and any Guarantor, jointly and
severally, shall pay the properly incurred fees and expenses of such counsel (as evidenced in an invoice from the Trustee). The
Issuer need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. The Issuer need
not reimburse any expense or indemnify against any loss, liability or expense incurred by an indemnified party through such party’s
own willful misconduct, gross negligence or fraud.

 

To secure the Issuer’s
and any Guarantor’s payment obligations in this Section 7.07, the Trustee, the Agents and the Notes Collateral Agent
have a Lien senior to the Notes on all money or property held or collected by the Trustee other than money or property held in
trust to pay principal of and interest on particular Notes.

 

The Issuer’s
and any Guarantor’s payment obligations pursuant to this Section 7.07 and any lien arising thereunder shall survive
the satisfaction or discharge of this Indenture, any rejection or termination of this Indenture under any Bankruptcy Code or the
resignation or removal of the Trustee, the Agents and the Notes Collateral Agent. Without prejudice to any other rights available
to the Trustee, the Agents and the Notes Collateral Agent under applicable law, when the Trustee, the Agents and the Notes Collateral
Agent incur expenses (including the fees and expenses of counsel) after the occurrence of a Default specified in Section 6.01(a)(6)
with respect to the Issuer, the expenses are intended to constitute expenses of administration under any Bankruptcy Code .

 

For the avoidance
of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Section 7.07, including
its right to be indemnified, are extended to, and shall be

 

    116

     

    

 

enforceable by the Trustee in each of its
capacities hereunder and by each agent (including the Agents) and the Notes Collateral Agent, any custodian and any other Person
employed with due care to act as agent hereunder.

 

Section
7.08         
Replacement of Trustee.

 

(a)          
The Trustee may resign at any time by so notifying the Issuer in writing. The Holders of a majority in principal amount
of the Notes then outstanding may remove the Trustee by so notifying the Trustee and the Issuer in writing and may appoint a successor
Trustee. The Issuer shall be entitled to remove the Trustee and any Holder who has been a bona fide Holder for not less than six
months may petition any court for removal of the Trustee and appointment of a successor Trustee, if:

 

(1)          
the Trustee, in its capacity as such, has or acquires a conflict of interest that is not eliminated;

 

(2)          
the Trustee is adjudged bankrupt or insolvent;

 

(3)          
a receiver or other public officer takes charge of the Trustee or its property; or

 

(4)          
the Trustee otherwise becomes incapable of acting as Trustee hereunder.

 

(b)          
If the Trustee resigns, is removed pursuant to Section 7.08(a) or if a vacancy exists in the office of Trustee for
any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuer shall promptly appoint a successor
Trustee.

 

(c)          
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon
the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to 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 this Section 7.08. For the
avoidance of doubt, any removal or resignation of the Trustee pursuant to this Section 7.08 shall not become effective until
the acceptance of the appointment by the successor Trustee.

 

(d)         
If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, (i) the
retiring Trustee, at the expense of the Issuer, or the Holders of 10% in principal amount of the Notes may petition any court
of competent jurisdiction for the appointment of a successor trustee, or (ii) the retiring Trustee may appoint a successor
trustee at any time prior to the date on which a successor Trustee takes office; provided that such appointment is reasonably
satisfactory to, and at the joint and several cost and expense of, the Issuer and Guarantors.

 

(e)          
Notwithstanding the replacement of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

(f)           
For the avoidance of doubt, the rights, privileges, protections, immunities and benefits given to the Trustee in this Article 7,
including its right to be indemnified, are extended to, and shall be enforceable by each Agent employed to act hereunder and the
Notes Collateral Agent.

 

Section
7.09         
Successor Trustee by Merger.

 

If the Trustee consolidates
with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation
or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee.

 

In case at the time
such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by this
Indenture any of the Notes shall have been

 

    117

     

    

 

authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated;
and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or its Authenticating
Agent may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee;
and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Trustee shall have.

 

Section
7.10         
[Reserved].

 

Section
7.11         
Certain Provisions.

 

Each Holder by accepting
a Note authorizes and directs on his or her behalf the Trustee to enter into and to take such actions and to make such acknowledgements
as are set forth in this Indenture or other documents entered into in connection therewith.

 

Section
7.12         
Resignation of Agents.

 

(a)          
Any Agent may resign its appointment hereunder at any time without the need to give any reason and without being responsible
for any costs associated therewith by giving notice to the Issuer and the Trustee (and in the case of resignation of the Paying
Agent the Paying Agent giving 30 days’ written notice) (waivable by the Issuer and the Trustee), provided that
in the case of resignation of the Paying Agent no such resignation shall take effect until a new Paying Agent shall have been appointed
by the Issuer to exercise the powers and undertake the duties hereby conferred and imposed upon the Paying Agent. Following receipt
of a notice of resignation from any Agent, the Issuer shall promptly give notice thereof to the Holders in accordance with Section 12.01
Such notice shall expire at least 30 days before or after any due date for payment in respect of the Notes.

 

(b)          
If any Agent gives notice of its resignation in accordance with this Section 7.12 and a replacement Agent is required
and by the tenth day before the expiration of such notice such replacement has not been duly appointed, such Agent may itself appoint
as its replacement any reputable and experienced financial institution or may petition a court of competent jurisdiction, with
costs and expenses properly incurred by the Agent in relation to such petition to be paid by the Issuer. Immediately following
such appointment, the Issuer shall give notice of such appointment to the Trustee, the remaining Agents and the Holders whereupon
the Issuer, the Trustee, the remaining Agents and the replacement Agent shall acquire and become subject to the same rights and
obligations between themselves as if they had entered into an agreement in the form mutatis mutandis of this Indenture.

 

(c)          
Upon its resignation becoming effective the Paying Agent shall forthwith transfer all moneys held by it hereunder, if any,
to the successor Paying Agent or, if none, the Trustee or to the Trustee’s order, but shall have no other duties or responsibilities
hereunder, and shall be entitled to the payment by the Issuer of its remuneration for the services previously rendered hereunder
and to the reimbursement of all reasonable expenses (including legal fees) incurred in connection therewith.

 

ARTICLE
8

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section
8.01         
Discharge of Liability on Notes; Defeasance.

 

(a)          
This Indenture, and the rights of the Trustee and the Holders under the Intercreditor Agreement, any Additional Intercreditor
Agreement and the Notes Security Documents will be discharged and cease to be of further effect (except as to surviving rights
of conversion or transfer or exchange of the Notes, as expressly provided for in this Indenture) as to all outstanding Notes when
(1) either (a) all the Notes previously authenticated and delivered (other than certain lost, stolen or destroyed Notes,
and certain Notes for which provision for payment was previously made and thereafter the funds have been released to the Issuer)
have been delivered to the relevant Paying Agent for

 

    118

     

    

 

cancellation; or (b) all the Notes
not previously delivered to the relevant Paying Agent for cancellation (i) have become due and payable, (ii) will become
due and payable at their Stated Maturity 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 by the Trustee in the name, and at the expense, of
the Issuer; (2) the Issuer has deposited or caused to be deposited with the Trustee (or an entity designated or appointed
as agent by it for this purpose), cash in U.S. dollars or U.S. dollar-denominated U.S. Government Obligations or
a combination thereof, in an amount sufficient to pay and discharge the entire Indebtedness on the Notes not previously delivered
to the Trustee for cancellation, for principal, premium, if any, and interest to the date of deposit (in the case of Notes that
have become due and payable), or to the Stated Maturity or redemption date, as the case may be; provided, that 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 on or prior to the date of redemption; (3) the Issuer has paid or caused to
be paid all other sums payable under this Indenture with respect to the Notes; (4) the Issuer has delivered irrevocable instructions
under this Indenture to apply the deposited money toward payment of the Notes at maturity or on the redemption date, as the case
may be; and (5) the Issuer has delivered to the Trustee an Officer’s Certificate to the effect that all conditions precedent
under this Section 8.01 relating to the satisfaction and discharge of this Indenture and the Notes have been complied with.

 

(b)          
Subject to Section 8.01(c) and Section 8.02, the Issuer at any time may terminate (i) all of its obligations
and all obligations of each Guarantor under the Notes, any Note Guarantees and this Indenture (“legal defeasance option”)
and cure all then existing Defaults and Events of Default or (ii) its obligations under the covenants in Article 4 (other
than Section 4.01) and Article  5 (other than Section 5.01(a)(1) and (2)) and the default provisions relating to such covenants
in Section 6.01(a)(3) (other than with respect to Section 5.01(a)(1) and (2)), the operation of clauses (5), (6) with
respect to Significant Subsidiaries, (7), (8) and (9) of Section 6.01(a) (“covenant defeasance option”).
The Issuer at its option at any time may exercise its legal defeasance option with respect to the Notes, notwithstanding its prior
exercise of its covenant defeasance option. In the event that the Issuer terminates all of its obligations under the Notes of a
series and this Indenture by exercising its legal defeasance option, the obligations under any Guarantees shall each be terminated
simultaneously with the termination of such obligations.

 

If the Issuer exercises
its legal defeasance option with respect to the Notes, the rights of the Trustee and the Holders of such Notes under this Indenture
in effect at such time will terminate (other than with respect to the defeasance trust).

 

Upon satisfaction
of the conditions set forth herein and upon request of the Issuer, the Trustee shall acknowledge in writing the discharge of those
obligations that the Issuer terminates.

 

If the Issuer exercises
its legal defeasance option with respect to the Notes, payment of such Notes may not be accelerated because of an Event of Default
with respect to such Notes. If the Issuer exercises its covenant defeasance option with respect to the Notes, payment of such Notes
may not be accelerated because of an Event of Default specified in clause (3) (other than with respect to clauses (1)
and (2) of Section 5.01(a)), (5), (6), (7), (8) or (9) of Section 6.01(a)).

 

(c)          
Notwithstanding Section 8.01(a) and Section 8.01(b), the Issuer’s and any Guarantors’ obligations
in Section 2.03, Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 2.08, Section 2.09,
Section 2.10, Section 2.11, Article 7 and this Article 8, as applicable, and the rights of Holders to receive
payments in respect of the principal, premium, if any, and interest on the Notes when such payments are due, solely out of the
trust created pursuant to this Indenture referred to in Section 8.01(a) and Section 8.02(a), shall survive until the
Notes have been paid in full. Thereafter, the Issuer’s and any Guarantors’ obligations in Section 7.07, Section 8.05
and Section 8.06, as applicable, shall survive.

