Document:

Exhibit 10.1

 

STOCK PURCHASE AGREEMENT

 

 

between

 

 

 

THE STOCKHOLDERS OF DRC TECHNOLOGIES,
INC.,

 

 

 

DRC
Technologies, Inc.

 

and

 

 

 

RF INDUSTRIES, LTD.

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	 	 	Page	 
	 	 	 	 	 	 
	ARTICLE I	DEFINITIONS	 	 	1	 
	 	 	 	 	 	 
	ARTICLE II	Purchase
    and sale	 	 	9	 
	 	Section 2.01	Purchase
    and Sale	 	 	9	 
	 	Section 2.02	Purchase
    Price	 	 	9	 
	 	Section 2.03	Closing
    Deliverables	 	 	10	 
	 	Section 2.04	Closing	 	 	11	 
	 	Section 2.05	Withholding
    Tax	 	 	11	 
	 	 	 	 	 	 	 
	ARTICLE III	Representations
    and Warranties of Seller	 	 	11	 
	 	Section 3.01	Due
    Execution by Seller	 	 	11	 
	 	Section 3.02	Organization,
    Authority and Qualification of the Company	 	 	11	 
	 	Section 3.03	Capitalization	 	 	11	 
	 	Section 3.04	No
    Subsidiaries	 	 	12	 
	 	Section 3.05	No
    Conflicts	 	 	12	 
	 	Section 3.06	Financial
    Statements	 	 	12	 
	 	Section 3.07	Undisclosed
    Liabilities	 	 	13	 
	 	Section 3.08	Absence
    of Certain Changes, Events and Conditions	 	 	13	 
	 	Section 3.09	Material
    Contracts	 	 	15	 
	 	Section 3.10	Title
    to Assets	 	 	16	 
	 	Section 3.11	Condition
    and Sufficiency of Assets	 	 	17	 
	 	Section 3.12	Intellectual
    Property	 	 	18	 
	 	Section 3.13	Inventory	 	 	19	 
	 	Section 3.14	Accounts
    Receivable	 	 	19	 
	 	Section 3.15	Customers
    and Suppliers	 	 	19	 
	 	Section 3.16	Insurance	 	 	20	 
	 	Section 3.17	Legal
    Proceedings	 	 	20	 
	 	Section 3.18	Compliance
    with Laws	 	 	20	 
	 	Section 3.19	Environmental
    Matters	 	 	21	 
	 	Section 3.20	Employee
    Benefit Matters	 	 	22	 
	 	Section 3.21	Employment
    Matters	 	 	25	 
	 	Section 3.22	Taxes	 	 	26	 
	 	Section 3.23	Books
    and Records	 	 	29	 
	 	Section 3.24	Brokers	 	 	29	 
	 	Section 3.25	Full
    Disclosure	 	 	29	 
	 	 	 	 	 	 	 
	ARTICLE IV	Representations
    and Warranties of Buyer	 	 	29	 
	 	Section 4.01	Organization
    and Authority of Buyer	 	 	29	 
	 	Section 4.02	No
    Conflicts	 	 	30	 
	 	Section 4.03	Investment
    Purpose	 	 	30	 
	 	Section 4.04	Legal
    Proceedings	 	 	30	 
	 	Section 4.05	Brokers	 	 	30	 
	 	Section 4.06	Full
    Disclosure	 	 	30	 
	 	Section 4.07	Non-Reliance	 	 	30	 

 

    i

     

    

 

TABLE OF CONTENTS (cont.)

 

	 	 	 	 	Page	 
	 	 	 	 	 	 
	ARTICLE V	Covenants	 	 	31	 
	 	Section 5.01	Confidentiality	 	 	31	 
	 	Section 5.02	Non-competition	 	 	31	 
	 	Section 5.03	Public
    Announcements	 	 	32	 
	 	Section 5.04	Further
    Assurances	 	 	33	 
	 	Section 5.05	Key
    Employee Employment Arrangements	 	 	33	 
	 	Section 5.06	Employee
    Matters	 	 	33	 
	 	 	 	 	 	 	 
	ARTICLE VI	Tax
    Matters	 	 	34	 
	 	Section 6.01	Tax
    Returns	 	 	34	 
	 	Section 6.02	Termination
    of Existing Tax Sharing Agreements	 	 	34	 
	 	Section 6.03	Straddle
    Period	 	 	35	 
	 	Section 6.04	Allocation
    of Purchase Price	 	 	35	 
	 	Section 6.05	Tax
    Gross-Up	 	 	36	 
	 	Section 6.06	Refunds	 	 	37	 
	 	Section 6.07	Contests	 	 	37	 
	 	Section 6.08	Cooperation
    and Exchange of Information	 	 	38	 
	 	Section 6.09	Transfer
    Taxes	 	 	38	 
	 	Section 6.10	Certain
    Reporting Matters	 	 	38	 
	 	Section 6.11	Overlap	 	 	38	 
	 	Section 6.12	Adjustments
    for Tax Purposes	 	 	38	 
	 	 	 	 	 	 	 
	ARTICLE VII	Earn-Out
    Payment	 	 	39	 
	 	Section 7.01	Earn-Out	 	 	39	 
	 	 	 	 	 	 	 
	ARTICLE VIII	Indemnification	 	 	41	 
	 	Section 8.01	Survival	 	 	41	 
	 	Section 8.02	Indemnification
    by Seller and the Stockholders	 	 	41	 
	 	Section 8.03	Indemnification
    by Buyer	 	 	42	 
	 	Section 8.04	Certain
    Limitations	 	 	43	 
	 	Section 8.05	Indemnification
    Procedures	 	 	44	 
	 	Section 8.06	Payments	 	 	45	 
	 	Section 8.07	Tax
    Treatment of Indemnification Payments	 	 	46	 
	 	Section 8.08	Insurance	 	 	46	 
	 	Section 8.09	Effect
    of Investigation	 	 	46	 
	 	Section 8.10	Exclusive
    Remedies	 	 	46	 
	 	 	 	 	 	 	 
	ARTICLE IX	Miscellaneous	 	 	47	 
	 	Section 9.01	Expenses	 	 	47	 
	 	Section 9.02	Notices	 	 	47	 
	 	Section 9.03	Interpretation	 	 	48	 
	 	Section 9.04	Headings	 	 	48	 
	 	Section 9.05	Severability	 	 	48	 
	 	Section 9.06	Entire
    Agreement	 	 	48	 

 

    ii

     

    

 

TABLE OF CONTENTS (cont.)

 

	 	 	 	 	Page	 
	 	 	 	 	 	 
	 	Section 9.07	Successors
    and Assigns	 	 	49	 
	 	Section 9.08	No
    Third-party Beneficiaries	 	 	49	 
	 	Section 9.09	Amendment
    and Modification	 	 	49	 
	 	Section 9.10	Governing
    Law	 	 	49	 
	 	Section 9.11	Specific
    Performance	 	 	50	 
	 	Section 9.12	Counterparts	 	 	50	 

 

	Schedule 1	Seller’s Accounts
	Schedule 2	Third Party Consents
	Exhibit A	Escrow Agreement
	Exhibit B	Form of Key Employee Employment Agreement

 

    iii

     

    

 

STOCK PURCHASE AGREEMENT

 

This Stock Purchase Agreement (this “Agreement”),
dated November 4, 2019, is entered into between RF Industries, Ltd., a Nevada corporation (“Buyer”), DRC Technologies,
Inc., a Rhode Island corporation (“Seller”) and David Therrien and Richard DeFelice (each such stockholder individually
 “Stockholder” and, collectively, “Stockholders” and, together with Buyer and Seller, the
 “Parties”).

 

RECITALS

 

WHEREAS, Stockholders
collectively own all of the issued and outstanding shares of common stock, $0.01 par value of Seller;

 

WHEREAS, on the terms
hereinafter provided, prior to the Closing, Seller, the Stockholders and the Company consummated a restructuring, pursuant to which:
(a) at least one day prior to the Closing Date, the Stockholders contributed the Shares to Seller, an entity treated as an S corporation
(within the meaning of Sections 1361 and 1362 of the Code) effective as of its date of formation (the “Stockholder
Contribution”); (b) Seller caused the Company to qualify as a “qualified Subchapter S subsidiary” within
the meaning of Section 1361(b)(3)(B) of the Code by making a valid election for the Company on IRS Form 8869 effective as of the
date of the Stockholder Contribution, consistent with Treasury Regulation Section 1.1361-4(b)(3)(ii) (the “QSub Election”);
(c) as a result thereof, Seller owns all of the issued and outstanding Shares; and (d) taken together, the formation of the Seller
and election to treat it as an S corporation, the Stockholder Contribution, and the QSub Election (together, the “Pre-Closing
Restructuring”) is intended to constitute a “reorganization” within the meaning of Section 368(a)(1)(F)
of the Code and this Agreement is intended to be part of a “plan of reorganization” within the meaning of Treasury
Regulations Section 1.368-2(g).

 

WHEREAS, Seller owns
all the issued and outstanding shares of common stock, $0.01 par value (the “Shares”) of Schroff Technologies
International, Inc., a Rhode Island corporation (the “Company”); and

 

WHEREAS, Seller wishes
to sell to Buyer, and Buyer wishes to purchase from Seller, the Shares, subject to the terms and conditions set forth herein;

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE I

DEFINITIONS

 

The following terms
have the meanings specified or referred to in this ARTICLE I:

 

“Account”
has the meaning set forth in Section 2.02.

 

“Action”
means any claim, action, cause of action, demand, lawsuit, arbitration, inquiry, audit, notice of violation, proceeding,
litigation, citation, summons, subpoena or investigation of any nature, civil, criminal, administrative, regulatory or
otherwise, whether at law or in equity, brought by or before any Governmental Authority.

 

    

     

    

 

“Adjusted
EBITDA” means, with respect to the Earn-Out Period, the net income prepared in accordance with GAAP, before interest,
income taxes, depreciation and amortization of the Company for such Calculation Period, based on the Company’s financial
statements, adjusted as follows:

 

(i)             
All corporate overhead and other administrative expenses of Buyer that are allocated by Buyer to the Company because it
is included in a consolidated group of companies, or any other costs and expenses that are not directly related to the Company
or that the Company incurs or is required to incur as a result of being a subsidiary or other Affiliate of Buyer (including for
example in both instances, an allocation of public company expenses, Sarbanes Oxley Act of 2002 compliance expenses, additional
Securities and Exchange Commission related accounting expenses, and other similar expenses allocated by the Buyer to its divisions
and subsidiaries) shall be excluded from the Adjusted EBITDA calculations.

 

(ii)             
Products, parts and other items sold or transferred by the Company to Buyer (or any Affiliate of Buyer) shall be recorded
as a sale by the Company at a price equal to the price at which the Company would have sold such product, part or item to an unaffiliated
third party, and any products, parts and items purchased or otherwise received by the Company from Buyer (or any Affiliate of Buyer)
shall be recorded as a purchase by the Company at a price equal to the price at which Buyer would have purchased such product,
part or item from an unaffiliated third party.

 

(iii)           
Any services provided by the Company to Buyer (or any Affiliate of Buyer) shall be valued at the price that the Company
would have charged to an unaffiliated third party for such services, and any services received by the Company from Buyer (or any
Affiliate of Buyer) shall be valued at the price that the Company would have paid for such services to an unaffiliated third party.

 

(iv)           
Costs and expenses incurred in connection with the transactions contemplated by the Agreement shall be excluded from the
Adjusted EBITDA calculations.

 

(v)            
Extraordinary, unusual, infrequent or nonrecurring items of gain or loss shall be excluded from the Adjusted EBITDA calculations.

 

“Affiliate”
of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with, such Person. The term “control” (including the terms “controlled by”
and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause
the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agreement”
has the meaning set forth in the preamble.

 

“Allocation
Schedule” has the meaning set forth in Section 6.04.

 

    2

     

    

 

“Annual Financial
Statements” has the meaning set forth in Section 3.06.

 

“Balance Sheet”
has the meaning set forth in Section 3.06.

 

“Balance Sheet
Date” has the meaning set forth in Section 3.06.

 

“Basket”
has the meaning set forth in Section 8.04(a).

 

“Benefit Plan”
has the meaning set forth in Section 3.20(a).

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in either California or
Rhode Island are closed.

 

“Buyer”
has the meaning set forth in the preamble.

 

“Buyer Indemnitees”
has the meaning set forth in Section 8.02.

 

“Cap”
has the meaning set forth in Section 8.04(a).

 

“CERCLA”
means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments
and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.

 

“Closing”
has the meaning set forth in Section 2.04.

 

“Closing Cash
Consideration” has the meaning set forth in Section 2.02.

 

“Closing Date”
has the meaning set forth in Section 2.04.

 

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

 

“Common Stock”
has the meaning set forth in Section 3.03(a).

 

“Company”
has the meaning set forth in the recitals.

 

“Company Intellectual
Property” has the meaning set forth in Section 3.12(a).

 

“Continuing
Employees” has the meaning set forth in Section 5.06(b).

 

“Contracts”
means all contracts, leases, deeds, mortgages, licenses, instruments, notes, commitments, undertakings, indentures, joint ventures
and all other agreements, commitments and legally binding arrangements.

 

“Deemed Asset
Sale Treatment” means the treatment of the disposition of the Shares as a disposition of the Company’s assets for
U.S. federal and applicable state and local income Tax purposes as opposed to the disposition of the Shares having been treated
as the disposition of the equity interests of an “S corporation” (with the meaning of Section 1361(a)(1) of the Code)
by the Stockholders.

 

    3

     

    

 

“Direct Claim”
has the meaning set forth in Section 8.05(c).

 

“Disclosure
Schedules” means the Disclosure Schedules delivered by Seller and Buyer immediately prior to the execution and delivery
of this Agreement.

 

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

 

“Earn-Out
Calculation” has the meaning set forth in Section 7.01(b)(i).

 

“Earn-Out
Calculation Delivery Date” has the meaning set forth in Section 7.01(b)(i).

 

“Earn-Out
Calculation Objection Notice” has the meaning set forth in Section 7.01(b)(ii).

 

“Earn-Out
Calculation Statement” has the meaning set forth in Section 7.01(b)(i).

 

“Earn-Out
Payment” has the meaning set forth in Section 7.01(a).

 

“Earn-Out
Period” means the twenty-four month period beginning on the Closing Date and ending on the second anniversary of the
Closing Date.

 

“Earn-Out
Review Period” has the meaning set forth in Section 7.01(b)(ii).

 

“Employment
Agreements” means the Employment Agreements between Key Employees and the Company, in the form attached hereto as Exhibit B.

 

“Encumbrance”
means any charge, community property interest, pledge, condition, equitable interest, lien (statutory or other), option, security
interest, mortgage, easement, encroachment, right of way, right of first refusal, or restriction of any kind (including any restriction
on use, voting, transfer, receipt of income or exercise of any other attribute of ownership).

 

“Environmental
Claim” means any Action, Governmental Order, lien, fine, penalty, or, as to each, any settlement or judgment arising
therefrom, by or from any Person alleging liability of whatever kind or nature (including liability or responsibility for the costs
of enforcement proceedings, investigations, cleanup, governmental response, removal or remediation, natural resources damages,
property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising
out of, based on or resulting from: (a) the presence, Release of, or exposure to, any Hazardous Materials in violation of Environmental
Law; or (b) any actual or alleged non-compliance with any Environmental Law or term or condition of any Environmental Permit.

 

“Environmental
Law” means any applicable Law and any Governmental Order or binding agreement with any Governmental Authority: (a)
relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species,
human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or subsurface strata);
or (b) concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling,
reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or remediation of any
Hazardous Materials. The term “Environmental Law” includes, without limitation, the following (including
their implementing regulations and any state analogs): the Comprehensive Environmental Response, Compensation, and Liability
Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42 U.S.C. §§ 9601 et seq.; the
Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976, as amended by the Hazardous and
Solid Waste Amendments of 1984, 42 U.S.C. §§ 6901 et seq.; the Federal Water Pollution Control Act of 1972, as
amended by the Clean Water Act of 1977, 33 U.S.C. §§ 1251 et seq.; the Toxic Substances Control Act of 1976, as
amended, 15 U.S.C. §§ 2601 et seq.; the Emergency Planning and Community Right-to-Know Act of 1986, 42 U.S.C.
 §§ 11001 et seq.; the Clean Air Act of 1966, as amended by the Clean Air Act Amendments of 1990, 42 U.S.C.
 §§ 7401 et seq.; and the Occupational Safety and Health Act of 1970, as amended, 29 U.S.C. §§ 651 et
seq.

 

    4

     

    

 

“Environmental
Notice” means any written directive, notice of violation or infraction, or notice respecting any Environmental Claim
relating to actual or alleged non-compliance with any Environmental Law or any term or condition of any Environmental Permit.

 

“Environmental
Permit” means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action issued, granted,
given, authorized by or made by, or required to be issued, granted, given, authorized by or made by, any Governmental Authority
pursuant to Environmental Law.

 

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

 

“ERISA Affiliate”
means all employers (whether or not incorporated) that would be treated together with the Company or any of its Affiliates as a
 “single employer” within the meaning of Section 414 of the Code.

 

“Escrow Agent”
means the financial institution Seller designates as the escrow agent under the Escrow Agreement.

 

“Escrow Agreement”
means the Escrow Agreement among the Escrow Agent, Seller, and Buyer, in the form attached hereto as Exhibit A.

 

"Escrow Amount"
has the meaning set forth in Section 2.02.

 

“Excess Tax Payment”
has the meaning set forth in Section 6.05.

 

“Excess Tax Payment Proposal”
has the meaning set forth in Section 6.05.

 

“Financial
Statements” has the meaning set forth in Section 3.06.

 

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

 

    5

     

    

 

“Governmental
Authority” means any federal, state, local or foreign government or political subdivision thereof, or any agency or instrumentality
of such government or political subdivision, or any self-regulated organization or other non-governmental regulatory authority
or quasi-governmental authority (to the extent that the rules, regulations or orders of such organization or authority have the
force of Law), or any arbitrator, court or tribunal of competent jurisdiction.

 

“Governmental
Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any
Governmental Authority.

 

“Hazardous
Materials” means: (a) any material, substance, chemical, waste, product, derivative, compound, mixture, solid, liquid,
mineral or gas, in each case, whether naturally occurring or manmade, that is hazardous, acutely hazardous, toxic, or words of
similar import or regulatory effect under Environmental Laws; and (b) any petroleum or petroleum-derived products, radon, radioactive
materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation, and polychlorinated
biphenyls.

 

“Indemnified
Party” has the meaning set forth in Section 8.05.

 

“Indemnified
Taxes” means any Losses attributable to (a) any breach of or inaccuracy in any representation or warranty made in Section
3.22; (b) any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or obligation in Article
VI; (c) all Taxes of the Company for any Pre-Closing Tax Period; (d) all Taxes of any member of an affiliated, consolidated, combined
or unitary group of which the Company (or any predecessor of the Company) is or was a member on or prior to the Closing Date by
reason of a liability under Treasury Regulation Section 1.1502-6 or any comparable provisions of applicable foreign, state or local
Law; (e) any and all Taxes of any person imposed on the Company arising under the principles of transferee or successor liability
or by Contract, relating in each case to an event or transaction occurring on or before the Closing Date; (f) the employer’s
share of all employment, payroll and similar Taxes incurred by the Company or Seller in connection with payments (A) made by the
Company or Seller in connection with the transactions contemplated by the Transaction Documents and (B) that are accrued for income
Tax purposes on or before the Closing Date; (g) any Transfer Taxes that are the responsibility of Seller pursuant to Section 6.09;
and (h) Taxes of Seller or the Stockholders or any of their predecessors or Affiliates (including, for the avoidance of doubt,
any Taxes resulting from the transactions contemplated by the Transaction Documents) (provided, that the foregoing shall not be
construed as diminishing the Excess Tax Payment) and, (i) the matter described under Section 3.20(d) of the Disclosure Schedules.

 

“Indemnifying
Party” has the meaning set forth in Section 8.05.

 

“Independent
Accountant” means CohnReznick LLP.

 

“Insurance
Policies” has the meaning set forth in Section 3.16.

 

“Intellectual
Property” means all intellectual property and industrial property rights and assets, and all rights, interests and
protections that are associated with, similar to, or required for the exercise of, any of the foregoing, however arising,
pursuant to the Laws of any jurisdiction throughout the world, whether registered or unregistered.

 

    6

     

    

 

“Interim Balance
Sheet” has the meaning set forth in Section 3.06.

 

“Interim Balance
Sheet Date” has the meaning set forth in Section 3.06.

 

“Interim Financial
Statements” has the meaning set forth in Section 3.06.

 

“IP Escrow
Amount” has the meaning set forth in Section 2.02.

 

“IP Losses”
has the meaning set forth in Section 8.02(c).

 

“Key Employees”
means David Therrien, Richard De Felice and Christophe Massenet.

 

“Knowledge
of Seller” or “Seller’s Knowledge” or any other similar knowledge qualification, means the actual
or constructive knowledge of any Key Employee, after due inquiry.

 

“Law”
means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement
or rule of law of any Governmental Authority.

 

“Liabilities”
has the meaning set forth in Section 3.07.

 

“Licensed
Intellectual Property” has the meaning set forth in Section 3.12(a).

 

“Losses”
means losses, damages, liabilities, deficiencies, judgments, interest, awards, penalties, fines, Taxes, costs or expenses of whatever
kind, including reasonable attorneys’ fees and the cost of enforcing any right to indemnification hereunder and the cost
of pursuing any insurance providers; provided, however, that “Losses” shall not include punitive damages,
except in the case of fraud or to the extent actually awarded to a Governmental Authority or other third party.

 

“Material
Adverse Effect” means any event, occurrence, fact, condition or change that is, or could reasonably be expected to become,
individually or in the aggregate, materially adverse to (a) the business, results of operations, condition (financial or otherwise)
or assets of the Company, or (b) the ability of Seller to consummate the transactions contemplated hereby on a timely basis.

 

“Material
Contracts” has the meaning set forth in Section 3.09(a).

 

“Material
Customers” has the meaning set forth in Section 3.15(a).

 

“Material
Suppliers” has the meaning set forth in Section 3.15(b).

 

“Non-U.S.
Benefit Plan” has the meaning set forth in Section 3.20(a).

 

    7

     

    

 

“Permits”
means all permits, licenses, franchises, approvals, authorizations, registrations, certificates, variances and similar rights obtained,
or required to be obtained, from Governmental Authorities.

 

“Permitted
Encumbrances” has the meaning set forth in Section 3.10(a).

 

“Person”
means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority, unincorporated
organization, trust, association or other entity.

 

“Post-Closing
Tax Period” means any taxable period beginning after the Closing Date and, with respect to any taxable period beginning
on or before and ending after the Closing Date, the portion of such taxable period beginning after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period ending on or before the Closing Date and, with respect to any taxable period beginning
on or before and ending after the Closing Date, the portion of such taxable period ending on and including the Closing Date.

 

“Purchase
Price” has the meaning set forth in Section 2.02.

 

“Qualified
Benefit Plan” has the meaning set forth in Section 3.20(c).

 

“Real Property”
means the real property owned, leased or subleased by the Company, together with all buildings, structures and facilities located
thereon.

 

“Registered
Intellectual Property” has the meaning set forth in Section 3.12(a).

 

“Release”
means any actual release, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching,
dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation,
ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface strata or within any building, structure,
facility or fixture).

 

“Representative”
means, with respect to any Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

“Restricted
Business” means any commercial entity engaged in design, manufacturing, assembling, purchasing, selling or distributing
of intelligent thermal control systems and ambient thermal systems for wireless telecommunications purposes.

 

“Restricted
Period” has the meaning set forth in Section 5.02(a).

 

“Seller”
has the meaning set forth in the preamble.

 

“Seller Indemnitees”
has the meaning set forth in Section 8.03.

 

“Shares”
has the meaning set forth in the recitals.

 

“Stockholders”
has the meaning set forth in the preamble.

 

    8

     

    

 

“Straddle
Period” has the meaning set forth in Section 6.03.

 

“Taxes”
means all federal, state, local, foreign and other taxes, charges, fees, levies or other similar assessments or Liabilities of
any kind, including income, gross receipts, sales, use, production, ad valorem, transfer, franchise, registration, profits, license,
lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp,
occupation, premium, property (real or personal), real property gains, windfall profits, customs, duties, value added, natural
resources, healthcare, escheat or unclaimed property (in each case whether treated as a tax under local Law), social security,
disability, payroll, share, capital, surplus, alternative, minimum, add-on minimum or other taxes, fees, assessments or charges
of any kind whatsoever in the nature of taxes, together with any interest, additions or penalties with respect thereto and any
interest in respect of such additions or penalties, in each case whether disputed or not.

 

“Tax Claim”
has the meaning set forth in Section 6.07.

 

“Tax Return”
means any return, declaration, report, claim for refund, information return or statement or other document relating to Taxes, including,
without limitation, FinCEN Form 114 or Treasury Form TD F 90-22.1, any schedule or attachment thereto, and including any amendment
thereof.

 

“Tax Sharing
Agreement” means a Contract, a principal purpose of which is the sharing or allocation of or indemnification for Taxes
and shall not, for the avoidance of doubt, include commercial agreements entered into in the ordinary course of business and not
principally concerning Taxes.

 

“Territory”,
 “U.S.” or “United States” means the United States of America.

 

“Third Party
Claim” has the meaning set forth in Section 8.05(a).

 

“Transaction
Documents” means this Agreement, the Escrow Agreement and the Employment Agreements to be entered into by Seller and
the Stockholders.

 

“Treasury
Regulations” means the regulations under the Code promulgated by the United States Treasury Department.

 

“Union”
has the meaning set forth in Section 3.21(b).

 

ARTICLE II

Purchase and sale

 

Section
2.01       Purchase and Sale. Subject to the
terms and conditions set forth herein, at the Closing, Seller shall sell to Buyer, and Buyer shall purchase from Seller, the Shares,
free and clear of all Encumbrances, for the consideration specified in Section 2.02.

 

Section
2.02       Purchase Price. The
aggregate purchase price (the “Purchase Price”) for the Shares shall be $4,000,000 plus any earn-out
amounts payable pursuant to Article VII below. The Purchase Price shall be delivered by the Buyer to Seller as follows: (a)
$3,100,000 in cash (the “Closing Cash Consideration”) will be delivered by Buyer to Seller at the Closing
by wire transfer of immediately available funds to the account(s) designated in writing by Seller (the
 “Account”); (b) $300,000 in cash (the "Escrow Amount") will be deposited with, and held
and administered in escrow by the Escrow Agent subject to the terms of the Escrow Agreement; and (c) $600,000 in cash (the
 “IP Escrow Amount”) will be deposited with, and held and administered in escrow by the Escrow Agent
subject to the terms of the Escrow Agreement. The Parties agree to allocate the Purchase Price for tax purposes as provided
in Section 6.04.

 

    9

     

    

 

Section
2.03       Closing Deliverables.

 

(a)              
At the Closing, Buyer shall deliver to Seller:

 

(i)              
a counterpart of this Agreement duly executed by Buyer;

 

(ii)             
the Closing Cash Consideration, in the manner set forth in Section 2.02;

 

(iii)            
a counterpart of each of the Employment Agreements duly executed by Buyer; and

 

(iv)            
a counterpart of the Escrow Agreement duly executed by Buyer.

 

(b)              
At the Closing, Seller shall deliver to Buyer:

 

(i)              
a counterpart of this Agreement duly executed by Seller and the Stockholders;

 

(ii)             
a counterpart of each of the Employment Agreements, each duly executed by the applicable Key Employee;

 

(iii)            
a counterpart of the Escrow Agreement duly executed by Seller;

 

(iv)            
all stock certificates evidencing the Shares, free and clear of all Encumbrances, duly endorsed in blank or accompanied
by stock powers or other instruments of transfer duly executed in blank, with any required stock transfer tax stamps affixed thereto;

 

(v)             
those Third-Party Consents specified on Schedule 2 hereto;

 

(vi)            
a certificate in form and substance satisfactory to Buyer and validly executed by a duly authorized officer of the Seller
pursuant to Treasury Regulations Section 1.1445-2(b) stating that the Seller is not a foreign person within the meaning of Section
1445 of the Code;

 

(vii)           
a good standing certificate for the Company from the secretary of state of the State of Rhode Island; and

 

(viii)          
written resignations, effective as of the Closing Date, of each of the officers and directors of the Company.

 

    10

     

    

 

Section 2.04      
Closing. The consummation of the transactions contemplated by this Agreement (the “Closing”)
shall take place by the exchange of documents and instruments via mail, courier, email and/or telecopy and by wire transfer of
funds on the date of execution by the parties of this Agreement (the “Closing Date”), unless another time,
date or place is agreed to in writing by Seller and the Buyer.

 

Section
2.05       Withholding Tax. Buyer, the Escrow
Agent and the Company shall be entitled to deduct and withhold from the Purchase Price all Taxes that Buyer, the Escrow Agent or
the Company may be required to deduct and withhold under any provision of applicable Tax Law. All such withheld amounts shall be
treated as having been paid to the Person in respect of whom such deduction and withholding was made; provided, that the applicable
withholding agent will use commercially reasonable efforts to give the Seller advance notice prior to effecting any such deduction
or withholding.

 

ARTICLE III

Representations and Warranties of Seller

 

Except as set forth
in the correspondingly numbered Section of the Disclosure Schedules, the Seller represents and warrants to Buyer that the statements
contained in this Article III are true and correct as of the date hereof.

 

Section
3.01       Due Execution by Seller. This Agreement
and the other Transaction Documents have each been duly executed and delivered by Seller, and (assuming due authorization, execution
and delivery by Buyer) each such agreement constitutes a legal, valid and binding obligation of Seller enforceable against Seller
in accordance with its terms.

 

Section
3.02       Organization, Authority and Qualification
of the Company. The Company is a corporation duly organized, validly existing and in good standing under the Laws of the state
of Rhode Island and has full corporate power and authority to own, operate or lease the properties and assets now owned, operated
or leased by it and to carry on its business as it has been and is currently conducted. Section 3.02 of the Disclosure Schedules
sets forth each jurisdiction in which the Company is licensed or qualified to do business, and the Company is duly licensed or
qualified to do business and is in good standing in each jurisdiction in which the properties owned or leased by it or the operation
of its business as currently conducted makes such licensing or qualification necessary.

 

Section
3.03       Capitalization.

 

(a)              
The authorized capital stock of the Company consists of 10,000 shares of common stock, $0.01 par value (“Common
Stock”), of which 5,000 shares are issued and outstanding and constitute the Shares. No shares of preferred stock are
authorized or outstanding. All of the Shares have been duly authorized, are validly issued, fully paid and non-assessable, and
are owned of record and beneficially by Seller, free and clear of all Encumbrances. Upon consummation of the transactions contemplated
by this Agreement, Buyer shall own all of the Shares, representing 100% of the outstanding shares of Common Stock, free and clear
of all Encumbrances.

 

    11

     

    

 

(b)              
All of the Shares were issued in compliance with applicable Laws. None of the Shares were issued in violation of any agreement,
arrangement or commitment to which Seller, Stockholders or the Company is a party or is subject to or in violation of any preemptive
or similar rights of any Person.

 

(c)              
There are no outstanding or authorized options, warrants, convertible securities or other rights, agreements, arrangements
or commitments of any character relating to the capital stock of the Company or obligating Seller, the Stockholders or the Company
to issue or sell any shares of capital stock of, or any other interest in, the Company. The Company does not have outstanding or
authorized any stock appreciation, phantom stock, profit participation or similar rights. There are no voting trusts, stockholder
agreements, proxies or other agreements or understandings in effect with respect to the voting or transfer of any of the Shares.

 

Section
3.04       No Subsidiaries. The Company does
not own or have any interest in any capital stock or other equity interests in any Person or have an ownership interest of any
type in any other Person.

 

Section
3.05       No Conflicts; Consents. The execution,
delivery and performance by Seller of this Agreement and the other Transaction Documents to which they are a party, and the consummation
of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or result in a violation or breach
of, or default under, any provision of the Articles of Incorporation, by-laws or other organizational documents of the Company;
(b) conflict with or result in a violation or breach of any provision of any Law or Governmental Order applicable to Seller the
Stockholders or the Company; (c) require the consent, notice or other action by any Person under, conflict with, result in a violation
or breach of, constitute a default or an event that, with or without notice or lapse of time or both, would constitute a default
under, result in the acceleration of or create in any party the right to accelerate, terminate, modify or cancel any Contract to
which Seller, the Stockholders or the Company is a party or by which Seller, the Stockholders or the Company is bound or to which
any of their respective properties and assets are subject (including any Material Contract) or any Permit affecting the properties,
assets or business of the Company; or (d) result in the creation or imposition of any Encumbrance other than Permitted Encumbrances
on any properties or assets of the Company. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice
to, any Governmental Authority is required by or with respect to Seller, Stockholders or the Company in connection with the execution
and delivery of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby
and thereby.

 

Section
3.06       Financial Statements.
Complete copies of the Company’s unaudited financial statements, consisting of the balance sheet of the Company as at
December 31 in each of the years 2016, 2017, 2018 and the related statements of income and retained earnings and cash flow
for the years then ended (the “Annual Financial Statements”), and unaudited financial statements
consisting of the balance sheet of the Company as at September 30, 2019 and the related statements of income and retained
earnings for the nine-month period then ended (the “Interim Financial Statements” and together with the
Annual Financial Statements, the “Financial Statements”) have been delivered to Buyer. The Financial
Statements are based on the books and records of the Company, and fairly present the financial condition of the Company as of
the respective dates they were prepared and the results of the operations of the Company for the periods indicated. The
balance sheet of the Company as of December 31, 2018 is referred to herein as the “Balance Sheet” and the
date thereof as the “Balance Sheet Date” and the balance sheet of the Company as of September 30, 2019 is
referred to herein as the “Interim Balance Sheet” and the date thereof as the “Interim Balance
Sheet Date”.

 

    12

     

    

 

Section
3.07       Undisclosed Liabilities. The Company
has no liabilities, obligations or commitments of any nature whatsoever, asserted or unasserted, absolute or contingent, accrued
or unaccrued, matured or unmatured or otherwise (“Liabilities”), except (a) those which are adequately reflected
or reserved against in the Interim Balance Sheet as of the Interim Balance Sheet Date, and (b) those which have been incurred in
the ordinary course of business consistent with past practice since the Interim Balance Sheet Date and which are not, individually
or in the aggregate, material in amount.

 

Section
3.08       Absence of Certain Changes, Events
and Conditions. Except as set forth in Section 3.08 of the Disclosure Schedules, since the Interim Balance Sheet Date, and
(except as set forth in Section 3.08(x)) other than in the ordinary course of business consistent with past practice, there has
not been, with respect to the Company, any:

 

(a)              
event, occurrence or development that has had, or could reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect;

 

(b)              
amendment of the charter, by-laws or other organizational documents of the Company;

 

(c)              
split, combination or reclassification of any shares of its capital stock;

 

(d)              
issuance, sale or other disposition of any of its capital stock, or grant of any options, warrants or other rights to purchase
or obtain (including upon conversion, exchange or exercise) any of its capital stock;

 

(e)              
declaration or payment of any dividends or distributions on or in respect of any of its capital stock or redemption, purchase
or acquisition of its capital stock, other than the payment and distribution of $1,473,000 to the Seller and/or the Stockholders
at or immediately prior to the Closing;

 

(f)               
material change in any method of accounting or accounting practice of the Company, except as required by GAAP or as disclosed
in the notes to the Financial Statements;

 

(g)              
material change in the Company’s cash management practices and its policies, practices and procedures with respect
to collection of accounts receivable, establishment of reserves for uncollectible accounts, accrual of accounts receivable, inventory
control, prepayment of expenses, payment of trade accounts payable, accrual of other expenses, deferral of revenue and acceptance
of customer deposits;

 

(h)              
entry into any Contract that would constitute a Material Contract;

 

(i)                
incurrence, assumption or guarantee of any indebtedness for borrowed money;

 

    13

     

    

 

(j)                
transfer, assignment, sale or other disposition of any of the assets shown or reflected in the Balance Sheet or cancellation
of any debts or entitlements, including the disposition of any Intellectual Property, in each case other than in the ordinary course
of business consistent with past practice;

 

(k)              
material damage, destruction or loss (whether or not covered by insurance) to its property;

 

(l)                
any capital investment in, or any loan to, any other Person;

 

(m)            
acceleration, termination, material modification to or cancellation of any Material Contract or any Contract to which the
Company is a party or by which it is bound that would, if it remained in effect, constitute a Material Contract;

 

(n)              
any material capital expenditures;

 

(o)              
imposition of any Encumbrance (except for any Permitted Encumbrance) upon any of the Company properties, capital stock or
assets, tangible or intangible;

 

(p)              
(i) grant of any bonuses, whether monetary or otherwise, or increase in any wages, salary, severance, pension or other compensation
or benefits in respect of its current or former employees, officers, directors, independent contractors or consultants, other than
(x) as provided for in any written agreements, or (y) required by applicable Law, (ii) change in the terms of employment for any
employee or any termination of any employees for which the aggregate costs and expenses exceed $25,000 per year, or (iii) action
to accelerate the vesting or payment of any compensation or benefit for any current or former employee, officer, director, independent
contractor or consultant;

 

(q)              
hiring or promoting any person as or to (as the case may be) an officer or hiring or promoting any employee below officer
except to fill a vacancy in the ordinary course of business;

 

(r)               
adoption, modification or termination of any: (i) employment, severance, retention or other agreement with any current or
former employee, officer, director, independent contractor or consultant, (ii) Benefit Plan or (iii) collective bargaining or other
agreement with a Union, in each case whether written or oral;

 

(s)               
any loan to (or forgiveness of any loan to), or entry into any other transaction with, any of its stockholders or current
or former directors, officers and employees;

 

(t)                
entry into a new line of business or abandonment or discontinuance of existing lines of business;

 

(u)              
adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition in bankruptcy
under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any
similar Law;

 

    14

     

    

 

(v)            
purchase, lease or other acquisition of the right to own, use or lease any property or assets for an amount in excess of
$10,000, individually (in the case of a lease, per annum) or $25,000 in the aggregate (in the case of a lease, for the entire
term of the lease, not including any option term), except for purchases of inventory or supplies in the ordinary course of business
consistent with past practice;

 

(w)           
acquisition by merger or consolidation with, or by purchase of a substantial portion of the assets or stock of, or by any
other manner, any business or any Person or any division thereof;

 

(x)             
action by the Company, other than as contemplated by this Agreement, to (i) make, change, revoke or rescind any Tax election,
method, policy or practice, (ii) amend any Tax Return, (iii) settle or compromise any Tax proceeding, (iv) file any request for
a ruling or special Tax incentive with any taxing authority, (v) file any Tax Return (including any amendment to any Tax Return)
in a manner inconsistent with past practice, (vi) initiate any voluntary disclosure, Tax amnesty filing or other Action relating
to Taxes, (vii) surrender any right to claim a Tax refund, or (viii) take any position on any Tax Return, take any action, omit
to take any action or enter into any other transaction, in each case outside of the ordinary course of business consistent with
past practice and that would have the effect of increasing the Tax liability or reducing any Tax asset of Buyer or the Company
in respect of any Post-Closing Tax Period; or

 

(y)            
any Contract to do any of the foregoing, or any action or omission that would result in any of the foregoing.

 

Section
3.09           Material Contracts.

 

(a)            
Section 3.09(a) of the Disclosure Schedules lists each of the following Contracts of the Company (such Contracts, together
with all Contracts concerning the occupancy, management or operation of any Real Property listed or otherwise disclosed in Section
3.10(b) of the Disclosure Schedules being “Material Contracts”):

 

(i)              
each Contract of the Company involving aggregate consideration in excess of $25,000 and which, in each case, cannot be cancelled
by the Company without penalty or without more than 90 days’ notice;

 

(ii)             
all Contracts that provide for the indemnification by the Company of any Person or the assumption by the Company of any
Tax or other Liability of any Person;

 

(iii)           
all Contracts that relate to the acquisition or disposition of any business, a material amount of stock or assets of any
other Person or any real property (whether by merger, sale of stock, sale of assets or otherwise);

 

(iv)          
all broker, distributor, dealer, manufacturer’s representative, franchise, agency, sales promotion, market research,
marketing consulting and advertising Contracts to which the Company is a party;

 

    15

     

    

 

(v)            
all employment agreements and Contracts with independent contractors or consultants (or similar arrangements) to which the
Company is a party, and which are not cancellable without material penalty or without more than 90 days’ notice;

 

(vi)           
except for Contracts relating to trade receivables, all Contracts relating to indebtedness (including, without limitation,
guarantees) of the Company;

 

(vii)          
all Contracts with any Governmental Authority to which the Company is a party;

 

(viii)         
all Contracts that limit or purport to limit the ability of the Company to compete in any line of business or with any Person
or in any geographic area or during any period of time;

 

(ix)           
any Contracts to which the Company is a party that provide for any joint venture, partnership or similar arrangement by
the Company;

 

(x)             
all Contracts between or among the Company on the one hand and Seller or the Stockholders or any Affiliate of Seller or
the Stockholders (other than the Company) on the other hand;

 

(xi)            
all collective bargaining agreements or Contracts with any Union to which the Company is a party; and

 

(xii)           
any other Contract that is material to business or operations the Company and not previously disclosed pursuant to this
Section 3.09.

 

(b)            
Each Material Contract is valid and binding on the Company in accordance with its terms and is in full force and effect.
None of the Company or, to Seller’s Knowledge, any other party thereto is in breach of or default under (or is alleged to
be in breach of or default under), or has provided or received any notice of any intention to terminate, any Material Contract.
No event or circumstance has occurred that, with notice or lapse of time or both, would constitute an event of default under any
Material Contract or result in a termination thereof or would cause or permit the acceleration or other changes of any right or
obligation or the loss of any benefit thereunder. Complete and correct copies of each Material Contract (including all modifications,
amendments and supplements thereto and waivers thereunder) have been made available to Buyer.

 

Section
3.10           Title to Assets; Real Property.

 

(a)              
The Company has good and valid title to, or a valid leasehold interest in, all Real Property and personal property and other
assets reflected in the Interim Balance Sheet or acquired after the Interim Balance Sheet Date, other than properties and assets
sold or otherwise disposed of in the ordinary course of business consistent with past practice since the Interim Balance Sheet
Date. All such properties and assets (including leasehold interests) are free and clear of Encumbrances except for the following
(collectively referred to as “Permitted Encumbrances”):

 

    16

     

    

 

(i)              
liens for Taxes not yet due and payable;

 

(ii)             
mechanics, carriers’, workmen’s, repairmen’s or other like liens arising or incurred in the ordinary course
of business consistent with past practice or amounts that are not delinquent, and which are not, individually or in the aggregate,
material to the business of the Company;

 

(iii)            
easements, rights of way, zoning ordinances and other similar encumbrances affecting Real Property which are not, individually
or in the aggregate, material to the business of the Company;

 

(iv)            
liens arising under original purchase price conditional sales contracts and equipment leases with third parties entered
into in the ordinary course of business consistent with past practice which are not, individually or in the aggregate, material
to the business of the Company; or

 

(v)             
other liens or imperfections of title that are not, individually or in the aggregate, material to the business of the Company.

 

(b)            
Section 3.10(b) of the Disclosure Schedules lists (i) the street address of each parcel of Real Property; (ii) if such property
is leased or subleased by the Company, the landlord under the lease, the rental amount currently being paid, and the expiration
of the term of such lease or sublease for each leased or subleased property; and (iii) the current use of such property. The Company
does not own any Real Property. Seller has delivered or made available to Buyer true, complete and correct copies of all leases
affecting the Real Property. The Company is not a sublessor or grantor under any sublease or other instrument granting to any other
Person any right to the possession, lease, occupancy or enjoyment of any leased Real Property. To the Knowledge of Seller, the
use and operation of the Real Property in the conduct of the Company’s business do not violate in any material respect any
applicable Law, covenant, condition, restriction, easement, license, permit or agreement. No material improvements constituting
a part of the Real Property encroach on real property owned or leased by a Person other than the Company. There are no Actions
pending nor, to the Seller’s Knowledge, threatened against or affecting the Real Property or any portion thereof or interest
therein in the nature or in lieu of condemnation or eminent domain proceedings.

 

Section
3.11            Condition and Sufficiency of Assets.
The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other items of tangible personal property
owned by the Company are structurally sound, are in good operating condition and repair, and are adequate for the uses to which
they are being put, and none of such buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and other
items of tangible personal property is in need of maintenance or repairs except for ordinary, routine maintenance and repairs that
are not material in nature or cost. The buildings, plants, structures, furniture, fixtures, machinery, equipment, vehicles and
other items of tangible personal property currently owned or leased by the Company, together with all other properties and assets
of the Company, are sufficient for the continued conduct of the Company’s business after the Closing in substantially the
same manner as conducted prior to the Closing and constitute all of the rights, property and assets necessary to conduct the business
of the Company as currently conducted.

 

    17

     

    

 

Section
3.12            Intellectual Property.

 

(a)            
Section 3.12 of the Disclosure Schedule accurately identifies and describes each item of Intellectual Property including,
without limitation, patents and patent applications, copyrights and copyright applications, trademarks and trademark applications
owned, purported to be owned by or licensed to the Company (collectively, the “Company Intellectual Property”),
to the extent that such Company Intellectual Property is capable of being identified or described in such medium, and designates
whether it is registered, filed, pending, or issued under the authority of any Governmental Authority, including all patents, registered
copyrights, registered trademarks, and all applications for any of the foregoing (the “Registered Intellectual Property”)
and designates whether it is owned by the Company or licensed to the Company from a third party (the “Licensed Intellectual
Property”).

 

(b)             
All Company Intellectual Property is valid, subsisting and pending or enforceable in all material respects. The Company
exclusively owns all right, title and interest to and in Company Intellectual Property (other than Licensed Intellectual Property),
free and clear of any liens (other than any nonexclusive licenses listed in Section 3.12 of the Disclosure Schedule), or in the
case of Licensed Intellectual Property, the Company has rights to use such Licensed Intellectual Property to the extent used by
the Company. Each Person who was involved in the creation or development of the Company Intellectual Property (other than Licensed
Intellectual Property) is or was at the time an employee or independent contractor of Company and has signed a valid and enforceable
agreement containing an irrevocable assignment of Intellectual Property to the Company and confidentiality provisions protecting
the Company Intellectual Property. The Company has taken reasonable steps to maintain the confidentiality of and otherwise protect
and enforce its rights in the Company Intellectual Property. The Company owns or otherwise has the right to use all Intellectual
Property necessary to conduct its business.

 

(c)           
The Company has not infringed (directly, contributorily, by inducement or otherwise), misappropriated or otherwise violated
or made unauthorized use of or violated any terms of use of any Intellectual Property of any other Person or engaged in unfair
competition in the course of operating its business. No product designed, produced, developed, marketed, tested, sold, licensed,
built, operated, provided, distributed, or otherwise disposed of by the Company, and no method or process used in the manufacturing
or provision of any such product, infringes, violates or makes unlawful or unauthorized use of or violates any terms of use of
any Intellectual Property of, or contains any Intellectual Property misappropriated from, any other Person. The Company has not
received any written, or to the Seller’s Knowledge, oral, notice or other communication alleging the actual, alleged or suspected
infringement, misappropriation or violation of any Intellectual Property of another Person.

 

(d)            
Neither the execution, delivery or performance of any of this Agreement or any Transaction Agreement nor the consummation
of any of the transactions contemplated hereby and thereby will, with or without notice and/or the lapse of time, result in or
give any other Person the right or option to cause or declare: (i) a loss of, or lien on, the Company Intellectual Property; (ii)
the release, disclosure or delivery of the Company Intellectual Property by or to any escrow agent or other Person; or (iii) the
grant, assignment or transfer to any other Person of any license or other right or interest under, to or in any of the Company
Intellectual Property.

 

    18

     

    

 

Section 3.13            Inventory.
All inventory of the Company, whether or not reflected in the Balance Sheet, consists of a quality and quantity usable and salable
in the ordinary course of business consistent with past practice, except for obsolete, damaged, defective or slow-moving items
that have been written off or written down to fair market value or for which adequate reserves have been established. All such
inventory is owned by the Company free and clear of all Encumbrances, and no inventory is held on a consignment basis. The quantities
of each item of inventory (whether raw materials, work-in-process or finished goods) are not excessive but are reasonable in the
present circumstances of the Company.

 

Section
3.14            Accounts Receivable. The accounts
receivable reflected on the Interim Balance Sheet and the accounts receivable arising after the date thereof (a) have arisen from
bona fide transactions entered into by the Company involving the sale of goods or the rendering of services in the ordinary course
of business consistent with past practice; (b) constitute only valid, undisputed claims of the Company not subject to claims of
set-off or other defenses or counterclaims other than normal cash discounts accrued in the ordinary course of business consistent
with past practice; and (c) subject to a reserve for bad debts shown on the Interim Balance Sheet or, with respect to accounts
receivable arising after the Interim Balance Sheet Date, on the accounting records of the Company, are collectible in full within
90 days after billing. The reserve for bad debts shown on the Interim Balance Sheet or, with respect to accounts receivable arising
after the Interim Balance Sheet Date, on the accounting records of the Company have been determined in accordance with GAAP, consistently
applied, subject to normal year-end adjustments and the absence of disclosures normally made in footnotes.

 

Section
3.15            Customers and Suppliers.

 

(a)              
Section 3.15(a) of the Disclosure Schedules sets forth (i) each customer who has paid aggregate consideration to the Company
for goods or services rendered in an amount greater than or equal to $50,000 for each of the two most recent fiscal years (collectively,
the “Material Customers”); and (ii) the amount of consideration paid by each Material Customer during such periods.
The Company has not received any notice, and has no reason to believe, that any of its Material Customers has ceased, or intends
to cease after the Closing, to use its goods or services or to otherwise terminate or materially reduce its relationship with the
Company.

 

(b)             
Section 3.15(b) of the Disclosure Schedules sets forth (i) each supplier to whom the Company has paid consideration for
goods or services rendered in an amount greater than or equal to $50,000 for each of the two most recent fiscal years (collectively,
the “Material Suppliers”); and (ii) the amount of purchases from each Material Supplier during such periods.
The Company has not received any notice, and has no reason to believe, that any of its Material Suppliers has ceased, or intends
to cease, to supply goods or services to the Company or to otherwise terminate or materially reduce its relationship with the Company.

 

    19

     

    

 

Section
3.16           Insurance. Section 3.16 of
the Disclosure Schedules sets forth a true and complete list of all current policies or binders of fire, liability, product
liability, umbrella liability, real and personal property, workers’ compensation, vehicular, directors’ and
officers’ liability, fiduciary liability and other casualty and property insurance maintained by the Company relating
to the assets, business, operations, employees, officers and directors of the Company (collectively, the “Insurance
Policies”). The execution of this Agreement and the consummation of the transactions contemplated hereby will not
cause the termination or cancellation of any of the Insurance Policies. None of the Company, Seller, or the Stockholders nor
any of their respective Affiliates has received any written notice of cancellation of, premium increase with respect to, or
alteration of coverage under, any of such Insurance Policies. All premiums due on such Insurance Policies have either been
paid or, if due and payable prior to Closing, will be paid prior to Closing in accordance with the payment terms of each
Insurance Policy. The Insurance Policies do not provide for any retrospective premium adjustment or other experience-based
liability on the part of the Company. All such Insurance Policies (a) are valid and binding in accordance with their terms;
(b) are provided by carriers who are financially solvent; and (c) have not been subject to any lapse in coverage. There are
no claims related to the business of the Company pending under any such Insurance Policies as to which coverage has been
questioned, denied or disputed or in respect of which there is an outstanding reservation of rights. The Company is not in
default under, or has otherwise failed to comply with, in any material respect, any provision contained in any such Insurance
Policy. The Insurance Policies are of the type and in the amounts customarily carried by Persons conducting a business
similar to the Company and are sufficient for compliance with all applicable Laws and Contracts to which the Company is a
party or by which it is bound.

 

Section
3.17            Legal Proceedings; Governmental Orders.

 

(a)              
There are no Actions pending or, to Seller’s Knowledge, threatened (a) against or by the Company affecting any of
its properties or assets (or by or against Seller, the Stockholders or any Affiliate thereof and relating to the Company); or (b)
against or by the Company, Seller, the Stockholders or any Affiliate of Seller or Stockholders that challenges or seeks to prevent,
enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred, or circumstances exist that may
give rise to, or serve as a basis for, any such Action.

 

(b)              
There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the
Company or any of its properties or assets.

 

Section
3.18            Compliance with Laws; Permits.

 

(a)              
For the past three years the Company has complied, and is now complying, with all Laws applicable to it or its business,
properties or assets.

 

(b)              
All Permits required for the Company to conduct its business as currently conducted have been obtained by it and are valid
and in full force and effect. All fees and charges with respect to such Permits as of the date hereof have been paid in full. Section
3.18(b) of the Disclosure Schedules lists all current Permits issued to the Company, including the names of the Permits and their
respective dates of issuance and expiration. No event has occurred that, with or without notice or lapse of time or both, would
reasonably be expected to result in the revocation, suspension, lapse or limitation of any Permit set forth in Section 3.18(b)
of the Disclosure Schedules.

 

    20

     

    

 

Section
3.19            Environmental Matters.

 

(a)               The
Company is currently and has, for the past six years, been in compliance with all Environmental Laws and has not, and the
Company has not, received from any Person any: (i) Environmental Notice or Environmental Claim; or (ii) written request
for information pursuant to Environmental Law, which, in each case, either remains pending or unresolved, or is the source of
ongoing obligations or requirements as of the Closing Date.

 

(b)              
The Company has obtained and is in material compliance with all Environmental Permits (each of which is disclosed in Section
3.19(b) of the Disclosure Schedules) necessary for the ownership, lease, operation or use of the business or assets of the Company
as currently owned, leased, operated or used, and all such Environmental Permits are in full force and effect in accordance with
Environmental Law. With respect to any such Environmental Permits, Seller and the Stockholders have undertaken all measures necessary
to facilitate transferability of the same, and neither the Company, Seller or the Stockholders are aware of any condition, event
or circumstance that might prevent or impede the transferability of the same, nor have they received any Environmental Notice or
written communication regarding any material adverse change in the status or terms and conditions of the same.

 

(c)              
No real property currently or formerly owned, operated or leased by the Company is listed on, or has been proposed for listing
on, the National Priorities List (or CERCLIS) under CERCLA, or any similar state list.

 

(d)              
There has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the business or assets
of the Company or any real property currently or formerly owned, operated or leased, by the Company during the periods that such
real property was owned, operated or leased by the Company, and none of the Company, Seller or the Stockholders have received an
Environmental Notice that any real property currently or formerly owned, operated or leased in connection with the business of
the Company (including soils, groundwater, surface water, buildings and other structure located on any such real property) has
been contaminated with any Hazardous Material which could reasonably be expected to result in an Environmental Claim against, or
a violation of Environmental Law or term of any Environmental Permit by, the Company.

 

(e)              
Section 3.19(e) of the Disclosure Schedules contains a complete and accurate list of all active or abandoned aboveground
or underground storage tanks owned or operated by the Company.

 

(f)               
Section 3.19(f) of the Disclosure Schedules contains a complete and accurate list of all off-site Hazardous Materials treatment,
storage, or disposal facilities or locations used by the Company and, to Seller’s Knowledge, any predecessor as to which
the Company may retain liability, and none of these facilities or locations has been placed or proposed for placement on the National
Priorities List (or CERCLIS) under CERCLA, or any similar state list, and the Company has not received any Environmental Notice
regarding potential liabilities with respect to such off-site Hazardous Materials treatment, storage, or disposal facilities or
locations used by the Company.

 

(g)              
None of Seller, the Stockholders or the Company has retained or assumed, by contract or by operation of Law, any liabilities
or obligations of third parties under Environmental Law.

 

    21

     

    

 

(h)           
Seller has provided or otherwise made available to Buyer and listed in Section 3.19(h) of the Disclosure Schedules: (i)
any and all environmental reports, studies, audits, records, sampling data, site assessments, risk assessments, economic models
and other similar documents with respect to the business or assets of the Company or any currently or formerly owned, operated
or leased real property which are in the possession or control of Seller, the Stockholders or the Company related to compliance
with Environmental Laws, Environmental Claims or an Environmental Notice or the Release of Hazardous Materials; and (ii) any and
all material documents concerning planned or anticipated capital expenditures required to reduce, offset, limit or otherwise control
pollution and/or emissions, manage waste or otherwise ensure compliance with current or future Environmental Laws (including, without
limitation, costs of remediation, pollution control equipment and operational changes).

 

(i)             
Seller and the Stockholders are not aware of and do not reasonably anticipate, as of the Closing Date, any condition, event
or circumstance concerning the Release or regulation of Hazardous Materials that might, after the Closing Date, prevent, impede
or materially increase the costs associated with the ownership, lease, operation, performance or use of the business or assets
of the Company as currently carried out.

 

Section
3.20            Employee Benefit Matters.

 

(a)            
Section 3.20(a) of the Disclosure Schedules contains a true and complete list of each pension, benefit, retirement, compensation,
employment, consulting, profit-sharing, deferred compensation, incentive, bonus, performance award, phantom equity, stock or stock-based,
change in control, retention, severance, vacation, paid time off, welfare, fringe-benefit and other similar agreement, plan, policy,
program or arrangement (and any amendments thereto), in each case whether or not reduced to writing and whether funded or unfunded,
including each “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or not tax-qualified
and whether or not subject to ERISA, which is or has been maintained, sponsored, contributed to, or required to be contributed
to by the Company for the benefit of any current or former employee, officer, director, retiree, independent contractor or consultant
of the Company or any spouse or dependent of such individual, or under which the Company or any of its ERISA Affiliates has or
may have any Liability, or with respect to which Buyer or any of its Affiliates would reasonably be expected to have any Liability,
contingent or otherwise (as listed on Section 3.20(a) of the Disclosure Schedules, each, a “Benefit Plan”).
The Company has separately identified in Section 3.20(a) of the Disclosure Schedules (i) each Benefit Plan that contains a change
in control provision and (ii) each Benefit Plan that is maintained, sponsored, contributed to, or required to be contributed to
by the Company primarily for the benefit of employees outside of the United States (a “Non-U.S. Benefit Plan”).

 

(b)              
Seller has made available to Buyer accurate, current and complete copies of all documents relating to each Benefit Plan.

 

(c)              
As of the Closing Date, the Company has fully satisfied and paid all Liabilities arising under any of its Benefit Plans,
including Liabilities reflected on the Interim Balance Sheet or those that arose after the Interim Balance Sheet Date, and the
Company has no Liability under its Benefit Plans for any periods prior to the Closing Date.

 

    22

     

    

 

(d)              
Each Benefit Plan and related trust has been established, administered and maintained in accordance with its terms and in
compliance with all applicable Laws (including ERISA, the Code and any applicable local Laws). Each Benefit Plan that is intended
to be qualified under Section 401(a) of the Code (a “Qualified Benefit Plan”) is so qualified and has received
a favorable and current determination letter from the Internal Revenue Service, or with respect to a prototype plan, can rely on
an opinion letter from the Internal Revenue Service to the prototype plan sponsor, to the effect that such Qualified Benefit Plan
is so qualified and that the plan and the trust related thereto are exempt from federal income taxes under Sections 401(a) and
501(a), respectively, of the Code, and nothing has occurred that could reasonably be expected to adversely affect the qualified
status of any Qualified Benefit Plan. Nothing has occurred with respect to any Benefit Plan that has subjected or could reasonably
be expected to subject the Company or any of its ERISA Affiliates or, with respect to any period on or after the Closing Date,
Buyer or any of its Affiliates, to a penalty under Section 502 of ERISA or to tax or penalty under Section 4975 of the Code. All
benefits, contributions and premiums relating to each Benefit Plan have been timely paid in accordance with the terms of such Benefit
Plan and all applicable Laws and accounting principles, and all benefits accrued under any unfunded Benefit Plan have been paid,
accrued or otherwise adequately reserved to the extent required by, and in accordance with, GAAP. All Non-U.S. Benefit Plans that
are intended to be funded and/or book-reserved are funded and/or book-reserved, as appropriate, based upon reasonable actuarial
assumptions.

 

(e)              
Neither the Company nor any of its ERISA Affiliates has (i) incurred or reasonably expects to incur, either directly or
indirectly, any material Liability under Title I of ERISA or any Liability whatsoever under Title IV of ERISA, or related provisions
of the Code or applicable local Law relating to employee benefit plans; (ii) failed to timely pay premiums to the Pension Benefit
Guaranty Corporation; (iii) withdrawn from any Benefit Plan; or (iv) engaged in any transaction which would give rise to liability
under Section 4069 or Section 4212(c) of ERISA.

 

(f)               
With respect to each Benefit Plan (i) no such plan is a “multiple employer plan” within the meaning of
Section 413(c) of the Code, a “multiple employer welfare arrangement” (as defined in Section 3(40) of ERISA),
or a “multiemployer plan” within the meaning of Section 3(37) of ERISA; (ii) no Action has been initiated by
the Pension Benefit Guaranty Corporation to terminate any such plan or to appoint a trustee for any such plan; (iii) no such plan
is subject to the minimum funding standards of Section 412 of the Code or Title IV of ERISA, and none of the assets of the Company
or any ERISA Affiliate is, or may reasonably be expected to become, the subject of any lien arising under Section 302 of ERISA
or Section 412(a) of the Code, (iv) no such plan is subject to the minimum funding standards of Section 412 of the Code or Title
IV of ERISA, and no plan listed in Section 3.20(a) of the Disclosure Schedules has failed to satisfy the minimum funding standards
of Section 302 of ERISA or Section 412 of the Code; and (v) no “reportable event,” as defined in Section 4043
of ERISA, has occurred with respect to any such plan.

 

(g)               Each
Benefit Plan can be amended, terminated or otherwise discontinued after the Closing in accordance with its terms, without
material liabilities to Buyer, the Company or any of their Affiliates other than ordinary administrative expenses
typically incurred in a similar termination event. The Company has no commitment or obligation and has not made any
representations to any employee, officer, director, independent contractor or consultant, whether or not legally binding, to
adopt, amend, modify or terminate any Benefit Plan or any collective bargaining agreement, in connection with the
consummation of the transactions contemplated by this Agreement or otherwise.

 

    23

     

    

 

(h)              
Other than as required under Section 601 et. seq. of ERISA or other applicable Law, no Benefit Plan provides post-termination
or retiree welfare benefits to any individual for any reason, and neither the Company nor any of its ERISA Affiliates has any Liability
to provide post-termination or retiree welfare benefits to any individual or ever represented, promised or contracted to any individual
that such individual would be provided with post-termination or retiree welfare benefits.

 

(i)                
There is no pending or, to Seller’s Knowledge, threatened Action relating to a Benefit Plan (other than routine claims
for benefits), and no Benefit Plan has within the three years prior to the date hereof been the subject of an examination or audit
by a Governmental Authority or the subject of an application or filing under or is a participant in, an amnesty, voluntary compliance,
self-correction or similar program sponsored by any Governmental Authority.

 

(j)                
There has been no amendment to, announcement by the Company relating to, or change in employee participation or coverage
under, any Benefit Plan or collective bargaining agreement that would increase the annual expense of maintaining such plan above
the level of the expense incurred for the most recently completed fiscal year with respect to any director, officer, employee,
independent contractor or consultant, as applicable. Neither the Company nor any of their Affiliates has any commitment or obligation
or has made any representations to any director, officer, employee, independent contractor or consultant, whether or not legally
binding, to adopt, amend, modify or terminate any Benefit Plan or any collective bargaining agreement.

 

(k)              
Each Benefit Plan that is subject to Section 409A of the Code has been administered in compliance with its terms and the
operational and documentary requirements of Section 409A of the Code and all applicable regulatory guidance (including notices,
rulings and proposed and final regulations) thereunder. The Company does not have any obligation to gross up, indemnify or otherwise
reimburse any individual for any excise taxes, interest or penalties incurred pursuant to Section 409A of the Code.

 

(l)                
Each individual who is classified by the Company as an independent contractor has been properly classified for purposes
of participation and benefit accrual under each Benefit Plan.

 

(m)             Neither
the execution of this Agreement nor any of the transactions contemplated by this Agreement will (either alone or upon the
occurrence of any additional or subsequent events): (i) entitle any current or former director, officer, employee,
independent contractor or consultant of the Company to severance pay or any other payment; (ii) accelerate the time of
payment, funding or vesting, or increase the amount of compensation due to any such individual; (iii) limit or restrict the
right of the Company to merge, amend or terminate any Benefit Plan; (iv) increase the amount payable under or result in any
other material obligation pursuant to any Benefit Plan; (v) result in “excess parachute payments” within
the meaning of Section 280G(b) of the Code; or (vi) require a “gross-up” or other payment to any
 “disqualified individual” within the meaning of Section 280G(c) of the Code.

 

    24

     

    

 

Section
3.21            Employment Matters.

 

(a)              
Section 3.21(a) of the Disclosure Schedules contains a list of all persons who are employees, independent contractors or
consultants of the Company as of the date hereof, including any employee who is on a leave of absence of any nature, paid or unpaid,
authorized or unauthorized, and sets forth for each such individual the following: (i) name; (ii) title or position (including
whether full or part time); (iii) hire date; (iv) current annual base compensation rate; (v) commission, bonus or other incentive-based
compensation; and (vi) a description of the fringe benefits provided to each such individual as of the date hereof. As of the date
hereof, all compensation, including wages, commissions and bonuses, payable to all employees, independent contractors or consultants
of the Company for services performed on or prior to the date hereof have been paid in full (or accrued in full on the Interim
Balance Sheet) and there are no outstanding agreements, understandings or commitments of the Company with respect to any compensation,
commissions or bonuses.

 

(b)              
The Company is not, and has not been for the past five years, a party to, bound by, or negotiating any collective bargaining
agreement or other Contract with a union, works council or labor organization (collectively, “Union”), and there
is not, and has not been for the past five years, any Union representing or purporting to represent any employee of the Company,
and, to the Seller’s Knowledge, no Union or group of employees is seeking or has sought to organize employees for the purpose
of collective bargaining. There has never been, nor has there been any threat, to the Seller’s Knowledge, of any strike,
slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor disruption or dispute affecting the
Company or any of its employees. The Company has no duty to bargain with any Union.

 

(c)              
The Company is, and for the past three years has been, in compliance with all applicable Laws pertaining to employment and
employment practices, including all Laws relating to labor relations, equal employment opportunities, fair employment practices,
employment discrimination, harassment, retaliation, reasonable accommodation, disability rights or benefits, immigration, wages,
hours, overtime compensation, child labor, hiring, promotion and termination of employees, working conditions, meal and break periods,
privacy, health and safety, workers’ compensation, leaves of absence and unemployment insurance. All individuals characterized
and treated by the Company as independent contractors or consultants are properly treated as independent contractors under all
applicable Laws. All employees of the Company classified as exempt under the Fair Labor Standards Act and state and local wage
and hour laws are properly classified. There are no Actions against the Company pending, or to the Seller’s Knowledge, threatened
to be brought or filed, by or with any Governmental Authority or arbitrator in connection with the employment of any current or
former applicant, employee, consultant or independent contractor of the Company, including, without limitation, any claim relating
to unfair labor practices, employment discrimination, harassment, retaliation, equal pay, wage and hours or any other employment
related matter arising under applicable Laws.

 

    25

     

    

 

Section 3.22          
Taxes.

 

(a)            
All Tax Returns required to be filed on or before the Closing Date by the Company have been timely filed. Such Tax Returns
are true, complete and correct in all respects. All Taxes due and owing by the Company (whether or not shown on any Tax Return)
have been timely paid.

 

(b)            
For the past six years, the Company has withheld and paid each Tax required to have been withheld and paid in connection
with amounts paid or owing to any employee, independent contractor, creditor, customer, stockholder or other party, and complied
with all information reporting and backup withholding provisions of applicable Law.

 

(c)            
None of the Company, the Stockholders or Seller have received written notice from any taxing authority in any jurisdiction
where the Company does not file Tax Returns indicating that the Company is, or may be, subject to Tax by that jurisdiction.

 

(d)            
No extensions or waivers of statutes of limitations have been given or requested with respect to any Taxes or Tax Returns
of the Company, other than automatic extensions to the due dates of Tax Returns obtained in the ordinary course of business.

 

(e)            
The amount of the Company’s Liability for unpaid Taxes for all periods ending on or before the Closing Date does not,
in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) reflected on the Financial Statements.
The amount of the Company’s Liability for unpaid Taxes for all periods following the Interim Balance Sheet Date does not,
in the aggregate, exceed the amount of accruals for Taxes (excluding reserves for deferred Taxes) as adjusted for the passage of
time in accordance with the past custom and practice of the Company (and which accruals shall not exceed comparable amounts incurred
in similar periods in prior years). For U.S. federal income Tax purposes, the Company uses the accrual method of accounting, and
uses the calendar year for its taxable year. The Company has not incurred any Liabilities for Taxes since the date of the Latest
Balance Sheet outside the Ordinary Course of Business.

 

(f)              
Section 3.22(f) of the Disclosure Schedules sets forth:

 

(i)             
the taxable years of the Company for which examinations by the taxing authorities have, to the Seller’s Knowledge,
been completed, along with the applicable taxing jurisdiction, amount and type of Tax at issue;

 

(ii)            
the jurisdictions in which the Company files Tax Returns or has paid any Taxes, including on a “nexus” basis
in connection with the ownership, operation or management of the Company’s business or assets, in all cases solely since
January 1, 2015; and

 

(iii)           
those taxable years for which examinations by taxing authorities are presently being conducted.

 

(g)              
All deficiencies asserted, or assessments made, against the Company as a result of any examinations by any taxing authority
have been fully paid.

 

    26

     

    

 

(h)            
The Company is not a party to any Action by any taxing authority. There are no pending or, to the Seller’s Knowledge,
threatened Actions by any taxing authority, nor has the Company received from any foreign, U.S. federal, state or local taxing
authority (including jurisdictions where the Company has filed Tax Returns) any (i) notice indicating an intent to open an audit
or other review, (ii) request for information related to Tax matters or a (iii) notice of deficiency or proposed adjustment for
any amount of Tax proposed, asserted or assessed by any taxing authority against the Company.

 

(i)              
Seller has delivered to Buyer copies of all federal, state, local and foreign income, franchise and similar Tax Returns,
examination reports, and statements of deficiencies assessed against, or agreed to by, the Company for all Tax periods ending after
January 1, 2015.

 

(j)              
There are no Encumbrances for Taxes (other than for current Taxes not yet due and payable) upon the assets of the Company.

 

(k)             
The Company is not a party to, or bound by, any Tax Sharing Agreement.

 

(l)              
No private letter rulings, technical advice memoranda or similar agreement or rulings have been requested, entered into
or issued by any taxing authority with respect to the Company.

 

(m)           
The Company has not been a member of an affiliated, combined, consolidated or unitary Tax group for Tax purposes (other
than as a disregarded subsidiary of the Seller). The Company has no Liability for Taxes of any Person (other than the Company)
under Treasury Regulations Section 1.1502-6 (or any corresponding provision of applicable state, local or foreign Law), as transferee
or successor, by Contract or otherwise.

 

(n)           
The Company will not be required to include any item of income in, or exclude any item or deduction from, taxable income
for any Post-Closing Tax Period as a result of:

 

(i)              
any change in a method of accounting under Section 481 of the Code (or any comparable provision of state, local or foreign
Tax Laws), or use of the cash method or an improper method of accounting, for a Pre-Closing Tax Period;

 

(ii)             
an installment sale or open transaction occurring on or prior to the Closing Date;

 

(iii)           
a prepaid amount received on or before the Closing Date;

 

(iv)            
any closing agreement under Section 7121 of the Code, or similar provision of applicable state, local or foreign Law;

 

(v)             
an intercompany transaction or excess loss account described in Treasury Regulations under Section 1502 of the Code (or
any corresponding or similar provision of state, local, or non-U.S. Tax Law);

 

(vi)            
 an inclusion under Code Section 965(a) or any election under Section 965(h) or Section 965(i) of the Code;

 

    27

     

    

 

(vii)         
an income inclusion pursuant to Section 951 or Section 951A of the Code with respect to any interest held in a “controlled
foreign corporation” (as that term is defined in Section 957 of the Code) in a Pre-Closing Tax Period; or

 

(viii)       
any election under Section 108(i) of the Code.

 

(o)           
Seller is not a “foreign person” as that term is used in Treasury Regulations Section 1.1445-2. The Company
is not, nor has it been, a United States real property holding corporation (as defined in Section 897(c)(2) of the Code) during
the applicable period specified in Section 897(c)(1)(a) of the Code.

 

(p)          
The Company has not been a “distributing corporation” or a “controlled corporation”
in connection with a distribution described in Section 355 or Section 361 of the Code.

 

(q)            
The Company is not, and has not been, a party to, or a promoter of, a “reportable transaction” within
the meaning of Section 6707A(c)(1) of the Code and Treasury Regulations Section 1.6011-4(b).

 

(r)            
(i) Section 3.22(r) of the Disclosure Schedules sets forth all foreign jurisdictions in which the Company is subject to
Tax, is engaged in business or has a permanent establishment; (ii) the Company has not entered into a gain recognition agreement
pursuant to Treasury Regulations Section 1.367(a)-8; and (iii) the Company has not transferred an intangible, the transfer of which
would be subject to the rules of Section 367(d) of the Code.

 

(s)            
The Company is not a party to any joint venture, partnership or other arrangement that is treated as a partnership for Tax
purposes.