 

    119

     

    

 

Section
8.02         
Conditions to Defeasance.

 

(a)         
The Issuer may exercise its legal defeasance option or its covenant defeasance option with respect to the Notes only if
the Issuer has irrevocably deposited in trust (the “defeasance trust”) with the Trustee (or an entity designated
or appointed as agent by it for this purpose) cash in U.S. dollars or U.S. dollar-denominated U.S. Government Obligations
or a combination thereof for the payment of principal, premium, if any, and interest on such Notes to redemption or maturity, as
the case may be, and has delivered to the Trustee:

 

(1)          
an Opinion of Counsel (subject to customary exceptions and exclusions) from United States counsel to the effect that Holders
of such Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and
defeasance and will be subject to U.S. federal income tax on the same amount and in the same manner and at the same times
as would have been the case if such deposit and defeasance had not occurred (and in the case of legal defeasance only, such Opinion
of Counsel from United States counsel must be based on a ruling of the U.S. Internal Revenue Service or other change in applicable
U.S. federal income tax law);

 

(2)         
an Officer’s Certificate stating that the deposit was not made by the Issuer with the intent of defeating, hindering,
delaying, defrauding or preferring any creditors of the Issuer;

 

(3)          
an Officer’s Certificate stating that all conditions precedent provided for or relating to legal defeasance or covenant
defeasance, as the case may be, have been complied with; and

 

(4)          
an Opinion of Counsel to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a
regulated investment company under the U.S. Investment Company Act of 1940, as amended.

 

(b)         
Before or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of Notes at a
future date in accordance with Article 3.

 

Section
8.03         
Application of Trust Money.

 

The Trustee (or an
entity appointed or designated (as agent) by it for this purpose) shall hold in trust money, U.S. Government Obligations for
the payment of principal, premium, if any, and interest deposited with it pursuant to this Article 8. It shall apply the deposited
money and the money from the U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to
the payment of principal of and interest on the Notes.

 

Section
8.04         
Repayment to Issuer.

 

The Trustee and the
Paying Agent shall promptly turn over to the Issuer upon request any money, U.S. Government Obligations held by it as provided
in this Article 8 which, in the written opinion of an internationally recognized firm of independent public accountants delivered
to the Trustee (which delivery shall only be required if U.S. Government Obligations have been so deposited), are in excess
of the amount thereof which would then be required to be deposited to effect an equivalent discharge or defeasance in accordance
with this Article 8.

 

Subject to any applicable
abandoned property law, the Trustee and the Paying Agent shall pay to the Issuer upon written request any money held by them for
the payment of principal or interest that remains unclaimed for two years, and, thereafter, Holders entitled to the money must
look to the Issuer for payment as general creditors, and the Trustee and the Paying Agent shall have no further liability with
respect to such monies.

 

Section
8.05         
Indemnity for Government Obligations.

 

    120

     

    

 

 

The Issuer and any
Guarantor, jointly and severally, shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government
Obligations.

 

Section
8.06           
Reinstatement.

 

If the Trustee or
Paying Agent is unable to apply any money, U.S. Government Obligations in accordance with this Article 8 by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to
apply all such money, U.S. Government Obligations in accordance with this Article 8; provided, however, that if
the Issuer has made any payment of principal of or interest on any Notes because of the reinstatement of its obligations, the Issuer
shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money, U.S. Government Obligations
held by the Trustee or Paying Agent.

 

ARTICLE
9

AMENDMENTS AND WAIVERS

 

Section
9.01           
Without Consent of Holders.

 

(a)               
Without the consent of any Holder, the Issuer, the Trustee, the Notes Collateral Agent and the other parties thereto, as
applicable, may amend or supplement any Notes Documents to:

 

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

 

(2)              
provide for the assumption by a successor Person of the obligations of the Issuer or any Guarantor under any Notes Document;

 

(3)              
add to the covenants or provide for a Guarantee for the benefit of the Holders or surrender any right or power conferred
upon the Issuer or any Restricted Subsidiary;

 

(4)              
make any change that would provide additional rights or benefits to the Trustee or the Holders or does not adversely affect
the rights or benefits to the Trustee or any of the Holders in any material respect under the Notes Documents, including any changes
relating to the minimum denominations of the Notes;

 

(5)              
make such provisions as necessary (as determined in good faith by the Issuer) for the issuance of Additional Notes Incurred
in accordance with the terms of this Indenture;

 

(6)              
provide for a Restricted Subsidiary to provide a Note Guarantee to be released, in each case, in accordance with this Indenture,
to add Guarantees with respect to the Notes (including any provisions relating to the release or limitations of such Additional
Note Guarantees), to add security to or for the benefit of the Notes, or to effectuate or confirm and evidence the release, termination,
discharge or retaking of any Note Guarantee or Lien (including the Notes Collateral and the Notes Security Documents) or any amendment
in respect thereof with respect to or securing the Notes when such release, termination, discharge or retaking or amendment is
provided for under this Indenture, the Notes Security Documents, the Intercreditor Agreement or any Additional Intercreditor Agreement;

 

(7)              
conform the text of this Indenture, the Note Guarantees, the Notes Security Documents, or the Notes to any provision of
the section of the Offering Memorandum entitled “Description of the Senior Secured Notes” to the extent that
such provision in the section of the Offering Memorandum entitled “Description of the Senior Secured Notes”
was intended to be a verbatim recitation of a provision of this Indenture, a Note Guarantee, the Notes Security Documents,
or the Notes;

 

    121

     

    

 

(8)              
 evidence and provide for the acceptance and appointment under this Indenture or the Intercreditor Agreement or any Additional
Intercreditor Agreement of a successor Trustee or Notes Collateral Agent pursuant to the requirements thereof or to provide for
the accession by the Trustee or Notes Collateral Agent to any Notes Document; or

 

(9)              
as provided in Section 4.17.

 

(b)               
In formulating its decision on the matters described in Section 9.01(a), the Trustee shall be entitled to require and
rely absolutely on such evidence as it deems necessary, including Officer’s Certificates and Opinions of Counsel.

 

Section
9.02           
With Consent of Holders.

 

(a)               
The Issuer may amend, supplement or otherwise modify the Notes Documents with the consent of the Holders of a majority in
principal amount of the Notes then outstanding (including consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes) and, unless otherwise provided for in this Indenture, any default or compliance with any provisions
thereof may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). However, without the consent
of each Holder of Notes affected (including consents obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes), an amendment, supplement or waiver may not, with respect to any Notes held by a non-consenting Holder:

 

(1)              
reduce the principal amount of such Notes whose Holders must consent to an amendment, waiver, supplement or modification;

 

(2)              
reduce the stated rate of or extend the stated time for payment of interest on any such Note (other than, for the avoidance
of doubt, any payment pursuant to a Change of Control Offer or pursuant to Section 4.08);

 

(3)              
reduce the principal of, or extend the Stated Maturity of, any such Note;

 

(4)              
reduce the premium payable upon the redemption of any such Note or change the time at which any such Note may be redeemed
(other than any change to the notice periods with respect to such redemption), in each case under Section 3.07 (other than,
for the avoidance of doubt, any payment pursuant to a Change of Control Offer or pursuant to Section 4.08);

 

(5)              
make any such Note payable in money other than that stated in such Note (except to the extent the currency stated in such
Notes has been succeeded or replaced pursuant to applicable law);

 

(6)              
impair the right of any Holder to receive payment of principal of and interest on such Holder’s Notes on or after
the due dates therefor or to institute suit for the enforcement of any such payment on or with respect to such Holder’s Notes
(it being understood that this Section 9.02(a)(6) will not apply to Section 4.03 or Section 4.08 except to the extent
payments thereunder are at such time due and payable);

 

(7)              
[Reserved];

 

(8)              
waive a Default or Event of Default with respect to the nonpayment of principal, premium or interest on such Notes (except
pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such
Notes and a waiver of the payment default that resulted from such acceleration); or

 

(9)              
make any change in the amendment or waiver provisions which require the Holders’ consent described in this Section 9.02(a).

 

    122

     

    

 

(b)               
 In addition, without the consent of at least 75% in aggregate principal amount of Notes then outstanding, no amendment,
supplement or waiver may (1) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except
in accordance with the terms of this Indenture and the Intercreditor Agreement; or (2) release any of the security interests
granted for the benefit of the Holders in the Notes Collateral (to the extent any Notes Collateral so released in any transactions
or series of transactions has a fair market value in excess of $25 million) other than in accordance with the terms of, as applicable,
the Notes Security Documents, the Intercreditor Agreement, any applicable Additional Intercreditor Agreement, and this Indenture,
as applicable.

 

(c)               
In formulating its decision on the matters described in Section 9.02(a), the Trustee shall be entitled to require and
rely absolutely on such evidence as it deems necessary, including Officer’s Certificates and Opinions of Counsel.

 

(d)               
The consent of the Holders is not necessary under this Indenture to approve the particular form of any proposed amendment.
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.

 

(e)              
After an amendment under this Section 9.02 becomes effective, in the case of Holders of Definitive Notes, the Issuer
shall mail to the Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.02.

 

(f)               
The Notes issued on the Issue Date, and any Additional Notes, will be treated as a single class for all purposes under this
Indenture, including with respect to waivers and amendments, except as otherwise stated in this Section 9.02.

 

Section
9.03           
Revocation and Effect of Consents and Waivers.

 

(a)               
A written consent to an amendment or a waiver by a Holder shall bind the Holder and every subsequent Holder of that Note
or portion of the Notes that evidences the same debt as the consenting Holder’s Note, even if notation of the consent or
waiver 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 amendment, supplement or waiver becomes effective. After an amendment
or waiver becomes effective, it shall bind every Holder. An amendment or waiver becomes effective upon the (i) receipt by
the Issuer or the Trustee of the requisite number of consents, (ii) satisfaction of conditions to effectiveness as set forth
in this Indenture and any indenture supplemental hereto containing such amendment or waiver and (iii) execution of such amendment
or waiver (or supplemental indenture) by the Issuer and the Trustee.

 

(b)               
The Issuer may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
give their written consent or take any other action described above or required or permitted to be taken pursuant to this Indenture.
If a record date is fixed, then notwithstanding Section 9.03(a), those Persons who were Holders at such record date (or their
duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given
or to take any such action, whether or not such Persons continue to be Holders after such record date. No such consent shall be
valid or effective for more than 120 days after such record date.

 

Section
9.04           
Notation on or Exchange of Notes.

 

If an amendment, modification
or supplement changes the terms of a Note, the Trustee may require the Holder of the Note to deliver it to the Trustee. The Trustee
may place an appropriate notation on the Note regarding the changed terms and return it to the Holder. Alternatively, if the Issuer
or the Trustee so determines, the Issuer in exchange for the Note shall issue and the Trustee or an

 

    123

     

    

 

Authenticating Agent shall authenticate
a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new Note shall not affect the
validity of such amendment, modification or supplement.

 

Section
9.05           
Trustee and Notes Collateral Agent to Sign Amendments.

 

The Trustee and the
Notes Collateral Agent shall sign any amendment authorized pursuant to this Article 9 if the amendment does not impose any
personal obligations on the Trustee or Notes Collateral Agent or adversely affect the rights, duties, liabilities or immunities
of the Trustee and the Notes Collateral Agent under this Indenture, the Notes Security Documents and the Intercreditor Agreement.
If it does, the Trustee or the Notes Collateral Agent may, but need not, sign it. In signing such amendment the Trustee and the
Notes Collateral Agent shall be entitled to receive an indemnity and/or security satisfactory to it and to receive, and (subject
to Section 7.01 and Section 7.02(m)) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment complies with this Indenture and that such amendment has been duly authorized, executed
and delivered and is the legally valid and binding obligation of the Issuer and the Guarantors (if any) enforceable against them
in accordance with its terms, subject to customary exceptions.

 

Notwithstanding the
foregoing and Section 12.02(b), no Opinion of Counsel will be required for the Trustee to execute any amendment or supplement
adding a new Guarantee of the Notes under this Indenture; provided that the execution thereof shall be deemed a representation
by such Guarantor(s) that (i) all conditions precedent and covenants, if any, relating to the execution of such supplemental
indenture have been satisfied, (ii) that such executed supplemental indenture is substantially in the form attached as Exhibit D
hereto (subject to the inclusion of any additional limitations under applicable laws on the obligations of such Guarantor under
its Note Guarantee) and (iii) such supplemental indenture is enforceable in accordance with its terms subject to (A) bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and similar laws affecting the rights and remedies of creditors generally
and (B) general principles of equity.

 

For the avoidance
of doubt, an Officer’s Certificate (which the Trustee will be fully protected in relying upon and upon which the Trustee
shall be entitled to rely without further enquiry or investigation) will be required for the Trustee to execute any amendment or
supplement adding a new Guarantee of the Notes under this Indenture.

 

ARTICLE
10

NOTE GUARANTEES

 

Section
10.01        Note
Guarantees.

 

(a)               
Subject to this Article 10, each Guarantor hereby, as primary obligor and not merely as a surety, jointly and severally,
unconditionally and on a senior basis guarantees to each Holder authenticated and delivered by the Trustee (or the Authenticating
Agent), to the Trustee and the Notes Collateral Agent and their successors and assigns (on behalf of and for the benefit of the
Holders, for the purpose of this Article 10, and not in its individual capacity, but solely in its role as representative
of the Holders in holding and enforcing the Notes Collateral and the Notes Security Documents), irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Issuer hereunder or thereunder, that:

 

(1)              
the principal of, and premium, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest, and premium, if any, on the Notes
(to the extent permitted by law) and all other obligations of the Issuer to the Holders or the Trustee or the Notes Collateral
Agent hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof;
and

 

    124

     

    

 

(2)              
 in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity,
by acceleration or otherwise.

 

Failing payment when
due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)               
Each Guarantor hereby agrees that its obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action or any delay or omission to assert any claim or to
demand or enforce any remedy hereunder or thereunder, any waiver, surrender, release or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or
any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor (other than payment
in full of all the Obligations of the Issuer hereunder and under the Notes). Each Guarantor hereby waives, to the fullest extent
permitted by law, diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy
of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever and covenants
that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this
Indenture or by release in accordance with the provisions of this Indenture.

 

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

 

(d)               
Until terminated in accordance with Section 10.06, each Guarantor agrees that it will not be entitled to any right
of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations
guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders, the Notes Collateral
Agent and the Trustee, on the other hand,

 

(1)              
the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this
Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and

 

(2)              
in the event of any declaration of acceleration of such obligations as provided in Article 6 such obligations (whether
or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors
will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Note Guarantee.

 

(e)               
Each Guarantor also agrees to pay any and all costs and expenses (including attorneys’ fees and expenses) incurred
by the Trustee or the Notes Collateral Agent in enforcing any rights under this Section 10.01.

 

(f)                
Each Note Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or
against the Issuer for liquidation, reorganization, should the Issuer become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of the Issuer’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment of
the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee
on the Notes or Note Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise,
all as though such payment had not been made. In the event that any

 

    125

     

    

 

payment or any part thereof, is rescinded,
reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by
such amount paid and not so rescinded, reduced, restored or returned.

 

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
10.02        Successors
and Assigns.

 

This Article 10
shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of the successors and assigns
of the Trustee, the Notes Collateral Agent and the Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this Indenture and in the Notes shall automatically extend
to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture.

 

Section
10.03        No
Waiver.

 

Neither a failure
nor a delay on the part of the Notes Collateral Agent, the Trustee or the Holders in exercising any right, power or privilege under
this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of the Notes Collateral Agent, the Trustee and the
Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may
have under this Article 10 at law, in equity, by statute or otherwise.

 

Section
10.04        Modification.

 

No modification, amendment
or waiver of any provision of this Article 10, nor the consent to any departure by any Guarantor therefrom, shall in any event
be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle
such Guarantor to any other or further notice or demand in the same, similar or other circumstances.

 

Section
10.05        Execution
of Supplemental Indenture for Guarantors.

 

Each Subsidiary which
is required to become a Guarantor pursuant to this Indenture and the Issuer shall promptly execute and deliver to the Trustee a
supplemental indenture in the form attached to this Indenture as Exhibit D pursuant to which such Subsidiary and the
Issuer shall become a Guarantor under this Article 10. Concurrently with the execution and delivery of such supplemental indenture,
the Issuer shall deliver to the Trustee an Officer’s Certificate (which the Trustee shall be fully protected in relying upon
and upon which the Trustee shall be entitled to rely, without further enquiry or investigation) to the effect that such supplemental
indenture has been duly authorized, executed and delivered by such Subsidiary or the Issuer and that, subject to the application
of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other similar laws relating to creditors’ rights
generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Note Guarantee of such Guarantor
is a legally valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms and
to such other matters as the Trustee may reasonably request.

 

The obligations of
a Guarantor executing and delivering a supplemental indenture to this Indenture providing for a Note Guarantee of the Notes under
this Article 10 shall be subject to such limitations as are mandated under applicable laws in addition to the limitations
set forth in Section 10.07 and set out in the relevant supplemental indenture.

 

Section
10.06        Release
of the Note Guarantees.

 

    126

     

    

 

(a)               
 Each Note Guarantee will terminate automatically:

 

(1)              
In the case of the Note Guarantee of a Subsidiary Guarantor, upon a sale or other disposition (including by way of consolidation,
merger, amalgamation or combination) of the Capital Stock of the relevant Subsidiary Guarantor (whether by direct sale or sale
of a holding company of such Subsidiary Guarantor) such that following such sale or disposition such Subsidiary Guarantor is no
longer a Restricted Subsidiary or the sale or disposition of all or substantially all the assets of the Subsidiary Guarantor (other
than to the Issuer or a Restricted Subsidiary), in each case if the sale or other disposition does not violate Section 4.08;

 

(2)             
In the case of the Note Guarantee of a Subsidiary Guarantor, upon the designation in accordance with this Indenture of that
Subsidiary Guarantor as an Unrestricted Subsidiary; (ii) such Subsidiary Guarantor otherwise becomes an Excluded Subsidiary
(other than pursuant to clause (1) of the definition thereof) or (iii) the occurrence of any other event following which such
Subsidiary Guarantor is no longer a Restricted Subsidiary in a manner not in violation of this Indenture;

 

(3)              
upon legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture, as provided in Article 8;

 

(4)              
in accordance with the Intercreditor Agreement and any Additional Intercreditor Agreement;

 

(5)              
as described under Article 9;

 

(6)              
as described under Section 4.21;

 

(7)              
with respect to any Subsidiary Guarantor that is not the continuing or surviving Person in the relevant consolidation or
merger, as a result of a transaction that complies with Section 5.02;

 

(8)              
upon the occurrence of a Suspension Event; provided that if, after any release in reliance on this clause (8), a
Reversion Date has occurred, the Issuer shall take all actions reasonably necessary to provide that the Notes shall have been unconditionally
guaranteed by each Guarantor released pursuant to this clause (8) (to the extent such guarantee is required by Section 4.21) within
30 days after such Reversion Date;

 

(9)              
upon the full and final payment and performance of all obligations of the Issuer under this Indenture and the Notes; or

 

(10)           
in the case of the Note Guarantee of a Subsidiary Guarantor in the event of solvent liquidation or dissolution of such Subsidiary
Guarantor.

 

(b)               
The Trustee and the Notes Collateral Agent (as applicable) shall each take all necessary actions requested by the Issuer,
including the granting of releases or waivers under the Intercreditor Agreement or any Additional Intercreditor Agreement, to effectuate
any release of a Note Guarantee in accordance with Section 10.06(a), subject to customary protections and indemnifications.
Each of the releases set forth in Section 10.06(a) shall be effective without the consent of the Holders or any action on
the part of the Trustee. Neither the Trustee nor the Issuer will be required to make a notation on the Notes to reflect any such
release, termination or discharge.

 

Section
10.07        Limitations
on Obligations of Guarantors.

 

Each Guarantor and,
by its acceptance of the Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee
of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Code , the Uniform Fraudulent
Conveyance Act, the

 

    127

     

    

 

Uniform Fraudulent Transfer Act or
any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee,
the Holders and the Guarantors hereby irrevocably agree that the obligations of each Guarantor shall be limited to the maximum
amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that
are relevant under such laws and after giving effect to any collections from, rights to receive contribution from or payments made
by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result
in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under
applicable law. Each Guarantor that makes a payment under its Note Guarantee shall be entitled upon payment in full of all guaranteed
obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s
pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment determined
in accordance with GAAP.

 

Section
10.08        Non-Impairment.

 

The failure to endorse
a Note Guarantee on any Note shall not affect or impair the validity thereof.