 

(t)            
The Company has (i) properly collected all sales Taxes required to be collected in the time and manner required by any applicable
Law and remitted all such sales Taxes and applicable use Taxes to the applicable taxing authority in the time and in the manner
required by any applicable Law, (ii) returned all sales Taxes erroneously collected from any Person to such Person (or, if such
Person cannot be located or is no longer in business, remitted such sales Tax to the appropriate taxing authority) in the time
and in the manner required by any applicable Law and (iii) collected and maintained all resale certificates and other documentation
required to qualify for any exemption from the collection of sales Taxes.

 

(u)           
The Seller, the Company and the Stockholders have caused the Pre-Closing Restructuring to occur at least one day prior to
the Closing Date. The Company was, and has always been, an “S corporation” (within the meaning of the Section 1361
of the Code) until the effective time of the Pre-Closing Restructuring, at which time the Company became a “qualified subchapter
S subsidiary” (within the meaning of Section 1361(b)(3)(a)(i) of the Code) and the Seller was, and always has been since
its formation, an “S corporation” (within the meaning of the Section 1361 of the Code).

 

    28

     

    

 

Notwithstanding the foregoing,
nothing in this Section 3.22 (or otherwise in this Agreement), other than the representations set forth in Sections 3.22(k),
3.22(l), 3.22(m), 3.22(n), 3.22(p), 3.22(r)(ii), 3.22(r)(iii), and 3.22(u), shall be construed as a representation or
warranty regarding the Taxes of the Company arising in any Post-Closing Tax Period, based on the validity of the tax assets
or attributes of the Company or the continuation of conduct of Buyer (or its Affiliates, including, after the Closing, the
Company) after the Closing with respect to Taxes or Tax Return positions of the Company.

 

Section
3.23       Books and Records. The minute books
and stock record books of the Company, all of which have been made available to Buyer, are complete and correct and have been maintained
in accordance with sound business practices. The minute books of the Company contain accurate and complete records of all meetings,
and actions taken by written consent of, the stockholders, the board of directors and any committees of the board of directors
of the Company, and no meeting, or action taken by written consent, of any such stockholders, board of directors or committee has
been held for which minutes have not been prepared and are not contained in such minute books. At the Closing, all of those books
and records will be in the possession of the Company.

 

Section
3.24       Brokers. No broker, finder or investment
banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of the Company, Seller or the
Stockholders.

 

Section
3.25       Full Disclosure. No representation
or warranty by Seller in this Agreement and no statement contained in the Disclosure Schedules to this Agreement or any certificate
or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material
fact, or omits to state a material fact necessary to make the statements contained therein, in light of the circumstances in which
they are made, not misleading.

 

ARTICLE IV

Representations and Warranties of Buyer

 

Buyer represents and
warrants to Seller and Stockholders that the statements contained in this Article IV are true and correct as of the date hereof.

 

Section
4.01       Organization and Authority of Buyer.
Buyer is a corporation duly organized, validly existing and in good standing under the Laws of the state of Nevada. Buyer has full
corporate power and authority to enter into this Agreement and the other Transaction Documents to which Buyer is a party, to carry
out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution
and delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer
of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby and thereby have
been duly authorized by all requisite corporate action on the part of Buyer. This Agreement and each of the Transaction Documents
has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) each such agreement
constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms.

 

    29

     

    

 

Section
4.02       No Conflicts; Consents. The
execution, delivery and performance by Buyer of this Agreement and the other Transaction Documents to which it is a party,
and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a) conflict with or
result in a violation or breach of, or default under, any provision of the certificate of incorporation, by-laws or other
organizational documents of Buyer; (b) conflict with or result in a violation or breach of any provision of any Law or
Governmental Order applicable to Buyer; or (c) require the consent, notice or other action by any Person under any Contract
to which Buyer is a party. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any
Governmental Authority is required by or with respect to Buyer in connection with the execution and delivery of this
Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby,
except for such filings as may be required under the federal and state securities laws.

 

Section
4.03       Investment Purpose. Buyer is acquiring
the Shares solely for its own account for investment purposes and not with a view to, or for offer or sale in connection with,
any distribution thereof. Buyer acknowledges that the Shares are not registered under the Securities Act of 1933, as amended, or
any state securities laws, and that the Shares may not be transferred or sold except pursuant to the registration provisions of
the Securities Act of 1933, as amended or pursuant to an applicable exemption therefrom and subject to state securities laws and
regulations, as applicable.

 

Section
4.04       Legal Proceedings. There are no
Actions pending or, to Buyer’s knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge or seek
to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. No event has occurred, or circumstances
exist that may give rise or serve as a basis for any such Action.

 

Section
4.05       Brokers. No broker, finder or investment
banker is entitled to any brokerage, finder’s or other fee or commission in connection with the transactions contemplated
by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of Buyer.

 

Section
4.06       Full Disclosure. No representation
or warranty by Buyer in this Agreement or any certificate or other document furnished or to be furnished to Seller pursuant to
this Agreement contains any untrue statement of a material fact, or omits to state a material fact necessary to make the statements
contained therein, in light of the circumstances in which they are made, not misleading.

 

Section
4.07       Non-Reliance. Buyer acknowledges
and agrees that: (a) none of the Company, Seller or the Stockholders, nor any of their respective Representatives, has made or
is making any representations or warranties whatsoever, express or implied, regarding the Company, the subject matter of this Agreement
or otherwise, except as expressly set forth in this Agreement or any certificate or other document furnished or to be furnished
to Buyer pursuant to this Agreement; and (b) in making its decision to enter into this Agreement and to consummate the transactions
contemplated hereby, Buyer is not relying and has not relied on any representations or warranties whatsoever, express or implied,
or on any other information or materials provided or made available to Buyer, regarding the Company, the subject matter of this
Agreement or otherwise, except for the representations and warranties expressly set forth in this Agreement or any certificate
or other document furnished or to be furnished to Buyer pursuant to this Agreement.

 

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ARTICLE V

Covenants

 

Section
5.01       Confidentiality. From and after
the Closing, Seller and the Stockholders shall hold in confidence any and all information, whether written or oral, concerning
the Company, except to the extent that Seller and the Stockholders can show that such information (a) is generally available to
and known by the public through no fault of Seller or the Stockholders, any of their Affiliates or their respective Representatives;
or (b) is lawfully acquired by Seller or the Stockholders, any of their Affiliates or their respective Representatives from and
after the Closing from sources which are not prohibited from disclosing such information by a legal, contractual or fiduciary obligation.
If Seller or the Stockholders or any of their Affiliates or their respective Representatives are compelled to disclose any information
by judicial or administrative process or by other requirements of Law, Seller shall promptly notify Buyer in writing and shall
disclose only that portion of such information which Seller is advised by their counsel in writing is legally required to be disclosed,
provided that Seller shall use reasonable best efforts to obtain an appropriate protective order or other reasonable assurance
that confidential treatment will be accorded such information.

 

Section
5.02       Non-competition; Non-solicitation

 

(a)         
For a period equal to the longer of (i) five years following the Closing Date and (ii) one year after the termination of
the applicable Seller’s Employment Agreement (the “Restricted Period”), neither Seller nor either Stockholder
shall, or shall permit any of his Affiliates to, directly or indirectly, (i) engage in or assist others in engaging in the Restricted
Business in the Territory; (ii) have an interest in any Person that engages directly or indirectly in the Restricted Business in
the Territory in any capacity, including as a partner, stockholder, member, employee, principal, agent, trustee or consultant;
or (iii) intentionally interfere in any material respect with the business relationships (whether formed prior to or after the
date of this Agreement) between the Company and customers or suppliers of the Company. Notwithstanding the foregoing, Seller and
the Stockholders may own, directly or indirectly, solely as an investment, securities of any Person traded on any national securities
exchange if Seller or the Stockholders are not controlling Persons of, or members of a group which controls, such Person and if
Seller and the Stockholders do not, directly or indirectly, own 5% or more of any class of securities of such Person.

 

(b)        
During the Restricted Period, neither Seller nor either Stockholder shall, nor shall the Seller or the Stockholders permit
any of his Affiliates to, directly or indirectly, hire or solicit any employee of the Company or encourage any such employee to
leave such employment or hire any such employee who has left such employment, except pursuant to a general solicitation which is
not directed specifically to any such employees; provided, that nothing in this Section 5.02(b) shall prevent Seller, the Stockholders
or any of their Affiliates from hiring (i) any employee whose employment has been terminated by the Company or Buyer or (ii) after
180 days from the date of termination of employment, any employee whose employment has been terminated by the employee.

 

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(c)           During
the Restricted Period, neither the Stockholder nor either Seller shall, nor shall Seller or either Stockholder permit any of
his Affiliates to, directly or indirectly, solicit or entice, or attempt to solicit or entice, any clients or customers of
the Company or potential clients or customers of the Company for purposes of diverting their business or services from
the Company.

 

(d)          
Seller and the Stockholders acknowledge that a breach or threatened breach of this Section 5.02 would give rise to irreparable
harm to Buyer, for which monetary damages would not be an adequate remedy, and they each hereby agree that in the event of a breach
or a threatened breach by Seller or the Stockholders of any such obligations, Buyer shall, in addition to any and all other rights
and remedies that may be available to it in respect of such breach, be entitled to equitable relief, including a temporary restraining
order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction (without
any requirement to post bond).

 

(e)         
Seller and the Stockholders acknowledge that the restrictions contained in this Section 5.02 are reasonable and necessary
to protect the legitimate interests of Buyer and constitute a material inducement to Buyer to enter into this Agreement and consummate
the transactions contemplated by this Agreement. In the event that any covenant contained in this Section 5.02 should ever be adjudicated
to exceed the time, geographic, product or service, or other limitations permitted by applicable Law in any jurisdiction, then
any court is expressly empowered to reform such covenant, and such covenant shall be deemed reformed, in such jurisdiction to the
maximum time, geographic, product or service, or other limitations permitted by applicable Law. The covenants contained in this
Section 5.02 and each provision hereof are severable and distinct covenants and provisions. The invalidity or unenforceability
of any such covenant or provision as written shall not invalidate or render unenforceable the remaining covenants or provisions
hereof, and any such invalidity or unenforceability in any jurisdiction shall not invalidate or render unenforceable such covenant
or provision in any other jurisdiction.

 

(f)          
Nothing in this Section 5.02 shall prohibit Warden Trading Associates Ltd. from owning an equity interest in Elmec Ltd.

 

Section
5.03       Public Announcements. Unless otherwise
required by applicable Law (based upon the reasonable advice of counsel), neither Seller nor either Stockholder shall make any
public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any news
media without the prior written consent of Buyer, and the Parties shall cooperate as to the timing and contents of any such announcement.

 

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Section
5.04       Further Assurances. Following the
Closing, each of the Parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional
documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the
provisions hereof and give effect to the transactions contemplated by this Agreement.

 

Section
5.05       Key Employee Employment Arrangements.
Effective as of the Closing, Buyer will cause the Company to execute the Employment Agreement of each Key Employee, the form of
which is attached hereto as Exhibit B.

 

Section 5.06    Employee Matters.

 

(a)          
The Company shall take all actions necessary and appropriate (including fully vesting participants in their account balances
and funding all employer contributions through the Closing Date) to terminate the Company’s SEP IRA Plan, effective no later
than the day immediately preceding the Closing Date. The form of the resolutions terminating the Company’s SEP IRA Plan shall
be reasonably satisfactory to Buyer, which shall be afforded a reasonable opportunity to review such resolutions.

 

(b)          
Buyer shall offer enrollment commencing January 1, 2020 in Buyer’s welfare plans and tax-qualified retirement plans
(excluding any severance plan, equity incentive plan, defined benefit plan, nonqualified deferred compensation plan, post-retirement
welfare plan, or other legacy-type plans, if applicable) to those employees of the Company who continue employment with the Company
through and after the Closing Date (“Continuing Employees”), in each case on terms and conditions substantially
similar to the terms and conditions applicable to similarly-situated employees of Buyer. For purposes of Buyer’s plans described
in the foregoing sentence, Buyer shall give each Continuing Employee service credit for employment with the Company for purposes
of eligibility, vesting, and, with respect to vacation or paid time-off only, benefit accrual, as if such service had been performed
with Buyer, except to the extent such service crediting would result in a duplication of benefits.

 

(c)         
The provisions of this Section 5.06 are solely for the benefit of the parties to this Agreement, and no current or former
employee of the Company shall be regarded for any purpose as a third-party beneficiary of this Agreement. In no event shall the
terms of this Section 5.06 be deemed to (i) establish, amend or modify any Benefit Plan, (ii) alter or limit the ability of the
Company or Buyer to amend, modify or terminate any Benefit Plan or any other benefit or compensation plan, program, agreement or
arrangement or (iii) confer upon any current or former employee, officer, director or consultant any right to employment or continued
employment or continued service with the Company, Buyer, or any of their respective Affiliates.

 

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ARTICLE VI

Tax Matters

 

Section
6.01       Tax Returns. Buyer shall
prepare and file any Tax Returns of the Company that relate to a Pre-Closing Tax Period (including a Straddle Period) other
than Tax Returns required by Law to be filed by Seller (including, for the avoidance of doubt, Tax Returns reflecting the
Deemed Asset Sale Treatment). If any such Tax Return shall be used by the Buyer as the basis of a request for payment of
Indemnified Taxes by the Seller or Stockholders, then Buyer shall submit such Tax Return to the Seller (together with
schedule, statements and, to the extent requested by the Seller, supporting documentation) as soon as reasonably practicable
before the due date thereof (including extensions). If Seller objects to any item on any such Tax Return, it shall, within
ten days after delivery of such Tax Return, notify Buyer in writing that they so object, specifying with particularity any
such item and stating the specific factual or legal basis for any such objection. If Seller does not provide a written notice
of objection within ten days after delivery of the Pre-Closing Tax Return, it shall be deemed to have accepted Buyer’s
position on such Pre-Closing Tax Return. If a notice of objection shall be duly delivered, Seller and Buyer shall negotiate
in good faith and use their reasonable best efforts to resolve such items. If Buyer and Seller are unable to reach such
agreement within ten days after receipt by Buyer of such notice, the disputed items shall be resolved by the Independent
Accountant and any determination by the Independent Accountant shall be final. The Independent Accountant shall resolve any
disputed items within twenty days of having the item referred to it pursuant to such procedures as it may require. If the
Independent Accountant is unable to resolve any disputed items before the due date for such Tax Return, the Tax Return shall
be filed as prepared by Buyer and then amended to reflect the Independent Accountant’s resolution, if deemed necessary
by the Independent Accountant. One-half of the costs, fees and expenses of the Independent Accountant shall be borne by
Buyer, and the other half of such expenses shall be borne by Seller. The Seller will pay (i) all Indemnified Taxes owed with
respect to any Tax Return of the Company for any taxable period ending on or prior to the Closing Date and any
Straddle Period, and (ii) the out-of-pocket cost of preparing any such Tax Returns (provided, that the Seller will only be
responsible for the cost of preparing any Tax Return in respect of a Straddle Period multiplied by a fraction the numerator
of which is the number of days in the Straddle Period ending on and including the Closing Date and the denominator of which
is the number of days in the entire Straddle Period) in each case no later than five (5) days prior to the due date
thereof.

 

Section
6.02       Termination of Existing Tax Sharing
Agreements. Any and all existing Tax Sharing Agreements (whether written or not) binding upon the Company shall be terminated
as of the Closing Date. After such date none of the Company, Seller, the Stockholders or any of their Affiliates and their respective
Representatives shall have any further rights or liabilities thereunder.

 

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Section
6.03       Straddle Period. In the case of
Taxes that are payable with respect to a taxable period that begins before and ends after the Closing Date (each such period, a
 “Straddle Period”), the portion of any such Taxes that are treated as Indemnified Taxes:

 

(a)          
in the case of Taxes (i) based upon, or related to, income, gross receipts, profits, wages, capital or net worth, or (ii)
imposed in connection with the sale, transfer or assignment of property, deemed equal to the amount which would be payable if the
taxable year ended with the Closing Date; and

 

(b)          
in the case of other Taxes, deemed to be the amount of such Taxes for the entire period multiplied by a fraction the numerator
of which is the number of days in the taxable period ending on the Closing Date and the denominator of which is the number of days
in the entire taxable period.

 

Section
6.04       Allocation of Purchase
Price. Buyer and Seller agree to allocate the Purchase Price and the Liabilities of the Company (plus any other amounts
properly treated as consideration for U.S. federal income Tax purposes) among the assets of the Company and the restrictive
covenants set forth on Schedule 5.02 for all Tax purposes in accordance with Code Section 1060 and an allocation schedule to
be prepared by Buyer within 90 days after the Closing Date (the “Allocation Schedule”). The Allocation
Schedule will be binding upon the Parties. Seller, Buyer and their Affiliates will report and file Tax Returns (including IRS
Form 8594) in all respects and for all purposes consistent with the Allocation Schedule. None of the Seller, Stockholders,
Buyer, or any of their Affiliates will take any position (whether in audits, Tax Returns, or otherwise) that is inconsistent
with the Allocation Schedule unless required to do so by a “determination,” within the meaning of Section 1313(a)
of the Code or similar provision of state, local or foreign Law. If the Allocation Schedule is disputed by any taxing
authority, the Party receiving notice of such dispute shall promptly provide notice to Seller or Buyer, as applicable. The
Parties shall jointly update the Allocation Schedule in a manner consistent with this Section 6.04 in the case of any
adjustment to the Purchase Price hereunder, but acknowledge and agree that any increase in the Purchase Price as a result of
the Earn-Out Payment is allocable entirely to Class VII assets (goodwill and going-concern value).

 

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Section
6.05       Tax Gross-Up. Within 30 days after
the final Allocation Schedule is determined pursuant to Section 6.04 (and to be updated after the computation of the Earn-Out Payment,
as finally computed pursuant to Section 7.01), the Seller shall prepare and deliver to Buyer a calculation (with reasonable supporting
detail and consistent with the Allocation Schedule) of the amount of additional proceeds required to be received by the Seller
to cause the Seller and Stockholders to be in the same after-Tax position they would have been in if the Pre-Closing Restructuring
had not been effectuated, the Stockholders had sold the Shares directly to the Buyer, and the Deemed Asset Sale Treatment had not
applied, as determined on a “with and without” basis (such additional proceeds, an “Excess Tax Payment”
and such calculation, an “Excess Tax Payment Proposal”). If the Buyer does not object to the Excess Tax Payment
Proposal within 30 days, the Buyer shall pay the Excess Tax Payment to the Seller within ten days after the expiration of the 30-day
period. If the Buyer does object to the Excess Tax Payment Proposal, then the Seller and the Buyer shall negotiate in good faith
and shall use their commercially reasonable efforts to agree upon the amount of the Excess Tax Payment to which the Seller is entitled
within 30 days of the Buyer’s objections. In the event such mutual agreement cannot be achieved, the Buyer shall engage the
Independent Accounting Firm to serve as an independent expert to determine the Excess Tax Payment amount (such determination to
be consistent with the Allocation Schedule and otherwise with this Agreement), the costs of which are to be shared equally among
the Buyer, on the one hand, and the Seller, on the other hand. The determination of the Independent Accounting Firm shall be binding
upon the Buyer and the Seller, and the Buyer shall pay the amount of the Excess Tax Payment determined by the Independent Accounting
Firm to the Seller within ten days after the Independent Accounting Firm makes its determination. For the avoidance of doubt, Excess
Tax Payment shall take into account (i) any incremental Taxes borne by the Stockholders as a result of any allocation to the restrictive
covenants set forth on Schedule 5.2 and (ii) any Taxes imposed on the Excess Tax Payment.

 

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Section
6.06       Refunds. If the Buyer or its
Affiliates determines that there has been an overpayment with respect to Taxes of the Company arising in a Pre-Closing Tax
Period (other than as arising from a carryback of any Tax attributes generated in a Post-Closing Tax Period, and other than
any refund related to the “Disputed NY Tax Payment” (as defined in Section 3.08(x)(1) of the Disclosure
Schedule)) that were paid by the Company prior to the Closing Date or are paid by the Seller pursuant to Section 6.01 or by
the Seller or a Stockholder under Section 8.02(d), the Buyer shall promptly pay an amount equal to such overpayment, and the
interest actually received thereon from the applicable Governmental Authority, net of any reasonable, documented,
out-of-pocket costs or expenses (including Taxes) attributable thereto or to the receipt thereof, to the Seller upon actual
receipt by the Company or its Affiliates (or upon actual crediting against Taxes otherwise actually payable by the Company or
its Affiliates), net of any amounts Buyer or its Affiliates (including the Company after the Closing) are actually and
currently owed by the Seller or the Stockholders pursuant to Section 6.01 or Article VIII (including pursuant to limitations
imposed on Section 8.04(e)(ii)). To the extent any amounts paid to the Seller pursuant to this Section 6.06 are required to
be repaid by the Buyer or its Affiliates to a Governmental Authority, the Seller shall repay such amount (together with any
interest payment that had been paid together therewith to Seller), within five (5) days of receiving notice from Buyer.

 

Section
6.07       Contests. Buyer agrees to give
prompt written notice to Seller of the receipt of any written notice by the Company, Buyer or any of Buyer’s Affiliates which
involves the assertion of any claim, or the commencement of any Action relating to Taxes or a Tax Return of the Company, in respect
of which an indemnity may be sought by Buyer pursuant to Article VIII (a “Tax Claim”); provided, that any delay
by Buyer in notifying Seller of a Tax Claim pursuant to this provision shall not affect Buyer’s right to indemnification
hereunder, except to the extent that Seller is actually and materially prejudiced as a result of such delay. Buyer shall control
the contest or resolution of any Tax Claim; provided, however, that Buyer shall obtain the prior written consent of Seller (which
consent shall not be unreasonably withheld or delayed) before entering into any settlement of a Tax Claim; and, provided further,
that Seller shall be entitled to participate in the defense of such claim and to employ counsel of their choice for such purpose,
the fees and expenses of which separate counsel shall be borne solely by Seller.

 

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Section
6.08       Cooperation and Exchange of Information.
Seller, the Stockholders and Buyer shall provide each other with such cooperation and information as either of them reasonably
may request of the other in preparing or filing any Tax Return pursuant to this Article VI or in connection with any audit or other
proceeding in respect of Taxes of the Company. Such cooperation and information shall include providing copies of relevant Tax
Returns or portions thereof, together with accompanying schedules, related work papers and documents relating to rulings or other
determinations by tax authorities. Each of Seller, the Stockholders and Buyer shall retain all Tax Returns, schedules and work
papers, records and other documents in its possession relating to Tax matters of the Company for any taxable period beginning before
the Closing Date until the expiration of the statute of limitations of the taxable periods to which such Tax Returns and other
documents relate, without regard to extensions except to the extent notified by the other party in writing of such extensions for
the respective Tax periods. The Party requesting assistance pursuant to this Section 6.08 shall promptly, upon receiving written
request, reimburse the other Party for all reasonable, documented, out-of-pocket costs associated therewith.

 

Section
6.09       Transfer Taxes. All transfer, documentary,
sales, use, stamp, registration, value added and other similar such Taxes and fees (including any penalties and interest) incurred
in connection with this Agreement (including any real property transfer Tax and any other similar Tax) shall be borne and paid
by fifty percent by Buyer and fifty percent by Seller when due. The Party obligated under applicable Law shall, at its own expense,
timely file any Tax Return or other document with respect to such Taxes or fees (and the other Parties shall cooperate with respect
thereto as necessary).

 

Section
6.10       Certain Reporting Matters.
The Buyer and its Affiliates (including, after the Closing, the Company) agree that any income Tax deductions arising from
costs or expenses that are paid by the Company on or prior to the Closing Date (or are otherwise economically borne by the
Seller or the Stockholders as a result of being paid by the Seller or a Stockholder under Article VIII), will be reported on
Tax Returns of the Seller to the extent permitted under applicable Law.

 

Section
6.11       Overlap. To the extent that any
obligation or responsibility pursuant to Section 8.05 may conflict with an obligation or responsibility pursuant to Section 6.07
with respect to a Tax Claim, the provisions of this Section 6.07 shall govern.

 

Section
6.12       Adjustments for Tax Purposes. Any
payments made pursuant to Section 6.01, Section 6.05, Section 6.06, or Article VII shall be treated as an adjustment to the Purchase
Price by the parties for Tax purposes, unless otherwise required by applicable Law.

 

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ARTICLE VII

Earn-Out Payment

 

Section
7.01       Earn-Out.

 

(a)           
Earn-Out Payment. As additional consideration for the Shares, as and when required pursuant to Section 7.01(c), Buyer
shall pay to Seller the following payment, if and to the extent earned (the “Earn-Out Payment”), calculated
as follows:

 

(i)                
If the Company’s Adjusted EBITDA for the Earn-Out Period is less than or equal to $3,100,000, the Earn-Out Payment
shall be $0.00;

 

(ii)             
If the Company’s Adjusted EBITDA for the Earn-Out Period is greater than $3,100,000 but is equal to or less than $5,100,000,
the Earn-Out Payment will be the amount by which the Company’s Adjusted EBITDA exceeds $3,100,000, multiplied by 0.7;

 

(iii)           
If the Company’s Adjusted EBITDA for the Earn-Out Period is greater than $5,100,000 but is equal to or less than $7,100,000,
the Earn-Out Payment will be (x) $1,400,000 (representing the maximum amount payable pursuant to Section 7.01(a)(ii) in respect
of an Adjusted EBITDA of $5,100,000 for the Earn-Out Period), plus (y) the amount by which the Company’s Adjusted
EBITDA exceeds $5,100,000, multiplied by 0.5. In no event shall the Earn-Out Payment exceed $2,400,000. No Earn-Out Payment
shall be payable with respect to the Company’s Adjusted EBITDA for amounts in excess of $7,100,000.

 

(b)           
Procedures Applicable to Determination of the Earn-Out Payment.

 

(i)                
On or before the date that is 90 days after the last day of the Earn-Out Period (the “Earn-Out Calculation Delivery
Date”), Buyer shall prepare and deliver to Seller a written statement (the “Earn-Out Calculation Statement”)
setting forth in reasonable detail its determination of Adjusted EBITDA for the Earn-Out Period and its calculation of the resulting
Earn-Out Payment (the “Earn-Out Calculation”), and enclosing or attaching copies of all documents, records and
work papers used or created in connection with preparation of the Earn-Out Calculation Statement and the Earn-Out Calculation set
forth thereon.

 

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(ii)             
Seller shall have 30 days after receipt of the Earn-Out Calculation Statement (the “Earn-Out Review Period”)
to review the Earn-Out Calculation Statement and the Earn-Out Calculation set forth therein. During the Earn-Out Review Period,
Seller and its accountants shall have the right to inspect the books and records of the Company, the Buyer, their respective Affiliates,
in each case during normal business hours at the Company's, the Buyer’s, or such Affiliate’s offices, upon reasonable
prior notice and solely for purposes reasonably related to the determinations of Adjusted EBITDA and the resulting Earn-Out Payment.
Prior to the expiration of the Earn-Out Review Period, Seller may object to the Earn-Out Calculation set forth in the Earn-Out
Calculation Statement by delivering a written notice of objection (an “Earn-Out Calculation Objection Notice”)
to Buyer. Any Earn-Out Calculation Objection Notice shall specify the items in the applicable Earn-Out Calculation disputed by
Seller and shall describe in reasonable detail the basis for such objection, as well as the amount in dispute. If Seller fails
to deliver an Earn-Out Calculation Objection Notice to Buyer prior to the expiration of the Earn-Out Review Period, then the Earn-Out
Calculation set forth in the Earn-Out Calculation Statement shall be final and binding on the Parties hereto. If Seller timely
delivers an Earn-Out Calculation Objection Notice, Buyer and Seller shall negotiate in good faith to resolve the disputed items
and agree upon the resulting amount of the Adjusted EBITDA and the Earn-Out Payment. If Buyer and Seller are unable to reach agreement
within 15 days after such an Earn-Out Calculation Objection Notice has been given, all unresolved disputed items shall be promptly
referred to the Independent Accountant. The Independent Accountant shall be directed to render a written report on the unresolved
disputed items with respect to the applicable Earn-Out Calculation as promptly as practicable, but in no event greater than 30
days after such submission to the Independent Accountant, and to resolve only those unresolved disputed items set forth in the
Earn-Out Calculation Objection Notice. If unresolved disputed items are submitted to the Independent Accountant, Buyer and Seller
shall each furnish to the Independent Accountant such work papers, schedules and other documents and information relating to the
unresolved disputed items as the Independent Accountant may reasonably request. The Independent Accountant shall resolve the disputed
items based solely on the applicable definitions and other terms in this Agreement and the presentations by Buyer and Seller, and
not by independent review. The resolution of the dispute and the calculation of Adjusted EBITDA that is the subject of the Earn-Out
Calculation Objection Notice by the Independent Accountant shall be final and binding on the Parties hereto. The fees and expenses
of the Independent Accountant shall be borne by Buyer.

 

(c)              
Timing of Payment of Earn-Out Payment. Subject to Section 7.01(e), any Earn-Out Payment that Buyer is required to
pay pursuant to Section 7.01(a) hereof shall be paid in full no later than ten calendar days following the date upon which the
determination of Adjusted EBITDA for the Earn-Out Period becomes final and binding upon the Parties as provided in Section 7.01(b)(ii)
(including any final resolution of any dispute raised by Seller in an Earn-Out Calculation Objection Notice). Buyer shall pay to
Seller the applicable Earn-Out Payment in cash by wire transfer of immediately available funds to the Account.

 

(d)               Post-closing
Operation of the Company. Subject to the terms of this Agreement, subsequent to the Closing, Buyer shall have sole
discretion with regard to all matters relating to the operation of the Company; provided, that Buyer shall not,
directly or indirectly, take any actions in bad faith or that would have the purpose of avoiding or reducing any Earn-Out
Payment hereunder. Notwithstanding the foregoing, Buyer has no obligation to achieve any Earn-Out Payment or to maximize the
amount of any Earn-Out Payment.

 

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(e)             Right
of Set-off. Buyer shall have the right to withhold and set off against any amount otherwise due to be paid pursuant to this
Section 7.01 the amount of any (i) Taxes actually and currently owed pursuant to Section 6.01 and (ii) Losses to which any Buyer
Indemnified Party may be entitled under Article VIII of this Agreement.

 

(f)             
No Security. The Parties hereto understand and agree that (i) the contingent rights to receive any Earn-Out Payment
shall not be represented by any form of certificate or other instrument, are not transferable, except by operation of Laws relating
to descent and distribution, divorce and community property, and do not constitute an equity or ownership interest in Buyer or
the Company, (ii) Seller shall not have any rights as security holders of Buyer or the Company as a result of Seller’s contingent
right to receive any Earn-Out Payment hereunder, and (iii) no interest is payable with respect to any Earn-Out Payment.

 

ARTICLE VIII

Indemnification

 

Section
8.01       Survival. Subject to the limitations
and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall
remain in full force and effect until the date that is eighteen (18) months from the Closing Date; provided, that the representations
and warranties in Section 3.01, Section 3.03, Section 3.19, Section 3.20, Section 3.22 and Section 4.01 shall survive for the full
period of the statutes of limitations applicable to the subject matter thereof (giving effect to any waiver, mitigation or extension
thereof) plus 60 days; and provided further, that the representations and warranties contained Section 3.12 shall survive the Closing
and shall remain in full force and effect until the date that is twenty four (24) months from the Closing Date. All covenants and
agreements of the Parties contained herein shall survive the Closing indefinitely or for the period explicitly specified therein.
Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time)
and in writing by notice from the non-breaching party to the breaching party prior to the expiration date of the applicable survival
period shall not thereafter be barred by the expiration of the relevant representation or warranty and such claims shall survive
until finally resolved.

 

Section
8.02       Indemnification by Seller and the Stockholders.
Subject to the other terms and conditions of this Article VIII, Seller and the Stockholders shall indemnify and defend each of
Buyer and its Affiliates (including the Company) and their respective Representatives (collectively, the “Buyer Indemnitees”)
against, and shall hold each of them harmless from and against, and shall pay and reimburse each of them for, any and all Losses
incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)              any
inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement or in
any certificate or instrument delivered by or on behalf of Seller pursuant to this Agreement (without duplication for Losses
described in Section 8.02(d), and other than in respect to Section 3.12, it being understood that the sole remedy for any
such inaccuracy in or breach thereof shall be pursuant to Section 8.02(c)), as of the date such representation or warranty
was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and
warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference
to such specified date); or

 

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(b)            any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller or the Stockholders pursuant
to this Agreement (other than any breach or violation of, or failure to fully perform, any covenant, agreement, undertaking or
obligation in Article VI, it being understood that the sole remedy for any such breach, violation or failure shall be pursuant
to Article VI);

 

(c)            
(x) any inaccuracy in or breach of any of the representations or warranties of Seller contained in Section 3.12 of this
Agreement (as modified by any section of the Disclosure Schedule relating thereto), as of the date such representation or warranty
was made or as if such representation or warranty was made on and as of the Closing Date (except for representations and warranties
that expressly relate to a specified date, the inaccuracy in or breach of which will be determined with reference to such specified
date), and (y) the determination by a court of competent jurisdiction, that the Company has infringed, misappropriated or otherwise
violated or made unauthorized use of or violated any terms of use of any Intellectual Property of any other Person, or engaged
in unfair competition in the course of operating its business, or that any product designed, produced, developed, marketed, tested,
sold, licensed, built, operated, provided, distributed, or otherwise disposed of by the Company, or any method or process used
in the manufacturing or provision of any such product infringes, violates, or makes unlawful or unauthorized use of or violates
any terms of use of any Intellectual Property of, or contains any Intellectual Property misappropriated from, any other Person
((x) and (y) are herein collectively referred to as “IP Losses”); provided, however, that the Buyer Indemnitees
shall not be indemnified for any IP Losses that are incurred or sustained by, or imposed upon, the Buyer Indemnitees based upon,
arising out of, with respect to or by reason of (i) any Action threatened by any Buyer Indemnitee, (ii) any Action brought by any
Buyer Indemnitee, and/or (iii) the settlement, by contract or otherwise, of any Action that has been threatened by any Buyer Indemnitee
or any other Person but that has not yet been brought; and provided, further, that the Buyer Indemnitees shall not be indemnified
for any IP Losses that are incurred or sustained by, or imposed upon, the Buyer Indemnitees at any time after the occurrence of
any event or circumstance described in the above clauses (i) through (iii) of this Section 8.02(c); or

 

(d)             
any Indemnified Taxes.

 

Section
8.03       Indemnification by Buyer. Subject
to the other terms and conditions of this Article VIII, Buyer shall indemnify and defend each of the Seller, the Stockholders and
their respective Affiliates (collectively, the “Seller Indemnitees”) against, and shall hold each of them harmless
from and against, and shall pay and reimburse each of them for, any and all Losses incurred or sustained by, or imposed upon, Seller
Indemnitees based upon, arising out of, with respect to or by reason of:

 

(a)             any
inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement or in any
certificate or instrument delivered by or on behalf of Buyer pursuant to this Agreement, as of the date such representation
or warranty was made or as if such representation or warranty was made on and as of the Closing Date (except for
representations and warranties that expressly relate to a specified date, the inaccuracy in or breach of which will be
determined with reference to such specified date); or

 

    42

     

    

 

(b)            any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement
(other than Article VI, it being understood that the sole remedy for any such breach thereof shall be pursuant to Article VI).

 

Section
8.04       Certain Limitations. The indemnification
provided for in Section 8.02 and Section 8.03 shall be subject to the following limitations:

 

(a)            
Seller and the Stockholders shall not be liable to the Buyer Indemnitees for indemnification under Section 8.02(a) until
the aggregate amount of all Losses in respect of indemnification under Section 8.02(a) exceeds $30,000 (the “Basket”),
in which event Seller and the Stockholders shall be required to pay or be liable for all such Losses from the first dollar. The
aggregate amount of all Losses for which Seller and the Stockholders shall be liable pursuant to Section 8.02(a) shall not exceed
$600,000 (the “Cap”).

 

(b)            The aggregate amount of all Losses for which Seller and the Stockholders shall be liable pursuant to Section 8.02(c) shall
not exceed $600,000 (the “IP Cap”). This amount is separate and in addition to amount of Seller’s and
the Stockholders’ indemnification obligation under Section 8.02(a). If an indemnification claim by a Buyer Indemnitee could
relate to either Section 8.02(a) or 8.02(c), it shall be deemed to be made under both Section 8.02(a) or 8.02(c), and Buyer
shall have the right to determine during or at the conclusion of the resolution of the indemnification claim which Section it shall
be deemed to have been indemnified under.

 

(c)            No claims for indemnification under Section 8.02(c) may be made after the second annual anniversary of the Closing
Date. Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such
time) and in writing by notice from a Buyer Indemnified Party to Seller prior to the second annual anniversary of the Closing Date
shall survive until finally resolved.

 

(d)           
Buyer shall not be liable to Seller Indemnitees for indemnification under Section 8.03(a) until the aggregate amount
of all Losses in respect of indemnification under Section 8.03(a) exceeds the Basket, in which event Buyer shall be required to
pay or be liable for all such Losses from the first dollar. The aggregate amount of all Losses for which Buyer shall be liable
pursuant to Section 8.03(a) shall not exceed the Cap.

 

(e)            Notwithstanding the foregoing, (i) the limitations set forth in Section 8.04(a) and Section 8.04(d) shall not apply to Losses
based upon, arising out of, with respect to or by reason of any inaccuracy in or breach of any representation or warranty in Section
3.01, Section 3.03, Section 3.19, Section 3.22 and Section 4.01, and (ii) the maximum amount the Seller and the Stockholders shall
be required to pay under Section 8.02 shall be such amount of the Purchase Price as has been actually paid to Seller by Buyer.

 

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Section 8.05      
Indemnification Procedures. The party making a claim under this Article VIII is referred to as the “Indemnified
Party”, and the party against whom such claims are asserted under this Article VIII is referred to as the “Indemnifying
Party”.

 

(a)             Third
Party Claims. If any Indemnified Party receives notice of the assertion or commencement of any Action made or brought by
any Person who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the
foregoing (a “Third Party Claim”) against such Indemnified Party with respect to which the Indemnifying
Party is obligated to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party
reasonably prompt written notice thereof, but in any event not later than 30 calendar days after receipt of such notice of
such Third Party Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of
its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses or is
otherwise actually prejudiced by reason of such failure. Such notice by the Indemnified Party shall describe the Third Party
Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated
amount, if reasonably practicable, of the Loss that has been or may be sustained by the Indemnified Party. The Indemnifying
Party shall have the right to participate in, or by giving written notice to the Indemnified Party, to assume the defense of
any Third Party Claim at the Indemnifying Party’s expense and by the Indemnifying Party’s own counsel, and the
Indemnified Party shall cooperate in good faith in such defense; provided, that if the Indemnifying Party is
Seller or the Stockholders, such Indemnifying Party shall not have the right to defend or direct the defense of any such
Third Party Claim (x) that seeks an injunction or other equitable relief against the Indemnified Party; or (y) with respect
to an Third Party Claim made against a Buyer Indemnified Party, seeks an amount of damages that is either in excess of
Seller’s and the Stockholders’ maximum indemnification obligation for such Third Party Claim or seeks an
unspecified sum of damages that reasonably could exceed or Seller’s and the Stockholders’ maximum
indemnification obligation for such Third Party Claim. In the event that the Indemnifying Party assumes the defense of any
Third Party Claim, subject to Section 8.05(b), it shall have the right to take such action as it deems necessary to avoid,
dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the
Indemnified Party. The Indemnified Party shall have the right to participate in the defense of any Third Party Claim with
counsel selected by it subject to the Indemnifying Party’s right to control the defense thereof. The fees and
disbursements of such counsel shall be at the expense of the Indemnified Party; provided, that if in the
reasonable opinion of counsel to the Indemnified Party, (A) there are legal defenses available to an Indemnified Party that
are different from or additional to those available to the Indemnifying Party; or (B) there exists a conflict of interest
between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for
the reasonable fees and expenses of counsel to the Indemnified Party. If the Indemnifying Party elects not to compromise or
defend such Third Party Claim, fails to promptly notify the Indemnified Party in writing of its election to defend as
provided in this Agreement, or fails to diligently prosecute the defense of such Third Party Claim, the Indemnified Party
may, subject to Section 8.05(b), pay, compromise, or defend such Third Party Claim and seek indemnification for any and all
Losses based upon, arising from or relating to such Third Party Claim. Seller, the Stockholders and Buyer shall cooperate
with each other in all reasonable respects in connection with the defense of any Third Party Claim, including
making available (subject to the provisions of Section 5.01) records relating to such Third Party Claim and furnishing,
without expense (other than reimbursement of actual out-of-pocket expenses) to the defending party, management employees of
the non-defending party as may be reasonably necessary for the preparation of the defense of such Third Party Claim.

 

    44

     

    

 

(b)            
Settlement of Third Party Claims. Notwithstanding any other provision of this Agreement, the Indemnifying Party shall
not enter into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided
in this Section 8.05(b). If a firm offer is made to settle a Third Party Claim without leading to the creation of a non-financial
obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified
Party from all liabilities and obligations in connection with such Third Party Claim and the Indemnifying Party desires to accept
and agree to such offer, the Indemnifying Party shall give written notice to that effect to the Indemnified Party. If the Indemnified
Party fails to consent to such firm offer within ten days after its receipt of such notice, the Indemnified Party may continue
to contest or defend such Third Party Claim and in such event, the maximum liability of the Indemnifying Party as to such Third
Party Claim shall not exceed the amount of such settlement offer. If the Indemnified Party fails to consent to such firm offer
and also fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms
set forth in such firm offer to settle such Third Party Claim. If the Indemnified Party has assumed the defense pursuant to Section
8.05(a), it shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be
unreasonably withheld or delayed).

 

(c)            
Direct Claims. Any Action by an Indemnified Party on account of a Loss which does not result from a Third Party Claim
(a “Direct Claim”) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt
written notice thereof, but in any event not later than 30 days after the Indemnified Party becomes aware of such Direct Claim.
The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations,
except and only to the extent that the Indemnifying Party forfeits rights or defenses or is otherwise actually prejudiced by reason
of such failure. Such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, shall include copies
of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the Loss that has
been or may be sustained by the Indemnified Party. The Indemnifying Party shall have 30 days after its receipt of such notice to
respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors
to investigate the matter or circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is
payable in respect of the Direct Claim and the Indemnified Party shall assist the Indemnifying Party’s investigation by giving
such information and assistance (including access to the Company’s premises and personnel and the right to examine and copy
any accounts, documents or records) as the Indemnifying Party or any of its professional advisors may reasonably request. If the
Indemnifying Party does not so respond within such 30 day period, the Indemnifying Party shall be deemed to have rejected such
claim, in which case the Indemnified Party shall be free to pursue such remedies as may be available to the Indemnified Party on
the terms and subject to the provisions of this Agreement.

 

Section
8.06       Payments. Once a Loss is
agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this Article VIII, the Indemnifying
Party shall satisfy its obligations within 30 Business Days of such final, non-appealable adjudication by wire transfer of
immediately available funds (provided that any obligations owing to Buyer shall be satisfied first by making Buyer a claim
against the Escrow Amount pursuant to the terms of the Escrow Agreement, and thereafter by offsetting against the amounts, if
any then due and owing to Seller pursuant to Article VII). The Parties hereto agree that should an Indemnifying Party not
make full payment of any such obligations within such 30 Business Day period, any amount payable shall accrue interest from
and including the date of agreement of the Indemnifying Party or final, non-appealable adjudication to include the date such
payment has been made at a rate per annum equal to 5%. Such interest shall be calculated daily on the basis of a 365-day year
and the actual number of days elapsed.

 

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Section
8.07       Tax Treatment of Indemnification Payments.
All indemnification payments made under this Agreement shall be treated by the Parties as an adjustment to the Purchase Price for
Tax purposes, unless otherwise required by applicable Law.

 

Section
8.08       Insurance. Payments by an Indemnifying
Party in respect of any Losses pursuant to this Article VIII shall be limited to the amount of Losses that remain after deducting
therefrom any insurance proceeds and any indemnity, contribution or other similar payments actually received by the Indemnified
Party in respect of any such claim, in each case less any related costs and expenses, including the aggregate cost of pursuing
any related insurance claims and any related increases in insurance premiums or other chargebacks.

 

Section
8.09       Effect of Investigation. The representations,
warranties and covenants of the Indemnifying Party, and the Indemnified Party’s right to indemnification with respect thereto,
shall not be affected or deemed waived by reason of any investigation made by or on behalf of the Indemnified Party (including
by any of its Representatives) or by reason of the fact that the Indemnified Party or any of its Representatives knew or should
have known that any such representation or warranty is, was or might be inaccurate.

 

Section
8.10       Exclusive Remedies. Subject to
Section 5.02 and Section 9.11, the Parties acknowledge and agree that their sole and exclusive remedy with respect to any and all
claims (other than claims arising from fraud, criminal activity or willful misconduct on the part of a party hereto in connection
with the transactions contemplated by this Agreement) for any breach of any representation, warranty, covenant, agreement or obligation
set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions
set forth in Article VI and this Article VIII. In furtherance of the foregoing, each party hereby waives, to the fullest extent
permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant,
agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement it may have against the
other Parties hereto and their Affiliates and each of their respective Representatives arising under or based upon any Law, except
pursuant to the indemnification provisions set forth in Article VI and this Article VIII. Nothing in this Section 8.09 shall limit
any Person’s right to seek and obtain any equitable relief to which any Person shall be entitled or to seek any remedy on
account of any party’s criminal or intentional fraud or misconduct.

 

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ARTICLE IX

Miscellaneous

 

Section
9.01       Expenses. Except as otherwise expressly
provided herein, all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and
accountants, incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring
such costs and expenses, whether or not the Closing shall have occurred.

 

Section
9.02       Notices. All notices, requests,
consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given
(a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission)
if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient or (d) on the third day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.
Such communications must be sent to the respective Parties at the following addresses (or at such other address for a party as
shall be specified in a notice given in accordance with this Section 9.02):

 

	If to Seller or the Stockholders:	
        David Therrien

        212 Delano Drive

        North Kingstown, RI 02852

        908-963-1831

        Therrien15@gmail.com

         

        and

         

        Richard De Felice

        130 Pickle Road

        Califon, NJ   07830

        908-672-2725

         

	 	 
	with a copy to:	
        Howell
        Legal Inc.

        19
        Bassett Street, Suite 220

        Providence,
        RI 02903

        Attn:
        Theodore Howell

        Email:
        ted@howell-legal.com

        Phone:
        (401) 868-0316

         

 

	If to Buyer:	
        RF Industries, Ltd.

        7610 Miramar Road,

        Building 6000

        San Diego, CA 92126

        Attention: Rob Dawson

        Facsimile: (858) 549-6345

        E-mail: rdawson@rfindustries.com

        Attention: Chief Executive Officer

	 	 
	with a copy to:	
        TroyGould PC

        1801 Century Park East, Suite 1600

        Los Angeles CA 90067

        Facsimile:(310) 201-4746

        E-mail:ibenko@troygould.com

        Attention:Istvan Benko

 

    47

     

    

 

Section
9.03       Interpretation. For purposes
of this Agreement, (a) the words “include,” “includes” and “including” shall be deemed to be
followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words “herein,”
 “hereof,” “hereby,” “hereto” and “hereunder” refer to this Agreement as a whole.
Unless the context otherwise requires, references herein: (x) to Articles, Sections, Disclosure Schedules and Exhibits mean the
Articles and Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y) to an agreement, instrument or
other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the
extent permitted by the provisions thereof and (z) to a statute means such statute as amended from time to time and includes any
successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any
presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument
to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an integral part of, this
Agreement to the same extent as if they were set forth verbatim herein.

 

Section
9.04       Headings. The headings in
this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 

Section
9.05       Severability. If any term
or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability
shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in
any other jurisdiction. Except as provided in Section 5.02(e), upon such determination that any term or other provision is invalid,
illegal or unenforceable, the Parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the Parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby
be consummated as originally contemplated to the greatest extent possible.

 

Section
9.06       Entire Agreement. This Agreement
and the other Transaction Documents constitute the sole and entire agreement of the Parties to this Agreement with respect to the
subject matter contained herein and therein, and supersede all prior and contemporaneous understandings and agreements, both written
and oral, with respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement
and those in the other Transaction Documents, the Exhibits and Disclosure Schedules (other than an exception expressly set forth
as such in the Disclosure Schedules), the statements in the body of this Agreement will control.

 

    48

     

    

 

Section 9.07      
Successors and Assigns. This Agreement shall be binding upon and shall inure to
the benefit of the Parties hereto and their respective successors and permitted assigns. Neither party may assign its rights or
obligations hereunder without the prior written consent of the other party, which consent shall not be unreasonably withheld or
delayed.

 

Section
9.08       No Third-party Beneficiaries. Except
as provided in Article VIII, this Agreement is for the sole benefit of the Parties hereto and their respective successors
and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any
legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section
9.09       Amendment and Modification; Waiver.
This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver
by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party
so waiving. No waiver by any party shall operate or be construed as a waiver in respect of any failure, breach or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver.
No failure to exercise, or delay in exercising, any right, remedy, power or privilege arising from this Agreement shall operate
or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder
preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege.

 

Section
9.10       Governing Law; Submission to Jurisdiction;
Waiver of Jury Trial.

 

(a)            
This Agreement shall be governed by and construed in accordance with the internal laws of the State of California applicable
to Parties residing in California, without regard to applicable principles of conflicts of law. Each of the Parties hereto irrevocably
consents to the exclusive jurisdiction of any court located within the City of San Diego, California, in connection with any matter
based upon or arising out of this Agreement or the matters contemplated hereby and covenants not to assert or plead any objection
which it might otherwise have to such jurisdiction and such process. Any process in any action or proceeding commenced in such
courts may be served upon the applicable Parties by mailing the same by certified mail, return receipt requested, to the party
at his or its address set forth in Section 9.02. Any such service shall be deemed to have the same force and effect as personal
service within the State of California.

 

(b)            
Each Party acknowledges and agrees that any controversy which may arise under this Agreement or the other transaction documents
is likely to involve complicated and difficult issues and, therefore, each such Party irrevocably and unconditionally waives any
right it may have to a trial by jury in respect of any legal action arising out of or relating to this Agreement, the other transaction
documents or the transactions contemplated hereby or thereby. Each Party to this Agreement certifies and acknowledges that (a)
no representative of any other Party has represented, expressly or otherwise, that such other Party would not seek to enforce the
foregoing waiver in the event of a legal action, (b) such Party has considered the implications of this waiver, (c) such Party
makes this waiver voluntarily, and (d) such Party has been induced to enter into this Agreement by, among other things, the mutual
waivers and certifications in this Section 9.10(b).

 

    49

     

    

 

Section 9.11      
Specific Performance. The Parties agree that irreparable damage would occur if
any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled
to specific performance of the terms hereof, in addition to any other remedy to which they are entitled at law or in equity.

 

Section
9.12       Counterparts. This Agreement
may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one
and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or other means of electronic transmission
shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    50

     

    

 

IN WITNESS WHEREOF, the Parties hereto have
caused this Agreement to be executed as of the date first written above by their respective officers thereunto duly authorized.

 

	 	/s/ Richard De Felice
	 	Richard De Felice
	 	 
	 	/s/ David Therrien
	 	David Therrien
	 	 
	 	RF INDUSTRIES, LTD.
	 	
	 	By:	/s/ Robert Dawson
	 	 	Name:	Robert Dawson
	 	 	Title:	Chief Executive Officer
	 	 
	 	DRC Technologies, Inc.
	 	 
	 	By:	/s/ David Therrien
	 	 	Name:	David Therrien
	 	 	Title:	President

 

[SIGNATURE PAGE TO STOCK PURCHASE AGREEMENT]Exhibit 4.1

 

CAMELOT FINANCE S.A.

as Issuer

 

and the Guarantors from time to time party
hereto

 

4.50% Senior Secured Notes due 2026

 

 

 

INDENTURE

 

Dated as of October 31, 2019

 

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

as Trustee and as Collateral Agent

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	
	 	Page
	 	 
	ARTICLE 1

                                                

                                               DEFINITIONS AND RULES OF CONSTRUCTION

	 	 
	SECTION 1.01.      Definitions	1
	SECTION 1.02.      Other Definitions	46
	SECTION 1.03.      Certain Interpretative Provisions	48
	SECTION 1.04.      Rules of Construction	49
	SECTION 1.05.      Limited Condition Transactions and Other Compliance Measurements	51
	 	 
	ARTICLE 2

                                                

                                               THE SECURITIES

	 
	SECTION 2.01.      Amount of Securities; Issuable in Series	52
	SECTION 2.02.      Form and Dating	54
	SECTION 2.03.      Execution and Authentication	54
	SECTION 2.04.      Registrar and Paying Agent	55
	SECTION 2.05.      Paying Agent to Hold Money	55
	SECTION 2.06.      Holder Lists	56
	SECTION 2.07.      Transfer and Exchange	56
	SECTION 2.08.      Replacement Securities	57
	SECTION 2.09.      Outstanding Securities	57
	SECTION 2.10.      Temporary Securities	57
	SECTION 2.11.      Cancellation	58
	SECTION 2.12.      Defaulted Interest	58
	SECTION 2.13.      CUSIP Numbers and ISINs	58
	SECTION 2.14.      Calculation of Specified Percentage of Securities	58
	SECTION 2.15.      Deposit of Moneys	58
	SECTION 2.16.      Additional Amounts	58
	 	 
	ARTICLE 3

                                                

                                               REDEMPTION

	 
	SECTION 3.01.      Optional Redemption	61
	SECTION 3.02.      Applicability of Article	61
	SECTION 3.03.      Notices to Trustee	61
	SECTION 3.04.      Selection of Securities to Be Redeemed	62
	SECTION 3.05.      Notice of Optional Redemption	62
	SECTION 3.06.      Effect of Notice of Redemption	63
	SECTION 3.07.      Deposit of Redemption Price	63
	SECTION 3.08.      Securities Redeemed in Part	63

 

    -ii-

     

    

 

	SECTION 3.09.      Offer to Purchase by Application of Excess Proceeds or Collateral Excess Proceeds	64
	SECTION 3.10.      Optional Redemption for Tax Reasons	66

 

 

	ARTICLE 4

                                                

                                               COVENANTS

	 
	SECTION 4.01.      Payment of Securities	67
	SECTION 4.02.      Reports and Other Information	67
	SECTION 4.03.      Limitation on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock	70
	SECTION 4.04.      Limitation on Restricted Payments	77
	SECTION 4.05.      Dividend and Other Payment Restrictions Affecting Subsidiaries	84
	SECTION 4.06.      Asset Sales	86
	SECTION 4.07.      Transactions with Affiliates	90
	SECTION 4.08.      Change of Control	93
	SECTION 4.09.      Compliance Certificate	95
	SECTION 4.10.      Future Guarantors	95
	SECTION 4.11.      Liens	95
	SECTION 4.12.      Maintenance of Office or Agency	96
	SECTION 4.13.      Suspension of Covenants	96
	SECTION 4.14.      Limitation on Holdings Activities	97
	SECTION 4.15.      Limitation on Issuer Activities	98
	SECTION 4.16.      Limitation on UK Holdco Activities	99
	SECTION 4.17.      After-Acquired Property	99
	SECTION 4.18.      No Impairment of the Security Interests	101
	 	 
	ARTICLE 5

                                                

                                               SUCCESSOR COMPANY

	 
	SECTION 5.01.       Merger, Consolidation or Sale of All or Substantially All Assets	101
	 	 
	ARTICLE 6

                                                

                                               DEFAULTS AND REMEDIES

	 
	SECTION 6.01.      Events of Default	106
	SECTION 6.02.      Acceleration	109
	SECTION 6.03.      Other Remedies	110
	SECTION 6.04.      Waiver of Past Defaults	110
	SECTION 6.05.      Control by Majority	110
	SECTION 6.06.      Limitation on Suits	110
	SECTION 6.07.      Rights of the Holders to Receive Payment	111
	SECTION 6.08.      Collection Suit by Trustee	111

 

    

     

    

 

	SECTION 6.09.      Trustee May File Proofs of Claim	111
	SECTION 6.10.      Priorities	112
	SECTION 6.11.      Undertaking for Costs	112
	SECTION 6.12.      Waiver of Stay or Extension Laws	112
	SECTION 6.13.      Restoration of Rights and Remedies	112
	SECTION 6.14.      Rights and Remedies Cumulative	113
	SECTION 6.15.      Delay or Omission Not Waiver	113
	 	 
	ARTICLE 7

                                                

                                               TRUSTEE

	 
	SECTION 7.01.      Duties of Trustee	113
	SECTION 7.02.      Rights of Trustee	114
	SECTION 7.03.      Individual Rights of Trustee	116
	SECTION 7.04.      Trustee’s Disclaimer	116
	SECTION 7.05.      Notice of Defaults	117
	SECTION 7.06.      Compensation and Indemnity	117
	SECTION 7.07.      Replacement of Trustee	118
	SECTION 7.08.      Successor Trustee by Merger	118
	SECTION 7.09.      Eligibility; Disqualification	119
	SECTION 7.10.      Resignation of Agents	119
	 	 
	ARTICLE 8

                                                

                                               DISCHARGE OF INDENTURE; DEFEASANCE

	 
	SECTION 8.01.      Discharge of Liability on Securities; Defeasance	119
	SECTION 8.02.      Conditions to Defeasance	121
	SECTION 8.03.      Application of Trust Money	122
	SECTION 8.04.      Repayment to Issuer	122
	SECTION 8.05.      Indemnity for U.S. Government Obligations	122
	SECTION 8.06.      Reinstatement	122
	 	 
	ARTICLE 9

                                                

                                               AMENDMENT, SUPPLEMENT AND WAIVER

	 
	SECTION 9.01.      Without Consent of the Holders	122
	SECTION 9.02.      With Consent of the Holders	125
	SECTION 9.03.      [Reserved]	126
	SECTION 9.04.      Revocation and Effect of Consents and Waivers	126
	SECTION 9.05.      Notation on or Exchange of Securities	126
	SECTION 9.06.      Trustee and Collateral Agent to Sign Amendments	127
	SECTION 9.07.      Additional Voting Terms	127

 

    

     

    

 

	ARTICLE 10

                                                

                                               COLLATERAL

	 
	SECTION 10.01.    Security Documents	127
	SECTION 10.02.    Release of Collateral	128
	SECTION 10.03.    Suits to Protect the Collateral	130
	SECTION 10.04.    Authorization of Receipt of Funds by the Trustee Under the Security Documents	130
	SECTION 10.05.    Purchaser Protected	130
	SECTION 10.06.    Powers Exercisable by Receiver or Trustee	130
	SECTION 10.07.    Release Upon Termination of the Issuer’s Obligations	131
	SECTION 10.08.    Collateral Agent	131
	SECTION 10.09.    Parallel Debt	138
	 	 
	ARTICLE 11

                                                

                                               GUARANTEES

	 
	SECTION 11.01.    Guarantees	138
	SECTION 11.02.    Limitation on Guarantor Liability	140
	SECTION 11.03.    No Waiver	143
	SECTION 11.04.    Modification	143
	SECTION 11.05.    Execution of Supplemental Indenture for Future Guarantors	143
	SECTION 11.06.    Non-Impairment	143
	 	 
	ARTICLE 12

                                                

                                               MISCELLANEOUS

	 
	SECTION 12.01.    [Reserved]	143
	SECTION 12.02.    Notices	143
	SECTION 12.03.    Communication by the Holders with Other Holders	144
	SECTION 12.04.    Certificate and Opinion as to Conditions Precedent	145
	SECTION 12.05.    Statements Required in Certificate or Opinion	145
	SECTION 12.06.    When Securities Disregarded	145
	SECTION 12.07.    Rules by Trustee, Paying Agent and Registrar	145
	SECTION 12.08.    Legal Holidays	145
	SECTION 12.09.    Governing Law	146
	SECTION 12.10.    No Personal Liability of Directors, Officers, Employees and Stockholders	147
	SECTION 12.11.    No Adverse Interpretation of Other Agreements	147
	SECTION 12.12.    Successors	147
	SECTION 12.13.    Multiple Originals	147
	SECTION 12.14.    Table of Contents; Headings	147
	SECTION 12.15.    Indenture Controls	147
	SECTION 12.16.    Severability	147

 

    

     

    

 

	SECTION 12.17.    Waiver of Jury Trial	147
	SECTION 12.18.    U.S.A. Patriot Act	147
	SECTION 12.19.    Force Majeure	148

 

	Appendix A	—	Provisions Relating to Original Securities and Additional Securities

 

EXHIBIT INDEX

 

	Exhibit A	—	Form of Security

	Exhibit B	—	Form of Transferee Letter of Representation

	Exhibit C	—	Form of Supplemental Indenture

 

    

     

    

 

INDENTURE
dated as of October 31, 2019 among Camelot Finance S.A., a public limited liability company (société
anonyme) organized and established under the laws of the Grand Duchy of Luxembourg, having its registered office at 14, rue
Edward Steichen, L-2540 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B 208514 (the
 “Issuer”), the Guarantors party hereto and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (in such capacity,
the “Trustee”) and collateral agent (in such capacity, the “Collateral Agent”).

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of (a) $700,000,000 aggregate
principal amount of the Issuer’s 4.50% Senior Secured Notes due 2026 issued on the date hereof (the “Original Securities”)
and (b) any Additional Securities that may be issued after the date hereof in the form of Exhibit A (all such
securities in clauses (a) and (b) being referred to collectively as the “Securities”). Subject
to the conditions and compliance with the covenants set forth herein, the Issuer may issue an unlimited aggregate principal amount
of Additional Securities.

 

ARTICLE 1

 

DEFINITIONS AND RULES OF CONSTRUCTION

 

SECTION 1.01.     Definitions.

 

“2024 Notes” means the
7.875% senior notes due 2024 issued pursuant to the 2024 Notes Indenture.

 

“2024 Notes Indenture”
means the Indenture dated October 3, 2016, among Camelot Finance S.A., as Issuer, the guarantors party thereto and Wilmington
Trust, National Association, as trustee.

 

“Acceptable Intercreditor Agreement”
means (a) the First Lien Intercreditor Agreement, (b) an intercreditor or subordination agreement or arrangement the
terms of which are consistent with market terms governing intercreditor arrangements for the sharing or subordination of liens
or arrangements relating to the distribution of payments, as applicable, at the time the applicable agreement or arrangement is
proposed to be established in light of the type of Indebtedness subject thereto (a “Market Intercreditor Agreement”)
and (c) in the case of the First Lien Intercreditor Agreement or in the event a Market Intercreditor Agreement has been entered
into after the Issue Date, an intercreditor or subordination agreement or arrangement the terms of which are, taken as a whole,
not materially less favorable to the Holders of the Securities than the terms of the First Lien Intercreditor Agreement or such
Market Intercreditor Agreement to the extent such agreement governs similar priorities, in each case of clause (b) or (c) as
determined by UK Holdco in good faith.

 

“Acquired Indebtedness”
means, with respect to any specified Person:

 

(1)            Indebtedness
of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified
Person whether or not such Indebtedness is Incurred in connection with, or in contemplation of, such other Person merging with
or into, or becoming a Restricted Subsidiary of such specified Person, and

 

(2)            Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person;

 

    

     

    

 

provided
that any Indebtedness of such Person that is extinguished, redeemed, defeased, retired or otherwise repaid at the time of or immediately
upon consummation of the transaction pursuant to which such other Person becomes a Subsidiary of the specified Person will not
be Acquired Indebtedness.

 

“Additional Securities”
means Securities issued from time to time under this Indenture subsequent to the Issue Date.

 

 

“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 purposes of this definition, “control” (including, with correlative meanings, the terms
 “controlling,” “controlled by” and “under common control with”), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise.

 

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

 

“Appendix” means Appendix
A attached hereto.

 

“Applicable Premium” means,
with respect to any Security on any applicable redemption date, the greater of:

 

(1)            1.0%
of the then outstanding principal amount of the Security; and

 

(2)            the
excess, if any, of:

 

(a)            the
present value at such redemption date of (i) the redemption price of the Securities, at November 1, 2022 as set forth
in Paragraph 5 of the Form of Security set forth in Exhibit A hereto plus (ii) all required interest
payments due on such Security through November 1, 2022 (excluding accrued but unpaid interest to the redemption date), computed
using a discount rate equal to the Treasury Rate plus 50 basis points; over

 

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

 

The Issuer shall calculate or cause the calculation
of the Applicable Premium, and the Trustee shall have no duty to calculate or verify the calculations of the Applicable Premium.

 

“Applicable Security Jurisdiction”
means, with respect to the Issuer or any Guarantor organized under the laws of a Security Jurisdiction, each of (a) such Security
Jurisdiction and (b) solely with respect to Equity Interests owned by the Issuer or such Guarantor, each other Security Jurisdiction
in which any direct Subsidiary of the Issuer or such Guarantor that is a Guarantor is organized (it being understood that each
Security Jurisdiction and its political subdivisions shall constitute a single Security Jurisdiction for purposes hereof).

 

“Asset Sale” means:

 

(1)            the
sale, conveyance, transfer or other disposition (whether in a single transaction or a series of related transactions) of property
or assets (including by way of a Sale/Leaseback Transaction) of UK Holdco or any Restricted Subsidiary (each referred to in this
definition as a “disposition”) or

 

    	 	-2-	 

     

    

 

(2)            the
issuance or sale of Equity Interests of any Restricted Subsidiary (other than (i) directors’ qualifying shares or shares
or interests required to be held by non-U.S. nationals or other third parties to the extent required by applicable law or (ii) Preferred
Stock or Disqualified Stock of a Restricted Subsidiary issued in compliance with Section 4.03), other than by any Restricted
Subsidiary to UK Holdco or another Restricted Subsidiary (whether in a single transaction or a series of related transactions),
in each case other than:

 

(a)            a
sale, exchange, transfer or other disposition of cash, Cash Equivalents or Investment Grade Securities or uneconomical, obsolete,
damaged, unnecessary, surplus, unsuitable or worn out equipment or any sale or disposition of property or assets in connection
with scheduled turnarounds, maintenance and equipment and facility updates or any disposition of inventory or goods (or other assets)
held for sale or no longer used in the ordinary course of business;

 

(b)            the
sale, conveyance, transfer or other disposition of all or substantially all of the assets of UK Holdco (on a consolidated basis)
in a manner permitted under Section 5.01 or any sale, conveyance, transfer or other disposition that constitutes a Change
of Control;

 

(c)            any
Permitted Investment or Restricted Payment that is permitted to be made, and is made, under Section 4.04;

 

(d)            dispositions
of assets or sales or issuances of Equity Interests of any Restricted Subsidiary with an aggregate Fair Market Value of (i) less
than the greater of $15.0 million and 5% of LTM EBITDA in any single transaction or series of related transactions or (ii) less
than the greater of $50.0 million and 16% of LTM EBITDA in the aggregate for all such other dispositions or issuances pursuant
to this clause (ii) (and not excluded pursuant to another clause of this definition) in any fiscal year, which amounts in
the case of this clause (ii) if not used in any fiscal year may be carried forward to the next subsequent fiscal year;

 

(e)             any
transfer or disposition of property or assets by a Restricted Subsidiary to UK Holdco or by UK Holdco or a Restricted Subsidiary
to a Restricted Subsidiary;

 

(f)              sales
of assets received by UK Holdco or any Restricted Subsidiary upon the foreclosure on a Lien;

 

(g)            any
issuance or sale of Equity Interests in, or Indebtedness or other securities of, an Unrestricted Subsidiary;

 

(h)            the
unwinding of any Hedging Obligations;

 

(i)             the
sale, lease, assignment, license or sublease of inventory, equipment, accounts receivable, notes receivable or other current assets
held for sale in the ordinary course of business or the conversion of accounts receivable into a notes receivable;

 

(j)             the
lease, assignment or sublease of any real or personal property in the ordinary course of business and dispositions to landlords
of improvements made to leased real property pursuant to customary terms of leases entered into in the ordinary course of business;

 

(k)            a
sale of accounts receivable and related assets of the type specified in the definition of “Receivables Financing” to
a Receivables Subsidiary in a Qualified Receivables Financing or in factoring or similar transactions;

 

    	 	-3-	 

     

    

 

(l)             a
transfer of accounts receivable and related assets of the type specified in the definition of “Receivables Financing”
(or a fractional undivided interest therein) by a Receivables Subsidiary in a Qualified Receivables Financing;

 

(m)           any
financing transaction with respect to property built or acquired by UK Holdco or any Restricted Subsidiary, including Sale/Leaseback
Transactions permitted by this Indenture;

 

(n)            any
exchange of assets for assets (including a combination of assets and Cash Equivalents) related to a Similar Business of comparable
or greater market value or usefulness to the business of UK Holdco and its Restricted Subsidiaries as a whole, as determined in
good faith by UK Holdco, which in the event of an exchange of assets with a Fair Market Value in excess of (1) the greater
of $20.0 million and 7% of LTM EBITDA shall be evidenced by an Officer’s Certificate, and (2) the greater of $30.0 million
and 10% of LTM EBITDA shall be set forth in a resolution approved in good faith by at least a majority of the Board of Directors
of UK Holdco;

 

(o)           the
grant in the ordinary course of business of any license or sublicense of patents, trademarks, know-how and any other intellectual
property;

 

(p)            any
sale or other disposition deemed to occur with creating, granting or perfecting a Lien not otherwise prohibited by this Indenture
or the Notes Documents;

 

(q)            the
surrender or waiver of contract rights or settlement, release or surrender of a contract, tort or other litigation claim in the
ordinary course of business;

 

(r)             foreclosures,
condemnations or any similar action on assets;

 

(s)            the
sale (without recourse) of receivables (and related assets) pursuant to factoring arrangements entered into in the ordinary course
of business;

 

(t)            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;

 

(u)            transfers
of property pursuant to a Recovery Event;

 

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

 

(w)           sales,
transfers and other dispositions of assets that do not constitute Collateral having a Fair Market Value of not more than, in any
fiscal year, the greater of $25.0 million and 8% of LTM EBITDA, which amounts if not used in any fiscal year may be carried forward
to subsequent fiscal years (until so applied);

 

provided
that, in each case of clauses (a) to (w) above, if any asset subject to a disposal or transfer to the Issuer or any Guarantor
is subject to a Lien created by any Security Document at the time of such disposal or transfer to the Issuer or any Guarantor,
it shall be disposed of or transferred on the basis that it shall remain subject to, or otherwise become subject to equivalent,
Liens under a Security Document immediately following such disposal (subject to the Guaranty and Security Principles).

 

    	 	-4-	 

     

    

 

“Bank Products” means any
facilities or services related to Cash Management Services.

 

“Board of Directors” means
as to any Person, the board of directors or managers, sole member, managing member or other governing body of such Person (or,
if such Person is a partnership, the board of directors or other governing body of the general partner of such Person) or any duly
authorized committee thereof.

 

“Business Day” means a
day other than a Saturday, Sunday or other day on which banking institutions are authorized or required by law to close in Luxembourg
or New York City.

 

“Camelot Jersey” means
Camelot Holdings (Jersey) Limited.

 

“Capital Stock” means:

 

(1)            in
the case of a corporation or a company, corporate stock or share capital;

 

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

 

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

 

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

 

“Capitalized Lease Obligation”
means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP.

 

“Cash Contribution Amount”
means the aggregate amount of cash contributions made to the capital of UK Holdco or any Restricted Subsidiary described in the
definition of “Contribution Indebtedness.”

 

“Cash Equivalents” means:

 

(1)            U.S.
Dollars, Canadian Dollars, Pounds Sterling, Euros, the national currency of any member state of the European Union and local currencies
held by UK Holdco and its Restricted Subsidiaries from time to time in the ordinary course of business in connection with any business
conducted by such Person in such jurisdiction;

 

(2)            securities
issued or directly and fully guaranteed or insured by the government of the United States, Canada, any country that is a member
of the European Union, Switzerland or the United Kingdom or any agency or instrumentality thereof in each case with maturities
not exceeding two years from the date of acquisition;

 

(3)            certificates
of deposit, time deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’
acceptances, in each case with maturities not exceeding one year, and overnight bank deposits, in each case with any commercial
bank having capital and surplus in excess of $250 million in the case of U.S. banks and $100.0 million (or the foreign currency
equivalent thereof) in the case of non-U.S. banks, and whose long-term debt is rated with an Investment Grade Rating by Moody’s
or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency);

 

    	 	-5-	 

     

    

 

(4)            repurchase
obligations for underlying securities of the types described in clauses (2) and (3) above entered into with any financial
institution meeting the qualifications specified in clause (3) above;

 

(5)            commercial
paper issued by a corporation (other than an Affiliate of Holdings) rated at least “P-1/A-1” or the equivalent thereof
by Moody’s or S&P (or reasonably equivalent ratings of another internationally recognized ratings agency) and in each
case maturing within one year after the date of acquisition;

 

(6)            readily
marketable direct obligations issued by any state or commonwealth of the United States of America, Canada, any country that is
a member of the European Union, the United Kingdom or Switzerland or any political subdivision of the foregoing having one of the
two highest rating categories obtainable from either Moody’s or S&P (or reasonably equivalent ratings of another internationally
recognized ratings agency) in each case with maturities not exceeding two years from the date of acquisition;

 

(7)            Indebtedness
or Preferred Stock issued by Persons (other than the Sponsors or any of their Affiliates) with a rating of “A” or higher
from S&P or “A-2” or higher from Moody’s in each case with maturities not exceeding two years from the date
of acquisition;

 

(8)            investment
funds investing at least 95% of their assets in securities of the types described in clauses (1) through (7) above; and

 

(9)            instruments
equivalent to those referred to in clauses (1) through (7) above denominated in Euro or Pound Sterling or any other non-U.S.
currency comparable in credit quality and tenor to those referred to above and customarily used by corporations for cash management
purposes in any jurisdiction outside the United States to the extent reasonably required in connection with (a) any business
conducted by any Restricted Subsidiary organized in such jurisdiction or (b) any Investment in the jurisdiction where such
Investment is made.

 

“Cash Management Services”
means any of the following to the extent not constituting a line of credit (other than an overnight draft facility that is not
in default): automated clearing house transactions, treasury and/or cash management services, including, without limitation, treasury,
netting, cash pooling, automated payment, depository, overdraft, credit, purchasing or debit card, non-card e-payables services,
electronic funds transfer, treasury management services (including controlled disbursement services, overdraft automatic clearing
house fund transfer services, return items and interstate depository network services), other demand deposit or operating account
relationships and merchant services.

 

“CFC” means any “controlled
foreign corporation” within the meaning of Section 957 of the Code that is a direct or indirect Subsidiary of a Subsidiary
of UK Holdco organized under the laws of the United States, any state within the United States or the District of Columbia that
is a “United States person” within the meaning of Section 957(c) of the Code.

 

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

 

    	 	-6-	 

     

    

 

(i)             the
sale, lease or transfer, in one or a series of related transactions, of all or substantially all the assets of UK Holdco and its
Restricted Subsidiaries, taken as a whole, to a Person other than any of the Permitted Holders;

 

(ii)            the
Issuer becomes aware (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote,
written notice or otherwise) of the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of
the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than any of the Permitted Holders,
in a single transaction or in a related series of transactions, by way of merger, consolidation or other business combination or
purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision), of
more than 50% of the total voting power of the Voting Stock of UK Holdco or any direct or indirect parent of UK Holdco that holds
directly or indirectly an amount of Voting Stock of UK Holdco such that UK Holdco is a Subsidiary of such holding company;

 

(iii)            Holdings
shall fail to beneficially own, directly or indirectly, Capital Stock of UK Holdco representing 100% of the total voting power
represented by the issued and outstanding Capital Stock of UK Holdco;

 

(iv)            UK
Holdco shall fail to beneficially own, directly or indirectly, Capital Stock of the Issuer representing 100% of the total voting
power represented by the issued and outstanding Capital Stock of the Issuer; or

 

(v)            UK
Holdco shall fail to beneficially own, directly or indirectly, Capital Stock of any “US Borrower” (as such term is
defined in the Credit Agreement) representing 100% of the total voting power represented by the issued and outstanding Capital
Stock of such US Borrower; provided that any disposition of any such US Borrower that is not prohibited under the terms
of this Indenture or the Credit Agreement shall not constitute a “Change of Control”.

 

Notwithstanding the foregoing, no Specified
Merger/Transfer Transaction or Specified Parent Guarantor Merger/Transfer Transaction shall constitute a Change of Control.

 

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

 

“Collateral” has the meaning
given such term in the Notes Security Agreement.

 

“Collateral Agent” means
the party named as such in the Preamble to this Indenture, or such successor agent or trustee as is designated as the “Collateral
Agent” for the Securities under the Security Documents.

 

“Consolidated First Lien Debt
Ratio” as of any date of determination means the ratio of (1) Consolidated First Lien Indebtedness as of the
most recent fiscal period for which internal financial statements are available immediately preceding the date on which such
event for which such calculation is being made shall occur to (2) LTM EBITDA, in each case, calculated on a Pro Forma
Basis (except that, for purposes of determining the amount of Consolidated First Lien Indebtedness pursuant to clause
(1) of this definition, in the event that the Issuer shall classify Indebtedness Incurred on the date of determination
as secured in part pursuant to clause (26)(y) of the definition of “Permitted Liens” and in part pursuant to
one or more other clauses of such definition (other than Liens Incurred under clause (26)(y) thereof related to
Indebtedness Incurred under Section 4.03(b)(i)(2) hereof), any calculation of Consolidated First Lien Indebtedness
for purposes of clause (1) above on such date (but not in respect of any future calculation following such date) shall
not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption, defeasance or other
acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent secured pursuant to any such
other clause of such definition).

 

    	 	-7-	 

     

    

 

“Consolidated First Lien Indebtedness”
means, as of any date of determination, the sum of (x) the aggregate principal amount of Consolidated Total Indebtedness plus
(y) the Reserved Indebtedness Amount, in each case that is secured by a Lien on any Collateral ranking pari passu with
the Liens securing the Securities; provided that “Consolidated First Lien Indebtedness” shall be calculated,
without duplication, after netting the Netted Amounts from the amount of Consolidated First Lien Indebtedness.

 

“Consolidated Interest Expense”
means, with respect to any Person for any period, the sum, without duplication, of:

 

(1)            consolidated
interest expense of such Person and its Restricted Subsidiaries for such period, to the extent such expense was deducted (and not
added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the
issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and charges owed with respect to
letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable
to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP and any
payment obligation in respect of any Hedging Obligation or other derivative instrument other than any interest rate Hedging Obligation
or interest rate derivative instrument with respect to Indebtedness), (d) the interest component of Capitalized Lease Obligations,
and (e) net payments and receipts (if any) pursuant to interest rate Hedging Obligations with respect to Indebtedness, and
excluding (q) any interest expense attributable to the exercise of appraisal rights or other rights of dissenting shareholders
and the settlement of any claims or actions (whether actual, contingent or potential) with respect thereto in connection with any
acquisition or Investment permitted hereunder, (r) interest expense with respect to Indebtedness of any Parent Holding Company
appearing on the balance sheet solely by reason of push-down accounting under GAAP, (s) fees and expenses associated with
any Asset Sales, acquisitions, Investments, issuances of Capital Stock or Indebtedness (in each case, whether or not consummated),
(t) any expense resulting from the discounting of any Indebtedness in connection with the application of recapitalization
or purchase accounting in connection with the Transactions or any acquisition, (u) any “additional interest” or
 “penalty interest” with respect to any securities, taxes or failure to comply with registration rights obligations,
(v) any accretion or accrued interest of discounted liabilities, (w) amortization of deferred financing fees, debt issuance
costs, commissions, discounts, fees and expenses, (x) any expensing of bridge, commitment and other financing fees, cost of
surety bonds, charges owed with respect to letters of credit, bankers’ acceptances or similar facilities, (y) commissions,
discounts, yield and other fees and charges (including any interest expense) related to any Receivables Financing and (z) any
payments with respect to make-whole, prepayment or repayment premiums or other breakage costs of any Indebtedness); plus

 

(2)            consolidated
capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued; less

 

(3)            interest
income for such period;

 

provided
that, for purposes of calculating Consolidated Interest Expense, no effect shall be given to the discount and/or premium resulting
from the bifurcation of derivatives under FASB ASC 815 and related interpretations as a result of the terms of the Indebtedness
to which such Consolidated Interest Expense relates.

 

    	 	-8-	 

     

    

 

Notwithstanding the foregoing, any additional
changes arising from (i) the application of Accounting Standards Codification Topic 480-10-25-4 “Distinguishing Liabilities
from Equity—Overall—Recognition” to any series of Preferred Stock other than Disqualified Stock or (ii) the
application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion Options—Recognition,”
in each case, shall be disregarded in the calculation of Fixed Charges.

 

“Consolidated Net Income”
means, with respect to UK Holdco and its Restricted Subsidiaries for any period, the aggregate of the Net Income of UK Holdco and
its Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP; provided,
however, that, without duplication:

 

(1)            any
after-Tax effect of (i) extraordinary, one-time, infrequent, non-recurring, non-operating or unusual gains, losses, income
or expenses (including all fees and expenses relating thereto) (including costs and expenses relating to the Transactions), in
each case as determined by UK Holdco in good faith and (ii) restructuring charges (including tax restructuring charges), charges
attributable to operating expense reductions and/or synergies and/or similar initiatives and/or programs, accruals or reserves
and business optimization expense, including any such costs Incurred in connection with acquisitions after the Issue Date (including
entry into new market/channels and new service or product offerings) and costs related to the closure, reconfiguration and/or consolidation
of facilities and costs to relocate employees, facilities opening costs, integration, transition and transaction costs, retention
charges, severance, relocation costs, contract termination costs, recruiting and signing, retention or completion bonuses and expenses,
one time compensation charges, future lease commitments, systems establishment costs, conversion costs and excess pension charges,
consulting fees, expenses attributable to the implementation of costs savings initiatives, cost rationalization programs and other
new initiatives, costs associated with tax projects/audits, payments and curtailments or modifications to pension and post-retirement
employee benefit plans, costs relating to rights fee arrangements and early terminations thereof, costs relating to strategic initiatives,
costs attributable to new contracts or projects, costs of software, new systems, intellectual property, information technology
or accounting developments or improvements, costs relating to project startups or new operations and corporate development costs
and costs consisting of professional consulting or other fees relating to any of the foregoing, in each case shall be excluded;

 

(2)            the
cumulative effect of a change in accounting principles and changes as a result of the adoption or modification of accounting policies
during such period, whether effected through a cumulative effect adjustment or a retroactive application, in each case in accordance
with GAAP, shall be excluded (except that, if UK Holdco determines in good faith that the cumulative effects thereof are not material
to the interests of Holders of the Securities, the effects of any change in any such principles or policies may be included in
any subsequent period after the fiscal quarter in which such change, adoption or modification was made);

 

(3)            any
net after-Tax effect of income or loss from disposed, abandoned or discontinued assets, properties or operations and any net after-Tax
gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued assets, properties or operations shall
be excluded, in each case excluding, at the option of UK Holdco, assets, properties and operations pending disposal, abandonment,
transfer, closure or discontinuation, as applicable, in each case so long as such assets, properties or operations are classified
as discontinued under GAAP;

 

(4)            any
net after-Tax effect of gains or losses (including all fees and expenses relating thereto) attributable to business dispositions
or asset dispositions or the sale or other disposition of any Capital Stock of any Person, or of returned or surplus assets, other
than in the ordinary course of business, as determined in good faith by UK Holdco, shall be excluded;

 

    	 	-9-	 

     

    

 

(5)            the
Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted Subsidiary, or that is accounted for by
the equity method of accounting (other than a Guarantor), shall be excluded; provided that the Consolidated Net Income of
UK Holdco shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash or Cash
Equivalents (or to the extent converted into cash or Cash Equivalents) to the referent Person or a Restricted Subsidiary thereof
in respect of such period;

 

(6)            solely
for the purpose of determining the amount available for Restricted Payments under Section 4.04(a)(3)(A), the Net Income
for such period of any Restricted Subsidiary (other than the Issuer or any Guarantor) shall be excluded to the extent that
the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of its Net Income is not at
the date of determination permitted without any prior governmental approval (which has not been obtained) or, directly or
indirectly, by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with
respect to the payment of dividends or similar distributions has been legally waived; provided that Consolidated Net
Income of UK Holdco will be increased by the amount of dividends or other distributions or other payments actually paid in
cash or Cash Equivalents (or to the extent converted into cash or Cash Equivalents) to UK Holdco or a Restricted Subsidiary
thereof in respect of such period, to the extent not already included therein;

 

(7)            effects
of adjustments (including the effects of such adjustments pushed down to UK Holdco and its Restricted Subsidiaries) in any line
item in such Person’s consolidated financial statements (including, but not limited to, any step-ups with respect to re-valuing
assets and liabilities) pursuant to GAAP and related authoritative pronouncements resulting from the application in accordance
with GAAP of purchase accounting in relation to any investment, acquisition, merger or consolidation (or reorganization or restructuring)
that is consummated after the Issue Date or the depreciation, amortization or write-off of any amounts thereof, net of taxes, shall
be excluded;

 

(8)            any
net after-Tax income (loss) from the early extinguishment of (i) Indebtedness, (ii) Hedging Obligations or (iii) other
derivative instruments shall be excluded;

 

(9)            any
impairment charge or expense, asset write-off or write-down, including impairment charges or asset write-offs or write-downs related
to intangible assets, long-lived assets or investments in debt and equity securities or as a result of a change in law or regulations,
in each case, pursuant to GAAP and the amortization of intangibles arising pursuant to GAAP shall be excluded;

 

(10)          any
non-cash compensation charge or expense, including any such charge arising from grants of stock appreciation or similar rights,
phantom equity, stock options, restricted stock or other rights, and any cash charges associated with the rollover, acceleration
or payout of Equity Interests by management of UK Holdco or any of its direct or indirect parent companies, including any expense
resulting from the application of Statement of Financial Accounting Standards No. 123R shall be excluded; provided,
that any subsequent settlement in cash shall reduce Consolidated Net Income for the period in which such payment occurs;

 

(11)          any
fees and expenses or other charges (including any make-whole premium or penalties) Incurred during such period, or any amortization
thereof for such period, in connection with the Transactions, any acquisition, Investment, recapitalization, disposition,
Asset Sale, issuance or repayment of Indebtedness, Equity Offering, refinancing transaction or amendment or modification of any
debt instrument (in each case, (i) including any such transactions consummated prior to the Issue Date, (ii) whether
or not such transaction is undertaken but not completed, (iii) if unsuccessful, whether or not such transaction is permitted
by this Indenture (if such transaction would have been permitted if successful) and (iv) including any such transaction incurred
by any direct or indirect parent company of UK Holdco) and any charges or non-recurring merger costs Incurred during such period
as a result of any such transaction shall be excluded;

 

    	 	-10-	 

     

    

 

(12)          accruals
and reserves that are established and not reversed within 12 months after the Issue Date that are so required to be established
as a result of the Transactions (or within 12 months after the closing of any acquisition that are so required to be established
as a result of such acquisition) in accordance with GAAP shall be excluded;

 

(13)          [reserved];

 

(14)          any
charges resulting from the application of Accounting Standards Codification Topic 805 “Business Combinations,” Accounting
Standards Codification Topic 350 “Intangibles—Goodwill and Other,” Accounting Standards Codification Topic 360-10-35-15
 “Impairment or Disposal of Long-Lived Assets,” Accounting Standards Codification Topic 480-10-25-4 “Distinguishing
Liabilities from Equity—Overall—Recognition” or Accounting Standards Codification Topic 820 “Fair Value
Measurements and Disclosures” shall be excluded;

 

(15)          non-cash
interest expense resulting from the application of Accounting Standards Codification Topic 470-20 “Debt—Debt with Conversion
Options—Recognition” shall be excluded;

 

(16)          any
non-cash interest expense and non-cash interest income, in each case to the extent there is no associated cash disbursement or
receipt, as the case may be, before, the earlier of the maturity date of the Securities and the date on which all the Securities
cease to be outstanding, shall be excluded;

 

(17)          the
net after-Tax effect of carve-out related items (including, without limitation, elimination of duplicative costs (including with
respect to transaction services agreements) and costs and expenses related to information and technology systems establishment
or modification), in each case in connection with acquisitions and Investments permitted under this Indenture, shall be excluded;

 

(18)          the
following items shall be excluded:

 

(a)            any
net unrealized gain or loss (after any offset) resulting in such period from (i) Hedging Obligations, (ii) the application
of Accounting Standards Codification Topic 815 “Derivatives and Hedging” and/or (iii) any ineffectiveness recognized
in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives
that do not qualify as hedge transactions, in respect of Hedging Obligations; and

 

(b)            any
net foreign exchange gains or losses (whether or not realized) resulting from the impact of foreign currency changes on the valuation
of assets and liabilities on the consolidated balance sheet of UK Holdco and its Restricted Subsidiaries (in each case, including
currency re-measurements of Indebtedness, any net loss or gain resulting from hedge arrangements for currency exchange or any other
currency related risk and any translation of assets and liabilities denominated in a foreign currency); and

 

(19)          any
fee, loss, charge, expense, cost, accrual or reserve associated with and/or payment of any actual or prospective legal settlement,
fine, judgment or order shall be excluded.

 

Solely for purposes of calculating EBITDA,
the Net Income of UK Holdco and its Restricted Subsidiaries shall be calculated without deducting the income attributable to the
minority equity interests of third parties in any non-Wholly Owned Restricted Subsidiary except to the extent (without duplication)
of dividends declared or paid in respect of such period or any prior period on the shares of Capital Stock of such Restricted Subsidiary
held by such third parties.

 

    	 	-11-	 

     

    

 

In addition, to the extent not already accounted
for in the Consolidated Net Income of UK Holdco and its Restricted Subsidiaries, notwithstanding anything to the contrary in the
foregoing, Consolidated Net Income shall include (i) the amount of proceeds received during such period from business interruption
insurance in respect of insured claims for such period, (ii) the amount of proceeds as to which UK Holdco has determined there
is reasonable evidence it will be reimbursed by the insurer in respect of such period from business interruption insurance (with
a deduction for any amount so added back to the extent denied by the applicable carrier in writing within 180 days or not
so reimbursed within 365 days) and (iii) reimbursements of any expenses and charges that are covered by indemnification,
insurance or other reimbursement provisions in connection with any acquisition, similar Investment permitted under this Indenture,
Recovery Event or any sale, conveyance, transfer or other disposition of assets permitted under this Indenture.

 

Notwithstanding the foregoing, for the purpose
of Section 4.04 only (other than Sections 4.04(a)(3)(E) and(F)), there shall be excluded from Consolidated Net Income
any income arising from any sale or other disposition of Restricted Investments made by UK Holdco and its Restricted Subsidiaries,
any repurchases and redemptions of Restricted Investments from UK Holdco and its Restricted Subsidiaries, any repayments of loans
and advances which constitute Restricted Investments by UK Holdco or any of its Restricted Subsidiaries, any sale of the stock
of an Unrestricted Subsidiary or any distribution or dividend from an Unrestricted Subsidiary, in each case, only to the extent
such amounts increase the amount of Restricted Payments permitted under Sections 4.04(a)(3)(E) and (F).

 

“Consolidated Non-cash
Charges” means, with respect to UK Holdco and its Restricted Subsidiaries for any period, the aggregate
depreciation, amortization (including amortization of intangibles, deferred financing fees, debt issuance costs, commissions,
fees and expenses, expensing of any bridge, commitment or other financing fees, the non-cash portion of interest expense
resulting from the reduction in the carrying value under purchase accounting of UK Holdco’s or any Restricted
Subsidiary’s outstanding Indebtedness and commissions, discounts, yield and other fees and charges but excluding
amortization of prepaid cash expenses that were paid in a prior period), non-cash impairment, non-cash compensation, non-cash
rent and other non-cash expenses of UK Holdco and its Restricted Subsidiaries reducing Consolidated Net Income of UK Holdco
and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP; provided
that if any non-cash charges referred to in this definition represent an accrual or reserve for potential cash items in any
future period, the cash payment in respect thereof in such future period shall be subtracted from EBITDA in such future
period to such extent paid.

 

“Consolidated Secured Debt Ratio”
as of any date of determination means the ratio of (1) Consolidated Secured Indebtedness as of the most recent fiscal period
for which internal financial statements are available immediately preceding the date on which such event for which such calculation
is being made shall occur to (2) LTM EBITDA, in each case, calculated on a Pro Forma Basis (except that, for purposes of determining
the amount of Consolidated Secured Indebtedness pursuant to clause (1) of this definition, in the event that the Issuer
shall classify Indebtedness Incurred on the date of determination as secured in part pursuant to clause (26)(y) of the definition
of “Permitted Liens” and in part pursuant to one or more other clauses of such definition (other than Liens Incurred
under clause (26)(y) thereof related to Indebtedness Incurred under Section 4.03(b)(i)(2) hereof), any calculation
of Consolidated Secured Indebtedness for purposes of clause (1) above on such date (but not in respect of any future calculation
following such date) shall not include any such Indebtedness (and shall not give effect to any repayment, repurchase, redemption,
defeasance or other acquisition, retirement or discharge of Indebtedness from the proceeds thereof) to the extent secured pursuant
to any such other clause of such definition).

 

    	 	-12-	 

     

    

 

“Consolidated Secured Indebtedness”
means, as of any date of determination, the sum of (x) the aggregate principal amount of Consolidated Total Indebtedness plus
(y) the Reserved Indebtedness Amount, in each case that is secured by a Lien on any Collateral; provided that “Consolidated
Secured Indebtedness” shall be calculated, without duplication, after netting the Netted Amounts from the amount of Consolidated
Secured Indebtedness.

 

“Consolidated Total Debt Ratio”
as of any date of determination means the ratio of (1) Consolidated Total Indebtedness (plus, solely for purposes of
calculating compliance with the test set forth in Section 4.03(a), the Reserved Indebtedness Amount) as of the most recent
fiscal period for which internal financial statements are available immediately preceding the date on which such event for which
such calculation is being made shall occur to (2) LTM EBITDA, in each case, calculated on a Pro Forma Basis.

 

“Consolidated Total Indebtedness”
means, as of any date of determination, the aggregate principal amount of Indebtedness of UK Holdco and its Restricted Subsidiaries
outstanding on such date, determined on a consolidated basis, to the extent required to be recorded on a balance sheet in accordance
with GAAP, consisting of Indebtedness for borrowed money, Capitalized Lease Obligations and debt obligations evidenced by promissory
notes or similar instruments (and excluding, for the avoidance of doubt, (i) Hedging Obligations, (ii) Indebtedness in
respect of any Qualified Receivables Financing permitted under this Indenture, (iii) any Obligations that are non-recourse
to UK Holdco and its Restricted Subsidiaries and (iv) Obligations in respect of letters of credit or bankers’ acceptances,
except to the extent of unreimbursed amounts thereunder); provided, that the amount of revolving Indebtedness under any
revolving credit facility shall be computed based upon the period-ending value of such Indebtedness during the applicable period;
provided, further, that “Consolidated Total Indebtedness”, “Consolidated First Lien Indebtedness”
and “Consolidated Secured Indebtedness” shall in each case (but without duplication) be calculated for all purposes
hereunder (i) net of the Unrestricted Cash Amount and (ii) to exclude any Obligation, liability or Indebtedness if, upon
or prior to the maturity thereof, the applicable Person has irrevocably deposited with the proper Person in trust or escrow the
necessary funds (or evidences of Indebtedness) for the payment, redemption or satisfaction of such Obligation, liability or Indebtedness,
and thereafter such funds and evidences of such Obligation, liability or Indebtedness or other security so deposited are not included
in the calculation of the Unrestricted Cash Amount (clauses (i) and (ii), the “Netted Amounts”).

 

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

 

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

 

(2)            to
advance or supply funds:

 

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

 

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

 

    	 	-13-	 

     

    

 

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

 

“Contribution Indebtedness”
means Indebtedness, Preferred Stock or Disqualified Stock of UK Holdco or any Restricted Subsidiary in an aggregate principal amount
not greater than 100% of the aggregate amount of contributions (including the proceeds of any sale of Capital Stock other than
Disqualified Stock) in the form of cash, and the Fair Market Value of contributions of Cash Equivalents, marketable securities
or other property (in each case other than Excluded Contributions, any contributions received in connection with the exercise of
any cure right or any such cash contributions that have been used to make a Restricted Payment), made to the equity capital of
UK Holdco or any Restricted Subsidiary (other than from UK Holdco or a Restricted Subsidiary) after the Issue Date.

 

“Credit Agreement” means
(1) that certain Credit Agreement to be entered into on or about the Issue Date by the Issuer, the Delaware Borrower and certain
other entities, as borrowers, and Holdings, UK Holdco and certain Subsidiaries of UK Holdco, as guarantors, the financial institutions
named therein and Bank of America, N.A., as administrative agent, prior to or in connection with the Transactions, including any
related notes, mortgages, guarantees, security documents, instruments and agreements executed in connection therewith, and in each
case, as amended, supplemented, modified, extended, replaced, renewed, restated, refunded, restructured, increased or refinanced
in whole or in part from time to time, including any replacement, refunding or refinancing facility, agreement, indenture or debt
facility that increases the amount borrowable or issuable thereunder or alters the maturity thereof or adds entities as additional
borrowers, issuers or guarantors thereunder and whether by the same or any other agent, lender, group of lenders, or otherwise,
and (2) whether or not the Credit Agreement referred to in clause (1) remains outstanding, if designated by the Issuer
to be included in the definition of Credit Agreement, one or more additional Debt Facilities.

 

“Credit Agreement Collateral Agent”
means the administrative agent or other applicable collateral agent in respect of the Credit Agreement, which on the Issue Date
shall be Bank of America, N.A.

 

“Debt Facilities” means
one or more credit facilities, debt facilities, loan agreements, indentures, financing trust deeds, commercial paper facilities,
note purchase agreements or other financing arrangements (including, without limitation, any Credit Agreement), in each case with
banks, lenders, purchasers, funds, investors, trustees, agents or other representatives of any of the foregoing, providing for
revolving credit loans, term loans, capital market financings, receivable financings, capital leases, letters of credit or other
borrowings or other extensions of credit, including any related notes, mortgages, guarantees, collateral documents, instruments
and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, replacements, renewals,
restatements, refundings, restructurings, increases or refinancings thereof in whole or in part from time to time, including any
replacement, refunding or refinancing facility, agreement or indenture that increases the amount borrowable or issuable thereunder
or alters the maturity thereof or adds entities as additional borrowers, issuers or guarantors thereunder or otherwise alters the
terms and conditions thereof and whether by the same or any other agent, lender, group of lenders or otherwise.

 

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

 

“Delaware Borrower” means
Camelot U.S. Acquisition 1 Co., a Delaware corporation.

 

    	 	-14-	 

     

    

 

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

 

“Designated Non-cash Consideration”
means the Fair Market Value of non-cash consideration received by UK Holdco or any one of the Restricted Subsidiaries of UK Holdco
in connection with an Asset Sale that is so designated as Designated Non-cash Consideration, less the amount of Cash Equivalents
received in connection with a subsequent sale of or collection on such Designated Non-cash Consideration.

 

“Designated Preferred Stock”
means Preferred Stock of the Issuer or any direct or indirect parent of the Issuer, as applicable (other than Disqualified Stock),
that is issued for cash (other than to UK Holdco or any of the Restricted Subsidiaries or an employee stock ownership plan or trust
established by UK Holdco or any of the Subsidiaries) and is so designated as Designated Preferred Stock, pursuant to an Officer’s
Certificate, on the issuance date thereof, the cash proceeds of which are excluded from the calculation set forth in Section 4.04(a)(3).

 

“Discharge” means, with
respect to any Obligations, the payment in full and discharge of all such Obligations and the termination of any commitments or
other obligations to extend additional credit. The term “Discharged” shall have a corresponding meaning.

 

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

 

(1)            matures
or is mandatorily redeemable (other than as a result of a change of control, asset sale or casualty event), pursuant to a sinking
fund obligation or otherwise,

 

(2)            is
convertible or exchangeable for Indebtedness or Disqualified Stock, or

 

(3)            is
redeemable at the option of the holder thereof, in whole or in part, in each case prior to 91 days after the maturity date of the
Securities (other than as a result of a change of control, asset sale or casualty event); provided, however, that
only the portion of Capital Stock that 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 shall be deemed to be Disqualified Stock; provided, further,
however, that if such Capital Stock is issued to any plan for the benefit of employees of UK Holdco or the Subsidiaries
or by any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required
to be repurchased by UK Holdco or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations; provided,
further, however, that any Capital Stock held by any future, current or former employee, director, manager or consultant (or
their respective trusts, estates, investment funds, investment vehicles or immediate family members), of UK Holdco, any of its
Subsidiaries, any of its direct or indirect parent companies or any other entity in which UK Holdco or a Restricted Subsidiary
has an Investment and is designated in good faith as an “affiliate” by the Board of Directors of UK Holdco (or the
compensation committee thereof), in each case pursuant to any stockholders’ agreement, management equity plan, stock option
plan or any other management or employee benefit plan or agreement shall not constitute Disqualified Stock solely because it may
be required to be repurchased by UK Holdco or its Subsidiaries; and provided, further, however, that any class of
Capital Stock of such Person that by its terms authorizes such Person to satisfy its obligations thereunder by delivery of Capital
Stock that is not Disqualified Stock shall not be deemed to be Disqualified Stock.

 

    	 	-15-	 

     

    

 

“EBITDA” means, with respect
to UK Holdco and its Restricted Subsidiaries for any period, the Consolidated Net Income of UK Holdco and its Restricted Subsidiaries
for such period:

 

(1)            increased
(without duplication) by:

 

(a) provision for Taxes based on income
or profits or capital, including, without limitation, state, franchise and similar Taxes and foreign withholding Taxes of such
Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income and payroll taxes
related to stock compensation costs, including (i) an amount equal to the amount of Tax distributions actually made to the
holders of Capital Stock of such Person or any direct or indirect parent of such Person in respect of such period in accordance
with Section 4.04(b)(xii), which shall be included as though such amounts had been paid as income Taxes directly by such Person
and (ii) penalties and interest related to such taxes or arising from any Tax examinations; plus

 

(b) consolidated Fixed Charges of UK
Holdco and its Restricted Subsidiaries for such period (including (x) bank fees and (y) costs of surety bonds in connection
with financing activities, in each case, to the extent included in Fixed Charges), together with items excluded from the definition
of “Consolidated Interest Expense” pursuant to clauses (1)(q) through (z) thereof, in each case, to
the extent the same was deducted (and not added back) in calculating such Consolidated Net Income; plus

 

(c) Consolidated Non-cash Charges of
UK Holdco and its Restricted Subsidiaries for such period to the extent such non-cash charges were deducted (and not added back)
in computing Consolidated Net Income; plus

 

(d) [reserved]; plus

 

(e) [reserved]; plus

 

(f) any other non-cash charges, including
any write offs or write downs, reducing Consolidated Net Income for such period (provided that if any such non-cash charges
represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future
period shall be subtracted from EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior
period); plus

 

(g) the amount of any minority interest
expense consisting of Subsidiary income attributable to minority equity interests of third parties in any non-Wholly Owned Subsidiary
of UK Holdco deducted (and not added back) in such period in calculating Consolidated Net Income; plus

 

(h) the amount of management, monitoring,
consulting, transaction and advisory fees (including termination fees) and related expenses and indemnities paid or accrued in
such period to the Sponsors pursuant to the Management Agreement to the extent deducted (and not added back) in computing Consolidated
Net Income; plus

 

(i) pro forma adjustments, including
the “run rate” cost savings, operating expense reductions, operational improvements, restructuring charges and expenses
and synergies (“Expected Cost Savings”) that are expected (in good faith) to be realized as a result of actions
taken or with respect to which substantial steps are expected to be taken within 24 months after the date of any acquisition, disposition,
divestiture, restructuring or other transactions or the implementation of a cost savings or other similar initiative (any such
event or initiative, a “Cost Saving Initiative”), as applicable (calculated on a Pro Forma Basis as though such
Expected Cost Savings had been realized on the first day of such period as if such Expected Cost Savings were realized during the
entirety of such period), net of the amount of actual benefits realized during such period from such actions; provided that
(A) such actions or substantial steps with respect thereto are expected in the good faith determination of UK Holdco to be
taken within 24 months after the consummation of the applicable Cost Saving Initiative, which is expected to result in Expected
Cost Savings and (B) no Expected Cost Savings shall be added pursuant to this defined term to the extent duplicative of any
expenses or charges otherwise added to EBITDA, whether through a pro forma adjustment or otherwise, for such period (which adjustments
may be incremental to, but without duplication for, pro forma adjustments made pursuant to the definition of “Pro Forma Basis”);
plus

 

    	 	-16-	 

     

    

 

(j) [reserved]; plus

 

(k) the amount of loss or discount on
sale of receivables and related assets to the Receivables Subsidiary or otherwise in connection with a Receivables Financing, to
the extent deducted (and not added back) in computing Consolidated Net Income; plus

 

(l) [reserved]; plus

 

(m) [reserved]; plus

 

(n) the Tax effect of any items excluded
from the calculation of Consolidated Net Income pursuant to clauses (1), (3), (4) and (8) of the definition thereof;
plus

 

(o) to the extent not already otherwise
included herein, adjustments and add-backs made in calculating “Standalone Adjusted EBITDA” for the twelve months ended
June 30, 2019 included in the Offering Memorandum; plus

 

(p) earn-out,
non-compete and contingent consideration obligations (including to the extent accounted for as bonuses, compensation or otherwise)
and adjustments thereof and purchase price adjustments incurred in connection with any acquisition or other Investment permitted
under this Indenture and paid or accrued during such period; plus

 

(q) [reserved]; plus

 

(r) “run rate” pro forma
adjustments, from the first day of the applicable period, for the aggregate amount of Consolidated Net Income projected by UK Holdco
in good faith to result from binding contracts entered into; provided that the aggregate amount of addbacks made pursuant
to this clause (r) shall not exceed an amount equal to 10% of LTM EBITDA (after giving effect to such addbacks) as of any
date of determination; plus

 

(s) any other adjustments, exclusions
and add-backs that are consistent with Regulation S-X of the Securities Act;

 

(2)            decreased
by (without duplication) non-cash gains increasing Consolidated Net Income of UK Holdco and its Restricted Subsidiaries for such
period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item
that reduced EBITDA in any prior period; and

 

    	 	-17-	 

     

    

 

(3)            increased
(by losses) or decreased (by gains) by (without duplication) the application of FASB Interpretation No. 45 (Guarantees) and/or
Accounting Standards Codification Topic 810.

 

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

 

“Equity Offering” means
any public or private sale after the Issue Date of common stock or Preferred Stock of the Issuer or any direct or indirect parent
of the Issuer, as applicable (other than Disqualified Stock), other than:

 

(1)            public
offerings with respect to such Person’s common stock registered on Form S-8;

 

(2)            issuance
to any Restricted Subsidiary; and

 

(3)            any
such public or private sale that constitutes an Excluded Contribution.

 

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

 

“Excluded Assets” means,
with respect to the Issuer or any Guarantor (as it relates to clauses (ii), (iii) and (ix) below, to the extent the UCC
or the laws of the United States are applicable to the relevant asset):

 

(i)             fee
owned real property and all leasehold property (and, for the avoidance of doubt, in no event shall landlord lien waivers, estoppels
and collateral access letters be required to be delivered with respect to any such leasehold property),

 

(ii)            any
vehicles and other assets subject to certificates of title (other than to the extent perfection of the security interest in such
assets is accomplished solely by the filing of a UCC financing statement),

 

(iii)           chattel
paper, letter of credit rights and tort claims (other than to the extent perfection of the security interest therein is accomplished
solely by the filing of a UCC financing statement),

 

(iv)           any
assets the granting of a security interest in which (1) is prohibited or restricted by law (including restrictions in respect
of margin stock and financial assistance, fraudulent conveyance, preference, thin capitalization or other similar laws or regulations),
(2) requires government or third-party consents that have not been obtained or would violate the terms of any contract or
trigger termination pursuant to a “change of control” provision; provided that such contracts were not entered
into in contemplation of the release of Collateral or the creation of an Excluded Asset (after giving effect to the applicable
anti-assignment provisions of the UCC or other applicable law, the granting or assignment of which is expressly deemed effective
under the UCC or other applicable law notwithstanding any applicable prohibition); provided, further that there shall
be no requirement to use efforts to procure the relevant consents or (3) could reasonably be expected to result in material
adverse accounting, regulatory or Tax consequences as determined by UK Holdco in good faith,

 

(v)            (A) any
margin stock and (B) Equity Interests in an Excluded Subsidiary (other than a CFC or a FSHCO),

 

    	 	-18-	 

     

    

 

(vi)           any
assets where the cost, burden or difficulty of obtaining a security interest in, or perfection of a security interest in, such
assets exceeds the practical benefit to the Holders of the Securities afforded thereby (as reasonably determined by the Issuer),

 

(vii)          any governmental or regulatory
licenses or state or local franchises, charters, consents, permits and authorizations, to the extent a security interest in any
such license, franchise, charter, consent, permit or authorization is prohibited or restricted thereby,

 

(viii) any general intangible, lease,
license, agreement or similar arrangement or any property subject thereto (including pursuant to a purchase money security interest
or similar arrangement) to the extent that a grant of a security interest therein would violate or invalidate such general intangible,
lease, license or agreement or purchase money arrangement or create a right of termination in favor of any other party thereto
(other than the Issuer or any Guarantor) after giving effect to the applicable anti-assignment provisions of the UCC or other applicable
law, the assignment of which is expressly deemed effective under the UCC or other applicable law notwithstanding such prohibition,

 

(ix)           any
cash and Cash Equivalents (other than proceeds of Collateral as to which perfection of the security interest in such proceeds is
accomplished solely by the filing of a UCC financing statement), deposit and securities accounts (including securities entitlements
and related assets) and any other assets requiring perfection through control agreements or perfection by “control”
(other than in respect of certificated equity interests in the Issuer, the Guarantors and material wholly-owned Restricted Subsidiaries
thereof required to be pledged pursuant to the Security Documents),

 

(x)            any
intent-to-use trademark application prior to the filing and acceptance by the United States Patent and Trademark Office of a “Statement
of Use” or “Amendment to Allege Use” with respect thereto, to the extent, if any, that, and solely during the
period, if any, in which, the grant of a security interest therein would impair the validity or enforceability of such intent-to-use
trademark application, or any registration issuing therefrom, under applicable federal law,

 

(xi)            any
assets of any Excluded Subsidiary,

 

(xii)          any property subject to a capital
lease, purchase money security interest or, in the case of property of the Issuer or any Guarantor acquired after the Issue Date,
pre-existing secured indebtedness not Incurred in anticipation of the acquisition by the Issuer or such Guarantor, as applicable,
to the extent that the granting of a security interest in such property would be prohibited under the terms of such capital lease,
purchase money financing or secured indebtedness,

 

(xiii)         [reserved],

 

(xiv)         any Equity Interests of a CFC or
of a FSHCO, other than 65% of the total outstanding voting Equity Interests and 100% of the total outstanding non-voting Equity
Interests of such CFC or FSHCO that, in each case, are directly owned by the Issuer or any Guarantor,

 

(xv)          receivables and related assets (A) sold
to any Receivables Subsidiary or (B) otherwise sold, pledged, factored, contributed or disposed of in connection with any
Qualified Receivables Financing or other factoring arrangement not prohibited under this Indenture,

 

(xvi)         any assets which are subject to
a security interest in respect of Acquired Indebtedness and such security interest constitutes a Permitted Lien,

 

(xvii)        any Rule 3-16 Capital Stock,

 

    	 	-19-	 

     

    

 

(xviii)       any asset excluded by the Guaranty
and Security Principles, and

 

(xix)          so long as the Credit Agreement
is outstanding, any asset that (A) is not pledged to secure Obligations arising in respect of the Credit Agreement (whether
pursuant to the terms of the Credit Agreement (and any related documents) or as a result of any determination made thereunder,
or by amendment, waiver or otherwise) or (B) cannot, pursuant to applicable law in any non-US jurisdiction or local practice,
be pledged to more than one secured party (or more than one agent therefor), it being understood that in no event shall the Issuer
or any Guarantor be required to establish or enter into any collateral trust arrangement.

 

“Excluded Contributions”
means the net cash proceeds and Cash Equivalents or Fair Market Value of assets or property received by or contributed to the Issuer
or the Guarantors after the Issue Date (other than amounts provided by or contributed to the Issuer or a Guarantor from or by UK
Holdco or a Restricted Subsidiary) from:

 

(1)            contributions
to its common or preferred equity capital, and

 

(2)            the
sale (other than to UK Holdco or a Restricted Subsidiary or management equity plan or stock option plan or any other management
or employee benefit plan or agreement) of Capital Stock (other than Refunding Capital Stock, Disqualified Stock and Designated
Preferred Stock) of the Issuer or any direct or indirect parent,

 

in each case, designated as Excluded Contributions
pursuant to an Officer’s Certificate executed by an Officer of UK Holdco on or about the date such capital contributions
are made or the date such Capital Stock is sold, as the case may be, the proceeds of which are excluded from the calculation set
forth in Section 4.04(a)(3).

 

“Excluded Subsidiary” means
any Subsidiary of UK Holdco that is, at any time of determination:

 

(1)            a
non-Wholly Owned Subsidiary; provided that such Subsidiary shall cease to be an Excluded Subsidiary at the time such Subsidiary
becomes a Wholly Owned Subsidiary;

 

(2)            a
special purpose securitization vehicle (or similar special purpose entity), including any Receivables Subsidiary created pursuant
to a transaction permitted under this Indenture;

 

(3)            a
joint venture;

 

(4)            a
not-for-profit Subsidiary;

 

(5)            a
captive insurance company, an Immaterial Subsidiary or a broker-dealer Subsidiary;

 

(6)            organized
under the laws of any jurisdiction other than a Security Jurisdiction;

 

(7)            a
CFC;

 

(8)            a
FSHCO;

 

(9)            a
Subsidiary of a CFC or of a FSHCO;

 

(10)          an
Unrestricted Subsidiary;

 

    	 	-20-	 

     

    

 

(11)            any
Subsidiary for which the providing of a guarantee could reasonably be expected (A) to result in any violation or breach of,
or conflict with, fiduciary duties of such subsidiary’s officers, directors or managers or (B) to result in material
adverse regulatory or Tax consequences as determined by UK Holdco in good faith;

 

(12)            any
Subsidiary that is prohibited or restricted by (A) applicable requirements of law or (B) any contractual obligation,
in each case from guaranteeing the Obligations or which would require governmental (including regulatory) or third-party consent,
approval, license or authorization in order to provide such guarantee (including under any financial assistance, corporate benefit,
thin capitalization, capital maintenance, liquidity maintenance or similar legal principles), unless such consent, approval, license
or authorization has been obtained, it being understood that neither UK Holdco nor any of its Subsidiaries shall have any obligation
to obtain any such consent, approval, license or authorization;

 

(13)            any
Subsidiary in respect of which UK Holdco determines in consultation with the Credit Agreement Collateral Agent (to the extent outstanding)
that the cost, burden, difficulty or consequence of providing a guarantee is excessive in relation to the benefit of the security
to be afforded thereby or the value of such guarantee (which determination shall also apply with respect to the Securities); or

 

(14)            any
Subsidiary to the extent excluded (A) by the application of the Guaranty and Security Principles or (B) in accordance
with the Credit Agreement or Security Documents or that does not guarantee the Obligations or provide Collateral in respect of
the Credit Agreement for any reason (so long as the Credit Agreement is outstanding).

 

Notwithstanding the foregoing, UK Holdco may
from time to time elect to cause any Subsidiary that would otherwise be an Excluded Subsidiary to become a Subsidiary Guarantor
(but shall have no obligation to do so), subject to the satisfaction of any applicable requirements under the Security Documents
delivered on the Issue Date (giving effect, as applicable, to the Guaranty and Security Principles) or otherwise reasonably determined
by UK Holdco (which shall include, in the case of a Foreign Subsidiary, guarantee and collateral requirements customary under local
law, including customary local limitations). UK Holdco may subsequently elect to release any such Subsidiary as a Subsidiary Guarantor
at any time in its sole discretion (it being understood that such release shall be subject to (A) UK Holdco or its applicable
Restricted Subsidiary having capacity to make, and being deemed to make, an Investment in such Subsidiary after such release and
(B) such Subsidiary having capacity to Incur, and being deemed to Incur, any Indebtedness or Liens after such release).

 

“Fair Market Value” means,
with respect to any Investment, asset, property or transaction, the price which could be negotiated in an arm’s-length, free
market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or
compulsion to complete the transaction (as determined in good faith by UK Holdco).

 

“Financial
Definitions” means the definitions of Consolidated Interest Expense, Consolidated Net Income, Consolidated Secured
Debt Ratio, Consolidated First Lien, Debt Ratio, Consolidated Total Debt Ratio, Consolidated Total Indebtedness, EBITDA, LTM
EBITDA, Fixed Charge Coverage Ratio, Fixed Charges and Net Income, and any defined term or section reference included in such
definitions.

 

“First Lien Intercreditor Agreement”
means that certain Intercreditor Agreement, dated as of the Issue Date, between the Collateral Agent and the Credit Agreement Collateral
Agent, setting forth certain matters with respect to enforcement of the security interests in the Shared Collateral, as may be
amended, supplemented, replaced or restated from time to time.

 

    	 	-21-	 

     

    

 

“First Priority Lien Obligations”
means (i) all Obligations with respect to the Securities and the Guarantees and (ii) other Indebtedness or Obligations
of the Issuer or any Guarantor that is secured by Liens on the Collateral ranking pari passu with the Liens on the Collateral
securing the Securities or the Guarantees thereof, as the case may be, as permitted by this Indenture (including, for the avoidance
of doubt, the Obligations under the Credit Agreement).

 

“Fixed Charge Coverage Ratio”
means, with respect to UK Holdco and its Restricted Subsidiaries for any period, the ratio of EBITDA of UK Holdco and its Restricted
Subsidiaries for such period to the Fixed Charges of UK Holdco and its Restricted Subsidiaries for such period. In the event that
UK Holdco or any of its Restricted Subsidiaries Incurs, assumes, guarantees, redeems, retires or extinguishes any Indebtedness
(other than in the case of revolving advances under any Qualified Receivables Financing, in which case interest expense shall be
computed based upon the average daily balance of such Indebtedness during the applicable period) or issues or redeems Disqualified
Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated
but prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made, then the Fixed
Charge Coverage Ratio shall be calculated on a Pro Forma Basis for such Incurrence, assumption, guarantee, redemption, retirement
or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had
occurred at the beginning of the applicable four-quarter period.

 

“Fixed Charges” means,
with respect to UK Holdco and its Restricted Subsidiaries for any period, the sum of:

 

(1)            Consolidated
Interest Expense of UK Holdco and its Restricted Subsidiaries for such period, and

 

(2)            all
cash dividend payments (excluding items eliminated in consolidation) on any series of Preferred Stock or Disqualified Stock of
UK Holdco and its Restricted Subsidiaries:

 

provided,
however, that, notwithstanding the foregoing, any charges arising from (i) the application of Accounting Standards
Codification Topic 480-10-25-4 “Distinguishing Liabilities from Equity—Overall—Recognition” to any series
of Preferred Stock other than Disqualified Stock or (ii) the application of Accounting Standards Codification Topic 470-20
 “Debt—Debt with Conversion Options—Recognition,” in each case, shall be disregarded in the calculation
of Fixed Charges.

 

“Foreign Subsidiary” means
a Restricted Subsidiary not organized or existing under the laws of the United States of America or any state or territory or the
District of Columbia or any direct or indirect Subsidiary of such Restricted Subsidiary.

 

“FSHCO” means any Subsidiary
of Holdings, substantially all of the assets of which consist of Equity Interests of one or more CFCs or other FSHCOs.

 

“GAAP” means
generally accepted accounting principles in the United States of America that are in effect from time to time; provided,
that GAAP shall be construed, and all computations of amounts and ratios referred to in this Indenture shall be made, in
accordance with the interpretive provisions set forth under Section 1.04 hereof; provided, further, that
(A) if any change in GAAP or in the application thereof or any change as a result of the adoption or modification of
accounting policies (including the conversion to IFRS as described below or any change in the methodology of calculating
reserves for returns, rebates and other chargebacks) is implemented or takes effect after the date of delivery of any
financial statements required to be delivered under this Indenture and/or there is any change in the functional currency
reflected in such financial statements or (B) if UK Holdco or its applicable direct or indirect parent company elects or
is required to report under IFRS, then (i) UK Holdco may request by written notice to the Trustee to amend the relevant
affected provisions of this Indenture to eliminate the effect of such change in accounting principles or change as a result
of the adoption or modification of accounting policies occurring after the Issue Date in GAAP or IFRS, as applicable, or in
the application thereof on the operation of such provision, regardless of whether any such notice is given before or after
such change in GAAP or IFRS, as applicable, or in the application thereof; (ii) until such written notice shall have
been withdrawn or such affected provision(s) amended in accordance with this definition, such provision(s) shall be
interpreted on the basis of GAAP or IFRS, as applicable, as in effect and applied immediately before such change shall have
become effective.

 

    	 	-22-	 

     

    

 

At any time after the Issue Date, UK Holdco
or its applicable direct or indirect parent company may elect to apply IFRS accounting principles in lieu of GAAP, or vice versa,
and upon such election, references in this Indenture to GAAP shall thereafter be construed to mean IFRS, or vice versa, as applicable
(except as otherwise provided in this Indenture). For the avoidance of doubt, solely making an election (without any other action)
referred to in this definition will not (1) be treated as an incurrence of Indebtedness or (2) have the effect of rendering
invalid any payment, Investment or other action made prior to the date of such election pursuant to Section 4.04 hereof
or any Incurrence of Indebtedness Incurred prior to the date of such election pursuant to Section 4.03 hereof (or any other
action conditioned on UK Holdco and its Restricted Subsidiaries having been able to incur $1.00 of additional Indebtedness) if
such payment, Investment, Incurrence or other action was valid under this Indenture on the date made, Incurred or
taken, as the case may be.

 

“Grantor” has the meaning
assigned to such term (or any equivalent term, such as pledgor) in the applicable Security Documents.

 

“guarantee” means, as to
any Person, a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business),
direct or indirect, in any manner (including letters of credit and reimbursement agreements in respect thereof), of all or any
part of any Indebtedness of another Person.

 

“Guarantee” means a guarantee
of the Securities pursuant to this Indenture.

 

“Guarantor” means any Person
that Incurs a Guarantee; provided that upon the release or discharge of such Person from its Guarantee in accordance with
this Indenture, such Person ceases to be a Guarantor.

 

“Guaranty and Security Principles”
means the “Agreed Security Principles” as such term is defined in the Credit Agreement, as of the Issue Date, as applied
mutatis mutandis with respect to the Securities in good faith by UK Holdco.

 

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

 

(1)            currency
exchange, interest rate or commodity Swap Agreements, currency exchange, interest rate or commodity cap agreements and currency
exchange, interest rate or commodity collar agreements; and

 

(2)            other
agreements or arrangements designed to manage or protect such Person against fluctuations in currency exchange, interest rates
or commodity prices.

 

    	 	-23-	 

     

    

 

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

 

“Holdings” means Camelot
UK Holdco Limited, a private limited liability company incorporated under the laws of England and Wales with registration number
10314173 and the direct parent of UK Holdco.

 

“IFRS” means International
Financial Reporting Standards (formerly International Accounting Standards) as issued by the International Accounting Standards
Board and its predecessor as in effect from time to time.

 

“Immaterial Subsidiary”
means each Subsidiary which, as of the most recently ended reference period, contributed five percent (5%) or less of LTM EBITDA
for such period; provided that, if at any time the aggregate amount of EBITDA attributable to all Subsidiaries that are
Immaterial Subsidiaries exceeds ten percent (10%) of LTM EBITDA for any such period, the Issuer shall designate sufficient Subsidiaries
to eliminate such excess, and such designated Subsidiaries shall no longer constitute Immaterial Subsidiaries under this Indenture.

 

“Incur” means, with respect
to any Indebtedness, issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation,
acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Subsidiary.

 

“Indebtedness” means, with
respect to any Person:

 

(1)            the
principal and premium (if any) of any Indebtedness of such Person, whether or not contingent, (a) in respect of borrowed money,
(b) evidenced by bonds, notes, debentures or similar instruments or letters of credit or bankers’ acceptances (or, without
duplication, reimbursement agreements in respect thereof), (c) representing the deferred and unpaid purchase price of any
property, asset or business, except (i) any such balance that constitutes a trade payable, accrued expense or similar obligation
to a trade creditor and (ii) any acquisition earnout obligations, (d) in respect of Capitalized Lease Obligations, or
(e) representing any Hedging Obligations, other than Hedging Obligations that are Incurred in the normal course of business
and not for speculative purposes, and that do not increase the Indebtedness of the obligor outstanding at any time other than as
a result of fluctuations in interest rates, commodity prices or foreign currency exchange rates or by reason of fees, indemnities
and compensation payable thereunder, if and to the extent that any of the foregoing Indebtedness (other than letters of credit
and Hedging Obligations) would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared
in accordance with GAAP; provided that Indebtedness of any direct or indirect parent of UK Holdco appearing upon the balance
sheet of UK Holdco solely by reason of push-down accounting under GAAP shall be excluded;

 

(2)            to
the extent not otherwise included, any obligation of such Person to be liable for, or to pay, as obligor, guarantor or otherwise,
on the obligations described in clause (1) of another Person (other than by endorsement of negotiable instruments for collection
in the ordinary course of business); and

 

(3)            to
the extent not otherwise included, obligations described in clause (1) of another Person secured by a Lien on any asset owned
by 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, and (b) the
amount of such Indebtedness of such other Person;

 

    	 	-24-	 

     

    

 

provided
that (a) Contingent Obligations Incurred in the ordinary course of business, (b) obligations under or in respect of Receivables
Financings, (c) Obligations associated with other post-employment benefits and pension plans, (d) any operating leases
as such an instrument would be determined in accordance with GAAP on the date of this Indenture, (e) in connection with the
purchase by UK Holdco or its Restricted Subsidiaries of any business, post-closing payment adjustments to which the seller may
be 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 until 30 days after any such obligation becomes contractually due and payable, (f) deferred
or prepaid revenues, (g) any Capital Stock (other than Disqualified Stock), (h) purchase price holdbacks in respect of
a portion of the purchase price of an asset to satisfy warranty or other unperformed obligations of the respective seller and (i) premiums
payable to, and advance commissions or claims payments from, insurance companies shall not constitute Indebtedness.

 

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

 

“Independent Financial Advisor”
means an accounting, appraisal or investment banking firm or consultant, in each case of nationally recognized standing that is,
in the good faith determination of the Issuer or its direct or indirect parent, qualified to perform the task for which it has
been engaged.

 

“Initial Purchasers” means
the several initial purchasers listed in the Offering Memorandum.

 

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

 

“Investment Grade Securities”
means:

 

(1)            securities
issued or directly and fully guaranteed or insured by the U.S., Canadian, any country that is a member of the European Union, the
United Kingdom, Japan or Switzerland government or any agency or instrumentality thereof (other than Cash Equivalents),

 

(2)            securities
that have an Investment Grade Rating,

 

(3)            investments
in any fund that invests at least 95% of its assets in investments of the type described in clauses (1) and (2) which
fund may also hold immaterial amounts of cash pending investment and/or distribution, and

 

(4)            corresponding
instruments in countries other than the United States customarily utilized for high quality investments.

 

“Investments” means, with
respect to any Person, all investments by such Person in other Persons (including Affiliates) in the form of loans (including guarantees),
advances or capital contributions (excluding accounts receivable, trade credit, advances or extensions of credit to customers and
vendors, commission, travel and similar advances to officers, directors, employees and consultants made in the ordinary course
of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities issued by
any other Person and investments that are required by GAAP to be classified on the balance sheet of (excluding the footnotes) of
such Person in the same manner as the other investments included in this definition to the extent such transactions involve the
transfer of cash or other property. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04:

 

    	 	-25-	 

     

    

 

(1)            “Investments”
shall include the portion (proportionate to UK Holdco’s equity interest in such Subsidiary) of the Fair Market Value of the
net assets of a Subsidiary of UK Holdco at the time that such Subsidiary is designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, UK Holdco shall be deemed to continue
to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive) equal to:

 

(a)            UK
Holdco’s “Investment” in such Subsidiary at the time of such redesignation, less

 

(b)            the
portion (proportionate to UK Holdco’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such
Subsidiary at the time of such redesignation;

 

(2)            any
property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer,
in each case as determined in good faith by UK Holdco; and

 

(3)            the
amount of any Investment shall be the original cost of such Investment, plus the cost of any addition thereto that otherwise constitutes
an Investment, without any adjustments for increases or decreases in value, or write-ups, write-downs or write-offs with respect
thereto, but giving effect to any repayments of principal in the case of any Investment in the form of a loan and any return of
capital or return on Investment in the case of any equity Investment (whether as a distribution, dividend, redemption or sale.

 

For the avoidance of doubt, a guarantee by
UK Holdco or a Restricted Subsidiary of the obligations of another Person shall not be deemed to be an Investment by UK Holdco
or such Restricted Subsidiary in such Person to the extent that such obligations of such Person are in favor of UK Holdco or any
Restricted Subsidiary, and in no event shall a guarantee of an operating lease or other business contract of UK Holdco or any Restricted
Subsidiary be deemed an Investment.

 

“Issue Date” means October 31,
2019.

 

“Junior Lien Priority”
means that such subject Indebtedness is secured by a Lien on the Collateral that is junior in priority to the Liens on the Collateral
securing the First Priority Lien Obligations and is subject to an Acceptable Intercreditor Agreement (it being understood that
junior Liens are not required to rank equally and ratably with other junior Liens, and that Indebtedness secured by junior Liens
may be secured by Liens that are senior in priority to, or rank equally and ratably with, or junior in priority to, other Liens
constituting junior Liens).

 

“Lien” means, with respect
to any asset, any mortgage, lien, pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any
kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including any conditional
sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security
interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes)
of any jurisdiction); provided that in no event shall an operating lease or an agreement to sell be deemed to constitute
a Lien.

 

“Limited Condition Transaction”
means any transaction, any acquisition (including by way of merger, amalgamation or consolidation) or other similar Investment,
any assumption or Incurrence of Indebtedness or issuance of Preferred Stock or Disqualified Stock, any Asset Sale or any Restricted
Payment, by UK Holdco or one or more of its Restricted Subsidiaries.

 

    	 	-26-	 

     

    

 

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

 

“LTM EBITDA” means the
EBITDA of UK Holdco and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial
statements are available immediately preceding the date on which such event for which such calculation is being made shall occur,
with such pro forma adjustments to EBITDA as are appropriate and consistent with the pro forma adjustment provisions set forth
in the definition of “Pro Forma Basis.”

 

“Luxembourg Intercompany Note (Notes)”
means those certain Fixed Rate Unsecured Loan Notes Due 2026, dated as of the Issue Date and issued by UK Holdco to the Issuer,
as may be amended, novated, supplemented, restated, extended, amended and restated or otherwise modified from time to time.

 

“Luxembourg Intercompany Note (Term
Loans)” means those certain Floating Rate Unsecured Loan Notes Due 2026, dated as of the Issue Date and issued by UK
Holdco to the Issuer, as may be amended, novated, supplemented, restated, extended, amended and restated or otherwise modified
from time to time.

 

“Luxembourg Intercompany Notes”
means the collective reference to Luxembourg Intercompany Note (Notes) and the Luxembourg Intercompany Note (Term Loans).

 

“Management Agreement”
means one or more management services or consulting services agreements, entered into prior to the Issue Date between UK Holdco
or any direct or indirect parent company or any Restricted Subsidiary and the Sponsors and any other beneficial owner in the equity
in the Issuer or any direct or indirect parent company of the Issuer.

 

“Management Investor” means
any Person who is a director, officer or otherwise a member of management of UK Holdco, any of the Restricted Subsidiaries of UK
Holdco or any of UK Holdco’s direct or indirect parent companies on the Issue Date immediately after giving effect to the
Transactions.

 

“Market Capitalization”
means an amount equal to (a) the total number of then issued and outstanding shares of common Capital Stock of the Public
Parent (or Holdings or any direct or indirect parent entity of Holdings) multiplied by (b) the arithmetic mean of the closing
prices per share of such shares of common Capital Stock on the principal securities exchange on which such common Capital Stock
are traded for the 30 consecutive trading days immediately preceding such date.

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor to the rating agency business thereof.

 

    	 	-27-	 

     

    

 

“Net Cash Proceeds” means
the aggregate cash proceeds and Fair Market Value of any other Cash Equivalents received by UK Holdco or any of its Restricted
Subsidiaries in respect of any Asset Sale (including, without limitation, any cash or other Cash Equivalents received in respect
of or upon the sale or other disposition of any Designated Non-cash Consideration received in any Asset Sale and any cash payments
received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise, but only as and when
received, but excluding the assumption by the acquiring Person of Indebtedness relating to the disposed assets or other consideration
received in any other non-cash form), net of the direct costs relating to such Asset Sale and the sale or disposition of such Designated
Non-cash Consideration (including, without limitation, legal, accounting and investment banking fees, and brokerage and sales commissions),
and any relocation expenses Incurred as a result thereof, Taxes paid or payable as a result thereof, including any payments to
any direct or indirect parent in respect thereof (after taking into account any available tax credits or deductions and any tax
sharing arrangements related thereto), amounts required to be applied to the repayment of principal, premium (if any) and interest
on Indebtedness required (other than pursuant to Section 4.06(b)) to be paid as a result of such transaction, and any deduction
of appropriate amounts to be provided by UK Holdco or any of its Restricted Subsidiaries as a reserve in accordance with GAAP against
any liabilities associated with the asset disposed of in such transaction and retained by UK Holdco or any of its Restricted Subsidiaries
after such sale or other disposition thereof, including, without limitation, pension and other post-employment benefit liabilities
and liabilities related to environmental matters or against any indemnification obligations associated with such transaction.

 

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

 

“Net Short” means, with
respect to a Holder or beneficial owner, as of a date of determination, either (i) the value of its Short Derivative Instruments
exceeds the sum of the (x) the value of its notes plus (y) the value of its Long Derivative Instruments as of such date
of determination or (ii) it is reasonably expected that such would have been the case were a Failure to Pay or Bankruptcy
Credit Event (each as defined in the 2014 International Swaps and Derivatives Association, Inc. Credit Derivatives Definitions,
as supplemented by the 2019 Narrowly Tailored Credit Event Supplement) to have occurred with respect to the Issuer or any Guarantor
immediately prior to such date of determination.

 

“Notes Documents” means
this Indenture, the Securities, the Security Documents and any supplemental indentures to this Indenture and amendments or supplements
to the Security Documents, including for the purpose of providing Guarantees by additional Guarantors or the granting of security
interests in additional assets or property.

 

“Notes Obligations” means
all Obligations of the Issuer and the Guarantors under or in respect of the Securities, the Guarantees, this Indenture and the
other Notes Documents.

 

“Notes Secured Parties”
means the Trustee, the Collateral Agent and the Holders of the Securities.

 

“Notes Security Agreement”
means the Pledge and Security Agreement, dated as of the Issue Date, made by the Issuer, the Grantors named therein in favor of
the Collateral Agent.

 

“Obligations” means any
principal, interest, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations
with respect to letters of credit and bankers’ acceptances), damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offering Memorandum” means
the final offering memorandum relating to the offering of the Original Securities dated October 25, 2019.

 

    	 	-28-	 

     

    

 

“Officer” means the
Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, President, any Executive
Vice President, Senior Vice President, Vice President or Assistant Vice President, the Controller, the Treasurer, the
Assistant Treasurer, the Secretary or any duly authorized manager or director of UK Holdco or any other individual designated
as an “Officer” for purposes of this Indenture by the Board of Directors of UK Holdco.

 

“Officer’s Certificate”
means a certificate signed on behalf of the Issuer by any one Officer of UK Holdco or Holdings, who must be the principal executive
officer, the principal financial officer, the treasurer, the controller, the general counsel, the principal accounting officer
or any duly authorized manager or director of UK Holdco or Holdings that meets the requirements set forth in this Indenture.

 

“Opinion of Counsel” means
an opinion from legal counsel who is reasonably acceptable to the Trustee that meets the requirements set forth in this Indenture.
The counsel may be an employee of or counsel to UK Holdco or Holdings or any Affiliate thereof.

 

“Parallel Debt” means,
in relation to an Underlying Debt, an obligation to pay to the Collateral Agent and/or the Trustee, as applicable, an amount equal
to (and in the same currency as) the amount of such Underlying Debt.

 

“Parent Holding Company”
means any direct or indirect parent entity of Holdings which holds directly or indirectly 100% of the Equity Interest of Holdings
and which does not hold Equity Interests in any other Person (except for any other Parent Holding Company), which term shall include,
for the avoidance of doubt, the Public Parent.

 

“Paying Agent” means an
office or agency maintained by UK Holdco pursuant to the terms of this Indenture, where Securities may be presented for payment.

 

“Permitted Asset Swap”
means the substantially concurrent purchase and sale or exchange of Related Business Assets or a combination of Related Business
Assets and cash or Cash Equivalents between UK Holdco or any of its Restricted Subsidiaries and another Person; provided,
that any cash or Cash Equivalents received must be applied in accordance with Section 4.06.

 

“Permitted Holders” means
(i) the Sponsors, (ii) the Management Investors, (iii) any Person that has no material assets other than the Capital
Stock of Holdings and, directly or indirectly, holds or acquires 100% of the total voting power of the Voting Stock of Holdings
or any direct or indirect Parent Holding Company, and of which no other Person or group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, or any successor provision), other than any Permitted Holder specified in clause
(i) above, holds more than 50% of the total voting power of the Voting Stock thereof, (iv) any other beneficial owner
in the equity in Holdings or any direct or indirect Parent Holding Company as of the Issue Date and (v) any group (within
the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision) the members
of which include any Permitted Holder specified in clauses (i), (iii) or (iv) above and that, directly or indirectly,
hold or acquire beneficial ownership of the Voting Stock of Holdings or any direct or indirect Parent Holding Company or of a Permitted
Holder specified in clause (iii) above (a “Permitted Holder Group”), so long as no Person or other “group”
(other than a Permitted Holder or group of Permitted Holders specified in clauses (i), (iii) or (iv) above) beneficially
owns more than 50% on a fully diluted basis of the Voting Stock held by the Permitted Holder Group. Any Person or group, together
with its Affiliates, 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 constitute an additional Permitted
Holder.

 

    	 	-29-	 

     

    

 

“Permitted Investments”
means:

 

(1)            any
Investment in UK Holdco (including the Securities) or any Restricted Subsidiary;

 

(2)            any
Investment in Cash Equivalents or Investment Grade Securities;

 

(3)            (x) any
Investment by UK Holdco or any Restricted Subsidiary in a Person if as a result of such Investment (a) such Person
becomes a Restricted Subsidiary, or (b) such Person, in one transaction or a series of related transactions, is merged,
consolidated or amalgamated with or into, or transfers or conveys all or substantially all of its assets to, or is liquidated
into, UK Holdco or a Restricted Subsidiary and (y) any Investment held by such Person; provided that such
Investment was not acquired by such Person in contemplation of such acquisition, merger, consolidation or transfer;

 

(4)            any
Investment in securities or other assets, including earnouts or similar obligations, not constituting Cash Equivalents or Investment
Grade Securities and received in connection with an Asset Sale made pursuant to Section 4.06 or any other disposition of assets
not constituting an Asset Sale;

 

(5)            any
Investment (x) existing on the Issue Date, (y) made pursuant to binding commitments in effect on the Issue Date and (z) that
replaces, refinances, refunds, renews or extends any Investment described under either of the immediately preceding clauses (x) or
(y); provided that any such Investment is in an amount that does not exceed the amount replaced, refinanced, refunded, renewed
or extended except to the extent required by the terms of such Investment on the Issue Date;

 

(6)            loans
and advances to, and guarantees of Indebtedness of, employees of UK Holdco (or any of its direct or indirect parent companies)
or a Restricted Subsidiary not in excess of the greater of (x) $20.0 million and (y) 7% of LTM EBITDA (at the time
such Investment is made) outstanding at any one time, in the aggregate;

 

(7)            any
Investment acquired by UK Holdco or any of its Restricted Subsidiaries (a) in exchange for any other Investment or accounts
receivable held by UK Holdco or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization
or recapitalization of the issuer of such other Investment or accounts receivable, (b) in good faith settlement of delinquent
obligations of, and other disputes with Persons who are not Affiliates or (c) as a result of a foreclosure by UK Holdco or
any of its Restricted Subsidiaries with respect to any secured Investment or other transfer of title with respect to any secured
Investment in default;

 

(8)            Hedging
Obligations permitted under Section 4.03(b)(ix);

 

(9)            additional
Investments by UK Holdco or any of its Restricted Subsidiaries having an aggregate Fair Market Value, taken together with all other
Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the greater of (x) $250.0
million and (y) 77% of LTM EBITDA; provided, however, that, for the avoidance of doubt, if any Investment pursuant
to this clause (9) is made in any Person that is not a Restricted Subsidiary at the date of the making of such Investment
and such Person becomes a Restricted Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant
to clause (1) above and shall cease to have been made pursuant to this clause (9) for so long as such Person continues
to be a Restricted Subsidiary;

 

(10)            loans
and advances to (or guarantees of Indebtedness of) future, present or former officers, directors, employees and consultants for
business related travel expenses (including entertainment expense), moving and relocation expenses, Tax advances, payroll advances
and other similar expenses, in each case Incurred in the ordinary course of business or consistent with past practice or to fund
such Person’s purchase or other acquisition for value of Equity Interests of the Issuer or any direct or indirect parent
company thereof under compensation plans approved by the Board of Directors of UK Holdco (or any direct or indirect parent company
thereof) in good faith;

 

    	 	-30-	 

     

    

 

(11)            Investments
the payment for which consists of Equity Interests of Holdings (other than Disqualified Stock) or any direct or indirect Parent
Holding Company, as applicable; provided, however, that such Equity Interests will not increase the amount available
for Restricted Payments under Section 4.04(a)(3);

 

(12)            any
transaction to the extent it constitutes an Investment that is permitted by and made in accordance with Section 4.07(b) (except
transactions described in clauses (ii), (v), (ix)(B), (xxiii) and (xxiv) of such Section);

 

(13)            Investments
consisting of the licensing or contribution of intellectual property pursuant to joint marketing arrangements with other Persons;

 

(14)            guarantees
issued in accordance with Sections 4.03 and 4.10;

 

(15)            Investments
consisting of purchases and acquisitions of inventory, supplies, materials and equipment (including, without limitation, prepayments
to suppliers in the ordinary course of business) or purchases of contract rights or licenses or leases of intellectual property,
in each case in the ordinary course of business;

 

(16)            any
Investment in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified
Receivables Financing, including Investments of funds held in accounts permitted or required by the arrangements governing such
Qualified Receivables Financing or any related Indebtedness; provided, however, that any Investment in a Receivables
Subsidiary is in the form of a Purchase Money Note, contribution of additional receivables or an equity interest;

 

(17)            Investments
resulting from the receipt of non-cash consideration in an Asset Sale received in compliance with Section 4.06 or any disposition
of assets not constituting an Asset Sale;

 

(18)            (x) Investments
in joint ventures of UK Holdco or any of its Restricted Subsidiaries existing on the Issue Date, (y) additional Investments
in joint ventures in an aggregate amount not to exceed the greater of (I) $150.0 million and (II) 47% of LTM EBITDA at
any one time outstanding and (z) additional Investments in Similar Businesses in an aggregate amount not to exceed the greater
of (I) $150.0 million and (II) 47% of LTM EBITDA at any one time outstanding; provided, however, that,
for the avoidance of doubt, if any Investment pursuant to this clause (18) is made in any Person that is not a Restricted Subsidiary
at the date of the making of such Investment and such Person becomes a Restricted Subsidiary after such date, such Investment shall
thereafter be deemed to have been made pursuant to clause (1) of this definition and shall cease to have been made pursuant
to this clause (18) for so long as such Person continues to be a Restricted Subsidiary;

 

(19)            Investments
of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into or consolidated with a Restricted Subsidiary
in a transaction that is not prohibited by Section 5.01 after the Issue Date to the extent that such Investments were not
made in contemplation of such acquisition, merger or consolidation and were in existence on the date of such acquisition, merger
or consolidation;

 

    	 	-31-	 

     

    

 

(20)            advances,
loans, rebates and extensions of credit (including the creation of receivables) to suppliers, customers and vendors, and performance
guarantees, in each case in the ordinary course of business;

 

(21)            the
acquisition of assets or Capital Stock solely in exchange for the issuance of common equity securities of Holdings or a Restricted
Subsidiary (or any direct or indirect Parent Holding Company);

 

(22)            Investments
by the Issuer in UK Holdco evidenced by each Luxembourg Intercompany Note; and

 

(23)            other
Investments, so long as the Consolidated Total Debt Ratio of UK Holdco and its Restricted Subsidiaries on a consolidated basis
is no greater than 5.25 to 1.00, determined on a Pro Forma Basis.