 

ARTICLE
11

NOTES COLLATERAL, NOTES SECURITY DOCUMENTS

AND THE NOTES COLLATERAL AGENT

 

Section
11.01        Notes
Collateral and Notes Security Documents.

 

(a)               
The Notes and Note Guarantees shall be secured by first-priority security interests on the Collateral, subject to Permitted
Liens and the Intercreditor Agreements, as provided in the Notes Security Documents and will be secured by all Notes Security Documents
hereafter delivered as required or permitted by this Indenture, the Notes Security Documents and the Intercreditor Agreements.

 

(b)               
The Issuer and the Guarantors hereby agree that the Notes Collateral Agent shall hold the Collateral in trust for the benefit
of the Secured Parties, in each case pursuant to the terms of the Notes Security Documents and the Intercreditor Agreements.

 

(c)              
The Trustee and each Holder, by accepting the Notes and the Guarantees, acknowledges that, as more fully set forth in the
Notes Security Documents and the Intercreditor Agreements, the Collateral as now or hereafter constituted shall be held for the
benefit of the Secured Parties, and that the Lien of this Indenture and the Notes Security Documents in respect of the Trustee
and the Holders is subject to and qualified and limited in all respects by the Notes Security Documents and the Intercreditor Agreements
and actions that may be taken thereunder.

 

(d)               
The due and punctual payment of the principal of, premium on, if any, and interest on the Notes and the Note Guarantees
when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption
or otherwise, and interest on the overdue principal of, premium on, if any, and interest (to the extent permitted by law), on the
Notes and the Note Guarantees and performance of all other obligations of the Issuer to the Holders or the Trustee under this Indenture
and the Notes, according to the terms hereunder or thereunder, are secured as provided in the Notes Security Documents and the
Intercreditor Agreement.

 

(e)               
Each Holder, by accepting a Note, shall be deemed to have agreed to all the terms and provisions of the Notes Security Documents
and the Intercreditor Agreement and any Additional Intercreditor Agreement entered into in compliance with Section 4.17 hereof
and to have authorized the Trustee and the Notes Collateral Agent to enter into any such Notes Security Document, Intercreditor
Agreement or Additional Intercreditor Agreement. The claims of Holders will be subject to the

 

    128

     

    

 

Intercreditor Agreement and any Additional
Intercreditor Agreement entered into in compliance with Section 4.17 hereof.

 

(f)               
Neither the Issuer nor any Guarantor will be required to (i) take any action outside the United States to grant or perfect
any security interest in any asset located outside of the United States, (ii) execute any security agreement governed by the laws
of a jurisdiction other than the United States or (iii) make any intellectual property filing or search in a jurisdiction other
than the United States.

 

Section
11.02        Release
of Notes Collateral

 

(a)               
The Issuer and the Guarantors will be entitled to release the security interests in respect of the Notes Collateral securing
the Notes and the Note Guarantees under any one or more of the following circumstances:

 

(1)              
in connection with any sale or other disposition of the Notes Collateral (other than the pledge over all of the Capital
Stock of the Issuer and any intercompany receivables owed by the Issuer or any of its Restricted Subsidiaries to the Parent Guarantor)
to a Person that is not the Issuer or a Guarantor (but excluding any transaction subject to Article 5), if such sale or other disposition
does not violate the Section 4.08, but only in respect of the Notes Collateral sold or otherwise disposed of;

 

(2)              
in connection with the release of a Guarantor from its Note Guarantee pursuant to the terms of this Indenture, the release
of the property and assets, and Capital Stock, of such Guarantor;

 

(3)              
if the Issuer designates any Restricted Subsidiary to be an Unrestricted Subsidiary in accordance with the applicable provisions
of this Indenture, the release of the property, assets and Capital Stock of such Unrestricted Subsidiary;

 

(4)              
upon legal defeasance, covenant defeasance or satisfaction and discharge of this Indenture, as provided in Article 8;

 

(5)              
in accordance with an enforcement sale in compliance with the Intercreditor Agreement or any Additional Intercreditor Agreement,
or as otherwise provided for under the Intercreditor Agreement or any Additional Intercreditor Agreement;

 

(6)              
as described under Section 4.06(b), Section 4.18 and Article 9;

 

(7)              
upon the full and final payment and performance of all obligations of the Issuer under this Indenture and the Notes

 

(8)              
to release and re-take any Lien on any Notes Collateral to the extent not otherwise prohibited by the terms of this Indenture,
the Notes Security Documents or the Intercreditor Agreement or any Additional Intercreditor Agreement;

 

(9)              
 in connection with a transaction permitted by Article 5;

 

(10)           
with the consent of holders of at least 75% in aggregate principal amount of Notes (including, without limitation, consent
obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes);

 

(11)           
with respect to any Notes Collateral that is transferred to a Receivables Entity pursuant to a Qualified Receivables Financing,
and with respect to any Securitization Asset that is transferred in one or more transactions, to a Receivables Entity; or

 

(12)           
if the respective property or assets cease to constitute Notes Collateral (including as a result of being or becoming an
Excluded Asset).

 

    129

     

    

 

(b)               
 Upon receipt from the Issuer of an Officer’s Certificate stating that the release of such Collateral is authorized
or permitted under the Indenture and the Collateral Agreements, the Trustee (to the extent action is required by it) and the Notes
Collateral Agent shall take all necessary actions, including the granting of releases or waivers under the Intercreditor Agreement,
to effectuate any release in accordance with these provisions, subject to customary protections and indemnifications. The Notes
Collateral Agent and the Trustee (as applicable) will take all necessary action required to effectuate any release of the Notes
Collateral, in accordance with the provisions of this Indenture, the Intercreditor Agreement or any Additional Intercreditor Agreement
and the relevant Notes Security Document. Each of the releases set forth above shall be effected by the Notes Collateral Agent
without the consent of the Holders or any action on the part of the Trustee.

 

Section
11.03        Authorization
of Actions to be Taken by the Trustee or the Notes Collateral Agent Under the Notes Security Documents.

 

(a)               
Subject to the provisions of the Notes Security Documents and the Intercreditor Agreements, each of the Trustee or the Notes
Collateral Agent may (but shall not be obligated to), in its sole discretion and without the consent of the Holders, on behalf
of the Holders, take all actions it deems necessary or appropriate in order to (a) enforce any of its rights or any of the rights
of the Holders under the Notes Security Documents and the Intercreditor Agreements and (b) collect and receive any and all amounts
payable in respect of the Notes Collateral in respect of the obligations of the Issuer and the Guarantors hereunder and thereunder.
Subject to the provisions of the Notes Security Documents and the Intercreditor Agreements, the Trustee or the Notes Collateral
Agent shall have the power to institute and to maintain such suits and proceedings as it may deem expedient to prevent any impairment
of the Collateral by any acts that may be unlawful or in violation of the Notes Security Documents, the Intercreditor Agreements
or this Indenture, and such suits and proceedings as the Trustee or the Notes Collateral Agent may deem expedient to preserve or
protect its interest and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings
to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be unconstitutional
or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the security interest
hereunder or be prejudicial to the interests of the Holders or the Trustee).

 

(b)              
The Trustee or the Notes Collateral Agent shall not be responsible for the existence, genuineness or value of any of the
Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, whether impaired
by operation of law or by reason of any action or omission to act on its part hereunder, except (with respect to the Trustee) to
the extent such action or omission constitutes gross negligence, willful misconduct or bad faith on the part of the Trustee, for
the validity or sufficiency of the Collateral or any agreement or assignment contained therein, for the validity of the title of
the Issuer or any Guarantor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or
Liens upon the Collateral or otherwise as to the maintenance of the Collateral. Neither the Trustee nor the Notes Collateral Agent
shall have any responsibility for recording, filing, re-recording or refiling any financing statement, continuation statement,
document, instrument or other notice in any public office at any time or times or to otherwise take any action to perfect or maintain
the perfection of any security interest granted to it under the Notes Security Documents or otherwise. The Notes Collateral Agent
shall be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded
treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or
diminution in the value of any of the Collateral, by reason of the act or omission of any carrier, forwarding agency or other agent
or bailee selected by the Notes Collateral Agent in good faith. Neither the Trustee nor the Notes Collateral Agent shall have any
duty to ascertain or inquire as to the performance or observance of any of the terms of this Indenture, the Notes Security Documents
by the Issuer or the Guarantors.

 

    130

     

    

 

(c)               
 Where any provision of this Indenture requires that additional property or assets be added to the Collateral, the Issuer
and the relevant Guarantor shall deliver to the Trustee or the Notes Collateral Agent the following:

 

(1)              
written notice from the Issuer of such Collateral;

 

(2)              
the form of instrument adding such Collateral, which, based on the type and location of the property subject thereto, shall
be in substantially the form of the applicable Notes Security Documents entered into on the date of this Indenture, with such changes
thereto as the Issuer shall consider appropriate, or in such other form as the Issuer shall deem proper; provided that any such
changes or such form are administratively satisfactory to the Trustee or the Notes Collateral Agent;

 

(3)              
an Officer’s Certificate to the effect that the Collateral being added is in the form, consists of the assets and
is in the amount or otherwise has the fair market value required by this Indenture;

 

(4)              
an Officer’s Certificate to the effect that all conditions precedent provided for in this Indenture to the addition
of such Collateral have been complied with; and

 

(5)              
such financing statements, if any, as the Issuer shall deem necessary to perfect the Notes Collateral Agent’s security
interest in such Collateral.

 

(d)               
The Trustee or the Notes Collateral Agent, in giving any consent or approval under the Notes Security Documents or the Intercreditor
Agreements, shall be entitled to receive, as a condition to such consent or approval, an Officer’s Certificate not otherwise
expressly contemplated thereby or by this Indenture to the effect that the action or omission for which consent or approval is
to be given does not impair the security of the Holders in contravention of the provisions of this Indenture, the Notes Security
Documents and the Intercreditor Agreements, and the Trustee or the Notes Collateral Agent shall be fully protected in giving such
consent or approval on the basis of such Officer’s Certificate.

 

(e)               
The Notes Collateral Agent shall be entitled to seek written directions from Holders of a majority in aggregate principal
amount of the then outstanding Notes prior to taking any action under this Indenture, the Notes, the Notes Security Documents,
any Collateral instrument or any Intercreditor Agreement.

 

Section
11.04        Collateral
Accounts.

 

The Trustee is authorized
to receive any funds for the benefit of the Holders distributed under, and in accordance with, the Notes Security Documents, and
to make further distributions of such funds to the Holders according to the provisions of this Indenture, the Security Documents
and the Intercreditor Agreements.