 

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

 

(1)            pledges
or deposits by such Person in connection with workmen’s compensation, employment or unemployment insurance and other types
of social security legislation, employee source deductions, goods and services Taxes, sales Taxes, municipal Taxes, corporate Taxes
and pension fund obligations, or good faith deposits, prepayments or cash pledges to secure bids, tenders, contracts (other than
for the payment of Indebtedness) or leases, subleases, licenses, sublicenses or similar agreements to which such Person is a party,
performance and return of money bonds and other similar obligations Incurred in the ordinary course of business, or deposits to
secure public or statutory obligations of such Person or deposits of cash or government bonds to secure surety, stay, customs or
appeal bonds or statutory bonds to which such Person is a party, or deposits as security for contested Taxes or import duties or
for the payment of rent, in each case Incurred in the ordinary course of business;

 

(2)            Liens
imposed by law, such as landlords’, carriers’, warehousemen’s, materialmen’s, repairmen’s, construction
contractors’ and mechanics’ and other like Liens, in each case for sums not overdue for a period of more than 30 days
(other than with respect to Subsidiaries formed in Germany) or being contested in good faith by appropriate proceedings or other
Liens arising out of judgments or awards against such Person with respect to which such Person shall then be proceeding with an
appeal or other proceedings for review if adequate reserves with respect thereto are being maintained in accordance with GAAP (or,
in the case of any Foreign Subsidiary, the accounting principles applicable in the relevant jurisdiction);

 

(3)            Liens
for Taxes, assessments or other governmental charges (i) not overdue for more than 60 days or (ii) which are being contested
in good faith by appropriate proceedings if adequate reserves with respect thereto are being maintained on the books of such Person
in accordance with GAAP (or, in the case of any Foreign Subsidiary, the accounting principles applicable in the relevant jurisdiction)
or that are immaterial to UK Holdco and its Restricted Subsidiaries taken as a whole;

 

(4)            Liens
in favor of issuers of performance, surety, bid, indemnity, warranty, release, appeal or similar bonds or with respect to other
regulatory requirements, or letters of credit or bankers’ acceptances issued, and completion guarantees provided for, in
each case pursuant to the request of and for the account of such Person in the ordinary course of its business;

 

(5)            survey
exceptions, encumbrances, leases, subleases, encroachments, protrusions, easements or reservations of, or rights of others for,
sublicenses, licenses, rights-of-way, servitudes, sewers, electric lines, drains, telegraph and telephone and cable television
lines, and other similar purposes, or zoning, building codes or other restrictions (including, without limitation, 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 such
Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which, in each case, do
not in the aggregate materially impair their use in the operation of the business of such Person taken as a whole;

 

    	 	-32-	 

     

    

 

(6)            Liens
Incurred to secure Obligations in respect of Indebtedness permitted to be Incurred pursuant to Section 4.03(b)(iv), (xii) or
(xiii) hereof; provided that (i) in the case of any Liens securing Obligations Incurred pursuant to Section 4.03(b)(iv),
such Lien extends only to the assets and/or Capital Stock, the acquisition, purchase, lease, construction, design, installation,
repair, replacement or improvement of which is financed thereby and any income or profits thereof; provided, further, that
individual financings provided by a lender may be cross collateralized to other financings provided by such lender or its Affiliates,
(ii) in the case of Liens securing guarantees Incurred pursuant to Section 4.03(b)(xii), such guarantee may only be subject
to a Lien to the extent the underlying Indebtedness may be subject to any Liens and (iii) in the case of any Liens securing
Refinancing Indebtedness Incurred pursuant to Section 4.03(b)(xiii), such Lien relates only to Refinancing Indebtedness that
(A) is secured by Liens on all or a portion of the same assets or the same categories or types of assets as the assets (plus
improvements, accessions, proceeds or dividends or distributions in respect thereof, or replacements of any thereof) that secured
the Indebtedness being refinanced or (B) extends, replaces, refunds, refinances, renews or defeases Indebtedness incurred
or Disqualified Stock or Preferred Stock issued under Section 4.03(b)(iii) (solely to the extent such Indebtedness was
secured by a Lien prior to such refinancing);

 

(7)            Liens
(x) securing the Securities issued on the Issue Date and the Guarantees in respect thereof and (y) existing on the Issue
Date;

 

(8)            Liens
on assets, property or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary; provided, however,
that such Liens are not created or Incurred in connection with, or in contemplation of, such other Person becoming such a Restricted
Subsidiary; provided, further, however, that such Liens may not extend to any other property owned by UK Holdco
or any Restricted Subsidiary (other than the proceeds or products of such assets, property or shares of stock or improvements thereon
or replacements, accessions or additions thereto, it being understood that individual financings of the type permitted under Section 4.03(b)(iv) provided
by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates);

 

(9)            Liens
on assets or on property at the time UK Holdco or any Restricted Subsidiary acquired such assets or property, including any acquisition
by means of a merger or consolidation with or into UK Holdco or any Restricted Subsidiary; provided, however, that
such Liens are not created or Incurred in connection with, or in contemplation of, such acquisition; provided, further,
however, that the Liens may not extend to any other assets or property owned by UK Holdco or any Restricted Subsidiary (other
than the proceeds or products of such assets or property or shares of stock or improvements thereon or replacements, accessions
or additions thereto, it being understood that individual financings of the type permitted under Section 4.03(b)(iv) provided
by any lender may be cross-collateralized to other financings of such type provided by such lender or its affiliates);

 

(10)            Liens
securing Indebtedness or other obligations of UK Holdco or a Restricted Subsidiary owing to UK Holdco or another Restricted Subsidiary
permitted to be Incurred in accordance with Section 4.03;

 

(11)            Liens
securing Hedging Obligations not entered into for speculative purposes;

 

    	 	-33-	 

     

    

 

(12)            Liens
on specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of
bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of
such inventory or other goods;

 

(13)            leases,
licenses, subleases and sublicenses of assets (including, without limitation, real property and intellectual property rights) in
the ordinary course of business which do not materially interfere with the ordinary conduct of the business of UK Holdco or any
Restricted Subsidiaries;

 

(14)            Liens
arising from Uniform Commercial Code financing statement filings (or similar filings in any other jurisdiction) regarding operating
leases or consignments entered into by UK Holdco and its Restricted Subsidiaries in the ordinary course of business and precautionary
or purported Liens evidenced by the filing of UCC financing statement filings (or similar filings in any other jurisdiction);

 

(15)            Liens
in favor of UK Holdco or any Restricted Subsidiary;

 

(16)            Liens
on accounts receivable and related assets of the type specified in the definition of “Receivables Financing” Incurred
in connection with a Qualified Receivables Financing;

 

(17)            (A) pledges
and deposits made in the ordinary course of business to secure liability to insurance carriers, insurance companies and brokers
and (B) Liens on insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto;

 

(18)            Liens
on the Equity Interests and Indebtedness of, and the assets of, Unrestricted Subsidiaries and joint ventures that are not Restricted
Subsidiaries;

 

(19)            grants
of software and other technology licenses in the ordinary course of business;

 

(20)            judgment
and attachment Liens not giving rise to an Event of Default and notices of lis pendens and associated rights related to litigation
being contested in good faith by appropriate proceedings and for which adequate reserves have been made;

 

(21)            Liens
arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into in the
ordinary course of business;

 

(22)            Liens
Incurred to secure Cash Management Services (and other Bank Products) in the ordinary course of business;

 

(23)            Liens
on equipment of UK Holdco or any Restricted Subsidiary granted in the ordinary course of business to UK Holdco’s or such
Restricted Subsidiary’s client at which such equipment is located;

 

    	 	-34-	 

     

    

 

(24)            Liens
to secure any refinancing, refunding, extension, renewal or replacement (or successive refinancings, refundings, extensions, renewals
or replacements) as a whole, or in part, of any Indebtedness secured by any Lien referred to in clauses (6), (7), (8), (9),
(10), (11), (15) and (26); provided, however, that (x) such new Lien shall be limited to all or part of the
same property that secured the original Lien (plus proceeds or products of such property or improvements on such property),
and (y) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the
outstanding principal amount or, if greater, committed amount of the Indebtedness described under clauses (6), (7), (8), (9),
(10), (11), (15) and (26) at the time the original Lien became a Permitted Lien under this Indenture, and (B) an amount necessary
to pay accrued and unpaid interest and any fees and expenses, including any premium and defeasance costs, related to such refinancing,
refunding, extension, renewal or replacement;

 

(25)           other
Liens securing obligations which obligations do not exceed the greater of (x) $250.0 million and (y) 77% of LTM EBITDA
at any one time outstanding; provided that, at the election of UK Holdco with respect to any such Liens on Collateral, the
holders of such Obligations (or a representative thereof) shall be party to an Acceptable Intercreditor Agreement setting forth
the Junior Lien Priority of such Liens;

 

(26)            (x) Liens
securing Indebtedness or other Obligations permitted to be Incurred under one or more Debt Facilities, including any letter of
credit facility relating thereto, that was permitted to be Incurred pursuant to Section 4.03(b)(i)(1); and

 

(y)            Liens
(solely in the case of subclauses (i) and (ii) below, on the Collateral) securing Indebtedness or other Obligations up
to an additional aggregate principal amount permitted to be Incurred pursuant to Section 4.03:

 

(i)            that
rank pari passu with the Lien on the Collateral securing the Securities; provided that at the time of Incurrence
of the Indebtedness or other Obligations secured under this clause (26)(y)(i), the Consolidated First Lien Debt Ratio of UK Holdco
does not exceed 5.00 to 1.00 (or, to the extent Incurred in connection with any acquisition or similar Investment not prohibited
by this Indenture, the greater of 5.00 to 1.00 and the Consolidated First Lien Debt Ratio of UK Holdco at the end of the most recently
ended four fiscal quarters for which internal financial statements are available),

 

(ii)            that
rank junior to the Lien on the Collateral securing the Securities; provided that (A) at the time of Incurrence of the
Indebtedness or other Obligations secured under this clause (26)(y)(ii), the Consolidated Secured Debt Ratio of UK Holdco does
not exceed 6.50 to 1.00 (or, to the extent Incurred in connection with any acquisition or similar Investment not prohibited by
this Indenture, the greater of 6.50 to 1.00 and the Consolidated Secured Debt Ratio of UK Holdco at the end of the most recently
ended four fiscal quarters for which internal financial statements are available), and (B) the Holders of such Obligations
(or a representative thereof) shall become party to an Acceptable Intercreditor Agreement setting forth the Junior Lien Priority
of such Liens, and

 

(iii)            on
assets not constituting Collateral; provided that at the time of Incurrence of the Indebtedness or other Obligations secured
under this clause (26)(y)(iii), either (A) the Fixed Charge Coverage Ratio of UK Holdco and its Restricted Subsidiaries for
the most recently ended four full fiscal quarters for which internal financial statements are available would have been at least
2.00 to 1.00 (or, to the extent incurred in connection with any acquisition or similar Investment not prohibited by this Indenture,
the lesser of 2.00 to 1.00 and the Fixed Charge Coverage Ratio of UK Holdco and its Restricted Subsidiaries at the end of the most
recently ended four fiscal quarters for which internal financial statements are available) or (B) the Consolidated Total Debt
Ratio of UK Holdco does not exceed 6.50 to 1.00 (or, to the extent incurred in connection with any acquisition or similar Investment
not prohibited by this Indenture, the greater of 6.50 to 1.00 and the Consolidated Total Debt Ratio of UK Holdco at the end of
the most recently ended four fiscal quarters for which internal financial statements are available);

 

in each case of this clause (26)(y), determined
on a Pro Forma Basis;

 

    	 	-35-	 

     

    

 

(27)            Liens
on receivables and related assets including proceeds thereof being sold in factoring arrangements entered into in the ordinary
course of business;

 

(28)            Liens
that are contractual rights of set-off (i) relating to the establishment of depository relations with banks not given in connection
with the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts of UK Holdco or any of its Restricted
Subsidiaries to permit satisfaction of overdraft or similar obligations Incurred in the ordinary course of business of UK Holdco
and its Restricted Subsidiaries or (iii) relating to purchase orders and other agreements entered into with customers of UK
Holdco or any of its Restricted Subsidiaries in the ordinary course of business;

 

(29)            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;

 

(30)            Liens
deemed to exist in connection with Investments in repurchase agreements permitted under Section 4.03; provided that
such Liens do not extend to any assets other than those assets that are the subject of such repurchase agreement;

 

(31)            restrictions
on dispositions of assets to be disposed of pursuant to merger agreements, stock or asset purchase agreements and similar agreements;

 

(32)            customary
options, put and call arrangements, rights of first refusal and similar rights relating to Investments in joint ventures, partnerships
and similar investment vehicles;

 

(33)            any
amounts held by a trustee in the funds and accounts under an indenture securing any revenue bonds issued for the benefit of UK
Holdco or any of its Restricted Subsidiaries;

 

(34)            Liens
(i) in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection
with the importation of goods in the ordinary course of business or (ii) on specific items of inventory or other goods and
proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or letters of credit issued
or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods in the
ordinary course of business;

 

(35)            Liens
not given in connection with the issuance of Indebtedness for borrowed money (i) of a collection bank arising under Section 4-210
of the Uniform Commercial Code (or similar provisions in any other jurisdiction) on items in the course of collection; (ii) attaching
to a commodity trading account in the ordinary course of business; and (iii) in favor of a banking or other financial institution
arising as a matter of law or under customary general terms and conditions encumbering deposits or other funds maintained with
a financial institution (including the right of set-off) and which are within the general parameters customary in the banking industry
(including, without limitation, any Lien arising by entering into standard banking arrangements (AGB-Banken oder AGB-Sparkassen)
in Germany);

 

(36)            (i) Liens
solely on any cash earnest money deposits made in connection with any letter of intent or purchase agreement in connection with
an Investment permitted under this Indenture and (ii) Liens on advances of cash or Cash Equivalents in favor of the seller
of any property to be acquired in an Investment permitted under this Indenture to be applied against the purchase price for such
Investment;

 

    	 	-36-	 

     

    

 

(37)            customary
Liens on deposits required in connection with the purchase of property, equipment and inventory, in each case Incurred in the ordinary
course of business;

 

(38)            Liens
on cash, Cash Equivalents or other property arising in connection with the defeasance, discharge, repayment or redemption of Indebtedness;
provided that such defeasance, discharge, repayment or redemption is permitted under this Indenture;

 

(39)            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;

 

(40)            Liens
given to a public utility or any municipality or governmental authority when required by such utility or authority in connection
with the operations of UK Holdco or a Restricted Subsidiary thereof in the ordinary course of business; provided that such
Liens do not materially interfere with the operations of UK Holdco and its Restricted Subsidiaries, taken as a whole;

 

(41)            Liens
on assets or Equity Interests of any non-Guarantor Subsidiary of UK Holdco (other than the Issuer), provided such Liens
secure obligations of such non-Guarantor Subsidiary that are otherwise permitted under this Indenture and such Liens only encumber
assets of such non-Guarantor Subsidiary;

 

(42)            Liens
arising out of or deemed to exist in connection with any financing transaction of the type described in clause (m) of the
definition of “Asset Sale”;

 

(43)            (i) pledges,
deposits or Liens arising as a matter of law in the ordinary course of business in connection with workers’ compensation
schemes, payroll Taxes, unemployment insurance and other social security legislation and (ii) pledges and deposits in the
ordinary course of business securing liability for reimbursement or indemnification obligations of (including obligations in respect
of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance
to UK Holdco or any Restricted Subsidiary(including, without limitation, any Liens Incurred pursuant to Section 8a of the
German Old Age Employees Part Time Act (Altersteilzeitgesetz) or Section 7e of the Fourth Book of the German Social
Code (Sozialgesetzbuch IV)); and

 

(44)            Liens
on assets not constituting Collateral, in an aggregate amount not to exceed the greater of (x) $10.0 million and (y) 3%
of LTM EBITDA at any one time outstanding.

 

For purposes of this definition, the term
 “Indebtedness” shall be deemed to include interest on such Indebtedness.

 

“Person” means any natural
person, corporation, limited partnership, general partnership, limited liability company, limited liability partnership, joint
venture, association, joint-stock company, trust, bank trust company, land trust, business trust, unincorporated organization,
government or any agency or political subdivision thereof or any other entity whether legal or not.

 

“Preferred Stock” means
any Equity Interest with preferential right of payment of dividends or redemptions upon liquidation, dissolution or winding up.

 

“Proceeds Bonds” means
the quoted Eurobonds issued pursuant to the Luxembourg Intercompany Notes.

 

“Pro Forma Basis” means,
with respect to any reference period,

 

    	 	-37-	 

     

    

 

(i)            if, during or after such reference
period and prior to the date of determination, UK Holdco or any Restricted Subsidiary shall have made any disposition (or discontinued
any operations) of at least a division of a business unit, EBITDA for such reference period shall be reduced by an amount equal
to the EBITDA (if positive) attributable to the property that is the subject of such disposition or discontinuation for such reference
period or increased by an amount equal to the EBITDA (if negative) attributable thereto for such reference period (for the avoidance
of doubt, including (without duplication) pro forma adjustments, if any, to the extent set forth in the definition of EBITDA);

 

(ii)            if,
during or after such reference period and prior to the date of determination, UK Holdco or any Restricted Subsidiary shall have
made an Investment or acquisition of assets, in each case constituting at least a division of a business unit of, or all or substantially
all of the assets of, any Person (whether by way of merger, asset acquisition, acquisition of Capital Stock or otherwise), EBITDA
for such reference period shall be calculated after giving pro forma effect thereto as if such Investment or acquisition occurred
on the first day of such reference period (for the avoidance of doubt, including (without duplication) pro forma adjustments, if
any, to the extent set forth in the definition of EBITDA);

 

(iii)            if,
during or after such reference period and prior to the date of determination, the Issuer shall have designated any Restricted Subsidiary
as an Unrestricted Subsidiary, or designated any Unrestricted Subsidiary as a Restricted Subsidiary, EBITDA and the Fixed Charge
Coverage Ratio for such reference period shall be calculated after giving pro forma effect thereto as if such designation occurred
on the first day of such reference period;

 

(iv)            if,
during or after such reference period and prior to the date of determination, UK Holdco or any Restricted Subsidiary shall have
Incurred or shall have repaid, retired or extinguished any Indebtedness (other than Indebtedness under any revolving credit facility
unless such Indebtedness has been permanently repaid, retired or extinguished (and the commitments thereunder terminated) and not
replaced), or issued or redeemed any Disqualified Stock or Preferred Stock, then the Fixed Charge Coverage Ratio shall be calculated
giving pro forma effect to such Incurrence, repayment, retirement, extinguishment, issuance or redemption, as if the same had occurred
on the first day of the applicable reference period;

 

(v)            if,
after such reference period and prior to the date of determination, UK Holdco or any Restricted Subsidiary shall have Incurred
or shall have repaid, retired or extinguished any Indebtedness, or issued or redeemed any Disqualified Stock or Preferred Stock,
then the Consolidated Secured Debt Ratio, Consolidated First Lien Debt Ratio and Consolidated Total Debt Ratio shall be calculated
giving pro forma effect to such Incurrence, repayment, retirement, extinguishment, issuance or redemption, as if the same had occurred
on the last day of such reference period; and

 

(vi)            if,
during or after such reference period and prior to the date of determination, UK Holdco or any Restricted Subsidiary shall have
initiated any Cost Saving Initiative, the applicable Expected Cost Savings shall be calculated on a Pro Forma Basis as though such
Expected Cost Savings had been realized on the first day of such reference period and as if such Expected Cost Savings were realized
in full during the entirety of such reference period.

 

For purposes of this Indenture, whenever pro
forma effect is to be given to any pro forma event, the pro forma calculations shall be made in good faith by a responsible financial
or accounting officer of the Issuer or UK Holdco. Any such pro forma calculation shall include, without duplication, adjustments
appropriate to reflect cost savings, operating expense reductions, restructuring charges and expenses and synergies reasonably
expected to result from the applicable event to the extent set forth in the definition of “EBITDA” to the extent such
adjustments, without duplication, continue to be applicable to the reference period.

 

    	 	-38-	 

     

    

 

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 applicable date of determination had been the applicable rate for the entire period (taking into account any Hedging Obligations
applicable to such Indebtedness).

 

The term “disposition” in this
definition shall not include dispositions of inventory and other ordinary course dispositions of property.

 

“Public Parent” means Clarivate
Analytics Plc, a public limited company incorporated under the laws of Jersey, Channel Islands.

 

“Purchase Money Note” means
a promissory note of a Receivables Subsidiary evidencing a line of credit, which may be irrevocable, from UK Holdco or any Subsidiary
of UK Holdco to a Receivables Subsidiary in connection with a Qualified Receivables Financing, which note is intended to finance
that portion of the purchase price that is not paid by cash or a contribution of equity.

 

“Qualified Receivables Financing”
means any Receivables Financing of a Receivables Subsidiary that meets the following conditions:

 

(1)            UK
Holdco 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 UK Holdco 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 UK Holdco), and

 

(3)            the
financing terms, covenants, termination events and other provisions thereof shall be market terms at the time the Receivables Financing
is first introduced (as determined in good faith by UK Holdco and it being understood that such terms, covenants, termination events
and other provisions may subsequently be modified so long as such modifications are on market terms at the time of any such modification)
and may include Standard Securitization Undertakings.

 

The grant of a security interest in any accounts
receivable of UK Holdco or any Restricted Subsidiary (other than a Receivables Subsidiary) to secure any Indebtedness shall not
be deemed a Qualified Receivables Financing.

 

“Rating Agency” means (1) each
of Moody’s and S&P and (2) if Moody’s or S&P ceases to rate the Securities for reasons outside of the
Issuer’s control, a “nationally recognized statistical rating organization” as defined for purposes of Section 3(a)(62)
of the Exchange Act selected by the Issuer or any direct or indirect parent of the Issuer as a replacement agency for Moody’s
or S&P, as the case may be.

 

“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 UK Holdco or any Subsidiary of UK Holdco pursuant to
which UK Holdco or any of its Subsidiaries may sell, convey or otherwise transfer to (a) a Receivables Subsidiary (in the
case of a transfer by UK Holdco or any of its Subsidiaries) and (b) any other Person (in the case of a transfer by a Receivables
Subsidiary), or may grant a security interest in, any accounts receivable (whether now existing or arising in the future) of UK
Holdco or any of its Subsidiaries, and any assets related thereto including, without limitation, 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 interests are customarily granted
in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by
UK Holdco or any such Subsidiary in connection with such accounts receivable.

 

    	 	-39-	 

     

    

 

“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 Restricted Subsidiary (or another Person formed for the purposes of engaging in a Qualified Receivables Financing
with UK Holdco in which UK Holdco or any Subsidiary of UK Holdco makes an Investment and to which UK Holdco or any Subsidiary of
UK Holdco transfers accounts receivable and related assets) which engages in no activities other than in connection with the financing
of accounts receivable of UK Holdco 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 UK Holdco (as provided below) as a Receivables Subsidiary and:

 

(a)            no
portion of the Indebtedness or any other obligations (contingent or otherwise) of which (i) is guaranteed by UK Holdco or
any other Subsidiary of UK Holdco (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness)
pursuant to Standard Securitization Undertakings), (ii) is recourse to or obligates UK Holdco or any other Subsidiary of UK
Holdco in any way other than pursuant to Standard Securitization Undertakings, or (iii) subjects any property or asset of
UK Holdco or any other Subsidiary of UK Holdco, directly or indirectly, contingently or otherwise, to the satisfaction thereof,
other than pursuant to Standard Securitization Undertakings,

 

(b)            with
which neither UK Holdco nor any other Subsidiary of UK Holdco has any material contract, agreement, arrangement or understanding
other than on terms which UK Holdco reasonably believe to be no less favorable to UK Holdco or such Subsidiary than those that
might be obtained at the time from Persons that are not Affiliates of UK Holdco, and

 

(c)            to
which neither UK Holdco nor any other Subsidiary of UK Holdco has any obligation to maintain or preserve such entity’s financial
condition or cause such entity to achieve certain levels of operating results.

 

Any such designation by UK Holdco shall be
evidenced to the Trustee by delivering to the Trustee an Officer’s Certificate certifying that such designation complied
with the foregoing conditions.

 

“Recovery Event” means
any settlement of or payment in respect of any property or casualty insurance claim or any condemnation, eminent domain or similar
proceeding relating to any asset of UK Holdco or any Restricted Subsidiary.

 

“Related Business Assets”
means assets (other than cash or Cash Equivalents) used or useful in a Similar Business; provided that any assets received
by UK Holdco or a Restricted Subsidiary in exchange for assets transferred by UK Holdco or a Restricted Subsidiary will not be
deemed to be Related Business Assets if they consist of securities of a Person, unless upon receipt of the securities of such Person,
such Person would become a Restricted Subsidiary.

 

    	 	-40-	 

     

    

 

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

 

“Restricted Subsidiary”
means, at any time any direct or indirect Subsidiary of UK Holdco (including the Issuer) that is not then an Unrestricted Subsidiary;
provided, however, that upon a Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included
in the definition of “Restricted Subsidiary.”

 

“Rule 3-16 Capital Stock”
means the Capital Stock (or any portion thereof) of any Subsidiary of Holdings to the extent the granting of a security interest
thereon would create the requirement for Holdings or any direct or indirect parent company thereof to file separate financial statements
of such Subsidiary with the SEC (or any other governmental authority) pursuant to Rule 3-10 or 3-16 of Regulation S-X under
the Securities Act (or any successor regulation) or any other requirement of law in effect from time to time.

 

“Sale/Leaseback Transaction”
means any arrangement with any Person or Persons, whereby in contemporaneous or substantially contemporaneous transactions UK Holdco
or any Restricted Subsidiary thereof sells substantially all of its right, title and interest in any property and, in connection
therewith, UK Holdco or a Restricted Subsidiary thereof acquires, leases or licenses back the right to use all or a material portion
of such property.

 

“S&P” means S&P
Global Ratings, a division of S&P Global Inc., and any successor to the rating agency business thereof.

 

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

 

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

 

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

 

“Security Documents” means
each of the security documents granting or purporting to grant a security interest in any assets of any Person to secure the Indebtedness
and related Obligations under the Securities and the related Guarantees (including the Notes Security Agreement and each intellectual
property security agreement, foreign security and pledge agreement, collateral assignments, security agreement supplements, security
agreements, pledge agreements or other similar agreements), as each may be amended, restated, supplemented or otherwise modified
in accordance with this Indenture and the First Lien Intercreditor Agreement from time to time.

 

“Security Jurisdiction”
means each of (a) the United States, any State thereof and the District of Columbia, (b) England & Wales, (c) Luxembourg
(solely with respect to the Issuer) and (d) any other jurisdiction in which any other entity that is a “Borrower”
under the Credit Agreement from time to time is organized (solely with respect to such entity).

 

    	 	-41-	 

     

    

 

“Series” means (i) the
Securities, (ii) the obligations under the Credit Agreement and (iii) each other issuance or incurrence of Indebtedness
that is secured on a pari passu basis with the foregoing.

 

“Shared Collateral” means,
at any time, all assets and properties subject to Liens created pursuant to any security document to secure one or more Series (excluding
in any event, for the avoidance of doubt, the Excluded Assets) in which the holders of two or more Series (or their respective
collateral agents) hold a valid and perfected security interest at such time. If more than two Series are outstanding at any
time and the holders of less than all Series hold a valid and perfected security interest in any such collateral at such time,
then such Collateral shall constitute Shared Collateral for those Series that hold a valid and perfected security interest
in such Collateral at such time and shall not constitute Shared Collateral for any Series which does not have a valid and
perfected security interest in such Collateral at such time. Notwithstanding the foregoing, Collateral consisting of cash and Cash
Equivalents pledged to secure Obligations under the Credit Agreement consisting of reimbursement obligations in respect of letters
of credit or otherwise held by the Credit Agreement Collateral Agent pursuant to the Credit Agreement provisions governing such
reimbursement obligations shall be applied as specified in the Credit Agreement and will not constitute Shared Collateral.

 

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

 

“Significant Subsidiary”
means any Restricted Subsidiary that would be a “Significant Subsidiary” within the meaning of Rule 1-02 under
the Securities Act as such regulation is in effect on the Issue Date.

 

“Similar Business” means
any business, service or other activity engaged in by UK Holdco, any Restricted Subsidiaries of UK Holdco, or any direct or indirect
parent of UK Holdco on the Issue Date and any business, service or other activities that are reasonably similar, ancillary, complementary
or related to, or a reasonable extension, development or expansion of, the businesses in which UK Holdco and its Restricted Subsidiaries
are engaged on the Issue Date.

 

“Sponsors” means (i) Onex
Corporation, Onex Partners IV LP, Onex Partners Manager LP and/or one or more other investment funds advised, managed or controlled
by Onex Corporation; and (ii) Baring Private Equity Asia GP VI, L.P. and the investment fund managed and controlled by it,
and, in each case (whether individually or as a group), their Affiliates and any investment funds that have granted to the foregoing
control in respect of their investment in UK Holdco, any direct or indirect parent company of UK Holdco and/or any of the Restricted
Subsidiaries of UK Holdco, but, in any event, excluding any of their respective portfolio companies.

 

“Standard Securitization Undertakings”
means representations, warranties, covenants, indemnities and guarantees of performance entered into by UK Holdco or any Subsidiary
of UK Holdco which UK Holdco has determined in good faith to be customary in a Receivables Financing including, without limitation,
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.

 

    	 	-42-	 

     

    

 

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

 

“Subordinated Indebtedness”
means (a) with respect to the Issuer, any Indebtedness of the Issuer which is by its terms contractually subordinated in right
of payment to the Securities, and (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms
contractually subordinated in right of payment to its Guarantee. For purposes of this Indenture, no Indebtedness will be deemed
to be contractually subordinated in right of payment to any other Indebtedness of the Issuer or a Guarantor solely by virtue of
being unsecured or by virtue of being secured on a junior priority basis or by virtue of the fact that the holders of any secured
Indebtedness have entered into intercreditor arrangements giving one or more of such holders priority over the other holders in
the collateral held by them.

 

“Subsidiary” means, with
respect to any Person (1) any corporation, partnership, limited liability company, unlimited liability company, association,
joint venture or other business entity (other than a partnership, joint venture or limited liability company) of which more than
50% of the total voting power of shares of stock or other ownership interests entitled (without regard to the occurrence of any
contingency) to vote in the election of the Person or Persons (whether directors, managers, trustees or other Persons performing
similar functions) having the power to direct or cause the direction of the management and policies thereof at the time owned or
controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof,
(2) any partnership, joint venture or limited liability company of which (x) more than 50% of the capital accounts, distribution
rights, total equity and voting interests or general and 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 (y) such Person or any Restricted
Subsidiary of such Person is a controlling general partner or otherwise controls such entity and (3) any Person that is consolidated
in the consolidated financial statements of the specified Person in accordance with GAAP. Unless otherwise qualified, all references
to a “Subsidiary” or to “Subsidiaries” in this Indenture shall refer to a Subsidiary or Subsidiaries of
Holdings.

 

“Subsidiary Guarantor”
means a Guarantor that is a Subsidiary of UK Holdco.

 

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

 

“Tax” means any tax, duty,
levy, impost, assessment or other governmental charge (including penalties, interest and any other additions thereto, and, for
the avoidance of doubt, including any withholding or deduction for or on account of Tax). “Taxes” and “Taxation”
shall be construed to have corresponding meanings.

 

“TRA Buyout Agreement”
means that certain Buyout Agreement dated as of August 21, 2019, by and among Camelot Jersey and Onex Partners IV LP.

 

    	 	-43-	 

     

    

 

“TRA Buyout Payment” means
the use of a portion of the proceeds of the Credit Agreement and/or the Securities issued on the Issue Date in order to satisfy,
or to make a distribution or series of distributions to Camelot Jersey or another applicable parent entity of UK Holdco in order
to enable Camelot Jersey or such parent entity to satisfy, the obligations of Camelot Jersey pursuant to the TRA Buyout Agreement.

 

“Transactions” means
all the transactions as described in the Offering Memorandum under “Summary—Termination of Tax Receivable
Agreement” and “Summary—Refinancing Transactions,” including (i) the borrowings under the Credit
Agreement, (ii) the issuance of the Securities on the Issue Date, (iii) the making of the TRA Buyout Payment,
(iv) the redemption of the 2024 Notes and repayment of the Issuer’s existing credit facility and (v) the
payment of any related fees and expenses.

 

“Treasury Rate” means ,
as of the applicable redemption date, the yield to maturity as of the earlier of (a) the date of the redemption notice or
(b) the date on which such notes are defeased or satisfied and discharged or redeemed, 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 Business Days prior to such 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 or the date of
such defeasance or satisfaction and discharge, as applicable, to November 1, 2022; provided, however, that if
the period from the date of such notice, defeasance or satisfaction and discharge, as applicable, to November 1, 2022 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.

 

“Trust Officer” means,
when used with respect to the Trustee or Collateral Agent, as applicable, any officer of the Trustee or Collateral Agent, as applicable,
within the corporate trust department (or any successor unit or department) of the Trustee or Collateral Agent, as applicable,
assigned to the corporate trust office of the Trustee or Collateral Agent, as applicable, and responsible for administering this
Indenture, and also means, with respect to a particular corporate trust matter relating to this Indenture, any other officer to
whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject.

 

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

 

“UK Holdco” means to Camelot
UK Bidco Limited, a private limited liability company incorporated under the laws of England and Wales and the direct parent of
the Issuer.

 

“Underlying Debt” means,
in relation to the Issuer or any Guarantor and at any time, each obligation (whether present or future, actual or contingent) owing
by the Issuer or such Guarantor to a Notes Secured Party under this Indenture, the Securities, the Guarantees or the Security Documents
(including for the avoidance of doubt any change or increase in those obligations pursuant to or in connection with any amendment
or supplement or restatement or novation of this Indenture, the Securities, the Guarantees or any Collateral Document, in each
case whether or not anticipated as of the date of this Indenture).

 

“Unrestricted Cash Amount”
means an amount equal to the sum of (a) the unrestricted cash and Cash Equivalents and (b) cash and Cash Equivalents
restricted in favor of the Collateral Agent, the Credit Agreement Collateral Agent or any other administrative agent or collateral
agent in respect of First Priority Lien Obligations, so long as the holders of such other First Priority Lien Obligations do not
have the benefit of a control agreement or other equivalent method of perfection (unless either (i) the Collateral Agent or
the Credit Agreement Collateral Agent shall also have the benefit of a control agreement or equivalent method of perfection or
(ii) such holders are bound by an Acceptable Intercreditor Agreement), in each case of UK Holdco and its Restricted Subsidiaries
on such date.

 

    	 	-44-	 

     

    

 

“Unrestricted Subsidiary”
means:

 

(1)            any
direct or indirect Subsidiary of UK Holdco (other than the Issuer) that at the time of determination shall be designated an Unrestricted
Subsidiary by UK Holdco in the manner provided below; and

 

(2)            any
Subsidiary of an Unrestricted Subsidiary.

 

UK Holdco may designate any direct or
indirect Subsidiary of UK Holdco (including any existing Subsidiary and any newly acquired or newly formed direct or indirect
Subsidiary of UK Holdco) to be an Unrestricted Subsidiary unless such Subsidiary or any of its Subsidiaries owns any Equity
Interests or Indebtedness of, or owns or holds any Lien on any property of, UK Holdco or any other Subsidiary of UK Holdco
that is not a Subsidiary of the Subsidiary to be so designated; provided, however, that the Subsidiary to be so
designated and its Subsidiaries do not at the time of designation have and do not thereafter Incur any Indebtedness pursuant
to which the lender has recourse to any of the assets of UK Holdco or any of its Restricted Subsidiaries; provided, further, however,
that either:

 

(a)            the
Subsidiary to be so designated has total consolidated assets of $1,000 or less; or

 

(b)            if
such Subsidiary has consolidated assets greater than $1,000, then such designation would be permitted under Section 4.04.

 

UK Holdco may designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided, however, that immediately after giving effect to such designation:

 

(x)            (1) UK
Holdco could Incur $1.00 of additional Indebtedness as Ratio Debt or (2) either (A) the Fixed Charge Coverage Ratio for
UK Holdco and its Restricted Subsidiaries would be greater than or equal to such ratio for UK Holdco and its Restricted Subsidiaries
immediately prior to such designation or (B) the Consolidated Total Debt Ratio for UK Holdco would be less than or equal to
such ratio for UK Holdco immediately prior to such designation, in each case on a Pro Forma Basis taking into account such designation,
and

 

(y)            no
Event of Default shall have occurred and be continuing.

 

Any such designation by UK Holdco shall be
evidenced to the Trustee by promptly delivering to the Trustee an Officer’s Certificate certifying that such designation
complied with the foregoing provisions.

 

“U.S. Government Obligations”
means securities that are:

 

(1)            direct
obligations of the United States of America for the timely payment of which its full faith and credit is pledged, or

 

(2)            obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment
of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America,

 

    	 	-45-	 

     

    

 

 

which, in each case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act) as custodian with respect to any such U.S. Government Obligations or a specific payment of principal of or
interest on any such U.S. Government Obligations held by such custodian for the account of the holder of such depository receipt;

 

provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of
such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligations or the specific
payment of principal of or interest on the U.S. Government Obligations evidenced by such depository receipt.

 

“Voting Stock” of any Person
as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors
of such Person.

 

“Weighted Average Life to Maturity”
means, when applied to any Indebtedness or Disqualified Stock or Preferred Stock, as the case may be, at any date, the number of
years (and/or portion thereof) obtained by dividing: (a) the sum of the products obtained by multiplying (i) the amount
of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at
final maturity, in respect of such Indebtedness or redemption or similar payment, in respect of such Disqualified Stock or Preferred
Stock, by (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment; by (b) the then outstanding principal amount of such Indebtedness; provided, that the effect of any
prepayment shall be disregarded in making such calculation.

 

“Wholly Owned Restricted Subsidiary”
means any Wholly Owned Subsidiary that is a Restricted Subsidiary.

 

“Wholly Owned Subsidiary”
of any Person means a Subsidiary of such Person 100% of the outstanding Capital Stock or other ownership interests of which (other
than directors’ qualifying shares or shares or interests required to be held by foreign nationals or other third parties
to the extent required by applicable law) shall at the time be owned by such Person or by one or more Wholly Owned Subsidiaries
of such Person.

 

SECTION 1.02.     Other
Definitions.

 

	Term	 	Defined in Section
	“Acceptable Agreement”	 	4.06(b)
	“Additional Amounts”	 	2.15(b)
	“Affiliate Transaction”	 	4.07(a)
	“Agent Members”	 	Appendix A
	“Applicable Law”	 	12.18
	“Asset Sale Offer”	 	4.06(b)
	“ASU”	 	1.03
	“Authenticating Agent”	 	2.03
	“Authentication Order”	 	2.03
	“Bankruptcy Law”	 	6.01
	“Change in Tax Law”	 	3.10(a)(ii)
	“Change of Control Offer”	 	4.08(b)
	“Change of Control Payment”	 	4.08(a)
	“Clearstream”	 	Appendix A

 

    -46-

    

    

 

	“Collateral Asset Sale Offer”	 	4.06(b)
	“Collateral Excess Proceeds”	 	4.06(b)
	“covenant defeasance option”	 	8.01
	“Covenant Suspension Event”	 	4.13(a)
	“Custodian”	 	6.01
	“Default Direction”	 	6.01
	“Definitive Security”	 	Appendix A
	“Depository”	 	Appendix A
	“Directing Holder”	 	6.01
	“Disposition”	 	1.01
	“Euroclear”	 	Appendix A
	“Event of Default”	 	6.01
	“Excess Proceeds”	 	4.06(b)
	“Fixed Amount”	 	1.05(c)
	“Global Securities”	 	Appendix A
	“Global Securities Legend”	 	Appendix A
	“Guaranteed Obligations”	 	11.01(a)
	“IAI”	 	Appendix A
	“Increased Amount”	 	4.11
	“Incurrence-Based Amount”	 	1.05(c)
	“legal defeasance option”	 	8.01
	“LCT Election”	 	1.05(a)
	“LCT Test Date”	 	1.05(a)
	“Luxembourg Companies Act 1915”	 	12.09
	“Luxembourg Guarantor”	 	11.02(b)(i)(1)
	“Maximum Fixed Repurchase Price”	 	1.04(h)(ii)
	“Noteholder Direction”	 	6.01
	“Notice of Default”	 	6.01
	“Offer Amount”	 	3.09(b)
	“Offer Period”	 	3.09(b)
	“Original Securities”	 	Preamble
	“Other Guarantor”	 	11.02(b)(iv)
	“Paying Agent”	 	2.04(a)
	“Permitted Debt”	 	4.03(b)
	“Position Representation”	 	6.01
	“primary obligations”	 	1.01
	“primary obligor”	 	1.01
	“protected purchaser”	 	2.08
	“Purchase Agreement”	 	Appendix A
	“Purchase Date”	 	3.09(b)
	“QIB”	 	Appendix A
	“Ratio Debt”	 	4.03(a)
	“Refinancing Indebtedness”	 	4.03(b)(xiii)
	“Refunding Capital Stock”	 	4.04(b)(ii)(A)
	“Registrar”	 	2.04(a)
	“Regulation S”	 	Appendix A
	“Regulation S Global Securities”	 	Appendix A
	“Regulation S Securities”	 	Appendix A
	“Related Judgment”	 	12.09(b)
	“Related Proceedings”	 	12.09(a)
	“Replacement Assets”	 	4.06(b)(iv)

 

    -47-

    

    

 

	“Reserved Indebtedness Amount”	 	4.03(f)
	“Reserved Indebtedness Baskets”	 	4.03(f)
	“Reserved Indebtedness Test”	 	4.03(f)
	“Restricted Payments”	 	4.04(a)
	“Restricted Securities Legend”	 	Appendix A
	“Retained Declined Collateral Proceeds”	 	4.06(b)
	“Retained Declined Proceeds”	 	4.06(b)
	“Retired Capital Stock”	 	4.04(b)(ii)(A)
	“Reversion Date”	 	4.13(b)
	“Rule 144A”	 	Appendix A
	“Rule 144A Global Securities”	 	Appendix A
	“Rule 144A Securities”	 	Appendix A
	“Rule 501”	 	Appendix A
	“Securities”	 	Preamble
	“Securities Custodian”	 	Appendix A
	“Specified Courts”	 	12.09(a)
	“Specified Merger/Transfer Transaction”	 	5.01(b)
	“Specified Parent Guarantor Merger/Transfer Transaction”	 	5.01(a)
	“Subject Lien”	 	4.11
	“Successor Company”	 	5.01(b)(i)
	“Successor Holdings Guarantor”	 	5.01(b)(i)
	“Successor Guarantor”	 	5.01(c)
	“Successor Parent Guarantor”	 	5.01(a)(i)
	“Suspended Covenants”	 	4.13(a)
	“Suspension Period”	 	4.13(c)
	“Tax Jurisdiction”	 	2.15(b)
	“Tax Redemption Date”	 	3.10(a)
	“Transaction Agreement Date”	 	1.05(a)
	“Transfer Restricted Definitive Securities”	 	Appendix A
	“Transfer Restricted Global Securities”	 	Appendix A
	“Unrestricted Definitive Security”	 	Appendix A
	“Unrestricted Global Security”	 	Appendix A
	“Verification Covenant”	 	6.01

 

SECTION 1.03.     Certain
Interpretative Provisions.

 

(a)            For
purposes of all Financial Definitions and calculations in this Indenture, (i) there shall be excluded for any period the effects
of purchase accounting (including the effects of such adjustments pushed down to UK Holdco and the Restricted Subsidiaries) in
component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments
pushed down to UK Holdco and the Restricted Subsidiaries), as a result of the Transactions, any acquisition consummated prior to
the Issue Date, any acquisitions permitted under this Indenture, or the amortization or write-off of any amounts thereof and (ii) effect
shall not be given to (A) any election under Accounting Standards Codification 825-10-25 (previously referred to as Statement
of Financial Accounting Standards 159) (or any other Accounting Standards Codification, International Accounting Standard
or Financial Accounting Standard having a similar result or effect) to value any Indebtedness or other liabilities of UK Holdco
or any Subsidiary at “fair value,” as defined therein, (B) any treatment of Indebtedness in respect of convertible
debt instruments under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification, International
Accounting Standard or Financial Accounting Standard having a similar result or effect) to value any such Indebtedness in a reduced
or bifurcated manner as described therein, and such Indebtedness shall at all times be valued at the full stated principal amount
thereof or (C) the application of Accounting Standards Codification 480, 815, 805 and 718 (to the extent these pronouncements
under Accounting Standards Codification 718 result in recording an equity award as a liability on the consolidated balance sheet
of UK Holdco and its Restricted Subsidiaries in the circumstance where, but for the application of the pronouncements, such award
would have been classified as equity). Any calculation or determination in this Indenture that requires the application of GAAP
across multiple quarters need not be calculated or determined using the same accounting standard for each constituent quarter.

 

    -48-

    

    

 

(b)           Notwithstanding
anything to the contrary contained in this Indenture or in the definition of “Capitalized Lease Obligation”, unless
UK Holdco elects otherwise, all obligations of any Person that are or would have been treated as operating leases for purposes
of GAAP prior to the issuance by the Financial Accounting Standards Board on February 25, 2016 of an Accounting Standards Update
(the “ASU”) shall continue to be accounted for as operating leases (and not be treated as financing or capital
lease obligations or Indebtedness) for purposes of all Financial Definitions, calculations and deliverables under this Indenture
(including the calculation of Consolidated Net Income and EBITDA) (whether or not such operating lease obligations were in effect
on such date) notwithstanding the fact that such obligations are required in accordance with the ASU or any other change in accounting
treatment or otherwise (on a prospective or retroactive basis or otherwise) to be treated as or to be re-characterized as financing
or capital lease obligations or otherwise accounted for as liabilities in financial statements. Interest on a Capitalized Lease
Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer
of UK Holdco to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

 

(c)            Interest
on Indebtedness that may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based
upon such optional rate chosen as UK Holdco may designate.

 

(d)           For
purposes of covenant compliance, the amount of any Investment shall be the amount actually invested, without adjustment for subsequent
increases or decreases in the value of such Investment but giving effect to any returns or distributions of capital or repayment
of principal actually received in cash by such Person with respect thereto.

 

SECTION 1.04.     Rules
of Construction. Unless the context otherwise requires, or except as otherwise provided herein:

 

(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)          the
words “include”, “includes” and “including” shall be deemed to be followed
by the phrase “without limitation”;

 

(e)           “herein,”
 “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision;

 

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

 

    -49-

    

    

 

(g)           the
principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof that
would be shown on a balance sheet of UK Holdco dated such date prepared in accordance with GAAP;

 

(h)           (i)
the principal amount of any Preferred Stock shall be (1) the maximum liquidation value of such Preferred Stock or (2) the maximum
mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater and (ii) the “Maximum
Fixed Repurchase Price” of any Disqualified Stock or Preferred Stock that does not have a fixed repurchase price shall
be calculated in accordance with the terms of such Disqualified Stock or Preferred Stock as if such Disqualified Stock or Preferred
Stock were purchased on any date on which Consolidated Total Indebtedness shall be required to be determined pursuant to this Indenture,
and if such price is based upon, or measured by, the Fair Market Value of such Disqualified Stock or Preferred Stock, such Fair
Market Value shall be determined reasonably and in good faith by UK Holdco;

 

(j)            the
words “asset” and “property” shall be construed to have the same meaning and effect and to
refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, revenues, accounts,
real property, leasehold interests and contract rights

 

(k)           “$”
and “U.S. Dollars” each refer to United States Dollars, or such other money of the United States of America
that at the time of payment is legal tender for payment of public and private debts;

 

(l)            for
any periods or dates which the Issuer, UK Holdco or any direct or indirect parent thereof does not have historical financial statements
available, such Person shall be entitled to use and rely on the financial statements of its predecessor or successor (as the case
may be);

 

(m)          the
phrase “in writing” as used herein shall be deemed to include .pdfs, e-mails and other electronic means of transmission,
unless otherwise indicated;

 

(n)          the
term “consolidated” with respect to any Person refers to such Person consolidated with the Restricted Subsidiaries,
and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such
Person;

 

(o)           references
to agreements or other contractual obligations shall, unless otherwise specified, be deemed to refer to such agreements or contractual
obligations as amended, novated, supplemented, restated, extended, amended and restated or otherwise modified from time to time;

 

(p)          any
reference to any law in this Indenture shall include all statutory and regulatory provisions consolidating, amending, replacing,
supplementing, superseding or interpreting such law;

 

(q)          a
debt instrument includes any equity or hybrid instrument to the extent characterized as indebtedness; and

 

(r)           the
words “ordinary course of business” or “ordinary course” shall, with respect to any Person,
be deemed to refer to items or actions that are consistent with industry practice or norms of such Person’s industry or such
Person’s past practice (it being understood that the sale of accounts receivable (and related assets) pursuant to supply-chain,
factoring or reverse factoring arrangements entered into by UK Holdco and its Restricted Subsidiaries shall be deemed to be in
the ordinary course of business so long as such accounts receivable (and related assets) are sold for cash in an amount not less
than 95% of the face amount thereof).

 

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SECTION 1.05.    Limited
Condition Transactions and Other Compliance Measurements.

 

(a)           Notwithstanding
anything to the contrary in this Indenture (including in connection with any calculation that is made on a Pro Forma Basis), in
connection with any action being taken in connection with a Limited Condition Transaction, for purposes of

 

(i)            determining
compliance with any provision of this Indenture which (i) requires the calculation of any financial ratio or test (including the
Consolidated First Lien Debt Ratio, Consolidated Secured Debt Ratio, Consolidated Total Debt Ratio and Fixed Charge Coverage Ratio)
and/or (ii) requires the absence of any Default or Event of Default (or any type of Default or Event of Default); or

 

(ii)          
determining compliance with any basket or other condition set forth in this Indenture (including baskets measured as a percentage
of LTM EBITDA);

 

in each case, at the option of UK Holdco (UK
Holdco’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 under this Indenture shall be deemed to be (A) in the case of
any acquisition or other Investment (including by way of merger, amalgamation or consolidation), any Asset Sale or any assumption
or Incurrence of Indebtedness or issuance of Preferred Stock or Disqualified Stock, or any transaction relating thereto, the date
(or on the basis of the financial statements for the most recently ended reference period) of entry into a binding letter of intent
or the definitive agreements for such Limited Condition Transaction (or, solely in connection with an acquisition (including by
way of merger, amalgamation or consolidation) to which the United Kingdom City Code on Takeovers and Mergers applies, the date
on which a “Rule 2.7 Announcement” of a firm intention to make an offer is made); (B) in the case of any repayment,
repurchase or refinancing of Indebtedness, the date that the irrevocable notice, which may be conditional, of such repayment, repurchase
or refinancing of Indebtedness is given to the Holders of such Indebtedness (the “Transaction Agreement Date”); or
(C) in the case of any other Restricted Payment, at the time (or on the basis of the financial statements for the most recently
ended reference period) of the declaration of such Restricted Payment (the applicable date determined pursuant to clause (A), (B)
or (C), the “LCT Test Date”), and if, after giving 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) and, at the
election of UK Holdco, any other Limited Condition Transaction that has not been consummated but with respect to which UK Holdco
has made an LCT Election, on a Pro Forma Basis as if they had occurred at the beginning of the most recently completed reference
period ending prior to the LCT Test Date, UK Holdco or the applicable Restricted Subsidiary would have been permitted to take such
action on the relevant LCT Test Date in compliance with such ratio, test, basket or condition, such ratio, test, basket or condition
shall be deemed to have been complied with. For the avoidance of doubt, if UK Holdco has made an LCT Election and any of the ratios,
tests, baskets or conditions for which compliance was determined or tested as of the LCT Test Date are exceeded as a result of
fluctuations in any such ratio, test, basket or condition, including due to fluctuations in LTM EBITDA at or prior to the consummation
of the relevant transaction or action, such baskets, tests, ratios and conditions will not be deemed to have been exceeded as a
result of such fluctuations.

 

(b)           In
addition, for purposes of determining the permissibility of any action, change, transaction or event that requires a calculation
of any financial ratio or financial test and/or the amount of EBITDA or Consolidated Net Income, such financial ratio, financial
test or amount shall, subject to Section 1.05(a), be calculated at the time such action is taken, such change is made, such transaction
is consummated or such event occurs, as the case may be, and no Default or Event of Default shall be deemed to have occurred solely
as a result of a change in such financial ratio, financial test or amount occurring after the time such action is taken, such change
is made, such transaction is consummated or such event occurs, as the case may be.

 

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(c)           Notwithstanding
anything to the contrary in this Indenture, unless UK Holdco otherwise notifies the Trustee, with respect to any amount Incurred
or transaction entered into (or consummated) in reliance on a provision of this Indenture that does not require compliance with
a financial ratio or financial test (any such amount, including any amount drawn under any revolving credit facility and any cap
expressed as a percentage of Consolidated Net Income or EBITDA, a “Fixed Amount”) substantially concurrently
with any amount Incurred or transaction entered into (or consummated) in reliance on a provision of this Indenture that requires
compliance with a financial ratio or financial test (any such amount, an “Incurrence-Based Amount”), it is understood
and agreed that (i) the Incurrence of the Incurrence-Based Amount shall be calculated first without giving effect to any Fixed
Amount but giving full pro forma effect to the use of proceeds of such Fixed Amount and the related transactions and (ii) the Incurrence
of the Fixed Amount shall be calculated thereafter. Unless UK Holdco elects otherwise, UK Holdco shall be deemed to have used amounts
under an Incurrence-Based Amount then available to UK Holdco prior to utilization of any amount under a Fixed Amount then available
to UK Holdco.

 

(d)           Subject
to Sections 1.05(a), (b) and (c), all financial ratios and tests and the amount of Consolidated Net Income and EBITDA contained
in this Indenture that are calculated with respect to any reference period shall be calculated with respect to such reference period
on a Pro Forma Basis.

 

(e)           For
purposes of determining compliance with the covenants set forth under‎ Section 4.03 or Section 4.11 or the definition
of “Permitted Liens”, if any Indebtedness, Preferred Stock, Disqualified Stock or Lien is created or Incurred in reliance
on a basket measured by reference to a percentage of EBITDA, and any refinancing or replacement thereof would cause the percentage
of EBITDA to be exceeded if calculated based on the EBITDA on the date of such refinancing or replacement, such percentage of EBITDA
will be deemed not to be exceeded so long as the principal amount of such refinancing or replacement Indebtedness, Preferred Stock,
Disqualified Stock or other obligation does not exceed an amount sufficient to repay the principal amount of such Indebtedness,
Preferred Stock, Disqualified Stock or other obligation being refinanced or replaced, except by an amount equal to (x) the amount
necessary to pay accrued and unpaid interest, fees, underwriting discounts and expenses, including any premium and defeasance costs
Incurred in connection with such refinancing or replacement and (y) additional amounts permitted to be Incurred pursuant to Section
4.03.

 

ARTICLE 2

THE SECURITIES

 

SECTION 2.01.    Amount
of Securities; Issuable in Series. The aggregate principal amount of Original Securities which may be authenticated
and delivered under this Indenture on the Issue Date is $700,000,000. The Securities may be issued in one or more series. All Securities
of any one series shall be substantially identical except as to denomination.

 

    -52-

    

    

 

The Issuer may from time to time after the
Issue Date issue Additional Securities under this Indenture in an unlimited principal amount, so long as (i) the Incurrence of
the Indebtedness represented by such Additional Securities is at such time permitted by Section 4.03 and Section 4.11 and (ii)
such Additional Securities are issued in compliance with the other applicable provisions of this Indenture. With respect to any
Additional Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of transfer
of, or in exchange for, or in lieu of, other Securities pursuant to Sections 2.07, 2.08, 2.09, 2.10, 3.08, 3.09(e), 4.08(c)
or the Appendix), there shall be (a) established in or pursuant to a resolution of the Board of Directors of the Issuer
and (b)(i) set forth or determined in the manner provided in an Officer’s Certificate or (ii) established in one or more
supplemental indentures hereto, prior to the issuance of such Additional Securities:

 

(1)           whether
such Additional Securities shall be issued as part of a new or existing series of Securities and the title of such Additional Securities
(which shall distinguish the Additional Securities of the series from Securities of any other series);

 

(2)           the
aggregate principal amount of such Additional Securities which may be authenticated and delivered under this Indenture;

 

(3)           the
issue price and issuance date of such Additional Securities, including the date from which interest on such Additional Securities
shall accrue; and

 

(4)           if
applicable, that such Additional Securities shall be issuable in whole or in part in the form of one or more Global Securities
and, in such case, the respective depositaries for such Global Securities, the form of any legend or legends which shall be borne
by such Global Securities in addition to or in lieu of those set forth in Exhibit A hereto and any circumstances in
addition to or in lieu of those set forth in Section 2.2 of the Appendix in which any such Global Security may be exchanged
in whole or in part for Additional Securities registered, or any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the depositary for such Global Security or a nominee thereof.

 

If any of the terms of any Additional Securities
are established by action taken pursuant to a resolution of the Board of Directors of the Issuer, a copy of an appropriate record
of such action shall be certified by the Secretary or any Assistant Secretary of the Issuer and delivered to the Trustee at or
prior to the delivery of the Officer’s Certificate or the supplemental indenture hereto setting forth the terms of the Additional
Securities.

 

Additionally, the Trustee shall receive an
Officer’s Certificate in accordance with Section 12.04, and the Trustee shall receive an Opinion of Counsel which shall state:

 

(1)           that
the form of such Additional Securities has been established by a supplemental indenture or by or pursuant to a resolution of the
Board of Directors in conformity with the provisions of this Indenture;

 

(2)           that
the terms of such Additional Securities have been established in conformity with the other provisions of this Indenture;

 

(3)           that
such Additional Securities, when authenticated and delivered by the Trustee or its Authenticating Agent and issued by the Issuer
in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations
of the Issuer, enforceable in accordance with their terms, subject to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting the enforcement of creditors' rights and to general equity principles; and

 

    -53-

    

    

 

(4)           that
all covenants and conditions precedent under this Indenture with respect to the issuance, authentication and delivery of such Additional
Securities have been complied with.

 

SECTION 2.02.    Form and
Dating. Provisions relating to the Securities are
set forth in the Appendix, which is hereby incorporated in and expressly made a part of this Indenture. The Original Securities
and the Trustee’s certificate of authentication, and any Additional Securities (if issued as Transfer Restricted Definitive
Securities) and the Trustee’s certificate of authentication, shall each be substantially in the form of Exhibit A
hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends
or endorsements required by law, stock exchange rule, agreements to which the Issuer or any Guarantor is subject, if any, or usage
(provided that any such notation, legend or endorsement is in a form acceptable to the Issuer). Each Security shall be dated
the date of its authentication. The Securities shall be issuable only in fully registered form without coupons and only in minimum
denominations of $2,000 and any integral multiples of $1,000 in excess thereof.

 

SECTION 2.03.    Execution and Authentication. The Trustee or its Authenticating Agent
shall authenticate and make available for delivery upon a written order of the Issuer signed by one or more officers, directors
or authorized signatories of the Issuer (an “Authentication Order”) (a) Original Securities for original issue
on the date hereof of $700,000,000 in aggregate principal amount of 4.50% Senior Secured Notes due 2026 and (b) subject to the
terms of this Indenture, Additional Securities in an aggregate principal amount to be determined at the time of issuance and specified
therein. Such Authentication Order shall specify the amount of the Securities to be authenticated and the date on which the original
issue of Securities is to be authenticated. Notwithstanding anything to the contrary in this Indenture or the Appendix,
any issuance of Additional Securities after the Issue Date shall be in a minimum principal amount of $2,000 and any integral multiples
of $1,000 in excess thereof whether such Additional Securities are of the same or a different series than the Original Securities.
Prior to the authentication of the Original Securities, the Trustee shall receive an Officer’s Certificate in accordance
with Section 12.04.

 

One or more officers, directors or authorized
signatories of the Issuer shall sign the Securities for the Issuer by manual or facsimile signature.

 

If an officer, director or authorized signatory
whose signature is on a Security no longer holds that office at the time the Trustee or its Authenticating Agent authenticates
the Security, the Security shall be valid nevertheless.

 

A Security shall not be valid until an authorized
signatory of the Trustee or its Authenticating Agent manually signs the certificate of authentication on the Security. The signature
shall be conclusive evidence that the Security has been authenticated under this Indenture.

 

The Trustee may appoint one or more authenticating
agents (each an “Authenticating Agent”) reasonably acceptable to the Issuer to authenticate the Securities.
Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuer.
Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do
so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.

 

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SECTION 2.04.    Registrar and Paying Agent.

 

(a)           The
Issuer shall maintain (i) an office or agency where Securities may be presented for registration of transfer or for exchange (the
 “Registrar”) and (ii) an office or agency in the United States where Securities may be presented for payment
(the “Paying Agent”). The Registrar shall keep a register of the Securities and of their transfer and exchange.
The Issuer may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes
any co-registrars. The term “Paying Agent” includes the Paying Agent and any additional paying agents. The Issuer initially
appoints the Trustee as (i) Registrar and Paying Agent in connection with the Securities and (ii) the Securities Custodian with
respect to the Global Securities.

 

Upon written request from the Issuer or each
time the register of Holders is amended, the Registrar shall provide the Issuer with a copy of the register of Holders.

 

(b)           The
Issuer shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture that relate to such agent. The Issuer shall notify the Trustee in writing of the
name and address of any such agent. If the Issuer fails to maintain a Registrar or Paying Agent, the Trustee shall act as such
and shall be entitled to appropriate compensation therefor pursuant to Section 7.06. The Issuer or any of its domestically
organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

 

(c)           The
Issuer may remove any Registrar or Paying Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided,
however, that no such removal shall become effective until (i) if applicable, acceptance of an appointment by a successor
as evidenced by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may
be, and delivered to the Trustee or (ii) written notification to the Trustee that the Trustee shall serve, to the extent it determines
that it is able, as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above.

 

SECTION 2.05.    Paying Agent to Hold Money in Trust. On or prior to 10:00 a.m.
(New York City time) on each due date of the principal of and interest on any Security, the Issuer shall deposit with the Paying
Agent (or if the Issuer or a domestically organized Wholly Owned Subsidiary is acting as Paying Agent, segregate and hold for the
benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest when so becoming due. The Issuer shall
require each Paying Agent (other than the Trustee) to agree in writing that a Paying Agent shall hold in trust for the benefit
of Holders and the Trustee all money held by a Paying Agent for the payment of principal of and interest on the Securities, and
shall notify the Trustee in writing of any default by the Issuer in making any such payment. If the Issuer or a domestically organized
Wholly Owned Subsidiary of the Issuer acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it
for the benefit of the Persons entitled thereto. 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 such Paying Agent. During the continuance of a Default under this Indenture,
the Trustee may require a Paying Agent to pay all money held by it to the Trustee. Upon any bankruptcy or reorganization proceedings
relating to the Issuer, the Trustee will serve as Paying Agent. Upon complying with this Section 2.05, a Paying Agent shall have
no further liability for the money delivered to the Trustee. For the avoidance of doubt, a Paying Agent and the Trustee shall be
held harmless and have no liability with respect to payments and disbursements to be made by a Paying Agent and the Trustee until
they have confirmed receipt of funds sufficient to make the relevant payment. No money held by an Agent needs to be segregated
except as is required by law.

 

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SECTION 2.06.    Holder Lists. The Trustee shall preserve in as current
a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee
is not the Registrar, 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 request in writing, a list in such form and as
of such date as the Trustee may reasonably require of the names and addresses of Holders.

 

SECTION 2.07.    Transfer and Exchange. The Securities shall be issued in registered
form and shall be transferable only upon the surrender of a Security for registration of transfer and in compliance with the Appendix.
When a Security is presented to the Registrar with a request to register a transfer, the Registrar shall register the transfer
as requested if its requirements therefor are met. When Securities are presented to the Registrar with a request to exchange them
for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same
requirements are met. To permit registration of transfers and exchanges, the Issuer shall execute and upon receipt of an Authentication
Order the Trustee or its Authenticating Agent shall authenticate Securities at the Registrar’s request. The Issuer may require
a Holder to pay a sum sufficient to pay all Taxes, assessments or other governmental charges in connection with any transfer or
exchange pursuant to this Section 2.07. The Issuer shall not be required to make, and the Registrar need not register, transfers
or exchanges of Securities selected for redemption (except, in the case of Securities to be redeemed in part, the portion thereof
not to be redeemed) or of any Securities for a period of 15 days prior to the sending of a notice of redemption or of any Securities
to be redeemed or tendered and not withdrawn in connection with a Change of Control Offer, a Collateral Asset Sale Offer or an
Asset Sale Offer.

 

Prior to the due presentation for registration
of transfer of any Security, the Issuer, the Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the
Person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal
of and interest, if any, on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none
of the Issuer, any Guarantor, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary.

 

Any Holder of a beneficial interest in a Global
Security shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Security
may be effected only through a book-entry system maintained by (a) the Holder of such Global Security (or its agent) or (b) any
Holder of a beneficial interest in such Global Security, and that ownership of a beneficial interest in such Global Security shall
be required to be reflected in a book entry.

 

All Securities issued upon any transfer or
exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under
this Indenture as the Securities surrendered upon such transfer or exchange.

 

The Trustee shall have no obligation or duty
to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture, the Appendix
or under applicable law with respect to any transfer of any interest in any Security 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 the Appendix.

 

Neither the Trustee nor any of its agents
shall have any responsibility or liability for any actions taken or not taken by the depositary with which the Global Security
is registered.

 

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SECTION 2.08.     Replacement Securities. If a mutilated Security is surrendered to
the Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Issuer
shall issue and the Trustee shall authenticate (upon receipt of an Authentication Order) a replacement Security if the requirements
of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies 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 Security 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. Such Holder shall furnish an indemnity bond sufficient in the
judgment of (i) the Trustee to protect the Trustee or (ii) the Issuer, to protect the Issuer, the Trustee, a Paying Agent and the
Registrar, from any loss that any of them may suffer if a Security is replaced. The Issuer and the Trustee may charge the Holder
for the Issuer’s or Trustee’s expenses in replacing a Security (including, without limitation, attorneys’ fees
and disbursements in replacing such Security). In the event any such mutilated, lost, destroyed or wrongfully taken Security has
become or is about to become due and payable, the Issuer in its discretion may pay such Security instead of issuing a new Security
in replacement thereof.

 

Every replacement Security is an additional
obligation of the Issuer.

 

The provisions of this Section 2.08 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 Securities.

 

SECTION 2.09.    Outstanding Securities. Securities outstanding at any time are all
Securities authenticated by the Trustee or its Authenticating Agent except for those canceled by it, those delivered to it for
cancellation, those paid or replaced pursuant to Section 2.08 and those described in this Section 2.09 as not outstanding. Subject
to Section 12.06, a Security does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Security.

 

If a Security is replaced pursuant to Section 2.08
(other than a mutilated Security surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuer receive
proof satisfactory to them that the replaced Security is held by a protected purchaser. A mutilated Security ceases to be outstanding
upon surrender of such Security and replacement thereof pursuant to Section 2.08.

 

If a Paying Agent holds, in accordance with
this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with
respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, and no Paying Agent is prohibited
from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Securities
(or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.   Temporary Securities. In the event that Definitive Securities
are to be issued under the terms of this Indenture, until such Definitive Securities are ready for delivery, the Issuer may prepare
and the Trustee upon receipt of an Authentication Order shall authenticate temporary Securities. Temporary Securities shall be
substantially in the form of Definitive Securities but may have variations that the Issuer considers appropriate for temporary
Securities. Without unreasonable delay, the Issuer shall prepare and upon receipt of an Authentication Order the Trustee shall
authenticate Definitive Securities and make them available for delivery in exchange for temporary Securities upon surrender of
such temporary Securities at the office or agency of the Issuer, without charge to the Holder. Until such exchange, temporary Securities
shall be entitled to the same rights, benefits and privileges as Definitive Securities.

 

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SECTION 2.11.     Cancellation.
The Issuer at any time may deliver Securities to the Registrar for cancellation. The Trustee and the Paying Agent shall forward
to the Registrar any Securities surrendered to them for registration of transfer, exchange or payment. The Registrar and no one
else shall cancel all Securities surrendered for registration of transfer, exchange, payment or cancellation and shall dispose
of canceled Securities in accordance with its customary procedures. The Issuer may not issue new Securities to replace Securities
it has redeemed, paid or delivered to the Registrar for cancellation. The Trustee shall not authenticate Securities in place of
canceled Securities 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 Securities, the Issuer shall pay the defaulted interest
then borne by the Securities (plus interest on such defaulted interest to the extent lawful), in any lawful manner. The
Issuer may pay the defaulted interest to the Persons who are Holders on a subsequent special record date. The Issuer shall fix
or cause to be fixed any such special record date and payment date and shall promptly mail or cause to be mailed to each affected
Holder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

 

SECTION 2.13.     CUSIP
Numbers and ISINs. The Issuer in issuing the Securities may use CUSIP numbers and ISINs (if then generally in use) and,
if so, the Trustee shall use CUSIP numbers and ISINs in notices of redemption as a convenience to Holders; provided, however,
that any such notice may state that no representation is made as to the correctness of such numbers, either as printed on the Securities
or as contained in any notice of a redemption, that reliance may be placed only on the other identification numbers printed on
the Securities and that any such redemption shall not be affected by any defect in or omission of such numbers; provided,
further, that if any Additional Securities are not fungible with the Original Securities for U.S. federal income tax purposes,
such Additional Securities will have a separate CUSIP number and ISINs. The Issuer shall promptly advise the Trustee in writing
of any change in the CUSIP numbers and ISINs.

 

SECTION 2.14.     Calculation
of Specified Percentage of Securities. With respect to any matter requiring consent, waiver, approval or other action
of the Holders of a specified percentage of the principal amount of all the Securities, such percentage shall be calculated, on
the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Securities, the
Holders of which have so consented by (b) the aggregate principal amount, as of such date of determination, of the Securities then
outstanding, in each case, as determined in accordance with Section 2.09 and Section 12.06 of this Indenture. Any such calculation
made pursuant to this Section 2.14 shall be made by the Issuer and delivered to the Trustee pursuant to an Officer’s Certificate.

 

SECTION 2.15.     Deposit
of Moneys. Subject to actual receipt of such funds as provided by Section 2.05 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 Securities; 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 respective
Paying Agent of its failure to so act.

 

SECTION 2.16.     Additional
Amounts.

 

(a)         All
payments made under or with respect to the Securities or any Guarantee shall be made free and clear of and without withholding
or deduction for, or on account of, any present or future Taxes unless the withholding or deduction of such Taxes is then required
by law.

 

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(b)        If
any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of (1) any jurisdiction in which
the Issuer or any Guarantor, is then incorporated, organized, engaged in business or resident for tax purposes, or any political
subdivision or governmental authority thereof or therein having power to tax or (2) any jurisdiction from or through which payment
is made by or on behalf of the Issuer or any Guarantor (including, without limitation, the jurisdiction of any Paying Agent for
the Securities) or any political subdivision or governmental authority thereof or therein (each, a “Tax Jurisdiction”),
shall at any time be required to be made from any payments made by or on behalf of the Issuer under or with respect to the Securities
or by or on behalf of the Guarantors under or with respect to any Guarantee, including, without limitation, payments of principal,
redemption price, purchase price, interest or premium, the Issuer or the relevant Guarantor, as applicable, shall pay such additional
amounts (the “Additional Amounts”) as may be necessary in order that the net amounts received in respect of
such payments by each Holder after such withholding or deduction (including any withholding or deduction from such Additional Amounts)
shall equal the respective amounts that would have been received in respect of such payments in the absence of such withholding
or deduction; provided, however, that no Additional Amounts shall be payable with respect to:

 

(i) any Taxes that would not have been imposed
but for the existence of any present or former connection between the Holder of the relevant Securities (or between a fiduciary,
settlor, beneficiary, partner, member or shareholder of, or possessor of power over, the relevant Holder, if the relevant Holder
is an estate, trust, nominee, partnership, limited liability company or corporation) or the beneficial owner of the relevant Securities
and the relevant Tax Jurisdiction (including, without limitation, being or having been a citizen, resident or national thereof
or being or having been incorporated therein, present or engaged in a trade or business or maintaining a permanent establishment
therein), other than any connection arising solely from the acquisition, ownership or holding of any Security or the enforcement
or receipt of payment under or in respect of any Security or any Guarantee;

 

(ii) any Taxes imposed or withheld as a result
of the failure of a Holder or beneficial owner of the relevant Securities to comply with any written request, made to that Holder
or beneficial owner in writing at least 15 days before any such withholding or deduction would be payable, by the Issuer or any
of the Guarantors to provide timely or accurate information or evidence concerning the nationality, residence or identity of such
Holder or beneficial owner or to make any valid or timely declaration or similar claim or satisfy any certification information
or other reporting requirements, which is required or imposed by a statute, treaty, regulation or administrative practice of the
relevant Tax Jurisdiction as a precondition to exemption from, or reduction in the rate of deduction or withholding of, such Taxes,
but, in each case, only to the extent that the Holder or beneficial owner is legally eligible to provide such declaration, certification
or other information;

 

(iii) any Taxes, to the extent such Taxes
are imposed or withheld as a result of the presentation of any Security for payment (where presentation is required) more than
30 days after the relevant payment is first made available for payment to the Holder or beneficial owner (except to the extent
that the Holder or beneficial owner would have been entitled to Additional Amounts on account of such Taxes had the Security been
presented on the last day of such 30 day period);

 

(iv) any estate, inheritance, gift, sale,
transfer, excise, personal property or similar Tax;

 

(v) any Tax which is payable otherwise than
by deduction or withholding from a payment made under or with respect to the Securities or any Guarantee;

 

(vi) any Tax imposed on or with respect to
any payment if such Holder is a fiduciary, partnership, limited liability company or other person other than the sole beneficial
owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such a partnership,
limited liability company or the beneficial owner of the payment would not have been entitled to Additional Amounts with respect
to such payment had the beneficiary, settlor, member or beneficial owner been the Holder of such Security;

 

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(vii) any Taxes that are required to be withheld
or deducted pursuant to the Luxembourg law of December 23, 2005;

 

(viii) any Taxes that are required to be withheld
or deducted pursuant to the agreement between the European Community and the Swiss Confederation entered into force on July 1,
2005, as amended from time to time, or pursuant to the agreements on final withholding Taxes between Switzerland with the United
Kingdom and Switzerland and Austria entered into force on January 1, 2013, as amended from time to time;

 

(ix) any Taxes that are imposed or withheld
pursuant to Sections 1471 through 1474 of the Code (as of the Issue Date, or any amended or successor versions of such sections),
any current or future regulations promulgated thereunder, any official interpretations thereof, any fiscal or regulatory legislation,
rules or official practices adopted pursuant to an intergovernmental agreement between a non-U.S. jurisdiction and the United States
with respect to the foregoing sections of the Code or any agreements entered into pursuant to Section 1471(b)(1) of the Code; or

 

(x) any combination of items (i) through (ix)
above.

 

(c)        In
addition to the foregoing, the Issuer and the Guarantors shall pay (and indemnify the Holders for) any present or future stamp,
issue, registration, court or documentary Taxes, or any other excise or property Taxes, charges or similar levies imposed by a
Tax Jurisdiction on the execution, issuance, delivery, registration or enforcement of any of the Securities, this Indenture or
any Guarantee (other than on or in connection with a transfer of the Securities other than (i) a transfer of the Securities to
the Issuer or the depositary or (ii) the initial sale by the Initial Purchasers) or any other document or instrument referred to
therein or the receipt of any payment with respect thereto (limited, solely in the case of Taxes attributable to the receipt of
any payment with respect thereto, to any such Taxes imposed in a relevant Tax Jurisdiction that are not excluded under clauses
(i) through (iv) and (vi) through (ix) or any combination thereof).