 

Section
11.05        Appointment
and Authorization of Deutsche Bank Trust Company Americas as Notes Collateral Agent.

 

(a)               
Deutsche Bank Trust Company Americas is hereby designated and appointed as the Notes Collateral Agent of the Secured Parties
under the Notes Security Documents, and is authorized as the Notes Collateral Agent for such Secured Parties (i) to execute and
enter into each of the Notes Security Documents and the Intercreditor Agreements and all other instruments relating to the Notes
Security Documents and the Intercreditor Agreements, (ii) to take action and exercise such powers as are expressly required or
permitted hereunder and under the Notes Security Documents and the Intercreditor Agreements and all instruments relating hereto
and thereto including, without limitation, entering into any amendments, supplements, modifications or joinders relating thereto
and (iii) to exercise such powers and perform such duties as are in each case, expressly delegated to the Notes

 

    131

     

    

 

Collateral Agent by the terms hereof and
thereof together with such other powers as are reasonably incidental hereto and thereto.

 

(b)               
Notwithstanding any provision to the contrary elsewhere in this Indenture or the Notes Security Documents, the Notes Collateral
Agent shall not have any duties or responsibilities except those expressly set forth herein or therein or any fiduciary relationship
with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Indenture or any Notes Security Documents or otherwise exist against the Notes Collateral Agent.

 

(c)               
The Notes Collateral Agent shall incur no liability to anyone in acting upon any signature, instrument, statement, notice,
resolution, request, direction, consent, order, certificate, report, opinion, bond or other document or paper reasonably believed
by it to be genuine and reasonably believed by it to be signed by the proper party or parties. The Notes Collateral Agent may exercise
any of its rights or powers hereunder or perform any of its duties hereunder either directly or by or through agents or attorneys,
and the Notes Collateral Agent shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed
by it hereunder with due care. Anything in this Indenture or Notes Security Documents notwithstanding, in no event shall the Notes
Collateral Agent be liable for special, indirect or consequential damage of any kind whatsoever (including but not limited to lost
profits), even if the Notes Collateral Agent has been advised of such loss or damage and regardless of the form of action. Without
limiting the agreement in Section 7.07, the Issuer and Guarantors, shall, jointly and severally, indemnify and hold harmless the
Notes Collateral Agent, its directors, officers, agents and employees with respect to any and all expenses, losses, damages, liabilities,
demands, charges, causes of action, judgments and claims of any nature (including the reasonable fees and expenses of counsel and
other experts) in respect of or arising from any acts or omissions performed or omitted by the Notes Collateral Agent, its directors,
officers, agents or employees hereunder or under the Notes Security Documents or Intercreditor Agreements or under any other agreement
executed in connection therewith without willful misconduct, gross negligence or reckless disregard of its duties hereunder or
under the Notes Security Documents or Intercreditor Agreements or under any other agreement executed in connection therewith, as
determined by a final order of a court of competent jurisdiction that is not subject to appeal.

 

(d)               
The Notes Collateral Agent shall be entitled to the benefit of all of the rights, privileges, indemnities and immunities
granted to the Trustee.

 

(e)               
The Notes Collateral Agent may resign or be removed in accordance with Section 7.08 hereof.

 

(f)                
For the avoidance of doubt and subject to the last paragraph of the definition of Guarantee, the Notes Collateral Agent
shall have no discretion under this Indenture, the Intercreditor Agreements or the Notes Security Documents and shall not be required
to make or give any determination, consent, approval, request or direction without the written direction of the Holders of a majority
in aggregate principal amount of the then outstanding Notes. If the Notes Collateral Agent shall request direction from the Holders
of a majority in aggregate principal amount of the then outstanding Notes with respect to any action, the Notes Collateral Agent
shall be entitled to refrain from such action unless and until the Notes Collateral Agent shall have received direction (and indemnity,
if requested) from the Holders of a majority in aggregate principal amount of the then outstanding Notes, and the Notes Collateral
Agent shall not incur liability to any Person by reason of so refraining. Whether or not expressly provided therein, in acting
under any Notes Security Document or Intercreditor Agreement, the Notes Collateral Agent shall be entitled to all of the rights,
privileges, immunities and indemnities granted to the Notes Collateral Agent in this Indenture.

 

Section
11.06        Conflicts.

 

Each of the Issuer,
the Guarantors, the Trustee and the Holders acknowledge and agree that the Notes Collateral Agent is acting as collateral agent
and trustee not just on their behalf but also on behalf of certain creditors named in the Notes Security Documents and/or the Intercreditor
Agreement, as

 

    132

     

    

 

applicable, and acknowledge and agree that
pursuant to the terms of the Notes Security Documents and/or the Intercreditor Agreement, as applicable, the Notes Collateral Agent
may be required by the terms thereof to act in a manner which may conflict with the interests of the Issuer, the Guarantors, the
Trustee and the Holders (including the Holders’ interests in the Notes Collateral and the Note Guarantees) and that it shall
be entitled to do so in accordance with the terms of the Notes Security Documents and/or the Intercreditor Agreement, as applicable.

 

ARTICLE
12

MISCELLANEOUS

 

Section 12.01       
Notices. Any notice or communication shall be in writing in English and delivered
in person, electronically or mailed by first-class mail or facsimile addressed as follows:

 

if to the Issuer:

 

c/o Altice USA, Inc.

1 Court Square West

Long Island City, NY 11101

United States of America

Attention of: Nick Brown

Tel: +1 917 589 9983

 

if to the Trustee, Paying Agent, Registrar,
Transfer Agent and Notes Collateral Agent:

 

Deutsche Bank Trust Company Americas

Trust & Agency Services

60 Wall Street, 24th Floor

Mail Stop: NYC60-2405

New York, New York 10005

United States of America

Attention of: Corporates Team – Cablevision Lightpath LLC

Facsimile: +1 (732) 578-4635

 

Each of the Issuer
or the Trustee by notice to the others may designate additional or different addresses for subsequent notices or communications.

 

All notices to Holders
of the Notes will be validly given if mailed to them at their respective addresses in the register of the Holders of such Notes,
if any, maintained by the Registrar. In addition, if any Notes are listed on an exchange, and the rules of the exchange so require,
the Issuer will publish or post such notices in accordance with the rules of such exchange.

 

Each such notice shall
be deemed to have been given on the date of such publication or, if published more than once on different dates, on the first date
on which publication is made; provided that, if notices are mailed, such notice shall be deemed to have been given on the
later of such publication and the seventh day after being so mailed. Any notice or communication mailed to a Holder shall be mailed
to such Person by first-class mail or other equivalent means and shall be sufficiently given to such Holder if so mailed within
the time prescribed. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or
not the addressee receives it.

 

For Notes which are
represented by global certificates held on behalf of DTC, notices may be given by delivery of the relevant notices to DTC for communication
to entitled account holders in substitution for the aforesaid mailing.

 

    133

     

    

 

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 Security Documents 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 Security Document or any instrument, agreement or document necessary
for the consummation of the transactions contemplated by this Indenture or the Security Documents 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 an Agent acts on any Executed Documentation
sent by electronic transmission, the Trustee or Agent 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 and each Agent 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 an Agent
acting on unauthorized instructions and the risk of interception and misuse by third parties.

 

Section
12.02        Certificate
and Opinion as to Conditions Precedent.

 

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

 

(a)               
an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied
with and any other matters that the Trustee may reasonably request; and

 

(b)               
if requested by the Trustee, an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with and any other matters that the Trustee
may reasonably request.

 

Section
12.03        Statements
Required in Certificate or Opinion.

 

Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture (other than pursuant to Section
4.14) shall include:

 

(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, such Person has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such

 

    134

     

    

 

covenant or condition has been complied
with (and, in the case of an Opinion of Counsel, may be limited to reliance on an Officer’s Certificate as to matters of
fact); and

 

(d)                a
statement as to whether or not, in the opinion of such Person, such covenant or condition has been complied with; provided,
however, that with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates
of public officials.

 

Section
12.04        When
Notes Disregarded.

 

(a)               
Except as otherwise provided under Section 3.07 and Section 4.03, in determining whether the Holders of the required
principal amount of the Notes have concurred in any direction, waiver or consent, any such Notes owned by the Issuer or by any
Person directly or indirectly controlling, or controlled by, or under direct or indirect common control with the Issuer will be
disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Notes which the Trustee knows are so owned shall be so disregarded. Subject
to the foregoing, only Notes outstanding at the time shall be considered in any such determination.

 

Section
12.05        Rules
by Trustee, Paying Agent and Registrar.

 

The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may make reasonable rules for their
functions.

 

Section
12.06        Legal
Holidays.

 

If a payment date
is not a Business Day, Holders will not be entitled to payment of the amount due until the next succeeding Business Day, and will
not be entitled to any further interest or other payment as a result of any such delay.

 

Section
12.07        Governing
Law and Waiver of Trial by Jury.

 

This Indenture, the
Notes and the Note Guarantees, and the rights and duties of the parties thereunder shall be governed by, and construed in accordance
with, the laws of the State of New York. Each of the Issuer, the Holders and the Trustee hereby irrevocably waives, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to this
Indenture or the Notes.

 

Section
12.08        Consent
to Jurisdiction and Service.

 

The Issuer and the
Parent Guarantor irrevocably (i) agree that any legal suit, action or proceeding against the Issuer or the Parent Guarantor
arising out of or based upon this Indenture, the Notes or any Note Guarantee or the transactions contemplated hereby may be instituted
in any U.S. Federal or state court in the Borough of Manhattan, The City of New York and (ii) waive, to the fullest extent
they may lawfully do so, any objection which they may now or hereafter have to the laying of venue of any such proceeding.

 

Section
12.09        No
Recourse Against Others.

 

No director, officer,
employee, incorporator or shareholder of the Issuer or any of its Subsidiaries or Affiliates, as such, shall have any liability
for any obligations of the Issuer 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 issuance of the Notes.

 

    135

     

    

 

Section
12.10        Successors.

 

All agreements of
the Issuer and each Guarantor, if any, in this Indenture and the Notes shall bind its successors. All agreements of the Trustee
in this Indenture shall bind its successors.

 

Section
12.11        Multiple
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.
One signed copy is enough to prove this Indenture.

 

Section
12.12        Table
of Contents; Headings.

 

The table of contents,
cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof.

 

Section
12.13        Prescription.

 

Claims against the
Issuer or any Guarantor for the payment of principal, or premium, if any, on the Notes will be prescribed ten years after the applicable
due date for payment thereof. Claims against the Issuer or any Guarantor for the payment of interest on Notes will be prescribed
five years after the applicable due date for payment of interest.

 

Section
12.14        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 Law”), the Trustee and the Agents are required to obtain,
verify, record and update certain information relating to individuals and entities which maintain a business relationship with
the Trustee and/or the Agents. Accordingly, each of the parties agree to provide to the Trustee and the Agents upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee
and the Agents to comply with Applicable Law.

 

Section
12.15        Severability.

 

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

 

(Signature
pages follow)

 

    136

     

    

 

SIGNATURES

 

Dated as of September 29, 2020

 

	 	Cablevision Lightpath
    LLC, as Issuer
	 	 
	 	By: 	/s/ Michael Grau
	 	 
	 	Name: Michael Grau
	 	 
	 	Title:   Chief Financial Officer

 

     

     

    

 

	 	DEUTSCHE BANK TRUST COMPANY
    AMERICAS,
	 	as Trustee, Paying Agent, Transfer
    Agent, Notes Collateral Agent and Registrar
	 	 
	 	By:	/s/ Annie Jaghatspanyan
	 	 	Name: Annie Jaghatspanyan
	 	 	Title:   Vice President
	 	 
	 	By:	/s/ Bridgette Casasnovas
	 	 	Name: Bridgette Casasnovas
	 	 	Title:   Vice President

 

     

     

    

 

 

EXHIBIT
A

 

[Form of Face of Note]

 

[REGULATION S PERMANENT/RULE 144A/REGULATION
S TEMPORARY]

GLOBAL NOTE

 

[Insert the Global Note Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Regulation S Temporary Global
Note Legend, if applicable pursuant to the provisions of the Indenture]

 

[Insert the Private Placement Legend,
if applicable pursuant to the provisions of the Indenture]

 

[Insert the Original Issue Discount
Legend, if applicable pursuant to the provisions of the Indenture]

 

 

    A-1-1

     

    

 

ISIN ____________

 

CUSIP _____________

 

3.875% Senior Secured Notes due 2027

 

	No. _________________	 	$

 

___________________

 

CABLEVISION LIGHTPATH LLC

 

Cablevision Lightpath LLC, a Delaware limited
liability company, promises to pay to [ · ], or its registered assigns,
the principal sum of [ · ] dollars, subject to adjustments listed
on the Schedule of Increases or Decreases in the Global Note attached hereto, on [ · ].

 

Interest Payment Dates: [ · ]
and [ · ] of each year, commencing [ · ].

 

Record Dates: [ · ]
and [ · ].

 

Additional provisions of this Note are
set forth on the other side of this Note.

 

(Signature page to follow)

 

    A-1-2

     

    

 

IN WITNESS WHEREOF, Cablevision Lightpath
LLC has caused this Note to be signed manually or by facsimile by its duly authorized officers.

 

	Dated:	 CABLEVISION LIGHTPATH LLC
	 	 
	 	By:	
	 	 	Name:
	 	 	Title:

 

This is one of the Notes referred to in the Indenture.

 

    A-1-3

     

    

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, not
in a personal capacity, but in its capacity as the Authenticating Agent

 

	By: 		 
	 	(Authorized Signatory)	 

  

    A-1-4

     

    

 

[Form of Back of Note]

 

3.875% Senior Secured Notes due 2027

 

		1.	Interest

 

Cablevision Lightpath
LLC, a Delaware limited liability company (the “Issuer”), promises to pay interest on the principal amount of
this Note at the rate of 3.875% per annum. The Issuer shall pay interest semi-annually on March 15 and September 15 of each
year, commencing on March 15, 2021 until maturity. The Issuer will make each interest payment to Holders of record of the Notes
on September 1 and March 1 immediately preceding the related interest payment date. Interest on the Notes shall accrue from the
date of original issuance, or, if interest has already been paid, from the date it was most recently paid until the principal hereof
is due. Interest shall be computed on the basis of a 360-day year of twelve months of 30 days each.

 

		2.	Method of Payment

 

Holders must surrender
Notes to the Paying Agent to collect principal payments. The Issuer shall pay principal, premium, if any, and interest in dollars.
Principal, interest and premium, if any, on the Global Notes will be payable at the specified office or agency of one or more Paying
Agents; provided that payments on the Regulation S Global Notes and the Rule 144A Global Notes will be made to
Cede & Co. as the registered holder of the Regulation S Global Notes and the Rule 144A Global Notes by wire transfer
of immediately available funds to the account specified by the Holder or Holders thereof.

 

Principal, interest
and premium, if any, on the Definitive Registered Notes will be payable at the specified office or agency of one or more Paying
Agents maintained for such purposes in New York, New York. In addition, at the option of the Issuer, interest on the Definitive
Registered Notes may be paid by check mailed to the Person entitled thereto as shown on the register for the Definitive Registered
Notes.

 

If the due date for
any payment in respect of any Notes is not a Business Day, the Holder thereof will not be entitled to payment of the amount due
until the next succeeding Business Day, and will not be entitled to any further interest or other payment as a result of any such
delay.

 

		3.	Paying Agent, Transfer Agent and Registrar

 

Initially, Deutsche
Bank Trust Company Americas will act as Paying Agent, Transfer Agent and Registrar. The Issuer may appoint and change any Registrar,
Transfer Agent and Paying Agent. The Issuer or any of its Subsidiaries may act as Registrar, Transfer Agent and Paying Agent.

 

		4.	Indenture

 

The Issuer issued
the Notes under the Indenture dated as of September 29, 2020 (the “Indenture”), among the Issuer and Deutsche
Bank Trust Company Americas, as trustee (the “Trustee”), Paying Agent, Transfer Agent, Registrar and Notes Collateral
Agent. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have
the meanings ascribed thereto in the Indenture. The Notes are subject to all terms and provisions of the Indenture, and Holders
are referred to the Indenture for a statement of such terms and provisions. In the event of a conflict between the Indenture and
the terms of the Notes, the terms of the Indenture govern.

 

The Notes are general,
senior secured obligations of the Issuer. This Note is one of the Notes referred to in the Indenture. The Notes and, if issued,
any Additional Notes are treated as a single class for all purposes under the Indenture, including, without limitation, with respect
to waivers, amendments, redemptions and offers to purchase, except as otherwise provided for therein.

 

    A-2-5

     

    

 

 

		5.	Optional Redemption

 

(a)               
Except as described below, the Notes are not redeemable until September 15, 2023. On and after September 15, 2023, the Issuer
may redeem all or, from time to time, part of the Notes upon not less than 10 nor more than 60 days’ notice, at the
following redemption prices (expressed as a percentage of the principal amount) plus accrued and unpaid interest, to, but not including,
the applicable redemption date (subject to the right of the Holders of record on the relevant record date to receive interest due
on the relevant interest payment date), if redeemed during the twelve-month period beginning on September 15, of the years
indicated below:

 

	Year	Redemption

 Price
	2023	101.938%
	2024	100.969%
	2025 and thereafter	100.000%

 

(b)               
Prior to September 15, 2023, the Issuer may redeem all, or from time to time, a part of the Notes upon not less than 10
nor more than 60 days’ notice at a redemption price equal to 100% of the principal amount thereof plus the Applicable
Premium and accrued and unpaid interest, to, but not including, the applicable redemption date (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date).

 

(c)               
Prior to September 15, 2023, the Issuer may on any one or more occasions redeem up to 40% of the original principal amount
of the Notes (including, in each case, the principal amount of any Additional Notes), upon not less than 10 nor more than 60 days’
notice, with funds in an aggregate amount not exceeding the Net Cash Proceeds of one or more Equity Offerings at a redemption price
of 103.875% of the principal amount of the Notes, plus, accrued and unpaid interest to, but not including, the applicable redemption
date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date); provided that:

 

(i)                
at least 60% of the original principal amount of the Notes (including the principal amount of any Additional Notes)
remains outstanding after each such redemption; and

 

(ii)              
the redemption occurs within 180 days after the closing of such Equity Offering.

 

(d)               
If a redemption date is not a Business Day, the Holders will not be entitled to payment of the amount due until the next
succeeding Business Day, and will not be entitled to any further interest or other payment as a result of any such delay.

 

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

 

(f)                
Any redemption notice given in respect of any redemption of the Notes (including upon an Equity Offering or in connection
with a transaction (or series of related transactions) or an event that constitutes a Change of Control) may, at the Issuer’s
discretion, be subject to the satisfaction of one or more conditions precedent, including, but not limited to, the completion or
occurrence of the relevant transaction, as the case may be.

 

(g)               
If such redemption or purchase is subject to satisfaction of one or more conditions precedent, such notice shall describe
each such condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed
until such time (including more than 60 days after the date the notice of redemption was mailed or delivered, including by electronic
transmission) as any or all such conditions shall be satisfied or waived, or such redemption or purchase may not occur

 

    A-2-6

     

    

 

and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied or waived by the redemption date, or by the redemption date
as so delayed, or such notice may be rescinded at any time in the Issuer’s discretion if in the good faith judgment of the
Issuer any or all of such conditions will not be satisfied. In addition, the Issuer may provide in such notice that payment of
the redemption price and performance of the Issuer’s obligations with respect to such redemption may be performed by another
Person. In no event shall the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount
of the Notes eligible under the Indenture to be redeemed.

 

(h)               
Any redemption pursuant to this paragraph 5 shall be made pursuant to Section 3.01 through Section 3.06 of the
Indenture.

 

(i)                
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
any such redemption and the principal amount of any Notes outstanding following any partial redemption of such Notes. In no event
will the Trustee be responsible for monitoring, or charged with knowledge of, the maximum aggregate amount of Notes eligible under
the Indenture to be redeemed.

 

(j)                
In connection with any tender offer or other offer to purchase for all of the Notes, if Holders of not less than 90%
of the aggregate principal amount of the then outstanding Notes validly tender and do not validly withdraw such Notes in such tender
offer and the Issuer, or any third party making such tender offer in lieu of the Issuer, purchases all of the Notes validly tendered
and not validly withdrawn by such Holders, all of the Holders of the Notes will be deemed to have consented to such tender or other
offer and, accordingly, the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’
notice following such purchase date, to redeem all Notes that remain outstanding following such purchase at a price equal to the
price paid to each other Holder in such tender offer (other than any incentive payment for early tenders), plus, to the extent
not included in the tender offer payment, accrued and unpaid interest, if any, thereon, to, but not including, the repurchase date
(subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date). In determining whether the Holders of at least 90% of the aggregate principal amount of the then outstanding Notes
have validly tendered and not validly withdrawn Notes in a tender offer or other offer to purchase for all of the Notes, Notes
owned by an Affiliate of the Issuer or by funds controlled or managed by any Affiliate of the Issuer, or any successor thereof,
shall be deemed to be outstanding for the purposes of any such tender offer or other offer, as applicable.