 

(d)        If
the Issuer or any Guarantor, as the case may be, becomes aware that it will be obligated to pay Additional Amounts with respect
to any payment under or with respect to the Securities or any Guarantee, the Issuer or the relevant Guarantor, as the case may
be, shall deliver to the Trustee on a date at least 15 days prior to the date of payment (unless the obligation to pay Additional
Amounts arises after the 45th day prior to that payment date, in which case the Issuer or the relevant Guarantor shall notify the
Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount
estimated to be so payable. The Officer’s Certificate must also set forth any other information reasonably necessary to enable
the Paying Agent to pay Additional Amounts on the relevant payment date. The Trustee shall be entitled to rely solely on such Officer’s
Certificate as conclusive proof that such payments are necessary.

 

(e)        The
Issuer or the relevant Guarantor shall make all withholdings and deductions required by law to be made by them and shall remit
the full amount deducted or withheld to the relevant Tax authority in accordance with applicable law. The Issuer or the relevant
Guarantor shall furnish to the Trustee, within a reasonable time after the date that the payment of any Taxes so deducted or withheld
is made, certified copies of Tax receipts evidencing payment by the Issuer or a Guarantor, as the case may be, or if, notwithstanding
such entity’s efforts to obtain receipts, receipts are not obtained, other evidence of payments by such entity reasonably
satisfactory to the Trustee. Such copies or such other evidence of payment shall be made available to the Holders upon reasonable
written request.

 

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(f)        Whenever
in this Indenture there is mentioned the payment of amounts based on the principal amount, interest of any other amount payable
under, or with respect to, any of the Securities or any Guarantee, such mention shall be deemed to include, without duplication,
the payment of Additional Amounts to the extent that, in such context, Additional Amounts are, were or would be payable in respect
thereof.

 

(g)        The
preceding provisions of this Section 2.16 shall survive any termination, defeasance or discharge of this Indenture, any transfer
by a Holder or beneficial owner of its Securities, and shall apply, mutatis mutandis, to any jurisdiction in which any successor
Person to the Issuer or any Guarantor is then incorporated, organized, engaged in business or resident for tax purposes or any
jurisdiction from or through which payment is made by or on behalf of such Person on the Securities (or any Guarantee) and any
political subdivision or governmental authority thereof or therein.

 

ARTICLE 3

REDEMPTION

 

SECTION 3.01.     Optional
Redemption.

 

(a)        The
Securities may be redeemed, in whole, or from time to time in part, subject to the conditions and at the redemption prices set
forth in Paragraph 5 of the Form of Security set forth in Exhibit A hereto, which is hereby incorporated by reference and
made a part of this Indenture, together with accrued and unpaid interest to, but not including, the redemption date.

 

(b)        Notwithstanding
anything in this Indenture or the Securities to the contrary, in connection with any tender offer for the Securities, including
a Change of Control Offer, a Collateral Asset Sale Offer or an Asset Sale Offer, if Holders of not less than 90% in aggregate principal
amount of the outstanding Securities validly tender and do not withdraw such Securities in such tender offer and the Issuer, or
any third party making such tender offer in lieu of the Issuer as described herein, purchases all of the Securities validly tendered
and not withdrawn by such Holders, the Issuer or such third party will have the right, upon not less than 10 days nor more than
60 days’ prior notice (provided that such notice is given not more than 30 days following such purchase pursuant to such
tender offer described herein), to redeem all Securities that remain outstanding following such purchase at a redemption price
in cash equal to the price offered to each other Holder in such tender offer plus, to the extent not included in such tender offer
payment, accrued and unpaid interest, if any, to, but excluding, the date of such redemption.

 

SECTION 3.02.     Applicability
of Article. Redemption of Securities at the election of the Issuer or otherwise, as permitted or required by any provision
of this Indenture (including the optional redemption provisions of Paragraph 5 of the Form of Security set forth in Exhibit
A hereto), shall be made in accordance with such provision and this Article 3.

 

SECTION 3.03.     Notices
to Trustee. If the Issuer elects to redeem Securities pursuant to the optional redemption provisions of Paragraph 5
of the Form of Security set forth in Exhibit A hereto, it shall notify the Trustee and the Paying Agent in writing of (i)
the particular part of Paragraph 5 of the Form of Security set forth in Exhibit A hereto pursuant to which the redemption
shall occur, (ii) the redemption date, (iii) the principal amount of Securities to be redeemed and (iv) the redemption price. The
Issuer shall give notice to the Trustee and the Paying Agent provided for in this Section 3.03 at least 10 days but not more
than 60 days before a redemption date if the redemption is pursuant to Paragraph 5 of the Form of Security set forth in Exhibit
A hereto. Any such notice may be canceled at any time prior to notice of such redemption being sent to any Holder and shall
thereby be void and of no effect.

 

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SECTION 3.04.      Selection
of Securities to Be Redeemed. In the case of any partial redemption, selection of the Securities for redemption will
be made by the Trustee in accordance with the procedures of the Depository; provided, that no such selection shall result
in a Holder of Securities with a principal amount of Securities less than the minimum denomination for the Securities. The Securities
to be redeemed shall be selected from outstanding Securities not previously called for redemption. Securities and portions of them
selected shall be in minimum amounts of $2,000 or a whole multiple of $1,000 in excess thereof. Provisions of this Indenture that
apply to Securities called for redemption also apply to portions of Securities called for redemption.

 

SECTION 3.05.      Notice
of Optional Redemption.

 

(a)      At
least 10 days but not more than 60 days before a redemption date pursuant to Paragraph 5 of the Form of Security set forth
in Exhibit A hereto, the Issuer shall send or cause to be sent, electronically or by first-class mail, a notice of redemption
to each Holder (with a copy to the Trustee and Paying Agent) whose Securities are to be redeemed to such Holder’s registered
address or otherwise in accordance with the procedures of the Depository; provided that redemption notices may be provided
more than 60 days prior to a redemption date if the notice is issued in connection with a satisfaction or discharge of this Indenture
or defeasance of the Securities pursuant to this Indenture.

 

Any such notice shall identify the Securities
to be redeemed and shall state:

 

(i)       the
redemption date;

 

(ii)      the
redemption price and the amount of accrued interest to the redemption date;

 

(iii)     the
name and address of a Paying Agent;

 

(iv)     that
Securities called for redemption must be surrendered to a Paying Agent to collect the redemption price, plus accrued interest;

 

(v)      if
fewer than all the outstanding Securities are to be redeemed, the certificate numbers (if applicable) and principal amounts of
the particular Securities to be redeemed, the aggregate principal amount of the Securities to be redeemed and the aggregate principal
amount of the Securities to be outstanding after such partial redemption;

 

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

 

(vii)   the
CUSIP number and ISIN, if any, printed on the Securities being redeemed; and

 

(viii)   that
no representation is made as to the correctness or accuracy of the CUSIP number or ISIN if any, listed in such notice or printed
on the Securities.

 

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In connection with any redemption of Securities
(including with funds in an aggregate amount not exceeding the net cash proceeds of an Equity Offering), any such redemption may,
at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of any related Equity
Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice
shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60
days after the date the notice of redemption was sent) as any or all such conditions shall be satisfied (or waived by the Issuer
in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied (or waived) by the redemption date, or by the redemption date so delayed. 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.

 

(b)      At
the Issuer’s request, the Trustee shall give the notice of redemption in the Issuer’s name and at the Issuer’s
expense; provided, however, that the Issuer has delivered to the Trustee, at least 5 Business Days (unless a shorter
period is acceptable to the Trustee) prior to the date the redemption notice is sent to Holders, an Officer’s Certificate
requesting that the Trustee give such notice. In such event, the Issuer shall provide the Trustee in writing with the information
required by this Section 3.05.

 

SECTION 3.06.      Effect
of Notice of Redemption. Once notice of redemption is provided in accordance with Section 3.05, Securities called for
redemption become due and payable on the redemption date and at the redemption price stated in the notice (except to the extent
such redemption is conditional as set forth in Section 3.05). Upon surrender to any Paying Agent, such Securities shall be paid
at the redemption price stated in the notice, plus accrued interest to 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 Securities 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 3.07.     Deposit
of Redemption Price. Prior to 10:00 a.m., New York City time, on the redemption date, the Issuer shall deposit
with the Paying Agent (or, if UK Holdco or a Wholly Owned Subsidiary of UK Holdco is a Paying Agent, shall segregate and hold in
trust) money sufficient to pay the redemption price of and accrued interest on all Securities or portions thereof to be redeemed
on that date other than Securities or portions of Securities called for redemption that have been delivered by the Issuer to the
Trustee for cancellation. On and after the redemption date, interest shall cease to accrue on Securities 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 on, the Securities to be redeemed, unless a Paying Agent is prohibited from making such payment pursuant
to the terms of this Indenture. For the avoidance of doubt, a Paying Agent and the Trustee shall be held harmless and have no liability
with respect to payments and disbursements to be made by a Paying Agent and the Trustee until they have confirmed receipt of funds
sufficient to make the relevant payment.

 

SECTION 3.08.     Securities
Redeemed in Part. In the case of Definitive Securities, upon surrender of a Security that is redeemed in part, the Issuer
shall execute and upon receipt of an Authentication Order the Trustee or the Authenticating Agent shall authenticate for the Holder
(at the Issuer’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered.

 

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SECTION 3.09.      Offer
to Purchase by Application of Excess Proceeds or Collateral Excess Proceeds.

 

(a)       In
the event that, pursuant to Section 4.06 hereof, UK Holdco is required to commence an Asset Sale Offer or a Collateral Asset Sale
Offer, it will follow the procedures specified below.

 

(b)      The
Asset Sale Offer or Collateral Asset Sale Offer, as applicable, shall be made to all Holders with respect to offers to purchase,
prepay or redeem with the proceeds of sales of assets. The Asset Sale Offer or Collateral Asset Sale Offer, as applicable, will
remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to
the extent that a longer period is required by applicable law (the “Offer Period”). No later than five Business
Days after the termination of the Offer Period (the “Purchase Date”), UK Holdco will apply all Excess Proceeds
or Collateral Excess Proceeds, as applicable (the “Offer Amount”), to the purchase of Securities and, if applicable,
other tendered Indebtedness as provided in Section 4.06 or, if less than the Offer Amount has been tendered, all Securities and,
if applicable, other Indebtedness tendered in response to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable. Payment
for any Securities so purchased will be made in the same manner as interest payments are made.

 

(c)       If
the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid
interest will be paid to the Person in whose name a Security is registered at the close of business on such record date, and no
additional interest will be payable to Holders who tender Securities pursuant to the Asset Sale Offer or Collateral Asset Sale
Offer, as applicable.

 

(d)      Upon
the commencement of an Asset Sale Offer or a Collateral Asset Sale Offer, UK Holdco shall send, or cause to be sent, electronically
or by first-class mail, or as otherwise provided in accordance with the procedures of the Depository, a written notice to the Trustee,
the Paying Agent and each of the Holders. The notice will contain all instructions and materials necessary to enable such Holders
to tender Securities pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable. The notice, which will govern
the terms of the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, will state:

 

(i)        that
the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, is being made pursuant to this Section 3.09 and Section 4.06
hereof and the length of time the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, will remain open;

 

(ii)       the
Offer Amount, the purchase price and the Purchase Date;

 

(iii)      that
Securities not tendered or accepted for payment will continue to accrue interest;

 

(iv)      that,
unless UK Holdco defaults in making such payment, Securities accepted for payment pursuant to the Asset Sale Offer or Collateral
Asset Sale Offer, as applicable, will cease to accrue interest after the Purchase Date;

 

(v)       that
Holders electing to have Securities purchased pursuant to an Asset Sale Offer or Collateral Asset Sale Offer, as applicable, may
elect to have Securities purchased in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof;

 

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(vi)      that
Holders electing to have Securities purchased pursuant to any Asset Sale Offer or Collateral Asset Sale Offer, as applicable, will
be required to surrender the Securities, with the form entitled “Option of Holder to Elect Purchase” attached to the
Securities completed, or transfer by book-entry transfer, to UK Holdco, a depository, if appointed by UK Holdco, or a paying agent
at the address specified in the notice at least three days before the Purchase Date;

 

(vii)     that
Holders will be entitled to withdraw their election if UK Holdco, the Depository or the Paying Agent, as the case may be, receives,
not later than the expiration of the Offer Period, a facsimile transmission or letter setting forth the name of the Holder, the
principal amount of the Securities the Holder delivered for purchase and a statement that such Holder is withdrawing his election
to have such Securities purchased;

 

(viii)    that,
if the aggregate principal amount of Securities and, if applicable, other tendered Indebtedness surrendered by Holders thereof
exceeds the Offer Amount, UK Holdco will select the Securities and, if applicable, other tendered Indebtedness as provided in Section
4.06; and

 

(ix)      that
Holders whose Securities were purchased only in part will be issued new Securities equal in principal amount to the unpurchased
portion of the Securities surrendered (or transferred by book-entry transfer).

 

(e)       On
or before the Purchase Date, UK Holdco, to the extent lawful, will accept for payment, on a pro rata basis to the extent necessary
(subject to maintenance of authorized denominations), the Offer Amount of Securities or portions thereof and, if applicable, other
Indebtedness tendered pursuant to the Asset Sale Offer or Collateral Asset Sale Offer, as applicable, or if less than the Offer
Amount has been tendered, all Securities and, if applicable, other Indebtedness tendered, and will deliver or cause to be delivered
to the Trustee the Securities properly accepted together with an Officer’s Certificate stating that such Securities or portions
thereof were accepted for payment by UK Holdco in accordance with the terms of this Section 3.09. UK Holdco, the Depository or
the Paying Agent, as the case may be, will, not later than three Business Days after UK Holdco accepts the Offer Amount, mail or
deliver to each tendering Holder an amount equal to the purchase price of the Securities tendered by such Holder and accepted by
UK Holdco for purchase, and UK Holdco will promptly issue a new Security, and the Trustee or Authenticating Agent, upon receipt
of an Authentication Order, will authenticate and mail or deliver (or cause to be transferred by book entry) such new Security
to such Holder, in a principal amount equal to any unpurchased portion of the Security surrendered; provided that such Security
shall be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. Any Securities not so accepted
shall be promptly mailed or delivered by UK Holdco to the Holder thereof. UK Holdco will publicly announce the results of the Asset
Sale Offer or Collateral Asset Sale Offer, as applicable, on or as soon as practicable after the Purchase Date.

 

(f)       Other
than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made in accordance with
the provisions of Sections 3.03 through 3.08 hereof and references therein to “redeem,” “redemption” and
similar words shall be deemed to refer to “purchase,” “repurchase” and similar words, as applicable.

 

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SECTION 3.10.      Optional
Redemption for Tax Reasons.

 

(a)      The
Issuer may redeem the Securities, in whole but not in part, at its discretion at any time upon giving not less than 10 nor more
than 60 days’ prior notice to the Holders (with a copy to the Trustee and the Paying Agent) (which notice shall be irrevocable
and given in accordance with the procedures described in Section 3.05), at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, to, but not including, the date fixed by the Issuer for redemption
(a “Tax Redemption Date”) and all Additional Amounts (if any) then due and that will become due on the Tax Redemption
Date as a result of the redemption or otherwise (subject to the right of Holders on the relevant record date to receive interest
due on an interest payment date that is prior to the Tax Redemption Date and Additional Amounts (if any) in respect thereof), if
on the next date on which any amount would be payable in respect of the Securities or any Guarantee, the Issuer or any Guarantor
is or would be required to pay Additional Amounts (but, in the case of the relevant Guarantor, only if such amount payable cannot
be paid by the Issuer or another Guarantor who can pay such amount without the obligation to pay Additional Amounts), and the Issuer
or the relevant Guarantor cannot avoid any such payment obligation by taking reasonable measures available to it, including the
appointment of a different Paying Agent (provided that changing the jurisdiction of the Issuer or Guarantor is not a reasonable
measure for purposes of this section), as a result of:

 

(i)       any
change in, or amendment to, the laws or treaties (or any regulations, protocols or rulings promulgated thereunder) of a Tax Jurisdiction
affecting Taxation which change or amendment is announced and becomes effective on or after the date of the Offering Memorandum
(or, if the relevant Tax Jurisdiction was not a Tax Jurisdiction on the date of the Offering Memorandum, the date on which such
Tax Jurisdiction became a Tax Jurisdiction under this Indenture); or

 

(ii)      any
change in, or amendment to, the existing official position or the introduction of an official position regarding the application,
administration or interpretation of such laws, treaties, regulations, protocols or rulings (including a holding, judgment or order
by a court of competent jurisdiction or a change in published practice), which change, amendment, application or interpretation
is announced and becomes effective on or after the date of the Offering Memorandum (or, if the relevant Tax Jurisdiction was not
a Tax Jurisdiction on the date of the Offering Memorandum, the date on which such Tax Jurisdiction became a Tax Jurisdiction under
this Indenture) (each of the foregoing clauses (i) and (ii), a “Change in Tax Law”).

 

(b)      The
Issuer will not give any such notice of redemption earlier than 60 days prior to the earliest date on which the Issuer or the relevant
Guarantor would be obligated to make such payment or withholding if a payment in respect of the Securities or Guarantees were then
due, and unless at the time such notice is given, the obligation to pay Additional Amounts remains in effect.

 

(c)      Prior
to the publication or, where relevant, sending of any notice of redemption of the Securities pursuant to the foregoing, the Issuer
will deliver to the Trustee an Opinion of Counsel to the effect that there has been such a Change in Tax Law which would entitle
the Issuer to redeem the Securities hereunder. In addition, before the Issuer publishes or sends notice of redemption of the Securities
as described above, it will deliver to the Trustee an Officer’s Certificate to the effect that the obligation to pay Additional
Amounts cannot be avoided by the Issuer or the relevant Guarantor taking reasonable measures available to it.

 

(d)      The
Trustee will accept such Officer’s Certificate and Opinion of Counsel as conclusive evidence of the existence and satisfaction
of the conditions precedent as described above, in which event it will be conclusive and binding on the Holders.

 

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ARTICLE 4

COVENANTS

 

SECTION 4.01.      Payment
of Securities. The Issuer shall promptly pay the principal of and interest, on the Securities on the dates and in the
manner provided in the Securities and in this Indenture. An installment of principal or interest shall be considered paid on the
date due if by 10:00 a.m., New York City time on such date the Trustee or any Paying Agent holds in accordance with this Indenture
money sufficient to pay all principal and interest then due and the Trustee or any Paying Agent, as the case may be, are not prohibited
from paying such money to the Holders on that date pursuant to the terms of this Indenture.

 

The Issuer shall pay interest on overdue principal
at the rate specified therefor in the Securities, and it shall pay interest on overdue installments of interest at the same rate
borne by the Securities to the extent lawful.

 

SECTION 4.02.     Reports
and Other Information.

 

(a)      The
Issuer shall have UK Holdco’s annual consolidated financial statements audited by UK Holdco’s independent registered
public accountants and its interim consolidated financial statements reviewed in accordance with Statement on Auditing Standards
No. 100 issued by the American Institute of Certified Public Accountants (or any similar replacement standard). In addition, so
long as any Securities are outstanding, the Issuer shall furnish to the Trustee and may (i) furnish to the Holders, (ii) post on
its confidential password-protected website or (iii) post on Intralinks or any comparable confidential password-protected online
data system:

 

(1)      an
annual report and quarterly report including solely the following information: (a) annual financial statements with respect
to an annual report and quarterly financial statements with respect to a quarterly report (including a balance sheet, statement
of operations and statement of cash flows) prepared in accordance with GAAP, (b) a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” containing information customarily included in such section when
included in a Form 10-K or Form 10-Q, as applicable, filed with the SEC (but only to the extent similar information is included
in the Offering Memorandum), (c) disclosure relating to the percentage of consolidated assets, revenues and EBITDA that UK
Holdco’s Subsidiaries that do not provide Guarantees accounted for as of and for the period then ended (but only to the extent
the EBITDA of such non-Guarantor Subsidiaries exceeds 5% of the EBITDA of UK Holdco and its Restricted Subsidiaries on a consolidated
basis), (d) a presentation of EBITDA of UK Holdco and its Restricted Subsidiaries for the trailing twelve month period substantially
consistent with the presentation of “Standalone Adjusted EBITDA” in the Offering Memorandum and derived from such financial
statements, and (e) with respect to the annual report only, a report on the annual financial statements by UK Holdco’s
independent registered public accounting firm; and

 

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(2)      the
information that would be required to be contained in filings with the SEC on Form 8-K by the Issuer or UK Holdco if the Issuer
or UK Holdco were required to file such reports for any of the following events: (a) significant acquisitions or dispositions,
(b) the bankruptcy of UK Holdco, the Issuer or a Significant Subsidiary, (c) the acceleration of any Indebtedness of UK Holdco
or any Restricted Subsidiary having a principal amount in excess of $125.0 million, (d) a change in certifying independent auditor
with respect to UK Holdco or any indirect parent whose financial statements are provided as permitted by this Indenture, (e) the
appointment or departure of the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chief Operating Officer
or President (or persons fulfilling similar duties) of UK Holdco or the Issuer, (f) resignation of a director of UK Holdco or the
Issuer on disagreeable terms, (g) change in fiscal year, (h) non-reliance on previously issued financial statements, (i) change
of control transactions, (j) entry into material agreements, (k) entry into material financial obligations and (l) historical financial
statements of an acquired business (relating to transactions required to be reported pursuant to Item 2.01 of Form 8-K to the extent
and in the form available to the Issuer (as determined by the Issuer in good faith) if the Issuer or UK Holdco were a domestic
reporting company under the Exchange Act); provided, however, that no such current report will be required to be
furnished if UK Holdco determines in its good faith judgment that such event is not material to Holders or the business, assets,
operations, financial positions or prospects of UK Holdco and its Restricted Subsidiaries, taken as a whole; provided, further,
however, that no such current report will be required to include a summary of the terms of any employment or compensatory
arrangement, agreement, plan or understanding between UK Holdco (or any of its Subsidiaries) and any director or officer;

 

In connection therewith and for the avoidance of doubt, all
such reports (A) shall not be required to comply with Section 302, Section 404 or Section 906 of the Sarbanes-Oxley
Act of 2002, or related Items 307 or 308 of Regulation S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect
to any non-GAAP financial measures contained therein), (B) shall not be required to contain the separate financial information
for Guarantors contemplated by Rule 3-05, Rule 3-09, Rule 3-10 or Rule 3-16 of Regulation S-X promulgated by the SEC (other than
information with respect to Guarantors to be provided under Section 4.02(a)(1)), (C) shall not be required to comply with
Items 402, 405, 406, 407 and 601 of Regulation S-K promulgated by the SEC, (D) shall not be required to contain any exhibit
(including any financial statements that would be required to be filed as an exhibit), (E) shall not be required to comply
with rules or regulations promulgated by the SEC concerning Extensible Business Reporting Language (XBRL) and (F) shall not
be required to comply with the requirements of Regulation S-X to the extent such requirements were not complied with in the Offering
Memorandum.

 

(b)      All
such annual reports shall be furnished within 90 days after the end of the fiscal year (or such longer period as may be permitted
by the SEC if the Issuer or UK Holdco were then subject to SEC reporting requirements as a non-accelerated domestic filer) to which
they relate, and all such quarterly reports shall be furnished within 45 days after the end of the fiscal quarter (or such
longer period as may be permitted by the SEC if the Issuer were then subject to SEC reporting requirements as a non-accelerated
domestic filer) to which they relate. All such current reports shall be furnished within 10 Business Days after the occurrence
of each event that would be required to be reported in such current report.

 

(c)      The
Issuer shall make available such information and such reports (as well as the details regarding the conference call described below)
to any (i) Holder, (ii) beneficial owner of the Securities, (iii) bona fide prospective investor in the Securities, (iv) bona fide
securities analyst or (v) bona fide market maker in the Securities, in each case, by confidentially posting such information on
its website or on Intralinks or any comparable password-protected online data system and making readily available any password
or other login information to any such recipient. The Trustee shall have no responsibility whatsoever to determine if such posting
has occurred. The Issuer shall hold a quarterly conference call for the Holders and securities analysts to discuss such financial
information for the previous quarter no later than ten Business Days after distribution of such financial information. The Issuer
may require an acknowledgement from any such recipient that (i) it will keep all information confidential, (ii) it will
not use such information in violation of applicable securities laws and (iii) it will not use the information to compete with
the Issuer and is not a person principally engaged in a Similar Business or that derives a significant portion of its revenues
from a Similar Business in connection with access to its financial information or conference calls and may withhold access from
any person who does not satisfy such conditions in its good faith judgment. While the Issuer or any direct or indirect parent of
the Issuer is in registration with respect to an initial public offering, the Issuer or any direct or indirect parent of the Issuer
shall not be required to disclose any information or take any actions which, in the view of the Issuer, would violate the securities
laws or the SEC’s gun jumping rules.

 

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(d)      Notwithstanding
the foregoing, in the event that the Issuer or any direct or indirect parent of the Issuer is or becomes a public reporting company
and files the forms of reports required pursuant to Section 4.02(a), then the Issuer shall satisfy the delivery requirements
under this Section 4.02 upon the filing of such reports with the SEC or other securities commission or stock exchange; provided
that if a direct or indirect parent of the Issuer files such reports with the SEC, such direct or indirect parent of the Issuer
provides the consolidating information set forth in the second sentence of Section 4.02(g). The Trustee shall have no responsibility
to determine whether such filing has occurred;

 

(e)      The
Issuer shall also furnish to Holders, securities analysts and prospective investors upon request the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act, so long as the Securities are not freely transferable under
the Securities Act.

 

(f)      If
UK Holdco has designated any of its Subsidiaries as an Unrestricted Subsidiary and if any such Unrestricted Subsidiary or group
of Unrestricted Subsidiaries, if taken together as one Subsidiary, would constitute a Significant Subsidiary of UK Holdco, then
the annual and quarterly information required by Section 4.02(a)(1) shall 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 operation of UK Holdco
and its Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries
of UK Holdco.

 

(g)      This
Indenture shall permit the Issuer to satisfy its obligations in this Section 4.02 with respect to financial information relating
to UK Holdco by furnishing financial information relating to a direct or indirect parent of UK Holdco consistent with this Section
4.02. Such reports need not include financial statements required by Rules 3-10 or 3-16 of Regulation S-X; provided that
if the direct or indirect parent has more than de minimis operations separate and apart from its ownership in UK Holdco, then the
financial statements of the direct or indirect parent will be required to provide consolidating information, which need not be
audited, that explains in reasonable detail the differences between the information relating to such parent and its subsidiaries,
on the one hand, and the information relating to Holdings, UK Holdco and its Restricted Subsidiaries on a standalone basis, on
the other hand.

 

(h)      Notwithstanding
anything herein to the contrary, the Issuer shall not be deemed to have failed to comply with any of its obligations hereunder
for purposes of Section 6.01(c) until 120 days after the date any report hereunder is due. Notwithstanding anything herein
to the contrary, any failure to comply with this Section 4.02 shall be automatically cured when the Issuer or any direct or indirect
parent of the Issuer, as the case may be, makes available all required reports to the Holders.

 

(i)      Delivery
of reports, information and documents to the Trustee is for informational purposes only and the information and the Trustee’s
receipt of such shall not constitute actual or 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). The Trustee shall have no duty to review or analyze reports delivered to
it.

 

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SECTION 4.03.     Limitation
on Incurrence of Indebtedness and Issuance of Disqualified Stock and Preferred Stock.

 

(a)      (i)
UK Holdco shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, Incur any Indebtedness
(including Acquired Indebtedness) or issue any shares of Disqualified Stock; and (ii) UK Holdco shall not permit any of its Restricted
Subsidiaries to issue any shares of Preferred Stock; provided, however, that UK Holdco and any of its Restricted
Subsidiaries may Incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock and any of UK Holdco’s
Restricted Subsidiaries may issue shares of Preferred Stock, in each case, if either (x) the Fixed Charge Coverage Ratio of UK
Holdco and its Restricted Subsidiaries for the most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is Incurred or such Disqualified Stock or Preferred
Stock is issued would have been at least 2.00 to 1.00 or (y) the Consolidated Total Debt Ratio of UK Holdco would not exceed 6.50
to 1.00 (any such debt incurred pursuant to this proviso, “Ratio Debt”), in each case determined on a Pro Forma
Basis; provided, further, however, that the aggregate principal amount of Indebtedness (excluding Acquired
Indebtedness not Incurred in connection with or in contemplation of the applicable merger, acquisition or other similar transaction)
that may be Incurred and Disqualified Stock or Preferred Stock that may be issued pursuant to the foregoing by Restricted Subsidiaries
that are not the Issuer or Guarantors of the Securities shall not exceed the greater of (x) $125.0 million and (y) 39% of LTM EBITDA
at any one time outstanding pursuant to this Section 4.03(a) (less the outstanding amount of any Indebtedness Incurred by Restricted
Subsidiaries that are non-Guarantor Subsidiaries pursuant to Section 4.03(b)(xix)(1).

 

(b)      The
limitations set forth in Section 4.03(a) shall not apply to (collectively, “Permitted Debt”):

 

(i)      the
Incurrence by UK Holdco or its Restricted Subsidiaries of Indebtedness under any Debt Facility (and the issuance and creation of
letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed
to have a principal amount equal to the face amount thereof)) in an aggregate principal amount not to exceed the sum of:

 

(1) (A) $900.0 million, plus
(B) $250.0 million plus (C) an amount equal to the greater of (x) $325.0 million and (y) 100% of LTM EBITDA, in each case,
at any one time outstanding, plus

 

(2) the maximum amount of Indebtedness
such that on a Pro Forma Basis, either (A) the Consolidated Secured Debt Ratio of UK Holdco does not exceed 6.50 to 1.00 or (B)
the Consolidated First Lien Debt Ratio of UK Holdco does not exceed 5.00 to 1.00 (with any Indebtedness Incurred under Section
4.03(b)(i)(1)(C) hereof on the date of determination of the Consolidated Secured Debt Ratio or Consolidated First Lien Debt Ratio
not being included in the calculation of Consolidated Secured Debt Ratio or Consolidated First Lien Debt Ratio, as applicable,
under this Section 4.03(b)(i)(2) on such date but not, for the avoidance of doubt, excluded from any such calculation made on any
such subsequent date),

 

provided, that (x) any
Indebtedness Incurred and outstanding pursuant to Sections 4.03(b)(i)(1) and (2) shall be deemed to be Indebtedness that is secured
by a Lien on Collateral, whether or not so secured, solely for purposes of calculating the Consolidated Secured Debt Ratio or Consolidated
First Lien Debt Ratio, as applicable, for Section 4.03(b)(i)(2)(A), (y) any Indebtedness Incurred and outstanding pursuant to Section
4.03(b)(i)(2)(B) shall be deemed to be Indebtedness secured by a Lien on the Collateral that ranks pari passu with the Liens
securing the Securities, whether or not so secured, solely for the purposes of calculating the Consolidated First Lien Debt Ratio
for Section 4.03(b)(i)(2)(B) and (z) any Indebtedness Incurred pursuant to this Section 4.03(b)(i) may be refinanced
at any time if such refinancing does not exceed the greater of (I) the aggregate principal amount of Indebtedness permitted
to be Incurred pursuant to this Section 4.03(b)(i) on the date of such refinancing and (II) the aggregate principal amount
of the Indebtedness being refinanced at such time (together with an amount necessary to pay accrued and unpaid interest and any
fees and expenses, including any premium and defeasance costs, associated with such refinancing) and, in the case of a refinancing
of Indebtedness under the Credit Agreement outstanding on the Issue Date, such Indebtedness shall be treated for all purposes as
Incurred pursuant to this Section 4.03(b)(i);

 

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(ii)       the
Incurrence by the Issuer and the Guarantors of Indebtedness represented by the Original Securities and the Guarantees thereof,
as applicable;

 

(iii)      Indebtedness
existing on the Issue Date (other than Indebtedness described in clauses (i) and (ii) of this Section 4.03(b));

 

(iv)      Indebtedness
(including, without limitation, Capitalized Lease Obligations, mortgage financings or purchase money obligations) Incurred by UK
Holdco or any of its Restricted Subsidiaries, Disqualified Stock issued by UK Holdco or any of its Restricted Subsidiaries and
Preferred Stock issued by any Restricted Subsidiaries of UK Holdco to finance all or any part of the acquisition, purchase, lease,
construction, design, installation, repair, replacement or improvement of property (real or personal), plant or equipment or other
fixed or capital assets used or useful in the business of UK Holdco or its Restricted Subsidiaries or in a Similar Business (whether
through the direct purchase of assets or the Capital Stock of any Person owning such assets) in an aggregate principal amount,
including all Indebtedness Incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness Incurred pursuant
to this Section 4.03(b)(iv), not to exceed the greater of (x) $150.0 million and (y) 47% of LTM EBITDA at any one time outstanding
minus amounts Incurred and outstanding under Section 4.03(b)(xiii) in respect of Indebtedness originally Incurred under this Section
4.03(b)(iv); provided that Capitalized Lease Obligations incurred by UK Holdco or any Restricted Subsidiary pursuant to
this Section 4.03(b)(iv) in connection with a Sale/Leaseback Transaction shall not be subject to the foregoing limitation so long
as the proceeds of such Sale/Leaseback Transaction are used by UK Holdco or such Restricted Subsidiary to permanently repay outstanding
loans under any credit agreement, Debt Facility or other Indebtedness secured by a Lien on the assets subject to such Sale/Leaseback
Transaction;

 

(v)      Indebtedness
(x) in respect of any bankers’ acceptance, bank guarantees, discounted bill of exchange or the discounting or factoring of
receivables, warehouse receipt or similar facilities, and reinvestment obligations related thereto, entered into in the ordinary
course of business and (y) constituting reimbursement obligations with respect to letters of credit issued in the ordinary
course of business, including letters of credit in respect of workers’ compensation claims, or other Indebtedness with respect
to reimbursement type obligations regarding workers’ compensation claims; provided, however, that upon the drawing
of such letters of credit or the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days following such
drawing;

 

(vi)      Indebtedness
arising from agreements of UK Holdco or a Restricted Subsidiary providing for indemnification, adjustment of purchase price, earnout
or similar obligations, in each case, Incurred in connection with the acquisition or disposition of any business, assets or a Subsidiary
of UK Holdco in accordance with the terms of this Indenture, other than guarantees of Indebtedness Incurred by any Person acquiring
all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition;

 

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(vii)      shares
of Preferred Stock of a Restricted Subsidiary issued to UK Holdco or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event that results in any Restricted Subsidiary that holds such shares of
Preferred Stock of another Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any
such shares of Preferred Stock (except to UK Holdco or another Restricted Subsidiary) shall be deemed, in each case, to be an issuance
of shares of Preferred Stock;

 

(viii)      Indebtedness
or Disqualified Stock of (a) a Restricted Subsidiary to UK Holdco or (b) UK Holdco or any Restricted Subsidiary to any Restricted
Subsidiary; provided that if the Issuer or a Guarantor Incurs such Indebtedness to a Restricted Subsidiary that is not the
Issuer or a Guarantor, such Indebtedness is subordinated in right of payment to the Securities or the Guarantee of such Guarantor,
as the case may be; provided, further, that any subsequent issuance or transfer of any Capital Stock or any other
event that results in any Restricted Subsidiary lending such Indebtedness or Disqualified Stock, as applicable, ceasing to be a
Restricted Subsidiary or any other subsequent transfer of any such Indebtedness or Disqualified Stock, as applicable, (except to
UK Holdco or another Restricted Subsidiary) shall be deemed, in each case, to be an Incurrence of such Indebtedness or Disqualified
Stock, as applicable;

 

(ix)      Hedging
Obligations that are Incurred in the ordinary course of business (and not for speculative purposes) or in connection with the Transactions:
(1) for the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of
this Indenture to be outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk; or (3) for the purpose
of fixing or hedging commodity price risk with respect to any commodity purchases;

 

(x)      obligations
(including reimbursement obligations with respect to letters of credit and bank guarantees) in respect of performance, bid, appeal
and surety bonds and completion guarantees provided by UK Holdco or any of its Restricted Subsidiaries;

 

(xi)      Indebtedness,
Disqualified Stock or Preferred Stock in an aggregate principal amount or liquidation preference that, when aggregated with the
principal amount or liquidation preference of all other Indebtedness, Disqualified Stock and Preferred Stock then outstanding and
Incurred pursuant to this Section 4.03(b)(xi), does not exceed the greater of (x) $250.0 million and (y) 77% of LTM EBITDA at any
one time outstanding (minus amounts Incurred and outstanding under Section 4.03(b)(xiii) in respect of Indebtedness originally
Incurred under this Section 4.03(b)(xi));

 

(xii)     any
guarantee by UK Holdco or any of its Restricted Subsidiaries of Indebtedness or other obligations of UK Holdco or any of its Restricted
Subsidiaries so long as the Incurrence of such Indebtedness or other obligations by UK Holdco or such Restricted Subsidiary is
permitted under the terms of this Indenture; provided that if such Indebtedness is by its express terms subordinated in
right of payment to the Securities or the Guarantee of such Restricted Subsidiary, as applicable, any such guarantee of such Guarantor
with respect to such Indebtedness shall be subordinated in right of payment to such Guarantor’s Guarantee with respect to
the Securities substantially to the same extent as such Indebtedness is subordinated to the Securities or the Guarantee of such
Restricted Subsidiary, as applicable;

 

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(xiii)        the
Incurrence by UK Holdco or any of its Restricted Subsidiaries of Indebtedness or Disqualified Stock or Preferred Stock of a Restricted
Subsidiary that serves to refund, refinance, replace or defease any Indebtedness, Disqualified Stock or Preferred Stock Incurred
as permitted under Section 4.03(a) and Sections 4.03(b)(ii), (iii), (iv), (xi), (xiii), (xvi), (xix), (xxiv) and (xxvii) or
any Indebtedness, Disqualified Stock or Preferred Stock Incurred to so refund or refinance such Indebtedness, Disqualified Stock
or Preferred Stock, including any additional Indebtedness, Disqualified Stock or Preferred Stock Incurred to pay accrued and unpaid
interest and fees and expenses, including any premium and defeasance costs, in connection therewith (subject to the following proviso,
 “Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such Refinancing
Indebtedness:

 

(1)      other
than with respect to revolving Indebtedness, has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness
is Incurred which is not less than the shorter of (i) the remaining Weighted Average Life to Maturity of the Indebtedness being
refunded, refinanced, replaced or defeased or (ii) the Weighted Average Life to Maturity of the Securities;

 

(2)      has
a Stated Maturity which is no earlier than the earlier of (i) the Stated Maturity of the Indebtedness being refunded, refinanced,
replaced or defeased or (ii) the Stated Maturity of the Securities;

 

(3)      to
the extent such Refinancing Indebtedness refinances (x) Subordinated Indebtedness, such Refinancing Indebtedness is Subordinated
Indebtedness or (y) Disqualified Stock or Preferred Stock, such Refinancing Indebtedness is Disqualified Stock or Preferred Stock;

 

(4)      is
Incurred in an aggregate principal amount (or if issued with original issue discount, an aggregate issue price) that is equal to
or less than the sum of (x) the aggregate principal amount (or if issued with original issue discount, the aggregate accreted value)
then outstanding of the Indebtedness being refinanced plus (y) the amount necessary to pay accrued and unpaid interest and
fees, underwriting discounts and expenses, including any premium and defeasance costs Incurred in connection with such refinancing;
and

 

(5)      shall
not include (x) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary that is not a Guarantor that refinances Indebtedness,
Disqualified Stock or Preferred Stock of UK Holdco; (y) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary that
is not a Guarantor that refinances Indebtedness, Disqualified Stock or Preferred Stock of a Guarantor; or (z) Indebtedness, Disqualified
Stock or Preferred Stock of UK Holdco or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred
Stock of an Unrestricted Subsidiary;

 

(xiv)      Indebtedness
arising from (i) Cash Management Services or any Bank Products and (ii) the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business, provided that
in the case of subclause (ii) of this Section 4.03(b)(xiv) such Indebtedness is extinguished within ten Business Days of its Incurrence;

 

(xv)      Indebtedness
of UK Holdco or any Restricted Subsidiary supported by a letter of credit or bank guarantee issued pursuant to any Credit Agreement,
in a principal amount not in excess of the stated amount of such letter of credit or bank guarantee;

 

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(xvi)      Contribution
Indebtedness;

 

(xvii)      Indebtedness
of UK Holdco or any Restricted Subsidiary consisting of (x) the financing of insurance premiums or (y) take-or-pay obligations
contained in supply arrangements;

 

(xviii)      Indebtedness
Incurred by a Receivables Subsidiary in a Qualified Receivables Financing that is not recourse to UK Holdco or any Restricted Subsidiary
other than a Receivables Subsidiary (except for Standard Securitization Undertakings);

 

(xix)        (1)
Indebtedness, Disqualified Stock or Preferred Stock of UK Holdco or any of its Restricted Subsidiaries Incurred to finance an acquisition
or other Investment or (2) Acquired Indebtedness of UK Holdco or any of its Restricted Subsidiaries not Incurred in connection
with or in contemplation of the applicable merger, acquisition or other similar transaction; provided that, in the case
of subclause (1), (i) after giving effect to the transactions that result in the Incurrence or issuance thereof, on a Pro Forma
Basis, either (a) UK Holdco would be permitted to Incur at least $1.00 of additional Ratio Debt pursuant to the test set forth
in Section 4.03(a) or (b) either (x) the Fixed Charge Coverage Ratio of UK Holdco and its Restricted Subsidiaries would not be
less than immediately prior to such transactions, or (y) the Consolidated Total Debt Ratio of UK Holdco would not be greater than
immediately prior to such transactions and (B) the aggregate principal amount of Indebtedness Incurred by Restricted Subsidiaries
which are non-Guarantor Subsidiaries under this clause (xix)(1) shall not exceed the greater of $125.0 million and 39% of LTM EBITDA
at any one time outstanding (less the outstanding amount of any Indebtedness Incurred by Restricted Subsidiaries that are non-Guarantor
Subsidiaries pursuant to the proviso set forth in Section 4.03(a));

 

(xx)       Indebtedness
Incurred by UK Holdco or any Restricted Subsidiary to the extent that the net proceeds thereof are promptly deposited to defease
or to satisfy and discharge the Securities;

 

(xxi)      guarantees
(a) Incurred in the ordinary course of business in respect of obligations of (or to) suppliers, customers, franchisees, lessors
and licensees that, in each case, are non-Affiliates or (b) otherwise constituting Investments permitted under this Indenture;

 

(xxii)      Indebtedness
issued by UK Holdco or any of its Restricted Subsidiaries to current or former employees, directors, managers and consultants thereof,
their respective estates, spouses or former spouses, in each case to finance the purchase or redemption of Equity Interests of
UK Holdco or any direct or indirect parent company of UK Holdco to the extent permitted by Section 4.04(b)(iv);

 

(xxiii)      Indebtedness
owed on a short-term basis of no longer than 30 days to banks and other financial institutions Incurred in the ordinary course
of business of UK Holdco and its Restricted Subsidiaries with such banks or financial institutions that arises in connection with
ordinary banking arrangements to manage cash balances of UK Holdco and its Restricted Subsidiaries;

 

(xxiv)      Indebtedness
Incurred by joint ventures of UK Holdco or any of the Restricted Subsidiaries (or by UK Holdco or any of the Restricted Subsidiaries
on behalf of any such joint venture) or guarantees of the foregoing, and Indebtedness of Restricted Subsidiaries that are not Subsidiary
Guarantors, in an aggregate principal amount not to exceed the greater of (x) $175.0 million and (y) 54% of LTM EBITDA at any one
time outstanding (minus amounts Incurred and outstanding under Section 4.03(b)(xiii) in respect of Indebtedness originally Incurred
under this Section 4.03(b)(xxiv));

 

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

 

(xxvi)      Indebtedness
Incurred pursuant to Sale/Leaseback Transactions;

 

(xxvii)     Indebtedness,
Disqualified Stock or Preferred Stock of UK Holdco or a Restricted Subsidiary Incurred to finance or assumed in connection with
an acquisition of any assets (including Capital Stock), business or Person in an aggregate principal amount or liquidation preference
that does not exceed the greater of (x) $30.0 million and (y) 10% of LTM EBITDA at any one time outstanding (minus amounts Incurred
and outstanding under Section 4.03(b)(xiii) in respect of Indebtedness originally Incurred under this Section 4.03(b)(xxvii));
and

 

(xxviii)     Indebtedness
Incurred pursuant to the Luxembourg Intercompany Notes issued on the Issue Date.

 

(c)           For
purposes of determining compliance with this Section 4.03, in the event that an item of Indebtedness, Disqualified Stock or
Preferred Stock (or any portion thereof) meets the criteria of more than one of the categories of Permitted Debt or is entitled
to be Incurred as Ratio Debt, the Issuer shall, in its sole discretion, at the time of Incurrence, divide and/or classify, or at
any later time re-divide and/or reclassify, such item of Indebtedness, Disqualified Stock or Preferred Stock (or any portion thereof)
in any manner that complies with this Section 4.03. With respect to Sections 4.03(b)(iv), (xi), (xxiv) and (xxvii), if at
any time that the Issuer would be entitled to have Incurred any then outstanding item of Indebtedness as Ratio Debt, such item
of Indebtedness shall be automatically reclassified into an item of Indebtedness Incurred as Ratio Debt. Notwithstanding the foregoing,
(x) all term loan Indebtedness under the Credit Agreement outstanding on the Issue Date shall be deemed to have been Incurred pursuant
to Section 4.03(b)(i)(1)(A) and the Issuer shall not be permitted to reclassify all or any portion of such Indebtedness and (y)
all Indebtedness under the Credit Agreement in respect of revolving commitments available on the Issue Date shall be deemed to
be Incurred pursuant to Section 4.03(b)(i)(1)(B) and the Issuer shall not be permitted to reclassify all or any portion of such
Indebtedness. The Issuer will also be entitled to divide, classify or reclassify an item of Indebtedness in more than one of the
types of permitted Indebtedness described in Sections 4.03(a) and (b) without giving pro forma effect to the Indebtedness, Disqualified
Stock or Preferred Stock (or any portion thereof) Incurred pursuant to Section 4.03(b) when calculating the amount of Indebtedness,
Disqualified Stock or Preferred Stock (or any portion thereof) that may be Incurred pursuant to Section 4.03(a).

 

(d)          For
purposes of determining compliance with this Section 4.03, with respect to Indebtedness Incurred under a Debt Facility, reborrowings
of amounts previously repaid pursuant to “cash sweep” provisions or any similar provisions under a Debt Facility that
provide that Indebtedness is deemed to be repaid daily (or otherwise periodically) shall, subject to UK Holdco’s option to
elect otherwise pursuant to Section 4.03(f), only be deemed for purposes of this Section 4.03 to have been Incurred on the date
such Indebtedness was first Incurred and not on the date of any subsequent reborrowing thereof. Accrual of interest, the accretion
of accreted value, the amortization of original issue discount, the payment of interest in the form of additional Indebtedness
with the same terms, the payment of dividends on Disqualified Stock or Preferred Stock in the form of additional shares of Disqualified
Stock or Preferred Stock of the same class, the accretion of liquidation preference and increases in the amount of Indebtedness
outstanding solely as a result of fluctuations in the exchange rate of currencies shall not be deemed to be an Incurrence of Indebtedness,
Disqualified Stock or Preferred Stock for purposes of this Section 4.03. For the avoidance of doubt, the outstanding principal
amount of any particular Indebtedness shall be counted only once, and guarantees of, or obligations in respect of letters of credit
relating to, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness shall not be included
in the determination of such amount of Indebtedness; provided that the Incurrence of the Indebtedness represented by such
guarantee or letter of credit, as the case may be, was in compliance with this Section 4.03.

 

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(e)          For
purposes of determining compliance with any U.S. Dollar-denominated restriction on the Incurrence of Indebtedness, the U.S. Dollar-equivalent
principal amount of Indebtedness denominated in a currency other than U.S. Dollars shall be calculated based on the relevant currency
exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed or first Incurred
(whichever yields the lower U.S. Dollar equivalent), in the case of revolving credit debt; provided that if such Indebtedness
is Incurred to refinance other Indebtedness denominated in a currency other than U.S. Dollars, and such refinancing would cause
the applicable U.S. Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect
on the date of such refinancing, such U.S. Dollar-denominated restriction shall be deemed not to have been exceeded so long as
the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced
(plus an amount not exceeding the amount otherwise able to be Incurred pursuant to Section 4.03(b), it being understood that such
amount shall constitute utilization of the applicable basket or exception to this Section 4.03, as the case may be).

 

(f)           In
the event that, pursuant to either Section 4.03(a) or 4.03(b)(i)(2), UK Holdco or its Restricted Subsidiaries enters into or increases
commitments under a revolving credit facility, the Consolidated First Lien Debt Ratio, the Consolidated Secured Debt Ratio and
the Consolidated Total Debt Ratio of UK Holdco, will, for purposes of Section 4.03(a), Section 4.03(b)(i)(2) and clause (26)(y)
of the definition of “Permitted Liens” (solely to the extent the Obligations under such revolving credit facility are
secured by Liens on the Collateral) (collectively, the “Reserved Indebtedness Baskets”), as applicable, at UK
Holdco’s option, as elected on the date such revolving credit commitments are entered into or increased, either (a) be determined
on the date such revolving credit commitments are entered into or increased, in which case the Consolidated First Lien Debt Ratio,
Consolidated Secured Debt Ratio and Consolidated Total Debt Ratio, as applicable, for purposes of calculating compliance with (A)
the Consolidated Total Debt Ratio test set forth in Section 4.03(a), (B) the Consolidated First Lien Debt Ratio and the Consolidated
Secured Debt Ratio test sets forth in Section 4.03(b)(i)(2) and (C) the Consolidated First Lien Debt Ratio, Consolidated Secured
Debt Ratio and Consolidated Total Debt Ratio tests set forth in clause (26)(y) of the definition of “Permitted Liens”
(collectively, the “Reserved Indebtedness Tests”), as applicable, shall be calculated (whether on such date
or thereafter (but only with respect to such portion of commitments that have not been permanently reduced)) assuming that the
full amount thereof has been borrowed as of such date, and, if the applicable Reserved Indebtedness Test is satisfied with respect
thereto on such date, any future borrowing or reborrowing thereunder (and the issuance and creation of letters of credit and bankers’
acceptances thereunder) will be permitted under the applicable Reserved Indebtedness Basket, in each case irrespective of the Consolidated
First Lien Debt Ratio, Consolidated Senior Secured Debt Ratio or Consolidated Total Debt Ratio, as applicable, at the time of any
borrowing or reborrowing (or issuance or creation of letters of credit or bankers’ acceptances thereunder) (the committed
amount permitted to be borrowed or reborrowed (and the issuance and creation of letters of credit and bankers’ acceptances)
on a date pursuant to the operation of this clause (a) shall be the “Reserved Indebtedness Amount”) or (b) be
determined on the date such amount is borrowed pursuant to any such facility or increased commitment.

 

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SECTION 4.04.     Limitation
on Restricted Payments.

 

(a)      UK
Holdco shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly:

 

(i)       declare
or pay any dividend or make any distribution on account of UK Holdco’s or any of its Restricted Subsidiaries’ Equity
Interests, including any payment made in connection with any merger or consolidation involving UK Holdco (other than dividends,
payments or distributions (A) payable solely in Equity Interests (other than Disqualified Stock) of UK Holdco or to UK Holdco and
its Restricted Subsidiaries or (B) by a Restricted Subsidiary so long as, in the case of any dividend or distribution payable on
or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Restricted Subsidiary,
UK Holdco or a Restricted Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its
Equity Interests in such class or series of securities);

 

(ii)       purchase
or otherwise acquire or retire for value any Equity Interests of UK Holdco or any direct or indirect parent of UK Holdco;

 

(iii)      make
any principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value, in each case prior to any scheduled
repayment or scheduled maturity, any Subordinated Indebtedness (other than the payment, redemption, repurchase, defeasance, acquisition
or retirement of (A) Subordinated Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or
final maturity, in each case due within one year of the date of such payment, redemption, repurchase, defeasance, acquisition or
retirement and (B) Indebtedness permitted under clause (viii) of Section 4.03(b)); or

 

(iv)      make
any Restricted Investment;

 

(all such payments and other actions set forth in clauses (i)
through (iv) above, other than any of the exceptions thereto, being collectively referred to as “Restricted Payments”),
unless, at the time of such Restricted Payment:

 

(1)      solely
in the case of a Restricted Payment that is made in reliance on clause (3)(A) of this Section 4.04(a), no Event of Default shall
have occurred and be continuing or would occur as a consequence thereof;

 

(2)      immediately
after giving effect to such transaction on a Pro Forma Basis, UK Holdco could Incur at least $1.00 of additional Indebtedness as
Ratio Debt; and

 

(3)      such
Restricted Payment, together with the aggregate amount of all other Restricted Payments made by UK Holdco and its Restricted Subsidiaries
after the Issue Date (including Restricted Payments permitted by Section 4.04(b)(1), but excluding all other Restricted Payments
permitted by Section 4.04(b)), is less than the sum of, without duplication,

 

(A)      50%
of the Consolidated Net Income of UK Holdco for the period (taken as one accounting period) from October 1, 2019 to the end of
UK Holdco’s most recently ended fiscal quarter for which internal financial statements are available at the time of such
Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, such amount shall be deemed to be
$0), plus

 

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(B)      100%
of the aggregate net proceeds, including cash and the Fair Market Value of assets other than cash, received by UK Holdco after
the Issue Date from the issue or sale of Equity Interests of UK Holdco or any direct or indirect parent of UK Holdco (excluding
(without duplication) Refunding Capital Stock, Designated Preferred Stock, Cash Contribution Amount, Excluded Contributions and
Disqualified Stock), including Equity Interests issued upon conversion of Indebtedness or upon exercise of warrants or options
(other than an issuance or sale to a Restricted Subsidiary or an employee stock ownership plan or trust established by UK Holdco
or any of its Subsidiaries), plus

 

(C)      100%
of the aggregate amount of contributions to the capital of UK Holdco received in cash and the Fair Market Value of property other
than cash after the Issue Date (other than Excluded Contributions, Refunding Capital Stock, Designated Preferred Stock, Disqualified
Stock and the Cash Contribution Amount), plus

 

(D)      the
principal amount of any Indebtedness, or the liquidation preference or Maximum Fixed Repurchase Price, as the case may be, of any
Disqualified Stock, of UK Holdco or any Restricted Subsidiary thereof issued after the Issue Date (other than Indebtedness or Disqualified
Stock issued to UK Holdco or another Restricted Subsidiary) that has been converted into or exchanged for Equity Interests in UK
Holdco (other than Disqualified Stock) or any direct or indirect parent of UK Holdco, plus

 

(E)      100%
of the aggregate amount received by UK Holdco or any Restricted Subsidiary in cash and the Fair Market Value of property other
than cash received by UK Holdco or any Restricted Subsidiary from:

 

(I)       the
sale or other disposition (other than to UK Holdco or a Restricted Subsidiary) of Restricted Investments made by UK Holdco and
its Restricted Subsidiaries and from repurchases and redemptions of such Restricted Investments from UK Holdco and its Restricted
Subsidiaries by any Person (other than UK Holdco or any of its Restricted Subsidiaries) and from repayments of loans or advances
which constituted Restricted Investments (other than in each case to the extent that the Restricted Investment was made pursuant
to Section 4.04(b)(vii)),

 

(II)      the
sale (other than to UK Holdco or a Restricted Subsidiary) of the Capital Stock of an Unrestricted Subsidiary of Holdings, or

 

(III)     any
distribution or dividend from an Unrestricted Subsidiary of Holdings (to the extent such distribution or dividend is not already
included in the calculation of Consolidated Net Income), plus

 

(F)      in
the event any Unrestricted Subsidiary of UK Holdco has been redesignated as a Restricted Subsidiary or has been merged or consolidated
with or into, or transfers or conveys its assets to, or is liquidated into, UK Holdco or a Restricted Subsidiary, in each case
after the Issue Date, the Fair Market Value of the Investment of UK Holdco or its applicable Restricted Subsidiary in such Unrestricted
Subsidiary at the time of such redesignation, combination or transfer (or of the assets transferred or conveyed, as applicable),
after deducting any Indebtedness associated with the Unrestricted Subsidiary so designated or combined or any Indebtedness associated
with the assets so transferred or conveyed (other than in each case to the extent that the designation of such Subsidiary as an
Unrestricted Subsidiary was made pursuant to Section 4.04(b)(vii) or constituted a Permitted Investment), plus

 

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(G)      the
greater of $100.0 million and 31% of LTM EBITDA, plus

 

(H)      the
aggregate amount of Retained Declined Proceeds and Retained Declined Collateral Proceeds since the Issue Date (to the extent Holders
were provided notice in connection with the Asset Sale Offer or Collateral Asset Sale Offer related thereto that any Excess Proceeds
or Collateral Excess Proceeds not accepted by the Holders shall constitute Retained Declined Proceeds or Retained Declined Collateral
Proceeds, as the case may be, since the Issue Date and such Retained Declined Proceeds and Retained Declined Collateral Proceeds
will increase the amount available for Restricted Payments under Section 4.04(a)(3) to the extent not otherwise applied in accordance
with Section 4.04(b)(xvi)).

 

(b)      The
provisions of Section 4.04(a) shall not prohibit:

 

(i)       the
payment of any dividend or distribution or consummation of any redemption within 60 days after the date of declaration thereof
or the giving of a redemption notice related thereto, if at the date of declaration or notice such payment would have complied
with the provisions of this Indenture;

 

(ii)       (A)
the redemption, repurchase, defeasance, exchange, retirement or other acquisition of any Equity Interests (“Retired Capital
Stock”) of UK Holdco or any direct or indirect parent of UK Holdco or any Restricted Subsidiary or Subordinated Indebtedness
of UK Holdco or any Restricted Subsidiary, in exchange for, or out of the proceeds of a sale (other than to UK Holdco or a Restricted
Subsidiary) of, Equity Interests of UK Holdco or any direct or indirect parent of UK Holdco to the extent contributed to UK Holdco
or any Restricted Subsidiary or contributions to the equity capital of UK Holdco or any Restricted Subsidiary (other than any Disqualified
Stock or any Equity Interests sold to UK Holdco or any Restricted Subsidiary of UK Holdco or to an employee stock ownership plan
or any trust established by UK Holdco or any of its Restricted Subsidiaries) (collectively, including any such contributions, “Refunding
Capital Stock”); (B) if immediately prior to the retirement of Retired Capital Stock, the declaration and payment of
dividends thereon was permitted under Section 4.04(b)(vi), the declaration and payment of dividends on the Refunding Capital Stock
(other than Refunding Capital Stock the proceeds of which were used to redeem, repurchase, defease, retire or otherwise acquire
any Equity Interests of any direct or indirect parent company of UK Holdco) in an aggregate amount per year no greater than the
aggregate amount of dividends per annum that were declarable and payable on such Retired Capital Stock immediately prior to such
retirement and (C) the declaration and payment of accrued dividends on the Retired Capital Stock out of the proceeds of the sale
(other than to UK Holdco or a Restricted Subsidiary) (made within 90 days of such redemption, repurchase, defeasance, exchange,
retirement or other acquisition) (other than to a Subsidiary of UK Holdco or to an employee stock ownership plan or any trust established
by UK Holdco or any of its Restricted Subsidiaries) of Refunding Capital Stock;

 

(iii)      the
prepayment, redemption, repurchase, defeasance, exchange or other acquisition or retirement of Subordinated Indebtedness of UK
Holdco or any Restricted Subsidiary (x) constituting Acquired Indebtedness not Incurred in connection with or in contemplation
of the applicable merger, acquisition or other similar transaction or (y) made by exchange for, or out of the proceeds of the sale
(made within 90 days of such prepayment, redemption, repurchase, defeasance, exchange, or other acquisition) of, new Indebtedness
of UK Holdco or a Restricted Subsidiary that is Incurred in accordance with Section 4.03 so long as, in each case of this
clause (y):

 

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(A)      the
principal amount (or accreted value, if applicable) of such new Indebtedness does not exceed the principal amount (or accreted
value, if applicable) of the Subordinated Indebtedness being so prepaid, redeemed, repurchased, defeased, exchanged, acquired or
retired for value (plus accrued and unpaid interest, fees, underwriting discounts and expenses, including any premium and
defeasance costs, required to be paid under the terms of the instrument governing the Subordinated Indebtedness being so prepaid,
redeemed, repurchased, defeased, exchanged, acquired or retired plus any fees and expenses Incurred in connection therewith,
including reasonable tender premiums);

 

(B)      such
Indebtedness is subordinated to the Securities or the related Guarantee, as the case may be, at least to the same extent as such
Subordinated Indebtedness so prepaid, purchased, exchanged, redeemed, repurchased, defeased, exchanged, acquired or retired;

 

(C)      such
Indebtedness has a final scheduled maturity date no earlier than the final scheduled maturity date of the earlier of (i) the Subordinated
Indebtedness being so redeemed, repurchased, defeased, exchanged, acquired or retired or (ii) the Securities; and

 

(D)      other
than with respect to revolving Indebtedness, such Indebtedness has a Weighted Average Life to Maturity that is not less than the
lesser of (x) the remaining Weighted Average Life to Maturity of the Subordinated Indebtedness being so prepaid, redeemed, repurchased,
defeased, acquired or retired and (y) the remaining Weighted Average Life to Maturity of the Securities;

 

(iv)          the
purchase, retirement, redemption or other acquisition (or dividends to UK Holdco or any other direct or indirect parent of UK Holdco
to finance any such purchase, retirement, redemption or other acquisition) for value of Equity Interests of UK Holdco or any direct
or indirect parent of UK Holdco held by any future, present or former employee, director or consultant of UK Holdco or any direct
or indirect parent of UK Holdco or any Subsidiary of UK Holdco or their estates or the beneficiaries of such estates pursuant to
any management equity plan or stock option plan or any other management or employee benefit plan or other similar agreement or
arrangement; provided, however, that the aggregate amounts paid under this clause (iv) do not exceed the greater
of (x) $30.0 million and (y) 10% of LTM EBITDA in any calendar year (with unused amounts in any calendar year being carried over
to succeeding calendar years); provided, further, however, that such amount in any calendar year may be increased
by an amount not to exceed:

 

(A)      the
cash proceeds received by UK Holdco or any of its Restricted Subsidiaries from the sale of Equity Interests (other than Disqualified
Stock) of UK Holdco or any direct or indirect parent of UK Holdco (to the extent contributed to UK Holdco or any Restricted Subsidiary)
to members of management, directors or consultants of UK Holdco and its Restricted Subsidiaries or any other direct or indirect
parent of UK Holdco that occurs after the Issue Date (provided that the amount of such cash proceeds utilized for any such
repurchase, retirement, other acquisition or dividend shall not increase the amount available for Restricted Payments under Section 4.04(a)(3));
plus

 

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(B)      the
cash proceeds of key man life insurance policies received by UK Holdco or any direct or indirect parent of UK Holdco (to the extent
contributed to the Issuer or UK Holdco) or any other Restricted Subsidiary after the Issue Date;

 

(provided that the Issuer may elect to apply
all or any portion of the aggregate increase contemplated by clauses (A) and (B) above in any calendar year); in addition, cancellation
of Indebtedness owing to UK Holdco or any of its Restricted Subsidiaries from any current, former or future officer, director or
employee (or any permitted transferees thereof) of UK Holdco or any of its Restricted Subsidiaries (or any direct or indirect parent
company thereof), in connection with a repurchase of Equity Interests of UK Holdco (or any direct or indirect parent company thereof)
from such Persons will be deemed not to constitute a Restricted Payment for purposes of this Section 4.04 or any other provisions
of this Indenture;

 

(v)           the
declaration and payment of dividends or distributions to holders of any class or series of Disqualified Stock of UK Holdco or any
of its Restricted Subsidiaries and any Preferred Stock of any Restricted Subsidiaries issued or Incurred in accordance with Section 4.03;

 

(vi)          (A)
the declaration and payment of dividends or distributions to holders of any class or series of Designated Preferred Stock (other
than Disqualified Stock) issued after the Issue Date, (B) the declaration and payment of dividends to any direct or indirect parent
of UK Holdco, the proceeds of which will be used to fund the payment of dividends to holders of any class or series of Designated
Preferred Stock (other than Disqualified Stock) of any direct or indirect parent of UK Holdco issued after the Issue Date and (C)
the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock in excess of the dividends declarable
and payable thereon pursuant to Section 4.04(b)(ii); provided, however, that (I) for the most recently ended four
full fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such Designated
Preferred Stock or the declaration of such dividends on Refunding Capital Stock that is Preferred Stock, after giving effect to
such issuance (and the payment of dividends or distributions) on a Pro Forma Basis, UK Holdco would be permitted to incur at least
$1.00 of additional Ratio Debt pursuant to the test set forth in Section 4.03(a) and (II) the aggregate amount of dividends declared
and paid pursuant to this clause (vi) does not exceed the net cash proceeds actually received by UK Holdco from any such sale
of Designated Preferred Stock (other than Disqualified Stock) issued after the Issue Date;

 

(vii)         Investments
in Unrestricted Subsidiaries having an aggregate Fair Market Value, taken together with all other Investments made pursuant to
this clause (vii) that are at that time outstanding, not to exceed the greater of x) $100.0 million and 31% of LTM EBITDA
at any one time outstanding;

 

(viii)        the
payment of dividends on UK Holdco’s common stock (or the payment of dividends to any direct or indirect parent of UK Holdco
to fund the payment by any direct or indirect parent of UK Holdco of dividends on such entity’s common stock) of up to the
sum of (A) an amount equal to 6.0% per annum of the net proceeds received by or contributed to UK Holdco or its applicable direct
or indirect parent as a result of the initial public offering of the Public Parent or any future public offering of Public Parent’s
common stock and (B) an amount equal to 2.0% per annum of the Market Capitalization of the Public Parent (or UK Holdco, Holdings,
or any applicable Parent Holding Company);

 

(ix)           Restricted
Payments in an amount equal to the amount of Excluded Contributions made;

 

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(x)            other
Restricted Payments in an aggregate amount not to exceed the greater of (x) $150.0 million and (y) 47% of LTM EBITDA;

 

(xi)           the
distribution, as a dividend or otherwise, of shares of Capital Stock of, or other securities of, or Indebtedness owed to UK Holdco
or a Restricted Subsidiary by, Unrestricted Subsidiaries;

 

(xii)          any
payments pursuant to a Tax sharing agreement between UK Holdco and any other Person or a Restricted Subsidiary and any other Person
with which UK Holdco or any Restricted Subsidiary files a consolidated Tax return or with which UK Holdco or any Restricted Subsidiary
is part of a group for Tax purposes or any Tax advantageous group contribution made pursuant to applicable legislation; provided,
however, that any such Tax sharing agreement or arrangement and payment does not permit or require payments in excess of
the amounts of Tax that would be payable by UK Holdco or the Restricted Subsidiaries on a stand-alone basis;

 

(xiii)         the
payment of dividends, other distributions or other amounts to, or the making of loans to any direct or indirect parent of UK Holdco,
in the amount required for such entity to:

 

(A)      pay
amounts equal to the amounts required for any direct or indirect parent of UK Holdco to pay fees and expenses (including franchise,
capital stock, minimum and other similar Taxes) required to maintain its corporate existence, customary salary, bonus and other
benefits payable to, and indemnities provided on behalf of, officers and employees of UK Holdco or any direct or indirect parent
of UK Holdco, if applicable, and general corporate operating and overhead expenses (including legal, accounting and other professional
fees and expenses) of any direct or indirect parent of UK Holdco, if applicable, in each case to the extent such fees, expenses,
salaries, bonuses, benefits and indemnities are attributable to the ownership or operation of UK Holdco, if applicable, and its
Subsidiaries;

 

(B)      pay,
if applicable, amounts equal to amounts required for any direct or indirect parent of UK Holdco, if applicable, to pay interest
and/or principal on Indebtedness the proceeds of which have been contributed to UK Holdco or any of its Restricted Subsidiaries
and that has been guaranteed by, or is otherwise considered Indebtedness of, UK Holdco or any of its Restricted Subsidiaries Incurred
in accordance with Section 4.03; and

 

(C)      
pay fees and expenses Incurred by any direct or indirect parent related to any equity or debt offering of such parent (whether
or not successful);

 

(xiv)       
(i) repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent
a portion of the exercise price of such options or warrants and (ii) in connection with the withholding of a portion of the Equity
Interests granted or awarded to a director or an employee to pay for the Taxes payable by such director or employee upon such grant
or award;

 

(xv)          purchases
of receivables pursuant to a Receivables Repurchase Obligation in connection with a Qualified Receivables Financing and the payment
or distribution of Receivables Fees;

 

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(xvi)         the
payment, purchase, redemption, defeasance or other acquisition or retirement for value of Subordinated Indebtedness, Disqualified
Stock or Preferred Stock of UK Holdco and its Restricted Subsidiaries pursuant to provisions similar to those described under Section
4.06 and Section 4.08; provided that, prior to such payment, purchase, redemption, defeasance or other acquisition or retirement
for value, the Issuer (or a third party to the extent permitted by this Indenture) has made a Change of Control Offer, a Collateral
Asset Sale Offer or an Asset Sale Offer, as the case may be, with respect to the Securities as a result of such Change of Control,
Collateral Asset Sale Offer or Asset Sale, as the case may be, and has repurchased all such Securities validly tendered and not
withdrawn in connection with such Change of Control Offer, Collateral Asset Sale Offer or Asset Sale Offer, as the case may be;

 

(xvii)        any
joint venture that is not a Restricted Subsidiary may make Restricted Payments required or permitted to be made pursuant to the
terms of the joint venture arrangements to holders of its Equity Interests;

 

(xviii)       any
Restricted Payments made in connection with the consummation of the Transactions, including the making of the TRA Buyout Payment;

 

(xix)          the
payment of cash in lieu of the issuance of fractional shares of Equity Interests upon exercise or conversion of securities exercisable
or convertible into Equity Interests of UK Holdco;

 

(xx)           payments
or distributions, in the nature of satisfaction of dissenters’ rights, pursuant to or in connection with a consolidation,
merger or transfer of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers
of all or substantially all the property and assets of UK Holdco and its Subsidiaries;

 

(xxi)          the
prepayment, redemption, repurchase, defeasance, exchange or other acquisition or retirement of Subordinated Indebtedness of UK
Holdco or any Restricted Subsidiary or any direct or indirect parent of UK Holdco (including dividends made to effectuate such
prepayment, redemption, repurchase, defeasance, exchange or other acquisition or retirement), in an aggregate amount not to exceed
the greater of (x) $50.0 million and (y) 16% of LTM EBITDA; and

 

(xxii)         other
Restricted Payments, so long as the Consolidated Total Debt Ratio of UK Holdco and its Restricted Subsidiaries on a consolidated
basis is no greater than 4.75 to 1.00, determined on a Pro Forma Basis;

 

provided, however, that at the time of, and after
giving effect to, any Restricted Payment permitted under Section 4.04(b)(x) and 4.04(b)(xxii), no Event of Default shall have
occurred and be continuing or would occur as a consequence thereof.

 

(c)            UK
Holdco shall not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the definition of “Unrestricted
Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments
by UK Holdco and its Restricted Subsidiaries (except to the extent repaid prior to the time of designation) in the Subsidiary so
designated shall be deemed to be Restricted Payments or Permitted Investments in an amount determined as set forth in the last
sentence of the definition of “Investments.” Such designation shall only be permitted if a Restricted Payment or Permitted
Investment in such amount would be permitted at such time and if such Subsidiary otherwise meets the definition of an Unrestricted
Subsidiary.

 

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(d)           For
purposes of this Section 4.04, if any Investment or Restricted Payment would be permitted pursuant to one or more provisions described
above and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the Issuer may divide
and classify such Investment or Restricted Payment in any manner that complies with this Section 4.04 and may later divide and
reclassify any such Investment or Restricted Payment so long as the Investment or Restricted Payment (as so divided and/or reclassified)
would be permitted to be made in reliance on the applicable exception as of the date of such reclassification.