 

		6.	[Reserved].

 

		7.	Mandatory Redemption

 

Except pursuant to
paragraph 8 and Section 3.10 of the Indenture, the Issuer shall not be required to make mandatory redemption payments or sinking
fund payments with respect to the Notes.

 

		8.	Special Mandatory Redemption

 

(a)               
In the event that the Notes are funded into the Notes Escrow Accounts and (i) the Completion Date does not take place on
or prior to the Longstop Date; (ii) the Disposition is abandoned; or (iii) an Event of Default under Section 6.01(a)(6) of the
Indenture has occurred and is continuing with respect to the Issuer on or prior to the Longstop Date (the date of any such event
being the “Special Termination Date”), the Issuer will redeem all of the Notes (the “Special Mandatory
Redemption”) at a price (the “Special Mandatory Redemption Price”) equal to 100% of the initial issue
price of each Note, plus accrued but unpaid interest from the Issue Date to (but not including) the Special Mandatory Redemption
Date (as defined below and subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date).

 

(b)               
Notice of the Special Mandatory Redemption will be delivered by the Issuer, no later than one Business Day following the
Special Termination Date, to the Trustee and to the Escrow Agent,

 

    A-2-7

     

    

 

and will provide that the Notes shall be
redeemed on a date that is no later than the fifth Business Day after such notice is given by the Issuer in accordance with the
terms of the Notes Escrow Agreement (the “Special Mandatory Redemption Date”). On the Business Day immediately
preceding the Special Mandatory Redemption Date, the Trustee or the Escrow Agent (as applicable) shall pay to the Paying Agent
for payment to each holder of Notes to be redeemed the Special Mandatory Redemption Price for such holder’s Notes.

 

(c)               
If any Notes are listed on an exchange, and the rules of the exchange so require, the Issuer will notify the exchange of
the occurrence of any such Special Mandatory Redemption and any relevant details relating thereto.

 

		9.	Notice of Redemption

 

Not less than 10 days
but not more than 60 days before a date for redemption of Notes, the Issuer shall transmit a notice of redemption in
accordance with Section 3.03 of the Indenture.

 

		10.	[Reserved].

 

		11.	Repurchase of Notes at the Option of Holders

 

(a)               
If a Change of Control occurs, each Holder will have the right, subject to certain conditions specified in the Indenture,
to require the Issuer to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount of the Notes, plus accrued and unpaid interest to the date of purchase (subject to the right of Holders
of record on the relevant record date to receive interest due on the relevant interest payment date) as provided in, and subject
to the terms of, the Indenture.

 

(b)               
In accordance with Section 4.08 of the Indenture, the Issuer will be required to, or may be permitted to, offer to
purchase Notes upon the occurrence of certain events, including certain Asset Dispositions.

 

(c)               
If Holders of not less than 90% in aggregate principal amount of the outstanding Notes of a series validly tender and
do not validly withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer
in lieu of the Issuer as described above, purchases all of the Notes validly tendered and not validly withdrawn by such Holders,
the Issuer or such third party will have the right, upon not less than 10 nor more than 60 days’ prior notice,
given not more than 30 days following such purchase pursuant to the Change of Control Offer described in Section 4.03(b)
of the Indenture, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of
the principal amount thereof plus accrued and unpaid interest to but excluding the date of the delivery of the notice for such
redemption.

 

		12.	Denominations; Transfer; Exchange

 

The Notes are in registered
form without interest coupons in minimum denominations of $200,000 and multiples of $1,000 in excess thereof. A Holder may transfer
or exchange Notes in accordance with the Indenture.

 

[This Regulation S
Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the termination of
the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied
by an Opinion of Counsel, if applicable) required by Article 2 of the Indenture. Upon exchange of this Regulation S Temporary Global
Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note.]1

 

 

1 Insert
for any Regulation S Temporary Global Notes.

 

    A-2-8

     

    

  

		13.	Persons Deemed Owners

 

The registered Holder
of this Note will be treated as the owner of it for all purposes.

 

		14.	Prescription

 

Claims against the
Issuer or any Guarantor for the payment of principal, or premium, if any, on the Notes will be prescribed ten years after the applicable
due date for payment thereof. Claims against the Issuer or any Guarantor for the payment of interest on Notes will be prescribed
five years after the applicable due date for payment of interest.

 

		15.	Discharge and Defeasance

 

The Indenture and
the Notes of a series may be discharged, and the Issuer may exercise its legal defeasance option or covenant defeasance option,
as set forth in the Indenture.

 

		16.	Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

		17.	Defaults and Remedies

 

The Events of Default
relating to the Notes are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and
obligations of the Issuer, the Trustee and the Holders shall be as set forth in the applicable provisions of the Indenture.

 

		18.	Trustee Dealings with the Issuer

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal with and
collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the
same rights it would have if it were not Trustee.

 

		19.	No Recourse Against Others

 

No director, officer,
employee, incorporator or shareholder of the Issuer or any of its respective Subsidiaries or Affiliates, as such, shall have any
liability for any obligations of the Issuer under the Note 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 issuance of the Notes.

 

		20.	Authentication

 

This Note shall not
be valid until an authorized signatory of the Trustee or the Authenticating Agent manually signs the certificate of authentication
on the other side of this Note. The signature shall be conclusive evidence that the security has been authenticated under the Indenture.

 

		21.	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 rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift
to Minors Act).

 

		22.	Governing Law

 

    A-2-9

     

    

 

THIS NOTE SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE

WITH, THE LAWS OF THE STATE OF NEW YORK.

 

		23.	Common Codes, ISIN and CUSIP Numbers

 

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

 

The Issuer will
furnish to any Holder of Notes upon written request and without charge to the Holder a copy of the Indenture which has in it the
text of this Note.

 

    A-2-10

     

    

 

ASSIGNMENT FORM

 

To assign this Note,
fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	

(Insert assignee’s legal name)

  

	(Insert assignee’s soc. sec. or tax I.D. no.)	 

 

	 	 

  

	 	 

 

	 	 

 

	(Print or type assignee’s name, address and zip code)	 

  

and irrevocably appoint _________________________________________________________
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

 

Date: _________________________________

 

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

 

Signature Guarantee*: ___________________________

 

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

 

 

    A-2-11

     

    

 

[FORM OF CERTIFICATE TO BE DELIVERED
UPON EXCHANGE OR REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

	This certificate relates to $ 	principal amount of Notes held in (check applicable box)

 ̈

 book-entry or  ̈ definitive registered form by the undersigned.

 

The undersigned (check one box below):

 

		 ̈	has requested the Trustee by written order to deliver, in exchange for its beneficial interest
in the Global Note held by DTC, a Definitive Registered Note 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);

 

		 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note.

 

In connection with any transfer of any
of the Notes evidenced by this certificate occurring prior to the expiration of the period referred to in Rule 144(d) under
the Securities Act, the undersigned confirms that such Notes are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)            ̈           to
the Issuer;

 

(2)            ̈           pursuant to a registration statement that has been declared effective under the U.S. Securities Act of 1933, as amended;

 

(3)            ̈           for
so long as the Notes are eligible for resale pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended,
to a person it reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the U.S. Securities
Act of 1933, as amended) that purchases for its own account or for the account of a qualified institutional buyer to whom
notice is given that the transfer is being made in reliance on Rule 144A;

 

(4)           ̈          pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the U.S. Securities
Act of 1933, as amended; or

 

(5)           ̈          pursuant to another available exemption from the registration requirements of the U.S. Securities Act of 1933, as
amended.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any Person
other than the registered Holder thereof; provided, however, that if box (5) is checked, the Issuer and the Trustee
may require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information satisfactory
to each of them 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 U.S. Securities Act of 1933, as amended.

 

	Date:		 

  

Your Signature:

 

	Sign exactly as your name appears on the other side of this certificate.	 

  

	Signature Guarantee*:		 

  

*(Signature must be guaranteed by a participant
in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee)

 

    A-2-12

     

    

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE
IS CHECKED.

 

The undersigned represents
and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A
under the U.S. Securities Act of 1933, 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 Issuer 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.

 

	Date:		 

   

Your Signature:

 

	(to be executed by an executive officer of purchaser)	 

  

    A-2-13

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

[FORM OF SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE]

 

The initial principal amount of this Global
Note is $[ · ]. The following increases or decreases in this Global
Note have been made:

 

	Date of
 Increase/ Decrease	 	Amount of
 Decrease in
 Principal Amount
 of this Global Note	 	Amount of Increase
 in Principal
 Amount of this
 Global Note	 	Principal amount of
 this Global Note
 following such
 decrease or increase	 	Signature of
 authorized
 signatory of Trustee
 or Paying Agent

 

    A-2-14

     

    

 

 

[FORM OF OPTION OF HOLDER TO ELECT
PURCHASE]

 

If you want to elect
to have this Note purchased by the Issuer pursuant to Section 4.03 (Change of Control) or Section 4.08 (Limitation on Sales
of Assets and Subsidiary Stock) of the Indenture, check the box:

 

	 	Asset Disposition  ̈ 	Change of Control  ̈	 

 

If you want to elect to have only part
of this Note purchased by the Issuer pursuant to Section 4.03 or Section 4.08 of the Indenture, state the amount (minimum
amount of $200,000):

 

$ ____________________________

 

Date: ______________________

 

Date:_________________________________________

 

Your Signature:

__________________________________________________________________________

(Sign exactly as your name appears on the other side of the Note)

 

Signature

 

Guarantee*: ________________________________________________________________

 

*(Signature must be guaranteed by a participant
in a recognized signature guaranty medallion

program or other signature guarantor acceptable to the Trustee)

 

    A-2-15

     

    

 

EXHIBIT
B

 

FORM OF CERTIFICATE OF TRANSFER

 

[Issuer address block]

 

[Trustee/Registrar address block]

 

Re: 3.875% Senior
Secured Notes due 2027 of Cablevision Lightpath LLC

 

Reference is hereby
made to the Indenture (the “Indenture”), dated as of [  ], 2020, among [  ], a Delaware corporation
(the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and paying
agent, transfer agent and registrar, and Deutsche Bank Trust Company Americas, as collateral agent (the “Notes Collateral
Agent”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

_______________, (the
 “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A
hereto, in the principal amount of $________________ in such Note[s] or interests (the “Transfer”), to _____________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1.                 
 ̈ Check if Transferee will take delivery of a Book-Entry Interest
in the 144A Global Note or a Definitive Registered Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities
Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or the Book-Entry Interest
or Definitive Registered Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing
the beneficial interest or the Book-Entry Interest or Definitive Registered Note for its own account, or for one or more accounts
with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A under the U.S. Securities Act in a transaction meeting the
requirements of Rule 144A under the U.S. Securities Act and such Transfer is in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or the Book-Entry Interest or Definitive Registered Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive
Registered Note and in the Indenture and the U.S. Securities Act.

 

2.                 
 ̈ Check if Transferee will take delivery of a Book-Entry Interest
in the Regulation S Global Note or a Definitive Registered Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 under the U.S. Securities Act and, accordingly,
the Transferor hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at
the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on
its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed
in, on or through the facilities of a designated offshore securities market, (ii) such Transferor does not know that the transaction
was prearranged with a buyer in the United States, (iii) no directed selling efforts have been made in connection with the
Transfer in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the U.S. Securities
Act, (iv) the transaction is not part of a plan or scheme to evade the registration requirements of the U.S. Securities
Act and (v) if the proposed transfer is being effected prior to the expiration of a Restricted Period, the transferee is not
a U.S. Person, as such term is defined pursuant to Regulation S of the Securities Act, and will take delivery only as
a Book-Entry Interest so transferred through DTC. Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred Book-Entry Interest or Definitive Registered Note will be subject to the restrictions on Transfer enumerated
in the Private Placement Legend printed

 

    B-1

     

    

 

on the Regulation S Global Note and/or
the Definitive Registered Note and in the Indenture and the U.S. Securities Act.

 

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

 

3.                 
 ̈ Check and complete if Transferee will take delivery of a Book-Entry
Interest in a Global Note or a Definitive Registered Note pursuant to any provision of the U.S. Securities Act other than
Rule 144A or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable
to Book-Entry Interests in Global Notes and Definitive Registered Notes and pursuant to and in accordance with the U.S. Securities
Act and any applicable blue sky securities laws of any state of the United States.

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated:	 

 

    B-2

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.       The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE]

 

 ̈
a Book-Entry Interest in the:

 

(i)        ̈
144A Global Note ([Common Code][ISIN][CUSIP] ____________), or

 

(ii)       ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] _________).

 

2.       After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

 ̈
a Book-Entry Interest in the:

 

(i)        ̈
144A Global Note ([Common Code][ISIN][CUSIP] ____________), or

 

(ii)       ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] _________).

 

in accordance with the terms of the Indenture.

 

    B-3

     

    

 

EXHIBIT
C

FORM OF CERTIFICATE OF EXCHANGE

 

[Issuer address block]

 

[Trustee/Registrar address block]

 

Re: 3.875% Senior
Secured Notes due 2027 of Cablevision Lightpath LLC

 

(ISIN ________; Common
Code _______; CUSIP __________)

 

Reference is hereby
made to the Indenture (the “Indenture”), dated as of [  ], 2020, among [  ], a Delaware corporation
(the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and paying
agent, transfer agent and registrar, and Deutsche Bank Trust Company Americas, as collateral agent (the “Notes Collateral
Agent”). Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

 

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

 

1.        ̈
Check if Exchange is from Book-Entry Interest in a Global Note for Definitive Registered Notes. In connection with the Exchange
of the Owner’s Book-Entry Interest in a Global Note for Definitive Registered Notes in an equal amount, the Owner hereby
certifies that such Definitive Registered Notes are being acquired for the Owner’s own account without transfer. The Definitive
Registered Notes issued pursuant to the Exchange will bear the Private Placement Legend and will be subject to restrictions on
transfer enumerated in the Indenture and the U.S. Securities Act.

 

2.        ̈
Check if Exchange is from Definitive Registered Notes for Book-Entry Interest in a Global Note. In connection with the Exchange
of the Owner’s Definitive Registered Notes for Book-Entry Interest in a Global Note in an equal amount, the Owner hereby
certifies that such Book- Entry Interest in a Global Note are being acquired for the Owner’s own account without transfer.
The Book-Entry Interests transferred in exchange will be subject to restrictions on transfer enumerated in the Indenture and the
U.S. Securities Act.

 

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

 

	 	 	 
	 	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	Dated:	 

 

    C-1

     

    

 

ANNEX A TO CERTIFICATE OF EXCHANGE

 

1.       The
Owner owns and proposes to exchange the following:

 

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

 

(a)      ̈
a Book-Entry Interest held through DTC Account No. _________in the:

 

 (i)                 ̈
144A Global Note ([Common Code][ISIN][CUSIP] __________), or

 

 (ii)                ̈
Regulation S Global Note ([Common Code][ISIN][CUSIP] ________), or

 

(b)      ̈
a Definitive Registered Note.

 

2.       After
the Exchange the Owner will hold:

 

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

 

(a)      ̈
a Book-Entry Interest held through DTC Account No. _________ in the:

 

 (i)               
 ̈ 144A Global Note ([Common Code][ISIN][CUSIP] ________), or

 

 (ii)              
 ̈ Regulation S Global Note ([Common Code][ISIN][CUSIP] _________),
or

 

(b)     ̈
a Definitive Registered Note.

 

  in accordance with the terms
of the Indenture.

 

    C-2

     

    

 

EXHIBIT
D

FORM OF SUPPLEMENTAL INDENTURE

 

SUPPLEMENTAL INDENTURE
dated as of [  ], among [GUARANTOR] (the “New Guarantor”), [  ] (together with its successors
and assigns, the “Issuer”) and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”)
and notes collateral agent (the “Notes Collateral Agent”) under the Indenture referred to below.

 

WITNESSETH:

 

WHEREAS, the Issuer,
the Trustee, the Notes Collateral Agent and the other parties thereto have heretofore executed and delivered an indenture, dated
as of [  ], 2020 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for
the issuance of the 3.875% Senior Secured Notes due 2027 (the “Notes”)

 

WHEREAS, pursuant
to Sections 9.01, 9.05 and 10.05 of the Indenture, the parties hereto are authorized to execute and deliver this Supplemental
Indenture;

 

WHEREAS, the New Guarantor
is a Restricted Subsidiary of the Issuer;

 

WHEREAS, each party
hereto has duly authorized the execution and delivery of this Supplemental Indenture and has done all things necessary to make
this Supplemental Indenture a valid agreement in accordance with its terms;

 

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

 

ARTICLE
1

Defined Terms

 

Section 1.01           
Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital
thereto are used herein as therein defined. The words “herein,” “hereof’ and “hereby” and other
words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof.

 

ARTICLE
2

Obligations and Agreements; Agreement to be Bound;

Agreement to Guarantee; Limitations

 

Section 2.01           
Obligations and Agreements. The New Guarantor hereby becomes a party to the Indenture as a Guarantor and as such
will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture.

 

Section 2.02           
Agreement to be Bound. The New Guarantor agrees to be bound by all of the provisions of the Indenture applicable
to a Guarantor and to perform all of the obligations and agreements of a Guarantor under the Indenture.

 

Section 2.03           
Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all other Guarantors on the date
hereof, to unconditionally guarantee the Issuer’s obligations under the Notes on the terms and subject to the conditions
set forth in Article 10 and Article 12 of the Indenture.

 

Section 2.04           
Limitations on Note Guarantee. [insert as applicable]

 

    D-1

     

    

 

ARTICLE
3

Miscellaneous

 

Section 3.01           
Notices. All notices and other communications to the New Guarantor shall be given as provided in the Indenture, at
its address set forth below, with a copy to the Issuer as provided in the Indenture for notices to the Issuer [  ].

 

Section 3.02           
Parties. Nothing expressed or mentioned herein is intended or shall be construed to give any Person, firm or corporation,
other than the Holders, the Trustee and the Notes Collateral Agent, any legal or equitable right, remedy or claim under or in respect
of this Supplemental Indenture or the Indenture or any provision herein or therein contained.

 

Section 3.03          
Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK.

 

Section 3.04           
Jurisdiction. The New Guarantor irrevocably (i) agrees that any legal suit, action or proceeding against it
arising out of or based upon this Supplemental Indenture or the transactions contemplated hereby may be instituted in any U.S. Federal
or state court in the Borough of Manhattan, The City of New York court and (ii) waives, to the fullest extent it may effectively
do so, any objection which it may now or hereafter have to the laying of venue of any such proceeding.

 

Section 3.05          
Severability Clause. In case any one or more of the provisions in this Supplemental Indenture shall be held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions shall not in any way be affected or impaired thereby, it being intended that all
of the provisions hereof shall be enforceable to the full extent permitted by law.

 

Section 3.06           
Ratification of Indenture; Supplemental Indentures Part of Indenture. Except as expressly amended hereby, the Indenture
is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter
authenticated and delivered shall be bound hereby. Neither the Trustee nor the Notes Collateral Agent makes any representation
or warranty as to the validity or sufficiency of this Supplemental Indenture.

 

Section 3.07           
Counterparts. The parties hereto may sign one or more copies of this Supplemental Indenture in counterparts, all
of which together shall constitute one and the same agreement.

 

Section 3.08           
Headings. The headings of the Articles and the sections in this Supplemental Indenture are for convenience of reference
only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof.

 

Section 3.09           
Successors. All covenants and agreements in this Supplemental Indenture by the parties hereto shall bind their successors
and assigns, whether so expressed or not.

 

Section 3.10           
Trustee and the Notes Collateral Agent. The Trustee and the Notes Collateral Agent shall not be responsible for or
in respect of the sufficiency of this Supplemental Indenture or for or in respect of the recitals herein, which have been made
by the Issuer and the New Guarantor.

 

    D-2

     

    

 

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

 

	 	[NEW GUARANTOR]
	 	 
	 	By:	             
	 	Name:
	 	Title:
	 	 
	 	CABLEVISION LIGHTPATH LLC,
    as Issuer
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	DEUTSCHE BANK TRUST COMPANY
    AMERICAS, as Trustee
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    D-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00314-of-00352.parquet"}]]