 

SECTION 4.05.      Dividend
and Other Payment Restrictions Affecting Subsidiaries. UK Holdco shall not, and shall not permit any of its Restricted
Subsidiaries that is not a Guarantor to, directly or indirectly, create or otherwise cause to become effective any consensual encumbrance
or consensual restriction on the ability of any Restricted Subsidiary that is not a Guarantor to:

 

(a)      (i)
pay dividends or make any other distributions to UK Holdco or any of its Restricted Subsidiaries (1) on its Capital Stock or (2)
with respect to any other interest or participation in, or measured by, its profits; or (ii) pay any Indebtedness owed to UK Holdco
or any of its Restricted Subsidiaries;

 

(b)      make
loans or advances to UK Holdco or any of its Restricted Subsidiaries; or

 

(c)      sell,
lease or transfer any of its properties or assets to UK Holdco or any of its Restricted Subsidiaries;

 

except in each case for such encumbrances or restrictions existing
under or by reason of:

 

(1)      contractual
encumbrances or restrictions in effect or entered into or existing on the Issue Date, including pursuant to the Credit Agreement,
Hedging Obligations and any other documents relating to the Transactions;

 

(2)      this
Indenture, the Securities, the Security Documents any Additional Securities permitted to be Incurred under this Indenture and in
each case any guarantees thereof;

 

(3)      applicable
law or any applicable rule, regulation or order;

 

(4)      any
agreement or other instrument of a Person acquired by UK Holdco or any Restricted Subsidiary which was in existence at the time
of such acquisition or at the time it merges with or into UK Holdco or any Restricted Subsidiary or assumed in connection with
the acquisition of assets from such Person (but not created in contemplation thereof), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person and its Subsidiaries, other than the Person, or the property
or assets of the Person and its Subsidiaries, so acquired or the property or assets so assumed;

 

(5)      contracts
or agreements for the sale of assets, including customary restrictions with respect to a Restricted Subsidiary imposed pursuant
to an agreement entered into for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted
Subsidiary;

 

(6)      Indebtedness
secured by a Lien that is otherwise permitted to be Incurred pursuant to Section 4.03 and Section 4.11 that limit the right of
the debtor to dispose of the assets securing such Indebtedness;

 

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

 

(8)      customary
provisions in joint venture, operating or other similar agreements, asset sale agreements and stock sale agreements in connection
with the entering into of such transaction;

 

(9)      purchase
money obligations for property acquired and Capitalized Lease Obligations in the ordinary course of business that impose restrictions
of the nature described in clause (c) above on the property so acquired;

 

(10)     customary
provisions contained in leases, licenses, contracts and other similar agreements entered into in the ordinary course of business
(including leases or licenses of intellectual property) that impose restrictions of the type described in clause (c) above
on the property subject to such lease, license, contract or agreement;

 

(11)     any
encumbrance or restriction of a Receivables Subsidiary effected in connection with a Qualified Receivables Financing; provided,
however, that such restrictions apply only to such Receivables Subsidiary;

 

(12)     other
Indebtedness, Disqualified Stock or Preferred Stock of UK Holdco or any Restricted Subsidiary that is Incurred subsequent to the
Issue Date pursuant to Section 4.03; provided that either (a) such encumbrances and restrictions contained in any agreement
or instrument will not materially affect the Issuer’s ability to make anticipated principal or interest payment on the Securities
(as determined by the Issuer in good faith) or (b) such encumbrances and restrictions are not materially more restrictive, taken
as a whole, than those contained in this Indenture (with respect to other indentures) or the Credit Agreement outstanding on the
Issue Date (with respect to other credit agreements);

 

(13)     any
Restricted Investment not prohibited by Section 4.04 and any Permitted Investment;

 

(14)    arising
or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate,
detract from the value of property or assets of UK Holdco or any Restricted Subsidiary thereof in any manner material to UK Holdco
or any Restricted Subsidiary thereof;

 

(15)    existing
under, by reason of or with respect to Refinancing Indebtedness; provided that the encumbrances and restrictions contained
in the agreements governing that Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained
in the agreements governing the Indebtedness being refinanced (as determined by UK Holdco in good faith);

 

(16)     restrictions
or conditions contained in any trading, netting, operating, construction, service, supply, purchase, sale or other agreement to
which UK Holdco or any of its Restricted Subsidiaries is a party entered into in the ordinary course of business; provided
that such agreement prohibits the encumbrance of solely the property or assets of UK Holdco or such Restricted Subsidiary that
are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other
asset or property of UK Holdco or such Restricted Subsidiary or the assets or property of any other Restricted Subsidiary; and

 

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(17)    any
encumbrances or restrictions of the type referred to in clauses (a), (b) and (c) above imposed by any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations
referred to in clauses (1) through (16) above; provided that such amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Issuer, not materially
more restrictive as a whole with respect to such dividend and other payment restrictions than those contained in the dividend or
other payment restrictions prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing.

 

For purposes of determining compliance with this Section 4.05,
(i) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions
being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the
subordination of loans or advances made to UK Holdco or a Restricted Subsidiary to other Indebtedness Incurred by UK Holdco or
any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances.

 

SECTION 4.06.      Asset
Sales.

 

(a)      UK
Holdco shall not, and shall not permit any of its Restricted Subsidiaries to, cause or make an Asset Sale, unless:

 

(1)      UK
Holdco or any of its Restricted Subsidiaries, as the case may be, receives consideration at the time of such Asset Sale at least
equal to the Fair Market Value (as determined in good faith by the Issuer) of the Equity Interests issued or assets sold or otherwise
disposed of; and

 

(2)      except
in the case of a Permitted Asset Swap, at least 75% of the consideration therefor received by UK Holdco or such Restricted Subsidiary,
as the case may be, together with the consideration for all other Asset Sales made pursuant to this Section 4.06 since the Issue
Date (on a cumulative basis), is in the form of Cash Equivalents; provided, however, that in the case of Asset Sales
involving the disposition of non-core assets (as determined by UK Holdco in its good faith judgment; provided the value
of such non-core assets does not exceed 50% of the consideration payable in connection with such acquisition) acquired as part
of any acquisition after the Issue Date, only 50% of the consideration therefor, together with the consideration for all other
Asset Sales made pursuant to this proviso since the Issue Date, must be in the form of Cash Equivalents; provided, further,
that the amount of:

 

(i)      any
liabilities (as shown on UK Holdco’s or such Restricted Subsidiary’s most recent balance sheet or in the notes thereto
or, if Incurred, increased or decreased subsequent to the date of such balance sheet, such liabilities that would have been reflected
in UK Holdco’s or such Restricted Subsidiary’s balance sheet or in the notes thereto if such Incurrence, increase or
decrease had taken place on the date of such balance sheet, as reasonably determined in good faith by the Issuer) of UK Holdco
or any Restricted Subsidiary (other than liabilities that are by their terms subordinated to the Securities) that are assumed by
the transferee (or a third party on behalf of the transferee) of any such assets or Equity Interests pursuant to an agreement that
releases or indemnifies UK Holdco or such Restricted Subsidiary (or a third party on behalf of the transferee), as the case may
be, from further liability;

 

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(ii)      any
notes or other obligations or other securities or assets received by UK Holdco or such Restricted Subsidiary from such transferee
that are converted by UK Holdco or such Restricted Subsidiary into cash within 180 days of the receipt thereof (to the extent of
the cash received);

 

(iii)      any
Designated Non-cash Consideration received by UK Holdco or any of its Restricted Subsidiaries in such Asset Sale having an aggregate
Fair Market Value, taken together with all other Designated Non-cash Consideration received pursuant to this clause (iii)
that is at that time outstanding, not to exceed the greater of (x) $75.0 million and (y) 2.4% of LTM EBITDA, at the time of the
receipt of such Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration
being measured at the time received and without giving effect to subsequent changes in value);

 

(iv)      Indebtedness
of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Sale, to the extent that UK Holdco
and each other Restricted Subsidiary are released from any Guarantee of such Indebtedness in connection with such Asset Sale; and

 

(v)      consideration
consisting of Indebtedness of the Issuer or any Guarantor received from Persons who are not UK Holdco or a Restricted Subsidiary,
shall each be deemed to be Cash Equivalents for the purposes of this Section 4.06.

 

(b)          Within
450 days after UK Holdco’s or any Restricted Subsidiary’s receipt of the Net Cash Proceeds of any Asset Sale,
UK Holdco or such Restricted Subsidiary may apply the Net Cash Proceeds from such Asset Sale, at its option:

 

(i)             to
the extent such Net Cash Proceeds are from an Asset Sale of Collateral, to repay any First Priority Lien Obligations (other than
the Securities), including Indebtedness under the Credit Agreement (and, if the Indebtedness repaid is revolving credit Indebtedness,
to correspondingly reduce commitments with respect thereto); provided that if the Issuer or any Guarantor shall so reduce
such First Priority Lien Obligations, the Issuer or such Guarantor will equally and ratably reduce Obligations under the Securities
(A) through open-market purchases (provided that such purchases are at or above 100% of the principal amount thereof), (B)
by redeeming Securities if the Securities are then redeemable as provided under Article 3 or (C) by making an offer (in accordance
with the procedures set forth below for a Collateral Asset Sale Offer) to all Holders to purchase at a purchase price equal to
100% of the principal amount thereof, plus accrued and unpaid interest, if any, the principal amount of the Securities,

 

(ii)            to
the extent such Net Cash Proceeds are from an Asset Sale that does not constitute Collateral, (x) to repay any Indebtedness secured
by a Lien on such asset or (y) to repay any Indebtedness of the Issuer or any Guarantor that ranks equally in right of payment
with the Securities or the relevant Guarantee (and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto); provided that if the Issuer or any Guarantor shall so reduce such Indebtedness,
the Issuer or such Guarantor will equally and ratably reduce Obligations under the Securities (A) through open-market purchases
(provided that such purchases are at or above 100% of the principal amount thereof), (B) by redeeming Securities if the
Securities are then redeemable as provided under Article 3 or (C) by making an offer (in accordance with the procedures set forth
below for an Asset Sale Offer) to all Holders to purchase at a purchase price equal to 100% of the principal amount thereof, plus
accrued and unpaid interest, if any, the principal amount of the Securities,

 

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(iii)           to
make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), assets, or property or capital
expenditures, in each case used or useful in a Similar Business,

 

(iv)           to
make an investment in any one or more businesses (provided that if such investment is in the form of the acquisition of
Capital Stock of a Person, such acquisition results in such Person becoming a Restricted Subsidiary), properties or assets that
replace the properties and assets that are the subject of such Asset Sale (“Replacement Assets”),

 

(v)            to
repay Indebtedness of a Restricted Subsidiary that is not a Guarantor (and, if the Indebtedness repaid is revolving credit Indebtedness,
to correspondingly reduce commitments with respect thereto), other than Indebtedness owed to UK Holdco or another Restricted Subsidiary,
or

 

(vi)           any
combination of the foregoing;

 

provided that UK Holdco and its Restricted Subsidiaries
shall be deemed to have complied with Sections 4.06(b)(iii) and (iv) if and to the extent that, within 450 days after the Asset
Sale that generated the Net Cash Proceeds, the Issuer or UK Holdco has entered into and not abandoned or rejected a binding agreement
to acquire the assets or Capital Stock of a Similar Business, make an Investment in Replacement Assets or make a capital expenditure
in compliance with the provision described in Sections 4.06(b)(iii) and (iv) (an “Acceptable Agreement”) with
the good faith expectation that such acquisition, purchase or capital expenditure will be completed within 180 days after the end
of such 450-day period; provided, further, that if any Acceptable Agreement is later cancelled or terminated for
any reason after the end of such 450-day period and before such Net Cash Proceeds are applied, then such Net Cash Proceeds shall
constitute Collateral Excess Proceeds or Excess Proceeds, as the case may be.

 

Notwithstanding the foregoing, to the extent
that (x) a repatriation or other distribution of any or all of the Net Cash Proceeds of any Asset Sale by a Subsidiary to UK Holdco
(and payment of such amounts by UK Holdco to the Issuer) is prohibited or delayed by applicable local law (including financial
assistance and corporate benefit restrictions and fiduciary and statutory duties of the relevant directors), (y) such distribution
would present a material risk of liability for the applicable Subsidiary or its directors or officers (or gives rise to a material
risk of breach of fiduciary or statutory duties by any director or officers) or (z) a distribution of any or all of the Net Cash
Proceeds of any Asset Sale by a Subsidiary to UK Holdco (and payment of such amounts by UK Holdco to the Issuer) would reasonably
be expected to result in material adverse Tax consequences, as determined by UK Holdco in its sole discretion, the portion of such
Net Cash Proceeds so affected will not be required to be applied in compliance with this Section 4.06 and may be retained by the
applicable Subsidiary; provided that within 450 days of the receipt of such Net Cash Proceeds, UK Holdco shall use commercially
reasonable efforts to permit repatriation of the proceeds that would otherwise be subject to this Section 4.06, if such repatriation
(A) can be effected without violating local law, (B) would not present a material risk as described in clause (y) above and (C)
can be effected without incurring material adverse Tax consequences, and, if such proceeds may be repatriated such proceeds shall
be required to be applied in compliance with this Section 4.06 within such 450-day period, subject to the immediately preceding
paragraph of this Section 4.06(b).

 

Pending the final application of any such
Net Cash Proceeds, UK Holdco or such Restricted Subsidiary may temporarily reduce Indebtedness under a revolving credit facility,
if any, or otherwise invest such Net Cash Proceeds in Cash Equivalents or Investment Grade Securities.

 

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Any Net Cash Proceeds from any Asset Sale
of Collateral that are not applied as provided and within the time period set forth in the second and third immediately preceding
paragraphs (it being understood that any portion of such Net Cash Proceeds used to make an offer to purchase Securities, as described
in Section 4.06(b)(ii), shall be deemed to have been invested whether or not such offer is accepted) will be deemed to constitute
 “Collateral Excess Proceeds.” When the aggregate amount of Collateral Excess Proceeds exceeds $50.0 million,
the Issuer shall make an offer to all Holders of the Securities, and if required by the terms of any First Priority Lien Obligations
or other Obligations secured by a Lien permitted under this Indenture on the Collateral disposed of (which Lien is not subordinate
to the Lien of the Securities with respect to the Collateral), to all Holders of such First Priority Lien Obligations or other
Obligations, as appropriate, on a pro rata basis (a “Collateral Asset Sale Offer”), to purchase the maximum
principal amount of Securities and such other Indebtedness that is in minimum denominations of at least $2,000 and integral multiples
of $1,000 in excess thereof with respect to the Securities that may be purchased out of the Collateral Excess Proceeds at an offer
price in cash in an amount equal to 100% of the principal amount thereof (or, in the event such other First Priority Lien Obligations
or other Obligations of the Issuer or any Guarantor were issued with significant original issue discount, 100% of the accreted
value thereof), plus accrued and unpaid interest, if any, to, but not including, the date fixed for the closing of such
offer, in accordance with the procedures set forth in this Indenture or the agreement governing such First Priority Lien Obligations
or other Obligations. The Issuer will commence a Collateral Asset Sale Offer with respect to Excess Proceeds within ten (10) Business
Days after the date that Collateral Excess Proceeds exceeds $50.0 million by mailing or electronically sending the notice required
pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuer may satisfy the foregoing obligations with respect
to any Net Cash Proceeds from an Asset Sale of Collateral by making a Collateral Asset Sale Offer with respect to such Net Cash
Proceeds prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect to Collateral
Excess Proceeds of $50.0 million or less. To the extent that the aggregate amount of Securities and such other First Priority Lien
Obligations or other Obligations of the Issuer or any Guarantor tendered pursuant to a Collateral Asset Sale Offer is less than
the Collateral Excess Proceeds, the Issuer may use any remaining Collateral Excess Proceeds (any such amount, “Retained
Declined Collateral Proceeds”) for any purpose not otherwise prohibited by this Indenture. If the aggregate principal
amount of Securities or such other First Priority Lien Obligations or other Obligations of the Issuer or any Guarantor surrendered
by Holders thereof exceeds the amount of Collateral Excess Proceeds, the Issuer shall select or cause to be selected the Securities
and the trustee or agent for such other Indebtedness shall select such other Indebtedness to be purchased on a pro rata basis based
on the accreted value or principal amount of the Securities or such Indebtedness tendered (subject to adjustment so that no Securities
in an unauthorized denomination shall remain outstanding after such purchase). Upon completion of any such Collateral Asset Sale
Offer, the amount of Collateral Excess Proceeds shall be reset at zero.

 

Any Net Cash Proceeds from any Asset Sale
that does not constitute Collateral that are not applied as provided and within the time period set forth in the third and fourth
immediately preceding paragraphs (it being understood that any portion of such Net Cash Proceeds used to make an offer to purchase
Securities, as described in Section 4.06(b)(ii), shall be deemed to have been invested whether or not such offer is accepted) will
be deemed to constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds exceeds $50.0 million,
the Issuer shall make an offer to all Holders of Securities, and if required by the terms of any Indebtedness of the Issuer or
any Guarantor that ranks equally in right of payment with the Securities or the relevant Guarantee, to the holders of such Indebtedness
(an “Asset Sale Offer”) to purchase the maximum principal amount of Securities and such Indebtedness that is
in minimum denominations of at least $2,000 and integral multiples of $1,000 in excess thereof with respect to the Securities that
may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof
(or, in the event such Indebtedness of the Issuer or any Guarantor that ranks equally in right of payment with the Securities or
the relevant Guarantee was issued with significant original issue discount, 100% of the accreted value thereof), plus accrued
and unpaid interest, if any, but not including, to the date fixed for the closing of such offer, in accordance with the procedures
set forth in this Indenture or the agreement governing such other Indebtedness. The Issuer will commence an Asset Sale Offer with
respect to Excess Proceeds within ten (10) Business Days after the date that Excess Proceeds exceeds $50.0 million by mailing or
electronically sending the notice required pursuant to the terms of this Indenture, with a copy to the Trustee. The Issuer may
satisfy the foregoing obligations with respect to any Net Cash Proceeds from an Asset Sale by making an Asset Sale Offer with respect
to such Net Cash Proceeds prior to the expiration of the relevant 450 days (or such longer period provided above) or with respect
to Excess Proceeds of $50.0 million or less. To the extent that the aggregate amount of Securities and such Indebtedness of the
Issuer or any Guarantor that ranks equally in right of payment with the Securities or the relevant Guarantee tendered pursuant
to an Asset Sale Offer is less than the Excess Proceeds, the Issuer may use any remaining Excess Proceeds (any such amount, “Retained
Declined Proceeds”) for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of
Securities or the Indebtedness of the Issuer or any Guarantor that ranks equally in right of payment with the Securities or the
relevant Guarantee surrendered by holders thereof exceeds the amount of Excess Proceeds, the Issuer shall select or cause to be
selected the Securities and the trustee or agent for such other Indebtedness shall select such other Indebtedness to be purchased
on a pro rata basis based on the accreted value or principal amount of the Securities or such Indebtedness tendered (subject to
adjustment so that no Securities in an unauthorized denomination shall remain outstanding after such purchase). Upon completion
of any such Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero.

 

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(c)      The
Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
to the extent such laws or regulations are applicable in connection with the repurchase of the Securities pursuant to an Asset
Sale Offer or Collateral Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with
the provisions of this Indenture, the Issuer will comply with the applicable securities laws and regulations and shall not be deemed
to have breached its obligations described in this Indenture by virtue thereof.

 

SECTION 4.07.      Transactions
with Affiliates.

 

(a)      UK
Holdco shall not, and shall not permit any Restricted Subsidiaries of UK Holdco to, directly or indirectly, make any payment to,
or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or
enter into or make or amend any transaction or series of transactions, contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate of UK Holdco (each of the foregoing, an “Affiliate Transaction”)
involving aggregate consideration in excess of the greater of $25.0 million and 8% of LTM EBITDA, unless:

 

(i)       such
Affiliate Transaction is on terms that are not materially less favorable to UK Holdco or the relevant Restricted Subsidiary than
those that could have been obtained in a comparable transaction by UK Holdco or such Restricted Subsidiary with an unrelated Person;
and

 

(ii)      with
respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
the greater of $30.0 million and 10% LTM EBITDA, the Issuer delivers to the Trustee a resolution adopted in good faith by
the majority of the Board of Directors of the Issuer or any other direct or indirect parent of the Issuer approving such Affiliate
Transaction and set forth in an Officer’s Certificate provided to the Trustee certifying that such Affiliate Transaction
complies with clause (i) above.

 

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(b)      The
provisions of Section 4.07(a) shall not apply to the following:

 

(i)       (A)
transactions between or among Holdings, UK Holdco and/or any of the Restricted Subsidiaries of UK Holdco (or an entity that becomes
a Restricted Subsidiary as a result of such transaction) and (B) any merger or consolidation of UK Holdco or any direct parent
company of UK Holdco; provided that such parent company shall have no material liabilities and no material assets other
than cash, Cash Equivalents and the Capital Stock of UK Holdco and such merger or consolidation is otherwise in compliance with
the terms of this Indenture and effected for a bona fide business purpose;

 

(ii)      (x)
Restricted Payments permitted by Section 4.04 (including any payments that are exceptions to the definition of Restricted
Payments set forth in Sections 4.04(a)(i) through (iv)) and (y) Permitted Investments;

 

(iii)      transactions
pursuant to compensatory, benefit and incentive plans and agreements with officers, directors, managers or employees of UK Holdco
(or any direct or indirect parent thereof) or any of its Restricted Subsidiaries approved by a majority of the Board of Directors
of UK Holdco (or any direct or indirect parent thereof) in good faith;

 

(iv)      the
payment of reasonable and customary fees and reimbursements paid to, and indemnity and similar arrangements provided on behalf
of, former, current or future officers, directors, managers, employees or consultants of UK Holdco or any Restricted Subsidiary
or any direct or indirect parent of UK Holdco;

 

(v)      transactions
in which UK Holdco or any of the 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 UK Holdco or such Restricted Subsidiary from a financial point of view
or meets the requirements of Section 4.07(a)(i);

 

(vi)      payments,
loans or advances to employees or consultants or guarantees in respect thereof (or cancellation of loans, advances or guarantees)
for bona fide business purposes in the ordinary course of business;

 

(vii)      any
agreement, instrument or arrangement as in effect as of the Issue Date or any transaction contemplated thereby, or any amendment
thereto (so long as any such amendment is not disadvantageous to the Holders in any material respect when taken as a whole as compared
to the applicable agreement as in effect on the Issue Date as reasonably determined by the Issuer in good faith);

 

(viii)      the
existence of, or the performance by UK Holdco or any of its Restricted Subsidiaries of its obligations under the terms of any stockholders
or similar agreement (including any registration rights agreement or purchase agreement related thereto) to which it is a party
as of the Issue Date, and any amendment thereto or similar transactions, agreements or arrangements which it may enter into thereafter;
provided, however, that the existence of, or the performance by UK Holdco or any of its Restricted Subsidiaries of
its obligations under, any future amendment to any such existing transaction, agreement or arrangement or under any similar transaction,
agreement or arrangement entered into after the Issue Date shall only be permitted by this clause (viii) to the extent that
the terms of any such existing transaction, agreement or arrangement together with all amendments thereto, taken as a whole, or
new transaction, agreement or arrangement are not otherwise more disadvantageous to the Holders in any material respect when taken
as a whole as compared to the original transaction, agreement or arrangement as in effect on the Issue Date;

 

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(ix)           (A)
transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each case in the ordinary course
of business and otherwise in compliance with the terms of this Indenture, which are fair to UK Holdco and its Restricted Subsidiaries
in the reasonable determination of UK Holdco, and are on terms at least as favorable as might reasonably have been obtained at
such time from an unaffiliated party or (B) transactions with joint ventures or Unrestricted Subsidiaries entered into in the ordinary
course of business;

 

(x)            any
transaction effected as part of a Qualified Receivables Financing;

 

(xi)           the
sale or issuance of Equity Interests (other than Disqualified Stock) of UK Holdco to Holdings (or a successor direct parent of
UK Holdco);

 

(xii)          [reserved];

 

(xiii)         payments
by UK Holdco or any of its Restricted Subsidiaries to the Sponsors made for any financial advisory, financing, underwriting or
placement services or in respect of other investment banking activities, including, without limitation, in connection with acquisitions
or divestitures, which payments are approved by a majority of the Board of Directors of UK Holdco or any direct or indirect parent
of UK Holdco in good faith;

 

(xiv)         any
contribution to the capital of UK Holdco or any Restricted Subsidiary;

 

(xv)          transactions
permitted by, and complying with, the provisions of Section 5.01;

 

(xvi)         [reserved];

 

(xvii)        pledges
of Equity Interests of Unrestricted Subsidiaries;

 

(xviii)       any
employment agreements, option plans and other similar arrangements entered into by UK Holdco or any of its Restricted Subsidiaries
with employees or consultants in the ordinary course of business;

 

(xix)         the
issuances of securities or other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment
arrangements, stock option and stock ownership plans or similar employee benefit plans approved by the Board of Directors of UK
Holdco or any direct or indirect parent of UK Holdco or of a Restricted Subsidiary, as appropriate, in good faith;

 

(xx)          the
entering into of any tax sharing agreement or arrangement and any payments permitted by Section 4.04(b)(xii) or with respect to
franchise or similar Taxes, by Section 4.04(b)(xiii);

 

(xxi)         transactions
to effect the Transactions, including the making of the TRA Buyout Payment;

 

(xxii)        any
employment, consulting, service or termination agreement, or customary indemnification arrangements, entered into by UK Holdco
or any of its Restricted Subsidiaries with current, former or future officers and employees of UK Holdco or any of its respective
Restricted Subsidiaries and the payment of compensation to officers and employees of UK Holdco or any of its respective Restricted
Subsidiaries (including amounts paid pursuant to employee benefit plans, employee stock option or similar plans), in each case
in the ordinary course of business;

 

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(xxiii)        transactions
with a Person that is an Affiliate of UK Holdco solely because UK Holdco, directly or indirectly, owns Equity Interests in, or
controls, such Person entered into in the ordinary course of business;

 

(xxiv)        transactions
with Affiliates solely in their capacity as holders of Indebtedness, Equity Interests of UK Holdco or any of its Subsidiaries,
so long as such transaction is with all holders of such class (and there are such non-Affiliate holders) and such Affiliates are
treated no more favorably than all other holders of such class generally;

 

(xxv)         any
agreement that provides customary registration rights to the equity holders of UK Holdco or any direct or indirect parent of UK
Holdco and the performance of such agreements;

 

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

 

(xxvii)       transactions
between UK Holdco or any of its Restricted Subsidiaries and any Person that is an Affiliate thereof solely due to the fact that
a director of such Person is also a director of the Issuer or any direct or indirect parent of the Issuer; provided, however,
that such director abstains from voting as a director of the Issuer or such direct or indirect parent of the Issuer, as the case
may be, on any matter involving such other Person.

 

SECTION 4.08.      Change
of Control.

 

(a)            Upon
the occurrence of a Change of Control, each Holder shall have the right to require the Issuer to repurchase all or any part of
such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof (the “Change
of Control Payment”), plus accrued and unpaid interest, if any, to, but not including, the date of repurchase
(subject to the right of the Holders of record on the relevant record date to receive interest due on the relevant interest payment
date), in accordance with the terms contemplated in this Section 4.08; provided, however, that notwithstanding
the occurrence of a Change of Control, the Issuer shall not be obligated to purchase any Securities pursuant to this Section 4.08
in the event that it has exercised its right to redeem such Securities of such Holder in accordance with Article 3 of this Indenture.

 

(b)           Within
30 days following any Change of Control, except to the extent that the Issuer has exercised its right to redeem the Securities
in accordance with Article 3 of this Indenture, the Issuer shall cause a notice to be sent electronically, or, at the Issuer’s
option, mailed by first-class mail or otherwise provided in accordance with the procedures of the Depository (a “Change
of Control Offer”) to each Holder with a copy to the Trustee describing:

 

(i)             that
a Change of Control has occurred and that such Holder has the right to require the Issuer to purchase such Holder’s Securities
at a purchase price in cash equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to
the date of purchase (subject to the right of the Holders of record on a record date to receive interest on the relevant interest
payment date);

 

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(ii)             the
transaction or transactions constitute a Change of Control;

 

(iii)           the
repurchase date (which shall be no earlier than 10 days nor later than 60 days from the date such notice is sent, except if delivered
in advance of the occurrence of such Change of Control in accordance with this Section 4.08); and

 

(iv)           the
instructions determined by the Issuer that a Holder must follow in order to have its Securities purchased.

 

(c)            Holders
electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to
the Issuer at the address specified in the notice at least three Business Days prior to the purchase date. The Holders shall be
entitled to withdraw their election if the Trustee or the Issuer receive not later than two Business Days prior to the purchase
date a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Security which was delivered
for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. Holders
whose Securities are purchased only in part shall be issued new Securities equal in principal amount to the unpurchased portion
of the Securities surrendered.

 

(d)           On
the purchase date, all Securities purchased by the Issuer under this Section 4.08 shall be delivered to the Trustee for cancellation,
and the Issuer shall pay the purchase price plus accrued and unpaid interest to the Holders entitled thereto.

 

(e)            Notwithstanding
the foregoing provisions of this Section 4.08, the Issuer shall 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 Section 4.08(b) applicable to a Change of Control Offer made by the Issuer and purchases all Securities
validly tendered and not withdrawn under such Change of Control Offer. In addition, for the avoidance of doubt, the Issuer will
not be required to make a Change of Control Offer if the Issuer has previously or concurrently with the Change of Control, issued
a notice of a full redemption pursuant to the provisions set forth under Article 3 of this Indenture.

 

(f)            At
the time the Issuer delivers Securities to the Trustee which are to be accepted for purchase, the Issuer shall also deliver an
Officer’s Certificate stating that such Securities are to be accepted by the Issuer pursuant to and in accordance with the
terms of this Section 4.08. A Security shall be deemed to have been accepted for purchase at the time the Trustee or the Paying
Agent, directly or through an agent, mails or delivers payment therefor to the surrendering Holder.

 

(g)           Prior
to any Change of Control Offer, the Issuer shall deliver to the Trustee an Officer’s Certificate stating that all conditions
precedent contained herein to the right of the Issuer to make such offer have been complied with.

 

(h)           The
Issuer shall comply, to the extent applicable, with the requirements of Rule 14(e)-1 of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.08. To the extent that the provisions
of any securities laws or regulations conflict with provisions of this Section 4.08, the Issuer shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.08 by virtue of such
compliance.

 

(i)           Notwithstanding
the foregoing provisions, a Change of Control Offer may be made in advance of a Change of Control, and conditioned upon such Change
of Control, with a purchase date to occur upon, or within a specified period of time not to exceed 15 days after, the consummation
of such Change of Control.

 

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SECTION 4.09.      Compliance
Certificate. UK Holdco shall deliver to the Trustee within 120 days after the end of each fiscal year of UK Holdco
an Officer’s Certificate, the signer of which shall be the principal executive officer, principal accounting officer, principal
financial officer or duly authorized manager or director of UK Holdco, stating that in the course of the performance by the signer
of his or her duties as an officer, manager or director of UK Holdco he or she would normally have knowledge of any Default and
whether or not the signer knows of any Default that occurred during such period. If he or she does, the certificate shall describe
the Default, its status and what action UK Holdco or the Issuer, as applicable, is taking or proposes to take with respect thereto.

 

SECTION 4.10.      Future
Guarantors. Subject to the Guaranty and Security Principles, if, after the Issue Date, any Restricted Subsidiary (including
any newly formed, newly acquired or newly redesignated Restricted Subsidiary, but excluding any Excluded Subsidiary) that is not
then a Guarantor guarantees or Incurs any Indebtedness under the Credit Agreement, then UK Holdco shall cause such Restricted Subsidiary
to (i) execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiary shall become a Guarantor under
this Indenture and (ii) grant Liens on its assets as set forth under Section 4.17, in each case within 20 Business Days of the
date that such guarantee or Lien, as applicable, has been granted pursuant to the Credit Agreement.

 

SECTION 4.11.      Liens.
UK Holdco shall not, and shall not permit the Issuer or any of UK Holdco’s Restricted Subsidiaries to, directly or indirectly,
create or Incur any Lien (each, a “Subject Lien”) that secures obligations under any Indebtedness on any asset
or property now owned or hereafter acquired (other than Permitted Liens), unless, in the case of any Subject Lien on any asset
or property that does not constitute Collateral, the Securities (or a Guarantee, in the case of Subject Liens on assets or property
of a Restricted Subsidiary that is a Guarantor) are equally and ratably secured with (or on a senior basis to, in the case such
Subject Lien secures any Subordinated Indebtedness) the Obligations secured by such Subject Lien.

 

Notwithstanding the foregoing, any Lien securing
the Securities granted pursuant to this Section 4.11 shall provide by its terms that such Lien shall be automatically and unconditionally
released and discharged upon (a) the release and discharge of the Subject Lien (including any deemed release upon payment
in full of all obligations under such Indebtedness (except upon foreclosure or default of such Indebtedness)), (b) any sale,
exchange or transfer to any Person other than the Issuer or any Guarantor of the property or assets secured by such Subject Lien,
or of all of the Capital Stock held by the Issuer or any Guarantor in, or all or substantially all the assets of, any Guarantor
creating such Subject Lien in each case in accordance with the terms of this Indenture, (c) payment in full of the principal
of, and accrued and unpaid interest, if any, on the Securities, or (d) a defeasance or discharge of the Securities in accordance
with the procedures described in Article 8, and in each case, subject to Section 10.02.

 

For purposes of determining compliance with
this Section 4.11, (x) a Lien need not be Incurred solely by reference to one category of Permitted Liens but may be Incurred
under any combination of such categories (including in part under one such category and in part under any other such category)
and (y) in the event that a Lien (or any portion thereof) meets the criteria of one or more of such categories of Permitted
Liens, the Issuer shall, in its sole discretion, divide, classify or may subsequently reclassify at any time such Lien (or any
portion thereof) in any manner that complies with this Section 4.11 and the definition of “Permitted Liens”; provided
that any Liens in respect of Indebtedness Incurred pursuant to Section 4.03(b)(i)(1)(A) shall be deemed to have been Incurred pursuant
to clause (26)(x) of the definition of “Permitted Liens,” and the Issuer shall not be permitted to reclassify all or
any portion of such Liens.

 

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With respect to any Lien securing Indebtedness
that was permitted to secure such Indebtedness at the time of the Incurrence of such Indebtedness, such Lien shall also be permitted
to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any
increase in the amount of such Indebtedness in connection with any accrual of interest, the accretion of accreted value, the amortization
of original issue discount, the payment of interest in the form of additional Indebtedness with the same terms, accretion of original
issue discount or liquidation preference, any fees, underwriting discounts, accrued and unpaid interest, premiums and other costs
and expenses incurred in connection therewith and increases in the amount of Indebtedness outstanding solely as a result of fluctuations
in the exchange rate of currencies or increases in the value of property securing Indebtedness.

 

SECTION 4.12.     Maintenance
of Office or Agency.

 

(a)            The
Issuer shall maintain, in the United States, an office or agency (which may be an office of the Trustee or an affiliate of the
Trustee or Registrar) where Securities may be surrendered for registration of transfer or for exchange and where notices and demands
to or upon the Issuer in respect of the Securities and this Indenture may be served. The Issuer shall give prompt written notice
to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail
to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the corporate trust office of the Trustee as set forth in Section 12.02.

 

(b)            The
Issuer may also from time to time designate one or more other offices or agencies where the Securities may be presented or surrendered
for any or all such purposes and may from time to time rescind such designations. The Issuer shall give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such other office or agency; provided
that no office or agency of the Trustee shall be an office or agency of the Issuer for purposes of service of legal process against
the Issuer or any Guarantor.

 

(c)            The
Issuer hereby designates the corporate trust office of the Trustee or its agent as such office or agency of the Issuer in accordance
with Section 2.04.

 

SECTION 4.13.     Suspension
of Covenants.

 

(a)            If
on any date following the Issue Date (i) the Securities have Investment Grade Ratings from both Rating Agencies and (ii) no
Default has occurred and is continuing under this Indenture (the occurrence of the events described in the foregoing clauses (i) and
(ii) being collectively referred to as a “Covenant Suspension Event”), UK Holdco and its Restricted Subsidiaries
shall not be subject to Section 4.03, Section 4.04, Section 4.05, Section 4.06, Section 4.07, Section 4.10,
Section 5.01(a)(iv), Section 5.01(b)(iv) and Section 5.01(c)(iv) (collectively, the “Suspended
Covenants”).

 

(b)            In
the event that UK Holdco and its Restricted Subsidiaries are not subject to the Suspended Covenants under this Indenture for any
period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of
the Rating Agencies withdraw their Investment Grade Rating or downgrade the rating assigned to the Securities below an Investment
Grade Rating, then UK Holdco and its Restricted Subsidiaries shall thereafter again be subject to the Suspended Covenants under
this Indenture with respect to future events.

 

(c)            The
period of time between the occurrence of a Covenant Suspension Event and the Reversion Date is referred to as the
 “Suspension Period.” Additionally, upon the occurrence of a Covenant Suspension Event, the amount of
Excess Proceeds and Collateral Excess Proceeds from Net Cash Proceeds shall be reset at zero.

 

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(d)            In
the event of any such reinstatement on a Reversion Date, no action taken or omitted to be taken by UK Holdco or any of its Restricted
Subsidiaries prior to such Reversion Date (and no action taken or omitted to be taken following a Reversion Date in connection
with honoring, complying with or otherwise performing or consummating any contractual commitments or obligations entered into during
a Suspension Period) shall give rise to a Default or Event of Default under this Indenture with respect to any Securities; provided
that (1) with respect to Restricted Payments made after any such reinstatement, the amount of Restricted Payments made shall
be calculated as though Section 4.04 had been in effect prior to, but not during, the Suspension Period; provided that
no Subsidiaries may be designated as Unrestricted Subsidiaries during the Suspension Period unless such designation would have
complied with Section 4.04 as if Section 4.04 would have been in effect during such period and (2) all Indebtedness
Incurred, or Disqualified Stock or Preferred Stock issued, during the Suspension Period shall be classified as having been Incurred
or issued pursuant to Section 4.03(b)(iii). In addition, for purposes of Section 4.07, all agreements and arrangements
entered into by the Issuer and any Restricted Subsidiary with an Affiliate of UK Holdco during the Suspension Period prior to such
Reversion Date shall be deemed to have been entered into on or prior to the Issue Date, and for purposes of Section 4.05,
all contracts entered into during the Suspension Period prior to such Reversion Date that contain any of the restrictions contemplated
by such Section 4.05 shall be deemed to have been existing on the Issue Date.

 

(e)            The
Issuer shall provide an Officer’s Certificate to the Trustee indicating the occurrence of any Covenant Suspension Event or
Reversion Date. The Trustee will have no obligation to (i) independently determine or verify if such events have occurred,
(ii) make any determination regarding the impact of actions taken during the Suspension Period on UK Holdco and its Subsidiaries’
future compliance with their covenants or (iii) notify the Holders of any Covenant Suspension Event or Reversion Date.

 

SECTION 4.14.     Limitation
on Holdings Activities.

 

(a)            Holdings
shall ensure that its only material liabilities and material assets are, and that it shall only conduct, transact or otherwise
engage in any material business or operations, as follows:

 

(i)             Holdings’
ownership of the Equity Interests of UK Holdco and activities incidental thereto;

 

(ii)            the
entry into, and the performance of its obligations with respect to the Credit Agreement, this Indenture, the Security Documents,
the First Lien Intercreditor Agreement, the Securities and other Indebtedness that has been guaranteed by, or is otherwise considered
Indebtedness of, UK Holdco or any of the Restricted Subsidiaries Incurred in accordance with this Indenture;

 

(iii)           the
consummation of the Transactions;

 

(iv)           the
performing of activities (including, without limitation, cash management activities) and the entry into documentation with respect
thereto, in each case, permitted by this Indenture for Holdings to enter into and perform;

 

(v)            the
payment of dividends and distributions (and other activities in lieu thereof permitted by this Indenture), the making of contributions
to the capital of its Subsidiaries and guarantees of Indebtedness permitted to be Incurred under this Indenture and the guarantees
of other obligations not constituting Indebtedness;

 

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(vi)           the
maintenance of its legal existence (including the ability to incur fees, costs and expenses relating to such maintenance and performance
of activities relating to its officers, directors, managers and employees and those of its Subsidiaries);

 

(vii)         the
performing of activities in preparation for and consummating any public offering of its common stock or any other issuance or sale
of its Equity Interests (other than Disqualified Stock), including converting into another type of legal entity;

 

(viii)         the participation in Tax, accounting and other administrative matters as a member of any
consolidated or similar group including UK Holdco, including compliance with applicable laws and legal, Tax and accounting
matters related thereto and activities relating to its officers, directors, managers and employees;

 

(ix)           the holding of any cash and Cash Equivalents (but not operating any property);

 

(x)            the entry into and performance of
its obligations with respect to contracts and other arrangements, including the providing of indemnification to officers, managers,
directors and employees;

 

(xi)      
      establishing and maintaining bank accounts;

 

(xii)       
    guaranteeing ordinary course obligations incurred by any of the Restricted Subsidiaries;

 

(xiii)   
      engaging in any activities incidental to compliance with the provisions of the Securities
Act and the Exchange Act and similar laws and regulations of other jurisdictions and the rules of securities exchanges,
in each case, as applicable to companies with listed equity or debt securities, as well as activities incidental to investor
relations, shareholder meetings and reports to shareholders or debt-holders; and

 

(xiv)         any
activities incidental to the foregoing.

 

(b)            Holdings
shall cause UK Holdco to, and UK Holdco shall, at all times remain a Wholly Owned Subsidiary of Holdings.

 

SECTION 4.15.     Limitation
on Issuer Activities.

 

(a)            The
Issuer shall not engage in any business activity except any activity (i) relating to the Incurrence of Indebtedness represented
by the Securities, any Additional Securities or as permitted by this Indenture (including (A) entering into the Credit Agreement
and performing its obligations thereunder and under the Security Documents and (B) any Indebtedness Incurred in the future)
and making Investments pursuant to the Proceeds Bonds or any future proceeds loan with the proceeds from such Incurrence of Indebtedness
(including, but not limited to, the lending of the proceeds from the Incurrence of such Indebtedness and the receipt of interest,
principal and other payments thereon and subsequent use thereof in connection with payments pursuant to such Incurrence of Indebtedness),
(ii) undertaken with the purpose of, related to, or otherwise incidental or resulting from the Incurrence of such Indebtedness
or the making of such Investments or in connection with fulfilling its obligations thereunder, including pursuant to the Proceeds
Bonds or future agreements similar to any of the foregoing, and any repurchase, purchase, repayment, redemption, refinancing or
prepayment of, or any consent, amendment, supplement or modification with respect to, or similar actions with respect to, such
Indebtedness and Investments, (iii) undertaken with the purpose of, related to or otherwise incidental or resulting from the
establishment and maintenance of the Issuer’s corporate existence, (iv) other activities that are de minimis in nature,
(v) related to using amounts received by the Issuer to make investments in cash or Cash Equivalents in a manner not otherwise
prohibited by this Indenture, (vi) the consummation of the Transactions and the performance of activities and the entry into
documentation with respect thereto as contemplated by this Indenture, the Credit Agreement or any Security Document or (vii) reasonably
related to the foregoing.

 

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(b)            The
Issuer shall not (a) issue any Capital Stock (other than to UK Holdco) or (b) undertake any action that will require
the Issuer to register as an “investment company” or an entity “controlled by an investment company” as
defined in the US Investment Company Act of 1940, as amended and the rules and regulations thereunder.

 

SECTION 4.16.     Limitation
on UK Holdco Activities.

 

(a)            UK
Holdco shall not, and UK Holdco shall not permit any of its Restricted Subsidiaries or any other Person that is an obligor under
the Proceeds Bonds, to (i) sell, dispose, prepay, repay, repurchase, redeem or otherwise acquire, reduce or retire any amounts
outstanding under the Proceeds Bonds or (ii) amend, modify, supplement or waive any rights under the Proceeds Bonds in a manner
that would adversely affect the rights in any material respect of the Issuer or its creditors with respect to the Proceeds Bonds,
except in the case of clause (i) or (ii) of this Section 4.16(a), (A) in connection with a redemption, repayment,
purchase, refinancing, prepayment, repurchase, acquisition, reduction, retirement or similar action with respect to outstanding
Securities in a manner not prohibited by this Indenture or outstanding borrowings in a manner not prohibited by the Credit Agreement,
or (B) in connection with, pursuant to or to reflect any amendment, modification, supplement or waiver under the Securities,
this Indenture or the Credit Agreement.

 

(b)            UK
Holdco shall cause the Issuer to, and the Issuer shall, at all times remain a Wholly Owned Restricted Subsidiary of UK Holdco.

 

(c)            For
so long as any Securities are outstanding, UK Holdco shall not, and shall not permit any of its Restricted Subsidiaries to, commence
or take any action to facilitate a winding-up, liquidation or other analogous proceeding in respect of the Issuer.

 

SECTION 4.17.     After-Acquired
Property.

 

(a)            Notwithstanding
anything in Section 4.10 to the contrary and subject to the Guaranty and Security Principles, if property (other than Excluded
Assets) is acquired by the Issuer or a Guarantor that is not automatically subject to a perfected security interest under the applicable
Security Documents or a Restricted Subsidiary that is not a Guarantor (including a newly formed one) becomes a Guarantor, then
the Issuer or such Guarantor shall, as applicable, on or prior to the latest of (i) 60 days after the date of such formation
or acquisition, (ii) the date on which financial statements are required to be delivered pursuant to Section 4.02(b) in
respect of the fiscal quarter in which such formation or acquisition occurs and (iii) such later date as the Credit Agreement
Collateral Agent or, if the Credit Agreement is no longer outstanding, the Collateral Agent shall reasonably agree (which agreement
shall also apply in respect of the Securities):

 

(i)             grant
a Lien on such property (or, in the case of a new Guarantor, all of its assets except Excluded Assets) to the Collateral Agent
for the benefit of the Holders of First Priority Lien Obligations; and

 

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(ii)            deliver
any required Security Documents or any required supplement to any Security Document, and cause such Lien to be perfected to the
extent required by the Security Documents.

 

(b)            In
no event shall the Issuer or any Guarantor be required to take any action in pursuit of the foregoing if such property is not pledged
to secure the Obligations under the Credit Agreement (so long as it is outstanding). If reasonably requested by the Collateral
Agent or the Credit Agreement Collateral Agent, legal opinions relating to the matters described above shall also be delivered,
which opinions shall be in form and substance reasonably satisfactory to the Collateral Agent or the Credit Agreement Collateral
Agent; provided that no such legal opinions shall be required to the extent not delivered in connection with the pledging of such
property to secure Obligations under the Credit Agreement (unless the Credit Agreement is no longer outstanding).

 

(c)            Notwithstanding
anything in the foregoing to the contrary, in addition to other exceptions and limitations described in this Indenture and the
Security Documents, and subject to the Guaranty and Security Principles, Liens granted from time to time pursuant to this Indenture
shall be subject to exceptions and limitations, including that:

 

(i)             in
no event shall control agreements or perfection by control or similar arrangements be required with respect to any
Collateral (including deposit or securities accounts), other than in respect of (x) delivery in accordance with any
applicable intercreditor agreement of the certificated Equity Interests in UK Holdco, the Issuer and material wholly-owned
Restricted Subsidiaries of UK Holdco to the extent constituting Collateral and otherwise required to be pledged and delivered
pursuant to the Security Documents and (y) delivery in accordance with any applicable intercreditor agreement of any
intercompany notes (including the Luxembourg Intercompany Notes) and other promissory notes held by the Issuer or a Guarantor
that constitute Collateral evidencing debt for borrowed money in a principal amount of at least $25.0 million to the extent
required to be pledged and delivered pursuant to the Security Documents;

 

(ii)            in
no event shall Collateral include any Excluded Assets unless the Issuer so elects;

 

(iii)           in no event shall entry into any source code escrow arrangements or the registration of any
intellectual property be required;

 

(iv)           no
perfection actions shall be required, nor shall the Collateral Agent be authorized to take any perfection or other actions, other
than (A) with respect to any Guarantor organized in the United States, (1) filings pursuant to the UCC in the office
of the secretary of state (or similar central filing office) of the relevant state(s), (2) filings in the United States Copyright
Office or the United States Patent and Trademark Office with respect to intellectual property and (3) subject to the First
Lien Intercreditor Agreement, delivery of all Collateral consisting of certificated Equity Interests and intercompany notes and
other promissory notes described in clause (i) above and (B) the actions required by the applicable Security Documents
to the extent consistent with the Guaranty and Security Principles;

 

(v)            (A) no
actions in any jurisdiction other than an Applicable Security Jurisdiction, or required by the laws of any jurisdiction other than
an Applicable Security Jurisdiction, shall be required to be taken, nor shall the Collateral Agent be authorized to take any such
action, to create any security interests in assets located or titled outside of an Applicable Security Jurisdiction (including
any Equity Interests of Subsidiaries organized under the laws of a jurisdiction other than an Applicable Security Jurisdiction)
or to perfect or make enforceable any security interests in any such assets (it being understood that there shall be no security
agreements or pledge agreements governed under the laws of any jurisdiction other than an Applicable Security Jurisdiction and
all guarantee agreements shall be governed under the laws of the State of New York) and (B) the Security Documents shall be
consistent with the Guaranty and Security Principles;

 

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(vi)           neither
the Issuer nor any Guarantor shall be required to seek any landlord lien waiver, estoppel, warehouseman waiver or other collateral
access or similar letter or agreement; and

 

(vii)          in
no event shall the Issuer or any Guarantor be required, or the Collateral Agent be authorized, to take any action with respect
to the Collateral if such action has not been taken (or is not required to be taken) in respect of the Credit Agreement, so long
as it is outstanding, or if such action is not consistent with the First Lien Intercreditor Agreement or any other Acceptable Intercreditor
Agreement.

 

(d)            Any
periods of time for the taking of any action with respect to the granting of security interests with respect to the Securities
shall be deemed extended to the extent the same period is extended in respect of the Credit Agreement or by a person that becomes
Applicable Authorized Representative (as such term is defined in the First Lien Intercreditor Agreement).

 

SECTION 4.18.     No
Impairment of the Security Interests.

 

Except as otherwise permitted under this Indenture,
the First Lien Intercreditor Agreement and the Security Documents, none of the Issuer nor any of the Guarantors shall be permitted
to take any action, or knowingly omit to take any action, which action or omission would have the result of materially impairing
the security interest with respect to the Shared Collateral for the benefit of the Trustee, the Collateral Agent and the Holders
of the Securities.

 

ARTICLE 5

 

SUCCESSOR COMPANY

 

SECTION 5.01.     Merger,
Consolidation or Sale of All or Substantially All Assets.

 

(a)            UK
Holdco shall not consolidate or merge with or into or wind up into (whether or not UK Holdco is the surviving corporation), or
sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (determined
on a consolidated basis), in one or more related transactions, to any Person unless:

 

(i)             UK
Holdco is the surviving corporation or the Person(s) formed by or surviving any such consolidation or merger (if other than
UK Holdco) or to which such sale, assignment, transfer, lease, conveyance or other disposition will have been made is a corporation,
partnership or limited liability company organized or existing under the laws of the United States, any state thereof, the District
of Columbia, any territory of the United States, Luxembourg, or the United Kingdom (UK Holdco or such Person(s), as the case may
be, being herein called the “Successor Parent Guarantor”);

 

(ii)            the
Successor Parent Guarantor (if other than UK Holdco) expressly assumes all the obligations of UK Holdco under this Indenture, the
Securities and the applicable Security Documents, pursuant to supplemental indentures or other documents or instruments;

 

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

 

(iv)           immediately after giving pro forma effect to such transaction, as if such transaction had
occurred at the beginning of the applicable four-quarter period, either:

 

(A)            the
Successor Parent Guarantor would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or

 

(B)             either
(x) the Fixed Charge Coverage Ratio for the Successor Parent Guarantor and its Restricted Subsidiaries would not be less than
such ratio for UK Holdco and its Restricted Subsidiaries immediately prior to such transaction or (y) the Consolidated Total
Debt Ratio for the Successor Parent Guarantor would be less than or equal to such ratio for UK Holdco immediately prior to such
transaction;

 

(v)           UK
Holdco shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which may be subject to customary
assumptions and exclusions), each stating that such consolidation, merger or transfer and such supplemental indentures (if any)
comply with, and are permitted by, this Indenture and that this Indenture constitutes a valid and binding obligation of the Successor
Parent Guarantor; and

 

(vi)          to
the extent any assets of the Person which is merged or consolidated with or into UK Holdco are assets of the type which would constitute
Collateral under the Security Documents, UK Holdco or the Successor Parent Guarantor, as applicable, will take such action, if
any, as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the applicable Security
Documents in the manner and to the extent required in this Indenture or the applicable Security Documents and shall take all reasonably
necessary action so that such Lien is perfected to the extent required by the applicable Security Documents.

 

The Successor Parent Guarantor will succeed
to, and be substituted for, UK Holdco under this Indenture and UK Holdco’s Guarantee, and UK Holdco will automatically be
released and discharged from its obligations under this Indenture, the Security Documents and UK Holdco’s Guarantee.

 

Notwithstanding the foregoing
Section 5.01(a)(iii) and (iv), (x) UK Holdco may merge or consolidate with an Affiliate incorporated or
organized solely for the purpose of reincorporating or reorganizing UK Holdco in a state of the United States, the District
of Columbia, any territory of the United States, Luxembourg or the United Kingdom, (y) UK Holdco may merge or
consolidate with or transfer all or part of its properties or assets to another Guarantor or the Issuer and (z) UK
Holdco may convert into a corporation, partnership, limited partnership, limited liability corporation or trust organized or
existing under the laws of the jurisdiction of organization of UK Holdco or any of the jurisdictions set forth in clause
(x) of this sentence, provided that, in each case, as compared to immediately prior to such transaction,
(i) the amount of Indebtedness of UK Holdco and its Restricted Subsidiaries is not increased thereby and (ii) any
such transaction does not lessen or negatively alter the obligations (including, for the avoidance of doubt, with respect to
the release of any Guarantees) of the Issuer, UK Holdco or any other Guarantor under this Indenture, the Securities, the
Guarantees and the Security Documents, as the case may be (any transaction described in this sentence, a
 “Specified Parent Guarantor Merger/Transfer Transaction”).

 

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(b)            Holdings
shall not consolidate or merge with or into or wind up into (whether or not Holdings is the surviving corporation), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets (determined on a consolidated
basis), in one or more related transactions, to any Person unless:

 

(i)            Holdings
is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than Holdings) or
to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership
or limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia,
any territory of the United States, Luxembourg or the United Kingdom (Holdings or such Person, as the case may be, being herein
called the “Successor Holdings Guarantor”) and, if such entity is not a corporation, a co-obligor of the Securities
is a corporation organized or existing under such laws;

 

(ii)            the
Successor Holdings Guarantor (if other than Holdings) expressly assumes all the obligations of Holdings under this Indenture, the
Securities and the applicable Security Documents pursuant to supplemental indentures or other documents or instruments;

 

(iii)           immediately after giving effect to such transaction (and treating any Indebtedness that
becomes an obligation of the Successor Holdings Guarantor or any of its Restricted Subsidiaries as a result of such
transaction as having been Incurred by the Successor Holdings Guarantor or such Restricted Subsidiary at the time of such
transaction) no Default or Event of Default shall have occurred and be continuing;

 

(iv)          immediately
after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter
period, either

 

(A)            the
Successor Holdings Guarantor would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or

 

(B)            either
(x) the Fixed Charge Coverage Ratio for the Successor Holdings Guarantor and its Restricted Subsidiaries would not be less
than such ratio for UK Holdco and its Restricted Subsidiaries immediately prior to such transaction or (y) the Consolidated
Total Debt Ratio for the Successor Holdings Guarantor would be less than or equal to such ratio for UK Holdco immediately prior
to such transaction;

 

(v)           Holdings
shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which may be subject to customary
assumptions and exclusions), each stating that such consolidation, merger or transfer and such supplemental indentures (if any)
comply with, and are permitted by, this Indenture and that this Indenture constitutes a valid and binding obligation of the Successor
Holdings Guarantor; and

 

(vi)           to
the extent any assets of the Person which is merged or consolidated with or into Holdings are assets of the type which would
constitute Collateral under the Security Documents, Holdings or the Successor Holdings Guarantor, as applicable, will take
such action, if any, as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the
applicable Security Documents in the manner and to the extent required in this Indenture or the applicable Security Documents
and shall take all reasonably necessary action so that such Lien is perfected to the extent required by the applicable
Security Documents.

 

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Subject to certain limitations described
in this Indenture, the Successor Holdings Guarantor will succeed to, and be substituted for, Holdings under this Indenture and
the Guarantee by Holdings, and Holdings will automatically be released and discharged from its obligations under this Indenture,
the Security Documents and the Guarantee.

 

(c)            The
Issuer shall not, and UK Holdco shall not permit the Issuer to, consolidate or merge with or into or wind up into (whether or not
the Issuer is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets (determined on a consolidated basis), in one or more related transactions, to any Person unless:

 

(i)            the
Issuer is the surviving corporation or the Person formed by or surviving any such consolidation or merger (if other than the Issuer)
or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a corporation, partnership
or limited liability company organized or existing under the laws of the United States, any state thereof, the District of Columbia,
any territory of the United States, Luxembourg or the United Kingdom (the Issuer or such Person, as the case may be, being herein
called the “Successor Company”) and, if such entity is not a corporation, a co-obligor of the Securities is
a corporation organized or existing under such laws;

 

(ii)            the
Successor Company (if other than the Issuer) expressly assumes all the obligations of the Issuer under this Indenture, the Securities
and the applicable Security Documents pursuant to supplemental indentures or other documents or instruments;

 

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

 

(iv)           immediately after giving pro forma effect to such transaction, as if such transaction had
occurred at the beginning of the applicable four-quarter period, either

 

(A)            the
Successor Company would be permitted to Incur at least $1.00 of additional Indebtedness as Ratio Debt; or

 

(B)            either
(x) the Fixed Charge Coverage Ratio for the Successor Company and its Restricted Subsidiaries would not be less than such
ratio for UK Holdco and its Restricted Subsidiaries immediately prior to such transaction or (y) the Consolidated Total Debt
Ratio for the Successor Company would be less than or equal to such ratio for UK Holdco immediately prior to such transaction;

 

(v)           the
Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which may be subject to customary
assumptions and exclusions), each stating that such consolidation, merger or transfer and such supplemental indentures (if any)
comply with, and are permitted by, this Indenture and that this Indenture constitutes a valid and binding obligation of the Successor
Company; and

 

(vi)          to
the extent any assets of the Person which is merged or consolidated with or into the Issuer are assets of the type which would
constitute Collateral under the Security Documents, the Issuer or Successor Company, as applicable, will take such action, if any,
as may be reasonably necessary to cause such property and assets to be made subject to the Lien of the applicable Security Documents
in the manner and to the extent required in this Indenture or the applicable Security Documents and shall take all reasonably necessary
action so that such Lien is perfected to the extent required by the applicable Security Documents.

 

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The Successor Company (if other than the Issuer)
shall succeed to, and be substituted for, the Issuer under this Indenture and the Securities, and in such event, the Issuer shall
automatically be released and discharged from its obligations under this Indenture and the Securities. Notwithstanding the foregoing
Sections 5.01(c)(iii) and (iv), (x) the Issuer may consolidate with, merge into or sell, assign, transfer, lease, convey
or otherwise dispose of all or part of its properties and assets to Holdings, UK Holdco or any Restricted Subsidiary and (y) the
Issuer may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or reorganizing
the Issuer in a state of the United States, the District of Columbia, any territory of the United States, Luxembourg or the United
Kingdom, so long as, in each case, the amount of Indebtedness of UK Holdco and its Restricted Subsidiaries is not increased thereby
(any transaction described in this sentence, a “Specified Merger/Transfer Transaction”).

 

(d)     
      Subject to the provisions of Section 11.02(d), which govern the release of a
Guarantee upon the sale or disposition of a Guarantor, each Subsidiary Guarantor shall not, and UK Holdco shall not permit
any Subsidiary Guarantor to, consolidate or merge with or into or wind up into (whether or not such Subsidiary Guarantor is
the surviving corporation), or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, any Person (herein called the “Successor
Guarantor”) (other than the Transactions) unless:

 

(i)            the surviving company (or company to which assets are transferred) in such liquidation, merger,
sale, transfer or other disposition is the Issuer or a Guarantor; or

 

(ii)          (A)     such
sale or disposition or consolidation or merger is not in violation of Section 4.06;

 

(B)             immediately
after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the Successor Guarantor or
any of its Subsidiaries as a result of such transaction as having been Incurred by the Successor Guarantor or such Subsidiary at
the time of such transaction) no Default or Event of Default shall have occurred and be continuing;

 

(C)             the
Successor Guarantor (if other than such Subsidiary Guarantor) shall have delivered or caused to be delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel (which may be subject to customary assumptions and exclusions), stating that
such consolidation, merger or transfer and such supplemental indenture complies with this Indenture and that this Indenture constitutes
a valid and binding obligation of the Successor Guarantor;

 

(D)             the
Successor Guarantor expressly assumes all the obligations of such Subsidiary Guarantor under this Indenture, the Securities and
the applicable Security Documents, pursuant to a supplemental indenture; and

 

(E)             to
the extent any assets of the Person which is merged or consolidated with or into the Subsidiary Guarantor are assets of the type
which would constitute Collateral under the Security Documents, such Subsidiary Guarantor or the Successor Guarantor, as applicable,
will take such action, if any, as may be reasonably necessary to cause such property and assets to be made subject to the Lien
of the applicable Security Documents in the manner and to the extent required in this Indenture or the applicable Security Documents
and shall take all reasonably necessary action so that such Lien is perfected to the extent required by the applicable Security
Documents.

 

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(F)             The
Successor Guarantor shall succeed to, and be substituted for, such Subsidiary Guarantor under this Indenture and such Subsidiary
Guarantor’s Guarantee, and such Subsidiary Guarantor will automatically be released and discharged from its obligations under
this Indenture and such Subsidiary Guarantor’s Guarantee.

 

(e)           Notwithstanding the requirements set forth in Section 5.01(d), (1) a Subsidiary
Guarantor may merge or consolidate with an Affiliate incorporated or organized solely for the purpose of reincorporating or
reorganizing such Subsidiary Guarantor in a state of the United States, the District of Columbia, any territory of the United
States, Luxembourg or the United Kingdom, so long as the amount of Indebtedness of the Subsidiary Guarantor is not increased
thereby, (2) a Subsidiary Guarantor may merge or consolidate with or transfer all or part of its properties or assets to
another Guarantor or the Issuer, and (3) a Subsidiary Guarantor may convert into a corporation, partnership, limited
partnership, limited liability corporation or trust organized or existing under the laws of the jurisdiction of organization
of such Subsidiary Guarantor or any of the jurisdictions set forth in clause (1) of this sentence.

 

ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01. 
       Events of Default. An “Event of Default” occurs if:

 

(a)           a default occurs in any
payment of interest or Additional Amounts, if any, on any Security when the same becomes due and payable, and such default continues
for a period of 30 days,

 

(b)           a default occurs in the
payment of principal or premium, if any, of any Security when due at its Stated Maturity, upon optional redemption, upon required
repurchase, upon declaration or otherwise,

 

(c)           Holdings, UK Holdco or
any Restricted Subsidiary of UK Holdco fails to comply with any of its agreements contained in the Securities or this Indenture
(other than those referred to in (a) or (b) above) or the Security Documents and such failure continues for 60 days after
receipt of a related written Notice of Default as specified below,

 

(d)           Holdings, UK Holdco, the
Issuer or any Significant Subsidiary of UK Holdco fails to pay any Indebtedness (other than Indebtedness owing to Holdings, UK
Holdco or a Restricted Subsidiary) within any applicable grace period after final maturity or the acceleration of any such Indebtedness
by the holders thereof because of a default, in each case, if the total amount of such Indebtedness unpaid or accelerated exceeds
$125.0 million or its foreign currency equivalent,

 

(e)           Holdings, UK Holdco, the Issuer or any Significant Subsidiary of UK Holdco pursuant
to or within the meaning of any Bankruptcy Law:

 

(i)            commences a voluntary case;

 

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

 

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

 

(iv)            makes a general assignment for the benefit
of its creditors or takes any comparable action under any foreign laws relating to insolvency,

 

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

 

(i)            is for relief against Holdings, UK Holdco,
the Issuer or any Significant Subsidiary of UK Holdco in an involuntary case;

 

(ii)            appoints a Custodian of Holdings, UK Holdco,
the Issuer or any Significant Subsidiary of UK Holdco or for any substantial part of its property; or

 

(iii)            orders
the winding up or liquidation of Holdings, UK Holdco, the Issuer or any Significant Subsidiary of UK Holdco;

 

or any similar
relief is granted under any foreign laws and the order or decree remains unstayed and in effect for 90 days,

 

(g)           Holdings, UK Holdco, the
Issuer or any Significant Subsidiary of UK Holdco fails to pay final and non-appealable judgments aggregating in excess of $125.0 million
or its foreign currency equivalent (net of any amounts which are covered by enforceable insurance policies issued by solvent carriers),
which judgments are not discharged, waived or stayed for a period of 60 days following the entry thereof and, in the event such
judgment is covered by insurance, an enforcement proceeding has been commenced by any creditor upon such judgment or decree which
is not promptly stayed,

 

(h)           the Guarantee of Holdings,
UK Holdco or a Significant Subsidiary of UK Holdco ceases to be in full force and effect in any material respect (except as contemplated
by the terms thereof) or any such Guarantor denies or disaffirms its obligations under this Indenture, any Guarantee or any Security
Document and such Default continues for 21 days after written notice of such Default shall have been given to the Trustee,

 

(i)            (x) the Liens created by the Security Documents shall at any time not constitute a valid and
perfected Lien on any portion of the Collateral with an aggregate Fair Market Value in excess of $100.0 million (unless
perfection is not required by this Indenture or the Security Documents) other than (A) in accordance with the terms of the
relevant Security Document and this Indenture, (B) the satisfaction in full of all Obligations under this Indenture or (C)
any loss of perfection that results from the failure of the Collateral Agent, the Credit Agreement Collateral Agent or the
representative for any other series of First Priority Lien Obligations to maintain possession of certificates delivered to it
representing securities pledged under the Security Documents and (y) such Default continues for 30 days after receipt of
written notice given by the Trustee or the Holders of not less than 30% in aggregate principal amount of the then outstanding
Securities, or

 

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(j)    
         Holdings, UK Holdco, the Issuer or any Subsidiary Guarantor shall assert, in
any pleading in any court of competent jurisdiction, that any security interest in any Security Document is invalid or
unenforceable.

 

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 affected by operation of law
or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body.

 

The term “Bankruptcy Law”
means any law relating to bankruptcy, insolvency, receivership, winding-up, liquidation, reorganization or relief of debtors or
any amendment to, succession to or change in any such law, including, without limitation (i) bankruptcy laws of Luxembourg, (ii)
Title 11, United States Code (as amended from time to time), (iii) the Insolvency Act of 1986 of the United Kingdom (as amended
from time to time), or (iv) any similar law for the relief of debtors in any other jurisdiction applicable to Holdings, UK Holdco,
the Issuer or any Significant Subsidiary of UK Holdco. The term “Custodian” means any receiver, trustee, assignee,
liquidator, custodian, administrator, administrative receiver, manager, or similar official under any Bankruptcy Law.

 

A Default under clauses (c), (d), (g)
and (i) above shall not constitute an Event of Default until the Trustee notifies the Issuer in writing or the Holders of at least
30% of the aggregate principal amount of the outstanding Securities notify the Issuer and the Trustee in writing of the Default
and the Issuer does not cure such Default within the time specified in clauses (c), (d), (g) and (i) above, as applicable,
after receipt of such notice. provided that a notice of Default must specify the Default, demand that it be remediated and
state that such notice is a “Notice of Default” and may not be given with respect to any action taken, and reported
publicly or to Holders of the Securities, more than two years prior to such notice of Default. Any notice of Default, notice of
acceleration or instruction to the Trustee to provide a notice of Default, notice of acceleration or take any other action (a “Noteholder
Direction”) provided by any one or more Holders (each a “Directing Holder”) must be accompanied by
a written representation from each such Holder delivered to the Issuer and the Trustee that such Holder is not (or, in the case
such holder is DTC or its nominee, that such Holder is being instructed solely by beneficial owners that are not) Net Short (a
 “Position Representation”), which representation, in the case of a Noteholder Direction relating to the delivery
of a notice of Default (a “Default Direction”) shall be deemed a continuing representation until the resulting
Event of Default is cured or otherwise ceases to exist or the Securities are accelerated. In addition, each Directing Holder is
deemed, at the time of providing a Noteholder Direction, to covenant to provide the Issuer with such other information as the Issuer
may reasonably request from time to time in order to verify the accuracy of such Noteholder’s Position Representation within
five Business Days of request therefor (a “Verification Covenant”). In any case in which the holder is DTC or
its nominee, any Position Representation or Verification Covenant required hereunder shall be provided by the beneficial owner
of the Securities in lieu of DTC or its nominee and DTC shall be entitled to conclusively rely on such Position Representation
and Verification Covenant in delivering its direction to the Trustee.

 

If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Securities, the Issuer determines in good faith that there is a reasonable basis to
believe a Directing Holder was, at any relevant time, in breach of its Position Representation and provides to the Trustee an Officer’s
Certificate stating that the Issuer has initiated litigation with a court of competent jurisdiction seeking a determination that
such Directing Holder was, at such time, in breach of its Position Representation, and seeking to invalidate any Event of Default
that resulted from the applicable Noteholder Direction, the cure period with respect to such Default shall be automatically stayed
and the cure period with respect to such Event of Default shall be automatically reinstituted and any remedy stayed pending a final
and non-appealable determination of a court of competent jurisdiction on such matter. If, following the delivery of a Noteholder
Direction, but prior to acceleration of the Securities, the Issuer provides to the Trustee an Officer’s Certificate stating
that a Directing Holder failed to satisfy its Verification Covenant, the cure period with respect to such Default shall be automatically
stayed and the cure period with respect to any Event of Default that resulted from the applicable Noteholder Direction shall be
automatically reinstituted and any remedy stayed pending satisfaction of such Verification Covenant. Any breach of the Position
Representation shall result in such Holder’s participation in such Noteholder Direction being disregarded; and, if, without
the participation of such Holder, the percentage of Securities held by the remaining Holders that provided such Noteholder Direction
would have been insufficient to validly provide such Noteholder Direction, such Noteholder Direction shall be void ab initio,
with the effect that such Event of Default shall be deemed never to have occurred, any acceleration voided and the Trustee shall
be deemed not to have received such Noteholder Direction or any notice of such Default or Event of Default.

 

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Notwithstanding anything in the preceding
two paragraphs to the contrary, any Noteholder Direction delivered to the Trustee in connection with a Default under clauses (c),
(d), (g) or (i) during the pendency of an Event of Default under clauses (e) or (f) as a result of proceeding under Bankruptcy
Law shall not require compliance with the two immediately preceding paragraphs.

 

For the avoidance of doubt, the Trustee shall
be entitled to conclusively rely on any Noteholder Direction delivered to it in accordance with the Indenture, shall have no duty
to inquire as to or investigate the accuracy of any Position Representation, enforce compliance with any Verification Covenant,
verify any statements in any Officer’s Certificate delivered to it, or otherwise make calculations, investigations or determinations
with respect to Derivative Instruments, Net Shorts, Long Derivative Instruments, Short Derivative Instruments or otherwise. The
Trustee shall have no liability to the Issuer, any Holder or any other Person in acting in good faith on a Noteholder Direction.

 

The Issuer shall deliver to the Trustee, within
30 days after the occurrence thereof, written notice of any event which is, or with the giving of notice or the lapse of time or
both would become, an Event of Default, its status and what action the Issuer is taking or proposes to take with respect thereto.

 

Any time period in the Indenture to cure any
actual or alleged Default or Event of Default may be extended or stayed by a court of competent jurisdiction.

 

SECTION 6.02.        Acceleration.
If an Event of Default (other than an Event of Default specified in Section 6.01(e) or (f) with respect to the Issuer)
occurs and is continuing, the Trustee by written notice to the Issuer or the Holders of at least 30% of the aggregate
principal amount of outstanding Securities by written notice to the Issuer and the Trustee, may declare the principal of,
premium, if any, and accrued but unpaid interest and the Additional Amounts, if any, on all the Securities to be due and
payable. Upon such a declaration, such principal and interest and Additional Amounts, if any, shall be due and payable
immediately. If an Event of Default specified in Section 6.01(e) or (f) with respect to the Issuer occurs, the principal
of, premium, if any, and interest on all the Securities shall ipso facto become and be immediately due and payable without
any declaration or other act on the part of the Trustee or any Holders. The Holders of a majority in principal amount of the
outstanding Securities by notice to the Trustee may rescind an acceleration and its consequences if the rescission would not
conflict with any judgment or decree and if all existing Events of Default have been cured or waived except nonpayment of
principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent
Default or impair any right consequent thereto.

 

In the event of any Event of Default specified
in Section 6.01(d), such Event of Default and all consequences thereof (including, without limitation, the declaration of
acceleration of the Securities) shall be annulled, waived and rescinded, automatically and without any action by the Trustee or
the Holders, if within 20 days after such Event of Default arose the Issuer delivers an Officer’s Certificate to the
Trustee stating that (x) the Indebtedness or guarantee that is the basis for such Event of Default has been discharged or (y) the
holders thereof have rescinded or waived the acceleration, default, notice or action (as the case may be) giving rise to such Event
of Default or (z) the default or acceleration that is the basis for such Event of Default has been cured or waived, it being understood
that in no event shall an acceleration of the principal amount of the Securities as described above be annulled, waived or rescinded
upon the happening of any such events.

 

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SECTION 6.03.        Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy at law
or in equity to collect the payment of principal of or interest on the Securities or to enforce the performance of any provision
of the Securities or this Indenture.

 

The Trustee may maintain a proceeding even
if it does not possess any of the Securities 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. Provided the Securities are not then due and payable by reason of a declaration of acceleration,
the Holders of a majority in principal amount of the Securities by notice to the Trustee may waive an existing Default or Event
of Default and its consequences except (a) a Default or Event of Default in the payment of the principal of or interest on a Security
or (b) a Default or Event of Default in respect of a provision that under Section 9.02 cannot be amended without the consent of
each Holder affected. When a Default is waived, such Default shall cease to exist, and any Event of Default arising therefrom shall
be deemed to have been cured for every purpose of this Indenture and the Security Documents, but no such waiver shall extend to
any subsequent or other Default or impair any consequent right.

 

SECTION 6.05.        Control by Majority. The Holders of a majority in principal amount of the Securities then outstanding may direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or the Collateral Agent or of exercising
any trust or power conferred on the Trustee or the Collateral Agent. However, the Trustee or the Collateral Agent, as applicable,
may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee
or the Collateral Agent determines is unduly prejudicial to the rights of any other Holder (it being understood that neither the
Trustee nor the Collateral Agent has an affirmative duty to ascertain whether or not any action or forbearance is unduly prejudicial
to such Holders) or that would involve Trustee or the Collateral Agent in personal liability; provided, however,
that each of the Trustee and or the Collateral Agent may take any other action deemed proper by the Trustee or the Collateral Agent,
as applicable, that is not inconsistent with such direction. Prior to taking any action under this Indenture, the Trustee or the
Collateral Agent, as applicable, shall be entitled to indemnification and/or security (which may include pre-funding) satisfactory
to it against all losses, liabilities 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, premium, if any, or interest when due, no Holder may pursue
any remedy with respect to this Indenture or the Securities unless:

 

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(i)             
the Holder gives to the Trustee written notice stating that an Event of Default is continuing;

 

(ii)            
the Holders of at least 30% of the aggregate principal amount of the Securities then outstanding make a written request
to the Trustee to pursue the remedy;

 

(iii)          
such Holder or Holders offer, and if required, provide to the Trustee security and/or indemnity (which may include pre-funding)
satisfactory to it against any loss, liability or expense;

 

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

 

(v)           
the Holders of a majority in principal amount of the outstanding Securities do not give the Trustee a direction inconsistent
with the request during 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 (it being understood that the Trustee has no affirmative duty to ascertain whether or not such actions are unduly
prejudicial to such Holders).

 

SECTION 6.07.        Rights of the Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any
Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates
expressed or provided for in the Securities, 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; provided that a Holder shall not have the right
to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution thereof or the
entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this
Indenture upon any property subject to such Lien.

 

SECTION 6.08.        Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or (b) 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 Securities for the whole amount then due and owing (together with interest on overdue principal and (to the extent lawful)
on any unpaid interest at the rate provided for in the Securities) and the amounts provided for in Section 7.06.

 

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 action as may be necessary or advisable in order to have the claims of the Trustee (including any claim for reasonable compensation,
expenses disbursements and advances of the Trustee and Collateral Agent (including counsel, accountants, experts or such other
professionals as the Trustee deems reasonably necessary, advisable or appropriate)) and the Holders allowed in any judicial proceedings
relative to the Issuer or any Guarantor, their creditors or their property, shall be entitled to participate as a member, voting
or otherwise, of any official committee of creditors appointed in such matters 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 and Collateral Agent
any amount due to them for the reasonable compensation, expenses, disbursements and advances of the Trustee, the Collateral Agent
and their agents and counsel, and any other amounts due the Trustee and Collateral Agent under Section 7.06 and 10.08.

 

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

 

SECTION 6.10.        Priorities. Subject to the First Lien Intercreditor Agreement and the Notes Documents, if the Trustee collects any
money or property pursuant to this Article 6 (including upon exercise of remedies with respect to the Collateral), it shall pay
out the money or property in the following order:

 

FIRST: to the Trustee and to the
Collateral Agent, in each case for amounts due to it under this Indenture and the Security Documents;

 

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

 

THIRD: to the Issuer or, to the
extent the Trustee or the Collateral Agent collects any amount for any Guarantor, to such Guarantor.

 

The Trustee, upon prior written notice to
the Issuer and the Guarantors, may fix a record date and payment date for any payment to the Holders pursuant to this Section 6.10.
At least 15 days before such record date, the Trustee shall send 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 Collateral Agent for any action taken or omitted by it as Trustee or the 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 reasonable attorneys’ fees and expenses, 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 the Collateral 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 Securities then outstanding.

 

SECTION 6.12.        Waiver of Stay or Extension Laws. Neither the Issuer nor any Guarantor (to the extent it may lawfully do so) shall
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 and each Guarantor (to the extent that it may lawfully do so) hereby expressly waive 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 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.

 

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SECTION 6.14.        Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.08 hereof, no right or remedy herein conferred upon or reserved to the Trustee,
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, 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, Collateral Agent or to the Holders may be exercised from time to time, and as often as
may be deemed expedient, by the Trustee, Collateral Agent or by the Holders, as the case may be.

 

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.        Duties of Trustee.

 

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

 

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

 

(i)      
       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

 

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

 

(c)            The
Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct,
except that:

 

(i)      
       this Section 7.01(c) does not limit the effect of Section 7.01(b);

 

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

 

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

 

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(iv)            no
provision of this Indenture shall require either the Trustee or Collateral Agent 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 the Security
Documents 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 indemnity and/or security and/or prefunding
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 or Collateral Agent be required to do anything which is illegal or contrary to applicable
laws or this Indenture. Neither the Trustee nor the Collateral Agent will be liable to the Holders if prevented or delayed in performing
any of its obligations or discretionary functions under this Indenture or the Security Documents by reason of any present or future
law applicable to it, by any governmental or regulatory authority or by any circumstances beyond its control.

 

(d)            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.

 

(e)            Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(f)            Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Section 7.01.

 

(g)            The
Trustee shall not be deemed to have notice or any knowledge of any matter (including without limitation Defaults or Events of Default)
unless a Trust Officer assigned to this Indenture and working in the Trustee’s corporate trust and agency department has
actual knowledge thereof or unless written notice thereof is received by the Trustee in accordance with the terms of this Indenture
and such notice clearly references the Securities, the Issuer or this Indenture.

 

(h)            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 Securities
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 and/or prefunded 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 take such action 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 on and be protected in acting or refraining to act based on any document believed by it to be genuine
and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document.

 

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(c)            Before
the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel or both. The Trustee
shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion
of Counsel.

 

(d)            The
Trustee may act through 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 reasonably believes to be authorized
or within its rights or powers; provided, however, that the Trustee’s conduct, as applicable, does not constitute
willful misconduct or gross negligence.

 

(f)            The
Trustee may consult with counsel of its own selection at the expense of the Issuer and the advice or opinion of counsel with respect
to legal matters relating to this Indenture and the Securities 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, resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, approval, bond, debenture,
note or other paper or document, but the Trustee, in its discretion, may each make such further inquiry or investigation into such
facts or matters as it may see fit.

 

(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 or direction
of any of the Holders pursuant to this Indenture, unless such Holders shall have offered, and if requested, provided to the Trustee
indemnity and/or security (which may include pre-funding) satisfactory to the Trustee against all losses, liabilities and expenses
which might be Incurred by it in compliance with such request 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
Securities 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 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 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
Securities, but may at its sole discretion, choose to do so.

 

(k)            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.

 

(l)      
       Except with respect to Section 4.01 hereof, and provided it or an affiliate
of it is acting as a Paying Agent, the Trustee shall have no duty to inquire as to the performance of UK Holdco or the Issuer
with respect to the covenants contained in Article 4 hereof. The Trustee may assume without inquiry in the absence of
written notice to the contrary that UK Holdco and the Issuer are 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 Securities has occurred.

 

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(m)            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 of such delegates has been made with due care.

 

(n)            The
rights, privileges, protections, immunities and benefits given to the Trustee, including its right to be indemnified and/or secured
(including by way of pre-funding) are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder,
including as the Collateral Agent and to each agent, any custodian and any other Person employed to act hereunder. The Trustee
shall not be liable for acting in good faith or instructions believed to be genuine and from the proper party.

 

(o)            In
no event shall the Trustee, including as the Paying Agent, Registrar or Collateral Agent or in any other capacity hereunder, be
liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages
of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee, including as
the Paying Agent, Registrar, Collateral Agent or in any other capacity hereunder has been advised of the possibility thereof and
regardless of the form of action in which such damages are sought.

 

(p)            The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

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

 

SECTION 7.03.     Individual
Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates with the same rights it would have if it
were not Trustee. Any Paying 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 or adequacy of this Indenture,
any Guarantee, the First Lien Intercreditor Agreement, the Security Documents or the Securities, it shall not be accountable for
the Issuer’s use of the proceeds from the Securities, it shall not be responsible for any statement of the Issuer or any
Guarantor in this Indenture, the First Lien Intercreditor Agreement, the Security Documents or in any document issued in connection
with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication, and it shall
not be responsible for and makes no representations as to the genuineness, enforceability, collectability, value, sufficiency,
location or existence of any Collateral, or the validity, effectiveness, enforceability, sufficiency, extent, perfection or priority
of any Lien therein. The Trustee shall not be charged with knowledge of any Default or Event of Default or of the identity of
any Significant Subsidiary unless either (a) a Trust Officer shall have actual knowledge thereof or (b) the Trustee
shall have received written notice thereof in accordance with Section 12.02 from the Issuer, any Guarantor or any Holder,
and such notice references the Securities and this Indenture.

 

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SECTION 7.05.     Notice
of Defaults. If a Default or Event of Default occurs and is continuing and if a Trust Officer has actual knowledge
thereof, the Trustee shall mail by first-class mail to each Holder at the address set forth in the register, notice of the
Default or Event of Default within 90 days after it is actually known to a Trust Officer. Except in the case of a
Default or Event of Default in payment of principal of, premium (if any), interest on any Securities (including payments
pursuant to the optional redemption or required repurchase provisions of such Securities), the Trustee may withhold the
notice if and so long as the Trustee in good faith determines that withholding the notice is in the interests of Holders.

 

SECTION 7.06.     Compensation
and Indemnity. The Issuer, or, upon the failure of the Issuer to pay, each Guarantor (if any), jointly and severally (subject
to the conditions set forth in Article 11), shall pay to the Trustee from time to time compensation for its services as agreed
to in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.
The Issuer shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses Incurred or made by it, including
costs of collection, in addition to the compensation for its services. Such expenses shall include the reasonable 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 against any and all loss, liability, claim, damage or expense (including
reasonable attorneys’ fees and expenses) Incurred by or in connection with the acceptance or administration of this Indenture
and the other Notes Documents and the performance of its duties hereunder and thereunder, including the costs and expenses of
enforcing this Indenture or Guarantee against the Issuer or a Guarantor (including this Section 7.06) and defending itself
against or investigating any claim (whether asserted by the Issuer, any Guarantor, any Holder or any other Person). 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 so to notify the Issuer shall not relieve the Issuer or any Guarantor of its indemnity obligations
hereunder. The Issuer shall defend the claim and the Trustee shall provide reasonable cooperation at the Issuer’s expense
in the defense. The Trustee may have separate counsel and the Issuer and the Guarantors, as applicable, shall pay the reasonable
fees and expenses of such counsel; provided, however, that the Issuer shall not be required to pay such fees and
expenses if it assumes the Trustee’s defense and, in the Trustee’s reasonable judgment, there is no conflict of interest
between the Issuer or the Guarantors, as applicable, and the Trustee in connection with such defense. 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 the Guarantors’
payment obligations in this Section 7.06, the Trustee shall have a Lien prior to the Securities 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 Securities.

 

The Issuer’s and the Guarantors’
payment obligations pursuant to this Section 7.06 shall survive the satisfaction or discharge of this Indenture, any rejection
or termination of this Indenture under any Bankruptcy Law or the resignation or removal of the Trustee. Without prejudice to any
other rights available to the Trustee under applicable law, when the Trustee incurs expenses after the occurrence of a Default
specified in Section 6.01(e) or (f) with respect to the Issuer, the expenses are intended to constitute expenses
of administration under the Bankruptcy Law.

 

For the avoidance of doubt, the rights, privileges,
protections, immunities and benefits given to the Trustee in this Section 7.06, including its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, the Collateral Agent and by each agent,
custodian and other Person employed to act hereunder.

 

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SECTION 7.07.     Replacement
of Trustee.

 

(a)            The
Trustee may resign at any time by so notifying the Issuer. The Holders of a majority in principal amount of the Securities may
remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee if:

 

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

 

(ii)            the
Trustee is adjudged bankrupt or insolvent;

 

(iii)            a
receiver or other public officer takes charge of the Trustee or its property; or

 

(iv)           the
Trustee otherwise becomes incapable of acting.

 

(b)            If
the Trustee resigns, is removed by the Issuer or by the Holders of a majority in principal amount of the Securities and such Holders
do not reasonably promptly appoint a successor Trustee, 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 appoint a successor Trustee within 30 days of
receiving notice of the resignation or removal of the 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 the Holders. The
retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee (provided all sums owing to
the Trustee hereunder are paid), subject to the Lien provided for in Section 7.06.

 

(d)            If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee
or the Holders of 10% in principal amount of the Securities may petition at the expense of the Issuer any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(e)            If
the Trustee fails to comply with Section 7.09, any Holder may petition any court of competent jurisdiction for the removal
of the Trustee and the appointment of a successor Trustee.

 

(f)            Notwithstanding
the replacement of the Trustee pursuant to this Section 7.07, the Issuer’s obligations under Section 7.06 shall
continue for the benefit of the retiring Trustee. In no event shall the retiring Trustee be held responsible for the actions or
inactions of the successor trustee.

 

SECTION 7.08.     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 Securities
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 Securities so authenticated; and in case at that time any of the Securities shall
not have been authenticated, any successor to the Trustee may authenticate such Securities 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 Securities or in this Indenture provided that the certificate of the Trustee shall have.

 

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SECTION 7.09.     Eligibility;
Disqualification. There shall at all times be a Trustee hereunder that is a corporation organized and doing business under
the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee
power, that is subject to supervision or examination by federal or state authorities and that has combined capital and surplus
of at least $50,000,000 as set forth in its most recent published annual report of condition.

 

SECTION 7.10.     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; provided,
further, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee in
accordance with Section 7.07. Following receipt of a notice of resignation from any Agent, the Issuer shall promptly
give notice thereof to the Holders in accordance with Section 12.02.

 

(b)            If
any Agent gives notice of its resignation in accordance with this Section 7.10 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
reasonable costs and expenses 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.

 

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 Securities; Defeasance. This Indenture shall be discharged and shall cease to be of further effect as to
all outstanding Securities (except for certain rights of the Trustee and the Collateral Agent and the Issuer’s
obligations with respect thereto), and the Guarantors and the Liens on the Collateral securing the Securities will be
released without any further action by Holders, when:

 

(a)            either (i) all the Securities
theretofore authenticated and delivered (other than Securities pursuant to Section 2.08 which have been replaced or paid and
Securities for whose payment money has theretofore been deposited in trust) have been delivered to the Trustee for cancellation
or (ii) all of the Securities (a) have become due and payable, (b) will become due and payable within one year or
(c) have been or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer or any Guarantor has irrevocably
deposited or caused to be deposited with the Trustee (or an entity designated or appointed (as agent) by it for this purpose) money
or U.S. Government Obligations sufficient, in an opinion of an Independent Financial Advisor, which shall be delivered to the Trustee,
to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal
of, premium, if any, and interest on such Securities to the date of maturity or redemption together with irrevocable instructions
from the Issuer directing the Trustee to apply or cause to be applied such funds to the payment thereof at maturity or redemption,
as the case may be;

 

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(b)            the Issuer and/or the Guarantors
have paid all other sums payable under this Indenture; and

 

(c)            the Issuer has delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel (which may be subject to customary assumptions and exclusions)
each stating that all conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have
been complied with;

 

provided
that any such counsel may rely on such Officer’s Certificate as to matters of fact (including as to compliance with the foregoing
clauses (a) and (b)).

 

Subject to
Sections 8.01(c) and 8.02, the Issuer at any time may cure all then existing Events of Default and terminate
(i) all of its obligations and all obligations of the Guarantors under the Securities, this Indenture and the applicable
Security Documents (with respect to such Securities) (“legal defeasance option”) or (ii) its
obligations under Article 4 (other than Sections 4.01 and 4.12) and the operation of Section 5.01 and
Sections 6.01(c) (with respect to any Default under Article 4 (other than Sections 4.01 and 4.12)), 6.01(d),
6.01(e) (only with respect to Significant Subsidiaries of UK Holdco (other than the Issuer)), 6.01(f) (only with
respect to Significant Subsidiaries of UK Holdco (other than the Issuer)), 6.01(g), 6.01(h) , 6.01(i) or
6.01(j) (“covenant defeasance option”). The Issuer may exercise its legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option. In the event that the Issuer terminates all of its
obligations under the Securities and this Indenture (with respect to such Securities) by exercising its legal
defeasance option or its covenant defeasance option, the obligations of each Guarantor under its Guarantee of such Securities
shall be terminated simultaneously with the termination of such obligations, and the Liens, if any, on the Collateral of such
Guarantor securing the Securities, will be terminated.

 

If the Issuer exercises its legal defeasance
option, payment of the Securities so defeased may not be accelerated because of an Event of Default. If the Issuer exercises its
covenant defeasance option, payment of the Securities so defeased may not be accelerated because of an Event of Default specified
in Section 6.01(c) (with respect to any Default by UK Holdco or any of its Restricted Subsidiaries with any of its obligations
under Article 4 other than Sections 4.01 and 4.12), 6.01(d), 6.01(e) (only with respect to Significant Subsidiaries of
UK Holdco (other than the Issuer)), 6.01(f) (only with respect to Significant Subsidiaries of UK Holdco (other than the Issuer)),
6.01(g), 6.01(h), 6.01(i) or 6.01(j).

 

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
has terminated.

 

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(d)            Notwithstanding
clause (a) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 7.06, 7.07, 10.08(z) and
in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Issuer’s obligations in
Sections 7.06, 8.05, 8.06 and 10.08(z) shall survive such satisfaction and discharge.

 

SECTION 8.02.     Conditions
to Defeasance.

 

(a)            The
Issuer may exercise its legal defeasance option or its covenant defeasance option only if:

 

(i)    
         the Issuer irrevocably deposits in 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. Government Obligations or a
combination thereof sufficient (in the opinion of an Independent Financial Advisor, which shall be delivered to the Trustee),
for the payment of principal, premium (if any) and interest on the Securities to redemption or maturity, as the case may
be;

 

(ii)            the
Issuer delivers to the Trustee an Officer’s Certificate stating that the deposit was not made with the intent of defeating,
hindering, delaying or defrauding any creditors of the Issuer or any Guarantors or others;

 

(iii)            the
deposit does not constitute a default under any other material agreement or contract relating to Indebtedness binding on the Issuer
(other than a default resulting from borrowing funds to be applied to make the deposit required to effect such legal defeasance
or covenant defeasance and any similar and simultaneous deposit relating to such other Indebtedness and, in each case, the granting
of Liens in connection therewith);

 

(iv)           in
the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel (which Opinion
of Counsel may be subject to customary assumptions and exclusions) to the effect that the beneficial owners of the Securities
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 amounts, in the same manner and at the same times as would have been
the case if such deposit and defeasance had not occurred, provided that such Opinion of Counsel must be based on a
ruling received from, or published by, the Internal Revenue Service or a change in applicable U.S. federal income tax law
since the date of this Indenture;

 

(v)            in
the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel (which Opinion
of Counsel may be subject to customary assumptions and exclusions) to the effect that the beneficial owners of the Securities 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 amounts, in the same manner and at the same times as would have been the case if
such deposit and defeasance had not occurred; and

 

(vi)            the
Issuer delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject
to customary assumptions and exclusions), each stating that all conditions precedent to the defeasance and discharge of the Securities
to be so defeased and discharged as contemplated by this Article 8 have been complied with.

 

Notwithstanding the foregoing, the Opinion
of Counsel required by Section 8.02(a)(iv) above need not be delivered if all Securities not theretofore delivered to
the Trustee for cancellation (x) are due and payable within one year or (y) have been or will become due and payable
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Issuer.

 

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(b)            Before
or after a deposit, the Issuer may make arrangements satisfactory to the Trustee for the redemption of such Securities at a future
date in accordance with Article 3.

 

SECTION 8.03.     Application
of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations (including proceeds thereof) deposited
with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations through
each Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities so discharged
or defeased.

 

SECTION 8.04.     Repayment
to Issuer. Each of the Trustee and each Paying Agent shall promptly turn over to the Issuer upon request any money or U.S.
Government Obligations held by it as provided in this Article 8 which, in the written opinion of an Independent Financial
Advisor 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 U.S. Government Obligations. The Issuer 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 any Paying Agent is unable to apply any money or 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
Securities so discharged or defeased shall be revived and reinstated as though no deposit had occurred pursuant to this
Article 8 until such time as the Trustee or any Paying Agent is permitted to apply all such money or 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 such Securities because of the reinstatement of its obligations, the Issuer shall be
subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or any Paying Agent.

 

ARTICLE 9

 

AMENDMENT, SUPPLEMENT AND WAIVER

 

SECTION 9.01.     Without
Consent of the Holders. Notwithstanding Section 9.02 hereof, without notice to, or the consent of, any Holder, the Issuer,
the Trustee and the Collateral Agent, as applicable, may amend this Indenture, the Securities, the Guarantees or the Security
Documents to:

 

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(a)            cure any ambiguity, omission, mistake,
defect or inconsistency, as set forth in an Officer’s Certificate provided to the Trustee;

 

(b)            provide for the assumption by a
Successor Company of the obligations of the Issuer under this Indenture, the Securities and the Security Documents;

 

(c)            provide for the assumption by a
Successor Parent Guarantor or a Successor Guarantor of the obligations of UK Holdco or a Subsidiary Guarantor, as applicable, under
this Indenture, the Securities, the Guarantees and the Security Documents;

 

(d)            add to the covenants of UK Holdco
and its Restricted Subsidiaries for the benefit of the Holders or the Trustee or surrender any right or power conferred upon UK
Holdco or any Restricted Subsidiary;

 

(e)            make any change that does not adversely
affect the rights of any Holder in any material respect or that would provide any additional rights or benefits to the Holders;

 

(f)         
    provide for uncertificated Securities in addition to or in place of certificated Securities;

 

(g)            provide for the issuance of exchange
notes or private exchange notes;

 

(h)            comply
with Article 5 hereof;

 

(i)            (1) add
or release a Guarantee with respect to the Securities in accordance with the terms of this Indenture and the Security Documents
and in compliance with the provisions described under Article 11 or (2) add one or more co-issuers of the Securities
to the extent it does not result in adverse Tax consequences to the Holders;

 

(j)            provide
for the issuance of Additional Securities permitted to be Incurred under this Indenture;

 

(k)            conform
the text of this Indenture, the Securities, the Guarantees, the Security Documents or the First Lien Intercreditor Agreement to
any provision under the heading “Description of Notes” in the Offering Memorandum to the extent that such provision
was intended to be a verbatim recitation of a provision of this Indenture, the Securities, the Guarantees, the Security Documents
or the First Lien Intercreditor Agreement, as certified by the Issuer in an Officer’s Certificate provided to the Trustee
stating that any text to be so conformed constitutes an unintended conflict with the corresponding provision in the “Description
of Notes” in the Offering Memorandum;

 

(l)            evidence
and provide for the acceptance of appointment by a successor trustee; provided that the successor trustee is otherwise qualified
and eligible to act as such under the terms of this Indenture, the Securities and the Guarantees, or a successor Collateral Agent
under the Security Documents;

 

(m)            provide
for the succession of any parties to this Indenture, the Securities, the Guarantees and the Security Documents (and other amendments
that are administrative or ministerial in nature);

 

(n)            provide
for a reduction in the minimum denominations of the Securities;

 

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(o)            make
any amendment to the provisions of this Indenture relating to the transfer and legending of the Securities as permitted hereunder,
including, without limitation, to facilitate the issuance and administration of the Securities; provided that compliance
with this Indenture as so amended may not result in the Securities being transferred in violation of the Securities Act or any
applicable securities laws;

 

(p)            provide
for the assumption by one or more successors of the obligations of any of the Guarantors under this Indenture, the Securities and
the Guarantees;

 

(q)            comply
with the rules of any applicable securities depositary;

 

(r)         
    secure the Securities or the Guarantees or to add additional assets as Collateral;

 

(s)            release
Collateral from any Lien pursuant to this Indenture, the Security Documents, the First Lien Intercreditor Agreement or any Acceptable
Intercreditor Agreement to the extent permitted or required by this Indenture, the Security Documents, the First Lien Intercreditor
Agreement or any Acceptable Intercreditor Agreement;

 

(t)      
       mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee or the
Collateral Agent for the benefit of the Holders, as additional security for the payment and performance of all or any portion
of the Securities, in any property or assets, including any which are required to be mortgaged, pledged or hypothecated, or
in which a Lien is required to be granted to or for the benefit of the Trustee or the Collateral Agent pursuant to this
Indenture, any of the Security Documents or otherwise;

 

(u)            enter
into any Acceptable Intercreditor Agreement (including the First Lien Intercreditor Agreement) or any joinder thereto (including
to add additional secured parties);

 

(v)            in
the case of any Security Document, include therein any legend required to be set forth therein pursuant to the First Lien Intercreditor
Agreement or any Acceptable Intercreditor Agreement or to modify any such legend as required by the First Lien Intercreditor Agreement
or any Acceptable Intercreditor Agreement, or to make any changes that conform such Security Document to the security documents
in respect of the Credit Agreement; or

 

(w)            provide
for the succession of any parties to the Security Documents or any applicable Acceptable Intercreditor Agreement (including the
First Lien Intercreditor Agreement) (and other amendments that are administrative or ministerial in nature) in connection with
an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from
time to time of the Credit Agreement or any other agreement that is not prohibited by this Indenture.

 

In addition, without notice
to, or the consent of, any Holder, the Issuer, Holdings, UK Holdco, the Trustee and the Collateral Agent may amend the First
Lien Intercreditor Agreement and the Security Documents to provide for the addition of any creditors to such agreements to
the extent a pari passu lien for the benefit of such creditor is permitted by the terms of this Indenture and may
enter into an Acceptable Intercreditor Agreement with creditors for whom a junior lien on the Collateral is to be granted,
provided the Issuer delivers an Officer’s Certificate to the Trustee and Collateral Agent certifying that the terms
thereof are customary and that the Trustee and Collateral Agent are authorized to enter into such Acceptable Intercreditor
Agreement. Upon delivery of the aforementioned Officer’s Certificate, the Trustee and Collateral Agent may request an
Opinion of Counsel stating that they are authorized to enter into such Acceptable Intercreditor Agreement.

 

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Upon the request of the Issuer accompanied
by a resolution of the Board of Directors of the Issuer authorizing the execution of any supplemental indenture entered into to
effect any such amendment, supplement or waiver, and upon receipt by the Trustee of the documents described in Section 9.06,
the Trustee shall join with the Issuer in the execution of such supplemental indenture.

 

SECTION 9.02.     With
Consent of the Holders. Except as otherwise provided in Section 9.01 or this Section 9.02, the Issuer, the Trustee,
and the Collateral Agent may amend this Indenture, the Securities, the Guarantees or the Security Documents, with the consent
of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding voting as a single class
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for the
Securities) and any existing or past default or compliance with any provisions of such documents may be waived with the consent
of the Holders of a majority in principal amount of the Securities then outstanding (including, without limitation, consents obtained
in connection with the purchase of, or tender offer or exchange offer for, Securities). However, without the consent of each Holder
of an outstanding Security affected, no amendment may (with respect to any Securities held by a non-consenting Holder):

 

(a)            reduce the percentage of the aggregate
principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(b)            reduce the rate of or extend the
time for payment of interest or Additional Amounts, if any, on any Security;

 

(c)            reduce the principal of or change
the Stated Maturity of any Security;

 

(d)            reduce the premium payable upon
the redemption of any Security or change the time at which any Security may be redeemed in accordance with Article 3;

 

(e)            make any Security payable in money
other than that stated in such Security;

 

(f)            impair the right of any Holder to
receive payment of principal of, premium, if any, and interest on such Holder’s Securities on or after the due dates therefor
or to institute suit for the enforcement of any payment on or with respect to such Holder’s Securities;

 

(g)            make any change in Section 6.04
or 6.07 or the second sentence of this Section 9.02;

 

(h)            expressly subordinate the Securities
or any Guarantee related thereto or otherwise modify the ranking thereof to any other Indebtedness of the Issuer or any Guarantor;

 

(i)            modify the Guarantees in any manner
adverse to the Holders other than as contemplated in Sections 11.02(b) and (c) hereof; or

 

(j)            make
any change in the provision of this Indenture described under Section 2.16 that adversely affects the right of any Holder
of such Securities in any material respect or amends the terms of such Securities in a way that would result in a loss of an exemption
from any of the Taxes described thereunder or an exemption from any obligation to withhold or deduct Taxes so described thereunder
unless the Issuer and the Guarantors agree to pay Additional Amounts, if any, in respect thereof.

 

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It shall not be necessary for the
consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, waiver or
consent, but it shall be sufficient if such consent approves the substance thereof. For the avoidance of doubt, no amendment
to, or deletion of any of the covenants described under Article 4 or Section 5.01, shall be deemed to impair or
affect any rights of Holders to receive payment of principal of, or premium, if any, or interest on, the Securities.

 

Upon the request of the Issuer accompanied
by a resolution of the Board of Directors of the Issuer authorizing the execution of any supplemental indenture entered into to
effect any such amendment, supplement or waiver, and upon receipt by the Trustee of the documents described in Section 9.06,
the Trustee, subject to its rights in Section 9.06, shall join with the Issuer in the execution of such supplemental indenture.

 

In addition, without the consent of the Holders
of at least 662⁄3% in principal amount of the Securities then outstanding, no amendment, supplement or waiver may modify any
Security Document or the provisions in this Indenture dealing with the Collateral or the Security Documents that would have the
impact of releasing all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by
the terms of this Indenture and the Security Documents) or change or alter the priority of the security interests in the Collateral.

 

SECTION 9.03.     [Reserved].

 

SECTION 9.04.     Revocation
and Effect of Consents and Waivers.

 

(a)            A
consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security
or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent
or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as to such
Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date on which the
consent 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 consents by the Holders of the requisite principal
amount of Securities, (ii) satisfaction of conditions to effectiveness as set forth in this Indenture and any supplemental
indenture 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
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 9.04(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 9.05.     Notation
on or Exchange of Securities. If an amendment, supplement or waiver changes the terms of a Security, the Issuer may require
the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the Security regarding
the changed terms and return it to the Holder. Alternatively, if the Issuer so determines, the Issuer in exchange for the Security
shall issue and upon receipt of an Authentication Order the Trustee (or its Authenticating Agent) shall authenticate a new Security
that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity
of such amendment, supplement or waiver.

 

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SECTION 9.06.     Trustee
and Collateral Agent to Sign Amendments. The Trustee and Collateral Agent shall sign any amendment, supplement or waiver
(including any amended or supplemental indenture, security documents or intercreditor agreements) authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the
Trustee or the Collateral Agent, as applicable. If it does, the Trustee and the Collateral Agent, as applicable, may but need
not sign it. In signing such amendment, the Trustee and the Collateral Agent shall be entitled to receive indemnity
satisfactory to it and shall be provided with, and (subject to Section 7.01) shall be fully protected in relying upon,
an Officer’s Certificate and Opinion of Counsel stating that such amendment, supplement or waiver is authorized or
permitted by this Indenture.

 

SECTION 9.07.     Additional
Voting Terms. All Securities issued under this Indenture shall vote and consent together on all matters (as to which any of
such Securities may vote) as one class and no series of Securities will have the right to vote or consent as a separate class
on any matter.

 

ARTICLE 10

 

COLLATERAL

 

SECTION 10.01.  Security
Documents.

 

(a)            Subject
to the Guaranty and Security Principles, the due and punctual payment of the principal of, premium and interest (including Additional
Amounts, if any) on the Securities 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 and interest on the Securities
and performance of all other Obligations of the Issuer and the Guarantors to the Holders or the Trustee under this Indenture, the
Securities, the Guarantees and the Security Documents, according to the terms hereunder or thereunder, shall be secured as provided
in the Security Documents, which define the terms of the Liens that secure the Notes Obligations, subject to the terms of the First
Lien Intercreditor Agreement. The Trustee and the Issuer hereby acknowledge and agree that the Collateral Agent holds the security
interest in the Collateral for the benefit of itself, the Holders and the Trustee and pursuant to the terms of this Indenture,
the Security Documents and the First Lien Intercreditor Agreement. Each Holder, by accepting a Security, and each beneficial owner
of an interest in a Security, consents and agrees to the terms of the Security Documents (including the provisions providing for
the possession, use, release and foreclosure of Collateral) and the First Lien Intercreditor Agreement as the same may be in effect
or may be amended from time to time in accordance with their terms and this Indenture and the First Lien Intercreditor Agreement,
and authorizes and directs the Collateral Agent to enter into the Security Documents and the First Lien Intercreditor Agreement
and to perform its obligations and exercise its rights thereunder in accordance therewith. Subject to the Guaranty and Security
Principles, the Issuer shall deliver to the Collateral Agent copies of all documents required to be filed pursuant to the Security
Documents to which the Collateral Agent is a party, and will do or cause to be done all such acts and things as may be reasonably
required by the next sentence of this Section 10.01, to provide to the Collateral Agent the security interest in the Collateral
contemplated hereby and/or by the Security Documents or any part thereof, as from time to time constituted, so as to render the
same available for the security and benefit of this Indenture and of the Securities secured hereby, according to the intent and
purposes herein expressed. Subject to the Guaranty and Security Principles, the Issuer shall, and shall cause the Subsidiaries
of the Issuer to, take any and all actions and make all filings (including the filing of UCC financing statements, continuation
statements and amendments thereto (or analogous procedures under the applicable laws in the relevant Security Jurisdiction)) required
to cause the Security Documents to create and maintain, as security for the Notes Obligations of the Issuer and the Guarantors
to the Notes Secured Parties, a valid and enforceable perfected Lien and security interest in and on all of the Collateral (subject
to the terms of the First Lien Intercreditor Agreement, any other Acceptable Intercreditor Agreement and the Security Documents),
in favor of the Collateral Agent for the benefit of the Holders and the Trustee subject to no Liens other than Permitted Liens.

 

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(b)            The
security interest in the Collateral securing the Securities owned by the Issuer, Holdings, UK Holdco or any Guarantor
organized in the United States or a state thereof will be provided on the Issue Date. The security interest in all other
Collateral securing the Securities will not be required to be provided on the Issue Date (provided that the Issuer shall use
its commercially reasonable efforts to provide such security interest on the Issue Date), but will be required to be provided
no later than five Business Days after the Issue Date (or such later date as the Credit Agreement Collateral Agent may agree
in its reasonable discretion, which agreement shall also apply in respect of the Securities). The security interest in the
Collateral securing the Securities that is capable of perfection by filing of a UCC financing statement will be perfected
substantially concurrently with the grant of such security interest and otherwise in accordance with the applicable Security
Documents (or such later date as the Credit Agreement Collateral Agent may agree in its reasonable discretion, which
agreement shall also apply in respect of the Securities).

 

(c)            To
the extent any Capital Stock of any Subsidiary of Holdings would constitute Rule 3-16 Capital Stock, such Capital Stock shall
automatically be deemed not to be part of the Collateral securing the Securities and the Guarantees (but only to the extent necessary
for such Subsidiary to not be subject to the requirement to file separate financial statements of such Subsidiary with the SEC
(or any other governmental authority) pursuant to Rule 3-10 or 3-16 of Regulation S-X under the Securities Act (or any successor
regulation) or any other requirement of law in effect from time to time). In such event, the Security Documents may be amended
or modified, without the consent of any Holder, to the extent necessary to release the security interests on the Rule 3-16
Capital Stock that are so deemed to no longer constitute part of the Collateral securing the Securities and the Guarantees.

 

(d)            Notwithstanding
any provision hereof to the contrary, the provisions of this Article 10 are qualified in their entirety by the Guaranty and
Security Principles and neither the Issuer nor any Guarantor shall be required pursuant to this Indenture or any Security Document
to take any action that would be inconsistent with the Guaranty and Security Principles.

 

SECTION 10.02. Release
of Collateral.

 

(a)            The
Liens securing the Securities will be automatically released, all without delivery of any instrument or performance of any act
by any party, at any time and from time to time under one or more of the following circumstances:

 

(i)            in
whole upon:

 

(A)            payment
in full of the principal of, together with accrued and unpaid interest (including Additional Amounts, if any) on, the Securities
and all other Obligations under this Indenture, the Guarantees and the Security Documents (for the avoidance of doubt, other than
contingent Obligations in respect of which no claims have been made) that are due and payable at or prior to the time such principal,
together with accrued and unpaid interest, are paid;

 

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(B)            satisfaction
and discharge of this Indenture with respect to the Securities as set forth under Section 8.01; or

 

(C)            the
Issuer’s exercise of its legal defeasance option or covenant defeasance option in respect of this Indenture with respect
to the Securities in accordance with Sections 8.01 and 8.02 hereof, as applicable;

 

(ii)            in
whole or in part, with the consent of Holders of the requisite percentage of Securities in accordance with Article 9 of this
Indenture;

 

(iii)            in
part, as to any asset:

 

(A)            (I) 
constituting Collateral that is sold, transferred or otherwise disposed of by the Issuer or any of the Guarantors to any Person
that is not the Issuer or a Guarantor in a transaction not prohibited by this Indenture (to the extent of the interest sold or
disposed of) (but excluding any transaction subject to Section 5.01 hereof where the recipient is required to become the obligor
on the Securities or a Guarantor hereunder),

 

(B)            that
is held by a Guarantor upon release of a Guarantee (with respect to Liens securing such Guarantee granted by such Guarantor) (including,
so long as any Obligations remain outstanding under the Credit Agreement (or any refinancing thereof with other First Priority
Lien Obligations) upon release of such Guarantor as a guarantor or borrower under the Credit Agreement for any reason),

 

(C)            that
becomes an Excluded Asset, including so long as the Credit Agreement is outstanding, any asset that is not pledged to secure obligations
arising in respect of the Credit Agreement (whether pursuant to the terms of the Credit Agreement (and any related documents) or
as a result of any determination made thereunder, or by amendment, waiver or otherwise) and thereby becomes an Excluded Asset,

 

(D)            in
the case of any Collateral subject to the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement, in
accordance with the terms thereof (including upon the taking of enforcement action by any representative that is “controlling”
thereunder), or

 

(E)            that
is otherwise released in accordance with, and as expressly provided for, by the terms of any Security Document,

 

(b)            With
respect to any release of Collateral or release of the Securities from the Liens securing the Securities, upon receipt of an Officer’s
Certificate and an Opinion of Counsel stating that all conditions precedent under this Indenture and the Security Documents (and
the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement, as applicable), to such release have been
met and that it is permitted for the Trustee and/or the Collateral Agent to execute and deliver the documents requested by the
Issuer in connection with such release, and any necessary or proper instruments of termination, satisfaction, discharge or release
prepared by the Issuer, the Trustee shall, or shall cause the Collateral Agent to, execute, deliver or acknowledge (at the Issuer’s
expense) such instruments or releases (whether electronically or in writing) to evidence, and shall do or cause to be done all
other acts reasonably necessary to effect, in each case as soon as reasonably practicable, the release and discharge of any Collateral
or any Securities permitted to be released pursuant to this Indenture, the Security Documents, the First Lien Intercreditor Agreement
or such other Acceptable Intercreditor Agreement. Neither the Trustee nor the Collateral Agent shall be liable for any such release
undertaken in reliance upon any such Officer’s Certificate or Opinion of Counsel, and notwithstanding any term hereof or
in any Security Document or in the First Lien Intercreditor Agreement or in any other Acceptable Intercreditor Agreement to the
contrary, but without limiting any automatic release provided hereunder or under any Security Document, the Trustee and the Collateral
Agent shall not be under any obligation to release any such Lien and security interest, or execute and deliver any such instrument
of release, satisfaction, discharge or termination, unless and until it receives such Officer’s Certificate and Opinion of
Counsel.

 

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SECTION 10.03.
      Suits to Protect the Collateral. Subject
to the provisions of Article 7 hereof and the Security Documents and the First Lien Intercreditor Agreement, the
Trustee, without the consent of the Holders, on behalf of the Holders, following the occurrence of an Event of Default that
is continuing, may or may instruct the Collateral Agent in writing to take all actions it reasonably determines are necessary
in order to:

 

a)     
        enforce any of the terms of the Security Documents; and

 

b)     
        collect and receive any and all amounts payable in respect of the Obligations
hereunder.

 

Subject to the provisions of the
Security Documents and the First Lien Intercreditor Agreement, the Trustee and the Collateral Agent shall have power to
institute and to maintain such suits and proceedings as the Trustee may deem expedient to prevent any impairment of the
Collateral by any acts which may be unlawful or in violation of any of the Security Documents or this Indenture, and such
suits and proceedings as the Trustee may determine to preserve or protect its interests and the interests of the Holders in
the Collateral. Nothing in this Section 10.03 shall be considered to impose any such duty or obligation to act on the
part of the Trustee or the Collateral Agent.

 

SECTION 10.04.
      Authorization of Receipt of Funds by the Trustee Under the Security Documents. Subject
to the provisions of the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement, the Trustee is
authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further
distributions of such funds to the Holders according to the provisions of this Indenture.

 

SECTION 10.05.
      Purchaser Protected. In no event shall any purchaser or other transferee in good faith
of any property or asset purported to be released hereunder be bound to ascertain the authority of the Collateral Agent or
the Trustee to execute the release or to inquire as to the satisfaction of any conditions required by the provisions hereof
for the exercise of such authority or to see to the application of any consideration given by such purchaser or other
transferee; nor shall any purchaser or other transferee of any property, asset or rights permitted by this Article 10 to
be sold be under any obligation to ascertain or inquire into the authority of the Issuer or the applicable Guarantor to make
any such sale or other transfer.

 

SECTION 10.06.
      Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the
possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article 10 upon the Issuer or a
Guarantor with respect to the release, sale or other disposition of such property or asset may be exercised by such receiver
or trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of
the Issuer or a Guarantor or of any Officer or Officers thereof required by the provisions of this Article 10; and if
the Trustee shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be
exercised by the Trustee.

 

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SECTION 10.07.
      Release Upon Termination of the Issuer’s Obligations. In the event that the Issuer
delivers to the Trustee an Officer’s Certificate certifying that (i) payment in full of the principal of, together
with accrued and unpaid interest on, the Securities and all other Notes Obligations that are due and payable at or prior to
the time such principal, together with accrued and unpaid interest, are paid or (ii) the Issuer shall have exercised its
legal defeasance option or its covenant defeasance option, in each case in accordance with Section 8.01 and 8.02 hereof,
as applicable, and an Opinion of Counsel stating that all conditions precedent to the execution and delivery of such notice
by the Trustee have been satisfied, the Trustee shall deliver to the Issuer and the Collateral Agent a notice, in form
reasonably satisfactory to the Collateral Agent, stating that the Trustee, on behalf of the Holders, disclaims and gives up
any and all rights it has in or to the Collateral solely on behalf of the Holders of the Securities without representation,
warranty or recourse (other than with respect to funds held by the Trustee pursuant to Section 8.03 hereof, as
applicable), and any rights it has under the Security Documents solely on behalf of the Holders of the Securities and upon
receipt by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in the Collateral on
behalf of the Trustee and shall execute and deliver all documents and do or cause to be done (at the expense of the
Issuer) all acts reasonably requested by the Issuer to release and discharge such Lien as soon as is reasonably
practicable.

 

SECTION 10.08.
      Collateral Agent.

 

(a)            The
Issuer and each of the Holders by acceptance of the Securities, and each beneficial owner of an interest in a Security,
hereby designates and appoints the Collateral Agent as its agent under this Indenture, the Security Documents, the First Lien
Intercreditor Agreement and any other Acceptable Intercreditor Agreement and the Issuer directs and authorizes and each of
the Holders by acceptance of the Securities hereby irrevocably authorizes the Collateral Agent to take such action on its
behalf under the provisions of this Indenture, the Security Documents and the First Lien Intercreditor Agreement and to
exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms of this
Indenture, the Security Documents, the First Lien Intercreditor Agreement any other Acceptable Intercreditor Agreement, and
consents and agrees to the terms of the First Lien Intercreditor Agreement, each Security Document and any other Acceptable
Intercreditor Agreement, as the same may be in effect or may be amended, restated, supplemented or otherwise modified from
time to time in accordance with their respective terms or the terms of this Indenture. The Collateral Agent agrees to act as
such on the express conditions contained in this Section 10.08. The provisions of this Section 10.08 are solely for
the benefit of the Collateral Agent and none of the Trustee, any of the Holders nor any of the Grantors shall have any rights
as a third party beneficiary of any of the provisions contained herein. Each Holder agrees that any action taken by the
Collateral Agent in accordance with the provision of this Indenture, the First Lien Intercreditor Agreement any other
Acceptable Intercreditor Agreement and/or the applicable Security Documents, and the exercise by the Collateral Agent of any
rights or remedies set forth herein and therein shall be authorized and binding upon all Holders. Notwithstanding any
provision to the contrary contained elsewhere in this Indenture, the Security Documents, the First Lien Intercreditor
Agreement and any other Acceptable Intercreditor Agreement, the duties of the Collateral Agent shall be ministerial and
administrative in nature, and the Collateral Agent shall not have any duties or responsibilities, except those expressly set
forth herein and in the other Notes Documents to which the Collateral Agent is a party, nor shall the Collateral Agent have
or be deemed to have any trust or other fiduciary relationship with the Trustee, any Holder or any Grantor, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture, the Security
Documents, the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement or otherwise exist against
the Collateral Agent. Without limiting the generality of the foregoing sentence, the use of the term “agent” in
this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express)
obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market
custom, and is intended to create or reflect only an administrative relationship between independent contracting parties.

 

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(b)            The
Collateral Agent may perform any of its duties under this Indenture, the Security Documents or the First Lien Intercreditor Agreement
by or through receivers, agents, employees, attorneys-in-fact or with respect to any specified Person, such Person’s Affiliates,
and the respective officers, directors, employees, agents, advisors and attorneys-in-fact of such Person and its Affiliates (a
 “Related Person”), and shall be entitled to advice of counsel concerning all matters pertaining to such duties,
and shall be entitled to act upon, and shall be fully protected in taking action in reliance upon any advice or opinion given by
legal counsel. The Collateral Agent shall not be responsible for the negligence or willful misconduct of any receiver, agent, employee,
attorney-in-fact or Related Person that it selects as long as such selection was made in good faith.

 

(c)            Neither
the Collateral Agent nor any of its Related Persons shall (i) be liable for any action taken or omitted to be taken by any
of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own gross negligence
or willful misconduct) or under or in connection with any Security Document or the First Lien Intercreditor Agreement or any other
Acceptable Intercreditor Agreement or the transactions contemplated thereby (except for its own gross negligence or willful misconduct),
or (ii) be responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty,
covenant or agreement made by the Issuer or any other Grantor or Affiliate of any Grantor, or any Officer or Related Person thereof,
contained in this Indenture, or any other Notes Documents, or in any certificate, report, statement or other document referred
to or provided for in, or received by the Collateral Agent under or in connection with, this Indenture, the Security Documents
or the First Lien Intercreditor Agreement, or the validity, effectiveness, genuineness, enforceability or sufficiency of this Indenture,
the Security Documents, the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement, or for any failure
of any Grantor or any other party to this Indenture, the Security Documents, the First Lien Intercreditor Agreement or any other
Acceptable Intercreditor Agreement to perform its obligations hereunder or thereunder. No Collateral Agent nor any of their respective
Related Persons shall be under any obligation to the Trustee or any Holder to ascertain or to inquire as to the observance or performance
of any of the agreements contained in, or conditions of, this Indenture, the Security Documents, the First Lien Intercreditor Agreement
or any other Acceptable Intercreditor Agreement or to inspect the properties, books, or records of any Grantor or any Grantor’s
Affiliates.

 

(d)            The
Collateral Agent shall be entitled (in the absence of bad faith) to rely, and shall be fully protected in relying, upon any
writing, resolution, notice, consent, certificate, affidavit, letter, telegram, facsimile, certification, telephone message,
statement, or other communication, document or conversation (including those by telephone or e-mail) believed by it to be
genuine and correct and to have been signed, sent, or made by the proper Person or Persons, and upon advice and statements of
legal counsel (including, without limitation, counsel to the Issuer or any other Grantor), independent accountants and/or
other experts and advisors selected by the Collateral Agent. No Collateral Agent shall be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, or other paper or document. Unless otherwise expressly required hereunder or
pursuant to any Security Document, the Collateral Agent shall be fully justified in failing or refusing to take any action
under this Indenture, the Security Documents or the First Lien Intercreditor Agreement unless it shall first receive such
written advice or concurrence of the Trustee or the Holders of a majority in aggregate principal amount of the Securities as
it determines and, if it so requests, it shall first be indemnified to its satisfaction by the Holders against any and all
liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Collateral
Agent shall in all cases be fully protected from claims by any Holders in acting, or in refraining from acting, under this
Indenture, the Security Documents or the First Lien Intercreditor Agreement in accordance with a request, direction,
instruction or consent of the Trustee or the Holders of a majority in aggregate principal amount of the then outstanding
Notes and such request and any action taken or failure to act pursuant thereto shall be binding upon all of the Holders.

 

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(e)            No
Collateral Agent shall be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless a Trust
Officer of the Collateral Agent shall have received written notice from the Trustee or the Issuer referring to this Indenture,
describing such Default or Event of Default and stating that such notice is a “notice of default.” The Collateral Agent
shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article 6
or the Holders of a majority in aggregate principal amount of the Securities (subject to this Section 10.08).

 

(f)     
        The Collateral Agent may resign at any time by notice to the Trustee and the
Issuer, such resignation to be effective upon the acceptance of a successor agent to its appointment as Collateral Agent. If
the Collateral Agent resigns under this Indenture, the Issuer shall appoint a successor collateral agent. If no successor
collateral agent is appointed prior to the intended effective date of the resignation of the Collateral Agent (as stated in
the notice of resignation), the Collateral Agent may appoint, after consulting with the Trustee, subject to the consent of
the Issuer (which shall not be unreasonably withheld and which shall not be required during a continuing Event of Default), a
successor collateral agent. If no successor collateral agent is appointed and consented to by the Issuer pursuant to the
preceding sentence within thirty (30) days after the intended effective date of resignation (as stated in the notice of
resignation) the Collateral Agent shall be entitled to petition a court of competent jurisdiction to appoint a successor.
Upon the acceptance of its appointment as successor collateral agent hereunder, such successor collateral agent shall succeed
to all the rights, powers and duties of the retiring Collateral Agent, and the term “Collateral Agent” shall mean
such successor collateral agent, and the retiring Collateral Agent’s appointment, powers and duties as the
Collateral Agent shall be terminated. After the retiring Collateral Agent’s resignation hereunder, the provisions of
this Section 10.08 (and Section 7.06) shall continue to inure to its benefit and the retiring Collateral Agent
shall not by reason of such resignation be deemed to be released from liability as to any actions taken or omitted to be
taken by it while it was the Collateral Agent under this Indenture.

 

(g)            The
Issuer and each of the Holders by its acceptance of the Securities, and each beneficial owner of an interest in a Security, hereby
authorizes the Trustee and the Collateral Agent, respectively, to appoint co-collateral agents, sub-agents and other additional
Collateral Agents (and, in each case, appointment of such person shall be reflected in documentation, which the Trustee and the
Collateral Agent are hereby authorized to enter into) as the Collateral Agent deems necessary or appropriate. Except as otherwise
explicitly provided herein or in the Security Documents or the First Lien Intercreditor Agreement, no Collateral Agent nor any
of its respective officers, directors, employees or agents or other Related Persons shall be liable for failure to demand, collect
or realize upon any of the Collateral or for any delay in doing so or shall be under any obligation to sell or otherwise dispose
of any Collateral upon the request of any other Person or to take any other action whatsoever with regard to the Collateral or
any part thereof. The Collateral Agent shall be accountable only for amounts that it actually receives as a result of the exercise
of such powers, and neither the Collateral Agent nor any of their respective officers, directors, employees or agents shall be
responsible for any act or failure to act hereunder, except for its own gross negligence or willful misconduct.

 

(h)            The
Collateral Agent is authorized and directed to (i) enter into the Security Documents to which it is party, whether executed
on or after the Issue Date, (ii) enter into the First Lien Intercreditor Agreement, (iii) enter into any Acceptable Intercreditor
Agreement, (iv) make the representations of the Holders set forth in the Security Documents, the First Lien Intercreditor
Agreement or any other Acceptable Intercreditor Agreement, (v) bind the Holders on the terms as set forth in the Security
Documents, the First Lien Intercreditor Agreement or any other Acceptable Intercreditor Agreement and (vi) perform and observe
its obligations under the Security Documents, the First Lien Intercreditor Agreement and any other Acceptable Intercreditor Agreement.

 

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(i)       
      If applicable, the Collateral Agent is each Holder’s agent for the purpose of
perfecting the Holders’ security interest in assets which, in accordance with Article 9 of the UCC can be
perfected only by possession. Should the Trustee obtain possession of any such Collateral, upon request from the Issuer, the
Trustee shall notify the Collateral Agent thereof and promptly shall deliver such Collateral to the Collateral Agent or
otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions.

 

(j)      
       The Collateral Agent shall not have any obligation whatsoever to the Trustee or
any of the Holders to assure that the Collateral exists or is owned by any Grantor or is cared for, protected, or insured or
has been encumbered, or that the Collateral Agent’s Liens have been properly or sufficiently or lawfully created,
perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all or the
Grantor’s property constituting collateral intended to be subject to the Lien and security interest of the Security
Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity,
marketability or sufficiency thereof or title thereto, or to exercise at all or in any particular manner or under any duty of
care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to
the Collateral Agent pursuant to this Indenture, any Security Document or the First Lien Intercreditor Agreement other than
pursuant to the instructions of the Trustee or the Holders of a majority in aggregate principal amount of the Securities or
as otherwise provided in the Security Documents, it being understood and agreed that in respect of the Collateral, or any
act, omission, or event related thereto, no Collateral Agent shall have any other duty or liability whatsoever to the
Trustee or any Holder or any other Collateral Agent as to any of the foregoing.

 

(k)         
    If the Issuer or any Guarantor incurs any obligations in respect of First Priority Lien Obligations
that is permitted by the terms of this Indenture at any time when neither the First Lien Intercreditor Agreement nor any
other intercreditor agreement in respect of the First Priority Lien Obligations is in effect or at any time when Indebtedness
constituting First Priority Lien Obligations entitled to the benefit of such First Lien Intercreditor Agreement or other
intercreditor agreement is concurrently retired, or incurs any other obligations permitted hereunder and required to be
subject to an intercreditor agreement, subject to the second paragraph of Section 9.01 hereof, the Collateral Agent and
the Trustee (as applicable) are hereby authorized and directed to enter into such intercreditor agreement (at the sole
expense and cost of the Issuer, including legal fees and expenses of the Collateral Agent), bind the Holders on the terms set
forth therein and perform and observe its obligations thereunder; provided that such intercreditor agreement is an
Acceptable Intercreditor Agreement.

 

(l)       
      If the Issuer or any Guarantor (incurs any obligations in respect of Indebtedness on
which a junior lien on the Collateral is to be granted that is permitted by the terms of this Indenture, subject to the
second paragraph of Section 9.01 hereof, the Collateral Agent and the Trustee (as applicable) are hereby authorized and
directed to enter into such intercreditor agreement (at the sole expense and cost of the Issuer, including legal fees and
expenses of the Collateral Agent), bind the Holders on the terms set forth therein and perform and observe its obligations
thereunder; provided that such intercreditor agreement is an Acceptable Intercreditor Agreement.

 

(m)            No
provision of this Indenture, the First Lien Intercreditor Agreement or any Security Document shall require the Collateral
Agent (or the Trustee) to expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder or thereunder or to take or omit to take any action hereunder or thereunder or take any action at the
request or direction of Holders (or the Trustee in the case of the Collateral Agent) unless it shall have first received
indemnity satisfactory to the Collateral Agent against potential costs and liabilities incurred by the Collateral Agent
relating thereto. Notwithstanding anything to the contrary contained in this Indenture, the First Lien Intercreditor
Agreement or the Security Documents, in the event the Collateral Agent is entitled or required to commence an action to
foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral Agent shall
not be required to commence any such action or exercise any remedy or to inspect or conduct any studies of any property under
the mortgages or take any such other action if the Collateral Agent has determined that it may incur personal liability as a
result of the presence at, or release on or from, the Collateral or such property, of any hazardous substances unless the
Collateral Agent has received security or indemnity from the Holders in an amount and in a form all satisfactory to the
Collateral Agent in its sole discretion, protecting the Collateral Agent from all such liability. The Collateral Agent shall
at any time be entitled to cease taking any action described in this Section 10.08(m) if it no longer reasonably
deems any indemnity, security or undertaking from the Issuer or the Holders to be sufficient.

 

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(n)            The
Collateral Agent (i) shall not be liable for any action taken or omitted to be taken by it in connection with this Indenture,
the First Lien Intercreditor Agreement and the Security Documents or instrument referred to herein or therein, except to the extent
that any of the foregoing are found by a final, non-appealable judgment of a court of competent jurisdiction to have resulted from
its own gross negligence or willful misconduct, (ii) shall not be liable for interest on any money received by it except as
the Collateral Agent may agree in writing with the Issuer (and money held in trust by the Collateral Agent (a) shall be held
uninvested without liability for interest, unless otherwise agreed in writing, (b) shall be held in a non-interest bearing
trust account and (c) shall not be segregated from other funds except to the extent required by law) and (iii) may consult
with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization
and protection from liability in respect of any action taken, omitted or suffered by it in good faith and in accordance with the
advice or opinion of such counsel. The grant of permissive rights or powers to the Collateral Agent shall not be construed to impose
duties to act.

 

(o)            Neither
the Collateral Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond its control.
Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations
superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters.
Neither the Collateral Agent nor the Trustee shall be liable for any indirect, special, punitive, incidental or consequential damages
(included but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof and regardless of
the form of action.

 

(p)            The
Collateral Agent assumes no responsibility for any failure or delay in performance or any breach by the Issuer or any other Grantor
under this Indenture, the First Lien Intercreditor Agreement, any other Acceptable Intercreditor Agreement or the Security Documents.
The Collateral Agent shall not be responsible to the Holders or any other Person for any recitals, statements, information, representations
or warranties contained in any Notes Documents or in any certificate, report, statement, or other document referred to or provided
for in, or received by the Collateral Agent under or in connection with, this Indenture, the First Lien Intercreditor Agreement
any other Acceptable Intercreditor Agreement or any Security Document; the execution, validity, genuineness, effectiveness or enforceability
of the First Lien Intercreditor Agreement, any other Acceptable Intercreditor Agreement or any Security Document of any other party
thereto; the genuineness, enforceability, collectability, value, sufficiency, location or existence of any Collateral, or the validity,
effectiveness, enforceability, sufficiency, extent, perfection or priority of any Lien therein; the validity, enforceability or
collectability of any Obligations; the assets, liabilities, financial condition, results of operations, business, creditworthiness
or legal status of any obligor; or for any failure of any obligor to perform its Obligations under this Indenture, the First Lien
Intercreditor Agreement, any other Acceptable Intercreditor Agreement or any Security Document. The Collateral Agent shall not
have any obligation to any Holder or any other Person to ascertain or inquire into the existence of any Default or Event of Default,
the observance or performance by any obligor of any terms of this Indenture, the First Lien Intercreditor Agreement, any other
Acceptable Intercreditor Agreement, the Credit Agreement or any Security Document, or the satisfaction of any conditions precedent
contained in this Indenture, the First Lien Intercreditor Agreement, any other Acceptable Intercreditor Agreement or any Security
Document. The Collateral Agent shall not be required to initiate or conduct any litigation or collection or other proceeding under
this Indenture, the First Lien Intercreditor Agreement, any other Acceptable Intercreditor Agreement or any Security Document unless
expressly set forth hereunder or thereunder. Without limiting its obligations as expressly set forth herein, the Collateral Agent
shall have the right at any time to seek instructions from the Holders with respect to the administration of the Notes Documents.

 

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(q)            The
parties hereto and the Holders hereby agree and acknowledge that the Collateral Agent shall not assume, be responsible for
or otherwise be obligated for any liabilities, claims, causes of action, suits, losses, allegations, requests, demands,
penalties, fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs (including
but not limited to, any remediation, corrective action, response, removal or remedial action, or investigation, operations
and maintenance or monitoring costs, for personal injury or property damages, real or personal) of any kind whatsoever,
pursuant to any environmental law as a result of this Indenture, the First Lien Intercreditor Agreement, any other Acceptable
Intercreditor Agreement, any Security Document or any actions taken pursuant hereto or thereto. Further, the parties hereto
and the Holders hereby agree and acknowledge that in the exercise of its rights under this Indenture, the First Lien
Intercreditor Agreement, any other Acceptable Intercreditor Agreement and the Security Documents, the Collateral Agent may
hold or obtain indicia of ownership primarily to protect the security interest of the Collateral Agent in the Collateral and
that any such actions taken by the Collateral Agent shall not be construed as or otherwise constitute any participation in
the management of such Collateral. However, if the Collateral Agent is required to acquire title to an asset pursuant to this
Indenture which in the Collateral Agent’s reasonable discretion may cause the Collateral Agent to be considered an
 “owner or operator” under the provisions of the Comprehensive Environmental Response, Compensation and Liability
Act (“CERCLA”), 42 U.S.C. §9601, et seq., or otherwise cause the Collateral Agent to incur liability
under CERCLA or any equivalent federal, state or local law, the Collateral Agent reserves the right, instead of taking such
action, to either resign as the Collateral Agent hereunder or arrange for the transfer of the title or control of the asset
to a court-appointed receiver.

 

(r)       
      Upon the receipt by the Collateral Agent of an Officer’s Certificate and an
Opinion of Counsel, the Collateral Agent is hereby authorized to execute and enter into, and shall execute and enter into,
without the further consent of any Holder or the Trustee, any Security Document to be executed after the Issue Date that is
permitted to be entered into pursuant to this Indenture or the Security Documents. Such Officer’s Certificate and an
Opinion of Counsel shall (i) state that it is being delivered to the Collateral Agent pursuant to this
Section 10.08(r), and (ii) instruct the Collateral Agent to execute and enter into such Security Document, and such
Officer’s Certificate shall state that such Security Document is permitted to be entered into pursuant to this
Indenture. Any such execution of a Security Document shall be at the direction and expense of the Issuer, upon delivery to
the Collateral Agent of an Officer’s Certificate and an Opinion of Counsel stating that all conditions precedent (if
any) to the execution and delivery of the Security Document have been satisfied. The Holders, by their acceptance of the
Securities, hereby authorize and direct the Collateral Agent to execute such Security Documents.

 

(s)            Subject
to the provisions of the applicable Security Documents and the First Lien Intercreditor Agreement, each Holder, by acceptance of
the Securities, agrees that the Collateral Agent shall execute and deliver the First Lien Intercreditor Agreement and the Security
Documents to which it is a party and all agreements, documents and instruments incidental thereto (including any releases permitted
hereunder), and act in accordance with the terms thereof. For the avoidance of doubt, the Collateral Agent shall not be required
to exercise discretion under this Indenture, the First Lien Intercreditor Agreement or the 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 or the Trustee, as applicable, except as otherwise expressly
provided for herein or in any Security Document.

 

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(t)            After
the occurrence of an Event of Default, the Trustee may direct the Collateral Agent in connection with any action required or permitted
by this Indenture, the Security Documents or the First Lien Intercreditor Agreement.

 

(u)            The
Collateral Agent is authorized to receive any funds for the benefit of itself, the Trustee and the Holders distributed under the
Security Documents or the First Lien Intercreditor Agreement and to the extent not prohibited under the First Lien Intercreditor
Agreement, for turnover to the Trustee to make further distributions of such funds to itself, the Trustee and the Holders in accordance
with the provisions of Section 6.10 hereof and the other provisions of this Indenture.

 

(v)            Subject
to the terms of the Security Documents, in each case that the Collateral Agent may or is required hereunder or under any
other Notes Document to take any action (an “Action”), including without limitation to make any
determination, to give consents, to exercise rights, powers or remedies, to release or sell Collateral or otherwise to act
hereunder or under any other Notes Document, the Collateral Agent may seek direction from the Holders of a majority in
aggregate principal amount of the then outstanding Notes. The Collateral Agent shall not be liable with respect to any Action
taken or omitted to be taken by it in accordance with the direction from the Holders of a majority in aggregate principal
amount of the then outstanding Notes. Subject to the terms of the Security Documents, if the 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 Collateral Agent shall be entitled to refrain from such Action unless and until the Collateral Agent shall have
received direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes, and the
Collateral Agent shall not incur liability to any Person by reason of so refraining.

 

(w)            Notwithstanding
anything to the contrary in this Indenture or any other Notes Document, in no event shall the Collateral Agent or the Trustee be
responsible for, or have any duty or obligation with respect to, the recording, filing, registering, perfection, protection or
maintenance of the security interests or Liens intended to be created by this Indenture or the other Notes Documents (including
without limitation the filing or continuation of any UCC financing or continuation statements or similar documents or instruments
(or analogous procedures under the applicable laws in the relevant Security Jurisdiction), nor shall the Collateral Agent or the
Trustee be responsible for, and neither the Collateral Agent nor the Trustee makes any representation regarding, the validity,
effectiveness or priority of any of the Security Documents or the security interests or Liens intended to be created thereby.

 

(x)            Before
the Collateral Agent acts or refrains from acting in each case at the request or direction of the Issuer, the Guarantors or the
Trustee, it may require an Officer’s Certificate and an Opinion of Counsel. The Collateral Agent shall not be liable for
any action it takes or omits to take in good faith in reliance on such certificate or opinion.

 

(y)            Notwithstanding
anything to the contrary contained herein, the Collateral Agent shall act pursuant to the instructions of the Holders and/or the
Trustee solely with respect to the Security Documents and the Collateral.

 

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(z)            The
Issuer shall pay compensation to, reimburse expenses of and indemnify the Collateral Agent in accordance with Section 7.06
hereof. Accordingly, the reference to the “Trustee” in Section 7.06 hereof shall be deemed to include the reference
to the Collateral Agent. The obligations of the Issuer and Guarantors to compensate, reimburse and indemnify the Collateral Agent
shall survive the discharge of this Indenture, termination of the Security Documents and the resignation or removal of the Collateral
Agent.

 

SECTION 10.09.     Parallel
Debt. This Section 10.09 is included in this Indenture solely for the purpose of ensuring the validity and effect of
certain security rights governed by the laws of certain jurisdictions outside of the United States and the United Kingdom, granted
pursuant to the applicable Security Documents and, for the avoidance of doubt, shall not limit the rights and remedies provided
to the Notes Secured Parties by the other provisions hereof and of any of the other Notes Documents. In the case of any Guarantor
that is located in a jurisdiction where Parallel Debt provisions are customary or required (a “Parallel Debt Jurisdiction”),
the Issuer, the Guarantors, the Trustee and the Collateral Agent are hereby authorized to provide for Parallel Debt, in customary
form (as determined by the Issuer in its sole discretion) in a supplemental indenture with respect to such Guarantor’s Guarantee.
The Trustee and the Issuer, without the consent of any Holder, may also incorporate into this Indenture additional Parallel Debt
provisions after the Issue Date as necessary to address any assets or property located in any Parallel Debt Jurisdiction.

 

ARTICLE 11

 

GUARANTEES

 

SECTION 11.01.     Guarantees.

 

(a)            Subject
to the Guaranty and Security Principles, Holdings, on the Issue Date, UK Holdco and each of UK Holdco’s Restricted
Subsidiaries (other than the Issuer), in each case, that is an obligor under the Credit Agreement on the Issue Date, will
jointly and severally, irrevocably and unconditionally, guarantee on a senior secured basis, the performance and punctual
payment when due, whether at Stated Maturity, by acceleration or otherwise, of all obligations of the Issuer under this
Indenture and the Securities, whether for payment of principal of, premium, if any, or interest on the Securities, fees,
expenses, indemnification or otherwise (all such obligations guaranteed by such Guarantors being herein called the
 “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended
or renewed, in whole or in part, without notice or further assent from each such Guarantor, and that each such Guarantor
shall remain bound under this Article 11 notwithstanding any extension or renewal of any Guaranteed Obligation.

 

(b)            Each
Guarantor waives presentation to, demand of payment from and protest to the Issuer of any of the Guaranteed Obligations and also
waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Securities or the Guaranteed Obligations.
The obligations of each Guarantor hereunder shall not be affected by (i) the failure of any Holder, the Trustee or Collateral
Agent to assert any claim or demand or to enforce any right or remedy against the Issuer or any other Person under this Indenture,
the Securities, the Security Documents or any other agreement or otherwise; (ii) any extension or renewal of this Indenture,
the Securities or any other agreement; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions
of this Indenture, the Securities, the Security Documents or any other agreement; (iv) the release of any security, if any,
held by any Holder, the Trustee or Collateral Agent for the Guaranteed Obligations or any Guarantor; (v) the failure of any
Holder, Trustee or Collateral Agent to exercise any right or remedy against any Other Guarantor (as defined below) of the Guaranteed
Obligations; or (vi) any change in the ownership of such Guarantor, except as provided in Section 11.02(d).

 

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(c)            Except
as otherwise provided herein, each Guarantor hereby waives any right to which it may be entitled to have its obligations hereunder
divided among the Guarantors, such that such Guarantor’s obligations would be less than the full amount claimed. Each Guarantor
hereby waives any right to which it may be entitled to have the assets of the Issuer first be used and depleted as payment of the
Issuer’s or such Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by such Guarantor
hereunder. Each Guarantor hereby waives any right to which it may be entitled to require that the Issuer be sued prior to an action
being initiated against such Guarantor.

 

(d)            Each
Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and
not a guarantee of collection) and waives any right to require that any resort be had by any Holder, the Trustee or Collateral
Agent to any security held for payment of the Guaranteed Obligations.

 

(e)            Except
as expressly set forth in Sections 8.01 and 11.02, the obligations of each Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration
or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason
of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of
the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure
of any Holder, the Trustee or Collateral Agent to assert any claim or demand or to enforce any remedy under this Indenture, the
Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of any Guarantor or would otherwise operate as a discharge of any Guarantor
as a matter of law or equity.

 

(f)       
      Except as set forth in Sections 8.01 and 11.02, each Guarantor agrees that its Guarantee
shall remain in full force and effect until payment in full of all the Guaranteed Obligations. Except as set forth in
Sections 8.01 and 11.02, each Guarantor further agrees that its Guarantee herein shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of principal of or interest on any Guaranteed
Obligation is rescinded or must otherwise be restored by any Holder, the Trustee or Collateral Agent upon the bankruptcy or
reorganization of the Issuer or otherwise.

 

(g)            In
furtherance of the foregoing and not in limitation of any other right which any Holder, the Trustee or Collateral Agent has
at law or in equity against any Guarantor by virtue hereof, upon the failure of the Issuer to pay the principal of or
interest on any Guaranteed Obligation when and as the same shall become due, whether at maturity, by acceleration, by
redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, each Guarantor hereby promises to and
shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Trustee an amount
equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid
interest on such Guaranteed Obligations (but only to the extent not prohibited by applicable law) and (iii) all other
monetary obligations of the Issuer to the Holders and the Trustee in respect of the Guaranteed Obligations.

 

(h)            Each
Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guaranteed
Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. Each Guarantor further agrees that, as between
it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Guaranteed Obligations guaranteed
hereby may be accelerated as provided in Article 6 for the purposes of any Guarantee herein, notwithstanding any stay, injunction
or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in
the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations
(whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section 11.01.

 

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(i)        
     Each Guarantor also agrees to pay any and all costs and expenses (including reasonable
attorneys’ fees and expenses) incurred by any Holder, the Trustee or Collateral Agent in enforcing any rights under
this Section 11.01.

 

(j)       
      Upon request of the Trustee, each Guarantor shall execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of
this Indenture.

 

(k)      
       Any Guarantee given by any direct or indirect parent of Holdings may be released
and discharged from all obligations under this Article 11 at any time upon written notice to the Trustee from such
direct or indirect parent of UK Holdco.

 

SECTION 11.02.     Limitation
on Guarantor Liability.

 

(a)            Any
term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations
guaranteed hereunder by any Guarantor shall not exceed the maximum amount that can be hereby guaranteed by the applicable Guarantor
without rendering this Indenture or the Guarantee, as each relates to such Guarantor, voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally.

 

(b)            In
furtherance of the foregoing and to the extent applicable, a Guarantor’s liability in respect of its Guarantee shall be limited
to the extent set forth below:

 

(i)       
      Limitations in Luxembourg.

 

(1)            Notwithstanding
anything to the contrary contained in this Indenture or the Securities, the aggregate obligations of any Guarantor whose registered
office/place of central administration is in Luxembourg (a “Luxembourg Guarantor”) in respect of the Issuer
or any Restricted Subsidiary which is not a direct or indirect subsidiary of such Luxembourg Guarantor shall be limited at any
time to an aggregate amount not exceeding 90% of the greater of:

 

(A)            an
amount equal to the sum of the Luxembourg Guarantor’s net assets (Capitaux Propres, as referred to in annex I
to the grand-ducal regulation dated December 18, 2015 defining the form and content of the presentation of balance sheet
and profit and loss account, and enforcing the Luxembourg law dated 19 December 2002 on the register of commerce and
companies, accounting and companies annual accounts, as amended) (the “Regulation”) and its subordinated debt
(dettes subordonnées), as reflected in the financial information of the Luxembourg Guarantor as at the date of
this Indenture or (as applicable) as at the date of its accession as a Guarantor, including, without limitation, its most
recently and duly approved financial statements (comptes annuels) and any (unaudited) interim financial statements
signed by its board of managers (gérants); and

 

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(B)            an
amount equal to the sum of the Luxembourg Guarantor’s net assets (Capitaux Propres), as referred to in the Regulation
and its subordinated debt (dettes subordonnées), as reflected in the financial information of the Luxembourg Guarantor
as at the date the Guarantee is called, including, without limitation, its most recently and duly approved financial statements
(comptes annuels) and any (unaudited) interim financial statements signed by its board of managers (gérants).

 

(2)            The
limitation set forth at paragraph (1) above shall not apply to any amounts received under the Securities and made available,
in any form whatsoever, to such Luxembourg Guarantor or any of its direct or indirect subsidiaries.

 

(3)            Any
Guarantee by any Luxembourg Guarantor under this Section 11.02 will not extend to include any obligations or liabilities if
such inclusion would constitute a breach of the financial assistance prohibitions contained at Article 430-19 (where applicable)
of the Luxembourg act on commercial companies of 10 August 1915, as amended.

 

(4)            Notwithstanding
the foregoing, any Guarantee by any Luxembourg Guarantor under this Section 11.02 shall be subject to such other limitations
under Luxembourg laws as are described in the supplemental indenture.

 

(ii)            Limitations
in Japan. Notwithstanding anything to the contrary contained in this Indenture, any Guarantee by any Guarantor which is incorporated
under the laws of Japan shall not be effective to the extent that it would result in violating Article 135 and 155 through
165 or any other provisions of the Companies Act of Japan (Law No. 86 of 2005), as amended.

 

(iii)            Limitations
in the United Kingdom. Notwithstanding anything to the contrary contained in this Indenture or the Securities, this Guarantee
does not apply to any liability to the extent that it would result in such Guarantee constituting unlawful financial assistance
within the meaning of sections 678 or 679 of the United Kingdom Companies Act 2006, as amended.

 

(iv)            Limitations
Applicable to Certain Other Guarantors. Each Guarantor that as of the date of this Indenture or thereafter is incorporated,
organized or formed, as the case may be, under the laws of any jurisdiction other than those jurisdictions set forth in clauses
(i) through (iii) above (an “Other Guarantor”), and by its acceptance hereof, each Holder and the
Trustee, hereby confirm that it is the intention of all such parties that the Guarantee of an Other Guarantor does not constitute
a fraudulent transfer or conveyance for purposes of, or otherwise violate, applicable law. To effectuate the foregoing intention,
each Holder and each Other Guarantor hereby irrevocably agrees that the obligations of an Other Guarantor under its Guarantee shall
be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Other Guarantor
result in the obligations of such Other Guarantor not constituting such a fraudulent transfer or conveyance or otherwise violating
applicable law and be subject to such other limitations under applicable law as are described in the supplemental indenture.

 

(c)            Notwithstanding
anything in this Section 11.02 to the contrary, if following the date of this Indenture:

 

(i)        
     there shall be any change in the laws of any of the jurisdictions set forth in clauses
(i) through (iv) of Section 11.02(b);

 

(ii)            there
shall be any change in the laws under which any Other Guarantor is incorporated, organized or formed, as the case may be; or

 

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(iii)            any
Person shall be required to execute a Guarantee pursuant to Section 4.10 or Section 11.01 otherwise hereunder and such
Person is incorporated, organized or formed, as the case may be, under the laws of any jurisdiction other than those in which entities
are contemplated to become Guarantors as of the date hereof, including those jurisdictions addressed in clauses (i) and (ii) of
Section 11.02 and other than any jurisdiction in which a then existing Other Guarantor is incorporated, organized or formed,
as the case may be, and the Issuer shall reasonably determine that the provisions of Section 11.02(b)(iii) hereof with
respect to any Other Guarantor shall not adequately address the limitations on such Guarantee imposed by applicable law of the
jurisdiction of incorporation, organization or formation, as the case may be, of such Person;

 

(iv)            then
upon the delivery of an Officer’s Certificate, the Issuer shall be entitled to amend such clause or add such additional provisions
to such clause, as the case may be, to the extent necessary so that the Guarantee of a Guarantor does not violate applicable law.

 

(d)            A
Guarantee as to any Guarantor shall automatically terminate and be of no further force or effect and such Guarantor shall be deemed
to be unconditionally released and discharged from all obligations under this Article 11 upon the earliest to occur of:

 

(i)         
    except in the case of Holdings or UK Holdco, the sale, disposition or other transfer (including through
merger, dissolution or consolidation) of the Capital Stock of such Guarantor to a Person other than Holdings, UK Holdco or a
Restricted Subsidiary if after such sale, disposition or other transfer, such Guarantor is no longer a Restricted Subsidiary,
or the sale, disposition or other transfer of all or substantially all the assets of such Guarantor, in each case, if such
sale, disposition or other transfer is made in compliance with this Indenture,

 

(ii)            the
Issuer designating such Guarantor as, or such Guarantor becoming (in each case other than Holdings or UK Holdco), (i) an Unrestricted
Subsidiary in accordance with the provisions set forth under Section 4.04 and the definition of “Unrestricted Subsidiary”
or (ii) an Excluded Subsidiary in accordance with the definition of “Excluded Subsidiary” (unless such subsidiary
continues to provide a guarantee under the Credit Agreement),

 

(iii)            in
the case of any Restricted Subsidiary that is required to guarantee the Securities pursuant to Section 4.10, the release or
discharge of the obligation by such Restricted Subsidiary of Indebtedness of UK Holdco or any Restricted Subsidiary or the repayment
of the Indebtedness or Disqualified Stock, in each case, which resulted in the obligation to guarantee the Securities, except if
a release or discharge is by or as a result of payment in connection with the enforcement of remedies under such other obligation
and a Default or Event of Default would occur thereby,

 

(iv)            the
Issuer’s exercise of its legal defeasance option or covenant defeasance option as described under Section 8.01 or if
the Issuer’s obligations under this Indenture are discharged in accordance with the terms of this Indenture,

 

(v)            the
merger or consolidation of such Guarantor with and into the Issuer or another Guarantor that is the surviving Person in such merger
or consolidation, or upon the liquidation or dissolution of such Guarantor following the transfer of all or substantially all of
its assets to the Issuer or another Guarantor,

 

(vi)            in
accordance with Article 9 or with the provisions of the First Lien Intercreditor Agreement or any Acceptable Intercreditor
Agreement, or

 

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(vii)            except
in the case of Holdings or UK Holdco, upon the release or discharge of all other Guarantees by such Guarantor of Indebtedness of
the Issuer or any other Guarantor, other than in the case of repayment in full of such Indebtedness.

 

SECTION 11.03.
      No Waiver. Neither a failure nor a delay on the part of either the Trustee or the
Holders in exercising any right, power or privilege under this Article 11 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 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 11 at law, in equity, by statute or otherwise.

 

SECTION 11.04.      Modification.
No modification, amendment or waiver of any provision of this Article 11, 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 11.05.      Execution
of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required or elects to become a
Guarantor pursuant to Section 4.10, shall promptly execute and deliver to the Trustee a supplemental indenture in the form
of Exhibit C hereto pursuant to which such Subsidiary or other Person shall become a Guarantor under this Article 11
and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the
Issuer shall deliver to the Trustee an Officer’s Certificate stating that such supplemental indenture is authorized or permitted
by this Indenture.

 

SECTION 11.06.      Non-Impairment.
The failure to endorse a Guarantee on any Security shall not affect or impair the validity thereof.

 

ARTICLE 12

 

MISCELLANEOUS

 

SECTION 12.01.     [Reserved].

 

SECTION 12.02.      Notices.

 

(a)            Any
notice or communication required or permitted hereunder shall be in writing in English and delivered in person, via facsimile or
mailed by first-class mail or electronic mail addressed as follows:

 

If to the Issuer or a Guarantor:

 

Camelot Finance S.A.

14 rue Edward Steichen,

L-2540
Luxembourg

Attention:     Board of Directors

Facsimile:
      +352-42-64-43

 

    -143-

     

    

 

If to the Trustee, the Collateral
Agent, the Paying Agent or the Registrar:

 

Wilmington Trust, National Association

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

United States

Attention:     Camelot
Finance Notes Administrator

Facsimile:      1-612-217-5651

 

The Issuer, the Trustee, the Collateral Agent,
the Paying Agent, the Registrar and Transfer Agent by notice to the other may designate additional or different addresses for subsequent
notices or communications.

 

(b)            Any
notice or communication mailed to a Holder shall be mailed, first-class mail, to the Holder at the Holder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed.

 

(c)            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,
except that notices to the Trustee or the Collateral Agent are effective only if received.

 

For Securities which are represented by global
securities held on behalf of the Depository, Euroclear or Clearstream, any obligation the Issuer (or Agent on its behalf) may have
to publish a notice shall have been met upon delivery of the relevant notices to the Depository, Euroclear or Clearstream, for
communication to entitled account holders in substitution for the aforesaid mailing.

 

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

 

In addition to the foregoing, the Trustee
and the Collateral Agent each agree to accept and act upon notice, instructions or directions pursuant to this Indenture or the
Security Documents sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party
elects to give the Trustee or the Collateral Agent e-mail or facsimile instructions (or instructions by a similar electronic method)
and the Trustee or the Collateral Agent, as applicable, in its discretion elects to act upon such instructions, the Trustee’s
or the Collateral Agent’s reasonable understanding of such instructions shall be deemed controlling. Subject to Section 7.02,
the Trustee or the Collateral Agent, as applicable, shall not be liable for any losses, costs or expenses arising directly or indirectly
from the Trustee’s or the Collateral Agent’s reliance upon and compliance with such instructions notwithstanding if
such instructions conflict or are inconsistent with a subsequent written instruction. The party providing electronic instructions
agrees to assume all risk arising out of the use of such electronic methods to submit instructions and directions to the Trustee
or the Collateral Agent, as applicable, including without limitation the risk of the Trustee or the Collateral Agent, as applicable,
acting on unauthorized instructions, and the risk or interception and misuse by third parties.

 

SECTION 12.03.
      Communication by the Holders with Other Holders. The Holders may communicate with other
Holders with respect to their rights under this Indenture or the Securities.

 

    -144-

     

    

 

SECTION 12.04.    
  Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee
or the Collateral Agent to take any action under this Indenture, the Issuer shall furnish to the Trustee or the Collateral
Agent, as applicable, at the request of the Trustee or the Collateral Agent, as applicable:

 

(a)            an Officer’s Certificate in
form reasonably satisfactory to the Trustee or the Collateral Agent, as applicable, 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

 

(b)            an Opinion of Counsel (which may
be subject to customary assumptions and exclusions) in form reasonably satisfactory to the Trustee or the Collateral Agent, as
applicable, stating that, in the opinion of such counsel, all such conditions precedent have been complied with; provided, however,
that no such Opinion of Counsel shall be delivered with respect to the authentication and delivery of the Original Securities on
the Issue Date.

 

SECTION 12.05.    
  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 4.09) 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, he, she or it has made such examination or investigation as is necessary to enable him, her or it to express an
informed opinion as to whether or not such covenant or condition has been complied with; 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 12.06.
      When Securities Disregarded. In determining whether the Holders of the required
principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Issuer, any
Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control
with the Issuer or any Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of
determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which
a Trust Officer or the Trustee actually knows are so owned shall be so disregarded. Subject to the foregoing, only Securities
outstanding at the time shall be considered in any such determination.

 

SECTION 12.07.
      Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable
rules for action by or a meeting of the Holders. The Registrar and a Paying Agent may make reasonable rules for
their functions.

 

SECTION 12.08.
      Legal Holidays. If a payment date is not a Business Day, payment shall be made on the
next succeeding day that is a Business Day, and no interest shall accrue on any amount that would have been otherwise payable
on such payment date if it were a Business Day for the intervening period. If a regular record date is not a Business Day,
the record date shall not be affected.

 

    -145-

     

    

 

SECTION 12.09.
      Governing Law. THIS INDENTURE, THE SECURITIES AND THE GUARANTEES SHALL BE GOVERNED
BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE
PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THE LAW OF ANOTHER JURISDICTION
WOULD BE APPLIED THEREBY. THE PROVISIONS CONTAINED IN ARTICLES 470-1 TO 470-19 OF THE LUXEMBOURG ACT DATED AUGUST 10, 1915 ON
COMMERCIAL COMPANIES, AS AMENDED, (THE “LUXEMBOURG COMPANIES ACT 1915)”) SHALL NOT APPLY IN RESPECT OF THE
SECURITIES. NO HOLDER MAY INITIATE PROCEEDINGS AGAINST THE ISSUER BASED ON ARTICLE 470-21 OF THE LUXEMBOURG
COMPANIES ACT 1915.

 

(a)            Consent
to Jurisdiction.  Any legal suit, action or proceeding arising out of or based upon this Indenture, the Securities,
the Guarantees or the transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal
courts of the United States of America located in the City and County of New York or the courts of the State of New York in each
case located in the City and County of New York (collectively, the “Specified Courts”), and, subject to the
final sentence of this Section 12.09(a), each party irrevocably submits to the non-exclusive jurisdiction of the Specified
Courts in any Related Proceeding. Service of any process, summons, notice or document by mail to such party’s address set
forth above shall be effective service of process for any Related Proceeding brought in any Specified Court. The parties irrevocably
and unconditionally waive any objection to the laying of venue of any Related Proceeding in the Specified Courts and irrevocably
and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought in any Specified
Court has been brought in an inconvenient forum. The Trustee and Collateral Agent reserve the right to bring an action in any court
that has jurisdiction over the trust estate, which may be a court other than the Specified Courts, when seeking a direction from
a court in the administration of the trust estate. On the Issue Date, the Issuer and each Guarantor that is not located in the
United States appoint the Delaware Borrower as agent for service of process. After the Issue Date, each new Guarantor not located
in the United States will appoint either (i) a Guarantor organized in the United States, which initially shall be the Delaware
Borrower or (ii) to the extent no Guarantor is organized in the United States, the Issuer and each Guarantor shall appoint
Corporation Trust Company (or another company providing a similar service), in each case as its agent for service of process or
other legal summons for purposes of any Related Proceedings that may be instituted in any Specified Courts. The address for the
Delaware Borrower, the initial agent for service of process, is Corporation Service Company, 2711 Centerville Road, Suite 400,
Wilmington, Delaware 19808, United States.

 

(b)            Waiver
of Immunity. With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted
by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment
(both before and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and with respect
to any suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related
Proceeding (a “Related Judgment”), each party waives any such immunity in the Specified Courts or any other
court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such
Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign
Immunities Act of 1976, as amended.

 

    -146-

     

    

 

SECTION 12.10.
      No Personal Liability of Directors, Officers, Employees and Stockholders. No director,
officer, employee, incorporator or holder of any equity interests in the Issuer or any other direct or indirect parent or any
Guarantor, as such, shall have any liability for any obligations of the Issuer or the Guarantors under the Securities, the
Guarantees or this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation.
Each Holder of Securities by accepting such Security waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Securities.

 

SECTION 12.11.
      No Adverse Interpretation of Other Agreements. This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Issuer or its respective Subsidiaries or of any other Person.
Any such indenture, loan or debt agreement may not be used to interpret this Indenture.

 

SECTION 12.12.      Successors.
All agreements of the Issuer and each Guarantor in this Indenture, the Securities and the Guarantees shall bind each of its successors.
All agreements of the Trustee and the Collateral in this Indenture shall bind each of their respective successors.

 

SECTION 12.13.
      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. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall
constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the
original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be
their original signatures for all purposes.

 

SECTION 12.14.      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 12.15.
      Indenture Controls. If and to the extent that any provision of the Securities limit,
qualify or conflict with a provision of this Indenture, such provision of this Indenture shall control.

 

SECTION 12.16.
      Severability. In case any provision in this Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality or
unenforceability.

 

SECTION 12.17.      Waiver
of Jury Trial. EACH OF THE ISSUER, THE GUARANTORS, THE TRUSTEE, THE COLLATERAL AGENT, THE PAYING AGENT, THE REGISTRAR AND
THE OTHER AGENTS HEREUNDER HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

SECTION 12.18.      U.S.A.
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 Collateral Agent are required to obtain, verify, record and update certain information relating to individuals and entities
which maintain a business relationship with the Trustee and the Collateral Agent. Accordingly, each of the parties agree to provide
to the Trustee, upon their request from time to time such identifying information and documentation as may be available for such
party in order to enable the Trustee and the Collateral Agent to comply with Applicable Law.

 

    -147-

     

    

 

SECTION 12.19.
      Force Majeure. In no event shall the Trustee or the Collateral Agent be responsible or
liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or
indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services or the unavailability of the Federal
Reserve Bank wire or facsimile or other wire or communication facility; it being understood that the Trustee, the Collateral
Agent and their respective agents shall use reasonable efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances.

 

    	 	-148-	 

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Indenture to be duly executed as of the date first written above.

 

	 	CAMELOT FINANCE S.A.,
	 	as Issuer
	 	 	 	 
	 	 	 	 
	    	By: 		/s/ Stephen Hartman
	 	 	Name:	Stephen Hartman
	 	 	Title:	Class A Director
	 	 	 	 
	 	 	 	 
	 	By:	 	/s/ Baptiste Dupuy
	 	 	Name:	Baptiste Dupuy 
	 	 	Title:	Class B Director

 

 

Signature
Page to Indenture

 

     

     

    

 

	 	
        CAMELOT UK HolDCO LIMITED

        Camelot UK Bidco Limited

        Camelot UK Holdco 2
        Limited

        CENTRE FOR INNOVATION IN REGULATORY SCIENCE LIMITED

        CENTRE FOR MEDICINES RESEARCH INTERNATIONAL LIMITED

        CHURCHILL CAPITAL CORP

        CLARIVATE ANALYTICS (COMPUMARK) LIMITED

        CLARIVATE ANALYTICS (INTERNATIONAL) LIMITED

        CLARIVATE ANALYTICS (IP&S) LIMITED

        KOPERNIO LIMITED (UK)

        MARKMONITOR GLOBAL SERVICES LIMITED

        MARKMONITOR INTERNTIONAL LIMITED

        MARKMONITOR LIMITED

        PUBLONS UK LIMITED,

        as Guarantors

	 	 	 	 
	 	 	 	 
		By:	 	/s/ Stephen Hartman
	 		Name:	Stephen Hartman
	 	 	Title:	Director 

 

Signature
Page to Indenture

 

     

     

    

 

	 	CLARIVATE ANALYTICS (UK) LIMITED,
 as Guarantor
	 	 	 	 
	 	 	 	 
		By:	 	/s/ Stephen Hartman
	 		Name:	Stephen Hartman
	 		Title:	Director

 

Signature
Page to Indenture

 

     

     

    

 

	
        

	 	ATOZDOMAINSMARKET, LLC

CAMELOT U.S. ACQUISITION 1 CO.

CAMELOT U.S. ACQUISITION 2 CO.

CAMELOT U.S. ACQUISITION 4 CO.

CAMELOT U.S. ACQUISITION 5 CO.

CAMELOT U.S. ACQUISITION 6 CO.

CAMELOT U.S. ACQUISITION 7 CO.

CAMELOT U.S. ACQUISITION 8 CO.

CAMELOT U.S. ACQUISITION 9 CO.

CAMELOT U.S. ACQUISITION 10 CO.

CAMELOT U.S. ACQUISITION 11 CO.

CAMELOT U.S. ACQUISITION 12 CO.

CAMELOT U.S. ACQUISITION 13 CO.

CAMELOT U.S. ACQUISITION LLC

CLARIVATE ANALYTICS (COMPUMARK) INC.,

as Guarantors

	 	 	 	 
	 	 	 	 
		By:	 	/s/ Richard Hanks
	 		Name:	Richard Hanks
	 		Title:	Chief Financial Officer

 

Signature
Page to Indenture

 

     

     

    

 

	 	TRADEMARK VISION (USA) LLC,

as Guarantor

	 	 	 	 
	 	 	 	 
		By:	 	/s/ Richard Hanks
	 		Name:	Richard Hanks
	 		Title:	Chief Financial Officer

 

Signature
Page to Indenture

 

     

     

    

 

	 	CLARIVATE ANALYTICS (US) LLC

COLLECTIVE TRUST SOLUTIONS INC.

DATA DOCKET INC.

DISCOVERY LOGIC, INC.

DNSTINATION INC.

DOMAIN FORTRESS INC.

EBANNERMONITOR INC.

ENTERPRISE PROTECTION INC.

INFORMATION VENTURES LLC

MARKMANAGER INC.

MARK MONITOR (ALL-D) INC.

MARKMONITOR CORPORATE SERVICES INC.

MARKMONITOR EU REGISTRATIONS INC.

MARKMONITOR INC.

MARKMONITOR PROFESSIONAL SERVICES INC.

MICROPATENT LLC

MUCKYMUCK INC.

PATENT BOUNTY INC.

RISKSMARK INC.

TECHNOLOGY UNIVERSE COMPANY, INC.,

as Guarantors

	 	 	 	 
	 	 	 	 
		By:	 	/s/ Daryl R. Barber
	 		Name:	Daryl R. Barber
	 		Title:	Senior VP – Finance & Group Treasurer

 

Signature
Page to Indenture

 

     

     

    

 

	 	

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

	 	 	 	 
	 	 	 	 
		By:	 	/s/ Joseph P. O’Donnell
	 		Name:	Joseph P. O’Donnell
			Title:	Vice President
	 	 	 	 
	 	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION

as Collateral Agent

	 	 
	 	 	 	 
		By:	 	/s/ Joseph P. O’Donnell
	 		Name:	Joseph P. O’Donnell
	 		Title:	Vice President

 

Signature
Page to Indenture

 

     

     

    

 

APPENDIX A

 

PROVISIONS RELATING TO THE SECURITIES

 

1.            Definitions.

 

1.1          Definitions.

 

For the purposes of this Appendix A
the following terms shall have the meanings indicated below:

 

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

 

“Definitive Security” means
a certificated Security (bearing the Restricted Securities Legend if the transfer of such Security is restricted by applicable
law) that does not include the Global Securities Legend.

 

“Depository” means, with
respect to the Securities, The Depository Trust Company, its nominees and their respective successors.

 

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

 

“Global Securities Legend”
means the legend set forth in Exhibit A of this Indenture.

 

“IAI” means an institutional
 “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Purchase Agreement” means
(a) the Purchase Agreement dated October 25, 2019, among the Issuer, the Guarantors party thereto and the representative
of the several initial purchasers listed on Schedule I thereto and (b) any other similar Purchase Agreement relating to Additional
Securities.

 

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

 

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

 

“Regulation S Securities”
means all Securities offered and sold outside the United States in reliance on Regulation S.

 

“Restricted Period,” with
respect to any Securities, means the 40 day distribution compliance period as defined in Regulation S.

 

“Restricted Securities Legend”
means the legend set forth in Section 2.2(f)(i) of this Appendix A.

 

“Rule 501” means Rule 501(a)(1),
(2), (3) or (7) under the Securities Act.

 

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

 

    	 	App. A-1	 

     

    

 

“Rule 144A Securities”
means all Securities offered and sold to QIBs in reliance on Rule 144A.

 

“Securities Custodian”
means the custodian with respect to a Global Security (as appointed by the Depository) or any successor person thereto, who shall
initially be the Trustee.

 

“Transfer Restricted Definitive Securities”
means Definitive Securities and any other Securities that bear or are required to bear or are subject to the Restricted Securities
Legend.

 

“Transfer Restricted Global Securities”
means Global Securities bearing the Restricted Securities Legend.

 

“Unrestricted Definitive Security”
means Definitive Securities and any other Securities that are not required to bear, or are not subject to, the Restricted Securities
Legend.

 

“Unrestricted Global Security”
means a Global Security that does not bear the Restricted Securities Legend.

 

1.2          Other
Definitions.

 

	Term:	 	Defined in Section:
	“Agent Members”	 	2.1(b)
	“Global Securities”	 	2.1(b)
	“Regulation S Global Securities”	 	2.1(b)
	“Rule 144A Global Securities”	 	2.1(b)

 

2.            The
Securities.

 

2.1          Form and
Dating; Global Securities.

 

(a)          The
Securities issued on the date hereof will be (i) offered and sold by the Issuer pursuant to the Purchase Agreement and (ii) resold,
initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation
S) in reliance on Regulation S. Such Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance on
Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after the
date hereof may be offered and sold by the Issuer from time to time pursuant to one or more Purchase Agreements in accordance with
applicable law.

 

(b)          Global
Securities. (i)  Rule 144A Securities initially shall be represented by one or more Securities in fully registered,
global form without interest coupons (collectively, the “Rule 144A Global Securities”). Regulation S Securities
initially shall be represented by one or more Securities in fully registered, global form without interest coupons (collectively,
the “Regulation S Global Securities”). The term “Global Securities” means, collectively,
the Rule 144A Global Securities and the Regulation S Global Securities. The Global Securities shall bear the Global Securities
Legend. The Global Securities initially shall (1) be registered in the name of the Depository or the nominee of such Depository,
in each case for credit to an account of an Agent Member, (2) be delivered to the Trustee as custodian for such Depository
and (3) bear the Restricted Securities Legend.

 

Members of, or direct or indirect participants
in, the Depository, Euroclear or Clearstream (each, “Agent Members”) shall have no rights under this Indenture
with respect to any Global Security held on their behalf by the Depository or under the Global Securities. The Depository may be
treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of the Global Securities for
all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the
Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository
or impair, as between the Depository, Euroclear or Clearstream, as the case may be, and their respective Agent Members, the operation
of customary practices governing the exercise of the rights of a Holder of any Security.

 

    	 	App. A-2	 

     

    

 

(ii)           Transfers
of Global Securities shall be limited to transfer in whole, but not in part, to the Depository, its successors or their respective
nominees. Interests of beneficial owners in the Global Securities may be transferred or exchanged for Definitive Securities only
in accordance with the applicable rules and procedures of the Depository, Euroclear or Clearstream, as the case may be, and
the provisions of Section 2.2. In addition, a Global Security shall be exchangeable for Definitive Securities if (i) the
Depository (x) notifies the Issuer that it is unwilling or unable to continue as depository for such Global Security and the
Issuer thereupon fails to appoint a successor depository within 120 days or (y) has ceased to be a clearing agency registered
under the Exchange Act, or (ii) there shall have occurred and be continuing an Event of Default with respect to such Global
Security and the

Depository requests the issuance of Definitive Securities or
a beneficial owner of interests in Global Securities requests Definitive Securities in writing through the Depository. In all cases,
Definitive Securities delivered in exchange for any Global Security or beneficial interests therein shall be registered in the
names, and issued in any approved denominations, requested in writing by or on behalf of the Depository, in accordance with its
customary procedures.

 

(iii)         In
connection with the transfer of a Global Security as an entirety to beneficial owners pursuant to subsection (ii) of
this Section 2.1(b), such Global Security shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer
shall execute, and upon receipt of an Authentication Order the Trustee or the Authenticating Agent shall authenticate and make
available for delivery to each beneficial owner identified by the Depository in writing in exchange for its beneficial interest
in such Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations.

 

(iv)         Any
Transfer Restricted Definitive Security delivered in exchange for an interest in a Global Security pursuant to Section 2.2
shall, except as otherwise provided in Section 2.2, bear the Restricted Securities Legend.

 

(v)          Notwithstanding
the foregoing, through the Restricted Period, a beneficial interest in such Regulation S Global Security may be held only through
Euroclear or Clearstream unless delivery is made in accordance with the applicable provisions of Section 2.2.

 

(vi)         The
Holder of any Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities.

 

2.2          Transfer
and Exchange.

 

(a)          Transfer
and Exchange of Global Securities. A Global Security may not be transferred as a whole except as set forth in Section 2.1(b).
Global Securities will not be exchanged by the Issuer for Definitive Securities except under the circumstances described in Section 2.1(b)(ii).
Global Securities also may be exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.10 of the Indenture.
Beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.2(b) or 2.2(g) of
this Appendix A.

 

    	 	App. A-3	 

     

    

 

(b)          Transfer
and Exchange of Beneficial Interests in Global Securities. The transfer and exchange of beneficial interests in the Global
Securities shall be effected through the Depository, in accordance with the provisions of this Indenture and the applicable rules and
procedures of the Depository. Beneficial interests in Transfer Restricted Global Securities 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 beneficial
interests in the Global Securities also shall require compliance with either Section 2.2(b)(i) or (ii) below, as
applicable, as well as one or more of Section 2.2(b)(iii), (iv) or (v), as applicable:

 

(i)           Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Transfer Restricted Global Security may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Transfer Restricted Global Security
in accordance with the transfer restrictions set forth in the Restricted Securities Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in a Regulation S Global Security may not be
made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). A beneficial interest in
an Unrestricted Global Security may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Security. No written orders or instructions shall be required to be delivered to the Registrar to effect
the transfers described in this Section 2.2(b)(i).

 

(ii)           All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and
exchanges of beneficial interests in any Global Security that is not subject to Section 2.2(b)(i), the transferor of
such beneficial interest must deliver to the Registrar (1) a written order from an Agent Member given to the Depository,
in accordance with the applicable rules and procedures of the Depository, directing the Depository to credit or cause to
be credited a beneficial interest in another Global Security in an amount equal to the beneficial interest to be transferred
or exchanged and (2) instructions given in accordance with the applicable rules and procedures of the Depository
containing information regarding the Agent Member account to be credited with such increase. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Securities contained in this Indenture and the
Securities or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Security pursuant to Section 2.2(g).

 

(iii)          Transfer
of Beneficial Interests to Another Transfer Restricted Global Security. A beneficial interest in a Transfer Restricted Global
Security may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Transfer Restricted
Global Security if the transfer complies with the requirements of Section 2.2(b)(ii) above and the Registrar receives
the following:

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in a Rule 144A Global Security, then the transferor
must deliver a certificate in the form attached to the applicable Security; and

 

(B)            if
the transferee will take delivery in the form of a beneficial interest in a Regulation S Global Security, then the transferor must
deliver a certificate in the form attached to the applicable Security.

 

(iv)         Transfer
and Exchange of Beneficial Interests in a Transfer Restricted Global Security for Beneficial Interests in an Unrestricted Global
Security. A beneficial interest in a Transfer Restricted Global Security may be exchanged by any Holder thereof for a beneficial
interest in an Unrestricted Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Security if the exchange or transfer complies with the requirements of Section 2.2(b)(ii) above
and the Registrar receives the following:

 

    	 	App. A-4	 

     

    

 

(A)            if
the Holder of such beneficial interest in a Transfer Restricted Global Security proposes to exchange such beneficial interest for
a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable
Security; or

 

(B)            if
the Holder of such beneficial interest in a Transfer Restricted Global Security proposes to transfer such beneficial interest to
a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate
from such Holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer so requests
or if the applicable rules and procedures of the Depository, Euroclear or Clearstream, as applicable, so require, an Opinion
of Counsel to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order
to maintain compliance with the Securities Act. If any such transfer or exchange is effected pursuant to this Section 2.2(b)(iv) at
a time when an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication
Order, the Trustee (or the Authenticating Agent) shall authenticate one or more Unrestricted Global Securities in an aggregate
principal amount equal to the aggregate principal amount of beneficial interests transferred or exchanged pursuant to this Section 2.2(b)(iv).

 

(v)          Transfer
and Exchange of Beneficial Interests in an Unrestricted Global Security for Beneficial Interests in a Transfer Restricted Global
Security. Beneficial interests in an Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, a beneficial interest in a Transfer Restricted Global Security.

 

(c)          Transfer
and Exchange of Beneficial Interests in Global Securities for Definitive Securities. A beneficial interest in a Global Security
may not be exchanged for a Definitive Security except under

the circumstances described in Section 2.1(b)(ii). A beneficial
interest in a Global Security may not be transferred to a Person who takes delivery thereof in the form of a Definitive Security
except under the circumstances described in Section 2.1(b)(ii).

 

(d)          Transfer
and Exchange of Definitive Securities for Beneficial Interests in Global Securities. Transfers and exchanges of beneficial
interests in the Global Securities shall require compliance with either Section 2.2(d)(i), (ii) or (iii) below,
as applicable:

 

(i)            Transfer
Restricted Definitive Securities to Beneficial Interests in Transfer Restricted Global Securities. If any Holder of a Transfer
Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for a beneficial interest in a
Transfer Restricted Global Security or to transfer such Transfer Restricted Definitive Security to a Person who takes delivery
thereof in the form of a beneficial interest in a Transfer Restricted Global Security, then, upon receipt by the Registrar of the
following documentation:

 

(A)            if
the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for
a beneficial interest in a Transfer Restricted Global Security, a certificate from such Holder in the form attached to the applicable
Security;

 

    	 	App. A-5	 

     

    

 

(B)            if
such Transfer Restricted Definitive Security is being transferred to a QIB in accordance with Rule 144A under the Securities
Act, a certificate from such Holder in the form attached to the applicable Security;

 

(C)            if
such Transfer Restricted Definitive Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904 under the Securities Act, a certificate from such Holder in the form attached to the applicable
Security;

 

(D)            if
such Transfer Restricted Definitive Security is being transferred pursuant to an exemption from the registration requirements of
the Securities Act in accordance with Rule 144 under the Securities Act, a certificate from such Holder in the form attached
to the applicable Security;

 

(E)            if
such Transfer Restricted Definitive Security is being transferred to an IAI in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate from such Holder
in the form attached to the applicable Security, including the certifications, certificates and Opinion of Counsel, if applicable;
or

 

(F)            if
such Transfer Restricted Definitive Security is being transferred to the Issuer or a Subsidiary thereof, a certificate from such
Holder in the form attached to the applicable Security;

 

the Trustee shall cancel the Transfer Restricted Definitive
Security, and increase or cause to be increased the aggregate principal amount of the appropriate Transfer Restricted Global Security.

 

(ii)          Transfer
Restricted Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Transfer Restricted
Definitive Security may exchange such Transfer Restricted Definitive Security for a beneficial interest in an Unrestricted Global
Security or transfer such Transfer Restricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Security only if the Registrar receives the following:

 

(A)            if
the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for
a beneficial interest in an Unrestricted Global Security, a certificate from such Holder in the form attached to the applicable
Security; or

 

(B)            if
the Holder of such Transfer Restricted Definitive Securities proposes to transfer such Transfer Restricted Definitive Security
to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate
from such Holder in the form attached to the applicable Security,

 

and, in each such case, if the Issuer so requests
or if the applicable rules and procedures of the Depository, Euroclear or Clearstream, as applicable, so require, an Opinion
of Counsel to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order
to maintain compliance with the Securities Act. Upon satisfaction of the conditions of this subparagraph (ii), the Trustee shall
cancel the Transfer Restricted Definitive Securities and increase or cause to be increased the aggregate principal amount of the
Unrestricted Global Security. If any such transfer or exchange is effected pursuant to this subparagraph (ii) at a time when
an Unrestricted Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order, the
Trustee (or the Authenticating Agent) shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount
equal to the aggregate principal amount of Transfer Restricted Definitive Securities transferred or exchanged pursuant to this
subparagraph (ii).

 

    	 	App. A-6	 

     

    

 

(iii)         Unrestricted
Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security
may exchange such Unrestricted Definitive Security for a beneficial interest in an Unrestricted Global Security or transfer such
Unrestricted Definitive Security to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Security at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable
Unrestricted Definitive Security and increase or cause to be increased the aggregate principal amount of one of the Unrestricted
Global Securities. If any such transfer or exchange is effected pursuant to this subparagraph (iii) at a time when an Unrestricted
Global Security has not yet been issued, the Issuer shall issue and, upon receipt of an Authentication Order, the Trustee (or the
Authenticating Agent) shall authenticate one or more Unrestricted Global Securities in an aggregate principal amount equal to the
aggregate principal amount of Unrestricted Definitive Securities transferred or exchanged pursuant to this subparagraph (iii).

 

(iv)         Unrestricted
Definitive Securities to Beneficial Interests in Transfer Restricted Global Securities. An Unrestricted Definitive Security
cannot be exchanged for, or transferred to a Person who takes delivery thereof in the form of, a beneficial interest in a Transfer
Restricted Global Security.

 

(e)          Transfer
and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such
Holder’s compliance with the provisions of this Section 2.2(e), the Registrar shall register the transfer or exchange
of Definitive Securities. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender
to the Registrar the Definitive Securities duly endorsed or accompanied by a written instruction of transfer in form satisfactory
to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder
shall provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions
of this Section 2.2(e).

 

(i)           Transfer
Restricted Definitive Securities to Transfer Restricted Definitive Securities. A Transfer Restricted Definitive Security may
be transferred to and registered in the name of a Person who takes delivery thereof in the form of a Transfer Restricted Definitive
Security if the Registrar receives the following:

 

(A)         if
the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must deliver a certificate in
the form attached to the applicable Security;

 

(B)          if
the transfer will be made pursuant to Rule 903 or Rule 904 under the Securities Act, then the transferor must deliver
a certificate in the form attached to the applicable Security;

 

(C)          if
the transfer will be made pursuant to an exemption from the registration requirements of the Securities Act in accordance with
Rule 144 under the Securities Act, a certificate in the form attached to the applicable Security;

 

    	 	App. A-7	 

     

    

 

(D)          if
the transfer will be made to an IAI in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraphs (A) through (C) above, a certificate in the form attached to the applicable Security;
and

 

(E)          if
such transfer will be made to the Issuer or a Subsidiary thereof, a certificate in the form attached to the applicable Security.

 

(ii)          Transfer
Restricted Definitive Securities to Unrestricted Definitive Securities. Any Transfer Restricted Definitive Security may be
exchanged by the Holder thereof for an Unrestricted Definitive Security or transferred to a Person who takes delivery thereof in
the form of an Unrestricted Definitive Security if the Registrar receives the following:

 

(1)           if
the Holder of such Transfer Restricted Definitive Security proposes to exchange such Transfer Restricted Definitive Security for
an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable Security; or

 

(2)           if
the Holder of such Transfer Restricted Definitive Security proposes to transfer such Securities to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Security, a certificate from such Holder in the form attached to the applicable
Security,

 

and, in each such case, if the Issuer so requests, an Opinion
of Counsel to the Issuer and the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained herein and in the Restricted Securities Legend are no longer required in order
to maintain compliance with the Securities Act.

 

(iii)          Unrestricted
Definitive Securities to Unrestricted Definitive Securities. A Holder of an Unrestricted Definitive Security may transfer such
Unrestricted Definitive Securities to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security at
any time. Upon receipt of a request to register such a transfer, the Registrar shall register the Unrestricted Definitive Securities
pursuant to the instructions from the Holder thereof.

 

(iv)         Unrestricted
Definitive Securities to Transfer Restricted Definitive Securities. An Unrestricted Definitive Security cannot be exchanged
for, or transferred to a Person who takes delivery thereof in the form of, a Transfer Restricted Definitive Security.

 

(f)           Legend.

 

    	 	App. A-8	 

     

    

 

(i)           Except
as permitted by the following paragraphs (ii), (iii) or (iv), each Rule 144A Security certificate and each Regulation
S Security certificate evidencing the Global Securities and the Definitive Securities (and all Securities 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):

 

“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 AND NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT
FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND
ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR
TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL SECURITIES 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 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)(1) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (2) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (3) 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 PURCHASING 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) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (5) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF
THE UNITED STATES AND OTHER JURISDICTIONS. 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
OR ANY INTEREST HEREIN, THE HOLDER 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 OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY (A) EMPLOYEE BENEFIT
PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
(B) 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 (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED
IN CLAUSE (A) OR (B) ABOVE, OR (2) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY OR ANY INTEREST
HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.”

 

    	 	App. A-9	 

     

    

 

Each Regulation S Security that is a temporary Security issued
pursuant to Section 2.10 shall bear a legend substantially in the following form:

 

“THE RIGHTS ATTACHING TO
THIS REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR DEFINITIVE
SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).”

 

Each Definitive Security 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 Global Security shall bear the following
additional legends:

 

“UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY
SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

(ii)           Upon
any sale or transfer of a Transfer Restricted Definitive Security, the Registrar shall permit the Holder thereof to exchange such
Transfer Restricted Definitive Security for a Definitive Security that does not bear the legends set forth above and rescind any
restriction on the transfer of such Transfer Restricted Definitive Security if the Holder certifies in writing to the 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 Security).

 

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

 

    	 	App. A-10	 

     

    

 

(iv)         Any
Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities Legend.

 

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

 

(h)          Obligations
with Respect to Transfers and Exchanges of Securities.

 

(i)           To
permit registrations of transfers and exchanges, the Issuer shall execute and upon receipt of an Authentication Order the Trustee
(or the Authenticating Agent) shall authenticate, Definitive Securities and Global Securities at the Registrar’s request.

 

(ii)          No
service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge

payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 3.06, 4.06, 4.08 and 9.05 of
this Indenture).

 

(iii)          Prior
to the due presentation for registration of transfer of any Security, the Issuer, the Trustee, a Paying Agent or the Registrar
may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of
receiving payment of principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security
is overdue, and none of the Issuer, the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary.

 

(iv)          All
Securities issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall
be entitled to the same benefits under this Indenture as the Securities surrendered upon such transfer or exchange.

 

(i)            No
Obligation of the Trustee.

 

(i)           The
Trustee shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant
in the Depository, or any other Person with respect to the accuracy of the records of the Depository, or its nominee or of any
participant or member thereof, with respect to any ownership interest in the Securities or with respect to the delivery to any
participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of redemption
or repurchase) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given
to the Holders and all payments to be made to the Holders under the Securities shall be given or made only to the registered Holders
(which shall be the Depository or its nominee in the case of a Global Security). The rights of beneficial owners in any Global
Security shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository.
The Trustee may rely and shall be fully protected in relying upon information furnished by the Depository, with respect to its
members, participants and any beneficial owners.

 

    	 	App. A-11	 

     

    

 

(ii)          The
Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed
under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers
between or among the Depository, participants, members or beneficial owners in any Global Security) 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.

 

(j)           [Reserved].

 

(k)          Transfers
of Securities Held by Affiliates. Notwithstanding anything to the contrary in this Section 2.2, any certificate (i) evidencing
a Security that has been transferred to an affiliate (as defined in Rule 405 of the Securities Act) of the Issuer, as evidenced
by a notation on the certificate of transfer or certificate of exchange for such transfer or in the representation letter delivered
in respect thereof, or (ii) evidencing a Security that has been acquired from an affiliate (other than by an affiliate) in
a transaction or a chain of transactions not involving any public offering, as evidenced by a notation on the certificate of transfer
or certificate of exchange for such transfer or in the representation letter delivered in respect thereof, shall, until one year
after the last date on which either the Issuer or any affiliate of the Issuer was an owner of such Security, in each case, be in
the form of a permanent Definitive Security and bear the Restricted Securities Legend subject to the restrictions in this Section 2.2.
The Registrar shall retain copies of all letters, notices and other written communications received pursuant to this Section 2.2(k).
The Issuer, in its sole cost and expense, shall have the right to inspect and make copies of all such letters, notices or other
written communications at any reasonable time upon the giving of reasonable advance written notice to the Trustee.

 

    	 	App. A-12	 

     

    

 

EXHIBIT A

 

[FORM OF FACE OF SECURITY]

 

[Global Securities Legend]

 

UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK,
NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED
IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE
OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE &
CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Securities Legend]

 

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 AND NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR
NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF
OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE
DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER THE
LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL SECURITIES 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 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)(1) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (2) PURSUANT TO A REGISTRATION
STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (3) 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 PURCHASING 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) IN AN OFFSHORE TRANSACTION COMPLYING
WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (5) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF
THE UNITED STATES AND OTHER JURISDICTIONS. 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.]

 

    	 	A-1	 

     

    

 

BY ITS ACQUISITION OF THIS SECURITY OR
ANY INTEREST HEREIN, THE HOLDER 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 OR ANY INTEREST HEREIN CONSTITUTES THE ASSETS OF ANY (A) EMPLOYEE BENEFIT
PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
(B) 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 (COLLECTIVELY, “SIMILAR LAWS”), OR (C) ENTITY
WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT DESCRIBED
IN CLAUSE (A) OR (B) ABOVE, OR (2) THE ACQUISITION, HOLDING AND SUBSEQUENT DISPOSITION OF THIS SECURITY OR ANY INTEREST
HEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE OR A VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

[Temporary Restricted
Securities Legend – Regulation S]

 

THE RIGHTS ATTACHING
TO THIS REGULATION S GLOBAL SECURITY THAT IS A TEMPORARY SECURITY, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR
DEFINITIVE SECURITY, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN).

 

[Definitive Securities 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.

 

    	 	A-2	 

     

    

 

[FORM OF SECURITY]

 

	No._________	[REGULATION S/RULE 144A]
	 	CUSIP: [•]1
	 	ISIN: [•]2

 

4.50% Senior Secured Notes due 2026

 

$_________

 

CAMELOT
FINANCE S.A., a public limited liability company (société anonyme) organized and established under the laws
of the Grand Duchy of Luxembourg, having its registered office at 14 rue Edward Steichen, L-2540 Luxembourg, and registered with
the Luxembourg Trade and Companies Register under number B 208514 (the “Issuer”), promises to pay to
[     ], or registered assigns, the principal sum of [     ] U.S. Dollars
[or such greater or lesser amount as is indicated on the Schedule of Increases or Decreases in Global Security attached hereto]*
on November 1, 2026.

 

Interest Payment Dates: May 1 and November 1.

 

Record Dates: April 15 and October 15.

 

Additional provisions of this Security are
set forth on the other side of this Security.

 

 

1
144A
CUSIP: 13323A AB6

   Regulation S CUSIP: L1408L AB2

2
144A ISIN: US13323AAB61

   Regulation S ISIN: USL1408LAB29

 

*If the Security is to be issued in global form, add the Global
Securities Legend and the attachment from Exhibit A captioned “TO BE ATTACHED TO GLOBAL SECURITIES—SCHEDULE
OF INCREASES OR DECREASES IN GLOBAL SECURITY.”

 

    	 	A-3	 

     

    

 

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

 

	 	CAMELOT FINANCE S.A.

	 	 	 
	 	 	 
		By:	 
	 	 	Name:
	 	 	Title:

 

    	 	A-4	 

     

    

 

Dated:

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Trustee, certifies that this is one of the

    Securities referred to in the Indenture.

 

 

	By:	 	 
	 	Authorized Signatory	 

 

    	 	A-5	 

     

    

 

[FORM OF REVERSE SIDE OF SECURITY]

 

4.50% Senior Secured Notes due 2026

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.            Interest

 

CAMELOT
FINANCE S.A., a public limited liability company (société anonyme) organized and established under the laws
of the Grand Duchy of Luxembourg, having its registered office at 14 rue Edward Steichen, L-2540 Luxembourg, and registered with
the Luxembourg Trade and Companies Register under number B 208514 (the “Issuer”), promises to pay interest
on the principal amount of this Security at the rate per annum shown above. The Issuer shall pay interest semiannually on May 1
and November 1 of each year, commencing May 1, 20201.
Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from October 31, 2019 until the principal hereof is due. Interest shall be computed
on the basis of a 360-day year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by
the Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful.

 

2.            Method
of Payment

 

The Issuer shall pay interest on the Securities
(except defaulted interest) to the Persons who are registered Holders at the close of business on the April 15 or October 15
next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment
date (whether or not a Business Day). The Holders must surrender Securities to a Paying Agent to collect principal payments. The
Issuer shall pay principal, premium, if any, and interest in U.S. Dollars. Payments in respect of the Securities represented by
a Global Security (including principal (upon presentation thereof to the Paying Agent), premium, if any, and interest) shall be
made by wire transfer of immediately available funds to the accounts specified by DTC or any successor depository. The Issuer will
make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of
the Paying Agent, except that, at the option of the Issuer, payment of interest may be made by mailing a check to the registered
address of each Holder thereof; provided, however, that payments on the Securities may also be made, in the case
of a Holder of at least $1,000,000 aggregate principal amount of Securities, by wire transfer to a U.S. Dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee
or a Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept in its discretion).

 

3.            Paying
Agent and Registrar

 

Initially, Wilmington Trust, National Association
will act as the Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent or Registrar without notice. The
Issuer or any domestically incorporated Wholly Owned Subsidiary of UK Holdco may act as Paying Agent or Registrar.

 

 

1 With respect to
Securities issued on the Issue Date.

 

    	 	A-6	 

     

    

 

4.            Indenture

 

The Issuer issued the Securities under an
Indenture dated as of October 31, 2019 (the “Indenture”), among the Issuer, the Guarantors party thereto,
the Trustee and Collateral Agent. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Securities are subject to all terms and provisions of the Indenture, and the Holders are referred to the Indenture
for a statement of such terms and provisions. To the extent any provision of this Security conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

The Securities are senior secured obligations
of the Issuer. [This Security is one of the Original Securities referred to in the Indenture.] [This Security is an Additional
Security referred to in the Indenture.]

 

To guarantee the due and punctual payment
of the principal, premium, if any, and interest, on the Securities and all other amounts payable by the Issuer under the Indenture
and the Securities when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according
to the terms of the Securities and the Indenture, the Guarantors have, jointly and severally, irrevocably and unconditionally guaranteed
the Guaranteed Obligations on a senior secured basis pursuant to the terms of the Indenture.

 

5.            Optional
Redemption

 

Except
as set forth in the following two paragraphs, the Securities shall not be redeemable at the option of the Issuer prior to November 1,
2022. Thereafter, the Securities shall be redeemable at the option of the Issuer, in whole at any time or in part from time to
time, upon not less than 10 nor more than 60 days’ prior notice sent electronically or mailed by first-class mail to
each Holder’s registered address or provided otherwise in accordance with the procedures of DTC, at the following redemption
prices (expressed as a percentage of principal amount), plus accrued and unpaid interest, if any, plus Additional Amounts,
if any, to, but not including, the 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 12-month period commencing on November 1
of the years set forth below:

 

	Period	 	Redemption Price	 
	2022	 	 	102.250	%
	2023	 	 	101.125	%
	2024 and thereafter	 	 	100.000	%

 

In
addition, at any time prior to November 1, 2022, the Issuer may redeem the Securities at its option, in whole at any
time or in part from time to time, upon not less than 10 nor more than 60 days’ prior notice sent electronically or mailed
by first-class mail to each Holder’s registered address or provided otherwise in accordance with the procedures of DTC, at
a redemption price equal to 100% of the principal amount of the Securities redeemed plus the Applicable Premium, and accrued
and unpaid interest, if any, 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).

 

Notwithstanding
the foregoing, at any time and from time to time prior to November 1, 2022, the Issuer may redeem in the aggregate
up to 40% of the aggregate principal amount of the Securities issued (calculated after giving effect to any issuance of any Additional
Securities) with funds in an aggregate amount not exceeding the net cash proceeds of one or more Equity Offerings by UK Holdco
or any direct or indirect parent of UK Holdco, in each case, to the extent the net cash proceeds thereof are contributed to the
common or preferred equity capital (other than Disqualified Stock) of the Issuer or UK Holdco or used to purchase Capital Stock
(other than Disqualified Stock) of the Issuer or UK Holdco from it, at a redemption price (expressed as a percentage of the principal
amount thereof) of 104.500% plus accrued and unpaid interest, if any, to, but not including, the 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);
provided, however, that at least 50% of the original aggregate principal amount of the Securities issued on the Issue
Date remain outstanding after each such redemption, unless all such Securities are redeemed substantially concurrently; and provided,
further, that such redemption shall occur within 120 days after the date on which any such Equity Offering is consummated
upon not less than 10 nor more than 60 days’ notice provided to each Holder being redeemed and otherwise in accordance with
the procedures set forth in the Indenture.

 

    	 	A-7	 

     

    

 

In connection with any tender offer for
the Securities, including a Change of Control Offer, a Collateral Asset Sale Offer or an Asset Sale Offer, if Holders of not
less than 90% in aggregate principal amount of the outstanding Securities validly tender and do not withdraw such Securities
in such tender offer and the Issuer, or any third party making such tender offer in lieu of the Issuer as described in the
Indenture, purchases all of the Securities validly tendered and not withdrawn by such Holders, the Issuer or such third party
will have the right, upon not less than 10 days nor more than 60 days’ prior notice, provided that such notice
is given not more than 30 days following such purchase pursuant to such tender offer described in the Indenture), to redeem
all Securities that remain outstanding following such purchase at a redemption price in cash equal to the price offered to
each other Holder in such tender offer plus, to the extent not included in such tender offer payment, accrued and
unpaid interest, if any, to, but excluding, the redemption date.

 

In connection with any redemption of Securities
(including with funds in an aggregate amount not exceeding the net cash proceeds of an Equity Offering), any such redemption may,
at the Issuer’s discretion, be subject to one or more conditions precedent, including the completion of any related Equity
Offering. In addition, if such redemption or notice is subject to satisfaction of one or more conditions precedent, such notice
shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time (including more than 60
days after the date the notice of redemption was sent) as any or all such conditions shall be satisfied (or waived by the Issuer
in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions
shall not have been satisfied by the redemption date, or by the redemption date so delayed. 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.

 

6.            Optional
Redemption for Tax Reasons

 

The Securities shall be subject to optional
redemption for tax reasons as described in Section 3.10 of the Indenture.

 

7.            Notice
of Redemption

 

Notice of redemption will be sent electronically
or mailed by first-class mail at least 10 days but not more than 60 days before the redemption date to each Holder of
Securities to be redeemed at his, her or its registered address or provided otherwise in accordance with the procedures of the
Depository. Securities in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 to the
extent practicable. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions
thereof) to be redeemed on the redemption date is deposited with a Paying Agent on or before the redemption date and certain other
conditions are satisfied, on and after such redemption date, interest ceases to accrue on such Securities (or such portions thereof)
called for redemption.

 

    	 	A-8	 

     

    

 

8.            Repurchase
of Securities at the Option of the Holders upon Change of Control and Asset Sales

 

Upon the occurrence of a Change of Control,
each Holder shall 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 Securities at a purchase price in cash equal to the Change of Control Payment, plus
accrued and unpaid interest, if any, to, but not including, the date of repurchase (subject to the right of the 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.

 

In accordance with Section 4.06 of the
Indenture, the Issuer may be required to use Excess Proceeds or Collateral Excess Proceeds to offer to purchase Securities upon
the occurrence of certain Asset Sales.

 

9.            Denominations;
Transfer; Exchange

 

The Securities are in registered form, without
coupons, in minimum denominations of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder shall register the
transfer of or exchange of Securities in accordance with the Indenture. Upon any registration of transfer or exchange, the Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay
any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities
selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to be redeemed)
or to transfer or exchange any Securities for a period of 15 days prior to the sending of a notice of redemption or transfer
or exchange any Securities to be redeemed or tendered and not withdrawn in connection with a Change of Control Offer, a Collateral
Asset Sale Offer or an Asset Sale Offer.

 

10.            Persons
Deemed Owners

 

The registered Holder of this Security shall
be treated as the owner of it for all purposes.

 

11.            Unclaimed
Money

 

If money for the payment of principal or interest
remains unclaimed for two years, the Trustee and a Paying Agent shall pay the money back to the Issuer at its written request unless
an abandoned property law designates another Person. After any such payment, the Holders entitled to the money must look to the
Issuer for payment as general creditors and the Trustee and a Paying Agent shall have no further liability with respect to such
monies.

 

12.            Discharge
and Defeasance

 

Subject to certain conditions, the Issuer
at any time may terminate some of or all its obligations under the Securities, the Indenture and the applicable Security Documents
if the Issuer deposits with the Trustee money or U.S. Government Obligations for the payment of principal of, and interest on the
Securities to redemption, or maturity, as the case may be.

 

    	 	A-9	 

     

    

 

13.            Amendment,
Waiver

 

Subject to certain exceptions set forth in
the Indenture, including the circumstances set forth in Section 9.02 of the Indenture, (i) the Indenture, the Securities,
the Guarantees or the Security Documents may be amended or supplemented with the consent of the Holders of at least a majority
in aggregate principal amount of the Securities then outstanding voting as a single class (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, such Securities) and (ii) any existing or
past default or compliance with any provisions of such documents may be waived with the consent of the Holders of a majority in
principal amount of the Securities then outstanding (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, such Securities). Subject to certain exceptions set forth in the Indenture, without
the consent of any Holder, the Issuer and the Trustee may amend the Indenture, the Securities, the Guarantees or the Security Documents
in the circumstances set forth in Section 9.01 of the Indenture.

 

In addition, without the consent of the Holders
of at least 662⁄3% in principal amount of the Securities then outstanding, no amendment, supplement or waiver may modify any
Security Document or the provisions in the Indenture dealing with the Collateral or the Security Documents that would have the
impact of releasing all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by
the terms of the Indenture and the Security Documents) or change or alter the priority of the security interests in the Collateral.

 

14.            Defaults
and Remedies

 

If an Event of Default (other than an Event
of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer) occurs and is continuing, the
Trustee by written notice to the Issuer or the Holders of at least 30% of the aggregate principal amount of outstanding Securities
by written notice to the Issuer and the Trustee, may declare the principal of, premium, if any, and accrued but unpaid interest
and Additional Amounts, if any, on all the Securities to be due and payable. Upon such a declaration, such principal and interest
and Additional Amounts, if any, will be due and payable immediately. If an Event of Default relating to certain events of bankruptcy,
insolvency or reorganization of the Issuer occurs, the principal of, premium, if any, and interest on the Securities shall ipso
facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders.
The Holders of a majority in principal amount of the outstanding Securities by notice to the Trustee may rescind an acceleration
and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default have
been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission
shall affect any subsequent Default or impair any right consequent thereto.

 

If an Event of Default occurs and is continuing,
the Trustee shall be under no obligation to exercise any of the rights or powers under the Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee indemnity and/or security (which may include pre-funding)
satisfactory to it against all losses, liabilities and expenses which might be Incurred by it in compliance with such request or
direction. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue
any remedy with respect to the Indenture or the Securities unless (i) the Holder gives to the Trustee written notice stating
that an Event of Default is continuing, (ii) the Holders of at least 30% of the aggregate principal amount of the Securities
then outstanding make a written request to the Trustee to pursue the remedy, (iii) such Holder or Holders offer to the Trustee
security or indemnity (which may include pre-funding) satisfactory to it against any loss, liability or expense, (iv) the
Trustee does not comply with such request within 60 days after the receipt of the request and the offer of security or indemnity
and (v) the Holders of a majority in principal amount of outstanding Securities do not give the Trustee a direction inconsistent
with the request within such 60-day period. Subject to certain restrictions, the Holders of a majority in principal amount of the
Securities then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. The Trustee, however, may refuse to follow any direction
that conflicts with law or the Indenture or, subject to Section 7.01 of the Indenture, that the Trustee determines is unduly
prejudicial to the rights of any other Holder (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not any action or forbearance is unduly prejudicial to such Holders) or that would involve the Trustee in personal liability,
provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification and/or security
(which may include pre-funding) satisfactory to it against all losses, liabilities and expenses caused by taking or not taking
such action.

 

    	 	A-10	 

     

    

 

15.            Trustee
Dealings with the Issuer

 

Subject to certain limitations imposed by
the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities
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.

 

16.            No
Recourse Against Others

 

No director, officer, employee, incorporator
or holder of any equity interests in the Issuer or of any Guarantor or any other direct or indirect parent, as such, shall have
any liability for any obligations of the Issuer or the Guarantors under the Securities, the Indenture or the Guarantees or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Securities by accepting
a Security waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Securities.

 

17.            Authentication

 

This Security shall not be valid until an
authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other
side of this Security.

 

18.            Abbreviations

 

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

 

19.            Governing
Law

 

THIS SECURITY SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED
IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF TO THE EXTENT THE LAW OF ANOTHER JURISDICTION WOULD BE APPLIED
THEREBY. THE PROVISIONS CONTAINED IN ARTICLES 470-1 TO 470-19 OF THE LUXEMBOURG ACT DATED AUGUST 10, 1915 ON COMMERCIAL
COMPANIES, AS AMENDED, (THE “LUXEMBOURG COMPANIES ACT 1915)”) SHALL NOT APPLY IN RESPECT OF THE SECURITIES.
NO HOLDER MAY INITIATE PROCEEDINGS AGAINST THE ISSUER BASED ON ARTICLE 470-21 OF THE LUXEMBOURG COMPANIES ACT 1915.

 

    	 	A-11	 

     

    

 

20 .            CUSIP
Numbers and ISINs

 

The Issuer has caused CUSIP numbers and ISINs
to be printed on the Securities and has directed the Trustee to use CUSIP numbers and ISINs. No representation is made as to the
accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon.

 

21 .            Security

 

The Securities will be secured by the Collateral
on the terms and subject to the conditions set forth in the Indenture, the First Lien Intercreditor Agreement and the Security
Documents. The Collateral Agent will hold the security interest in the Collateral for the benefit of the Holders of the Securities,
in each case pursuant to the Security Documents, the First Lien Intercreditor Agreement and any other Acceptable Intercreditor
Agreement. Each Holder, by accepting this Security, consents and agrees to the terms of the Security Documents (including the provisions
providing for the foreclosure and release of Collateral), the First Lien Intercreditor Agreement and any other Acceptable Intercreditor
Agreement as the same may be in effect or may be amended from time to time in accordance with their terms and the Indenture and
authorizes and directs the Trustee and the Collateral Agent to enter into the Security Documents, the First Lien Intercreditor
Agreement and any other Acceptable Intercreditor Agreement, and to perform their obligations and exercise their rights thereunder
in accordance therewith.

 

The Issuer will furnish to any Holder of
Securities upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Security.

 

    	 	A-12	 

     

    

 

ASSIGNMENT FORM

 

To assign this Security, fill in the form below:

 

I or we assign and transfer this Security to:

 

 

(Print or type assignee’s name, address and zip code)

 

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint                           agent
to transfer this Security 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 other side of this Security.

 

Signature Guarantee:

 

	Date:	 	 	 
	 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee	 	Signature of Signature Guarantee

 

    	 	A-13	 

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE
OR

REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 

This certificate relates to $_________ principal amount of Securities
held in (check applicable space) ____ book-entry or _____ definitive form by the undersigned.

 

The undersigned:

 

		 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by
the Depository a Security or Securities in definitive, registered form of authorized denominations and an aggregate principal amount
equal to its beneficial interest in such Global Security (or the portion thereof indicated above); and

 

			check the following, if applicable:

 

		 ̈	is an affiliate of the Issuer as contemplated in Section 2.2(k) of Appendix A to the Indenture; or

 

		 ̈	is exchanging this Security in connection with an expected transfer to an affiliate of the Issuer as contemplated in Section 2.2(k) of
Appendix A to the Indenture.

 

		 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities; and

 

			check the following, if applicable:

 

		 ̈	is an affiliate of the Issuer as contemplated in Section 2.2(k) of Appendix A to the Indenture; or

 

		 ̈	the transferee is an affiliate of the Issuer as contemplated in Section 2.2(k) of Appendix A to the Indenture.

 

In connection with any transfer of any of the Securities evidenced
by this certificate occurring prior to the expiration of the period referred to in Rule 144 under the Securities Act,
the undersigned confirms that such Securities are being transferred in accordance with its terms:

 

CHECK ONE BOX BELOW

 

	(1)	 ̈	 to the Issuer; or

 

	(2)	 ̈	to the Registrar for registration in the name of the Holder, without transfer;
or

 

	(3)	 ̈	pursuant to an effective registration statement under the Securities Act
of 1933; or

 

	(4)	 ̈	inside the United States to a “qualified institutional buyer”
(as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant
to and in compliance with Rule 144A under the Securities Act of 1933; or

 

    	 	A-14	 

     

    

 

	(5)	 ̈	outside the United States in an offshore transaction within the meaning
of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933 and such Security shall
be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined
in the Indenture); or

 

	(6)	 ̈	to an institutional “accredited investor” (as defined in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a signed letter containing certain
representations and agreements; or

 

	(7)	 ̈	pursuant to another available exemption from registration provided by
Rule 144 under the Securities Act of 1933.

 

Unless one of the boxes is checked, the Trustee will refuse
to register any of the Securities evidenced by this certificate in the name of any Person other than the registered Holder thereof;
provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering
any such transfer of the Securities, such legal opinions, certifications and other information as the Issuer has reasonably requested
to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933.

 

	Date:  	               	 	Your Signature:  	      
	 	 	 	 	 
	Signature Guarantee:

	 	 	 

 

	Date:	 	 	 
	 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or
other signature guarantor program reasonably acceptable to the Trustee

	 	Signature of Signature Guarantee

 

 

 

TO BE COMPLETED BY PURCHASER IF (4) ABOVE
IS CHECKED.

 

The undersigned represents and warrants that
it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion
and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the
Securities Act of 1933, 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.

 

	Dated:  	 	 	 
	 	 	 	NOTICE:  To be executed by an executive officer

 

    	 	A-15	 

     

    

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
SECURITY

 

The initial principal amount of this Global
Security is set forth on the face hereof. The following increases or decreases in this Global Security have been made:

 

	
        Date of

        Exchange
	
        Amount
        of

decrease in

Principal Amount

of this Global

Security
	
        Amount
        of increase

in Principal Amount

of this Global

Security
	
        Principal
        amount of

this Global Security

following such

decrease or increase
	
        Signature
        of

authorized signatory

of Trustee

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 

    	 	A-16	 

     

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security
purchased by the Issuer pursuant to Section 4.06 (Asset Sales) or 4.08 (Change of Control) of the Indenture, check the box:

 

Asset
Sales  ̈            Change
of Control  ̈

 

If you want to elect to have only part of
this Security purchased by the Issuer pursuant to Section 4.06 (Asset Sales) or 4.08 (Change of Control) of the Indenture,
state the amount ($2,000 and any integral multiples of $1,000 in excess thereof):

 

$

 

 

	Date:	 	 	Your Signature:	 
	
        
	 	 	 	(Sign exactly as your name
appears on the other side of this Security)

 

 

	Signature Guarantee:	 	 

 

 

Signature must be guaranteed by a participant in a recognized
signature guaranty medallion program or other signature guarantor program reasonably acceptable to the Trustee

 

    	 	A-17	 

     

    

 

EXHIBIT B

 

Form of

Transferee Letter of Representation

 

Camelot Finance S.A.

14 rue Edward Steichen,

L-2540
Luxembourg

Attention: Board of Directors

Facsimile: +352-42-64-43

 

Wilmington Trust, National Association,

as Trustee and Registrar

50 South Sixth Street, Suite 1290

Minneapolis, MN 55402

United States

Attention: Camelot Finance Notes Administrator

Facsimile: 612-217-5651

 

Ladies and Gentlemen:

 

This certificate is delivered to request a
transfer of $[       ] principal amount of the 4.50% Senior Secured Notes due 2026 (the “Securities”)
of CAMELOT FINANCE S.A. (the “Issuer”).

 

Upon transfer, the Securities would be registered
in the name of the new beneficial owner as follows:

 

	Name:	 	 
	 	 
	Address:	 	 
	 	 
	Taxpayer ID Number:	 	 

 

The undersigned represents and warrants to
you that:

 

1.            We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account
of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we
are acquiring the Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the
Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits
and risks of our investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal
course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its investment.

 

    	 	B-1	 

     

    

 

2.            We
understand that the Securities have not been registered under the Securities Act and, unless so registered, may not be sold except
as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing
Securities to offer, sell or otherwise transfer such Securities prior to the date that is one year after the later of the date
of original issue and the last date on which the Issuer or any affiliate of the Issuer was the owner of such Securities (or any
predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuer, (b) pursuant
to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with
the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we reasonably believe
is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for its own account or
for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant
to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to
an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,”
in each case in a minimum principal amount of Securities of $250,000, or (f) pursuant to any other available exemption from
the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the
disposition of our property or the property of such investor account or accounts be at all times within our or their control and
in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the
Resale Restriction Termination Date. If any resale or other transfer of the Securities is proposed to be made pursuant to clause (e) above
prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the
form of this letter to the Issuer and the Trustee, which shall provide, among other things, that the transferee is an institutional
 “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act
and that it is acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act.
Each purchaser acknowledges that the Issuer and the Trustee reserve the right prior to the offer, sale or other transfer prior
to the Resale Restriction Termination Date of the Securities pursuant to clause (d), (e) or (f) above to require
the delivery of an opinion of counsel, certifications or other information satisfactory to the Issuer and the Trustee.

 

	Dated:			TRANSFEREE:		,

 

 

		by	

 

    	 	B-2	 

     

    

 

EXHIBIT C

 

[FORM OF SUPPLEMENTAL INDENTURE]

 

[                ]
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of [            ],
among [GUARANTOR] (the “New Guarantor”), a subsidiary of Camelot UK Bidco Limited, a private limited liability
company incorporated under the laws of England and Wales (“UK Holdco”), Camelot Finance S.A., a public limited
liability company (société anonyme) organized and established under the laws of the Grand Duchy of Luxembourg,
having its registered office at 15 rue Edward Steichen, L-2540 Luxembourg, and registered with the Luxembourg Trade and Companies
Register under number B 208514 (the “Issuer”), and WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee (the “Trustee”)
and collateral agent (“the Collateral Agent”).

 

W I T N E S S E T H :

 

WHEREAS the Issuer has heretofore executed
and delivered to the Trustee and the Collateral Agent an Indenture (as amended, supplemented or otherwise modified, the “Indenture”)
dated as of October 31, 2019, providing for the issuance of the Issuer’s 4.50% Senior Secured Notes due 2026 initially
in the aggregate principal amount of $700,000,000 (the “Securities”);

 

WHEREAS Section 4.10 of the Indenture
provides that under certain circumstances the Issuer is required to cause the New Guarantor to execute and deliver to the Trustee
a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s obligations
under the Securities pursuant to a Guarantee on the terms and conditions set forth herein; and

 

WHEREAS pursuant to Section 9.01 of the
Indenture, the Trustee, the Collateral Agent and the Issuer are authorized to execute and deliver this Supplemental Indenture without
consent of the Holders;

 

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 Collateral Agent mutually covenant and agree for the equal and ratable benefit of the Holders as follows:

 

1.            Defined
Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “Holders” in this Supplemental Indenture shall refer to the
term “Holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such Holders.
The words “herein,” “hereof” and hereby and other words of similar import used in this Supplemental Indenture
refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

2.            Agreement
to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing Guarantors (if any), to unconditionally
guarantee the Issuer’s obligations under the Securities on the terms and subject to the conditions and limitations set forth
in Article 11 of the Indenture and to be bound by all other applicable provisions of the Indenture and the Securities and
to perform all of the obligations and agreements of a Guarantor under the Indenture.

 

3.            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 Securities heretofore or hereafter authenticated
and delivered shall be bound hereby.

 

    	 	C-1	 

     

    

 

4.            Notices.
All notices or other communications to the New Guarantor shall be given as provided in Section 12.02 of the Indenture.

 

5.            Governing
Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE
OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF
TO THE EXTENT THE LAW OF ANOTHER JURISDICTION WOULD BE APPLIED THEREBY.

 

(a)            Consent
to Jurisdiction.  Any legal suit, action or proceeding arising out of or based upon the Indenture, this Supplemental
Indenture, the Securities, the Guarantees or the transactions contemplated hereby (“Related Proceedings”) may
be instituted in the federal courts of the United States of America located in the City and County of New York or the courts of
the State of New York in each case located in the City and County of New York (collectively, the “Specified Courts”),
and, subject to the final sentence of this Section 5(a), each party irrevocably submits to the non-exclusive jurisdiction
of the Specified Courts in any Related Proceeding. Service of any process, summons, notice or document by mail to such party’s
address set forth above shall be effective service of process for any Related Proceeding brought in any Specified Court. The parties
irrevocably and unconditionally waive any objection to the laying of venue of any Related Proceeding in the Specified Courts and
irrevocably and unconditionally waive and agree not to plead or claim in any Specified Court that any Related Proceeding brought
in any Specified Court has been brought in an inconvenient forum. The Trustee and Collateral Agent reserve the right to bring an
action in any court that has jurisdiction over the trust estate, which may be a court other than the Specified Courts, when seeking
a direction from a court in the administration of the trust estate. On the Issue Date, the Issuer and each Issue Date Guarantor
that is not located in the United States appoint Camelot U.S. Acquisition 1 Co., a Delaware corporation (“Camelot Acquisition
Co.”), as agent for service of process. After the Issue Date, each new Guarantor not located in the United States will
appoint either (i) a Guarantor organized in the United States, which initially shall be Camelot Acquisition Co. or (ii) to
the extent no Guarantor is organized in the United States, the Issuer and each Guarantor shall appoint Corporation System Trust
Company (or another company providing a similar service), in each case as its agent for service of process or other legal summons
for purposes of any Related Proceedings that may be instituted in any Specified Courts. The address for Camelot Acquisition Co.,
the initial agent for service of process, is Corporation Service Company, 2711 Centerville Road, Suite 400, Wilmington Delaware
19808, United States.

 

(b)            Waiver
of Immunity. With respect to any Related Proceeding, each party irrevocably waives, to the fullest extent permitted
by applicable law, all immunity (whether on the basis of sovereignty or otherwise) from jurisdiction, service of process, attachment
(both before and after judgment) and execution to which it might otherwise be entitled in the Specified Courts, and with respect
to any suits, actions, or proceedings instituted in regard to the enforcement of a judgment of any Specified Court in a Related
Proceeding (a “Related Judgment”), each party waives any such immunity in the Specified Courts or any other
court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such immunity at or in respect of any such
Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant to the United States Foreign Sovereign
Immunities Act of 1976, as amended.

 

    	 	C-2	 

     

    

 

6.            Trustee
and Collateral Agent Make No Representation. Neither the Trustee nor the Collateral Agent makes any representation as to the
validity or sufficiency of this Supplemental Indenture.

 

7.            Counterparts.
The parties may sign any number of copies of this Supplemental 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 Supplemental Indenture. The exchange of copies of
this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture
for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

 

8.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

    	 	C-3	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Supplemental Indenture to be duly executed as of the date first above written.

 

	 	[NEW GUARANTOR]
	 	 	 
	 	 	 
	 	By:	          
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	CAMELOT FINANCE S.A.
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Trustee 
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	 	as Collateral Agent
	 	 	 
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	C-4

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